Focusing Our Executive Team

Last year, we reorganized our resources to support our long-term growth, a change that resulted in a smaller, more focused executive team. As part of the reorganization, we announced that Al Lenzmeier plans to retire at the end of fiscal 2006. Al joined Best Buy’s Finance Department in 1984, advanced to CFO in 1991 and assumed the role of president and chief operating officer in 2002. Since Al’s retirement will precede next year’s annual report, I would like to take the opportunity to thank Al for partnering with me for the past 21 years. Al’s business acumen, leadership and integrity have earned him the respect of all who deal with him.

I also would like to acknowledge the hard work of our employees and the support of our vendors and shareholders. This transformation would not be possible without you.

This year will be pivotal for our company and its future. While I am mindful of the challenges and risks inherent to this undertaking, I am confident of our success because I have had the good fortune of seeing first-hand the talent inside our organization. Our employees have a greater capacity to learn and innovate than we have ever had before in my 32 years with the company. I am honored to be leading Best Buy through this transformation, and I look forward to updating you on our progress.

Bradbury H. Anderson Vice Chairman and CEO