<SEC-DOCUMENT>0001214659-25-008399.txt : 20250528
<SEC-HEADER>0001214659-25-008399.hdr.sgml : 20250528
<ACCEPTANCE-DATETIME>20250528093008
ACCESSION NUMBER:		0001214659-25-008399
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250528
DATE AS OF CHANGE:		20250528
EFFECTIVENESS DATE:		20250528

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEST BUY CO INC
		CENTRAL INDEX KEY:			0000764478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				410907483
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09595
		FILM NUMBER:		25991603

	BUSINESS ADDRESS:	
		STREET 1:		7601 PENN AVE SOUTH
		CITY:			RICHFIELD
		STATE:			MN
		ZIP:			55423
		BUSINESS PHONE:		6122911000

	MAIL ADDRESS:	
		STREET 1:		7601 PENN AVE SOUTH
		CITY:			RICHFIELD
		STATE:			MN
		ZIP:			55423

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEST BUYS CO INC
		DATE OF NAME CHANGE:	19900809

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Globalance Bank Ltd.
		CENTRAL INDEX KEY:			0002069875
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231
		LEGAL ENTITY IDENTIFIER:    	391200Q5BV0DACVUUA71

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		GARTENSTRASSE 16
		CITY:			ZURICH
		PROVINCE COUNTRY:   	V8
		ZIP:			8002
		BUSINESS PHONE:		41 44 215 55 00

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		GARTENSTRASSE 16
		CITY:			ZURICH
		PROVINCE COUNTRY:   	V8
		ZIP:			8002
</SEC-HEADER>
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<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States Securities and Exchange
Commission<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>May 28, 2025</FONT><BR>
<BR>
<B>Best Buy Co Inc (BBY)</B><BR>
<B>Proposal No. 8 &ldquo;Publish Climate Transition Plan to Achieve Stated Goals&rdquo;</B><BR>
<B>Annual Meeting: June 13<SUP>th</SUP> 2025</B><BR>
<B>Proponent: Norbert B&auml;rlocher, represented by Globalance Bank Ltd.</B><BR>
<B>Contact: Peter Zollinger, Head of Impact Research</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">Written materials
are submitted pursuant to Rule 14a-6(g) (1) promulgated under the Securities Exchange Act of 1934. Norbert B&auml;rlocher, represented
by Globalance Bank Ltd., does not beneficially own more than $5 million in Best Buy&rsquo;s stock. This notice of exempt solicitation
is therefore being provided on a voluntary basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is not a solicitation of authority to vote your
proxy. Please DO NOT send us your proxy card; Globalance Bank Ltd. is not able to vote your proxies, nor does this communication contemplate
such an event. Globalance Bank Ltd. urges shareholders to vote for Item No. 8 following the instructions provided on management&rsquo;s
proxy mailing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication has been prepared and submitted
by Globalance Bank Ltd. on behalf of the proponent of this proposal, Norbert B&auml;rlocher.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved: </B>Shareholders request that Best Buy
issue a climate transition action plan, above and beyond existing disclosure, describing how it intends to align its operations and full
value chain emissions with the ambition of limiting global temperature increase to 1.5 degrees Celsius in a just and equitable manner.
The plan should be published at reasonable expense, exclude confidential information, and detail progress and any updates on an annual
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement:</B> In developing and implementing
the plan, we recommend, at management&rsquo;s discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Providing forward-looking, near-term, and quantitative strategies, metrics and milestones for achieving the Company&rsquo;s GHG emissions
reduction targets across decarbonization, governance, policy advocacy, and just transition components;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Considering guidance by advisory groups such as the Transition Plan Taskforce, Task Force for Climate-Related Financial Disclosures,
CDP, Climate Action 100+, and Ceres; and</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Considering supporting disclosures and target for product energy efficiency and other measures deemed appropriate by management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rationale for a &ldquo;FOR&rdquo; Vote:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1)</B></TD><TD><B>Climate Targets and Measures:</B> Best Buy (&ldquo;BBY&rdquo;) aims to be operationally carbon neutral by 2040 and to reduce carbon
emissions from use of sold product emissions by 20% by 2030. However, we believe, the company insufficiently disclose assumptions, and
forward-looking information that would provide investors with greater transparency on the specific strategies and actions that the company
plans to take which will allow it to reasonably achieve its commitments.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2)</B></TD><TD><B>Governance:</B> BBY applies a Corporate Responsibility &amp; Sustainability performance metric that makes up 20% of named executive
officer&rsquo;s Short-Term Incentive payouts. However, the corresponding qualitative targets intended to evaluate the company&rsquo;s
progress towards its &quot;Culture of Belonging, Social Impact and Sustainability goals&rdquo; are vague, non-transparent, and not measurable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3C3C3C">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3)</B></TD><TD><B>Lobbying:</B> BBY lacks detailed policies, commitments, and disclosures related to public policies, regulations, and lobbying activities
that would allow investors to understand how the Government Affairs team, with support and oversight from the Nominating, Corporate Governance,
and Public Policy Committee, ensure that such efforts align with the company&rsquo;s strategy to meet its carbon emissions reduction goals.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4)</B></TD><TD><B>Scenario Analysis and Financial Planning:</B> BBY lacks the proper depth and specificity in its scenario analysis and financial
planning disclosures that would help investors better assess BBY&rsquo;s preparedness for the financial impacts of the climate transition.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5)</B></TD><TD><B>Reputational Risk:</B> Unclear information and the potential for misalignment between BBY&rsquo;s ambition and action on decarbonization
might be perceived as greenwashing which can lead to reputational damage that could disrupt long-term customer retention and lead to stock
price underperformance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Discussion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">What this proposal seeks, disclosure of a climate transition
action plan (CTAP), would offer investors critical transparency into the actual, time-bound strategies and operational decisions that
Best Buy will undertake to meet its carbon emissions reduction commitments and mitigate the company&rsquo;s climate-related risks. Disclosure
of these strategies and decisions is of particular interest to BBY investors given that since 2021 the company&rsquo;s Scope 3 emissions
have increased year-over-year. CTAPs have emerged as a centerpiece of accountability and planning when it comes to corporate climate action
and could provide Best Buy with the opportunity to transparently disclose its plans and address each of the topics highlighted above and
further discussed below.<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1) Climate Targets and Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We acknowledge BBY&rsquo;s targets and efforts regarding their Scope 1 and 2 emissions which the company refers to in the opposition
statement. We consider them satisfactory.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">However, more than 95% of BBY&rsquo;s emissions
are related to Scope 3.<SUP>2</SUP> We find their disclosures related to Scope 3 emission targets and measures insufficient and argue
that more transparency is necessary for investors to understand BBY&rsquo;s climate transition as well as to stren<FONT STYLE="font-size: 10pt">gthen
the company&rsquo;s reputation and to increase customer satisfaction. </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>More than 95% of BBY&rsquo;s Scope 3 emissions stem from category 11, use of sold products.<SUP>2</SUP> While
BBY has publicly committed to reducing Scope 3 use of sold product emissions by 20% by 2030 (base year 2017)<SUP>3</SUP> the assumptions
underlying this target are not fully transparent. Reductions in use of sold product emissions are strongly influenced by BBY&rsquo;s assumptions
about future revenue growth and the pace of grid decarbonization in the company&rsquo;s primary markets. An absolute target alone does
not give investors any indication of the company&rsquo;s planned contribution to the targeted emission reduction. Apart from the communication
of underlying assumptions, the disclosure of the five most emission-intensive product categories, and the average energy efficiency of
sold products in those categories would be an example of meaningful disclosure that would help investors understand BBY&rsquo;s climate
transition in its most relevant emission category.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In addition, the company&rsquo;s emissions from the use of sold products have been increasing since at least 2021.<SUP>2</SUP> Further transparency is thus required for investors to understand how BBY intends to meet its 2030 product-related commitment.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> See the Blueprint for Implementing a Leading
Climate Transition Action Plan at https://www.ceres.org/resources/reports/blueprint-for-implementing-a-leading-climate-transition-action-plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> See pg. 67 of Best Buy&rsquo;s 2024 CR&amp;S
Report at https://corporate.bestbuy.com/wp-content/uploads/2024/07/BBY-CRS-Report-July2024.pdf</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> See Best Buy entry at https://sciencebasedtargets.org/target-dashboard</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3C3C3C">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We acknowledge that managing Scope 3 emissions is challenging, especially when they are beyond the influence of the company. However,
in BBY&rsquo;s case the bulk of their Scope 3 emissions are driven by the energy consumption used by customers to power sold products.<SUP>4</SUP>
BBY has significant influence over their use of sold product emissions (i.e. Scope 3, Category 11), primarily through the expectations
it can communicate to the company&rsquo;s suppliers, the inclusion of products in its product portfolio, product placement decisions,
marketing, and labelling. However, BBY insufficiently communicates what their planned measures are to reduce the use of sold product emissions.<BR>
For example, in its efforts to address Scope 3, Category 11 emissions, Home Depot set a target for increasing its sales of battery powered
lawn equipment, and provided investors with a much more transparent illustration of initiatives intended to directly address the company&rsquo;s
most significant emission source<SUP>5. </SUP></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Products on the BBY website lack easily visible energy-efficiency information (e.g. ENERGY STAR label). Energy-efficiency labelling
is a simple and effective measure to support customers in making environmentally friendly choices and reducing their energy bill. Media
Markt<SUP>6</SUP> and Euronics<SUP>7</SUP> are two examples of electronic retailers with clear energy-efficiency labelling.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We have found no evidence that energy-efficiency is a component of BBY&rsquo;s product placement o<FONT STYLE="font-size: 10pt">r
marketing strategy. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2) Governance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>While the Board has tied 20% of BBY&rsquo;s executive short-term incentive (&ldquo;STI&rdquo;) plan to the achievement of Corporate
Responsibility &amp; Sustainability (&ldquo;CR&amp;S&rdquo;) goals, the corresponding performance metrics, &ldquo;Culture of Belonging,
Social Impact, and Sustainability&rdquo; are vague, non-transparent, and not measurable. <FONT STYLE="font-family: Times New Roman, Times, Serif;"><B><SUP>8</SUP></B></FONT>
Without more detailed disclosure from the Compensation Committee regarding how the CR&amp;S metrics are evaluated &ndash; including the
specific criteria used to assess progress on emissions reduction &ndash; it remains unclear to investors whether, and to what extent,
achievement of the company&rsquo;s climate targets is meaningfully influencing STI payouts. Climate Action 100+ recommends executive renumeration
to be linked to a concrete and measurable climate KPI<SUP>9</SUP>. For BBY this could, for example, be progress on their SBTi target.
For instance, Walmart&rsquo;s executive sustainability officer has their compensation linked to performance indicators such as absolute
emissions reductions and progress towards their climate target.<SUP>10</SUP></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>While BBY states in its 2023 CDP Climate Survey that the company has climate-expertise on the board, there is no further information
regarding the kind of expertise and experience this assessment relies upon.<SUP>11</SUP></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> See C12.1b of Best Buy&rsquo;s CDP 2023
Climate Change Survey at https://corporate.bestbuy.com/wp-content/uploads/2024/02/2023-Best-Buy-CDP-Climate-Survey-Final.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> See https://corporate.homedepot.com/news/sustainability/home-depot-sets-goal-battery-powered-products-drive-over-85-outdoor-lawn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> See https://www.mediamarkt.ch/de/category/waschmaschine-681535.html?query=waschmaschine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> See https://www.euronics.de/haus-und-haushalt/waschen-trocknen-buegeln/waschmaschinen/</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> See pg. 51 of Best Buy&rsquo;s 2024 CR&amp;S
Report at https://corporate.bestbuy.com/wp-content/uploads/2024/07/BBY-CRS-Report-July2024.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> See pg. 20 of the Climate Action 100+
Net Zero Company Benchmark at https://www.climateaction100.org/wp-content/uploads/2021/10/V1.1-Disclosure-Framework-assessment-methodology-Oct21.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> See pg. 8 of Walmart&rsquo;s 2023 CDP
Climate Change Survey at https://corporate.walmart.com/content/dam/corporate/documents/esgreport/our-esg-priorities/2023%20CDP%20Climate%20Submission.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> See C1.1d of Best Buy&rsquo;s CDP 2023
Climate Change Survey at https://corporate.bestbuy.com/wp-content/uploads/2024/02/2023-Best-Buy-CDP-Climate-Survey-Final.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3) Lobbying</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Investors welcome BBY&rsquo;s disclosure, in its 2023 CDP Climate Survey, that its Environmental Sustainability and Compliance team
will annually review direct and indirect activities that influence policy to establish whether such activities are consistent with the
company&rsquo;s position on climate change.<SUP>12</SUP> However, the company does not provide the results of this analysis, disclose
how it conducts its assessment, identify specific direct and indirect policy influence activities that were subject to the review, how
such activities align with the company&rsquo;s strategy on climate and the circular economy, or discuss mitigation efforts that the company
would undertake when lobbying misalignment is identified.</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Without this disclosure investors are unable to properly assess the risk that the company&rsquo;s policy advocacy efforts &ndash;
whether direct or through third party organizations &ndash; may conflict with its publicly stated carbon emissions reduction goals. This
misalignment can create reputational, regulatory, and strategic risks that potentially undermine long-term value creation.</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>BBY lacks disclosure of detailed public policies needed to realize its climate commitments or the specific, forward-looking, near-term
actions it will take to support policies and regulations that contribute to limiting global temperature rise to 1.5 &ordm;C.</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>BBY does not disclose the criteria it uses to determine engagement on climate-related policies and it has not publicly committed to
ensure its lobbying activities support a 1.5 &ordm;C pathway and achievement of its own climate goals.</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>BBY&rsquo;s trade association disclosure lacks information regarding:</TD></TR></TABLE>



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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>fees paid per organization (including payments made to trade organizations of which it is not a member),</TD></TR></TABLE>



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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>whether it sits on the board or plays an active role in committees or other activities related to climate change,</TD></TR></TABLE>



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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>the lobbying position of its trade associations and alignment or misalignment of those positions with the companies' climate goals,
and</TD></TR></TABLE>



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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>any actions the company will take to address any inconsistencies and countermeasures should those efforts be unsuccess<FONT STYLE="font-size: 10pt">ful.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4) Scenario Analysis and Financial Planning</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Investors are increasingly interested in understanding how climate risks could materially impact a company&rsquo;s financial statements
(i.e. revenue, costs, asset valuations, capital expenditures, etc.)<SUP>13</SUP>. In its opposition statement, BBY states that its decarbonization
strategy is partially informed by a quantitative climate-related scenario analysis, however, based on BBY&rsquo;s disclosures, investors
have no clear indication of what this scenario entails and how it translates into specific actions or numbers. The Company itself indicated
in its latest publicly available CDP Climate Survey that it does not currently conduct a quantitative scenario.<SUP>14</SUP></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We welcome BBY&rsquo;s qualitative description of the strategies and concepts it is evaluating to meet the company&rsquo;s climate
mitigation goals because of its climate-related scenario analysis. What investors lack however is information that would explain how BBY
is planning to prioritize actions and investments tied to these strategies, including if and how the Company has identified capital expenditures
or revenue that aligns with its decarbonization strategy.<SUP>15</SUP></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> See C12.3 of Best Buy&rsquo;s CDP 2023
Climate Change Survey at https://corporate.bestbuy.com/wp-content/uploads/2024/02/2023-Best-Buy-CDP-Climate-Survey-Final.pdf</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> See KPMG&rsquo;s 2023 report, &rdquo;The
Impact of Climate Risk on the Financial Statements&rdquo; at https://kpmg.com/us/en/articles/2023/impact-climate-risk-financial-statements.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> See C3.2 on page 13 of Best Buy&rsquo;s
2023 CDP Climate Survey at https://corporate.bestbuy.com/wp-content/uploads/2024/02/2023-Best-Buy-CDP-Climate-Survey-Final.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> See C3.2b, C3.3, C3.4, C3.5 on pg. 14-15
at https://corporate.bestbuy.com/wp-content/uploads/2024/02/2023-Best-Buy-CDP-Climate-Survey-Final.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3C3C3C">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5) Reputational Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>BBY publicly claims to be committed to the Climate Pledge to achieve net-zero carbon emissions by 2040. BBY&rsquo;s targets and communication
strongly suggest that the Company only applies the stated target to their scope 1 and 2 emissions. That is an inaccurate interpretation
of the Climate Pledge which states: &ldquo;Signatories commit to net-zero by 2040 across all emissions scopes.<SUP>16</SUP>&rdquo;&nbsp;We
find this miscommunication by BBY alarming and potentially damaging to their reputation as it might be perceived as greenwashing.</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Misalignment between a company&rsquo;s public climate impact related commitments and its results could disrupt customer retention
as consumers increasingly seek out retailers who can demonstrate a commitment to sustainability.<SUP>17</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Concluding Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We urge Best Buy to demonstrate climate leadership
and transparency by publishing a comprehensive climate transition plan. This proposal seeks to align Best Buy&rsquo;s climate strategy
with global standards and investor expectations, enhance its reputation, reduce risk, and position it for long-term success in a low-carbon
economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We encourage a 'FOR' vote on Item No. 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For questions, please contact Peter Zollinger, Head
of Impact Research at Globalan<FONT STYLE="font-size: 10pt">ce Bank Ltd., peter.zollinger@globalance.com.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disclaimer: <I>THE FOREGOING INFORMATION MAY BE DISSEMINATED
TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT
ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING
BORNE ENTIRELY BY THE FILER OF THIS SOLICITATION. PROXY CARDS WILL NOT BE ACCEPTED. PLEASE DO NOT SEND YOUR PROXY TO GLOBALANCE BANK LTD.
TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #3C3C3C; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> Climate Pledge (2025). <I>Frequently
Asked Questions. </I>https://www.theclimatepledge.com/us/en/the-pledge/FAQ#main-navigation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://emsol.io/sustainability-sells-retailers-can-increase-customer-loyalty-by-evidencing-their-environmental-success/?utm_source=chatgpt.com</P>





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