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<SEC-DOCUMENT>0001157523-09-001099.txt : 20090210
<SEC-HEADER>0001157523-09-001099.hdr.sgml : 20090210
<ACCEPTANCE-DATETIME>20090210165101
ACCESSION NUMBER:		0001157523-09-001099
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090210
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090210
DATE AS OF CHANGE:		20090210

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:		09586327

	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>a5892533.htm
<DESCRIPTION>ARROW ELECTRONICS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-family: Times New Roman; font-size: 12pt">WASHINGTON,
      DC 20549</font><br><br><font style="font-family: Times New Roman; font-size: 12pt">FORM
      8-K</font><br><br><font style="font-family: Times New Roman; font-size: 12pt">CURRENT
      REPORT</font><br><font style="font-family: Times New Roman; font-size: 12pt">PURSUANT
      TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported): </font><u><font style="font-family: Times New Roman; font-size: 10pt">February
      10, 2009</font></u><br><br>
    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><font style="font-size: 12pt; font-family: Times New Roman">ARROW
            ELECTRONICS, INC.</font></u>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Exact
            Name of Registrant as Specified in its Charter)</font>
          </p>
        </td>
        <td style="width: 25%">

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

    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; white-space: nowrap; width: 50%; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>50 MARCUS DRIVE, MELVILLE, NEW YORK 11747</u>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
    </table>
    </div>
    <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>(631) 847-2000</u>
    </p>
    <p>

    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Not Applicable</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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>
    </div>
    <p>

    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <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 (see General Instruction A.2. below):</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-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">ITEM
      2.02&#160;&#160;&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL CONDITION</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: left; margin-left: 60.0px">
      On February 10, 2009, the Registrant issued a press release announcing
      its fourth quarter/year-end 2008 earnings.&#160;&#160;A copy of the press release
      is attached hereto as an Exhibit (99.1).
    </p>
    <p style="text-align: left; margin-left: 60.0px">
      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.
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">ITEM
      9.01&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-indent: 30.0px; white-space: nowrap">
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;EXHIBITS
    </p>
    <p style="text-indent: 30.0px; white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1 press release dated February 10, 2009.
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURES</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <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>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="4" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 4%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 6%">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 6%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 5%; padding-bottom: 2.0px" valign="top">
          Date:
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 45%; padding-bottom: 2.0px" valign="top">
          February 10, 2009
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; width: 4%; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="width: 6%">

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

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; width: 4%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Name:
          </p>
        </td>
        <td style="width: 6%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Peter S. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; width: 4%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Title:
          </p>
        </td>
        <td style="width: 6%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Senior Vice President
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 12%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 88%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 88%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 88%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by Arrow Electronics, Inc., dated February
            10, 2009.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: left">

    </p>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5892533ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 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">
      <u><font style="font-family: Times New Roman; font-size: 12pt"><b>Arrow
      Electronics Reports Fourth Quarter and Full-Year 2008 Earnings</b></font></u>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>--
      Generates Strong Cash Flow from Operations of More Than $275 Million --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>--
      Announces More Than $175 Million in Annual Cost Savings --</b></font>
    </p>
    <p>
      MELVILLE, N.Y.--(BUSINESS WIRE)--February 10, 2009--Arrow Electronics,
      Inc. (NYSE:ARW) today reported fourth quarter 2008 net income of $43.2
      million ($.36 per share on both a basic and diluted basis) on sales of
      $4.09 billion, compared with net income of $114.0 million ($.93 and $.92
      per share on a basic and diluted basis, respectively) on sales of $4.42
      billion in the fourth quarter of 2007. Sales decreased 7 percent year
      over year. Pro forma to include the impact of the acquisition of LOGIX
      S.A. (&#8220;LOGIX&#8221;), sales decreased 12 percent year over year. The company's
      results for the fourth quarters of 2008 and 2007 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, 2008, would have
      been $72.0 million ($.60 per share on both a basic and diluted basis)
      and 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).
    </p>
    <p>
      &#8220;We were able to achieve sales and earnings in line with our guidance
      range in the face of deteriorating market conditions during the fourth
      quarter. Macro pressures intensified through the quarter and demand has
      continued to weaken, impacting all markets and economies around the
      globe,&#8221; said William E. Mitchell, chairman and chief executive officer.
      &#8220;We expect the marketplace to continue to be unsettled and that
      visibility will remain limited most likely through 2009. While we cannot
      control external forces, we will continue to manage our business with
      the discipline necessary to maintain our financial strength, which we
      see as a competitive advantage in these difficult times.&#8221;
    </p>
    <p>
      &#8220;The current economic conditions have forced Arrow to make difficult but
      necessary decisions to ensure that we maintain our leadership position,&#8221;
      added Michael J. Long, president and chief operating officer. &#8220;We have
      already implemented a number of cost-saving initiatives to reduce the
      severity of impact that the deteriorating economic conditions will have
      on our business and employees. We estimate that the total impact of
      these actions will reduce costs by more than $175 million annually. We
      believe the actions we have taken to align our cost structure with
      market realities have been a prudent response to the deteriorating
      environment, and we remain committed to ongoing efforts to improve
      efficiencies across our organization.&#8221;
    </p>
    <p>
      Global enterprise computing solutions (&#8220;ECS&#8221;) sales of $1.64 billion
      increased 2 percent year over year. Pro forma to include the impact of
      the acquisition of LOGIX, sales decreased 11 percent year over year.
      &#8220;ECS sales were in line with our expectations, as strong double-digit
      sequential growth in storage, software, services, and proprietary
      servers was offset in part by weakness in industry-standard servers. Our
      outlook for the ECS business is decidedly mixed, as this business is
      sensitive to capital expenditures for IT systems &#8211; an area under intense
      scrutiny by companies as they look to adjust to declining market
      conditions. Still, our value model remains strong and is not tied to
      discretionary commodity products like laptops, printers and accessories,
      and customers should continue to use enterprise solutions to boost
      productivity through the downturn,&#8221; Mr. Long said.
    </p>
    <p>
      Global components sales of $2.45 billion decreased 13 percent year over
      year. &#8220;In our global components business, sales were also in line with
      expectations. Overall, the components markets continue to exhibit a
      great deal of caution, which we would expect to persist,&#8221; Mr. Long said.
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      The company's results for the fourth quarter of 2008 and 2007 include
      the items outlined below that impact their comparability:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        During the fourth quarter of 2008, the company recorded a
        restructuring and integration&#160;charge of $44.4 million ($37.6 million
        net of related taxes or $.31 per share on a both 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 2008, the company recorded a credit of
        $2.1 million ($1.2 million net of related taxes or $.01 per share on
        both a basic and diluted basis) related to a preference claim from
        2001.
      </li>
      <li style="margin-bottom: 10.0px">
        During the fourth quarter of 2008, the company recorded a reduction of
        the provision for income taxes of $8.5 million ($.07 per share on both
        a basic and diluted basis) and an increase in interest expense of $1.0
        million ($1.0 million net of related taxes or $.01 per share on both a
        basic and diluted basis) primarily related to the settlement of
        certain international income tax matters.
      </li>
      <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>
    </ul>
    <p>
      <u>FULL-YEAR RESULTS</u>
    </p>
    <p>
      Arrow&#8217;s net income for 2008 was $301.4 million ($2.50 and $2.48 per
      share on a basic and diluted basis, respectively) on sales of $16.76
      billion, compared with net income of $407.8 million ($3.31 and $3.28 per
      share on a basic and diluted basis, respectively) on sales of $15.98
      billion in 2007. Sales in 2008 increased 5 percent year over year. Pro
      forma to include the impact of the acquisitions of LOGIX and KeyLink
      Systems Group, and exclude KeyLink sales from the related long-term
      procurement agreement with Agilysys for the first quarter of 2008, sales
      were essentially flat year over year.
    </p>
    <p>
      Net income for 2008 includes a restructuring and integration charge of
      $70.1 million ($55.3 million net of related taxes or $.46 per share on
      both a basic and diluted basis) primarily related to initiatives taken
      by the company to improve operating efficiencies and a charge, including
      legal fees, related to a preference claim from 2001 of $10.9 million
      ($6.6 million net of related taxes or $.05 per share on both a basic and
      diluted basis). Net income for 2008 also includes a reduction of the
      provision for income taxes of $8.5 million ($.07 per share on both a
      basic and diluted basis) and an increase in interest expense of $1.0
      million ($1.0 million net of related taxes or $.01 per share on both a
      basic and diluted basis) primarily related to the settlement of certain
      international income tax matters. Excluding these items, net income
      would have been $355.7 million ($2.95 and $2.93 per share on a basic and
      diluted basis, respectively) for 2008.
    </p>
    <p>
      Net income for 2007 includes restructuring and integration charges 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 in the period to improve operating efficiencies and the
      acquisition of KeyLink, and an income tax benefit of $6.0 million, net,
      ($.05 per share on both a basic and diluted basis) principally due to a
      decrease in deferred income taxes as a result of a 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>
      <u>GUIDANCE</u>
    </p>
    <p>
      &#8220;Looking ahead, we believe that total first quarter sales will be
      between $3.0 and $3.6 billion, with global component sales between $2.0
      and $2.4 billion and global enterprise computing solutions sales between
      $1.0 and $1.2 billion. We expect earnings per share, on a diluted basis,
      excluding any charges, to be in the range of $.32 to $.44. Our guidance
      assumes that the average Euro to USD exchange rate for the first quarter
      is 1.3 to 1, compared with an average exchange rate of 1.49 to 1 in the
      first quarter of 2008,&#8221; said Paul J. Reilly, senior vice president and
      chief financial officer. &#8220;In accordance with generally accepted
      accounting principles we will continue to evaluate the recorded value of
      our intangible assets, including goodwill, through the filing of our
      Form 10-K with the SEC for the fiscal year ended December 31, 2008.&#8221;
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      Arrow Electronics (<u>www.arrow.com</u>) is a global provider of
      products, services and solutions to industrial and commercial users of
      electronic components and enterprise computing solutions. Headquartered
      in Melville, N.Y., Arrow serves as a supply channel partner for
      approximately 800 suppliers and 130,000 original equipment
      manufacturers, contract manufacturers and commercial customers through a
      global network of more than 340 locations in 53 countries and
      territories.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <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 and
      certain legal and tax matters. 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>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 51%">

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="18" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="18" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            EARNINGS RECONCILIATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="18" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 51%">

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

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

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

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

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

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

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 51%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          Three Months Ended
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          Year Ended
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 51%">

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          December 31,
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          December 31,
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 51%">

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 51%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          (unaudited)
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          (unaudited)
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
      </tr>
      <tr>
        <td style="width: 51%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%" valign="bottom">
          Operating income, as reported
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          84,334
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          193,583
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          525,211
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          686,905
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          Restructuring and integration charges
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          44,354
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          9,955
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          70,065
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          11,745
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%; padding-bottom: 2.0px" valign="bottom">
          Preference claim from 2001
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (2,051
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          10,890
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%; padding-bottom: 4.0px" valign="bottom">
          Operating income, as adjusted
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          126,637
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          203,538
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          606,166
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          698,650
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%" valign="bottom">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%" valign="bottom">
          Net income, as reported
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          43,204
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          113,963
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          301,360
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          407,792
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Restructuring and integration charges
          </p>
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          37,577
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          6,598
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          55,300
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          7,036
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (1,246
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          6,576
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          Impact of settlement of tax matters:
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 51%" valign="bottom">
          Income tax
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (8,450
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (8,450
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 51%" valign="bottom">
          Interest (net of taxes)
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          962
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          962
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%; padding-bottom: 2.0px" valign="bottom">
          Deferred tax adjustment*
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (6,024
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%; padding-bottom: 4.0px" valign="bottom">
          Net income, as adjusted
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          72,047
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          120,561
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          355,748
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          408,804
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%" valign="bottom">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%" valign="bottom">
          Net income per basic share, as reported
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .36
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .93
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          2.50
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3.31
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Restructuring and integration charges
          </p>
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .31
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .05
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .46
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .06
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (.01
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .05
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          Impact of settlement of tax matters:
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 51%" valign="bottom">
          Income tax
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 51%" valign="bottom">
          Interest (net of taxes)
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .01
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .01
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%; padding-bottom: 2.0px" valign="bottom">
          Deferred tax adjustment*
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (.05
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%; padding-bottom: 4.0px" valign="bottom">
          Net income per basic share, as adjusted
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .60
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .98
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          2.95
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3.32
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 51%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%" valign="bottom">
          Net income per diluted share, as reported
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .36
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .92
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          2.48
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3.28
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          Restructuring and integration charges
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .31
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .05
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .46
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .06
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (.01
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .05
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%" valign="bottom">
          Impact of settlement of tax matters:
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 51%" valign="bottom">
          Income tax
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 51%" valign="bottom">
          Interest (net of taxes)
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .01
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .01
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 51%; padding-bottom: 2.0px" valign="bottom">
          Deferred tax adjustment*
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (.05
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 51%; padding-bottom: 4.0px" valign="bottom">
          Net income per diluted share, as adjusted
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .60
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .97
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          2.93
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3.29
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 51%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="18" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            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.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          *
        </td>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            During the third quarter of 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.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u>Information Relating to Forward-Looking Statements</u>
    </p>
    <p>
      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 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>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 53%">

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            CONSOLIDATED STATEMENTS OF OPERATIONS
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 53%">

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

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

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

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

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 53%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          Three Months Ended
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          Year Ended
        </td>
      </tr>
      <tr>
        <td style="width: 53%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          December 31,
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="width: 53%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
      </tr>
      <tr>
        <td style="width: 53%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          (unaudited)
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          (unaudited)
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="width: 53%">

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

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

        </td>
        <td style="width: 9%">

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%; padding-bottom: 2.0px" valign="bottom">
          Sales
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          4,089,727
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          4,418,982
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          16,761,009
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          15,984,992
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%" valign="bottom">
          Costs and expenses:
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%" valign="bottom">
          Cost of products sold
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3,569,631
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3,804,863
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          14,478,296
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          13,699,715
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%" valign="bottom">
          Selling, general and administrative expenses
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          376,368
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          391,950
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          1,607,261
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          1,519,908
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%" valign="bottom">
          Depreciation and amortization
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          17,091
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          18,631
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          69,286
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          66,719
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%" valign="bottom">
          Restructuring and integration charges
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          44,354
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          9,955
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          70,065
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          11,745
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%; padding-bottom: 2.0px" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (2,051
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          10,890
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="width: 53%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          4,005,393
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          4,225,399
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          16,235,798
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          15,298,087
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%" valign="bottom">
          Operating income
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          84,334
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          193,583
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          525,211
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          686,905
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%" valign="bottom">
          Equity in earnings of affiliated companies
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          1,190
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          1,064
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          6,549
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          6,906
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%; padding-bottom: 2.0px" valign="bottom">
          Interest expense, net
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          25,853
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          26,252
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          99,863
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          101,628
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%" valign="bottom">
          Income before income taxes and minority interest
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          59,671
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          168,395
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          431,897
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          592,183
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%; padding-bottom: 2.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          16,632
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          53,104
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          130,433
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          180,697
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%" valign="bottom">
          Income before minority interest
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          43,039
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          115,291
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          301,464
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          411,486
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%; padding-bottom: 2.0px" valign="bottom">
          Minority interest
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (165
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          1,328
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          104
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3,694
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%; padding-bottom: 4.0px" valign="bottom">
          Net income
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          43,204
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          113,963
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          301,360
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          407,792
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%" valign="bottom">
          Net income per share:
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%; padding-bottom: 4.0px" valign="bottom">
          Basic
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .36
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .93
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          2.50
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3.31
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%; padding-bottom: 4.0px" valign="bottom">
          Diluted
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .36
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          .92
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          2.48
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          3.28
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 53%" valign="bottom">
          Average number of shares outstanding:
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%" valign="bottom">
          Basic
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          119,423
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          122,749
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          120,773
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          123,176
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 53%" valign="bottom">
          Diluted
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          119,702
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          123,845
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          121,420
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          124,429
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 69%">

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            CONSOLIDATED BALANCE SHEETS
          </p>
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands except par value)
          </p>
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

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

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          December 31,
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          (unaudited)
        </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>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          ASSETS
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Current assets:
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Cash and cash equivalents
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          451,272
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          447,731
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Accounts receivable, net
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,087,290
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,281,169
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Inventories
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,626,559
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,679,866
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Prepaid expenses and other assets
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          180,647
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          180,629
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Total current assets
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          5,345,768
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          5,589,395
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

        </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: 12%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Property, plant and equipment, at cost:
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Land
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          25,127
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          41,553
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Buildings and improvements
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          147,138
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          175,979
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Machinery and equipment
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          698,156
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          580,278
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          870,421
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          797,810
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Less: Accumulated depreciation and amortization
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (459,881
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (442,649
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Property, plant and equipment, net
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          410,540
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          355,161
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

        </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: 12%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Investments in affiliated companies
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          46,788
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          47,794
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Cost in excess of net assets of companies acquired
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,924,627
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,779,235
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Other assets
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          348,634
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          288,275
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%; padding-bottom: 4.0px" valign="bottom">
          Total assets
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          8,076,357
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          8,059,860
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

        </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: 12%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          LIABILITIES AND SHAREHOLDERS' EQUITY
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Current liabilities:
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Accounts payable
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,459,922
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,535,583
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Accrued expenses
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          455,547
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          438,898
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Short-term borrowings, including current portion of long-term debt
          </p>
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          52,893
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          12,893
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Total current liabilities
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,968,362
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,987,374
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

        </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: 12%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Long-term debt
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,223,985
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,223,337
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Other liabilities
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          298,306
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          297,289
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

        </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: 12%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Shareholders' equity:
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Common stock, par value $1:
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Authorized &#8211; 160,000 shares in 2008 and 2007
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Issued &#8211; 125,048 and 125,039 shares in 2008 and 2007, respectively
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          125,048
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          125,039
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Capital in excess of par value
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,035,302
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,025,611
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Retained earnings
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,486,104
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,184,744
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Foreign currency translation adjustment
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          172,528
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          312,755
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Other
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (43,005
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (8,720
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,775,977
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,639,429
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Less: Treasury stock (5,740 and 2,212 shares in 2008 and
          </p>
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            2007, respectively), at cost
          </p>
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (190,273
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (87,569
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Total shareholders' equity
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,585,704
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,551,860
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left; width: 69%; padding-bottom: 4.0px" valign="bottom">
          Total liabilities and shareholders' equity
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          8,076,357
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          8,059,860
        </td>
        <td style="width: 1%">

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 69%">

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            CONSOLIDATED STATEMENTS OF CASH FLOWS
          </p>
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands)
          </p>
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

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

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          Three Months Ended
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          December 31,
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          (unaudited)
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Cash flows from operating activities:
        </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%">
          &#160;
        </td>
        <td style="width: 1%">

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Net income
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          43,204
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          113,963
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Adjustments to reconcile net income to net cash provided by
          operations:
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Depreciation and amortization
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          17,091
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          18,631
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Amortization of stock-based compensation
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          5,075
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          4,177
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Amortization of deferred financing costs and discount on notes
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          546
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          535
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Equity in earnings of affiliated companies
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (1,190
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (1,064
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Minority interest
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (165
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          1,328
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Deferred income taxes
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          14,248
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          9,126
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Restructuring and integration charges
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          37,577
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          6,598
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (1,246
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Impact of settlement of tax matters
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (7,488
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Excess tax benefits from stock-based compensation arrangements
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          67
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (372
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Change in assets and liabilities, net of effects of acquired
          businesses:
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 69%" valign="bottom">
          Accounts receivable
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (62,962
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (164,873
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 69%" valign="bottom">
          Inventories
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          125,581
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (42,952
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 69%" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          18,480
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (6,936
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 69%" valign="bottom">
          Accounts payable
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          121,612
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          274,540
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 69%" valign="bottom">
          Accrued expenses
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (48,583
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (18,607
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Other
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          13,917
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          26,387
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Net cash provided by operating activities
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          275,764
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          220,481
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 69%">

        </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: 12%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Cash flows from investing activities:
          </p>
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Acquisition of property, plant and equipment
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (46,169
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (35,940
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Cash consideration paid for acquired businesses
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (13,626
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (303
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Other
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (132
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (201
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Net cash used for investing activities
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (59,927
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (36,444
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="width: 69%">

        </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: 12%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Cash flows from financing activities:
        </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: 12%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Change in short-term borrowings
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          13,116
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (49,655
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Repayment of long-term borrowings
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (965,000
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (520,900
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Proceeds from long-term borrowings
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          962,812
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          520,900
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Proceeds from exercise of stock options
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          21
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          4,110
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Excess tax benefits from stock-based compensation arrangements
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (67
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          372
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Repurchases of common stock
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (8,552
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Net cash provided by (used for) financing activities
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          10,882
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (53,725
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="width: 69%">

        </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: 12%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Effect of exchange rate changes on cash
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (18,884
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (188
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Net increase in cash and cash equivalents
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          207,835
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          130,124
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%; padding-bottom: 2.0px" valign="bottom">
          Cash and cash equivalents at beginning of period
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          243,437
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          317,607
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%; padding-bottom: 4.0px" valign="bottom">
          Cash and cash equivalents at end of period
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          451,272
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          447,731
        </td>
        <td style="width: 1%">

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 72%">

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            CONSOLIDATED STATEMENTS OF CASH FLOWS
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 72%">

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 72%">

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          Year Ended
        </td>
      </tr>
      <tr>
        <td style="width: 72%">

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="width: 72%">

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
      </tr>
      <tr>
        <td style="width: 72%">

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          (unaudited)
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 72%" valign="bottom">
          Cash flows from operating activities:
        </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>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left; width: 72%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          301,360
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          407,792
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left; width: 72%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Adjustments to reconcile net income to net cash provided by
            operations:
          </p>
        </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>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Depreciation and amortization
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          69,286
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          66,719
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Amortization of stock-based compensation
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          18,092
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          21,389
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Amortization of deferred financing costs and discount on notes
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,162
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,144
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Equity in earnings of affiliated companies
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (6,549
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (6,906)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Minority interest
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          104
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,694
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Deferred income taxes
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          25,499
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          8,661
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Restructuring and integration charges
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          55,300
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          7,036
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          6,576
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Impact of settlement of tax matters
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (7,488
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Excess tax benefits from stock-based compensation arrangements
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (161
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (7,687)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 72%" valign="bottom">
          Change in assets and liabilities, net of effects of acquired
          businesses:
        </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>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 72%" valign="bottom">
          Accounts receivable
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          269,655
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (279,636)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 72%" valign="bottom">
          Inventories
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          85,489
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          116,657
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 72%" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          11,504
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (19,315)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 72%" valign="bottom">
          Accounts payable
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (191,669
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          475,155
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 72%" valign="bottom">
          Accrued expenses
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,977
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          32,458
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left; width: 72%; padding-bottom: 2.0px" valign="bottom">
          Other
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (22,338
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          22,582
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%; padding-bottom: 2.0px" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          619,799
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          850,743
        </td>
      </tr>
      <tr>
        <td style="width: 72%">

        </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%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 72%" valign="bottom">
          Cash flows from investing activities:
        </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>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Acquisition of property, plant and equipment
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (158,688
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (138,834)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Cash consideration paid for acquired businesses
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (333,491
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (539,618)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Proceeds from sale of facilities
        </td>
        <td style="width: 1%">

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          12,996
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%; padding-bottom: 2.0px" valign="bottom">
          Other
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (512
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (23)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%; padding-bottom: 2.0px" valign="bottom">
          Net cash used for investing activities
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (492,691
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (665,479)
        </td>
      </tr>
      <tr>
        <td style="width: 72%">

        </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%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 72%" valign="bottom">
          Cash flows from financing activities:
        </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>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Change in short-term borrowings
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,604
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (90,318)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Repayment of long-term borrowings
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (3,953,950
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (2,312,251)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Proceeds from long-term borrowings
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,951,461
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          2,510,800
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Repayment of senior notes
        </td>
        <td style="width: 1%">

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (169,136)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Proceeds from exercise of stock options
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          4,392
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          55,228
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%" valign="bottom">
          Excess tax benefits from stock-based compensation arrangements
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          161
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          7,687
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%; padding-bottom: 2.0px" valign="bottom">
          Repurchases of common stock
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (115,763
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (84,236)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 72%; padding-bottom: 2.0px" valign="bottom">
          Net cash used for financing activities
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (111,095
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (82,226)
        </td>
      </tr>
      <tr>
        <td style="width: 72%">

        </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%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 72%; padding-bottom: 2.0px" valign="bottom">
          Effect of exchange rate changes on cash
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          (12,472
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          6,963
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 72%" valign="bottom">
          Net increase in cash and cash equivalents
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          3,541
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          110,001
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 72%; padding-bottom: 2.0px" valign="bottom">
          Cash and cash equivalents at beginning of year
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          447,731
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          337,730
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 72%; padding-bottom: 4.0px" valign="bottom">
          Cash and cash equivalents at end of year
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          451,272
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 12%; padding-right: 0.0px" valign="bottom">
          447,731
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 52%">

        </td>
        <td style="width: 1%">
          &#160;
        </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>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="17" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="17" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            SEGMENT INFORMATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="17" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 52%">

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

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

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

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

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

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 52%">

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

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

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

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

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

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            December 31,
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 52%">

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="2" valign="bottom">
          2007
        </td>
      </tr>
      <tr>
        <td style="width: 52%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="bottom">
          (unaudited)
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          (unaudited)
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="width: 52%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 52%" valign="bottom">
          Sales:
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; width: 9%" valign="bottom">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 52%" valign="bottom">
          Global components
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          2,450,088
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          2,810,560
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          11,319,482
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          11,223,751
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 52%; padding-bottom: 2.0px" valign="bottom">
          Global ECS
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          1,639,639
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" 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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          5,441,527
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          4,761,241
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 52%; padding-bottom: 4.0px" valign="bottom">
          Consolidated
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          4,089,727
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          4,418,982
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          16,761,009
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          15,984,992
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 52%" valign="bottom">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 52%" valign="bottom">
          Operating income (loss):
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

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

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

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

        </td>
        <td style="width: 9%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 52%" valign="bottom">
          Global components
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          87,106
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          145,829
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          533,126
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          604,217
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 52%" valign="bottom">
          Global ECS
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          64,832
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          83,876
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          196,269
        </td>
        <td style="width: 1%">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          202,223
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 52%; padding-bottom: 2.0px" valign="bottom">
          Corporate (a)
        </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="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (67,604
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (36,122
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (204,184
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 1%; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          (119,535)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 52%; padding-bottom: 4.0px" valign="bottom">
          Consolidated
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          84,334
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          193,583
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          525,211
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 1%; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap; width: 9%; padding-right: 0.0px" valign="bottom">
          686,905
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (a)
        </td>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Includes restructuring and integration charges of $44.4 million
            and $70.1 million for the fourth quarter and year ended December
            31, 2008, respectively, and restructuring and integration charges
            of $10.0 million and $11.8 million for the fourth quarter and year
            ended December 31, 2007, respectively. Also includes a credit of
            $2.1 million and a charge of $10.9 million related to the
            preference claim from 2001 for the fourth quarter and year ended
            December 31, 2008, respectively.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Arrow Electronics, Inc.<br>Michael Taunton, 631-847-5680<br>Vice
      President &amp; Treasurer<br>or<br>Paul J. Reilly, 631-847-1872<br>Senior
      Vice President &amp; Chief Financial Officer<br>or<br>Media:<br>John
      Hourigan, 303-824-4586<br>Director, External Communications
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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