ARROW ELECTRONICS, INC. — Director's Dealing 2003

May 16, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW ELECTRONICS INC (ARW)
CIK: 0000007536
Period of Report: 2003-05-16

Reporting Person: MILLS KAREN G (Director)

Footnotes

F1: 1 for 1

F2: Issued under the Arrow Electronics, Inc. 2002 Non-Employee Directors Deferral Plan and settled by issuance of shares of Common Stock following termination of services as a Director, the occurence of an unforeseeable emergency or a change in control as defined in the Plan.

F3: 35,000 derivative securites and 2,600 non-derivative securities reported as beneficially owned on Form 4 filed February 15, 2003 remain beneficially owned as of this filing. They do not appear on Table I and II due to a temporary electronic filing limitation.