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Table of Contents
Avnet Website
In addition to the information about Avnet contained in this Report, extensive information about the Company
can be found at www.avnet.com, including information about its management team, products and services and
corporate governance practices.
The corporate governance information on the website includes the Company’s Corporate Governance
Guidelines, the Code of Conduct and the charters for each of the committees of Avnet’s Board of Directors. In
addition, amendments to the Code of Conduct, committee charters and waivers granted to directors and executive
officers under the Code of Conduct, if any, will be posted in this area of the website. These documents can be
accessed at www.avnet.com under the “Investor Relations — Corporate Governance”
caption. Printed versions of the
Corporate Governance Guidelines, Code of Conduct and charters of the Board committees can be obtained, free of
charge, by writing to the Company at: Avnet, Inc., 2211 South 47th Street, Phoenix, AZ 85034; Attn: Corporate
Secretary.
In addition, the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K
and amendments to those Reports, if any, filed or furnished pursuant to Section 13(a) or 15(d) of Securities
Exchange Act of 1934, as well as Section 16 filings made by any of the Company’s executive officers or directors
with respect to Avnet common stock, are available on the Company’s website (www.avnet.com under the “Investor
Relations — SEC Filings” caption) as soon as reasonably practicable after the report is electronically filed with, or
furnished to, the Securities and Exchange Commission.
These details about Avnet’s website and its content are only for information. The contents of the Company’s
website are not, nor shall they be deemed to be, incorporated by reference in this Report.
Forward-Looking Statements And Risk Factors
This Report contains forward-looking statements with respect to the financial condition, results of operations
and business of Avnet. These statements are generally identified by words like “believes,” “expects,” “anticipates,”
“should,” “will,” “may,” “estimates” or similar expressions. Forward-looking statements are subject to numerous
assumptions, risks and uncertainties.
Avnet does not undertake any obligation to update any forward-looking statements, whether as a result of new
information, future events or otherwise. Factors that may cause actual results to differ materially from those
contained in the forward-looking statements include the following:
An industry down-cycle in semiconductors could significantly affect the Company’s operating results as a large
portion of our revenues comes from sales of semiconductors, which has been a highly cyclical industry.
The semiconductor industry historically has experienced periodic fluctuations in product supply and demand,
often associated with changes in technology and manufacturing capacity, and is generally considered to be highly
cyclical. During each of the last three fiscal years, sales of semiconductors represented over 50% of the Company’s
consolidated sales, and the Company’
s revenues, particularly those of EM, closely follow the strength or weakness of
the semiconductor market. While the semiconductor industry has strengthened recently as compared with the
downturn experienced in 2001 and 2002 and industry cycles appear less volatile, it is uncertain whether this trend
will continue. Future downturns in the technology industry, particularly in the semiconductor sector, could negatively
affect the Company’s operating results and negatively impact the Company’s ability to maintain its current
profitability levels.
Failure to maintain its relationships with key suppliers could adversely affect the Company’s sales.
One of the Company’s competitive strengths is the breadth and quality of the suppliers whose products the
Company distributes. However, sales of products and services from one of the Company’
s suppliers, IBM, accounted
for approximately 14% of the Company’s consolidated sales in fiscal year 2008. Management expects
8
Item 1A.
Risk Factors