Supplemental Indenture – Best Buy Co. Inc.

FIRST SUPPLEMENTAL INDENTURE

Dated as of March 11, 2011

INDENTURE

Dated as of March 11, 2011

Between

BEST BUY CO., INC.,

as Issuer

and

WELLS FARGO BANK, N.A.,

as Trustee

3.750% Notes due 2016

5.500% Notes due 2021

TABLE OF CONTENTS

		Page

ARTICLE 1. DEFINITIONS		2

Section 1.1.	Definition of Terms	2

ARTICLE 2. TERMS AND CONDITIONS OF NOTES		2

Section 2.1.	Designation and Principal Amount	2
Section 2.2.	Maturity	2
Section 2.3.	Further Issues	2
Section 2.4.	Payment	3
Section 2.5.	Global Securities	3
Section 2.6.	Interest	3
Section 2.7.	Authorized Denominations	3
Section 2.8.	Redemption; Purchase and Sinking Fund	4
Section 2.9.	Ranking	4
Section 2.10.	Appointments	4
Section 2.11.	Defeasance	4
Section 2.12.	Guarantees	4

ARTICLE 3. FORM OF NOTES		4

Section 3.1.	Form of Notes	4

ARTICLE 4. ORIGINAL ISSUE OF NOTES		4

Section 4.1.	Original Issue of Notes	4

ARTICLE 5. MISCELLANEOUS		4

Section 5.1.	Ratification of Indenture	4
Section 5.2.	Trustee Not Responsible for Recitals	4
Section 5.3.	Governing Law	5
Section 5.4.	Separability	5
Section 5.5.	Counterparts	5

EXHIBIT A : Form of 2016 Notes		A-1

EXHIBIT B : Form of 2021 Notes		B-1

FIRST SUPPLEMENTAL INDENTURE, dated as of March 11, 2011 (this
“Supplemental Indenture“), between BEST BUY CO., INC., a corporation duly
organized and existing under the laws of the State of Minnesota (the
“Company“), and WELLS FARGO BANK, N.A., a national banking association
duly organized and existing under the laws of the United States, as Trustee (the
“Trustee“).

RECITALS OF THE COMPANY

WHEREAS, the Company executed and delivered to the Trustee the Indenture,
dated as of March 11, 2011 (the “Indenture“), to provide for the issuance
of the Company153s debt securities (the “Securities“), to be issued in one
or more series;

WHEREAS, pursuant to the terms of the Indenture, the Company desires to
provide for the establishment of two new series of its Securities under the
Indenture to be known as its “3.750% Notes due 2016” (the “2016 Notes“)
and “5.500% Notes due 2021” (the “2021 Notes” and, together with the 2016
Notes, the “Notes“), the form and substance and the terms, provisions and
conditions thereof to be set forth as provided in the Indenture and this
Supplemental Indenture;

WHEREAS, the Board of Directors of the Company by duly adopted resolutions
has authorized the proper officers of the Company to, among other things,
determine the terms of the Securities to be issued under the Indenture and
execute any and all appropriate documents necessary or appropriate to effect
each such issuance;

WHEREAS, this Supplemental Indenture is being entered into pursuant to the
provisions of Section 901(8) of the Indenture;

WHEREAS, the Company has requested that the Trustee execute and deliver this
Supplemental Indenture; and

WHEREAS, all things necessary to make this Supplemental Indenture a valid
agreement of the Company, in accordance with its terms, and to make the Notes,
when executed and delivered by the Company and authenticated by the Trustee, the
valid obligations of the Company, have been performed, and the execution and
delivery of this Supplemental Indenture has been duly authorized in all
respects.

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

For and in consideration of the premises and the purchase of the Notes by the
Holders thereof, and for the purpose of setting forth, as provided in the
Indenture, the forms and terms of the Notes, the Company covenants and agrees
with the Trustee, as follows:

ARTICLE 1.

DEFINITIONS

Section 1.1. Definition of Terms. Unless the context otherwise
requires:

(a) each term defined in the Indenture has the same meaning when used in this
Supplemental Indenture;

(b) the singular includes the plural, and vice versa; and

ARTICLE 2.

TERMS AND CONDITIONS OF NOTES

Section 2.1. Designation and Principal Amount.

(a) There is hereby authorized and established a series of Securities under
the Indenture, designated as the “3.750% Notes due 2016,” which is initially
limited in aggregate principal amount to $350,000,000 (except upon registration
of transfer of, or in exchange for, or in lieu of, other 2016 Notes pursuant to
Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Notes
which, pursuant to Section 303 of the Indenture, are deemed never to have been
authenticated and delivered).

(b) There is hereby authorized and established a series of Securities under
the Indenture, designated as the “5.500% Notes due 2021,” which is initially
limited in aggregate principal amount to $650,000,000 (except upon registration
of transfer of, or in exchange for, or in lieu of, other 2021 Notes pursuant to
Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Notes
which, pursuant to Section 303 of the Indenture, are deemed never to have been
authenticated and delivered).

Section 2.2. Maturity.

(a) The Stated Maturity of principal of the 2016 Notes shall be March 15,
2016.

(b) The Stated Maturity of principal of the 2021 Notes shall be March 15,
2021.

Section 2.3. Further Issues. The Company may at any time and from time
to time, without the consent of the Holders of any series of the Notes, issue
additional Notes of such series; provided that any such additional Notes shall
be fungible for U.S. federal income tax purposes with the relevant series of
Notes issued hereunder. Any such additional Notes shall have the same ranking,
interest rate, maturity date and other terms as the relevant series of the

Notes. Any such additional Notes of a series, together with the Notes of the
relevant series herein provided for, shall constitute a single series of
Securities under the Indenture.

Section 2.4. Payment. Principal of and interest on the Notes shall be
payable in U.S. dollars in immediately available funds at the office or agency
of the Company maintained for such purpose, which shall initially be at the
Corporate Trust Office of the Trustee; provided, however, that
payment of interest may be made at the option of the Company through the Paying
Agent by check mailed to the Holder at such address as shall appear in the
Security Register at the close of business on the Record Date for such Holder or
by wire transfer to an account appropriately designated by the Holder to the
Company and the Trustee; and provided, further, that the Company
through the Paying Agent shall pay principal of and interest on the Notes in the
form of Global Securities registered in the name of or held by The Depository
Trust Company (“DTC“) or such other Depositary as any Officer of the
Company may from time to time designate, or its respective nominee, by wire
transfer in immediately available funds to such Depositary or its nominee, as
the case may be, as the registered holder of such Notes in the form of Global
Securities.

Section 2.5. Global Securities. Upon the original issuance, the Notes
will be represented by Global Securities registered in the name of Cede &
Co., the nominee of DTC. The Company will deposit the Global Securities with DTC
or its custodian and register the Global Securities in the name of Cede &
Co.

Section 2.6. Interest.

(a) The 2016 Notes shall bear interest (computed on the basis of a 360-day
year consisting of twelve 30-day months) from March 11, 2011 at the rate of
3.750% per annum, payable semi-annually in arrears. Interest payable on each
Interest Payment Date shall include interest accrued from March 11, 2011, or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for. The Interest Payment Dates on which such interest shall be
payable are March 15 and September 15, commencing on September 15, 2011; and the
Record Date for the interest payable on any Interest Payment Date is the close
of business on March 1 or September 1, as the case may be, next preceding the
relevant Interest Payment Date.

(b) The 2021 Notes shall bear interest (computed on the basis of a 360-day
year consisting of twelve 30-day months) from March 11, 2011 at the rate of
5.500% per annum, payable semi-annually in arrears. Interest payable on each
Interest Payment Date shall include interest accrued from March 11, 2011, or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for. The Interest Payment Dates on which such interest shall be
payable are March 15 and September 15, commencing on September 15, 2011; and the
Record Date for the interest payable on any Interest Payment Date is the close
of business on March 1 or September 1, as the case may be, next preceding the
relevant Interest Payment Date.

Section 2.7. Authorized Denominations. The Notes shall be issuable in
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Section 2.8. Redemption; Purchase and Sinking Fund. The Notes shall
not be redeemable at the option of the Company or the Holders except as set
forth in Paragraph 3 of the Notes. The Company shall be required to purchase the
Notes in accordance with the provisions of Paragraph 2 of the Notes. The Notes
shall not be entitled to the benefit of any sinking fund.

Section 2.9. Ranking. The Notes shall be senior unsecured debt
securities of the Company, ranking equally with the Company153s other unsecured
and unsubordinated Indebtedness.

Section 2.10. Appointments. The Trustee shall be the initial Security
Registrar and initial Paying Agent for the Notes.

Section 2.11. Defeasance. The Company may elect, at its option at any
time, pursuant to Section 1301 of the Indenture, to have Section 1302 or Section
1303 in the Indenture, or both, apply to the 2016 Notes or the 2021 Notes, or
all of them, or any principal amount thereof.

Section 2.12. Guarantees. The Notes shall not be guaranteed by any
Person.

ARTICLE 3.

FORM OF NOTES

Section 3.1. Form of Notes. The Notes and the Trustee153s certificate of
authentication thereon shall to be substantially in the forms set forth in
Exhibits A and B hereto.

ARTICLE 4.

ORIGINAL ISSUE OF NOTES

Section 4.1. Original Issue of Notes. The Notes may, upon execution of
this Supplemental Indenture, be executed by the Company and delivered to the
Trustee for authentication, and the Trustee shall, upon Company Order,
authenticate and deliver such Notes as in such Company Order provided.

ARTICLE 5.

MISCELLANEOUS

Section 5.1. Ratification of Indenture. The Indenture, as supplemented
by this Supplemental Indenture, is in all respects ratified and confirmed, and
this Supplemental Indenture shall be deemed part of the Indenture in the manner
and to the extent herein and therein provided; provided, however,
that the provisions of this Supplemental Indenture shall apply solely with
respect to the Notes and not to any other series of Securities issued under the
Indenture.

Section 5.2. Trustee Not Responsible for Recitals. The recitals herein
contained are made by the Company and not by the Trustee, and the Trustee
assumes no

responsibility for the correctness thereof. The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture.

Section 5.3. Governing Law. This Supplemental Indenture and each Note
shall be governed by, and construed in accordance with, the law of the State of
New York.

Section 5.4. Separability. In case any one or more of the provisions
contained in the Indenture, this Supplemental Indenture or the Notes shall for
any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provisions
of the Indenture, this Supplemental Indenture or the Notes, but the Indenture,
this Supplemental Indenture and the Notes shall be construed as if such invalid
or illegal or unenforceable provision had never been contained herein or
therein.

Section 5.5. Counterparts. This Supplemental Indenture may be executed
in any number of counterparts each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed, all as of the day and year first above written.

	BEST BUY CO., INC.


	By:
		Name:
		Title:


	WELLS FARGO BANK, N.A., as Trustee


	By:
		Name:
		Title:

EXHIBIT A

[FORM OF NOTE]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC“), NEW
YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR153S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

BEST BUY CO., INC.

3.750% Notes due 2016

CUSIP No.: 086516 AK7

ISIN: US086516AK77

No. A-1

$350,000,000

BEST BUY CO., INC., a corporation duly incorporated under the laws of the
State of Minnesota (the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
$350,000,000 (THREE HUNDRED FIFTY MILLION DOLLARS), as revised by the Schedule
of Increases and Decreases attached hereto, on

A-1

March 15, 2016, and to pay interest thereon from March 11, 2011 or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on March 15 and September 15 of each year,
commencing on September 15, 2011, at the rate of 3.750% per annum, until the
principal hereof is paid or made available for payment; provided that any
principal and premium, and any such installment of interest, which is overdue
shall bear interest at the rate of 3.750% per annum (to the extent permitted by
applicable law), from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be
the March 1 or September 1 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of
business on a “Special Record Date” for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
the Notes not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the
Indenture.

Reference is hereby made to the further provisions of the Notes set forth on
the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose.

A-2

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.

Dated: March 11, 2011

	BEST BUY CO., INC.


	By:
		Name:
		Title:

A-3

This Note is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

	WELLS FARGO BANK, N.A.,
	as Trustee


	By:
		Authorized Signatory
Dated: March 11, 2011

A-4

[REVERSE OF NOTE]

1. This Note is one of a duly authorized issue of Securities of the Company
(the “Notes“), issued and to be issued in one or more series under the
Indenture, dated as of March 11, 2011, and a supplemental indenture relating to
the Notes dated as of March 11, 2011 (together, the “Indenture“), between
the Company and Wells Fargo Bank, N.A., as Trustee (the “Trustee,” which
term includes any successor trustee under the Indenture), and reference is
hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are,
and are to be, authenticated and delivered. This Note is one of the series
designated on the face hereof, such series initially limited in aggregate
principal amount to $350,000,000; provided that the Company may at any
time and from time to time, without the consent of any Holder, issue additional
Notes of this series.

All terms which are used but not defined in this Note and which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

2. If a Change of Control Triggering Event occurs, unless the Company has
exercised its option to redeem the Notes pursuant to Paragraph 3 hereof, the
Company shall make an offer (the “Change of Control Offer“) to each
Holder of Notes to purchase all or any part (equal to $2,000 or any integral
multiple of $1,000 in excess thereof) of such Holder153s Notes on the terms set
forth herein.

In such Change of Control Offer, the Company shall offer payment in cash (the
“Change of Control Payment“) equal to 101% of the aggregate principal
amount of the Notes to be purchased, plus accrued and unpaid interest, if any,
on the Notes up to, but not including, the date of purchase.

Within 30 days following any Change of Control Triggering Event or, at the
Company153s option, prior to any Change of Control, but after public announcement
of the transaction that constitutes or may constitute the Change of Control, the
Company shall send notice of such Change of Control Offer by first-class mail,
with a copy to the Trustee, to each Holder of Notes describing the transaction
that constitutes or may constitute the Change of Control Triggering Event and
offering to purchase the Notes on the date specified in the notice, which date
shall be no earlier than 30 days and no later than 60 days from the date such
notice is mailed or, if the notice is mailed prior to the Change of Control, no
earlier than 30 days and no later than 60 days from the date on which the Change
of Control Triggering Event occurs (the “Change of Control Payment
Date“). The notice shall, if mailed prior to the date of consummation of the
Change of Control, state that the offer to purchase is conditioned on the Change
of Control Triggering Event occurring on or prior to the Change of Control
Payment Date.

On the Change of Control Payment Date, the Company shall, to the extent
lawful:

(a) accept for payment all Notes or portions of Notes properly tendered
pursuant to the Change of Control Offer;

(b) deposit with the Paying Agent an amount equal to the Change of Control
Payment in respect of Notes or portions of Notes properly tendered; and

A-5

(c) deliver or cause to be delivered to the Trustee the Notes properly
accepted together with an Officer153s Certificate stating the aggregate Principal
Amount of Notes or portions of Notes being repurchased.

The Company shall publicly announce the results of the Change of Control
Offer on, or as soon as possible after, the date of purchase.

The Company shall not be required to make a Change of Control Offer upon the
occurrence of a Change of Control Triggering Event if a third party makes such
an offer in the manner, at the time and otherwise in compliance with the
requirements for an offer made by the Company and the third party purchases all
Notes properly tendered and not withdrawn under its offer. In addition, the
Company shall not purchase any Notes if there has occurred and is continuing on
the Change of Control Payment Date an Event of Default under the Indenture,
other than a default in the payment of the Change of Control Payment upon a
Change of Control Triggering Event.

The Company shall comply in all material respects with the requirements of
Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection
with the purchase of the Notes as a result of a Change of Control Triggering
Event. To the extent that the provisions of any such securities laws or
regulations conflict with these Change of Control Offer provisions, the Company
shall comply with those securities laws and regulations and shall not be deemed
to have breached its obligations under the Change of Control Offer provisions by
virtue of any such conflict.

For purposes of this Paragraph 2, the following terms shall have the
following specified meanings:

“Change of Control” means the occurrence of any of the following:

(1) the consummation of any transaction (including, without limitation, any
merger or consolidation) the result of which is that any person (other than the
Company or a Subsidiary) becomes the beneficial owner (as defined in Rules 13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of
the Company153s outstanding Voting Stock or other Voting Stock into which the
Company153s Voting Stock is reclassified, consolidated, exchanged or changed,
measured by voting power rather than number of securities; provided,
however, that a person shall not be deemed beneficial owner of, or to own
beneficially any securities, (A) tendered pursuant to a tender or exchange offer
made by or on behalf of such person or any of such person153s affiliates until
such tendered securities are accepted for purchase or exchange thereunder or (B)
if such beneficial ownership (i) arises solely as a result of a revocable proxy
delivered in response to a proxy or consent solicitation made pursuant to the
applicable rules and regulations under the Exchange Act and (ii) is not also
then reportable on Schedule 13D (or any successor schedule) under the Exchange
Act;

(2) the direct or indirect sale, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the Company153s assets and the assets
of the Subsidiaries, taken as a

A-6

whole, to one or more persons (other than to the Company or a Subsidiary);
provided, however, that none of the circumstances in this clause
(2) shall be a Change of Control if the persons that beneficially own the
Company153s Voting Stock immediately prior to the transaction own, directly or
indirectly, shares with a majority of the total voting power of all of the
outstanding Voting Stock of the surviving or transferee person immediately after
the transaction;

(3) the Company consolidates with, or merges with or into, any person or any
such person consolidates with, or merges with or into, the Company, in either
case, pursuant to a transaction in which any of the Company153s outstanding Voting
Stock or the Voting Stock of such other person is converted into or exchanged
for cash, securities or other property, other than pursuant to a transaction in
which shares of the Company153s Voting Stock outstanding immediately prior to the
transaction constitute, or are converted into or exchanged for, a majority of
the Voting Stock of the surviving person immediately after giving effect to such
transaction;

(4) the adoption of a plan relating to the Company153s liquidation or
dissolution; or

(5) the first day on which a majority of the members of the Company153s Board
of Directors are not Continuing Directors.

Notwithstanding the foregoing, a transaction shall not be deemed to involve a
Change of Control if (a) the Company becomes a direct or indirect wholly-owned
subsidiary of a holding company (i.e., a parent company) and (b)(1) the
direct or indirect holders of the Voting Stock of such holding company
immediately following that transaction are substantially the same as the holders
of the Company153s Voting Stock immediately prior to that transaction or (2)
immediately following that transaction no person (other than a holding company
satisfying the requirements of this sentence) is the beneficial owner, directly
or indirectly, of more than 50% of the Voting Stock of such holding company;
provided that any series of related transactions shall be treated as a
single transaction. The term “person,” as used in this definition, has the
meaning given thereto in Section 13(d)(3) of the Exchange Act.

“Change of Control Triggering Event” means the occurrence of both a
Change of Control and a Rating Event.

“Continuing Director” means, as of any date of determination, any
member of the Company153s Board of Directors who (1) was a member of such Board of
Directors on the date the Notes were issued, (2) was nominated for election to
such Board of Directors with the approval of a committee of the Board of
Directors consisting of a majority of independent Continuing Directors or (3)
was nominated for election, elected or appointed to such Board of Directors with
the approval of a majority of the Continuing Directors who were members of such
Board of Directors at the time of such nomination, election or appointment
(either by a specific vote or by approval of the Company153s proxy statement in
which such member was named as a nominee for election as a director, without
objection to such nomination).

A-7

“Fitch” means Fitch Inc., or any successor thereto.

“Investment Grade Rating” means a rating equal to or higher than Baa3
(or the equivalent) by Moody153s and BBB- (or the equivalent) by S&P or Fitch,
and the equivalent investment grade credit rating from any additional Rating
Agency or Rating Agencies selected by the Company.

“Moody153s” means Moody153s Investors Service, Inc., or any successor
thereto.

“Rating Agencies” means each of Moody153s, S&P and Fitch and, if any
of Moody153s, S&P and Fitch ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the control of the
Company, a “nationally recognized statistical rating organization” within the
meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as
certified by a Board Resolution) as a replacement agency for Moody153s, S&P or
Fitch, or all of them, as the case may be.

“Rating Event” means the rating on the Notes is lowered independently
by each of the Rating Agencies and the Notes are rated below an Investment Grade
Rating by each of the Rating Agencies on any day during the period commencing on
the earlier of the date of the first public notice of the occurrence of a Change
of Control or the Company153s intention to effect a Change of Control and ending
60 days following consummation of such Change of Control (which period shall be
extended so long as the rating of the Notes is under publicly announced
consideration for a possible downgrade by any of the Rating Agencies).

“S&P” means Standard & Poor153s Rating Services, a division of
the McGraw-Hill Companies, Inc. or any successor thereto.

“Voting Stock” means, with respect to any specified “person” (as that
term is used in Section 13(d) of the Exchange Act) as of any date, the capital
stock of such person that is at the time entitled to vote generally in the
election of the board of directors or equivalent body of such person.

3. The Notes shall be redeemable at any time or from time to time, in a whole
or in part, at the Company153s option, on at least 30 days153 but not more than 60
days153 prior notice mailed to the registered address of each Holder of Notes to
be redeemed (the “Redemption Date“), at a redemption price (the
“Redemption Price“) equal to the greater of: (i) 100% of the principal
amount of the Notes to be redeemed and (ii) the sum of the present values of the
remaining scheduled payments of interest and principal on the Notes to be
redeemed (exclusive of interest accrued and unpaid to, but not including, the
Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 25 basis points.

The Redemption Price for any Notes redeemed pursuant to this Paragraph 3
shall include accrued and unpaid interest, if any, on the principal amount of
such Notes up to, but not including, the Redemption Date.

A-8

For purposes of this Paragraph 3, the following terms shall have the
following specified meanings:

“Comparable Treasury Issue” means the United States Treasury security
or securities selected by an Independent Investment Banker as having an actual
or interpolated maturity comparable to the remaining term of the Notes that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a
comparable maturity to the remaining term of the Notes.

“Comparable Treasury Price” means, with respect to any Redemption
Date, (A) the arithmetic average of the Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such
Reference Treasury Dealer Quotations, the arithmetic average of all such
quotations for such Redemption Date.

“Independent Investment Banker” means one of the Reference Treasury
Dealers appointed by the Company.

“Reference Treasury Dealer” means Merrill Lynch, Pierce Fenner &
Smith Incorporated, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities
LLC and UBS Securities LLC, or their respective affiliates, which are primary
U.S. government securities dealers in the United States of America, and their
respective successors plus one other primary U.S. government securities dealer
in the United States of America designated by the Company; provided,
however, that if any of the foregoing shall cease to be a primary U.S.
government securities dealer in New York City (a “Primary Treasury
Dealer“), the Company shall substitute therefor another Primary Treasury
Dealer.

“Reference Treasury Dealer Quotation” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the arithmetic average, as
determined by the Company, of the bid and asked prices for the applicable
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Company by such Reference Treasury
Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding
such Redemption Date.

“Treasury Rate” means, with respect to any Redemption Date, the rate
per annum equal to the semiannual equivalent or interpolated (on a day count
basis) yield to maturity of the applicable Comparable Treasury Issue, assuming a
price for such Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such
Redemption Date.

The provisions of Article XI of the Indenture shall apply to any redemption
of the Notes.

The Notes are not entitled to the benefit of any sinking fund.

4. The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes under the Indenture and the
Notes at any time by the Company

A-9

and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of the Notes at the time Outstanding. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Notes at the time Outstanding, on behalf of the Holders
of all Notes, to waive compliance by the Company with certain provisions of the
Indenture and the Notes and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holders of Notes shall be
conclusive and binding upon such Holders and upon all future Holders of the
Notes and of any Notes issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

5. If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared, or shall immediately
become, due and payable in the manner and with the effect provided in the
Indenture.

As provided in and subject to the provisions of the Indenture, the Holders of
the Notes shall not have the right to institute any proceeding with respect to
the Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder or hereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Notes, the Holders of not less than 25% in aggregate principal amount of the
Notes at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered
the Trustee reasonable indemnity, and the Trustee shall not have received from
the Holders of a majority in aggregate principal amount of the Notes at the time
Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by
the Holder of the Notes for the enforcement of any payment of principal hereof
or any premium or interest hereon on or after the respective due dates expressed
herein.

No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
times, place and rate, and in the coin or currency, herein prescribed.

6. The Indenture contains provisions for defeasance at any time of the entire
indebtedness of the Notes or certain restrictive covenants and Events of Default
with respect to such Notes, in each case upon compliance with certain conditions
set forth in the Indenture.

7. As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Security Register,
upon surrender of this Note for registration of transfer at the office or agency
of the Company in any place where the principal of and any interest on this Note
are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Notes and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

A-10

The Notes are issuable only in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Notes are exchangeable for a like principal amount of Notes of like tenor of a
different authorized denomination, as requested by the Holder surrendering the
same.

No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

This Note is a Global Security and is subject to the provisions of the
Indenture relating to Global Securities, including the limitations in Section
305 thereof on transfers and exchanges of Global Securities.

8. This Note and the Indenture shall be governed by, and construed in
accordance with, the law of the State of New York.

A-11

SCHEDULE OF INCREASES OR DECREASES

The following increases or decreases in this Global Security
have been made:

Date of Transfer or Exchange	Amount of decrease in Principal Amount of this Global Security	Amount of increase in Principal Amount of this Global Security	Principal Amount of this Global Security following such decrease or increase	Signature of authorized signatory of Trustee or Security Registrar

A-12

EXHIBIT B

[FORM OF NOTE]

BEST BUY CO., INC.

5.500% Notes due 2021

CUSIP No.: 086516 AL5

ISIN: US086516AL50

No. A-[1][2]

$[500,000,000][150,000,000]

BEST BUY CO., INC., a corporation duly incorporated under the laws of the
State of Minnesota (the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
$[500,000,000][150,000,000] ([FIVE HUNDRED][ONE HUNDRED FIFTY] MILLION DOLLARS),
as revised by the Schedule of Increases and Decreases attached hereto, on March
15, 2021, and to pay interest thereon from March 11, 2011

B-1

or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, semi-annually on March 15 and September 15 of each year,
commencing on September 15, 2011, at the rate of 5.500% per annum, until the
principal hereof is paid or made available for payment; provided that any
principal and premium, and any such installment of interest, which is overdue
shall bear interest at the rate of 5.500% per annum (to the extent permitted by
applicable law), from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be
the March 1 or September 1 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of
business on a “Special Record Date” for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
the Notes not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the
Indenture.

Reference is hereby made to the further provisions of the Notes set forth on
the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

B-2

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.

Dated: March 11, 2011

	BEST BUY CO., INC.


	By:
		Name:
		Title:

B-3

This Note is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

	WELLS FARGO BANK, N.A.,
	as Trustee


	By:
		Authorized Signatory
Dated: March 11, 2011

B-4

[REVERSE OF NOTE]

1. This Note is one of a duly authorized issue of Securities of the Company
(the “Notes“), issued and to be issued in one or more series under the
Indenture, dated as of March 11, 2011, and a supplemental indenture relating to
the Notes dated as of March 11, 2011 (together, the “Indenture“), between
the Company and Wells Fargo Bank, N.A., as Trustee (the “Trustee,” which
term includes any successor trustee under the Indenture), and reference is
hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are,
and are to be, authenticated and delivered. This Note is one of the series
designated on the face hereof, such series initially limited in aggregate
principal amount to $650,000,000; provided that the Company may at any
time and from time to time, without the consent of any Holder, issue additional
Notes of this series.

All terms which are used but not defined in this Note and which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

On the Change of Control Payment Date, the Company shall, to the extent
lawful:

(a) accept for payment all Notes or portions of Notes properly tendered
pursuant to the Change of Control Offer;

(b) deposit with the Paying Agent an amount equal to the Change of Control
Payment in respect of Notes or portions of Notes properly tendered; and

B-5

The Company shall publicly announce the results of the Change of Control
Offer on, or as soon as possible after, the date of purchase.

For purposes of this Paragraph 2, the following terms shall have the
following specified meanings:

“Change of Control” means the occurrence of any of the following:

B-6

(4) the adoption of a plan relating to the Company153s liquidation or
dissolution; or

(5) the first day on which a majority of the members of the Company153s Board
of Directors are not Continuing Directors.

“Change of Control Triggering Event” means the occurrence of both a
Change of Control and a Rating Event.

B-7

“Fitch” means Fitch Inc., or any successor thereto.

“Moody153s” means Moody153s Investors Service, Inc., or any successor
thereto.

“S&P” means Standard & Poor153s Rating Services, a division of
the McGraw-Hill Companies, Inc. or any successor thereto.

B-8

For purposes of this Paragraph 3, the following terms shall have the
following specified meanings:

“Independent Investment Banker” means one of the Reference Treasury
Dealers appointed by the Company.

“Reference Treasury Dealer” means Merrill Lynch, Pierce Fenner &
Smith Incorporated, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities
LLC and UBS Securities LLC, or their respective affiliates, which are primary
U.S. government securities dealers in the United States of America, and their
respective successors plus one other primary U.S. government securities dealer
in New York City designated by the Company; provided, however,
that if any of the foregoing shall cease to be a primary U.S. government
securities dealer in the United States of America (a “Primary Treasury
Dealer“), the Company shall substitute therefor another Primary Treasury
Dealer.

The provisions of Article XI of the Indenture shall apply to any redemption
of the Notes.

The Notes are not entitled to the benefit of any sinking fund.

B-9

B-10

8. This Note and the Indenture shall be governed by, and construed in
accordance with, the law of the State of New York.

B-11

SCHEDULE OF INCREASES OR DECREASES

The following increases or decreases in this Global Security
have been made:

Date of Transfer or Exchange	Amount of decrease in Principal Amount of this Global Security	Amount of increase in Principal Amount of this Global Security	Principal Amount of this Global Security following such decrease or increase	Signature of authorized signatory of Trustee or Security Registrar

B-12

Was this helpful?

Why was this helpful?

Easy to understand

Solved my problem

Other

Why was this not helpful?

Missing the information I need

Too complicated / too many steps

Out of date

Other

Stay Up-to-Date With How the Law Affects Your Life

Enter your email address to subscribe:

Learn more about FindLaw’s newsletters, including our terms of use and privacy policy.