Avnet held an analyst day in December 2010 to report on its historical financial performance and long-term business model. The summary discusses: - Avnet demonstrated steady growth over the past decade despite two severe downturns, with record revenue in 2010 of $22.8 billion. - Key metrics like gross profit, operating income, EPS, and return measures improved significantly from prior recession lows. - Strategic initiatives like value-based management helped drive higher working capital velocity and returns on working capital and capital employed. - Avnet maintains a strong financial position with over $2.9 billion in cash from operations over six years and continued commitment to investment grade credit ratings.

1. Avnet Analyst Day 2010
Performance & Potential
Avnet, Inc.
December 15, 2010
1 Accelerating Your Success™

2. Financial Report
Ray Sadowski
Chief Financial Officer
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3. Agenda
• Historical Results
– Performance through the recession
• Strong Financial Position
• Long-term Business Model
• Acquisition Integration Update
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4. Historical Results

5. Avnet’s Journey – The Last Decade
Two 100 Year Floods in one decade; yet steady progress
($ in billions) Avnet, Inc. Revenue Record
Less revenue
$25 severe in 2010
downturn $22.8
$23
$21
6 years of growth with
$19 revenue peaking in CY ‘08
$17.9
$17.0 $16.7
$17 Tech Bubble
downturn
$14.8
$15
$13 $12.7 $12.6
$10.6 $10.8
$11
$9.5
$8.9
$9
$7
$5
CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10*
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* CY10 is an estimate based upon three completed quarters and guidance for Q4CY10

6. Avnet, Inc. – Gross Profit $ and %
($ in billions) Margins impacted by geographic and business mix
$3.00 15.0% 16%
14.6% $2.72
13.8%
13.5% 13.0% 14%
13.1% 12.9% 13.0% 12.9%
$2.50 $2.31
11.8% 11.9%
$2.21
12%
$1.92 $1.96
$2.00 $1.90
10%
$1.63
$1.54
$1.50 $1.45 8%
$1.23 $1.24
6%
$1.00
4%
$0.50
2%
$0.00 0%
CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10*
GP $ GP % of Sales
6 Accelerating Your Success™
* CY10 is an estimate based upon three completed quarters and guidance for Q4CY10

7. Avnet, Inc. – Operating Income $ and %
($ in millions)
Significant operating leverage during periods of growth:
Demonstrated during CY 03-07 growth period
$900 $865 6%
Starting a new trend in CY 10
$800 5.1%
$750
5%
$694
$700
$650
$599
3.8%
$600 4.4% 4%
4.1%
$500 3.0% 3.9%
2.9% $443
3%
$400 2.3% $377
2.7%
$317
1.8%
$300 2%
$238 1.1%
$200 $166
1%
$101
$100
$0 0%
CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10*
Op Income $ Op Income %
7 Accelerating Your Success™ Note: Excludes restructuring, integration and other charges
* CY10 is an estimate based upon three completed quarters and guidance for Q4CY10

8. Avnet, Inc. – EPS
Y/Y more than doubled
to record level
$4.00 Dramatic trough to
trough performance $3.64
Steep decline in profits
$3.50 tied to significant
revenue loss
$3.12
$3.00 $2.90
$2.49
$2.50 $2.32
$2.00
$1.72
$1.50
$1.50 $1.40
$1.00
$0.48
$0.50 $0.43
$0.06
$0.00
CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10*
8 Accelerating Your Success™ Excludes restructuring, integration and other charges
* CY10 is an estimate based upon three completed quarters and guidance for Q4CY10

9. Avnet, Inc. - Working Capital Velocity & Inventory Turns
Significantly higher velocity due to VBM and geographic and business mix
35% 12
30% 9.7
30.0% 10
9.1
WC Velocity & Inventory Turns
25% 8.2 8.1
7.9
7.6 7.5 8
24.1% 7.2
WC % of Sales
23.2% 6.9 6.9
20%
5.9 5.9 6.0 5.9
5.2 5.3 18.6% 19.0% 6
15% 17.0% 17.0% 16.8% 17.1%
4.3 5.4 5.3 14.6%
3.3 13.4% 4
4.3 4.2
10%
2
5%
0% 0
CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10*
Average WC % of Sales WC Velocity Inventory Turns
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* CY10 is an estimate based upon three completed quarters and guidance for Q4CY10

10. VBM Improved ROWC
ROWC moves to
record level
ROWC reached
following recession
higher peak
30% 28.4%
VBM launched
early 2001 ROWC improved as 26.4%
VBM combined with
25% organic growth + M&A 23.9%
22.1% 22.8%
20% ROWC declined 18.2%
due to the dramatic 17.5%
cycle downturn 15.5%
15%
10% 9.4%
7.5%
4.7%
5%
0%
CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10*
10 Accelerating Your Success™ Note: Excludes restructuring, integration and other charges
* CY10 is an estimate based upon three completed quarters and guidance for Q4CY10

11. VBM Improved ROCE
New ROCE target
established in 2009
14% - 16%
18% ROCE improved as
VBM combined with
16% organic growth + M&A 15.6%
14%
11.9%
12% VBM launched
early 2001 10.3% 10.0% 10.0%
10%
8.5% ROCE declined due
7.5% 7.8%
8% to the dramatic
cycle downturn
6%
4.0%
4%
2.8%
1.8%
2%
0%
CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10*
Previous ROCE target New ROCE target range
11 Accelerating Your Success™ Note: Excludes restructuring, integration and other charges
* CY10 is an estimate based upon three completed quarters and guidance for Q4CY10

12. Strong Financial
Position

13. VBM Cash Flow from Operations
($ in millions) Annual Totals
$462m $-19m $725m $454m $1,118m $-30m
$1,200
$1,000
$800
$809
$126
$600 $166
$206 $142
$400 $121
$200 $20
$173 $499
$200 $393 $410
$204 $289
$168
$0
-$211
-$200 -$423
-$582
-$400
-$600
FY05 FY06 FY07 FY08 FY09 FY10
Net Income Non Cash Items Working Capital
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14. VBM Cash Flow from Operations
($ in millions) $2.9 Billion of cumulative cash from net income +
non-cash Items over the past 6 years
$1,200
$1,000
$800
$809
$126
$600 $166
$206 $142
$400 $121
$200 $20
$173 $499
$200 $393 $410
$204 $289
$168
$0
-$211
-$200 -$423
-$582
-$400
-$600
FY05 FY06 FY07 FY08 FY09 FY10
Net Income Non Cash Items Working Capital
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15. Strengthened Balance Sheet
($ in millions)
$1,400 $1,280 $200
$1,244 $1,235 $1,209 $1,225
$1,200
$970 $150
$1,000
(7.1%)
(6.5%)
$800 (5.8%)
(5.6%) $100
$600 (5.0%) (5.4%)
$96.5
$400 $85.1 $77.2 $72.3 $66.5 $61.7 $50
$200
$0 $0
FY05 FY06 FY07 FY08 FY09 FY10
Total Debt Interest Expense
(Effective interest rate noted above line)
Key Credit Statistics
2005 2006 2007 2008 2009 2010
Debt to EBITDA 3.2 2.1 1.6 1.5 1.7 1.7
EBITDA Coverage 4.5 6.1 9.9 11.5 8.6 12.1
Debt to Capital 37.2% 30.4% 26.2% 22.9% 26.0% 29.8%
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16. Financing Strategic Objectives
• Maintain Avnet’s Investment Grade credit ratings
– Cost of Debt Capital
– Access to Capital
– Trading Partner Relationships
– Competitive Position
• Optimize Avnet’s cost of capital
• Ensure adequate availability of capital / liquidity to
meet the needs of the business
– Fund organic growth
– Fund M&A growth
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17. Capital Allocation Strategy
• Disciplined internal resource allocation
• Reinvest cash generation for growth - primarily
through value creating M&A = ROCE ≥ 12.5%
– Continue to believe the best use of cash is to fund
future growth
• Return “Excess” cash to shareholders when
appropriate
– Dividends (perpetual)
– Stock buyback
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18. Liquidity Framework
Low High
• Normal Float $200M $300M
• Working Capital Expansion $200M $500M
• Debt Due Within 3 Years -- --
• Committed M&A $100M $100M
• Potential M&A $200M $500M
• Total $700M $1.4B
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19. Long-Term Business
Model

20. Long-term Model Philosophy
• Remain committed to achieving ROCE of 14% – 16%
– Adjusted for impairment of goodwill on legacy businesses = ~16%
– Incremental investments including acquisitions will be held to a
minimum 12.5% ROCE threshold
• Top operational goal is generating 30% ROWC at the
enterprise level
– Varies by group and region due to different tax rates
• Shift of business mix towards Asia and TS, including growth
in Latin America, could negatively impact operating margins
• These margin declines should be positively offset by higher
asset velocity
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21. Long-Term Business Model
No change from previous model
FY09 Actual FY10 Actual 3 Year Goal
ROCE
Avnet 8.7% 14.7% 14 - 16%*
ROWC
Avnet 17.8% 27.0% 30.0%
Working Capital Velocity
Avnet 5.9 7.8 6.7 - 7.5
Operating Income Margin
Electronics Marketing 3.9% 4.5% 5.0 - 5.5%
Technology Solutions 2.9% 3.1% 3.4 - 3.9%
Avnet 3.0% 3.5% 4.0 - 4.5%
*Note: ROCE goal of 12.5% = ~16.0% after impairment of goodwill; items above
do not include restructuring, integration or other charges.
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22. Operating Leverage
25%
Value Creating M&A
Operating Income Growth
20%
65% Drop Through
60% Drop Through
55% Drop Through
15%
10%
5%
5% 6% 7% 8% 9% 10%
Gross Profit Growth
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23. Revenue Seasonality
Sequential Revenue Growth
Sept Dec Mar Jun
EM +1% to -3% 0% to -3% +4% to +7% 0% to +4%
TS -1% to -5% +22% to +28% -16% to -20% +3% to +7%
Avnet 0% to -4% +8% to +12% -4% to -7% +1% to +5%
Percent of Annual Revenue
30%
Numbers provided are estimates for a
28%
typical quarter and can vary based
26% upon several factors including but not
limited to:
24% – Economic/Market conditions
– M&A activity
22%
– End of fiscal calendar
20% – Foreign currency exchange rates
Sept Dec Mar Jun
EM TS AVT
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24. Acquisition
Integration Update

25. Bell Integration Update
• Retained all key personnel, suppliers and customers
• Converted Bell’s Americas business to Avnet’s IT system
• Comfortable with synergy target of at least $60M
($ in millions)
Q1 Q2 Q3 Q4
% Complete 51% 72% 86% 100%
Cumulative annualized synergies @ end of quarter $30.4 $43.1 $51.6 $60.0
Incremental annualized synergies @ end of quarter $30.4 $12.7 $8.5 $8.4
($ in millions)
Q1 Q2 Q3 Q4
Synergies impacting current quarter $6.3 $9.2 $11.8 $13.9
Year to date synergies realized $6.3 $15.5 $27.3 $41.2
Note: Full synergies goal of $60 million annualized ($15 million per quarter) is expected to be achieved
as we enter fiscal year 2012.
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26. Summary
• Took advantage of the V-shaped recovery to deliver
record results
• Long term priorities continue to focus on driving profitable
growth and increasing Economic Profit $
– ROWC > 30%
– ROCE = 14 – 16%; incremental > 12.5%
• Demonstrating strong operating leverage
• Strong balance sheet and liquidity
– Investment grade credit statistics
– Higher EPS and growth potential
• Proven mgm’t team; growing long-term shareholder value
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27. Q&A