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<SEC-DOCUMENT>0001157523-09-003131.txt : 20090429
<SEC-HEADER>0001157523-09-003131.hdr.sgml : 20090429
<ACCEPTANCE-DATETIME>20090429125314
ACCESSION NUMBER:		0001157523-09-003131
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090429
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090429
DATE AS OF CHANGE:		20090429

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:		09778209

	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>a5951503.htm
<DESCRIPTION>ARROW ELECTRONICS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-size: 12pt">UNITED&#160;STATES</font><br><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-size: 12pt; font-family: Times New Roman">WASHINGTON,
      DC 20549</font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">FORM
      8-K</font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">CURRENT
      REPORT</font><br><font style="font-size: 12pt; font-family: Times New Roman">PURSUANT
      TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): </font><u><font style="font-size: 10pt; font-family: Times New Roman">April
      29, 2009</font></u><br><br><br>
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 12pt; font-family: Times New Roman">ARROW
            ELECTRONICS, INC.</font></u><br>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Exact
            Name of Registrant as Specified in Charter)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>50 MARCUS DRIVE, MELVILLE, NEW YORK &#160;11747</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      telephone number, including area code: </font><u>(631) 847-2000</u><br><br><br><u>Not
      Applicable</u><br>(Former Name or Former Address, if Changed Since Last
      Report)<br>
    </p>
    <p style="text-align: left">

    </p>
    <p style="text-indent: 30.0px; font-family: Times New Roman; font-size: 10pt">
      <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="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%; 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>

    </p>
    <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><br>
    </p>
    <p style="margin-right: 30.0px; margin-left: 30.0px">
      On April 29, 2009, the Registrant issued a press release announcing its
      first quarter 2009 earnings.&#160;&#160;A copy of the press release is attached
      hereto as an Exhibit (99.1).
    </p>
    <p>

    </p>
    <p style="margin-right: 30.0px; margin-left: 30.0px">
      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 style="margin-right: 30.0px; margin-left: 30.0px">

    </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="margin-right: 30.0px; margin-left: 30.0px">
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;EXHIBITS
    </p>
    <p style="margin-right: 30.0px; margin-left: 30.0px">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1 press release dated April 29, 2009.
    </p>
    <p>
      <br>
      <br>
      <br>

    </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-family: Times New Roman; font-size: 10pt">
      <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="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 5%">

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

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 5%" valign="top">
          Date:
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 45%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 29, 2009
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 4%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Peter S. Brown</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 4%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 6%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Peter S. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 4%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 6%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">EXHIBIT INDEX</font>
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 88%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 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; padding-right: 0.0px; width: 12%" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 88%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release issued by Arrow Electronics, Inc., dated April 29,
            2009.
          </p>
        </td>
      </tr>
    </table>
    </div>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5951503ex99_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-size: 12pt; font-family: Times New Roman"><b>Arrow
      Electronics Reports First Quarter Earnings in Line with Expectations</b></font></u>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Achieves Targeted Level of Expense Reductions --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-- Cash
      from Operations Exceeds $230 Million --</b></font>
    </p>
    <p>
      MELVILLE, N.Y.--(BUSINESS WIRE)--April 29, 2009--Arrow Electronics, Inc.
      (NYSE:ARW) today reported first quarter 2009 net income of $26.7 million
      ($.22 per share on both a basic and diluted basis) on sales of $3.42
      billion, compared with net income of $85.9 million ($.70 and $.69 per
      share on a basic and diluted basis, respectively) on sales of $4.03
      billion in the first quarter of 2008. Sales decreased 15 percent year
      over year. Pro forma to include the impact of the acquisition of LOGIX
      S.A. (&#8220;LOGIX&#8221;), sales decreased 18 percent year over year.
    </p>
    <p>
      The company's results for the first quarters of 2009 and 2008 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 April 4, 2009, would
      have been $42.8 million ($.36 per share on both a basic and diluted
      basis) and net income for the quarter ended March 31, 2008, would have
      been $97.9 million ($.80 and $.79 per share on a basic and diluted
      basis, respectively).
    </p>
    <p>
      &#8220;We executed well in the first quarter, despite the persistent backdrop
      of global economic uncertainty and turbulence, with sales and earnings
      per share in line with our expectations. Cash flow generation was again
      a bright spot, as we generated more than $230 million in cash flow from
      operations, marking our 10<sup>th</sup> consecutive quarter of positive
      cash flow generation,&#8221; said William E. Mitchell, chairman and chief
      executive officer. &#8220;We achieved our targeted level of cost reductions,
      and reduced expenses at a faster rate than the decline in sales. Our
      disciplined financial strategy and solid market position are competitive
      advantages, and we will continue to manage the company in a prudent,
      fiscally disciplined manner to increase profitability, maintain positive
      cash flow, and strengthen our already strong balance sheet. However, we
      cannot ignore the fact that economies around the world are still
      struggling with recessionary conditions, and this will continue to have
      an impact on our business. Our visibility remains extremely limited, and
      we are not prepared to call a bottom yet.&#8221;
    </p>
    <p>
      Global enterprise computing solutions (&#8220;ECS&#8221;) sales of $1.07 billion
      decreased 3 percent year over year. Pro forma to include the impact of
      the acquisition of LOGIX S.A. (&#8220;LOGIX&#8221;), sales decreased 13 percent year
      over year. &#8220;Our ECS segment performed well despite the macro
      environment. We continue to see the integration of LOGIX in Europe going
      well, as sales in this region came in ahead of expectations due to
      strong performance in the UK and Southern Europe. While our visibility
      on revenue and demand remains challenging, we would expect second
      quarter sales growth to be at the low end of our normal seasonal range,&#8221;
      added Michael J. Long, president and chief operating officer.
    </p>
    <p>
      Global components sales of $2.35 billion decreased 20 percent year over
      year, primarily due to weakness in Europe and North America. &#8220;Global
      components sales were modestly ahead of the midpoint of our
      expectations. In Asia Pacific, we achieved above-seasonal sales growth,
      driven by strong performance in our low-end handset business in Taiwan,
      as well as strength in China. Our book to bill in global components was
      1.05 on a global basis, with North America and Asia Pac strengthening.
      Looking ahead to the second quarter, we still remain cautious, with the
      macro economy in Europe a significant concern.&#8221; Mr. Long said.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt; 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 first quarter of 2009 and 2008 include the
      items outlined below that impact their comparability:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        During the first quarter of 2009, the company recorded a restructuring
        and integration&#160;charge of $24.0 million ($16.1 million net of related
        taxes or $.13 per share on both a basic and diluted basis) primarily
        related to initiatives taken by the company to improve operating
        efficiencies.
      </li>
      <li style="margin-bottom: 10.0px">
        During the first quarter of 2008, the company recorded a restructuring
        and integration charge of $6.5 million ($4.2 million net of related
        taxes or $.03 per share on both a basic and diluted basis), primarily
        related to initiatives taken by the company to improve operating
        efficiencies.
      </li>
      <li style="margin-bottom: 10.0px">
        As previously disclosed, during the first quarter of 2008, the company
        recorded a charge related to a preference claim from 2001 of $12.9
        million ($7.8 million net of related taxes or $.06 per share on both a
        basic and diluted basis).
      </li>
    </ul>
    <p>
      <u>GUIDANCE</u>
    </p>
    <p>
      &#8220;Looking ahead, we believe that total second quarter sales will be
      between $3.15 and $3.75 billion, with global component sales between
      $2.0 and $2.4 billion and global enterprise computing solutions sales
      between $1.15 and $1.35 billion. Earnings per share, on a diluted basis,
      excluding any charges, are expected to be in the range of $.26 to $.38.
      Our guidance assumes that the average Euro to USD exchange rate for the
      second quarter is 1.32 to 1, compared with an average exchange rate of
      1.56 to 1 in the second quarter of 2008,&#8221; said Paul J. Reilly, senior
      vice president and chief financial officer.
    </p>
    <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="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%; 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 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="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%; 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="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="width: 66%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            EARNINGS RECONCILIATION
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 66%">

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

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

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

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

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 66%">

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

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

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

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

        </td>
        <td colspan="8" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          Quarter Ended
        </td>
      </tr>
      <tr>
        <td style="width: 66%">

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

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

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

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

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 4,<br>2009
          </p>
        </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; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31,<br>2008
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 66%">

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

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

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

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

        </td>
        <td colspan="8" style="padding-left: 0.0px; text-align: center" valign="bottom">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td style="width: 66%">

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 66%" valign="bottom">
          Operating income, as reported
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          61,237
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          144,143
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 66%" valign="bottom">
          Restructuring and integration charge
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          24,018
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          6,478
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 66%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          12,941
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 66%" valign="bottom">
          Operating income, as adjusted
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          85,255
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          163,562
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 66%" valign="bottom">

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

        </td>
        <td style="width: 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: 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: 66%" valign="bottom">
          Net income attributable to shareholders, as reported
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          26,741
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          85,871
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 66%" valign="bottom">
          Restructuring and integration charge
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          16,069
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          4,159
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 66%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          7,822
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 66%" valign="bottom">
          Net income attributable to shareholders, as adjusted
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          42,810
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          97,852
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 66%" valign="bottom">

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

        </td>
        <td style="width: 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: 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: 66%" valign="bottom">
          Net income per basic share, as reported
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .22
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .70
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 66%" valign="bottom">
          Restructuring and integration charge
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          .13
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          .03
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 66%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          .06
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 66%" valign="bottom">
          Net income per basic share, as adjusted
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .36
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .80
        </td>
      </tr>
      <tr>
        <td style="width: 66%">

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

        </td>
        <td style="width: 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: 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: 66%" valign="bottom">
          Net income per diluted share, as reported
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .22
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .69
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 66%" valign="bottom">
          Restructuring and integration charge
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          .13
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          .03
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 66%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          -
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          .06
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 66%" valign="bottom">
          Net income per diluted share, as adjusted
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .36
        </td>
        <td style="width: 1%">

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .79
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          The sum of the components for basic and diluted net income per
          share, as adjusted, may not agree to totals, as presented, due to
          rounding.
        </td>
      </tr>
    </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 planned implementation of its new enterprise resource
      planning system, changes in product supply, pricing and customer demand,
      competition, other vagaries in the global components and global ECS
      markets, changes in relationships with key suppliers, increased profit
      margin pressure, the effects of additional actions taken to become more
      efficient or lower costs, and the company&#8217;s ability to generate
      additional cash flow. Forward-looking statements are those statements,
      which are not statements of historical fact. These forward-looking
      statements can be identified by forward-looking words such as &quot;expects,&quot;
      &quot;anticipates,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;may,&quot; &quot;will,&quot; &quot;believes,&quot; &quot;seeks,&quot;
      &quot;estimates,&quot; and similar expressions. Shareholders and other readers are
      cautioned not to place undue reliance on these forward-looking
      statements, which speak only as of the date on which they are made. The
      company undertakes no obligation to update publicly or revise any of the
      forward-looking statements.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%; 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="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="width: 64%">

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

        </td>
      </tr>
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            CONSOLIDATED STATEMENTS OF OPERATIONS
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 64%">

        </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: 64%">

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

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

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

        </td>
        <td colspan="6" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          Quarter Ended
        </td>
      </tr>
      <tr>
        <td style="width: 64%">

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

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

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

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 4,<br>2009
          </p>
        </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 colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31,<br>2008
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 64%">

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

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

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

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

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

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

        </td>
        <td colspan="6" style="padding-left: 0.0px; text-align: center" valign="bottom">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td style="width: 64%">

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 64%" valign="bottom">
          Sales
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          3,417,428
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          4,028,491
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 64%" valign="bottom">
          Costs and expenses:
        </td>
        <td style="width: 1%">

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

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

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

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

        </td>
        <td style="width: 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>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 64%" valign="bottom">
          Cost of products sold
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,986,432
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          3,442,200
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 64%" valign="bottom">
          Selling, general and administrative expenses
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          329,114
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          405,512
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 64%" valign="bottom">
          Depreciation and amortization
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          16,627
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          17,217
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 64%" valign="bottom">
          Restructuring and integration charge
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          24,018
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          6,478
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 64%" valign="bottom">
          Preference claim from 2001
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          12,941
        </td>
      </tr>
      <tr>
        <td style="width: 64%">

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

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          3,356,191
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          3,884,348
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 64%" valign="bottom">
          Operating income
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          61,237
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          144,143
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 64%" 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="width: 1%">

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          323
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,354
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 64%" valign="bottom">
          Interest and other financing expense, net
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          23,035
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          25,072
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 64%" valign="bottom">
          Income before income taxes
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          38,525
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          121,425
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 64%" valign="bottom">
          Provision for income taxes
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          11,789
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          35,520
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 64%" valign="bottom">
          Consolidated net income
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          26,736
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          85,905
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 64%" valign="bottom">
          Noncontrolling interests
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          (5
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          34
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 64%" valign="bottom">
          Net income attributable to shareholders
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          26,741
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          85,871
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 64%" valign="bottom">
          Net income per share:
        </td>
        <td style="width: 1%">

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

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

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

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

        </td>
        <td style="width: 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>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 64%" valign="bottom">
          Basic
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .22
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .70
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 64%" valign="bottom">
          Diluted
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .22
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          .69
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 64%" valign="bottom">
          Average number of shares outstanding:
        </td>
        <td style="width: 1%">

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

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

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

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

        </td>
        <td style="width: 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>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 64%" valign="bottom">
          Basic
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          119,570
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          122,777
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 64%" valign="bottom">
          Diluted
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          120,133
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          123,789
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%; 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="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="10" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            CONSOLIDATED BALANCE SHEETS
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands except par value)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 69%">

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

        </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: 69%">

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

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: center" valign="bottom">
          April 4,
        </td>
        <td style="width: 1%">

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: center" valign="top">
          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 colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="width: 1%">

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

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2008
        </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="2" style="padding-left: 0.0px; text-align: center" 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="width: 69%">

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

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

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

        </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">
          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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          618,505
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          451,272
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,444,842
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          3,087,290
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,446,097
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,626,559
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; 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="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; padding-right: 0.0px; width: 12%" valign="bottom">
          191,338
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          180,647
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          4,700,782
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          5,345,768
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          24,829
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          25,127
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          144,477
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          147,138
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          724,617
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          698,156
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          893,923
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          870,421
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (465,427
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          (459,881
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          428,496
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          410,540
        </td>
        <td style="width: 1%">

        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          47,633
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          46,788
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          902,002
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          905,848
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          388,318
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          409,341
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left; width: 69%" valign="bottom">
          Total assets
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          6,467,231
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          7,118,285
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          LIABILITIES AND 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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          1,983,558
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          2,459,922
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          328,368
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          455,547
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" valign="bottom">
          Short-term borrowings, including current portion of

          <p style="margin-top: 0px; margin-bottom: 0px">
            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; padding-right: 0.0px; width: 12%" valign="bottom">
          39,410
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          52,893
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,351,336
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,968,362
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,208,101
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,223,985
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          240,873
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          248,888
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          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: 5.0px; 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 2009 and 2008
        </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%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Issued &#8211; 125,285 and 125,048 shares in 2009 and 2008,
          </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: 30.0px; text-align: left; width: 69%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            respectively
          </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; padding-right: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            125,285
          </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; padding-right: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            125,048
          </p>
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,033,690
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,035,302
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left; width: 69%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Treasury stock (5,701 and 5,740 shares in 2009 and
          </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; width: 12%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 1%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; width: 12%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 1%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2008, respectively), at cost
          </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; padding-right: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (187,079
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (190,273
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; 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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,597,746
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,571,005
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; 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; padding-right: 0.0px; width: 12%" valign="bottom">
          132,386
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          172,528
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (35,456
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          (36,912
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left; width: 69%" valign="bottom">
          Total shareholders' equity
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,666,572
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,676,698
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" valign="bottom">
          Noncontrolling interests
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          349
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          352
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left; width: 69%" valign="bottom">
          Total 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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,666,921
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,677,050
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left; width: 69%" valign="bottom">
          Total liabilities and equity
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          6,467,231
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          7,118,285
        </td>
        <td style="width: 1%">

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%; 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="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="10" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            CONSOLIDATED STATEMENTS OF CASH FLOWS
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <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="width: 69%">

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

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

        </td>
        <td colspan="6" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          Quarter 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 colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 4,<br>2009
          </p>
        </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 colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31,<br>2008
          </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" style="padding-left: 0.0px; text-align: center" 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: 5.0px; text-align: left; width: 69%" valign="bottom">
          Consolidated 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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          26,736
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          85,905
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left; width: 69%" valign="bottom">
          Adjustments to reconcile consolidated 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; padding-right: 0.0px; width: 12%" valign="bottom">
          16,627
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          17,217
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          5,357
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          5,499
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          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; padding-right: 0.0px; width: 12%" valign="bottom">
          572
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          (323
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (2,354
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          10,508
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          (4,379
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; width: 69%" valign="bottom">
          Restructuring and integration charge
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          16,069
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          4,159
        </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; padding-right: 0.0px; width: 12%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          7,822
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          2,158
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          (266
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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: 30.0px; 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; padding-right: 0.0px; width: 12%" valign="bottom">
          603,992
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          287,479
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; 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; padding-right: 0.0px; width: 12%" valign="bottom">
          161,195
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          (71,348
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (8,291
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (3,332
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (448,384
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (296,846
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (145,855
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          28,545
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (9,685
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          (17,969
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          230,651
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          40,704
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Cash flows from investing 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">
          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; padding-right: 0.0px; width: 12%" valign="bottom">
          (36,812
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (32,345
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (73,398
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (89
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          (124
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (36,901
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          (105,867
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          (11,178
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (766
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Repayment of revolving credit facility 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (29,400
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (409,428
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 69%" valign="bottom">
          Proceeds from revolving credit facility 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; padding-right: 0.0px; width: 12%" valign="bottom">
          28,256
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          409,784
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          554
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          1,347
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          (2,158
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          266
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (2,073
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          (4,421
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 69%" valign="bottom">
          Net cash 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (15,999
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          (3,218
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          (10,518
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          12,534
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 69%" valign="bottom">
          Net increase (decrease) 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; padding-right: 0.0px; width: 12%" valign="bottom">
          167,233
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          (55,847
        </td>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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; padding-right: 0.0px; width: 12%" valign="bottom">
          451,272
        </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; padding-right: 0.0px; width: 12%" valign="bottom">
          447,731
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; width: 69%" 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: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          618,505
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 12%" valign="bottom">
          391,884
        </td>
        <td style="width: 1%">

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%; 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="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="width: 67%">

        </td>
        <td colspan="6">
          &#160;
        </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 colspan="16" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ARROW ELECTRONICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="16" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            SEGMENT INFORMATION
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="16" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 67%">

        </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: 67%">

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="width: 67%">

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

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

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

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 4,<br>2009
          </p>
        </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 colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31,<br>2008
          </p>
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="width: 67%">

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="width: 67%">

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

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

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

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

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

        </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; width: 1%" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; width: 10%" valign="bottom">

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

        </td>
        <td style="width: 1%">
          &#160;
        </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: 10%" valign="bottom">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 67%" valign="bottom">
          Sales:
        </td>
        <td style="width: 1%">

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 10%">

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

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

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

        </td>
        <td style="width: 10%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 67%" valign="bottom">
          Global components
        </td>
        <td style="width: 1%">

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

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

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

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          2,345,012
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          2,922,243
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 67%" valign="bottom">
          Global ECS
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 10%" valign="bottom">
          1,072,416
        </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; padding-right: 0.0px; width: 10%" valign="bottom">
          1,106,248
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left; width: 67%" valign="bottom">
          Consolidated
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          3,417,428
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          4,028,491
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 67%" valign="bottom">

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 10%">

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

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

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

        </td>
        <td style="width: 10%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 67%" valign="bottom">
          Operating income (loss):
        </td>
        <td style="width: 1%">

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

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

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

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

        </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; width: 1%" valign="bottom">

        </td>
        <td style="width: 10%">

        </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: 10%">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 67%" valign="bottom">
          Global components
        </td>
        <td style="width: 1%">

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

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

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

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          76,098
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          160,578
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; width: 67%" valign="bottom">
          Global ECS
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 10%" valign="bottom">
          32,026
        </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; padding-right: 0.0px; width: 10%" valign="bottom">
          30,673
        </td>
        <td style="width: 1%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left; width: 67%" valign="bottom">
          Corporate (a)
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 10%" valign="bottom">
          (46,887
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          (47,108
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap; padding-right: 0.0px; width: 1%" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left; width: 67%" valign="bottom">
          Consolidated
        </td>
        <td style="width: 1%">

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

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

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

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

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

        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          61,237
        </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; padding-right: 0.0px; width: 1%" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px; width: 10%" valign="bottom">
          144,143
        </td>
        <td style="width: 1%">

        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (a)
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Includes a restructuring and integration charges of $24.0 million
          and $6.5 million for the first quarters of 2009 and 2008,
          respectively, and a charge of $12.9 related to the preference claim
          from 2001 for the first quarter of 2008.
        </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>
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