-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 T4YBi8C8GDmqBoJG5+nmA0eqViEXYW2rkJuBa5pZcFLjHSmDHL2MGDuubewwJcYi
 VwgxzaXWCXk2ru9PzXIqkQ==

<SEC-DOCUMENT>0001157523-08-001054.txt : 20080207
<SEC-HEADER>0001157523-08-001054.hdr.sgml : 20080207
<ACCEPTANCE-DATETIME>20080207121133
ACCESSION NUMBER:		0001157523-08-001054
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080207
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080207
DATE AS OF CHANGE:		20080207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROW ELECTRONICS INC
		CENTRAL INDEX KEY:			0000007536
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				111806155
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04482
		FILM NUMBER:		08583905

	BUSINESS ADDRESS:	
		STREET 1:		25 HUB DR
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		5163911300

	MAIL ADDRESS:	
		STREET 1:		50 MARCUS DR
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5605165.htm
<DESCRIPTION>ARROW ELECTRONICS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2007 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><br><font style="font-size: 18pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">WASHINGTON,
      D.C. 20549 </font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K </b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Date of
      Report (Date of earliest event reported): </font><u><font style="font-size: 10pt; font-family: Times New Roman">February
      7, 2008 </font></u>
    </p>
    <p style="text-align: center">

    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 18pt; font-family: Times New Roman"><b>ARROW
            ELECTRONICS, INC.</b></font></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Exact
            name of registrant as specified in its charter)</font>
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt">NEW YORK</font></u>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt">1-4482</font></u>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt">11-1806155</font></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">(State or other jurisdiction</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">of incorporation)</font>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">(Commission</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">File Number)</font>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">(IRS Employer</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Identification No.)</font>
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt">50 MARCUS DRIVE, MELVILLE, NEW
            YORK 11747</font></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Address
          of Principal Executive Offices)</font>

          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      telephone number, including area code: </font><u><font style="font-size: 10pt">(631)
      847-2000 </font></u>
    </p>
    <p style="text-align: center">

    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt">Not Applicable</font></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Former
            Name or Former Address, if Changed Since Last Report)</font>
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <font style="font-size: 10pt">ITEM 2.02 RESULTS OF OPERATIONS AND
      FINANCIAL CONDITION</font>
    </p>
    <p style="margin-left: 30.0px">
      <font style="font-size: 10pt">On February 7, 2008, the Registrant issued
      a press release announcing the corporation's fourth quarter 2007
      earnings.</font> <font style="font-size: 10pt">A copy of the press
      release is attached hereto as an Exhibit (99.1).</font>
    </p>
    <p style="margin-left: 30.0px">
      <font style="font-size: 10pt">The information in this Current Report on
      Form 8-K and the Exhibit attached hereto is being furnished and shall
      not be deemed &quot;filed&quot; for purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;) or otherwise subject to the
      liabilities of that section, nor shall it be deemed incorporated by
      reference in any filing under the Securities Act of 1933 or the Exchange
      Act, regardless of any general incorporation language in such filing. </font>
    </p>
    <p style="margin-left: 30.0px">

    </p>
    <p>
      <font style="font-size: 10pt">ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS</font>
    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">(c)</font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">EXHIBITS</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 3%" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">99.1 press release dated February 7,
            2008.</font>
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">ARROW ELECTRONICS, INC.</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Date:</font>
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 35%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">February 7, 2008</font>
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">By:</font>
          </p>
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">/s/ Peter S. Brown</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Name:</font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 51%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Peter S. Brown</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Title:</font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 51%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Senior Vice President</font>
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt">EXHIBIT INDEX</font>
    </p>
    <p>

    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt">Exhibit</font></u>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt">Description</font></u>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">99.1</font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Press release issued by Arrow
            Electronics, Inc., dated February 7, 2008.</font>
          </p>
        </td>
      </tr>
    </table>
    <p style="white-space: nowrap">

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5605165ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2007 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Arrow
      Electronics Reports Record Fourth Quarter Sales, Working Capital to
      Sales, and Return on Working Capital</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Adjusted
      Earnings Per Share Advances 35% Year-over-Year in the Current Quarter</b></font>
    </p>
    <p>
      MELVILLE, N.Y.--(BUSINESS WIRE)--Arrow Electronics, Inc. (NYSE:ARW)
      today reported fourth quarter 2007 net income of $114.0 million <i>(</i>$.93
      and $.92 per share on a basic and diluted basis, respectively) on sales
      of $4.42 billion, compared with net income of $128.1 million ($1.05 and
      $1.04 per share on a basic and diluted basis, respectively) on sales of
      $3.49 billion in the fourth quarter of 2006. Sales increased 26 percent
      year over year. On a pro forma basis, sales increased nine percent year
      over year as acquisitions also benefited sales growth. The company's
      results for the fourth quarters of 2007 and 2006 include a number of
      items outlined below that impact their comparability. A complete
      reconciliation of these items is provided under the heading &#8220;Certain
      Non-GAAP Financial Information.&#8221; Excluding those items, on a non-GAAP
      basis, net income for the quarter ended December 31, 2007 would have
      been $120.6 million ($.98 and $.97 per share on a basic and diluted
      basis, respectively) and net income for the quarter ended December 31,
      2006, would have been $88.6 million ($.72 per share on both a basic and
      diluted basis).
    </p>
    <p>
      &#8220;We finished 2007 with outstanding performance in the fourth quarter.
      Sales, working capital to sales, and return on working capital were all
      at record levels, and exceptional cash flow generation of $220 million
      in the fourth quarter brought 2007 operating cash flow to $851 million,&#8221;
      said William E. Mitchell, chairman, president and chief executive
      officer. &#8220;Our operating margin was again at an industry leading level
      and our balance sheet is at its strongest level in 10 years. We are
      doing this while continuing to invest in important initiatives that will
      take us to even greater levels of growth and profitability.&#8221;
    </p>
    <p>
      Global enterprise computing solutions (&#8220;ECS&#8221;) sales of $1.61 billion
      increased 111 percent year over year. Growth was aided by the impact of
      the acquisitions of KeyLink Systems Group, Alternative Technology, Inc.
      and the storage and security distribution business of InTechnology plc.
      On a pro forma basis, sales increased 22 percent year over year on
      strong growth in proprietary servers, storage, software, and services.
      &#8220;Sales pro forma for acquisitions more than tripled the rate at which
      the overall market is expected to have grown and our operating margin
      strengthened significantly over last quarter, demonstrating the
      tremendous operating leverage in our business. Execution on our
      strategic objectives in 2007 has resulted in a much stronger
      organization with broader geographic reach into 22 countries, increased
      market share in the fast growing product segments of software and
      storage, and a more robust customer and supplier base. Arrow ECS is now
      the world's largest distributor of enterprise storage and security and
      virtualization software, and with increased scale, scope and
      capabilities, our strategy is resonating with our customers and
      suppliers,&#8221; added Mr. Mitchell.
    </p>
    <p>
      Global components sales of $2.81 billion increased 3 percent year over
      year. &#8220;We again executed well and posted sales at the high end of
      expectations. In North America, we saw&#160;our first increase in daily run
      rate since&#160;the third quarter of 2006 and book to bill (the amount of
      sales booked for delivery as compared with sales that have been billed)
      was above one in each of the regions in which we operate. As we
      continued along the path to building best-in-class global capabilities
      and leveraging our global scale, we moved closer to our financial
      targets for the global components business in the fourth quarter.
      Operating income grew at more than three times the rate of sales growth
      and we reduced the amount of working capital needed to support sales by
      160 basis points year over year. Our strategic initiatives around the
      world continue to take hold and we look forward to additional progress
      in the upcoming year,&#8221; Mr. Mitchell said.
    </p>
    <p>
      The company's results for the fourth quarter of 2007 and 2006 include
      the items outlined below that impact their comparability:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        During the fourth quarter of 2007, the company recorded a
        restructuring and integration&#160;charge of $10.0 million ($6.6 million
        net of related taxes or $.05 per share on both a basic and diluted
        basis) primarily related to initiatives taken by the company to
        improve operating efficiencies.
      </li>
      <li style="margin-bottom: 10.0px">
        During the fourth quarter of 2006, the company settled certain tax
        matters covering multiple years. As such, the company recorded a
        reduction in the provision for income taxes of $44.7 million ($.37 per
        share on both a basic and diluted basis) and related interest expense
        of $6.2 million ($3.8 million net of related taxes or $.03 per share
        on both a basic and diluted basis) related to periods prior to the
        fourth quarter of 2006.
      </li>
      <li style="margin-bottom: 10.0px">
        During the fourth quarter of 2006, the company completed the valuation
        of identifiable intangibles associated with acquisitions completed in
        the fourth quarter of 2005. Accordingly, the company recorded the
        related amortization expense for the full year in the fourth quarter
        of 2006. The impact on net income was a decrease of $1.2 million ($.01
        per share on both a basic and diluted basis) related to periods prior
        to the fourth quarter of 2006.
      </li>
      <li style="margin-bottom: 10.0px">
        During the fourth quarter of 2006, the company recorded restructuring
        and integration charges and costs associated with pre-acquisition
        warranty and environmental claims of $9.7 million ($7.8 million net of
        related taxes or $.07 per share on both a basic and diluted basis).
      </li>
    </ul>
    <p>
      &#8220;Based upon the information known to us today, we expect normal
      seasonality in both our components and ECS businesses. We believe that
      total first quarter sales will be between $3.925 and $4.225 billion,
      with global component sales between $2.775 and $2.975 billion and global
      enterprise computing solutions sales between $1.15 and $1.25 billion.
      Earnings per share, on a diluted basis, excluding any charges and
      including estimated amortization of intangible assets of $.03 to $.04,
      are expected to be in the range of $.81 to $.87, an increase of 9
      percent to 18 percent from last year&#8217;s first quarter,&#8221; said Paul J.
      Reilly, senior vice president and chief financial officer.
    </p>
    <p>
      <u>FULL YEAR RESULTS</u>
    </p>
    <p>
      Arrow&#8217;s net income for 2007 was $407.8 million ($3.31 and $3.28 per
      share on a basic and diluted basis, respectively) on sales of $16.0
      billion, compared with net income of $388.3 million ($3.19 and $3.16 per
      share on a basic and diluted basis, respectively) on sales of $13.6
      billion in 2006.
    </p>
    <p>
      Net income for 2007 includes a restructuring and integration charge of
      $11.7 million ($7.0 million net of related taxes or $.06 per share on
      both a basic and diluted basis) primarily related to initiatives taken
      by the company to improve operating efficiencies and the acquisition of
      KeyLink. Net income for 2007 also includes an income tax benefit of $6.0
      million, net, ($.05 per share on both a basic and diluted basis)
      principally due to a reduction in deferred income taxes as a result of
      the reduction in the statutory tax rate in Germany. Excluding these
      items, net income would have been $408.8 million ($3.32 and $3.29 per
      share on a basic and diluted basis, respectively) for 2007.
    </p>
    <p>
      Net income for 2006 includes a restructuring and integration charge and
      costs associated with pre-acquisition warranty and environmental claims
      of $16.1 million ($11.7 million net of related taxes or $.10 per share
      on both a basic and diluted basis) and a loss on prepayment of debt of
      $2.6 million ($1.6 million net of related taxes or $.01 per share on
      both a basic and diluted basis). During 2006, the company settled
      certain tax matters covering multiple years. As such, the company
      recorded a reduction in the provision for income taxes of $40.4 million
      ($.33 per share on both a basic and diluted basis) and related interest
      expense of $4.0 million ($2.4 million net of related taxes or $.02 per
      share on both a basic and diluted basis) related to tax years prior to
      2006. Excluding these items, net income would have been $358.7 million
      ($2.95 and $2.92 per share on a basic and diluted basis, respectively)
      for 2006.
    </p>
    <p>
      Arrow Electronics (www.arrow.com) is a global provider of products,
      services and solutions to industrial and commercial users of electronic
      components and enterprise computing solutions. Headquartered in
      Melville, New York, Arrow serves as a supply channel partner for
      approximately 700 suppliers and approximately 140,000 original equipment
      manufacturers, contract manufacturers and commercial customers through a
      global network of more than 300 locations in 50 countries and
      territories.
    </p>
    <p>
      <u>Certain Non-GAAP Financial Information</u>
    </p>
    <p>
      In addition to disclosing results that are determined in accordance with
      Generally Accepted Accounting Principles (&#8220;GAAP&#8221;), the company provides
      certain non-GAAP financial information relating to operating income, net
      income and net income per basic and diluted share, each as adjusted for
      certain charges, credits and losses that the company believes impact the
      comparability of its results of operations. These charges, credits and
      losses arise out of the company&#8217;s efficiency enhancement initiatives,
      the company&#8217;s acquisitions of other companies, certain income tax
      related matters, and the prepayment of debt. A reconciliation of the
      company&#8217;s non-GAAP financial information to GAAP is set forth in the
      table below.
    </p>
    <p>
      The company believes that such non-GAAP financial information is useful
      to investors to assist in assessing and understanding the company&#8217;s
      operating performance and underlying trends in the company&#8217;s business
      because management considers the charges, credits and losses referred to
      above to be outside the company&#8217;s core operating results. This non-GAAP
      financial information is among the primary indicators management uses as
      a basis for evaluating the company&#8217;s financial and operating
      performance. In addition, the company&#8217;s Board of Directors may use this
      non-GAAP financial information in evaluating management performance and
      setting management compensation.
    </p>
    <p>
      The presentation of this additional non-GAAP financial information is
      not meant to be considered in isolation or as a substitute for, or
      alternative to, operating income, net income and net income per basic
      and diluted share determined in accordance with GAAP. Analysis of
      results and outlook on a non-GAAP basis should be used as a complement
      to, and in conjunction with, data presented in accordance with GAAP.
    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            EARNINGS RECONCILIATION
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="6" valign="bottom">
          Three Months Ended
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="6" valign="bottom">
          Year Ended
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="6" valign="bottom">
          December 31,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="6" valign="bottom">
          December 31,
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating income, as reported
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          193,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          141,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          686,905
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          606,225
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Restructuring and integration charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,955
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,411
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,829
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Pre-acquisition warranty claim
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,837
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Pre-acquisition environmental matters
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,449
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,207
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Operating income, as adjusted
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          203,538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          152,283
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          698,650
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          622,340
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net income, as reported
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          113,963
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          128,071
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          407,792
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          388,331
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Restructuring and integration charges
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,598
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,062
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,977
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Deferred tax adjustment*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (6,024
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Pre-acquisition warranty claim
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,861
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,861
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Pre-acquisition environmental matters
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          867
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          867
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,207
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Impact of settlement of tax matters
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income taxes:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            January to September 30, 2006
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (4,312
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          2005 and prior
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (40,426
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (40,426
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Interest (net of taxes):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          January to September 30, 2006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,327
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          2005 and prior
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,431
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,431
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Loss on prepayment of debt
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,558
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Net income, as adjusted
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          120,561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          88,572
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          408,804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          358,737
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net income per basic share, as reported
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .93
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.19
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Restructuring and integration charges
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .07
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Deferred tax adjustment*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.05
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Pre-acquisition warranty claim
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .02
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Pre-acquisition environmental matters
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .01
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Impact of settlement of tax matters
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income taxes:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          January to September 30, 2006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.04
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          2005 and prior
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.33
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.33
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Interest (net of taxes):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          January to September 30, 2006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.01
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          2005 and prior
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.02
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.02
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Loss on prepayment of debt
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .01
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Net income per basic share, as adjusted
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .98
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .72
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2.95
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net income per diluted share, as reported**
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .92
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.16
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Restructuring and integration charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .07
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Deferred tax adjustment*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.05
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Pre-acquisition warranty claim
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .02
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Pre-acquisition environmental matters
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .01
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Impact of settlement of tax matters
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income taxes:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          January to September 30, 2006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.04
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          2005 and prior
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.33
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.33
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Interest (net of taxes):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          January to September 30, 2006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.01
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          2005 and prior
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.02
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (.02
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Loss on prepayment of debt
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .01
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Net income per diluted share, as adjusted
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .97
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .72
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2.92
        </td>
        <td>

        </td>
      </tr>
    </table>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          The sum of the components for basic and diluted net income per
          share, as adjusted, may not agree to totals, as presented, due to
          rounding.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          *
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          For the year ended December 31, 2007, the company recorded an income
          tax benefit of $6.0 million, net, ($.05 per share on both a basic
          and diluted basis) principally due to a reduction in deferred income
          taxes as a result of the statutory tax rate change in Germany. These
          deferred income taxes primarily related to the amortization of
          intangible assets for income tax purposes, which are not amortized
          for accounting purposes.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          **
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          In computing net income per diluted share for the year ended
          December 31, 2006, net income was increased by $524 thousand for
          interest (net of taxes) related to the zero coupon convertible
          debentures (&quot;convertible debentures&quot;) which are dilutive common
          stock equivalents. In addition, the diluted average number of shares
          outstanding for the year ended December 31, 2006 includes 467,000
          shares related to the convertible debentures.
        </td>
      </tr>
    </table>
    <p style="text-align: left">
      <u>Information Relating to Forward-Looking Statements</u>
    </p>
    <p style="text-align: left">
      This press release includes forward-looking statements that are subject
      to numerous assumptions, risks, and uncertainties, which could cause
      actual results or facts to differ materially from such statements for a
      variety of reasons, including, but not limited to: industry conditions,
      the company's implementation of its new global financial system and the
      company's planned implementation of its new enterprise resource planning
      system, changes in product supply, pricing and customer demand,
      competition, other vagaries in the global components and global ECS
      markets, changes in relationships with key suppliers, increased profit
      margin pressure, the effects of additional actions taken to become more
      efficient or lower costs, and the company&#8217;s ability to generate
      additional cash flow. Forward-looking statements are those statements,
      which are not statements of historical fact. These forward-looking
      statements can be identified by forward-looking words such as &quot;expects,&quot;
      &quot;anticipates,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;may,&quot; &quot;will,&quot; &quot;believes,&quot; &quot;seeks,&quot;
      &quot;estimates,&quot; and similar expressions. Shareholders and other readers are
      cautioned not to place undue reliance on these forward-looking
      statements, which speak only as of the date on which they are made. The
      company undertakes no obligation to update publicly or revise any of the
      forward-looking statements.
    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="15" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            CONSOLIDATED STATEMENTS OF OPERATIONS
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="6" valign="bottom">
          Three Months Ended
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="6" valign="bottom">
          Year Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="6" valign="bottom">
          December 31,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="6" valign="bottom">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Sales
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,418,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,493,320
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          15,984,992
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,577,112
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Cost of products sold
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,804,863
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,981,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,699,715
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,545,719
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          391,950
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          346,542
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,519,908
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,362,149
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,631
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,725
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          66,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          46,904
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Restructuring and integration charges
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,955
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,411
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,829
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Pre-acquisition warranty claim
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,837
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="bottom">
          Pre-acquisition environmental matters
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,449
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,225,399
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,351,941
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          15,298,087
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,970,887
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating income
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          193,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          141,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          686,905
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          606,225
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Equity in earnings of affiliated companies
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,906
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,221
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Loss on prepayment of debt
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,605
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Interest expense, net
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          26,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          16,733
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          101,628
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          90,564
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income before income taxes and minority interest
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          168,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          126,327
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          592,183
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          518,277
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Provision for (benefit from) income taxes
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          53,104
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,377
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          180,697
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          128,457
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income before minority interest
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          115,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          128,704
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          411,486
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          389,820
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Minority interest
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,489
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Net income
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          113,963
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          128,071
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          407,792
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          388,331
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px" valign="bottom">
          Basic
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .93
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.19
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px" valign="bottom">
          Diluted
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          .92
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.16
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Average number of shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          122,749
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          122,190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          123,176
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          121,667
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          123,845
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          123,191
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          124,429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          123,181
        </td>
      </tr>
    </table>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="8" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            CONSOLIDATED BALANCE SHEETS
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands except par value)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="6" valign="bottom">
          December 31,
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          ASSETS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          447,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          337,730
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,281,169
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,710,321
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Inventories
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,679,866
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,691,536
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          180,629
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          156,034
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Total current assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,589,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,895,621
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Property, plant and equipment, at cost:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Land
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          41,553
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          41,810
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Buildings and improvements
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          175,979
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          167,157
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Machinery and equipment
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          580,278
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          481,689
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          797,810
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          690,656
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Less: Accumulated depreciation and amortization
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (442,649
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (428,283
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Property, plant and equipment, net
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          355,161
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          262,373
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investments in affiliated companies
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          47,794
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          41,960
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cost in excess of net assets of companies acquired
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,779,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,231,281
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Other assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          288,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          238,337
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="bottom">
          Total assets
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,059,860
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,669,572
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          LIABILITIES AND SHAREHOLDERS' EQUITY
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accounts payable
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,535,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,795,089
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accrued expenses
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          438,898
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          402,536
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Short-term borrowings, including current portion of long-term debt
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,893
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          262,783
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Total current liabilities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,987,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,460,408
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Long-term debt
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,223,337
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          976,774
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Other liabilities
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          297,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          235,831
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Shareholders' equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Common stock, par value $1:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Authorized &#8211; 160,000 shares in 2007 and 2006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Issued &#8211; 125,039 and 122,626 shares in 2007 and 2006, respectively
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          125,039
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          122,626
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Capital in excess of par value
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,025,611
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          943,958
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,184,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,787,746
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Foreign currency translation adjustment
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          312,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          155,166
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Other
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (8,720
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,407
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,639,429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,002,089
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Less: Treasury stock (2,212 and 207 shares in 2007 and 2006,
          respectively), at cost
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (87,569
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,530
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Total shareholders' equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,551,860
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,996,559
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="bottom">
          Total liabilities and shareholders' equity
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,059,860
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,669,572
        </td>
        <td>

        </td>
      </tr>
    </table>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="8" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            CONSOLIDATED STATEMENTS OF CASH FLOWS
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="7" valign="bottom">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net income
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          113,963
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          128,071
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Adjustments to reconcile net income to net cash provided by
          operations:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,631
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,725
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of stock-based compensation
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,966
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of deferred financing costs and discount on notes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          535
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          656
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Equity in earnings of affiliated companies
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,064
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,681
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Minority interest
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          633
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Excess tax benefits from stock-based compensation arrangements
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (372
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (175
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,126
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,802
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Restructuring and integration charges
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,598
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,062
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Pre-acquisition warranty claim and environmental matters
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,728
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Impact of settlement of tax matters
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (50,376
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" rowspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Change in assets and liabilities, net of effects of acquired
            businesses:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Accounts receivable
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (164,873
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          65,685
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Inventories
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (42,952
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (17,044
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (6,936
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (14,392
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          274,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          175,257
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Accrued expenses
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (18,607
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (38,554
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="bottom">
          Other
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          26,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,438
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          220,481
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          287,801
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Acquisition of property, plant and equipment
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (35,940
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (24,408
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Cash consideration paid for acquired businesses
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (303
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (156,775
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="bottom">
          Other
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (201
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          59
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="bottom">
          Net cash used for investing activities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (36,444
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (181,124
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Change in short-term borrowings
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (49,655
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (31,747
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Repayment of long-term borrowings
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (520,900
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (55
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Proceeds from long-term borrowings
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          520,900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,489
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Excess tax benefits from stock-based compensation arrangements
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          372
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          175
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Repurchases of common stock
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (8,552
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Net cash used for financing activities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (53,725
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (26,138
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Effect of exchange rate changes on cash
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (188
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,340
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          130,124
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          84,879
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents at beginning of period
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          317,607
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          252,851
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents at end of period
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          447,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          337,730
        </td>
        <td>

        </td>
      </tr>
    </table>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="8" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            CONSOLIDATED STATEMENTS OF CASH FLOWS
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          Year Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="7" valign="bottom">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net income
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          407,792
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          388,331
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Adjustments to reconcile net income to net cash provided by
          operations:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          66,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          46,904
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of stock-based compensation
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          21,389
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          21,268
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of deferred financing costs and discount on notes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,144
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,808
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Equity in earnings of affiliated companies
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (6,906
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,221
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Minority interest
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,489
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Excess tax benefits from stock-based compensation arrangements
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,687
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (6,661
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,661
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (9,433
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Restructuring and integration charges
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,977
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Accretion of discount on zero coupon convertible debentures
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          876
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Pre-acquisition warranty claim and environmental matters
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,728
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Loss on prepayment of debt
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,558
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Impact of settlement of tax matters
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (50,376
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Change in assets and liabilities, net of effects of acquired
          businesses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Accounts receivable
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (279,636
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (202,135
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Inventories
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          116,657
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (119,612
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (19,315
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (25,131
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          475,155
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          52,561
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Accrued expenses
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          98
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 35.0px" valign="bottom">
          Other
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          22,582
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,811
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          850,743
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          120,840
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Acquisition of property, plant and equipment
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (138,834
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (66,078
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Cash consideration paid for acquired businesses
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (539,618
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (176,235
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Proceeds from sale of facilities
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,996
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Other
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (23
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,652
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Net cash used for investing activities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (665,479
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (238,661
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Change in short-term borrowings
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (90,318
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (22,298
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Repayment of long-term borrowings
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,312,251
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (15,687
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Proceeds from long-term borrowings
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          2,510,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Repurchase/repayment of senior notes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (169,136
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (4,268
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Redemption of zero coupon convertible debentures
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (156,330
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          55,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          59,194
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Excess tax benefits from stock-based compensation arrangements
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,687
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,661
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Repurchases of common stock
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (84,236
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Net cash used for financing activities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (82,226
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (132,728
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Effect of exchange rate changes on cash
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,963
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,618
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net increase (decrease) in cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          110,001
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (242,931
        </td>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents at beginning of period
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          337,730
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          580,661
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents at end of period
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          447,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          337,730
        </td>
        <td>

        </td>
      </tr>
    </table>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            SEGMENT INFORMATION
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 36%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 36%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="6" valign="bottom">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="6" valign="bottom">
          Year Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 36%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          2006
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 36%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 14%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 14%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 36%" valign="bottom">
          Sales:
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 1%" valign="bottom">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 12%" valign="bottom">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 1%" valign="bottom">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 12%" valign="bottom">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 1%" valign="bottom">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 14%" valign="bottom">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 1%" valign="bottom">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 14%" valign="bottom">

        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; width: 36%" valign="bottom">
          Global components
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          2,810,560
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          2,732,751
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          11,223,751
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          11,086,359
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px; width: 36%" valign="bottom">
          Global ECS
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          1,608,422
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          760,569
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          4,761,241
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          2,490,753
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px; width: 36%" valign="bottom">
          Consolidated
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          4,418,982
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          3,493,320
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          15,984,992
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          13,577,112
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 36%" valign="bottom">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 14%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 14%">

        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 36%" valign="bottom">
          Operating income:
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 1%" valign="bottom">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 1%" valign="bottom">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 1%" valign="bottom">

        </td>
        <td style="width: 14%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 1%" valign="bottom">

        </td>
        <td style="width: 14%">

        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; width: 36%" valign="bottom">
          Global components
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          145,829
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          131,610
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          604,217
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          582,978
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; width: 36%" valign="bottom">
          Global ECS
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          83,876
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          43,034
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          202,223
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          123,653
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px; width: 36%" valign="bottom">
          Corporate (a)
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          (36,122
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          (33,265
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          (119,535
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          (100,406
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px; width: 36%" valign="bottom">
          Consolidated
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          193,583
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; width: 12%" valign="bottom">
          141,379
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          686,905
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; width: 14%" valign="bottom">
          606,225
        </td>
        <td style="width: 1%">

        </td>
      </tr>
    </table>
    <p>
      Effective April 1, 2007, the company's business segments were realigned
      as part of the company's continued efforts to strengthen its market
      leadership position, streamline the business, and further leverage cost
      synergies globally. The company's global components business was formed
      to bring a single, global organization to leverage the collective
      enterprise to speed services and solutions to customers and suppliers.
      The company's global ECS business was formed to bring a single
      organization with an expanded geographic reach, increased exposure in
      faster growing product segments, and a more robust customer and supplier
      base. As a result, the UK Microtronica, ATD (in Spain), and Arrow
      Computer Products (in France) businesses, previously included in the
      computer products business segment, were transitioned into the company's
      global components business segment. As a result of this realignment,
      global components and global ECS are the business segments upon which
      management primarily evaluates the operations of the company and upon
      which it bases its operating decisions. Prior period segment data was
      adjusted to conform to the current period presentation.
    </p>
    <p>
      Effective January 1, 2007, stock option expense, which was previously
      included in corporate, has been allocated to global components, global
      ECS, and corporate. Prior period segment data was adjusted to conform
      with the current period presentation.
    </p>
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (a)
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Includes restructuring and integration charges of $10.0 million and
          $11.7 million for the three months and year ended December 31, 2007,
          respectively, and restructuring and integration charges of $5.4
          million and $11.8 million for the three months and year ended
          December 31, 2006, respectively. Also includes a charge related to a
          pre-acquisition warranty claim of $2.8 million and a charge related
          to pre-acquisition environmental matters out of the company's
          purchase of Wyle of $1.4 million for the three months and year ended
          December 31, 2006, respectively.
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p>
      CONTACT:<br>Arrow Electronics, Inc.<br>Sabrina N. Weaver, 631-847-5359<br>Director,
      Investor Relations<br>or<br>Paul J. Reilly, 631-847-1872<br>Senior Vice
      President &amp; Chief Financial Officer<br>or<br>Media:<br>Jacqueline F.
      Strayer, 631-847-2101<br>Vice President, Corporate Communications
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
