A Technology Solutions and Business Services Company•Growth expected to pick up going forward (4.6% CAGR) •Large players consolidating the market through recent M&A •BPO market

A Technology Solutions and

Business Services Company

Raymond James Technology Investors Conference

December 6, 2016

1

Safe Harbor StatementStatements in this presentation regarding SYNNEX Corporation which are not historical facts may be

forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section

21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terms

such as believe, expect, may, will, provide, could and should and the negative of these terms or other

similar expressions. These forward-looking statements include, but are not limited to, statements regarding

our business strategy, our investments, our growth, shareholder return, margins, revenues, technology

trends and IT market growth, IoT spending and installs growth, CRM BPO market and growth, our mix shift

to higher margin technology platforms and services, Hyve Solutions and BPO Customer Care adjacent

market growth, core organic growth beyond market growth in Technology Solutions and Concentrix-

focused verticals, our product and service features and capabilities, our target revenue growth range, our

target adjusted operating margin and our financial goals.

These are subject to risks and uncertainties that could cause actual results to differ materially from those

discussed in the forward-looking statements. Please refer to the documents filed with the Securities and

Exchange Commission, specifically our most recent Form 10-K and Form 10-Q, for information on risk

factors that could cause actual results to differ materially from those discussed in these forward looking

statements. Statements included in this presentation are based upon information known to SYNNEX

Corporation as of the date of presentation and SYNNEX Corporation assumes no obligation to update

information contained in this presentation.

2

Facts About SYNNEX

2016

Ranked

No. 212

Consecutive,

Profitable

Quarters!

Operate

in 26

Countries

Worldwide

5-Year

CAGR 9.1%>90,000

ASSOCIATES

CELEBRATING

117as of August 31, 2016

2015REVENUE

>$13.3 B

NYSE: SNX

3

• A new paradigm for scale

computing, with purpose-

built, large scale data center

solutions

• Hyperscale Factories in the

US and UK

The World’s Largest Data

Center Customers

• Web 2.0/Social Media,

Finance, Entertainment

Design and Deliver Custom, Purpose-Built Servers, Storage, Switches

• Efficient Design, Large Scale and Worldwide Deployment

• Focused Footprint in the US, Canada and Japan

• Represent over 300 of the World’s Leading IT and CE Manufacturers

• 20,000+ Reseller and Retail Customers

Efficient Deployment of Technology and CE Products and Services through Volume and Value-Add Distribution

• 90,000 Associates Worldwide

• 25 Countries

• 40+ Languages

• 450+ Clients

Priority Verticals: Healthcare and Pharmaceuticals, Banking and Financial Services, Insurance, and Consumer Electronics and Technology

Deliver High-Value Business Services and Solutions for the Customer Relationship Lifecycle

SYNNEX Today

All End Markets, including Public

Sector, Corporate & Enterprise,

SMB and Consumer through

Value Added Resellers and

Retailers

IT Distribution

Markets We Serve

What We Do

What We Look Like

4

SYNNEX Technology

Solutions

5

Technology Solutions: $12 Billion Business

FOCUSED

MARKETS

DIVISIONS

END MARKETS SERVED

SMB35-40%

Consumers15-20%

Public Sector30-35%

Enterprise20-25%

• Resellers

• VARs

• MSPs

• CSPs

• DMRs

• System

Integrators

Business

Sector

Resellers

CE Retailers

• Food &

Drug

• Military

• Broadcast

• Retailers

• E-Tailers

• Big Box

6

Growth is in 3rd Platform Technologies

2nd PLATFORM

3rd PLATFORM

Emerging

Distribution Model

1. Cloud Computing

2. Enterprise Mobility

3. Big Data & Analytics

4. Consumer Technology

7

IoT spending will grow from $692.6 billion in 2015 to $1.46 trillion in 2020 with a CAGR of 16.1%. The install

base of IoT endpoints will grow from 12.1 billion in 2015 to more than 30 billion devices in 2020.

Source: IDC – Worldwide Internet of Things Forecast Update 2016-2020, May 2016

Cloud Computing

Everything-as-a-Service

Infrastructure & Business Continuity

Security

Professional Services

PaaS SaaSIaaS

Big Data

Data Warehousing

Professional Services

Business Intelligence

Predictive and Applied Analytics

Data Center Infrastructure

Consumer Technology

Home Automation

Wearables

Home Healthcare

Entertainment

SYNNEX Invests in Growth Technologies

Personal Devices

M2M

Connectivity

Solutions

Security

Device

Management

EnterpriseMobility

Internet of Things Driving Growth

8

SYNNEX’ Comprehensive Cloud Strategy

End-to-end Platform, XaaS, Subscription-Based Deployment into SMB

• Marketplace

• Community

• Applications

• Infrastructure

• Electronic Software

Download

Enabling Private and

Hybrid on Premise

Cloud-Based

Architecture

• Ability to Burst to the Public Cloud

• OpenStack Cloud Computing Platform

• IaaS

• Utility Finance

ENTERPRISE HYPERSCALE COMPUTING

Building out the

Hyperscale Datacenter

with Custom Built,

Energy Efficient

Solutions

• Open Compute Project

• High-Performance Computing

• Design & Integration Capabilities

SMALL-TO-MEDIUM BUSINESSES

9

Multi-Faceted

Corporate, Commercial,

Consumer, Cloud,

Services Value-Added

Distributor

*$12.3B RevenueAdj. Op. Margin: 2.49%

Commercial Desktop,

Peripheral & Component Distributor

$5B Revenue Adj. Op.

Margin: 1.62%

• Growth in Changing Environment

• Investments in Where Markets are Headed

• Solid Base for Next Step-Up

10*Trailing 12 months ended August 31, 2016

Technology SolutionsGrowth and Diversification through Organic Investments and Acquisition

11

Concentrix At-A-Glance

12

More than

Transactions

Handled

Yearly

500,000,000

ConcentrixTransformation from Niche ServiceOfferings to Global High Value Innovator

• Consultative Approach

• Extensive Domain Expertise

• Deep Relationships

Revenue$7M

13

Top Ten BPO CRM Service Provider

*$1.5B RevenueAdj. Op. Margin: 7.35%

Annualized revenue for Concentrix is approximately $1.9 billion, including recent acquisition

of Minacs on August 1, 2016.*Trailing 12 months ended August 31, 2016

CRM BPO Large and Growing Market

$61 $64 $67

$70 $73

$77 $172 $178 $188 $197

$208 $219

$0

$50

$100

$150

$200

$250

2015 2016 2017 2018 2019 2020

Non-CRM CRM

Market Summary

• CRM today a $64B market

• Expected to grow just

3.8% this year

• Growth expected to

pick up going forward

(4.6% CAGR)

• Large players

consolidating the market

through recent M&A

• BPO market at $178B

represents adjacent growth

opportunities

• BPO growing at 4.9%

CAGR

Source: IDC Worldwide and U.S. Business Process

Outsourcing Services Forecast, 2016-2020, April 2016.

14

IDC Worldwide BPO Market

Billions

Service

Optimization

Revenue

Generation

Customer

Experience

DIGITAL CUSTOMER ENGAGEMENT

CUSTOMER CARE AND TECHNICAL SUPPORT

TECHNOLOGY AND ADVANCED ANALYTICS

CONSULTING AND DESIGN THINKING

FRONT OFFICE BACK OFFICE

CustomerPriorities

EnterprisePriorities

• Brand Awareness

• Profit

• Growth

• Stakeholder Value

• Employee

Satisfaction

• Community

Involvement

CUSTOMER LIFECYCLE MANAGEMENT

LOYALTY PROGRAMS AND PRODUCT RENEWALS

CONNECTED CUSTOMER ENABLEMENT

PROCESS OPTIMIZATION AND AUTOMATION

MARKETING OPTIMIZATION

LEAD GENERATION AND MARKETING EXECUTION

End-to-End Customer Engagement SolutionsHolistic approach across front and back office to improve the customer experience and drive higher value for our clients

• Positive

Experience

• Minimal Level

of Effort

• Meets

Expectations

• Personalized

• Value Received

Banking andFinancial Services

Payer ( Member )

Support

Provider Service

Policy

Management

Enrollment

Services

Claims Auditing

& Payments

Healthcare & Pharmaceuticals

Consumer Electronics and

Technology

Priority Industry Verticals and Service Offerings

Collections & Debit Management

Risk Management & Compliance

Credit Card Processing

Payment

Services

Customer Acquisition

Life & Health

Policy

Administration

Policy Issuance

Claims

Adjudication

Payment

Processing

Benefit Payments

Technology Platforms

Analytics

Automotive

Consulting/Transformation

Digital Customer Engagement

16

Insurance

Digital

Production &

Marketing

Channel

Optimization

Loyalty

Management

Customer

Experience

Management

Acquisition &

Upsell Support

Development &

Use of Telematics

To Provide

Improved

Business

Solutions

Enabling Dealer

Channel Data To

Connect With Auto

Manufacturers,

Dealers &

Customers

Technical &

Customer Support

Financials

17

SYNNEX Consolidated Quarterly Performance

Revenue ($Millions) Adjusted Operating Margin(1)

(1) Non-GAAP Measure. See the Appendix to this presentation for Definitions of Non-GAAP

Measures and reconciliation of such measures to GAAP.

$3,333

$3,550

$3,126

$3,379

$3,670

$2,700

$2,900

$3,100

$3,300

$3,500

$3,700

Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

2.91%

3.38%

2.83%2.71%

3.10%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

1818

SYNNEX Consolidated Quarterly Performance



$110

$133

$103$108

$129

$0

$20

$40

$60

$80

$100

$120

$140

Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

$1.47

$1.80

$1.37 $1.37

$1.73

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

19

19

Non-GAAP Diluted EPS(1)Adjusted EBITDA(1)

Technology Solutions Quarterly Performance


$2,977

$3,180

$2,785

$3,048

$3,267

$2,500

$2,600

$2,700

$2,800

$2,900

$3,000

$3,100

$3,200

$3,300

$3,400

Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

2.41%

2.55%

2.45%

2.51%

2.45%

2.30%

2.35%

2.40%

2.45%

2.50%

2.55%

2.60%

Q3-15 Q4-15 Q1-16 Q2-16 Q3-16



20

Concentrix Quarterly Performance


$359$374

$345 $336

$407

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

7.02%

10.38%

5.78%

4.50%

8.24%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

Q3-15 Q4-15 Q1-16 Q2-16 Q3-16



21

SYNNEX Consolidated Performance

Revenue Growth ($M) Adjusted Operating Margin(1)

*LTM is last twelve months ended August 31, 2016.

(1) Non-GAAP Measure. See the Appendix to this presentation for Definitions of

Non-GAAP Measures and reconciliation of such measures to GAAP.

Shifting Mix to Higher Margin, Value-Added Business

Through Targeted Organic Growth and Investments

$10,410 $10,286 $10,845

$13,840 $13,338 $13,725

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2011 2012 2013 2014 2015 *LTM asof

8/31/16

2.53% 2.56%2.37%

2.94%3.14% 3.01%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

2011 2012 2013 2014 2015 *LTM asof

8/31/16

22

Technology Solutions


$10,290 $10,136$10,666

$12,756$11,937 $12,280

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

2011 2012 2013 2014 2015 *LTM asof

8/31/16

2.44% 2.49%2.26%

2.42%2.56% 2.49%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

2011 2012 2013 2014 2015 *LTM asof

8/31/16

Higher Margin Investments Combined with Strong Base

Growth Key Drivers to Revenue and Margin Expansion




23

Concentrix


Growing Faster than Market Reflecting the Strength of our

Value-Added Offerings in Key Growth Vertical Industries

$127 $160 $189

$1,096

$1,417 $1,461

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2011 2012 2013 2014 2015 *LTM asof

8/31/16

10.36%

6.76%

8.28%8.86%

8.00%7.35%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

2011 2012 2013 2014 2015 *LTM asof

8/31/16




24

Adjusted EBITDA Growing at a Faster Rate than Revenues

Adjusted EBITDA(1) ($Millions)

Five Year CAGR 2010-15 of 16.8%

$215

$281 $280 $274

$443 $468 $474

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2010 2011 2012 2013 2014 2015 *LTM as of8/31/16




25

Contribution from Business Segments

Concentrix$1.5B

Revenue* Adjusted Operating Income*(1)


$12.3B Concentrix $107M

TechologySolutions

$306M

*Last twelve months ended August 31, 2016.

(1) Non-GAAP Measure. See the Appendix to this presentation for Definitions of Non-

GAAP Measures and reconciliation such measures to GAAP.

26

(1)Refer to Appendix for calculation.(2)Total liquidity at August 31, 2016 is calculated as the sum of our cash and cash

equivalents, short-term investments and the unused portion of our available borrowing

facilities including any accordion features thereon.(3)Approximate dollar value of shares that may yet be purchased under the Program

Strong Balance Sheet and Cash Flow Generation Creates Financial Flexibility

As of August 31, 2016

Cash, Cash Equivalents, Short-Term Investments $235M

Working Capital Velocity(1) 9X

Total Liquidity(2) $1.4B

TTM Operating Cash Flow $361M

Total Borrowings $806M

Debt to Capitalization(1) 29%

Dividend Yield (Annualized)(1) 0.8%

3-Year $100 million Share Repurchase Program $84M(3)

Announced 25% increase in quarterly cash dividend in 2016

27

SYNNEX:Focused on theFuture

28

Deeper Penetration of

CNX in Priority High

Margin Verticals

Hyve Solutions

Leverage Scale in

TS and CNX to Drive

More Efficiency

Continued

Optimization of

Core Businesses

Continued Mix Shift

to Higher Margin

Technology Platforms

and Services

Adjacent Market Growth –

Hyve Solutions, BPO

beyond Customer Care

Core Organic Growth

beyond Market Growth

in TS and CNX

Focused Verticals

Emerging

Technologies–

Third Platform/IoT/

Services and CNX

Proprietary Platforms

Continued Growth and Margin Expansion

29

Target Revenue Growth Range Target Adjusted Operating Margin

Underlying Financial Goals: Grow EPS Faster than Revenue Growth

ROIC Consistently Higher than WACC

Shareholder Return Superior to our Peers and in Top Tier of Public Companies

0

1

2

3

4

5

6

7

8

9

10

11

12

TechnologySolutions

Concentrix Consolidated

12%

11%

10%

9%

8%

7%

6%

5%

4%

3%

2%

1%

0 0

1

2

3

4

5

6

7

8

9

10

11

12

TechnologySolutions

Concentrix Consolidated

12%

11%

10%

9%

8%

7%

6%

5%

4%

3%

2%

1%

0

+20 to 60 bps

Outlook through FY 2017

30

Investment Highlights

Seasoned Management with In-Depth Industry Experience

Strong Track Record of Revenue Growth, Margin Expansion and Strategic Investments

Superior Total Shareholder Return

Customer-Centric Business Strategy Focused on Growth Markets

Recognized Leadership in Customer Care BPO and Technology Distribution

31

Appendix

32

Use of Non-GAAP Financial Information

To supplement the financial results presented in accordance with GAAP, SYNNEX uses Adjusted operating income, Adjusted operating margin, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), and Non-GAAP diluted earnings per common share (“EPS”), which are non-GAAP financial measures that exclude the amortization of intangible assets, restructuring costs, acquisition and integration expenses and the related tax effects thereon. These non-GAAP measures provide investors with an additional tool to evaluate operating results. Because these non-GAAP measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

SYNNEX management uses the non-GAAP financial measures internally to understand, manage and evaluate the business, to establish operational goals, and in some cases for measuring performance for compensation purposes. SYNNEX management believes it is useful for the company and investors to review, as applicable, both GAAP information, and the non-GAAP measures in order to assess the performance of SYNNEX’ continuing businesses and for planning and forecasting in future periods. These non-GAAP measures are intended to provide investors with an understanding of SYNNEX’ operational results and trends that more readily enable investors to analyze SYNNEX' base financial and operating performance and to facilitate period-to-period comparisons and analysis of operational trends. The management of SYNNEX believes the non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A reconciliation of SYNNEX’ non-GAAP financial information to GAAP is set forth in the supplemental information table at the end of this presentation.

33

Definition of Non-GAAP Financial Measures

Non-GAAP financial measures included in this presentation are:

• Adjusted operating income, which is operating income as adjusted to exclude acquisition and

integration expenses, restructuring costs and the amortization of intangible assets.

• Adjusted operating margin, which is Adjusted operating income as defined above divided by

Revenue (at the consolidated level) and Segment Revenue at the segment level.

• Adjusted EBITDA, which is Adjusted operating income as defined above after excluding

depreciation.

• Non-GAAP diluted EPS, which is diluted EPS excluding the per share, tax effected impact of (i)

acquisition and integration expenses, (ii) restructuring costs, and (iii) amortization of intangible

assets.

34

Reconciliation of GAAP to Non-GAAP Financial Measures(Amounts in Thousands)

LTM

2010 2011 2012 2013 2014 2015 as of August 31, 2016

Consolidated (In Thousands)

Revenue 8,614,141$ 10,409,840$ 10,285,507$ 10,845,164$ 13,839,590$ 13,338,397$ 13,724,552$

Operating Income 199,150$ 256,228$ 255,012$ 240,828$ 308,507$ 354,552$ 353,919$

Acquisition and other integration expenses - - - 8,394 43,036 10,109 5,966

Restructuring Charges 4,255

Amortization of intangibles 5,096 7,584 8,289 7,953 55,161 54,756 49,494

Adjusted operating income 204,246$ 263,812$ 263,301$ 257,175$ 406,704$ 419,417$ 413,634$

Depreciation expense 11,189 17,089 16,341 16,509 36,538 48,754 59,998

Adjusted EBITDA 215,435$ 280,901$ 279,642$ 273,684$ 443,242$ 468,171$ 473,632$

Operating margin 2.31% 2.46% 2.48% 2.22% 2.23% 2.66% 2.58%

Adjusted operating margin 2.37% 2.53% 2.56% 2.37% 2.94% 3.14% 3.01%


Revenue 10,289,877$ 10,135,795$ 10,666,215$ 12,755,514$ 11,936,660$ 12,279,788$

External Revenue 10,289,025$ 10,135,120$ 10,665,886$ 12,755,264$ 11,936,282$ 12,279,512$

Operating income 246,610$ 248,924$ 237,290$ 305,499$ 302,950$ 303,334$

Amortization of intangibles 4,038 3,882 3,912 3,538 2,630 2,639

Adjusted operating income 250,648$ 252,806$ 241,202$ 309,037$ 305,580$ 305,973$

Depreciation expense 12,615 10,835 10,798 10,816 12,475 13,753

Adjusted EBITDA 263,263$ 263,641$ 252,000$ 319,853$ 318,055$ 319,726$

GAAP operating margin 2.40% 2.46% 2.22% 2.40% 2.54% 2.47%

Adjusted operating margin 2.44% 2.49% 2.26% 2.42% 2.56% 2.49%

Concentrix

Revenue 127,026$ 159,522$ 189,463$ 1,096,214$ 1,416,670$ 1,460,971$

External Revenue 120,815$ 150,387$ 179,278$ 1,084,326$ 1,402,115$ 1,445,040$

Operating income 9,618$ 6,376$ 3,249$ 2,455$ 51,127$ 50,263$

Acquisition and other integration expenses - - 8,394 43,036 10,109 5,966

Restructuring Charges 4,255

Amortization of intangibles 3,546 4,407 4,041 51,623 52,126 46,855

Adjusted operating income 13,164$ 10,783$ 15,684$ 97,114$ 113,362$ 107,339$

Depreciation expense 4,474 5,506 6,073 26,198 36,755 46,567

Adjusted EBITDA 17,638$ 16,289$ 21,757$ 123,312$ 150,117$ 153,906$

GAAP operating margin 7.57% 4.00% 1.71% 0.22% 3.61% 3.44%

Adjusted operating margin 10.36% 6.76% 8.28% 8.86% 8.00% 7.35%

Fiscal year ended November 30,

35

Reconciliation of GAAP to Non-GAAP Quarterly Performance(Amounts in Thousands)

Q3 15 Q4 15 Q1 16 Q2 16 Q3 16

Consolidated (In Thousands)

Revenue 3,332,537$ 3,549,617$ 3,125,622$ 3,379,499$ 3,669,814$

Operating Income 81,279$ 104,965$ 75,626$ 75,306$ 98,022$

Acquisition and other integration expenses 2,039 2,038 1,002 568 2,358

Restructuring Charges - - 3,997 258

Amortization of intangibles 13,716 12,985 11,704 11,794 13,011

Adjusted operating income 97,034$ 119,988$ 88,332$ 91,665$ 113,649$

Depreciation expense 13,025 13,449 14,474 16,700 15,375

Adjusted EBITDA 110,059$ 133,437$ 102,806$ 108,365$ 129,024$

Operating margin 2.44% 2.96% 2.42% 2.23% 2.67%

Adjusted operating margin 2.91% 3.38% 2.83% 2.71% 3.10%


Revenue 2,976,996$ 3,179,819$ 2,784,907$ 3,047,708$ 3,267,354$

External Revenue 2,976,901$ 3,179,750$ 2,784,837$ 3,047,638$ 3,267,287$

Operating income 71,032$ 80,438$ 67,671$ 75,815$ 79,410$

Amortization of intangibles 651 652 651 662 674



Adjusted EBITDA 74,827$ 84,397$ 71,635$ 80,052$ 83,642$

GAAP operating margin 2.39% 2.53% 2.43% 2.49% 2.43%


Concentrix

Revenue 359,464$ 373,639$ 344,692$ 335,925$ 406,715$

External Revenue 355,636$ 369,867$ 340,785$ 331,861$ 402,527$

Operating income 10,129$ 24,408$ 7,861$ (570)$ 18,564$

Acquisition and other integration expenses 2,039 2,038 1,002 568 2,358

Restructuring Charges - - - 3,997 258

Amortization of intangibles 13,065 12,333 11,053 11,132 12,337



Adjusted EBITDA 35,234$ 49,040$ 31,171$ 28,312$ 45,383$

GAAP operating margin 2.82% 6.53% 2.28% -0.17% 4.56%


36

Reconciliation of GAAP to Non-GAAP Diluted EPS(Amounts in Dollars)

Q3 15 Q4 15 Q1 16 Q2 16 Q3 16

Diluted EPS 1.21$ 1.56$ 1.17$ 1.11$ 1.47$

Acquisition and other integration expenses 0.05 0.05 0.03 0.01 0.06

Restructuring charges - - - 0.10 0.01

Amortization of intangibles 0.34 0.33 0.30 0.30 0.33

Effect of taxes (0.14) (0.14) (0.13) (0.15) (0.14)

Non-GAAP Diluted EPS 1.47$ 1.80$ 1.37$ 1.37$ 1.73$

Note: The sum of the components of Non-GAAP Diluted EPS may not agree to totals, as presented, due to rounding.

37

Calculation of Financial Metrics

as of August 31, 2016

Working Capital Velocity

Revenue (last twelve months) (c) 13,724,552$

Average working capital

Accounts receivable (5-quarters average) 1,597,710$

Inventories (5-quarters average) 1,375,187

Accounts payable (5-quarters average) (1,371,037)

Average working capital (d) 1,601,860$

Working Capital Velocity (c) / (d) 9X

Debt to Capitalization

Total borrowings, excluding book overdraft (e) 806,025$

Total equity (f) 1,926,783

Debt to capitalization (e) / ((e) + (f)) 29%

Dividend Yield (Annualized)

Per share dividend declared in the last twelve months (g) 0.800$

Stock price (h) 106.17

Dividend yield (annualized) (g) / (h) 0.8%

The following table (in thousands) presents the calculation for working capital velocity, debt to capitalization and dividend

yield (Annualized).

38

Documents

A Technology Solutions and Business Services Company•Growth expected to pick up going forward (4.6% CAGR) •Large players consolidating the market through recent M&A •BPO market