Introduction Global Network Financial Summary Shareholder Letter Powering The Supply Chain 2002 Financial Highlights Selected Financial Data Form 10-K Shareholder Information Directors and Officers		Arrow Electronics is one of the world´s leading electronic components distributors, powering the global electronics manufacturing supply chain with products and services. Arrow connects the technological solutions of more than 600 suppliers to the product development and production needs of more than 150,000 customers. With 193 sales locations and 21 distribution centers in 40 countries and territories, Arrow provides integrated design, materials management, and logistics support to customers and suppliers across the globe and across the full range of their design, development, and manufacturing activities. Despite the challenges created by the industry´s prolonged downturn, Arrow has continued to expand its offerings across the supply chain, while controlling costs and improving working capital utilization and processes. As a result, Arrow has remained profitable and has generated more than $2.2 billion in free cash flow since the downturn began in 2001. During 2002, the company used this strong cash position to fund the early retirement of bonds due in 2003, further reducing the company´s debt. Arrow ended 2002 with a stronger balance sheet and more than $690 million in cash and short-term investments to fund future sales growth and acquisitions.