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<SEC-DOCUMENT>0000950123-09-046971.txt : 20090929
<SEC-HEADER>0000950123-09-046971.hdr.sgml : 20090929
<ACCEPTANCE-DATETIME>20090929155956
ACCESSION NUMBER:		0000950123-09-046971
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20090923
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090929
DATE AS OF CHANGE:		20090929

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:		091093000

	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>y79467e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported)</B>:<BR>
<B>September 23, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Arrow Electronics, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>New York</B><BR>
(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-04482</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>11-1806155</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>50 Marcus Drive, Melville, New York</B><BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>11747</B><BR>
(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number including area code: (<B>631</B>) <B>847-2000</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B><BR>
(Former name or former address if changed from last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01. Other Events</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Registrant&#146;s Registration Statement on Form S-3 (File No.
333-162070), filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on September&nbsp;23,
2009 and the Prospectus Supplement filed with the Commission on September&nbsp;24, 2009 (together, the
&#147;Registration Statement&#148;), pursuant to which the Registrant registered $300,000,000 aggregate
principal amount of its securities, for offer and sale in accordance with applicable
provisions of the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;23, 2009, the Registrant entered into an Underwriting Agreement (the
&#147;Underwriting Agreement&#148;) with Banc of America Securities LLC, Goldman, Sachs &#038; Co. and J.P. Morgan
Securities Inc. (collectively, the &#147;Underwriters&#148;), in connection with the public offering by the
Underwriters of $300,000,000 aggregate principal amount of the Registrant&#146;s 6.00% Senior Notes due
2020 (the &#147;Notes&#148;), covered by the Registration Statement. The Underwriting Agreement in the form
in which it was executed is filed herewith as Exhibit&nbsp;1.1. On September&nbsp;23, 2009, the Registrant
issued a press release announcing the pricing of the offering. The press release is filed herewith
as Exhibit&nbsp;99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has previously entered into an Indenture, dated as of January&nbsp;15, 1997 (the
&#147;Indenture&#148;), with Bank of Montreal Trust Company, as trustee, with respect to the Registrant&#146;s
debt securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Indenture, on September&nbsp;30, 2009, the Registrant and The Bank of New York
Mellon, as trustee (the &#147;Trustee&#148;) will enter into a Supplemental Indenture (the &#147;Supplemental
Indenture&#148;), which provides for the issuance of the Notes. A copy of the Supplemental Indenture is
filed herewith as Exhibit&nbsp;4.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statement and Exhibits</B>.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement, dated September&nbsp;23, 2009, between Arrow
Electronics, Inc., Banc of America Securities LLC , J.P. Morgan
Securities Inc. and Goldman, Sachs &#038; Co.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indenture, to be dated as of September&nbsp;30, 2009, with
respect to the Notes, between Arrow Electronics, Inc. and The Bank
of New York Mellon.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release, dated September&nbsp;23, 2009.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ARROW ELECTRONICS, INC.,<BR>
a New York Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Peter S. Brown
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter S. Brown&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President, General Counsel,<br>
and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:
September 29, 2009

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement, dated September&nbsp;23, 2009, between Arrow
Electronics, Banc of America Securities LLC, Inc., J.P. Morgan
Securities Inc. and Goldman, Sachs &#038; Co.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indenture, to be dated as of September&nbsp;30, 2009, with
respect to the Notes, between Arrow Electronics, Inc. and The Bank
of New York Mellon.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release, dated September&nbsp;23, 2009.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>y79467exv1w1.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;1.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>$300,000,000</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARROW ELECTRONICS, INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>6.000% NOTES DUE 2020</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>UNDERWRITING AGREEMENT</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">September&nbsp;23, 2009
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">September&nbsp;23, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Banc of America Securities LLC<BR>
Goldman, Sachs &#038; Co.<BR>
J.P. Morgan Securities Inc.<BR>
As Representatives of the several underwriters named in Schedule&nbsp;I<BR>
c/o J.P. Morgan Securities Inc.<BR>
270 Park Avenue<BR>
New York, New York 10017

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs and Mesdames:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc., a New York corporation (the &#147;<B>Company</B>&#148;), proposes to issue and sell to
the several underwriters named in <U>Schedule&nbsp;I</U> hereto (the &#147;<B>Underwriters</B>&#148;) $300,000,000
aggregate principal amount of its 6.000% Notes due 2020 (the &#147;<B>Securities</B>&#148;), the terms of which are
identified on <U>Schedule&nbsp;III</U> hereto, to be issued pursuant to the provisions of an Indenture
dated as of January&nbsp;15, 1997, as supplemented (the &#147;<B>Indenture</B>&#148;) between the Company and Bank of New
York Mellon (as successor to Bank of Montreal Trust Company), as Trustee (the &#147;<B>Trustee</B>&#148;)<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has filed with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) a
registration statement on Form S-3, including a prospectus, relating to among other things, certain
debt securities and equity securities of the Company (the &#147;<B>Shelf Securities</B>&#148;), including the
Securities, to be issued from time to time by the Company. The registration statement as amended
to the date of this Agreement, including the information (if any) deemed to be part of the
registration statement at the time of effectiveness pursuant to Rule&nbsp;430A or Rule&nbsp;430B under the
Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), is hereinafter referred to as the
&#147;<B>Registration Statement</B>,&#148; and the related prospectus covering the Shelf Securities dated September
23, 2009, in the form first used to confirm sales of the Securities (or in the form first made
available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule&nbsp;173
under the Securities Act) is hereinafter referred to as the &#147;<B>Basic Prospectus</B>.&#148; The Basic
Prospectus, as supplemented by the prospectus supplement specifically relating to the Securities in
the form first used to confirm sales of the Securities (or in the form first made available to the
Underwriters by the Company to meet requests of purchasers pursuant to Rule&nbsp;173 under the
Securities Act) is hereinafter referred to as the &#147;<B>Prospectus</B>,&#148; and the term &#147;<B>preliminary
prospectus</B>&#148; means any preliminary form of the Prospectus. For purposes of this Agreement, &#147;<B>free
writing prospectus</B>&#148; has the meaning set forth in Rule&nbsp;405 under the Securities Act, and &#147;<B>Time of
Sale Prospectus</B>&#148; means the Basic Prospectus, as supplemented by the preliminary prospectus
supplement dated September&nbsp;23, 2009, specifically relating to the Securities in the form made
available to the Underwriters by the Company together with the free writing prospectuses, if any,
each identified on <U>Schedule&nbsp;II</U> hereto. As used herein, the terms &#147;Registration Statement,&#148;
&#147;Basic Prospectus,&#148; &#147;Prospectus,&#148; &#147;preliminary prospectus&#148; and &#147;Time of Sale Prospectus&#148; shall
include in each case the documents, if any, incorporated by reference therein. The term &#147;<B>Time of
Sale</B>&#148; shall mean 3:40 p.m. (Eastern time) on September&nbsp;23, 2009, which is the time of the first
contract of sale for the Securities. The terms &#147;<B>supplement</B>,&#148; &#147;<B>amendment</B>&#148; and &#147;<B>amend</B>&#148; as used
herein with respect
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus, any
preliminary prospectus or free writing prospectus shall include all documents subsequently filed by
the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the
&#147;<B>Exchange Act</B>&#148;), that are deemed to be incorporated by reference therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<I>Representations and Warranties</I>. The Company represents and warrants to and agrees with
each of the Underwriters that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement has become effective; no stop order suspending the
effectiveness of the Registration Statement is in effect, and no proceedings for such
purpose are pending before or threatened by the Commission. If the Registration Statement
is an automatic shelf registration statement as defined in Rule&nbsp;405 under the Securities
Act, the Company is a well-known seasoned issuer (as defined in Rule&nbsp;405 under the
Securities Act) eligible to use the Registration Statement as an automatic shelf
registration statement and the Company has not received notice that the Commission objects
to the use of the Registration Statement as an automatic shelf registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Each document, if any, filed or to be filed pursuant to the Exchange Act and
incorporated by reference in the Time of Sale Prospectus or the Prospectus complied or will
comply when so filed in all material respects with the Exchange Act and the applicable rules
and regulations of the Commission thereunder, (ii)&nbsp;the Registration Statement does not
contain, each part of the Registration Statement, when such part became effective, did not
contain, and each such part, as amended or supplemented, if applicable, will not contain any
untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, (iii)&nbsp;the Registration
Statement and the Prospectus comply, and as amended or supplemented, if applicable, will
comply in all material respects with the Securities Act and the applicable rules and
regulations of the Commission thereunder, (iv)&nbsp;the Time of Sale Prospectus does not, and at
the time of each sale of the Securities in connection with the offering when the Prospectus
is not yet available to prospective purchasers and at the Closing Date (as defined in
Section&nbsp;4), the Time of Sale Prospectus, as then amended or supplemented, if applicable,
will not, contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, and (v)&nbsp;the Prospectus does not contain and, as amended or
supplemented, if applicable, will not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except that the representations
and warranties set forth in this paragraph do not apply to (A)&nbsp;statements or omissions in
the Registration Statement, the Time of Sale Prospectus or the Prospectus made in reliance
upon and in conformity with information furnished to the Company in writing by such
Underwriter through you expressly for use therein or (B)&nbsp;that part of the Registration
Statement that constitutes the Statement of Eligibility (Form T-1) under the Trust Indenture
Act of 1939, as amended (the &#147;<B>Trust Indenture Act</B>&#148;), of the Trustee.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company is not an &#147;ineligible issuer&#148; in connection with the offering pursuant
to Rules&nbsp;164, 405 and 433 under the Securities Act. Any free writing prospectus that the
Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or
will be, filed with the Commission in accordance with the requirements of the Securities Act
and the applicable rules and regulations of the Commission thereunder. Each free writing
prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under
the Securities Act or that was prepared by or on behalf of or used or referred to by the
Company complies or will comply in all material respects with the requirements of the
Securities Act and the applicable rules and regulations of the Commission thereunder.
Except for the free writing prospectuses, if any, identified in <U>Schedule&nbsp;II</U> hereto,
each furnished to you before first use, the Company has not prepared, used or referred to,
and will not, without your prior consent, prepare, use or refer to, any free writing
prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the respective dates as of which information is given in the Time of Sale
Prospectus, there has not been any material adverse change, or any development involving a
prospective material adverse change, in or affecting the general affairs, management,
financial position, or results of operations of the Company and its Material Subsidiaries
(as defined below), otherwise than as set forth or contemplated in the Time of Sale
Prospectus and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company has been duly incorporated and is validly existing as a corporation in
good standing under the laws of the State of New York, with power and authority (corporate
and other) to own its properties and conduct its business as described in the Time of Sale
Prospectus and the Prospectus, and has been duly qualified as a foreign corporation for the
transaction of business and is in good standing under the laws of each other jurisdiction in
which the conduct of its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be in good
standing would not have a material adverse effect on the Company and its subsidiaries, taken
as a whole; and each subsidiary of the Company which constitutes a &#147;significant subsidiary&#148;
within the meaning of Rule&nbsp;1-02 of Regulation&nbsp;S-X and each subsidiary of the Company which
constitutes a &#147;restricted subsidiary&#148; within the meaning of the Indenture (together, the
&#147;<B>Material Subsidiaries</B>&#148;), has been duly incorporated and is validly existing as a
corporation in good standing under the laws of its jurisdiction of incorporation, with power
and authority (corporate and other) to own its properties and to conduct its business as
described in the Time of Sale Prospectus, and has been duly qualified as a foreign
corporation for the transaction of business and is in good standing under the laws of each
other jurisdiction in which the conduct of its business or its ownership or leasing of
property requires such qualification, except to the extent that the failure to be so
qualified or be in good standing would not have a material adverse effect on the Company and
its subsidiaries, taken as a whole.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement has been duly authorized, executed and delivered by the Company; the
Securities have been duly authorized and, when issued and delivered pursuant to this
Agreement, will have been duly executed, authenticated, issued and delivered and will
constitute valid and legally binding obligations of the Company entitled to the benefits
provided by the Indenture, under which they are to be issued,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">which will be substantially in the form previously delivered to you; the Indenture has
been duly qualified under the Trust Indenture Act and has been duly authorized, executed and
delivered by the Company and constitutes a valid and legally binding instrument, enforceable
in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors&#146;
rights and to general equity principles; and the Securities and the Indenture will conform
to the descriptions thereof in the Time of Sale Prospectus and the Prospectus and will be in
substantially the form previously delivered to you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each preliminary prospectus filed as part of the registration statement as
originally filed or as part of any amendment thereto, or filed pursuant to Rule&nbsp;424 under
the Securities Act, complied when so filed in all material respects with the Securities Act
and the applicable rules and regulations of the Commission thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Prior to the date hereof, neither the Company nor any of its affiliates has taken
any action which is designed to or which has constituted or which might have been expected
to cause or result in stabilization or manipulation of the price of any security of the
Company in connection with the offering of the Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The execution and delivery by the Company of, and the performance by the Company of
its obligations under, this Agreement, the Indenture and the Securities will not contravene
any provision of applicable law or the certificate of incorporation or by-laws of the
Company or any agreement or other instrument binding upon the Company or any of its Material
Subsidiaries or to which any of its or their properties are subject that is material to the
Company and its subsidiaries, taken as a whole, or any material judgment, order or decree of
any governmental body, agency or court having jurisdiction over the Company or any Material
Subsidiary or any of their properties, and no consent, approval, authorization or order of,
or qualification with, any governmental body or agency is required for the performance by
the Company of its obligations under this Agreement, the Indenture and the Securities,
except such as may be required by the securities or Blue Sky laws of the various states in
connection with the offer and sale of the Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other than as set forth in the Time of Sale Prospectus and the Prospectus, there
are no legal or governmental proceedings pending to which the Company or any of its
subsidiaries is a party or of which any property of the Company or any of its subsidiaries
is the subject which, if determined adversely to the Company or any of its subsidiaries,
would individually or in the aggregate have a material adverse effect on the Company and its
subsidiaries, taken as a whole, and, to the best of the Company&#146;s knowledge, no such
proceedings are threatened or contemplated by governmental authorities or threatened by
others.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company is not, and after giving effect to the offering and sale of the
Securities, will not be an &#147;investment company&#148;, as such term is defined in the United
States Investment Company Act of 1940, as amended (the &#147;<B>Investment Company Act</B>&#148;).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company and its Material Subsidiaries (i)&nbsp;are in compliance with any and all
applicable foreign, federal, state and local laws and regulations relating to the protection
of human health and safety, the environment or hazardous or toxic substances or wastes,
pollutants or contaminants (&#147;<B>Environmental Laws</B>&#148;), (ii)&nbsp;have received all permits, licenses
or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses and (iii)&nbsp;are in compliance with all terms and conditions of any such
permit, license or approval, except where such noncompliance with Environmental Laws,
failure to receive required permits, licenses or other approvals or failure to comply with
the terms and conditions of such permits, licenses or approvals would not, singly or in the
aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a
whole.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Ernst &#038; Young LLP, who has certified certain financial statements of the Company
and its subsidiaries is an independent public accountant as required by the Securities Act
and the rules and regulations of the Commission thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The operations of the Company and its subsidiaries are and have been conducted in
all material respects at all times in compliance with applicable financial recordkeeping and
reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the &#147;<B>Money Laundering Laws</B>&#148;) and no
action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company or any of its subsidiaries with respect to the Money
Laundering Laws is pending or, to the best knowledge of the Company, threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) None of the Company, any of its subsidiaries or, to the knowledge of the Company,
any director, officer, agent, employee or affiliate of the Company or any of its
subsidiaries is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Department of the Treasury (&#147;<B>OFAC</B>&#148;); and the Company will
not directly or indirectly use the proceeds of the offering hereunder, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other
person or entity, for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<I>Agreements to Sell and Purchase</I>. Subject to the terms and conditions herein set forth,
the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters
agrees, severally and not jointly, to purchase from the Company, at a purchase price of 99.319% of
the aggregate principal amount thereof (the &#147;<B>Purchase Price</B>&#148;) with respect to the Securities plus
accrued interest, if any, to the Closing Date, the principal amount of Securities set forth
opposite the name of such Underwriter in <U>Schedule&nbsp;I</U> hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<I>Terms of Public Offering</I>. (a)&nbsp;The Company is advised by you that the Underwriters
propose to make a public offering of their respective portions of the Securities as soon after the
parties have executed this Agreement as in your judgment is advisable. The Company is further
advised by you that the Securities are to be offered to the public initially at
99.969% of their principal amount (the &#147;<B>Public Offering Price</B>&#148;) plus accrued interest, if
any, to the Closing Date.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter severally represents and warrants to and agrees with the Company
that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in relation to each member state of the European Economic Area that has
implemented the Prospectus Directive (each, a relevant member state), each
Underwriter has represented and agreed that with effect from and including the date
on which the Prospectus Directive is implemented in that relevant member state (the
relevant implementation date), it has not made and will not make an offer of the
Securities to the public in that relevant member state other than: (i)&nbsp;at any time
to any legal entity that is authorized or regulated to operate in the financial
markets or, if not so authorized or regulated, whose corporate purpose is solely to
invest in securities; (ii)&nbsp;at any time to any legal entity that has two or more of
(A)&nbsp;an average of at least 250 employees during the last financial year; (B)&nbsp;a total
balance sheet of more than <FONT face="'Times New Roman',times,serif">&#128;</FONT>43,000,000 and (C)&nbsp;an annual net turnover of more than
<FONT face="'Times New Roman',times,serif">&#128;</FONT>50,000,000, as shown in its last annual or consolidated accounts; (iii)&nbsp;to fewer
than 100 natural or legal persons (other than qualified investors defined in the
Prospectus Directive) subject to obtaining the prior written consent of the
representatives or (iv)&nbsp;at any time in any other circumstances that do not require
the publication of a prospectus pursuant to Article&nbsp;3 of the Prospectus Directive;
provided that no such offer of Securities referred to in (i)&nbsp;to (iii)&nbsp;above shall
require the Company or any Underwriter to publish a prospectus pursuant to Article&nbsp;3
of the Prospectus Directive or supplement a prospectus pursuant to Article&nbsp;16 of the
Prospectus Directive. For purposes of this provision, the expression an &#147;offer of
securities to the public&#148; in any relevant member state means the communication in
any form and by any means of sufficient information on the terms of the offer and
the securities to be offered so as to enable an investor to decide to purchase or
subscribe the securities, as the expression may be varied in that member state by
any measure implementing the Prospectus Directive in that member state, and the
expression &#147;Prospectus Directive&#148; means Directive 003/71/EC and includes any
relevant implementing measure in each relevant member state;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i)&nbsp;it has only communicated or caused to be communicated and will only
communicate or cause to be communicated an invitation or inducement to engage in
investment activity (within the meaning of Section&nbsp;21 of the Financial Services and
Markets Act 2000 (the &#147;<B>FSMA</B>&#148;) received by it in connection with the issue or sale of
the Securities in circumstances in which Section&nbsp;21(1) of the FSMA does not apply to
the Company; and (ii)&nbsp;it has complied and will comply with all applicable provisions
of the FSMA with respect to anything done by it in relation to the Securities in,
from or otherwise involving the United Kingdom;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) it has not offered or sold and will not make an offer or sell the
Securities by means of any document other than (i)&nbsp;in circumstances which do not
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">constitute an offer to the public within the meaning of the Companies Ordinance
(Cap.32, Laws of Hong Kong), or (ii)&nbsp;to &#147;professional investors&#148; within the meaning
of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules
made thereunder, or (iii)&nbsp;in other circumstances which do not result in the document
being a &#147;prospectus&#148; within the meaning of the Companies Ordinance (Cap.32, Laws of
Hong Kong), and no advertisement, invitation or document relating to the notes may
be issued or may be in the possession of any person for the purpose of issue (in
each case whether in Hong Kong or elsewhere), which is directed at, or the contents
of which are likely to be accessed or read by, the public in Hong Kong (except if
permitted to do so under the laws of Hong Kong) other than with respect to
Securities which are or are intended to be disposed of only to persons outside Hong
Kong or only to &#147;professional investors&#148; within the meaning of the Securities and
Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Securities have not been registered under the Securities and Exchange
Law of Japan (the &#147;Securities and Exchange Law&#148;), and it has not offered or sold and
it will not offer or sell any Securities, directly or indirectly, in Japan or to, or
for the benefit of, any resident of Japan (which term as used herein means any
person resident in Japan, including any corporation or other entity organized under
the laws of Japan), or to others for re-offering or resale, directly or indirectly,
in Japan or to a resident of Japan, except pursuant to an exemption from the
registration requirements of, and otherwise in compliance with, the Securities and
Exchange Law and any other applicable laws, regulations and ministerial guidelines
of Japan; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Prospectus has not been registered as a prospectus with the Monetary
Authority of Singapore. Accordingly, the Prospectus and any other document or
material in connection with the offer or sale, or invitation for subscription or
purchase, of the Securities may not be circulated or distributed, nor may the
Securities be offered or sold, or be made the subject of an invitation for
subscription or purchase, whether directly or indirectly, to persons in Singapore
other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and
Futures Act, Chapter&nbsp;289 of Singapore (the &#147;<B>SFA</B>&#148;), (ii)&nbsp;to a relevant person, or any
person pursuant to Section&nbsp;275(1A), and in accordance with the conditions, specified
in Section&nbsp;275 of the SFA or (iii)&nbsp;otherwise pursuant to, and in accordance with the
conditions of, any other applicable provision of the SFA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<I>Payment and Delivery</I>. (a)&nbsp;The Securities to be purchased severally by each Underwriter
hereunder, registered in the name of Cede &#038; Co. as nominee of The Depository Trust Company
(&#147;<B>DTC</B>&#148;), shall be delivered through the facilities of DTC by or on behalf of the Company to you,
for the account of such Underwriter, against payment by or on behalf of such Underwriter of the
purchase price therefor by wire transfer to an account designated by the Company, payable to the
order of the Company in Federal (same-day) funds. The time and date of such delivery and payment
shall be 9:30 a.m., New York City time, on September&nbsp;30, 2009
or such other time and date as you and the Company may agree upon in writing. Such time and
date are herein called the &#147;<B>Closing Date</B>&#148;.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The documents to be delivered at the Closing Date by or on behalf of the parties
hereto pursuant to Section&nbsp;6 hereof, including the cross-receipt for the Securities and any
additional documents requested by the Underwriters pursuant to Section&nbsp;6 hereof, will be
delivered at the offices of Milbank, Tweed, Hadley &#038; McCloy LLP, 1 Chase Manhattan Plaza,
New York, NY 10005 (the &#147;<B>Closing Location</B>&#148;) on the Closing Date. A meeting will be held at
the Closing Location at 9:30 a.m., New York City time, on the New York Business Day next
preceding the Closing Date, at which meeting the final drafts of the documents to be
delivered pursuant to the preceding sentence will be available for review by the parties
hereto. For the purposes of this Section&nbsp;4, &#147;<B>New York Business Day</B>&#148; shall mean each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in
New York are generally authorized or obligated by law or executive order to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<I>Covenants of the Company</I>. The Company covenants with each Underwriter as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To prepare the Registration Statement, the Time of Sale Prospectus and the
Prospectus in a form approved by you and, before amending or supplementing the Registration
Statement, the Time of Sale Prospectus or the Prospectus, to furnish to the Underwriters a
copy of each such proposed amendment or supplement and not to use any such proposed
amendment or supplement to which the Underwriters reasonably object, and to file with the
Commission within the applicable period specified in Rule 424(b) under the Securities Act,
any prospectus required to be filed pursuant to such Rule.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To endeavor to qualify the Securities for offer and sale under the securities or
Blue Sky laws of such jurisdictions as you shall reasonably request and to maintain such
qualification for as long as you shall reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To furnish to you a copy of each proposed free writing prospectus to be prepared by
or on behalf of, used by, or referred to by the Company and not to use or refer to any
proposed free writing prospectus to which you reasonably object.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Time of Sale Prospectus is being used to solicit offers to buy the
Securities at a time when the Prospectus is not yet available to prospective purchasers and
any event shall occur or condition exist as a result of which it is necessary to amend or
supplement the Time of Sale Prospectus in order to make the statements therein, in the light
of the circumstances, not misleading, or if any event shall occur or condition exist as a
result of which the Time of Sale Prospectus conflicts with the information contained in the
Registration Statement then on file, or if, in the opinion of counsel for the Underwriters,
it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable
law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the
Underwriters and to any dealer upon request, either amendments or supplements to the Time of
Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or
supplemented will not, in the light of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser,
be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no
longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as
amended or supplemented, will comply with applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To furnish you with copies of the Registration Statement, each amendment or
supplement thereto signed by an authorized officer of the Company (including exhibits
thereto and documents incorporated therein by reference), and to each of the Underwriters
the Time of Sale Prospectus, the Prospectus and any documents incorporated therein by
reference, in each case in such quantities as you may from time to time reasonably request,
and if, during such period after the first date of the public offering of the Securities as
in the opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice
referred to in Rule 173(a) under the Securities Act) is required by law to be delivered in
connection with sales by an Underwriter or a dealer, any event shall have occurred as a
result of which the Prospectus as then amended or supplemented would include an untrue
statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made when
such Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the
Securities Act) is delivered, not misleading, or if, in the opinion of counsel for the
Underwriters, it shall be necessary during such same period to amend or supplement the
Prospectus to comply with applicable law, to notify you and upon your request to prepare and
furnish without charge to each Underwriter and to any dealer in securities as many copies as
you may from time to time reasonably request of an amended Prospectus or a supplement to the
Prospectus which will correct such statement or omission or effect such compliance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not to be or become, at any time prior to the earlier of (i)&nbsp;the expiration of
three years after the Closing Date or (ii)&nbsp;the time when there are no longer any Securities
outstanding, an open-end investment company, unit investment trust, closed-end investment
company or face-amount certificate company that is or is required to be registered under
Section&nbsp;8 of the Investment Company Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whether or not the transactions contemplated in this Agreement are consummated or
this Agreement is terminated, to pay or cause to be paid the following: (i)&nbsp;the fees,
disbursements and expenses of the Company&#146;s counsel and accountants in connection with the
registration and delivery of the Securities under the Securities Act and all other expenses
in connection with the preparation, printing and filing of the Registration Statement, any
preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing
prospectus prepared by or on behalf of, used by, or referred to by the Company, and any
amendments and supplements to any of the foregoing and the mailing and delivering of copies
thereof to the Underwriters and dealers; (ii)&nbsp;the cost of printing or producing any
Agreement among Underwriters, this Agreement, the Blue Sky and legal investment memoranda,
closing documents (including any compilations thereof) and any other documents in connection
with the offering, purchase, sale and delivery of the Securities; (iii)&nbsp;all expenses in
connection with the qualification of the Securities for offering and sale under state
securities laws as provided in Section 5(b) hereof, including the fees and disbursements of
counsel for the Underwriters in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">connection with such qualification and in connection with the Blue Sky and legal
investment surveys; (iv)&nbsp;any fees charged by securities rating services for rating the
Securities; (v)&nbsp;the cost of preparing the Securities; (vi)&nbsp;the fees and expenses of the
Trustee, any agent of the Trustee, including the fees and expenses of the Trustee&#146;s counsel,
any transfer agent, registrar or depositary; (vii)&nbsp;the costs and expenses of the Company
relating to investor presentations on any &#147;road show&#148; undertaken in connection with the
marketing of the offering of the Securities, including, without limitation, expenses
associated with the production of road show slides and graphics, fees and expenses of any
consultants engaged in connection with the road show presentations with the prior approval
of the Company, travel and lodging expenses of the representatives and officers of the
Company and any such consultants, and the cost of any aircraft chartered in connection with
the road show, and all other costs and expenses incident to the performance of its
obligations hereunder which are not otherwise specifically provided for in this Section. It
is understood, however, that, except as provided in this Section and Sections&nbsp;7 and 9
hereof, the Underwriters will pay all of their own costs and expenses, including the fees of
their counsel, transfer taxes on resale of any of the Securities by them, and any
advertising expenses connected with any offers they may make.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To make generally available to the Company&#146;s security holders and to you as soon as
practicable an earning statement covering the twelve-month period ending June&nbsp;30, 2009 that
satisfies the provisions of Section 11(a) of the Securities Act and the rules and
regulations of the Commission thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<I>Conditions to the Underwriters&#146; Obligations</I>. The obligations of the Underwriters
hereunder shall be subject, in their discretion, to the condition that all representations and
warranties and other statements of the Company herein are, at and as of the Closing Date, true and
correct, the condition that the Company shall have performed all of its obligations hereunder
theretofore to be performed, and the following additional conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1)&nbsp;The Underwriters shall have received on the Closing Date an opinion of Davis
Polk &#038; Wardwell LLP, counsel for the Underwriters, dated the Closing Date, covering the
matters referred to in Sections&nbsp;6(b)(1)(iii), 6(b)(1)(iv), 6(b)(1)(v), 6(b)(1)(viii)(A) (but
only as to the statements under the captions &#147;Underwriting&#148; and &#147;Description of Notes&#148; and
&#147;Description of Debt Securities&#148;) and 6(b)(1)(x) below, as well as such other related
matters as you may reasonably request, and such counsel shall have received such papers and
information as they may reasonably request to enable them to pass upon such matters; (2)&nbsp;the
Underwriters shall have received on the Closing Date a letter of Davis Polk &#038; Wardwell LLP,
counsel for the Underwriters, dated the Closing Date covering the matters referred to in
Section&nbsp;6(b)(2) below, but as to clause (i)&nbsp;only as to the Registration Statement as of the
date of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (1)&nbsp;The Underwriters shall have received on the Closing Date an opinion of Milbank,
Tweed, Hadley &#038; McCloy LLP, outside counsel for the Company, dated the Closing Date, to the
effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company is validly existing as a corporation in good standing under the
laws of the State of New York, with corporate power and authority to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">own or lease, as the case may be, and to operate its properties and to conduct
its business as described in the Time of Sale Prospectus and the Prospectus;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Material Subsidiary of the Company organized in the States of
Delaware or New York and named in <U>Schedule&nbsp;IV</U> hereto is validly existing as
a corporation in good standing under the laws of the jurisdiction of its
incorporation, with corporate power and authority to own or lease, as the case may
be, and to operate its properties and to conduct its business as described in the
Time of Sale Prospectus and the Prospectus;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) this Agreement has been duly authorized, executed and delivered by the
Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Securities have been duly authorized by the Company and, when
authenticated by the Trustee under the Indenture and executed, delivered and paid
for in accordance with the terms of this Agreement, will be legal, valid and binding
obligations of the Company, enforceable in accordance with their terms, except in
each case: (a)&nbsp;as the enforceability thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or transfer, or
similar laws relating to or affecting creditors&#146; rights generally and (b)&nbsp;as the
enforceability thereof is subject to the application of general principles of equity
(regardless of whether considered in a proceeding in equity or at law) including (i)
the possible unavailability of specific performance, injunctive relief or any other
equitable remedy and (ii)&nbsp;concepts of materiality, reasonableness, good faith and
fair dealing; each registered holder of the Securities will be entitled to the
benefits of the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Indenture has been duly authorized, executed and delivered by the
Company and constitutes a legal, valid and binding agreement of the Company,
enforceable against it in accordance with its terms, except (a)&nbsp;as the
enforceability thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or transfer, or similar laws relating to or
affecting creditors&#146; rights generally and (b)&nbsp;as the enforceability thereof is
subject to the application of general principles of equity (regardless of whether
considered in a proceeding in equity or at law) including (i)&nbsp;the possible
unavailability of specific performance, injunctive relief or any other equitable
remedy; and (ii)&nbsp;concepts of materiality, reasonableness, good faith and fair
dealing; and (c)&nbsp;in the case of rights to indemnity as may be limited by provisions
imposed by law or public policy; the Indenture has been duly qualified under the
Trust Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) neither the execution and delivery by the Company of this Agreement nor
the sale of the Securities by the Company thereunder will (i)&nbsp;result in a breach or
violation of the restated certificate of incorporation or by-laws of the Company,
each as amended, or (ii)&nbsp;constitute a breach or violation of, or a default under or
result in the imposition of any lien, charge or encumbrance upon any property or
assets of the Company pursuant to any applicable law, provided
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">that such counsel expresses no opinion as to the indemnification provisions
contained therein may be considered under applicable law to contravene public
policy;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) no consent, authorization, approval or order of, or registration,
qualification or filing with, any United States federal or State of New York
administrative, judicial or other governmental agency, authority, tribunal or body
is required on the part of the Company for the execution and delivery by the Company
of this Agreement or the Indenture or the consummation of the sale of the Securities
by the Company thereunder, except such as have been made or obtained prior to the
date hereof or as may be required under state securities or &#147;blue sky&#148; laws of any
jurisdiction, as to which such counsel expresses no opinion;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the statements set forth (A)&nbsp;in the Time of Sale Prospectus and the
Prospectus under the caption &#147;Description of Debt Securities&#148;, &#147;Description of
Notes&#148; and, subject to the limitations and qualifications stated therein, &#147;Certain
U.S. Federal Tax Considerations for Non-U.S. Holders&#148; and (B)&nbsp;in the Registration
Statement in Item&nbsp;15, in each case to the extent that they purport to summarize
provisions of certain agreements or documents referred to therein or U.S. federal
income tax matters, fairly summarize in all material respects such provisions of
such agreements, documents or matters;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Company is not required to, and, immediately after giving effect to
the offering and sale of the Securities and the application of the proceeds thereof
as described in the Prospectus, the Company will not be required to, register as an
investment company under the Investment Company Act of 1940, as amended;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Registration Statement, as of its effective date (including each deemed
effective date pursuant to Rule&nbsp;430B(f)(2)), and as of the date of this Agreement
and the Prospectus, as of the date thereof (except any financial statements or other
financial data included in or omitted from, or incorporated by reference in, the
Registration Statement or the Prospectus, as to which no opinion is expressed)
appear on their face to be appropriately responsive, in all material respects
relevant to the offering of the Securities, to the requirements of the Securities
Act and the Exchange Act, as applicable, and the applicable rules and regulations of
the Commission thereunder; in rendering this opinion, such counsel need not take
responsibility for the accuracy, completeness or fairness of the statements made in
the Registration Statement or the Prospectus, except to the extent set forth in
paragraph (viii);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Underwriters shall have received on the Closing Date a letter of Milbank,
Tweed, Hadley &#038; McCloy LLP, outside counsel for the Company, dated the Closing Date to the
effect that nothing has come to such counsel&#146;s attention that causes it to believe that:
(i)&nbsp;the Registration Statement (other than the financial statements and schedules and other
financial and accounting information and data, management&#146;s report
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">on the effectiveness of internal control over financial reporting, and that part of the
Registration Statement that constitutes the Form T-1, as to which such counsel expresses no
belief and makes no statement), as of the effective date of the Registration Statement
(including each deemed effective date pursuant to Rule&nbsp;430B(f)(2)) or as of the date of this
Agreement, contained an untrue statement of a material fact or omitted to state any material
fact required to be stated therein or necessary to make the statements therein not
misleading; (ii)&nbsp;the Time of Sale Prospectus (other than the financial statements and other
financial and accounting information and data and management&#146;s report on the effectiveness
of internal control over financial reporting, as to which such counsel expresses no belief
and makes no statement), as of the Time of Sale, contained an untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; or (iii)&nbsp;the
Prospectus (other than the financial statements and other financial and accounting
information and data and management&#146;s report on the effectiveness of internal control over
financial reporting, as to which such counsel expresses no belief and makes no statement),
as of its date or as of the Closing Date, contained or contains an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not
misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the foregoing paragraph, such counsel may state that they reviewed the
Registration Statement, the Time of Sale Prospectus, the Prospectus and each free writing
prospectus identified in <U>Schedule&nbsp;II</U> to this Agreement, they reviewed certain
corporate records and documents furnished to them by the Company and they participated in
discussions with representatives of the Company, independent registered public accountants
for the Company and your representatives regarding the Registration Statement, the Time of
Sale Prospectus, the Prospectus and each such free writing prospectus and related matters.
The purpose of their professional engagement was not to establish or confirm factual matters
set forth in the Registration Statement, the Time of Sale Prospectus or the Prospectus, and
they have not undertaken to verify independently any of such factual matters. Moreover,
many of the determinations required to be made in the preparation of the Registration
Statement, the Time of Sale Prospectus and the Prospectus involve matters of a non-legal
nature. Accordingly, they are not passing upon and do not assume any responsibility for the
accuracy, completeness or fairness of the statements contained in the Registration
Statement, the Time of Sale Prospectus or the Prospectus, and they make no representation
that they have independently verified the accuracy, completeness or fairness of such
statements except to the extent set forth in paragraph (b)(viii). In addition, they are not
passing upon and do not assume any responsibility for ascertaining whether or when any of
the Time of Sale Prospectus or the Prospectus was conveyed to any person for purposes of
Rule&nbsp;159 under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received on the Closing Date an opinion of Peter S.
Brown, Senior Vice President and General Counsel of the Company, dated the Closing Date, in
form and substance satisfactory to the Underwriters, to the effect that:
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such counsel is of the opinion that each document, if any, filed pursuant
to the Exchange Act and incorporated by reference in the Time of Sale Prospectus or
the Prospectus (other than the financial statements or other financial data and
schedules included therein as to which such counsel need not express any opinion)
complied when so filed as to form in all material respects with the Exchange Act and
the rules and regulations of the Commission thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the best of such counsel&#146;s knowledge, (x)&nbsp;there are no legal or
governmental proceedings pending to which the Company or any of its subsidiaries is
a party or to which any of the properties of the Company or any of its subsidiaries
is subject other than as described in the Time of Sale Prospectus or the Prospectus
and other than such legal or governmental proceedings which individually or in the
aggregate are not material to the Company and its subsidiaries taken as a whole and
no such proceedings are threatened by others, and (y)&nbsp;there are no statutes,
regulations, contracts or other documents that are required to be described in the
Time of Sale Prospectus or the Prospectus or to be filed or incorporated by
reference as exhibits to the Registration Statement that are not described, filed,
or incorporated as required; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the execution and delivery by the Company of this Agreement, nor
the sale of the Securities by the Company hereunder, results in a breach or
violation of any agreement or other instrument known to such counsel binding upon
the Company or any of its Material Subsidiaries or to which any of its or their
properties are subject (including, without limitation, any credit agreement,
indenture or other financing agreement) that is material to the Company and its
subsidiaries, taken as a whole, or, to the best of such counsel&#146;s knowledge, any
judgment, order or decree that is material to the Company and its subsidiaries taken
as a whole, of any governmental body, agency or court having jurisdiction over the
Company or any subsidiaries or any of their properties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each of the date hereof and the Closing Date, Ernst &#038; Young LLP, independent
public accountants, shall have furnished to you a letter or letters, dated the respective
dates of delivery thereof, in form and substance satisfactory to you containing statements
and information of the type ordinarily included in accountants&#146; &#147;comfort letters&#148; to
underwriters with respect to the financial statements and certain financial information
contained or incorporated by reference into the Registration Statement, the Time of Sale
Prospectus and the Prospectus; <I>provided </I>that the letter delivered on the Closing Date shall
use a &#147;cut-off date&#148; not earlier than the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since the date of this Agreement, or if earlier, the respective dates as of which
information is given in the Time of Sale Prospectus there shall not have been any change in
the capital stock or long-term debt of the Company or any of its subsidiaries or any change,
or any development involving a prospective change, in or affecting the general affairs,
management, financial position, shareholders&#146; equity or results of operations of the Company
and its subsidiaries, otherwise than as set forth or contemplated in the Time of Sale
Prospectus, the effect of which, in any such case described in this paragraph, is in the
judgment of the Underwriters so material and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">adverse as to make it impracticable or inadvisable to proceed with the offering or the
delivery of the Securities on the terms and in the manner contemplated in this Agreement and
in the Time of Sale Prospectus and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On or after the date hereof (i)&nbsp;no downgrading shall have occurred in the rating
accorded the Company&#146;s debt securities by any &#147;nationally recognized statistical rating
organization&#148;, as that term is defined by the Commission for purposes of Rule&nbsp;436(g)(2)
under the Act, and (ii)&nbsp;no such organization shall have publicly announced that it has under
surveillance or review, with possible negative implications, its rating of any of the
Company&#146;s debt securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall have furnished or caused to be furnished to you at the Closing
Date a certificate of Paul J. Reilly, Senior Vice President and Chief Financial Officer of
the Company, satisfactory to you as to the accuracy of the representations and warranties of
the Company herein at and as of such Closing Date, as to the performance by the Company of
all of its obligations hereunder to be performed at or prior to such Closing Date, as to the
matters set forth in subsection 6(e) and as to such other matters as you may reasonably
request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<I>Indemnity and Contribution</I>. (a)&nbsp;The Company agrees to indemnify and hold harmless each
Underwriter and each person, if any, who controls any Underwriter within the meaning of either
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act and each affiliate of any
underwriter within the meaning of Rule&nbsp;405 of the Securities Act from and against any and all
losses, claims, damages and liabilities (including, without limitation, any legal or other
expenses reasonably incurred in connection with defending or investigating any such action or
claim) caused by any untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement or any amendment thereto, any preliminary prospectus, the Time of Sale
Prospectus, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act,
any Company information that the Company has filed, or is required to file, pursuant to Rule
433(d) (including each free writing prospectus listed on <U>Schedule&nbsp;II</U>) under the
Securities Act or the Prospectus (or any amendments or supplements thereto if the Company shall
have furnished any amendments or supplements thereto), or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, except insofar as such losses, claims, damages or liabilities
are caused by any such untrue statement or omission or alleged untrue statement or omission based
upon information relating to any Underwriter furnished to the Company in writing by such
Underwriter through you expressly for use therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the
Company, its directors, its officers who sign the Registration Statement and each person, if any,
who controls the Company within the meaning of either Section&nbsp;15 of the Securities Act or Section
20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such
Underwriter, but only with reference to information relating to such Underwriter furnished to the
Company in writing by such Underwriter through you expressly for use in the Registration Statement,
any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus or the
Prospectus or any amendments or supplements thereto.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In case any proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to Section 7(a) or 7(b),
such person (the &#147;<B>indemnified party</B>&#148;) shall promptly notify the person against whom such indemnity
may be sought (the &#147;<B>indemnifying party</B>&#148;) in writing and the indemnifying party, upon request of the
indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to
represent the indemnified party and any others the indemnifying party may designate in such
proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In
any such proceeding, any indemnified party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such indemnified party unless (i)&nbsp;the
indemnifying party and the indemnified party shall have mutually agreed to the retention of such
counsel or (ii)&nbsp;the named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them.
It is understood that the indemnifying party shall not, in respect of the legal expenses of any
indemnified party in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to
any local counsel) for all such indemnified parties and that all such fees and expenses shall be
reimbursed as they are incurred. Such firm shall be designated in writing by Banc of America
Securities LLC, Goldman, Sachs &#038; Co. and J.P. Morgan Securities Inc., in the case of parties
indemnified pursuant to Section&nbsp;7(a), and by the Company, in the case of parties indemnified
pursuant to Section&nbsp;7(b). The indemnifying party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party
from and against any loss or liability by reason of such settlement or judgment. No indemnifying
party shall, without the prior written consent of the indemnified party, effect any settlement of
any pending or threatened proceeding in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified party, unless such
settlement includes an unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;To the extent the indemnification provided for in Section 7(a) or 7(b) is unavailable to
an indemnified party or insufficient in respect of any losses, claims, damages or liabilities
referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying
such indemnified party thereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (i)&nbsp;in such proportion
as is appropriate to reflect the relative benefits received by the Company on the one hand and the
Underwriters on the other hand from the offering of the Securities or (ii)&nbsp;if the allocation
provided by clause 7(d)(i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause 7(d)(i) above but also
the relative fault of the Company on the one hand and of the Underwriters on the other hand in
connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Underwriters on the other hand in connection with
the offering of the Securities shall be deemed to be in the same respective proportions as the net
proceeds from the offering of the Securities (before deducting expenses) received by the Company
and the total underwriting discounts and commissions received by the Underwriters, in
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each case as set forth in the table on the cover of the Prospectus, bear to the aggregate
public offering price of the Securities. The relative fault of the Company on the one hand and the
Underwriters on the other hand shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or by the Underwriters and the
parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The Underwriters&#146; respective obligations to contribute pursuant to
this Section&nbsp;7 are several in proportion to the respective principal amounts of Securities they
have purchased hereunder, and not joint.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Company and the Underwriters agree that it would not be just or equitable if
contribution pursuant to this Section&nbsp;7 were determined <I>by pro rata </I>allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other method of allocation that
does not take account of the equitable considerations referred to in Section&nbsp;7(d). The amount paid
or payable by an indemnified party as a result of the losses, claims, damages and liabilities
referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section&nbsp;7, no Underwriter shall be required to contribute any amount in excess
of the amount by which the total price at which the Securities underwritten by it and distributed
to the public were offered to the public exceeds the amount of any damages that such Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The remedies provided for in this Section&nbsp;7 are not
exclusive and shall not limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The indemnity and contribution provisions contained in this Section&nbsp;7 and the
representations, warranties and other statements of the Company contained in this Agreement shall
remain operative and in full force and effect regardless of (i)&nbsp;any termination of this Agreement,
(ii)&nbsp;any investigation made by or on behalf of any Underwriter or any person controlling any
Underwriter or any affiliate of any Underwriter or by or on behalf of the Company, its officers or
directors or any person controlling the Company and (iii)&nbsp;acceptance of and payment for any of the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<I>Termination</I>. This Agreement shall be subject to termination at your discretion by notice
given by you to the Company, if (a)&nbsp;after the execution and delivery of this Agreement and prior
to the Closing Date (i)&nbsp;trading generally shall have been suspended or materially limited on or
by, as the case may be, any of the New York Stock Exchange, the American Stock Exchange, the
Nasdaq Stock Market LLC, the Chicago Board of Options Exchange, the Chicago Mercantile Exchange,
the Chicago Board of Trade or any over-the-counter market, (ii)&nbsp;trading of any securities issued
or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter
market, (iii)&nbsp;a general moratorium on commercial banking activities shall have been declared by
either Federal or New York State authorities or a material disruption in commercial banking or
securities settlement or clearance services in the United States shall have occurred; or (iv)
there shall have occurred any outbreak
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or escalation of hostilities or any change in financial markets or any calamity or crisis,
either within or outside the United States, that, in your judgment, is material and adverse and
(b)&nbsp;in the case of any event specified in clauses 8(a)(i) through 8(a)(iv), such event, singly or
together with any other such event, makes it, in your judgment, impracticable or inadvisable to
proceed with the offering, sale or delivery of the Securities on the terms and in the manner
contemplated in this Agreement, the Time of Sale Prospectus or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<I>Effectiveness; Defaulting Underwriters</I>. This Agreement shall become effective upon the
execution and delivery hereof by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on the Closing Date any one or more of the Underwriters shall fail or refuse to purchase
Securities that it has or they have agreed to purchase hereunder on such date, and the aggregate
principal amount at maturity of Securities which such defaulting Underwriter or Underwriters agreed
but failed or refused to purchase is not more than one-tenth of the aggregate principal amount at
maturity of the Securities to be purchased on such date, the other Underwriters shall be obligated
severally in the proportions that the aggregate principal amount at maturity of Securities set
forth opposite their respective names in <U>Schedule&nbsp;I</U> bears to the aggregate principal amount
at maturity of Securities set forth opposite the names of all such non-defaulting Underwriters, or
in such other proportions as you may specify, to purchase the Securities which such defaulting
Underwriter or Underwriters agreed but failed or refused to purchase on such date; <I>provided </I>that in
no event shall the aggregate principal amount at maturity of Securities that any Underwriter has
agreed to purchase pursuant to this Agreement be increased pursuant to this Section&nbsp;9 by an amount
in excess of one-ninth of such aggregate principal amount at maturity of Securities without the
written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters
shall fail or refuse to purchase Securities which it or they have agreed to purchase hereunder on
such date and the aggregate principal amount at maturity of Securities with respect to which such
default occurs is more than one-tenth of the aggregate principal amount of Securities to be
purchased on such date, and arrangements satisfactory to you and the Company for the purchase of
such Securities are not made within 36 hours after such default, this Agreement shall terminate
without liability on the part of any non-defaulting Underwriter or the Company. In any such case
either you or the Company shall have the right to postpone the Closing Date, but in no event for
longer than seven days, in order that the required changes, if any, in the Registration Statement,
in the Time of Sale Prospectus and in the Prospectus or in any other documents or arrangements may
be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter
from liability in respect of any default of such Underwriter under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement shall be terminated by the Underwriters, or any of them, because of any
failure or refusal on the part of the Company to comply with the terms or to fulfill any of the
conditions of this Agreement, or if for any reason the Company shall be unable to perform its
obligations under this Agreement, the Company will reimburse the Underwriters or such Underwriters
as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket
expenses (including the fees and disbursements of their counsel) reasonably incurred by such
Underwriters in connection with this Agreement or the offering contemplated hereunder.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<I>Entire Agreement</I>. This Agreement, together with any contemporaneous written agreements and
any prior written agreements (to the extent not superseded by this Agreement) that relate to the
offering of the Securities, represents the entire agreement between the Company and the
Underwriters with respect to the preparation of any preliminary prospectus, the Time of Sale
Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<I>Notices</I>. In all dealings hereunder, you shall act on behalf of each of the Underwriters,
and the parties hereto shall be entitled to act and rely upon any statement, request, notice or
agreement on behalf of any Underwriter made or given by you on their behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All statements, requests, notices and agreements hereunder shall be in writing and, if to the
Underwriters, shall be delivered or sent by mail, telex or facsimile transmission to you as the
representatives in care of Banc of America Securities LLC, 40 West 57<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, New
York, New York 10019, Attention: High Grade Capital Markets Transaction Management; fax (212)
901-7881; J.P. Morgan Securities Inc. 270 Park Avenue, New York, New York, attention: Investment
Grade Syndicate Desk; fax (212)&nbsp;834-6081; Goldman, Sachs &#038; Co., 85 Broad Street, 20<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
Floor, New York, New York, 10004, Attention: Registration Department; fax (212)&nbsp;902-9316; and, if
to the Company, shall be delivered or sent by mail, telex or facsimile transmission to the address
of the Company set forth in the Prospectus, Attention: Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<I>Binding Effect</I>. This Agreement shall be binding upon, and inure solely to the benefit
of, the Underwriters, the Company and, to the extent provided in Section&nbsp;7 hereof, the officers
and directors of the Company, each person who controls the Company or any Underwriter, each
affiliate of any Underwriter and their respective heirs, executors, administrators, successors and
assigns, and no other person shall acquire or have any right under or by virtue of this Agreement.
No purchaser of any of the Securities from any Underwriter shall be deemed a successor or assign
by reason merely of such purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<I>Absence of Fiduciary Relationship. </I>The Company acknowledges that in connection with the
offering of the Securities: (i)&nbsp;the Underwriters have acted at arms length, are not agents of,
and owe no fiduciary duties to, the Company or any other person, (ii)&nbsp;the Underwriters owe the
Company only those duties and obligations set forth in this Agreement and prior written agreements
(to the extent not superseded by this Agreement), if any, and (iii)&nbsp;the Underwriters may have
interests that differ from those of the Company. Additionally, no such Underwriter is advising
the Company or any other person as to any legal, tax, investment, accounting or regulatory matters
in any jurisdiction. The Company shall consult with its own advisors concerning such matters and
shall be responsible for making its own independent investigation and appraisal of the
transactions contemplated herewith. The Company waives to the full extent permitted by applicable
law any claims it may have against the Underwriters arising from an alleged breach of fiduciary
duty in connection with the offering of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<I>Timing</I>. Time shall be of the essence of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<I>Applicable Law</I>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<I>Counterparts</I>. This Agreement may be executed by any one or more of the parties hereto in
any number of counterparts, each of which shall be deemed to be an original, but all such
respective counterparts shall together constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding, please sign and return to us 5
counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Underwriters,
this letter and such acceptance hereof shall constitute a binding agreement between each of the
Underwriters and the Company. It is understood that your acceptance of this letter on behalf of
each of the Underwriters is pursuant to the authority set forth in a form of Agreement among
Underwriters, the form of which shall be submitted to the Company for examination upon request, but
without warranty on your part as to the authority of the signers thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<I>Headings</I>. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
<BR>
ARROW ELECTRONICS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Michael J. Taunton
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael J. Taunton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President &#038; Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signature Page to Underwriting Agreement</I>&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Accepted as of the date hereof<BR>
<BR>
Banc of America Securities LLC<BR>
Goldman, Sachs &#038; Co.<BR>
J.P. Morgan Securities Inc.<BR>
<BR>
Acting severally on behalf of themselves<BR>
and the several Underwriters named in<BR>
<U>Schedule&nbsp;I</U> hereto.<BR>
<BR>
Banc of America Securities LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Laurie Campbell
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Laurie Campbell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Goldman, Sachs &#038; Co.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Goldman, Sachs &#038; Co.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Goldman, Sachs &#038; Co.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">J.P. Morgan Securities Inc.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Stephen L. Sheiner
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Stephen L. Sheiner&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signature Page to Underwriting Agreement</I>&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE I</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Underwriters</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>be Purchased</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banc of America Securities LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">80,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J.P. Morgan Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">80,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goldman, Sachs &#038; Co.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit Suisse Securities (USA)&nbsp;LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Stanley &#038; Co. Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BNP Paribas Securities Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mitsubishi UFJ Securities (USA), Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scotia Capital (USA)&nbsp;Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">300,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Free Writing Prospectuses<BR>
Included in the Time of Sale Prospectus</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Pricing term sheet dated September&nbsp;23, 2009 in the form of <U>Schedule&nbsp;III</U> to the
Underwriting Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE III</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Arrow Electronics, Inc.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Pricing Term Sheet

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">September&nbsp;23, 2009

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">6.000% Notes due April&nbsp;1, 2020

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Issuer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arrow Electronics, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Principal Amount:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$300,000,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maturity:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1, 2020</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Coupon:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.000% per annum, accruing from September&nbsp;30, 2009</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Price to Public:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">99.969%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yield to Maturity:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.004%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spread to Benchmark Treasury:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.500%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benchmark Treasury:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.625% August&nbsp;15, 2019</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benchmark Treasury Spot and Yield:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101-00; 3.504 %</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Payment Dates:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 1 and October&nbsp;1, commencing April&nbsp;1, 2010</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Make-Whole Call:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasury Rate plus 40 basis points</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trade Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;23, 2009</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Settlement Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;30, 2009 (T&#043;5)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Denominations:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$2,000 and higher multiples of $1,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ratings:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moody&#146;s: Baa3 / S&#038;P: BBB- / Fitch: BBB-</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joint Book-Running Managers:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banc of America Securities LLC<BR>
J.P. Morgan Securities Inc. <BR>
Goldman, Sachs &#038; Co.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Co-Managers:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Suisse Securities (USA)&nbsp;LLC <BR>
Morgan Stanley &#038; Co. Incorporated <BR>
BNP Paribas Securities Corp. <BR>
Mitsubishi UFJ Securities (USA), Inc. <BR>
Scotia Capital (USA)&nbsp;Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CUSIP/ISIN:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">042735BA7/US042735BA76</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tender Offer for 9.15% Senior
Notes due 2010:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On September&nbsp;23, 2009, the Company
commenced a fixed price cash tender
offer (the &#147;tender offer&#148;) for any
and all of its outstanding $200
million in aggregate principal amount
of 9.15% Senior Notes due 2010 (the
&#147;2010 notes&#148;). The consideration for
the 2010 notes validly tendered and
accepted for payment pursuant to the
tender offer is $1,077.50 per $1,000
principal amount of the 2010 notes.
In addition, the Company will pay all
accrued and unpaid interest on the
2010 notes purchased pursuant to the
tender offer up to, but not including,
the settlement date for the tender
offer.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The tender offer is being made on the
terms and subject to the conditions
set forth in the offer to</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">purchase,
dated September&nbsp;23, 2009, relating to
the tender offer. The tender offer may
not be consummated in accordance with
its terms, or at all, so all or a
portion of the 2010 notes may remain
outstanding. This offering is not
conditioned upon the successful
consummation of the tender offer.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to revision or withdrawal at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you request it by calling
Banc of America Securities LLC toll free at 1-800-294-1322, J.P. Morgan Securities Inc. collect at
212-834-4533 or Goldman, Sachs &#038; Co. at Prospectus Department, 85 Broad Street, New York, NY 10004,
telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any disclaimer or other notice that may appear below is not applicable to this communication and
should be disregarded. Such disclaimer or notice was automatically generated as a result of this
communication being sent by Bloomberg or another email system.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE IV
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>List of Material Subsidiaries pursuant to Section&nbsp;6(b)(1)(ii)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Arrow Electronics (U.K.), Inc.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Arrow Enterprise Computing Solutions, Inc.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>y79467exv4w1.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt"><B>Exhibit&nbsp;4.1</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>







<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARROW ELECTRONICS, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NEW YORK MELLON<BR>
(as successor to Bank of Montreal Trust Company)<BR>
AS TRUSTEE

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SUPPLEMENTAL INDENTURE

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of September&nbsp;30, 2009

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Supplemental to the Indenture<BR>
dated as of January&nbsp;15, 1997

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">6.00% Notes due 2020

</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTAL INDENTURE, dated as of September&nbsp;30, 2009, between ARROW ELECTRONICS, INC., a
corporation duly organized and existing under the laws of the State of New York (the &#147;Company&#148;),
and THE BANK OF NEW YORK MELLON (as successor to Bank of Montreal Trust Company), a New York
banking corporation organized and existing under the laws of the State of New York, as Trustee
(the &#147;Trustee&#148;).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">RECITALS OF THE COMPANY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has heretofore executed and delivered to Bank of Montreal Trust Company, an
indenture dated as of January&nbsp;15, 1997 (the &#147;Original Indenture&#148;), to provide for the issuance from
time to time of its debentures, notes or other evidences of indebtedness (the &#147;Securities&#148;), the
form and terms of which are to be established as set forth in Section&nbsp;2.1 and 2.3 of the Original
Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1 of the Original Indenture provides, among other things, that the Company and the
Trustee may enter into indentures supplemental to the Original Indenture for, among other things,
the purpose of establishing the form and terms of the Securities of any series as permitted in
Sections&nbsp;2.3 of the Original Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company desires to create a series of the Securities in an aggregate principal amount of
up to $300,000,000 to be designated the &#147;6.00% Notes Due 2020&#148; (the &#147;Senior Notes&#148;), and all action
on the part of the Company necessary to authorize the issuance of the Senior Notes under the
Original Indenture and this Supplemental Indenture has been duly taken.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All acts and things necessary to make the Senior Notes, when executed by the Company and
completed, authenticated and delivered by the Trustee as provided in the Original Indenture and
this Supplemental Indenture, the valid and binding obligations of the Company and to constitute
these presents a valid and binding supplemental indenture and agreement according to its terms,
have been done and performed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That in consideration of the premises and of the acceptance and purchase of the Senior Notes
by the Holders thereof and of the acceptance of this trust by the Trustee, the Company covenants
and agrees with the Trustee, for the equal benefit of the Holders of the Senior Notes, as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ONE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Definitions

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use of the terms and expressions herein is in accordance with the definitions, uses and
constructions contained in the Original Indenture and the form of the Senior Notes attached hereto
as <U>Exhibit&nbsp;A</U>.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWO
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Terms and Issuance of the Senior Notes

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 201. <U>Issue of Senior Notes</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A series of Securities which shall be designated the &#147;6.00% Notes Due 2020&#148; shall be executed,
authenticated and delivered from time to time in accordance with the provisions of, and shall in
all respects be subject to, the terms, conditions and covenants of, the Original Indenture and this
Supplemental Indenture (including the form of Senior Note set forth in <U>Exhibit&nbsp;A</U> hereto).
The aggregate principal amount of the Senior Notes which may be authenticated and delivered under
the Supplemental Indenture shall not, except as permitted by the provisions of the Original
Indenture, initially exceed $300,000,000; provided that the Company may from time to time, without
the consent of the Holders of the Senior Notes, issue additional Senior Notes, which additional
Senior Notes shall increase the aggregate principal amount of, and shall be consolidated and form a
single series with, the Senior Notes and have the same term as to status, redemption or otherwise
as the Senior Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 202. <U>Form of Senior Notes; Incorporation of Terms</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The form of the Senior Notes shall be substantially in the form of <U>Exhibit&nbsp;A</U> attached
hereto. The terms of such Senior Notes are herein incorporated by reference and are part of this
Supplemental Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 203. <U>Registered Global Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Senior Notes will be issuable as Registered Securities and in the form of Registered
Global Securities. The initial Depositary for the Senior Notes issued in the form of Registered
Global Securities shall be the Depository Trust Company in The City of New York.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 204. <U>Place of Payment</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Place of Payment in respect of the Senior Notes will be at the principal office or place
of business of the Trustee or its successor in trust under the Indenture, which, at the date
hereof, is located at 101 Barclay Street, New York, NY 10286, Attention: Corporate Trust Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 205. <U>Redemption</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Senior Notes are subject to redemption at the option of the Company in the manner and on
the terms set forth in the form of the Senior Notes attached as <U>Exhibit&nbsp;A</U> hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 206. <U>Change of Control Put</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Change of Control Triggering Event (as defined in the form of the Senior Notes attached
as <U>Exhibit&nbsp;A</U> hereto) occurs, unless the Company has exercised its right to redeem
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Senior Notes as described in the Senior Notes, the Company will be required to make an offer to
each holder of Senior Notes to purchase that holder&#146;s Senior Notes in the manner and on the terms
set forth in the form of the Senior Notes attached as <U>Exhibit&nbsp;A</U> hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 207. <U>Denominations</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Senior Notes shall be issued in denominations of $2,000 and higher multiples of $1,000.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THREE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Miscellaneous

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 301. <U>Execution as Supplemental Indenture</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture is executed and shall be construed as an indenture supplemental to
the Original Indenture and, as provided in the Original Indenture, this Supplemental Indenture
forms a part thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 302. <U>Conflict with Trust Indenture Act</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision hereof limits, qualifies or conflicts with another provision hereof which is
required to be included in this Supplemental Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 303. <U>Effect of Headings</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Article and Section headings herein are for convenience only and shall not affect the
construction hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 304. <U>Successors and Assigns</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All covenants and agreements by the Company in this Supplemental Indenture shall bind its
successors and assigns, whether so expressed or not.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 305. <U>Separability Clause</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Supplemental Indenture or in the Senior Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 306. <U>Benefits of Supplemental Indenture</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Supplemental Indenture or in the Senior Notes, express or implied, shall give
to any Person, other than the parties hereto and their successors hereunder and the Holders, any
benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 307. <U>Execution and Counterparts</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture may be executed in any number of counterparts, each of which shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the day and year first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ARROW ELECTRONICS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Peter S. Brown</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter S. Brown</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President, General Counsel, and Secretary</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE BANK OF NEW YORK MELLON,<BR>
as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Franca M. Ferrera</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left"> Franca M. Ferrera</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Associate</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT A
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>CUSIP: 042735BA7</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>No.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$&#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Unless and until it is exchanged in whole or in part for Notes in definitive registered form, this
Note may not be transferred except as a whole by the Depositary to the nominee of the Depositary or
by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARROW ELECTRONICS, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; <B>% Note due </B>&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARROW ELECTRONICS, INC., a New York corporation (the &#147;Company&#148;, which term includes any
successor corporation under the Indenture referred to on the reverse hereof), for value received,
hereby promises to pay to Cede &#038; Co., or registered assigns, at the office or agency of the Company
in New York, New York, the principal sum of &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; dollars ($&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;) on &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, in the coin or
currency of the United States, and to pay interest semi-annually on &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; and &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; of each year,
commencing &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, on said principal at said office or agency, in like coin or currency, at the rate
per annum specified in the title of this Note, from the &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or the &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, as the case may be,
next preceding the date of this Note to which interest has been paid or duly provided for, unless
the date hereof is a date to which interest has been paid or duly provided for, in which case from
the date of this Note, or unless no interest has been paid or duly provided for on this Note, in
which case from &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; until payment of said principal sum has been made or duly provided for,
<I>provided</I>, <I>however</I>, that payment of interest, if any, may be made at the option of the Company by
check mailed to the address of the person entitled thereto as such address shall appear on the
Security Register or by wire transfer as provided in the Indenture. Notwithstanding the foregoing,
if the date hereof is after &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, as the case may be, and before the following &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, this Note
shall bear interest from such &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;; provided, that if the Company shall
default in the payment of interest due on such &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, then this Note shall bear interest
from the next preceding &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, to which interest has been paid or duly provided for or, if
no interest has been paid or duly provided for on this Note, &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;. The interest so payable on any
&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; will, subject to certain exceptions provided in the Indenture referred to on the
reverse hereof, be paid to the person in whose name this Note is registered at the close of
business on the &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, as the case may be, next preceding such &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, whether or
not such day is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the further provisions of this Note set forth on the reverse hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at
this place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee under the Indenture referred
to on the reverse hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, ARROW ELECTRONICS, INC., has caused this instrument to be signed manually
or by facsimile by its duly authorized officers and has caused a facsimile of its corporate seal to
be affixed hereunto or imprinted hereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ARROW ELECTRONICS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE OF AUTHENTICATION
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;&nbsp;</TD>
    <TD colspan="3" align="left">THE BANK OF NEW YORK MELLON, as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REVERSE OF NOTE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARROW ELECTRONICS, INC.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;% Note due &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is one of a duly authorized issue of debentures, notes, bonds or other evidences of
indebtedness of the Company (hereinafter called the &#147;Securities&#148;) of the series hereinafter
specified, all issued or to be issued under and pursuant to an indenture dated as of January&nbsp;15,
1997 (herein called &#147;Indenture&#148;), duly executed and delivered by the Company to The Bank Of New
York Mellon (as successor to Bank of Montreal Trust Company) (herein called the &#147;Trustee&#148;), to
which Indenture and all indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee,
the Company and the Holders of the Securities. The Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject to different
redemption provisions (if any), may be subject to different sinking, purchase or analogous funds
(if any) and may otherwise vary as in the Indenture provided. This Note is one of a series
designated as the &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;% Senior Notes due &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; of the Company, (the &#147;Notes&#148;) initially limited in
aggregate principal amount to $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Company
shall pay interest on overdue principal but shall not pay interest on overdue installments of
interest. If a payment date is not a Business Day at a place of payment, payment may be made at
that place on the next succeeding day that is a Business Day, and no interest shall accrue for the
intervening period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case an Event of Default with respect to the &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;% Notes due &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; shall have occurred and
be continuing, the Principal hereof and the interest accrued hereon, if any, may be declared, and
upon such declaration shall become, due and payable, in the manner, with the effect and subject to
the conditions provided in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains provisions that provide that, without prior notice to any Holders, the
Company and the Trustee may amend the Indenture and the Securities of any series with the written
consent of the Holders of a majority in aggregate principal amount of the outstanding Securities of
all series affected by such supplemental indenture (all such series voting as one class), and the
Holders of a majority in aggregate principal amount of the outstanding Securities of all series
affected thereby (all such series voting as one class) by written notice to the Trustee may waive
future compliance by the Company with any provision of the Indenture or the Securities of such
series provided that, without the consent of each Holder of the Securities of each series affected
thereby an amendment or waiver, including a waiver of past defaults, may not: (i)&nbsp;extend the
stated maturity of the Principal of, or any sinking fund obligation or any installment of interest
on such Holder&#146;s Security, or reduce the principal amount thereof or the rate of interest thereon
(including any amount in respect of original issue discount), or any premium payable with respect
thereto, or adversely affect the rights of such Holder under any mandatory redemption or repurchase
provision or any right of redemption or repurchase at the option of such Holder, or reduce the
amount of the principal of an Original Issue Discount Security that would be due and payable upon
an acceleration of the maturity or the amount
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">thereof provable in bankruptcy, or change any place of payment where, or the currency in
which, any Security or any premium or the interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the due date therefor; (ii)
reduce the percentage in principal amount of outstanding Securities of the relevant series the
consent of whose Holders is required for any such supplemental indenture or for any waiver of
compliance with certain provisions of the Indenture or certain Defaults and their consequences
provided for in the Indenture; (iii)&nbsp;waive a Default in the payment of Principal of or interest on
any Security of such Holder; or (iv)&nbsp;modify any of the provisions of the Indenture governing
supplemental indentures with the consent of the Holders, except to increase any such percentage or
to provide that certain other provisions of the Indenture cannot be modified or waived without the
consent of the Holder of each outstanding Security affected thereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is also provided in the Indenture that, subject to certain conditions, the Holders of at
least a majority in aggregate principal amount of the outstanding Securities of all series affected
(voting as a single class), by notice to the Trustee, may waive an existing Default or Event of
Default with respect to the Securities of such series and its consequences, except a Default in the
payment of Principal of or interest on any Security or in respect of a covenant or provision of the
Indenture that cannot be modified or amended without the consent of the Holder of each outstanding
Security affected. Upon any such waiver, such Default shall cease to exist, and any Event of
Default with respect to the Securities of such series arising therefrom shall be deemed to have
been cured, for every purpose of the Indenture, but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may from time to time, without notice to or the consent of the registered Holders,
create and issue further Securities ranking <I>pari passu </I>with the Notes in all respects (or in all
respects except for the payment of interest accruing prior to the issue date of such further
Securities or except for the first payment of interest following the issue date of such further
Securities) and so that such further Securities may be consolidated and form a single series with
the Notes and have the same term as to status, redemption or otherwise as the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture provides that a series of Securities may include one or more tranches (each, a
&#147;tranche&#148;) of Securities, including Securities issued in a Periodic Offering. The Securities of
different tranches may have one or more different terms, including authentication dates and public
offering prices, but all the Securities within each such tranche shall have identical terms,
including authentication date and public offering price. Notwithstanding any other provision of
the Indenture, subject to certain exceptions, with respect to sections of the Indenture concerning
the execution, authentication and terms of the Securities, redemption of the Securities, Events of
Default of the Securities, defeasance of the Securities and amendment of the Indenture, if any
series of Securities includes more than one tranche, all provisions of such sections applicable to
any series of Securities shall be deemed equally applicable to each tranche of any series of
Securities in the same manner as though originally designated a series unless otherwise provided
with respect to such series or tranche pursuant to Section&nbsp;2.3 of the Indenture establishing such
series or tranche.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the principal of and interest on this Note in the manner, at the place, at the respective
times, at the rate and in the coin or currency herein prescribed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are issuable initially only in registered form without coupons in denominations of
$2,000 and any higher multiple of $1,000 at the office or agency of the Company in the Borough of
Manhattan, The City of New York, and in the manner and subject to the limitations provided in the
Indenture, but, without the payment of any service charge, Notes may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will be redeemable in whole or from time to time in part, at the option of the
Company on any date (a &#147;Redemption Date&#148;), at a redemption price equal to the greater of (i)&nbsp;100
percent of the principal amount of the Notes to be redeemed and (ii)&nbsp;the sum of the present values
of the remaining scheduled payments of principal and interest thereon (exclusive of the interest
accrued to such Redemption Date) discounted to such Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis
points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to
such Redemption Date; provided that installments of interest on the Notes which are due and payable
on an Interest Payment Date falling on or prior to the relevant Redemption Date shall be payable to
the Holders of such Notes, registered as such at the close of business on the relevant record date
according to their terms and the provisions of the Indenture and provided further that the
principal amount of a Note remaining outstanding after redemption in part shall be $2,000 or an
integral multiple of $1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Note, the following terms have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means any calendar day that is not a Saturday, Sunday or legal holiday in New
York, New York and on which commercial banks are open for business in New York, New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Comparable Treasury Issue</I>&#148; means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining term (&#147;Remaining
Life&#148;) of the Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Comparable Treasury Price</I>&#148; means (i)&nbsp;the average of five Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (ii)&nbsp;if the Independent Investment Banker obtains fewer than five such Reference
Treasure Dealer Quotations, the average of all such quotations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Independent Investment Banker</I>&#148; means J.P. Morgan Securities Inc. and its successor or, if
such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment
banking institution of national standing appointed by the Trustee after consultation with the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Reference Treasury Dealer</I>&#148; means (i)&nbsp;each of Banc of America Securities LLC, J.P. Morgan
Securities Inc. and Goldman, Sachs &#038; Co., and their respective successors, <I>provided</I>, <I>however</I>, that
if any of the foregoing shall cease to be a primary U.S. government securities
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-ii-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">dealer in New York City (a &#147;<I>Primary Treasury Dealer</I>&#148;), the Company will substitute for such
firm another Primary Treasury Dealer, and (ii)&nbsp;any two other Primary Treasury Dealers selected by
the Independent Investment Banker after consultation with the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Reference Treasury Dealer Quotations</I>&#148; means with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Independent Investment Banker, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such
Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Treasury Rate</I>&#148; means, with respect to any Redemption Date for the Notes, (i)&nbsp;the yield, under
the heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated &#147;H.15(519)&#148; or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption &#147;Treasury Constant Maturities,&#148; for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the Remaining Life, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue will be determined
and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line
basis, rounding to the nearest month) or (ii)&nbsp;if such release (or any successor release) is not
published during the week preceding the calculation date or does not contain such yields, the rate
per annum equal to the semi-annual equivalent yield-to-maturity to the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury
Rate will be calculated on the third Business Day preceding the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Change of Control Triggering Event (as defined below) occurs, unless the Company has
exercised its right to redeem the Notes as described above, the Company will be required to make an
offer to each Holder of Notes to purchase all or any part (equal to $2,000 or a multiple of $1,000
in excess thereof) of that Holder&#146;s Notes at a purchase price in cash equal to 101% of the
aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the date of
purchase (subject to the right of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date); provided that after giving effect to the purchase, any
Notes that remain outstanding shall have a denomination of $2,000 or higher multiple of $1,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 30&nbsp;days following the date upon which the Change of Control Triggering Event has
occurred or, at the Company&#146;s option, prior to any Change of Control (as defined below), but after
the public announcement of the transaction that constitutes or may constitute the Change of
Control, except to the extent that the Company has exercised its right to redeem the Notes as
provided above, the Company will mail a notice (a &#147;Change of Control Offer&#148;) to each Holder of the
Notes with a copy to the Trustee describing the transaction or transactions that constitute or may
constitute a Change of Control Triggering Event and offering to purchase Notes on the date
specified in the notice, which date will be no earlier than 30&nbsp;days nor later than 60&nbsp;days from the
date such notice is mailed (other than as may be required by law) (such date, the &#147;Change of
Control Payment Date&#148;). The notice will, if mailed prior to the date of consummation of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-ii-4<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Change of Control, state that the Change of Control Offer is conditioned on the Change of
Control being consummated on or prior to the Change of Control Payment Date specified in the
notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On each Change of Control Payment Date, the Company will, to the extent lawful:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accept for payment all Notes or portions of the Notes properly tendered pursuant to
the applicable Change of Control Offer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deposit with the Paying Agent an amount equal to the change of control payment in
respect of all Notes or portions of Notes properly tendered pursuant to the applicable
Change of Control Offer; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver or cause to be delivered to the Trustee the Notes properly accepted together
with an Officers&#146; Certificate stating the aggregate principal amount of Notes or
portions of Notes being purchased.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will comply, to the extent applicable, with the requirements of Rule&nbsp;14(e)-1 of
the Securities Exchange Act of 1934, as amended and any other securities laws or regulations in
connection with the purchase of Notes pursuant to a Change of Control Triggering Event. To the
extent that the provisions of any securities laws or regulations conflict with the terms described
in the Notes, the Company will comply with the applicable securities laws and regulations and will
not be deemed to have breached the Company&#146;s obligations by virtue thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will
be required to surrender their Notes, with the form entitled &#147;Option of Holder to Elect Purchase&#148;
attached hereto completed, to the paying agent at the address specified in the notice, or transfer
their Notes to the paying agent by book-entry transfer pursuant to the applicable procedures of the
paying agent, prior to the close of business on the third Business Day prior to the Change of
Control Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not be required to make a Change of Control Offer if a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for an offer
made by the Company and such third party purchases all Notes properly tendered and not withdrawn
under its offer. In addition, the Company will not purchase any Notes if there has occurred and is
continuing on the Change of Control Payment Date an Event of Default under the Indenture, other
than a default in the payment of the change of control payment upon a Change of Control Triggering
Event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holders of not less than 95% in aggregate principal amount of the outstanding Notes validly
tender and do not withdraw such Notes in a Change of Control Offer and the Company, or any third
party making a Change of Control Offer in lieu of the Company, as described above, purchases all of
the Notes validly tendered and not withdrawn by such holders, the Company will have the right, upon
not less than 30 nor more than 60&nbsp;days&#146; prior notice, given not more than 30&nbsp;days following such
purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain
outstanding following such purchase at a redemption price in cash
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-ii-5<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to
the date of redemption (subject to the right of Holders of record on a record date to receive
interest on the relevant Interest Payment Date).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Change of Control Offer provisions of the Notes, the following definitions
are applicable:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of Control&#148; means the occurrence of any one of the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the direct or indirect sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the Company&#146;s assets and the assets of its
subsidiaries taken as a whole to any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3)
of the Securities Exchange Act of 1934, as amended) other than to the Company or one of
its Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the consummation of any transaction (including without limitation, any merger
or consolidation) the result of which is that any &#147;person&#148; (as that term is used in
Section&nbsp;13(d)(3) of the Securities Exchange Act of 1934, as amended) becomes the
&#147;beneficial owner&#148; (as defined in Rules&nbsp;13d-3 and 13d-5 under the Securities Exchange
Act of 1934, as amended), directly or indirectly, of more than 50% of the Company&#146;s
outstanding Voting Stock, measured by voting power rather than number of shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company consolidates with, or merges with or into, any person, or any
person consolidates with, or merges with or into, the Company, in any such event
pursuant to a transaction in which any of the Company&#146;s outstanding Voting Stock or the
outstanding Voting Stock of such other person is converted into or exchanged for cash,
securities or other property, other than any such transaction where the shares of the
Company&#146;s Voting Stock outstanding immediately prior to such transaction constitute, or
are converted into or exchanged for, a majority of the Voting Stock of the surviving
person immediately after giving effect to such transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first day on which the majority of the members of the Company&#146;s board of
directors cease to be Continuing Directors; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the adoption of a plan relating to the Company&#146;s liquidation or dissolution.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of Control Triggering Event&#148; means the occurrence of both a Change of Control and a
Ratings Event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I>Continuing Director&#148; means, as of any date of determination, any member of the Company&#146;s
board of directors who:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was a member of such board of directors on September&nbsp;23, 2009; or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->A-ii-6<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was nominated for election, elected or appointed to the Company&#146;s board of
directors with the approval of a majority of the Continuing Directors who were
members of the Company&#146;s board of directors at the time of such nomination, election
or appointment (either by a specific vote or by approval of the Company&#146;s proxy
statement in which such member was named as a nominee for election as a director,
without objection to such nomination).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment Grade&#148; means a rating of Baa3 or better by Moody&#146;s (or its equivalent under any
successor rating category of Moody&#146;s); a rating of BBB- or better by S&#038;P (or its equivalent under
any successor rating category of S&#038;P); and the equivalent investment grade rating from any
replacement Rating Agency or Agencies appointed by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Moody&#146;s&#148; means Moody&#146;s Investors Service, Inc., a subsidiary of Moody&#146;s Corporation, and its
successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Rating Agency&#148; means each of Moody&#146;s and S&#038;P; provided, that if either of Moody&#146;s or S&#038;P
ceases to rate the Notes or fails to make a rating of the Notes publicly available, the Company
will appoint a replacement for such Rating Agency that is a &#147;nationally recognized statistical
rating organization&#148; within the meaning of Rule&nbsp;15c3-1(c)(2)(vi)(F) under the Securities Exchange
Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Ratings Event&#148; means ratings of the Notes are lowered by each of the Rating Agencies and the
Notes are rated below Investment Grade by each of the Rating Agencies in any case on any day during
the period (the &#147;Trigger Period&#148;) commencing on the date 60&nbsp;days prior to the first public
announcement by us of any Change of Control (or pending Change of Control) and ending 60&nbsp;days
following consummation of such Change of Control (which Trigger Period will be extended for so long
as the rating of the Notes is under publicly announced consideration for a possible downgrade by
either of the Rating Agencies).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;S&#038;P&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Voting Stock&#148; of any specified Person as of any date means the capital stock of such Person
that is at the time entitled to vote generally in the election of the board of directors of such
Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms used herein which are defined in the Indenture shall have the respective meanings
assigned thereto in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon due presentment for registration of transfer of this Note at the office or agency of the
Company in the Borough of Manhattan, The City of New York, a new Note or Notes of authorized
denominations for an equal aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge except for any tax
or other governmental charge imposed in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the
registered Holder hereof as the absolute owner of this Note (whether or not this Note shall be
overdue and notwithstanding any notation of ownership or other writing hereon), for the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-ii-7<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">purpose of receiving payment of, or on account of, the principal hereof and, subject to the
provisions hereof, interest hereon, and for all other purposes, and neither the Company nor the
Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the
contrary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No recourse under or upon any obligation, covenant or agreement of the Company in the
Indenture or any indenture supplemental thereto or in any Note, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, stockholder, officer, director or
employee, as such, past, present, or future, of the Company or of any successor, either directly or
through the Company or any successor, under any rule of law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as part of the
consideration for the issue hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-ii-8<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(Please Insert Social Security Number or Other Identification Number of Assignee)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(Please Print or Type Name and Address, Including Zip Code, of Assignee)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
the within Note and all right thereunder hereby irrevocably constituting and appointing, such
person attorney to transfer such Note on the books of the Issuer, with full power of substitution
in the premises.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: <DIV style="width: 26%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 36px">&nbsp;</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NOTICE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The name on this assignment must correspond with the name as
written upon the face of the within Note in every particular
without alteration or enlargement or any change whatsoever.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-ii-9<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">OPTION OF HOLDER TO ELECT PURCHASE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">To: Paying Agent
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registered owner of this Note acknowledges receipt of a notice from Arrow
Electronics, Inc. (the &#147;Company&#148;) regarding a Change of Control Triggering Event, and requests and
instructs the Company to purchase the entire principal amount of this Note, or the portion thereof
(which is $2,000 or higher multiple of $1,000) set forth below, in accordance with the terms of the
Notes at the price of 101% of such entire principal amount or portion thereof, together with
accrued and unpaid interest to, but excluding, the date of purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: <DIV style="width: 26%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 36px">&nbsp;</DIV>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD align="left">Name:</td>
<TD>&nbsp;</TD>
<TD style="width: 26%; border-bottom: 1px solid #000000;">&nbsp;</TD>
<TD>&nbsp;</TD>
</tr>


<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<tr>
 <TD valign="top" align="left">&nbsp;</TD>
    <TD nowrap align="left">Signature(s):</td>
<TD>&nbsp;</TD>
<TD style="width: 26%; border-bottom: 1px solid #000000;">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="width: 26%; border-bottom: 1px solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOTICE: The name of the Holder hereof must correspond with the name as written upon the face of
the Securities in every particular without alteration or enlargement or any change whatever.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Principal amount to be repurchased
(if less than all):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(must be $2,000 or higher multiples
of $1,000, <I>provided </I>that the
principal amount of this Security
that remains outstanding after
giving the effect to the purchase
must have a denomination of $2,000
or a higher multiple of $1,000)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Social Security or Other Taxpayer Identification Number: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>



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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>y79467exv99w1.htm
<DESCRIPTION>EX-99.1
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<TITLE>exv99w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="left" valign="top"><B>ARROW ELECTRONICS, INC.</B><BR>
50 MARCUS DRIVE <BR>
MELVILLE, NEW YORK 11747<BR>
631-847-2000
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size:40pt"><B>NEWS</B></FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARROW ELECTRONICS PRICES $300 MILLION NOTES OFFERING</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>FOR IMMEDIATE RELEASE</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MELVILLE, N.Y. &#151; September&nbsp;23, 2009 &#151; Arrow Electronics, Inc. (NYSE:ARW) announced today that it
has agreed to sell $300&nbsp;million aggregate principal amount of 6.000% Notes due April&nbsp;1, 2020 (the
&#147;Notes&#148;) and expects to close the transaction on September&nbsp;30, 2009. Proceeds from the offering
will be used for general corporate purposes and for the repurchase of its existing 9.15% Senior
Notes due 2010 pursuant to a tender offer announced today by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Notes are being offered under an automatic shelf registration statement previously filed with
the Securities and Exchange Commission, and which became effective upon filing. The offering is
being led by BofA Merrill Lynch, J.P. Morgan, and Goldman, Sachs &#038; Co.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release is neither an offer to sell nor the solicitation of an offer to buy the Notes.
In addition, there shall be no sale of these securities in any jurisdiction in which the offer,
solicitation, or sale would be unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Arrow Electronics (www.arrow.com) is a global provider of products, services and solutions to
industrial and commercial users of electronic components and enterprise computing solutions.
Headquartered in Melville, 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.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"># # #
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Contact:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Taunton<BR>
Vice President &#038; Treasurer<BR>
631-847-5680</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paul J. Reilly<br>
Executive Vice President &#038; Chief Financial Officer <br>
631-847-1872</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Media Contact:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John Hourigan<BR>
Director, External Communications<BR>
303-824-4586</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y79467y7946701.gif" alt="(ARROW LOGO)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Safe Harbor</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Private Securities Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; for forward-looking
statements. This press release includes forward-looking statements, including statements
addressing future financial results. These statements are subject to a number of risks and
uncertainties that 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&#146;s
implementation of its new global financial system and the company&#146;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, the company&#146;s ability to generate additional
cash flow and the other risks described from time to time in the company&#146;s reports to the
Securities and Exchange Commission (including the company&#146;s Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q). 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 &#147;expects,&#148; &#147;anticipates,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;may,&#148; &#147;will,&#148;
&#147;believes,&#148; &#147;seeks,&#148; &#147;estimates,&#148; and similar expressions. 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.
</DIV>



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