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Best Buy Announces $2.4 Million in Scholarships to Graduating High School Seniors Nationwide; Eight Seniors Each Receive $25,000 Scholarships

Best Buy Announces $2.4 Million in Scholarships to Graduating High School Seniors Nationwide; Eight Seniors Each Receive $25,000 Scholarships

Published 05-03-06

Submitted by Best Buy Company, Inc.

MINNEAPOLIS--(BUSINESS WIRE)--May 3, 2006--As part of its ongoing efforts to give back the communities in which its employees work and live, Best Buy has announced the recipients of its 2006 scholarship program. A total of 1,520 graduating high school seniors across the United States will receive more than $2.4 million in scholarships.

Eight seniors will each receive a $25,000 scholarship (their winning essays can be found in the "community relations" link at www.bestbuy.com):

-- Samantha Barry - Worcester Academy, Worcester, Mass.

-- Emily Chen - Cleveland High School, Northridge, Calif.

-- Maya Das - Pike High School, Indianapolis, Ind.

-- Garrett Downing - Gahanna Lincoln High School, Gahanna, Ohio

-- Elyse Frances Guidas - Thunderbird High School, Phoenix, Ariz.

-- Nicholas Hayden - Academy of Holy Angels, Richfield, Minn.

-- Wendy Liu - Miami Palmetto Sr. High, Pinecrest, Fla.

-- Brian Rountree - Nathan Hale High School, Seattle, Wash.

In addition, 781 students will receive $1,000 scholarships, with $2,000 amounts awarded to 731 students. Scholarship funds will be distributed in August 2006 to all recipients.

Best Buy received more than 78,200 completed applications for this year's scholarship program. Applicants are evaluated based on academic records and community involvement; each application included a school transcript, as well as references from relevant community service organizations and verification of volunteer hours and scope of involvement. Recipients also must be committed to attending an accredited college or university in fall 2006. Information about the 2007 Best Buy scholarship program will be available later this year.

About the Best Buy Community Commitment

As a community partner, Best Buy works to encourage ideas and to confront challenges. Through its many philanthropic activities, Best Buy extends its support in times of celebration and in times of need.
In fiscal 2005, Best Buy and the Best Buy Children's Foundation donated $19 million to its communities, approximately 1.5 percent of its prior fiscal year's pretax earnings. The company encourages local volunteerism by providing charitable gifts to organizations where employees volunteer, awards annual scholarships to graduating high-school seniors, and supports schools using technology to enhance learning through the Best Buy te@ch program. Best Buy works with the Red Cross to provide support in times of disaster, including a donation of more than $2 million in fiscal 2006 for its Disaster Relief Fund. Additionally, Best Buy earmarked $8 million to help "reboot and rebuild" schools damaged, destroyed, or overcapacity after Hurricanes Katrina and Rita. The company also connects with the United Way to meet local community needs, and supports national organizations innovatively using technology in youth education. In addition, Best Buy is committed to environmental responsibility. Last year, the company collected and recycled nearly 1 million pounds of used and obsolete electronic items though special mass collection events and everyday collection of cellular phones, ink jet cartridges and rechargeable batteries. For more information about Best Buy's community relations efforts, visit www.BestBuy.com/CommunityRelations.

About Best Buy Co., Inc.

Best Buy Co., Inc. (NYSE:BBY) is an innovative Fortune 100 growth company that continually strives to create superior customer experiences. Through more than 940 retail stores across the United States and in Canada, our employees connect customers with technology and entertainment products and services that make life easier and more fun. We sell consumer electronics, home-office products, entertainment software, appliances and related services. A Minneapolis-based company, our operations include: Best Buy (BestBuy.com and BestBuyCanada.ca), Future Shop (FuureShop.ca), Geek Squad (GeekSquad.com and GeekSquad.ca) and Magnolia Audio Video (Magnoliaav.com). We support our communities through employee volunteerism and grants from The Best Buy Children's Foundation.

Copyright Business Wire 2006

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Best Buy Company, Inc.

Best Buy Company, Inc.

Giving back to our communities is central to the way we do business at Best Buy. Whether it’s funding innovative programs that make learning fun for kids, providing te@ch awards to K-12 schools each year, supporting the United Way and American Red Cross, or mobilizing TagTeam volunteers throughout the country, we are privileged to help strengthen our communities.

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