ARROW ELECTRONICS, INC. — Director's Dealing 2003

May 28, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW ELECTRONICS INC (ARW)
CIK: 0000007536
Period of Report: 2003-05-28

Reporting Person: MILLS KAREN G (Director)

Footnotes

F1: Right to buy granted under the Arrow Electronics, Inc. Non-Employee Directors Stock Option Plan.

F2: 2,600 non-derivative securities, 35,000 derivative securities and 9,316.9045 Phantom Stock reported beneficially owned on Form 4 filed May 16, 2003 remain beneficially owned as of this filing. They do not appear on Table I and II due to a temporary electronic filing limitation.