SYNNEX held an analyst day presentation to discuss the company's business model and strategic focus. The presentation highlighted that SYNNEX has achieved 86 consecutive profitable quarters and is the #1 distributor for several major brands. It also emphasized SYNNEX's goal of optimizing its core business through cost efficiencies, expanding into adjacent high-growth markets, and differentiating itself through supply chain and business process services. Questions from analysts were then invited.

1. SYNNEX (NYSE: SNX)
Analyst Day Presentation
January 27, 2009

2. Thomas Alsborg
Chief Financial Officer
WELCOME
2

3. Safe Harbor
This presentation contains forward-looking statements that involve risks and uncertainties. These
forward looking statements include, but are not limited to, statements regarding expectations of our
revenues, net income and earnings per share for the first quarter of fiscal 2009 and beyond, our
continued execution, expansion of our business lines and improvements in efficiency and productivity,
and our goal to provide expected profitability and returns, are subject to risks and uncertainties that
could cause actual results to differ materially from those discussed in the forward-looking statements.
These risks and uncertainties include, but are not limited to: general economic conditions and any
weakness in IT spending; our ability to differentiate our business and sustain competitive advantages,
our ability to successfully execute on strategic focus goals in the future, market acceptance and product
life of the products we assemble and distribute; the loss or consolidation of one or more of our
significant OEM suppliers or customers; competitive conditions in our industry and their impact on our
margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share;
variations in supplier-sponsored programs; changes in our costs and operating expenses; changes in
foreign currency exchange rates; risks associated with our international operations; uncertainties and
variability in demand by our reseller and contract assembly customers; supply shortages or delays; any
termination or reduction in ours our customers’ floor plan financing arrangements; credit exposure to
our reseller customers, and negative trends in their businesses; any future incidents of theft; risks
associated with our contract assembly business.
For a discussion of the factors that could cause actual results to differ, please refer to our most recent
form 10-K under the section listed as “Risk Factors”. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking statements after the date of this presentation.
3

4. Did you know …
SYNNEX has achieved 86 consecutive
profitable quarters
4

5. Did you know …
SYNNEX is #1 with HP for Channel Sales
Out for last 2 years
5

6. Did you know …
SYNNEX is the #1 Intel distributor in
North America over the last three years
6

7. Did you know …
SYNNEX has a comprehensive Public
Sector program and is the only distributor
with a GSA schedule and warehouse in
Chantilly, Virginia
7

8. Did you know …
SYNNEX has built 5 of the top 100
supercomputers in the world
8

9. Meet the SYNNEX Executive Management Team
Kevin Murai Peter Larocque Jim Estill Dennis Polk Chris Caldwell Thomas Alsborg
President and President, U.S. CEO, SYNNEX Chief Operating Senior Vice Chief Financial
Chief Executive Distribution Canada Officer President, Global Officer
Officer Business Solutions
9

10. Schedule of Today’s Event
9:30 a.m. Introductions - Thomas Alsborg, CFO
9:45 a.m. Kevin Murai, President & CEO
Peter Larocque, President, U.S. Distribution
Jim Estill, CEO, SYNNEX Canada
Dennis Polk, COO
11:30 p.m. Break for Lunch
12:30 p.m. Chris Caldwell, SVP, SYNNEX Global Business Solutions
Thomas Alsborg, CFO
Q&A Session – Executive Management
Closing Remarks – Kevin Murai
2:00 - 3:00 p.m. Reception
10

11. Kevin Murai
President and Chief Executive Officer
SYNNEX CORPORATION
11

12. SYNNEX – Overview
We offer OEMs and VARs an integrated
Leading Business Process Services Company
suite of Business Process Services
Channel Solutions for the Technology Industry comprising: IT distribution, supply chain
management, contract assembly and
Value-Add Supply Chain Solutions
business process outsourcing.
– Core IT distribution solutions
– Supply chain management/contract assembly solutions Demand generation,
tech/customer support
– Business process outsourcing solutions
Fortune 500 Company
28 Years of Operating History
Core IT
distribution
Over 6,500 Employees Worldwide
services
Seasoned Executive Management Team
FY 2008 Revenues of $7.7 Billion
Supply chain management
Established Long-Standing Industry services / Contract
assembly services
Relationships
12

13. SYNNEX Business Model
- Providing Channel Solutions for the Technology Industry
100 + IT OEMs
Supply Chain Tech Support
Management
Demand Generation End Users
Design
Services Consumers
15,000 +
SMB
Resellers /
Distribution Corporate
Retailers /
Gov’t
DMRs
Contract
Assembly
We are expanding our services beyond Technology Distribution
One-stop shop for CE and IT resellers
Efficient go-to-market engine for manufacturers
Supply-Chain Management reduces manufacturers inventory and improves time-to-market
Design and Assembly Services
Technical Support pre- and post-sales
Demand Generation enables manufacturers’ go-to-market strategies
13

14. SYNNEX Business Model
- Financial Impact
SYNNEX Margin Trends Over Time SYNNEX ROIC Trends
6.00%
Prior Year Current Year
12.0%
10.6%
5.00%
10.0%
Q408
8.9%
8.9%
Operating Margin
8.3%
8.1%
2.28% 7.9% 7.8%
8.0% 7.5% 7.4% 7.3% 7.3% 7.2% 7.3%
6.9% 6.9%
4.00% 6.6%
Q405
6.0%
Operating Margin
1.53%
4.0%
3.00%
2.0%
2.00%
0.0%
Q405
Q106
Q206
Q306
Q406
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Gross Profit % Sales SG&A % Sales SG&A % Sales Excluding Charges
2007 2008
Latest Quarter
TTM Operating Latest Quarter Annual
Operating
Margin(1) ROIC(1)
ROIC
Margin
10.6% 8.5%
2.28% 1.95%
IM
IM 1.12% 8.2%
0.86% TECD
TECD 5.8%
Note:
1) TTM and annual numbers for IM and TECD are based on the prior three quarters of actual results for each companies respective fiscal year plus analyst estimates for the final
quarter for each companies respective fiscal year.
14

15. SYNNEX Business Model
- Financial Impact
Revenue Growth Billions EPS Growth in Dollars
9,000 3.00
2.63
7,768
8,000
7,004 2.50
7,000 6,344 2.04
5,641
6,000 2.00
1.69
5,000
1.38
1.50
4,000
1.00
3,000
2,000
0.50
1,000
-
-
2005 2006 2007 2008
2005 2006 2007 2008
Annual Growth Annual Growth
2008E (1) 2008E (1)
10.9% 28.9%
-0.87% -17.5%
IM
IM
4.78% -18.2%
TECD
TECD
Note:
1) Annualized numbers for IM and TECD are based on the prior three quarters of actual results for each companies respective fiscal year plus analyst estimates for the final
quarter for each companies respective fiscal year.
15

16. Macro Economic Environment
- SYNNEX Has Gained Share In Challenging Economies
Market Reality – Challenging Economic Environment
SYNNEX Continues To Perform Well
Increased Market Share
–
– Superior Execution
Margin Expansion
–
Driven By – Diversification of the
Earnings Growth
–
Business Model
ROIC Growth
–
And We Continue To See Opportunities – We Have A Small Slice Of A Very
Large Pie.
– North American IT spend, excluding services forecast of approximately $300 billion in 2009
North American Tier Two Market Share forecast of approximately $60 billion in 2009
– North American CE spend estimated forecast of $178 billion in 2009
– Global BPO and IT Services estimated forecast of $424 billion 2009
Note: Source: IDC, CEA and Company Reports,. (January 2009, July 2008)
16

17. Market Perception vs. Reality
Market Misnomers
“You need a global footprint”
“You need to be the largest in the space”
TTM Annual EPS Revenue
Op Margin (1) ROIC (1) Growth (1) Growth (1)
FWD P/E
5.3 2.0% 8.5% 28.9% 10.9%
9.6 1.1% 8.2% -17.5% -0.9%
IM
8.6 0.9% 5.8% -18.2% 4.8%
TECD
Note:
(1) Annualized numbers for IM and TECD are based on the prior three quarters of actual results for each companies respective fiscal year plus analyst
estimates for the final quarter for each companies respective fiscal year.
17

18. The SYNNEX Difference
- The Way We Manage Our Business
Highly Efficient Differentiated
Superior Execution
Low-Cost Model Business Model
Streamlined, low-cost
Focus on Service and IT Distribution
infrastructure providing
relationships
economies of scale Logistics Services
IT Systems and
Processes IT Systems Assembly/
Manufacturing
High Caliber People With
A “Can-Do-Attitude”
Business Process
No Distractions – Clear Services (BPO)
Focus on Moving Our
business forward
18

19. SYNNEX – Our Strategic Focus
Our Strategy Will Drive Growth, Margin and ROIC
Optimize Core High-Growth Differentiation
Business Adjacent Markets Through Services
Continued focus on Growth Beyond Logistics Services
Cost Efficiencies Consumer Data Mining
Working Capital Electronics into Professional
management Lifestyle Products Services
Line Card expansion Data Capture and SYNNEX Global
Enhanced Go-to- POS Business Solutions
Market capabilities Enterprise (TSD)
Managed Services
(VAR Communities,
Key Verticals Focus)
19

20. Questions ?

21. Peter Larocque
President, U.S. Distribution
SYNNEX U.S.
21

22. Overview
U.S. Business is $6.2 Billion
US Distribution
Exceptional Gross Margin growth 19%
Execution Excellence
Diverse business
81%
Seasoned Management Team
What makes us different
81% of the business
Strategic focus in 2009 Growing business
Growing margins
Take away thoughts
Growing ROIC
22

23. What Makes Us Different
Business Model
– Segmented customer base
– Focused line card
– Multi site warehouse
– Full service supply chain offering
– Solutions distribution
Execution
– Systems and processes
– Exceptional people
– Flat organization
– Integration of companies
Low Cost Provider
– Insourcing
– IT – Pricing model, sales P&L, processes
Vendor - Customer Relationships
– #1 customer relationship as noted in the most recent CRN
Sourcing Guide
– #1 on 7 out of top 10 vendors (In market share)
– Data mining, incremental customer development
23

24. What Makes Us Different
- Business Model - Segmentation
Business Segments
50+ Segments
Retail
Trusted Advisor To The Customer
Vendor Engagement To The Customer Supplies System Builder
Unique Coverage - PRINTSolv Commercial
SMB/Corp/Gov’t
Outsourcing
TSD
Logistics
Most Recent CRN Sourcing Guide:
SYNNEX Voted #1 in Customer Over Supply
Reconditioned
Relationships by our customers.
24

25. What Makes Us Different
- Business Model – Solutions Distribution
25

26. What Makes Us Different
- Execution
Business Model
– Segmented customer base, Value-Velocity, Trusted Advisor
– Focused line card
– Multi-Warehouse
– Full service supply chain offering
– Solutions distribution
Execution
– Exceptional people with a “can do attitude”
– Flat organization
– Integration of companies
– Great solutions and services
Low Cost Provider
– Insourcing
– IT – Pricing model
Vendor - Customer Relationships
– #1 customer relationship as noted in the most recent CRN Sourcing Guide
– #1 on 7 out of top 10 vendors (In market share)
– Data mining, incremental customer development
26

27. What Makes Us Different
- Low Cost Provider
Business Model
– Segmented customer base, Value-Velocity, Trusted Advisor
– Focused line card
– Multi-Warehouse
– Full service supply chain offering
– Solutions distribution
Execution
– Exceptional people
– Flat organization
– Integration of companies
Low Cost Provider
– Insourcing
– IT – Pricing model, Sales P&L, processes
Vendor - Customer Relationships
– #1 customer relationship as noted in the most recent CRN Sourcing Guide
– #1 on 7 out of top 10 vendors (In market share)
– Data mining, incremental customer development
27

28. What Makes Us Different
- VendorCustomer Relationships
Business Model
– Segmented customer base, Value-Velocity, Trusted Advisor
– Focused line card
– Multi-Warehouse
– Full Service supply chain offering
– Solutions distribution
Execution
– Exceptional people
– Flat organization
– Integration of companies
Low Cost Provider
– Insourcing
– IT – Pricing model
Vendor - Customer Relationships
– #1 customer relationship as noted in the most recent CRN Sourcing Guide
– #1 on 7 out of top 10 vendors (In market share)
– Data mining, incremental customer development
28

29. What Makes Us Different
- VendorCustomer Relationships - Data Mining, Incremental
Unique End User Count by Major Industry Vertical Market Penetration (examples)
SYNNEX D&B
End User Total
Count US Base
Vertical Market Penetration
BUSINESS SERVICES
COLLEGES, UNIVERSITIES,
ENGINEERING, ACCOUNTING, … PROFESSIONAL SCHOOLS, &
JR. COLLEGES 8,188 28,645 29%
HEALTH SERVICES
ELEMENTARY AND
EDUCATIONAL SERVICES
SECONDARY SCHOOLS
40,961 171,767 24%
WHOLESALE TRADE - DURABLE GOODS HOSPITALS 5,916 28,984 20%
ELECTRONIC COMPONENTS
REAL ESTATE
AND ACCESSORIES 2,604 13,464 19%
FINANCE, TAXATION,
CONSTRUCTION - SPECIAL TRADE …
AND MONETARY POLICY 1,605 8,462 19%
MEMBERSHIP ORGANIZATIONS EXECUTIVE OFFICES 7,478 40,253 19%
LABORATORY, ANALYTICAL,
LEGAL SERVICES
OPTICAL & MEASURING
MISCELLANEOUS RETAIL INSTRUMENTS 2,814 15,272 18%
ADMINISTRATION OF
WHOLESALE TRADE - NONDURABLE … PUBLIC HEALTH PROGRAMS 1,788 9,749 18%
DRUGS 1,641 9,398 17%
0 20,000 40,000 60,000 80,000100,000 ELECTRIC SERVICES 2,115 12,892 16%
COMPUTER AND
OFFICE EQUIPMENT 1,608 9,833 16%
90%+ of end users under 1000 employees (SMB)
29

30. Strategic Focus - How We Will Outperform
- Operational Excellence
Operational Excellence
Consumer Electronics - NAE
TSD
– Services
– HP Servers & Storage
– ICG
– PRINTSolv
Vertical Markets
– Government
– Healthcare
– Many more
Oversupply - Reconditioned
SMB Reseller Communities / Varnex
New Vendors
30

31. Strategic Focus - How We Will Outperform
- Consumer Electronics (New Age Electronics)
Operational Excellence
Consumer Electronics – NAE
TSD
– Services
– HP servers & storage
– ICG
– PRINTSolv
Vertical Markets
– Government
– Healthcare
– Many more
Oversupply - Reconditioned
SMB Reseller Communities / Varnex
New Vendors
31

32. Strategic Focus - How We Will Outperform
- Consumer Electronics (New Age Electronics)
Integration Successful
P&L Discipline Drives Results
Mass
System Drove Better Behavior Regional
Photo
Retail
Merchandise
Vendor’s – Customers Satisfied
Adjacent Business Grow is Faster
OPSS Commercial Clubs
Sales & Product Management Changes
Grow Share Broadcast
Military Rental
– Existing customers Channels
– New vendors
– New customers
– Cross sell – Legacy distribution
Food & Drug DRC E-Commerce
– New markets
Competition Fragmented
32

33. Strategic Focus - How We Will Outperform
- Technology Solutions Division Services
Why?
Operational Excellence
– Scale, stickiness, defense, offense, annuity-refresh
Consumer Electronics - NAE
Capabilities:
Technology Solutions Division (TSD)
– Assessment
Services
– – Print
– PRINTSolv – Server
– HP servers & storage – Storage
– ICG – Remote monitoring
– Onsite deployment
Vertical Markets
– Recycle
– Government – Asset management
– Healthcare
– Many more Tools
Oversupply - Reconditioned – Remote monitoring
– Asset management
SMB Reseller Communities / Varnex – Assessment writing
Agnostic Opinion
New Vendors
Dedicated Team
33

34. Strategic Focus - How We Will Outperform
- TSD PRINTSolv
Operational Excellence The Print Market Is $9 Billion
Consumer Electronics- NAE Managed Print Is Growing At 25%
Technology Solutions Division (TSD)
What Is PRINTSolv
– Services
PRINTSolv
–
Results:
– HP servers & storage
– ICG – 80 million pages and growing
Vertical Markets Field Reps Call On End Users - Behalf Of VARs
– Government
– Healthcare ½ Business In Annuity
– Many more
Products Sold As A Contract
Oversupply - Reconditioned
SMB Reseller Communities / Varnex
New Vendors
34

35. Strategic Focus - How We Will Outperform
- TSD HP Servers & Storage
Operational Excellence Huge Target Market Of Other Manufacturers
Consumer Electronics - NAE Complete Suite Of Authorizations
Technology Solutions Division (TSD) HP Is A Winner
– Services
Dedicated Team
– PRINTSolv
HP Servers & Storage
– – Technically savvy sales team both inside and field
– ICG
Strong Growth Potential
Vertical Markets
Strong Value Proposition
– Government
– Healthcare
– Many others
Oversupply - Reconditioned
SMB Reseller Communities / Varnex
New Vendors
35

36. Strategic Focus - How We Will Outperform
- Vertical Markets - Government
Operational Excellence Grow The Market
Consumer Electronics - NAE Dedicated Team
TSD
Chantilly Location – TAA Compliant Stock
– Services
– PRINTSolv
GSA Schedule – Example Of Success
– H.P. servers & storage
– ICG
Vertical Markets
– Government
– Healthcare
– Many more
Oversupply - Reconditioned
SMB Reseller Communities / Varnex
New Vendors
36

37. Take-Away Thoughts
We Have Exceptional People
We Execute
We Run A Tight Ship
We Have Significant Upside On The Value Business – We Hit Our TSD Metrics
We Are Excited With Our New Businesses
37

38. Jim Estill
Chief Executive Officer, SYNNEX Canada, LTD
North America Auto I.D., North America Supplies
SYNNEX Canada
38

39. Overview
SYNNEX Canada Business is $1.4B in 2008 Canada Distribution
■
Canadian Distribution Market is about $5.5B
■ 19%
Canadian and U.S. Markets Align But Have
■
Several Key Differentiators
– Vendors tend to sell to major retail through
Distribution 81%
– National VARs (Corporate VARs) are a
significant segment
SYNNEX Canada ranked #2 in Revenues;
■
More Than Doubling Revenues since FY 2003
19% of the business
Outside of National VAR, SYNNEX share is
■
Growing business
disproportionately high
Growing margins
We have significant share in both IT and
■
Growing ROIC
Consumer Electronics

40. SYNNEX Canada
Business Model
– Segmented sales force and web based communities creates
value through expertise
– More warehouses increase service and lower freight costs; sales
presence across Canada (Vancouver to Halifax)
Execution
– Process and systems
– Exceptional people
– Flat organization
– Integration of companies
Low Cost Provider
– In sourcing
– IT – Pricing model, processes
Vendor - Customer Relationships
– Broad line card coverage for IT business and consumer
electronics
– #1 in market share with 8 of our top 10 vendors
40

41. SYNNEX Canada
- Business Model - Segmentation
Strong Market Share Position In All
Reseller/Retailer Segments Outside
Of National VAR/DMR:
– Major retail (IT, CE) #1
– Smb var #1/#2
– Office product dealers #1
– System builders #1/#2
– Apple authorized resellers #1/#2
Segmented Sales Divisions and
– Independent retailers #1/#2 Web Based Marketing
“Communities” Add Value through
– Point of sales/auto ID market #1
Expertise
41

42. SYNNEX Canada
– Business Model – Geographic Warehouse and Sales Coverage
Decentralized Warehouse Strategy
Means Better Service, Lower Cost
4 Regional Warehouses
– Guelph, Vancouver, Calgary, Halifax
– Increased redundancy
Master Warehouse in Guelph
– Low overhead
– Better service Halifax, NS
Calgary, AB
Winnipeg, MB
Value-add Configuration Center
– Guelph Montreal, QC
8 Sales Locations
Warehouse Coverage Provides Next-day
Ottawa, ON
Ground Delivery To Over 95% Of The
Vancouver, BC
Population Toronto, ON
Guelph, ON
Master Warehouse Sales Locations
Regional Warehouses Sales Branches
Configuration Centers

43. SYNNEX Canada
Business Model
– Segmented sales force and web based communities creates
value through expertise
– More warehouses increase service and lower freight costs; sales
presence across Canada (Vancouver to Halifax)
Execution
– Process and systems
– Exceptional people
– Flat organization
– Integration of companies
Low Cost Provider
– In sourcing
– IT – Pricing model, processes
Vendor - Customer Relationships
– Broad line card coverage for IT business and consumer
electronics
– #1 in market share with 8 of our top 10 vendors
43

44. SYNNEX Canada
Business Model
– Segmented sales force and web based communities creates
value through expertise
– More warehouses increase service and lower freight costs; sales
presence across Canada (Vancouver to Halifax)
Execution
– Process and systems
– Exceptional people
– Flat organization
– Integration of companies
Low Cost Provider
– In sourcing
– IT – Pricing model, processes
Vendor - Customer Relationships
– Broad line card coverage for IT business and consumer
electronics
– #1 in market share with 8 of our top 10 vendors
44

45. SYNNEX Canada
– Vendor – Customer Relationships
Business Model
– Segmented sales force and web based communities creates
value through expertise
– More warehouses increase service and lower freight costs; sales Imaging
presence across Canada (Vancouver to Halifax)
IPG
Execution
– Process and systems
– Exceptional people
– Flat organization
– Integration of companies
Low Cost Provider
– In sourcing
– IT – Pricing model, processes
Vendor - Customer Relationships
– Broad line card coverage for IT business and consumer
SYNNEX Canada is the #1 performing Distributor in Canada
electronics
– #1 in market share with 8 of our top 10 vendors Exclusive Distributor in Canada
45

46. Strategic Focus - How We Will Outperform
- Operational Excellence
Operational Excellence
– Cash to cash cycle focus
– Continue to reduce costs as a percentage of sales while enhancing
our value proposition
– Farm team
– Guelph
Enterprise Solutions to SMB VARs
Fee Based Logistics
New Vendors
Increase Sales to Independent Retailers
Scale our “AVS Model” (RGC)
– We fully represent consumer electronic vendors, high value model
46

47. Strategic Focus - How We Will Outperform
- Enterprise Solutions to SMB / VARs
Enterprise Solutions to SMB VARS
Operational Excellence
– Reduce inventory days without compromising high fill rates
– Printsolv – North American initiative
– Continue to reduce costs as a percentage of sales while
enhancing our value proposition
– HP EVA – North American initiative
Enterprise Solutions to SMB VARs
– VIBE (SMB server virtualization solution) –
Fee Based Logistics
local initiative
New Vendors
Increase Sales to Independent Retailers
Scale our “AVS Model” (RGC)
– We fully represent consumer electronic vendors,
high value model
47

48. Strategic Focus - How We Will Outperform
- Fee Based Logistics
SYNNEX Canada Provides the Logistics
Operational Excellence
Capabilities to the Vendor Communities,
– Reduce inventory days without compromising high fill rates
Establishing Strong Relationships With The
– Continue to reduce costs as a percentage of sales while
Top IT and CE Canadian Retailers:
enhancing our value proposition
– Wal-Mart
Enterprise Solutions to SMB VARs
– Staples
Fee Based Logistics
– Costco
New Vendors – Future Shop/Best Buy
Increase Sales to Independent Retailers
Scale our “AVS Model” (RGC)
– We fully represent consumer electronic vendors,
high value model
48

49. Strategic Focus - How We Will Outperform
- New Vendors
Operational Excellence Selectively Fill Line Card Gaps
– Reduce inventory days without compromising high
fill rates Strong Focus On Emerging Vendors in
– Continue to reduce costs as a percentage of sales Growth Technologies
while enhancing our value proposition
Enterprise Solutions to SMB VARs
Fee Based Logistics
New Vendors
Increase Sales to Independent Retailers
Scale our “AVS Model” (RGC)
– We fully represent consumer electronic vendors,
high value model
49

50. Strategic Focus - How We Will Outperform
- Increase Sales to Independent Retailers
Operational Excellence Increase Sales to Independent Retailers
– Reduce inventory days without compromising high
– Many VARS/System Builders/Apple Resellers also
fill rates
– Continue to reduce costs as a percentage of sales have “store fronts” and etailing
while enhancing our value proposition
– XM Exclusive brings SYNNEX 1,000+ new Car Audio
Enterprise Solutions to SMB VARs
Retailers
Fee Based Logistics
New Vendors
Increase Sales to Independent Retailers
Scale our “AVS Model” (RGC)
– We fully represent consumer electronic vendors,
high value model
50

51. Strategic Focus - How We Will Outperform
- Scale Our AVS Model (RGC)
SYNNEX AVS Represents Vendors For All
Operational Excellence
Sales And Marketing Programs For Major
– Reduce inventory days without compromising high
Retailers
fill rates
– Continue to reduce costs as a percentage of sales
while enhancing our value proposition Current Exclusives Include Sandisk, Cobra,
Sakar, GE Cameras, Case Logic
Enterprise Solutions to SMB VARs
Fee Based Logistics Very Narrow Line Card Ensures Deep Focus
New Vendors
Allocated Resources To Continue Growing
This Business
Increase Sales to Independent Retailers
Scale our “AVS Model” (RGC)
– We fully represent consumer electronic vendors,
high value model
51

52. Take-Away Thoughts
SYNNEX Canada continues to grow faster than our competitors
- Growing market share while also growing gross margins
SYNNEX Canada is second largest but #1 in share with vendor base:
- #1 in market share with 8 of our top 10 vendors
We Are Contributing Solid Profitability For SYNNEX Overall
Focused Execution
Growing ROIC with Cash to Cash cycle focus
52

53. Dennis Polk
Chief Operating Officer
OPERATIONAL OVERVIEW
53

54. Operational Overview Agenda
Operating Model Differentiators
Low Cost Leader
Acquisition Strategy
Asset Management/Financial Operations
Take-Away Thoughts
54

55. Operating Model Differentiators
US & Canada
North American Concentrated Distribution Network
– Reduced complexity/Swift Execution
– Focused product line
IT System
– Company developed for distribution business
– Operational and financial transparency
– “Scalable” and “Changeable”
Offshore Support/Onshore Investment
– In-sourced versus outsourced
– Ten year history/stability/execution
– Cost offshore enable onshore investment
Warehouse Strategy
– Diversified/customer focused
Manufacturing/Product Value Add
– Synergy with distribution business
55

56. Low Cost Distribution Leader
Management Philosophy
SG&A as Percentage of Sales: 2003 - 2008
IT System
Transaction Visibility
6.00%
– P&L’s by:
SKU, order, customer, vendor
5.00%
– All factors of business incorporated Q408
Operating Margin
Direct expense, overhead, capital 2.28%
– Drives P&L responsibility to each department 4.00%
Q405
within the company Operating Margin
1.53%
Daily / real-time visibility 3.00%
Warehouse Set-up/Investment 2.00%
Q405
Q106
Q206
Q306
Q406
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
Insourcing
Gross Profit % Sales SG&A % Sales SG&A % Sales Excluding Charges
56

57. Low Cost Leader
- Insourcing
Overseas Back Offices
Order Entry
– Less than 15% of orders touched in the U.S.
SYNNEX China
Customer Service
– Major customers support – offshore
– 30% of CSR
Tech Support
– 90%+ of all inbound calls
Financial / Operations
– Accounts payable
– Vendor claims
– Credit
SYNNEX Philippines
– Purchasing
– Warehouse monitoring
– Content support
57

58. Low Cost Leader
- More To Be Done
More To Be Done
– Margin Improvement
Freight
– Top Grading
Compensation ROI
– Cash Conversion Cycle
– Operational EfficiencyInsourcing
58

59. Acquisition Strategy
Organic Growth First
Needs From Acquisition Perspective:
– Line improvement
– Customer breadth
– New product segments
– Geographic expansion
– Diversify business
Investment Requirements:
– Strict ROIC/EPS accretion goals
– Ease of integration
– Solid leadership/adaptable to SYNNEX culture
– Synergistic
Current Environment
– Disciplined philosophy on acquisition strategy
59

60. Asset Management/Financial Operations
Cash to Cash Cycle Focus
Credit Management:
– Solid performance in tough environment
– IT system provides high level of visibility
– Portfolio is well diversified
– Reseller’s are primarily long standing/well run companies
– Protect assets through insurance and other means
– Credit availability for growth
Inventory Management:
– Solid performance in tough environment
– IT system provides high level of visibility
– Do business with well capitalized/long-term channel positive vendors
– Limited line card allows for deep understanding of product set/great relationships
60

61. Take-Away Thoughts
High Visibility To All Aspects Of Organization
Low Cost Culture But Willing To Make Investment “Bets”
Culture of “Can Do” And Rapid Response
ROIC Focused
– Cash to Cash Cycle
Company is Built To Execute In Up And Down Economic Environments
– Zero based budget philosophy
The Machine is Running Well
61

62. Chris Caldwell
Senior Vice President, Global Business Solutions
SYNNEX GLOBAL BUSINESS
62

63. Overview
Business Process Outsourcing services specializing in:
– Customer Care
– BPO/KPO
– IT/Internet services
4,500+ employees around the world
“Best-shore” delivery model
Value Proposition:
– Allow businesses to focus on core capabilities
– More efficient on customers non-core processes
– Scalable cost efficient labor pool
– Knowledge management transfer expertise
We target companies that require multiple high value interactions with their customers.
In 2008, we were trusted by our clients to represent them in over 14 million interactions.
63

64. SGB Org Chart
BPO
Investments
Customer Care SAAS Customer Care
BPO/KPO IT/Internet Services BPO/KPO
IT Services Internet Services
64

65. Core Capabilities
Customer Care BPO/KPO IT Services
Technical Support / Customer Service
End to End Transaction Processing
Data Analytics / Marketing Services / Lead Generation / Sales
Web Design / Hosting / SAAS
Process Automation
Application Development
65

66. SGB Supply Circle

67. SGB Major Offices
SGB Major Offices
Over 25 offices worldwide
Over 12 languages supported
Our staff in our facilities 67

68. Cost Model Sample
$1.00 = $1.00
0%
Cost Neutral
ONSHORE
$1.00 = $0.75
ONSHORE HC = 20
OUTSOURCE HC = 100
25%
NEARSHORE HC = 80
Decrease
NEARSHORE
CUSTOMER
$1.00 = $0.60
40%
Decrease
OFFSHORE
68

69. SGB Segment Financials
SGB
Fiscal Year ended November 30, 2008:
Revenue 113,998
Income from operations 13,022
Total assets 165,648
2 YEAR CAGR
Fiscal Year ended November 30, 2007:
Revenue 82,722
Sales 69%
Income from operations 9,059
Income from
Total assets 117,818
Operations 86%
Fiscal Year ended November 30, 2006:
Revenue 39,639
Income from operations 3,760
Total assets 35,681
69

70. Focus
Increase share of spend from existing customers
– Customers utilizing us for multiple services
Create incremental value in existing client services
– Increased ROI on their spend
Offer branded services
– Brand affinity – unique differentiator
Focus services around the customer lifecycle
– Lower costs / higher value for our clients customers
On boarding new client relationships
Acquire – Support – Retain – Renew
70

71. Recognitions
Client Award 2007 and 2008: “Site of the Year”
PCI Certification
Star Award in Technical Support & 2007 and 2008
Customer Care Client Award
Level III 2009 World’s Best
Service Advisor
Rankings
Top Employer for
Northern Mindanao 2008
“Best in Class B2B
“Best 10 Companies
Teleservices 2008
by Services Offered
2008
71

72. Take-Away Thoughts
Services we offer create value for SYNNEX vendors and customers
Growing profitably both organically and through new customers
Good, diversified income base: top 10 customers represent less
than 50% of business
Trusted advisor and thought leader to our clients
We deliver high value, cohesive global services
72

73. Thomas Alsborg
Chief Financial Officer
FINANCIAL OVERVIEW
73

74. Financial Overview Agenda
Overview Financial Model / Financial Position
Overview Financial Performance Results
- Segment Reporting
Balance Sheet Specifics
- Corporate working capital lines refinancing
Financial Misnomers / Questions
Valuation Considerations
Take-Away Thoughts
74

75. Overview Financial Model / Financial Position
- Flexible Financial Model and Healthy Financial Position
Over 20 years of consecutive quarterly profitability
– Consistent performer in all economic environments
SYNNEX utilizes a well-run, low-cost, flexible financial model
– With a substantial portion of our industry SG&A being variable costs; we can flex in a soft
economy
Strong, healthy balance sheet and liquidity
– Quality of working capital assets is very good
– Cash conversion cycle has gotten shorter
– Good continuous growth in equity
Strong established banking relationships afford continuous access to capital
75

76. DRAFT
Overview Financial Performance Results
– Differentiating Results
SYNNEX Margin Trends Over Time
Revenue Growth Billions 6.00%
9,000
7,768
8,000
7,004 5.00%
Q408
7,000 6,344 Operating Margin
2.28%
5,641
6,000
4.00%
5,000 Q405
Operating Margin
4,000 1.53%
3.00%
3,000
2,000
2.00%
1,000
Q405
Q106
Q206
Q306
Q406
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
-
2005 2006 2007 2008 Gross Profit % Sales SG&A % Sales SG&A % Sales Excluding Charges
SYNNEX ROIC Trends
EPS Growth in Dollars Prior Year Current Year
12.0%
3.00
10.6%
2.63
10.0%
2.50 8.9%
8.9%
8.3%
8.1%
2.04 7.9% 7.8%
8.0% 7.5% 7.4% 7.3% 7.3% 7.2% 7.3%
2.00 6.9% 6.9%
6.6%
1.69
6.0%
1.38
1.50
4.0%
1.00
2.0%
0.50
0.0%
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2005 2006 2007 2008
2007 2008
76

77. Overview Financial Performance Results
- Able to Consistently Generate Positive Operating Cash Flows
2008 2007 2006
Cash flows from operating activities ($K): $ 52,593 $ (152,453) $ (18,939)
149,268
2007 adjustments for reclassification of off balance sheet AR 280,730
Proforma adjusted cash flow from operating activities $ 52,593 $ 128,277 $ 130,329
Less Capital Expenditures(1) (33,521) (22,781) (7,916)
Proforma Free Cash Flow $ 19,072 $ 105,496 $ 122,413
(1) Maintenance capital expenditure is approx $10M.
77

78. Overview Financial Performance Results
- Segment Reporting ($K)
Inter-Segment
Distribution GBS Elimination Consolidated
Fiscal Year ended November 30, 2006:
Revenue…………………………………………………………………………. $ $ 6,316,332 39,639 $ (12,457) $ 6,343,514
Income from operations before non-operating items,
income taxes and minority interest…………………………………………… 92,482 3,760 96,242
Depreciation and amortization expense………………….……………………….. 8,911 870 - 9,781
Total assets……………………………………………………………………… 1,356,999 35,681 (9,946) 1,382,734
Fiscal Year ended November 30, 2007:
Revenue…………………………………………………………………………. $ $ 6,938,926 82,722 $ (17,528) $ 7,004,120
Income from operations before non-operating items,
income taxes and minority interest…………………………………………… 103,088 9,059 - 112,147
Total assets……………………………………………………………………… 1,841,369 117,818 (72,084) 1,887,103
Fiscal Year ended November 30, 2008:
Revenue…………………………………………………………………………. $ $ 7,674,048 113,998 $ (19,816) $ 7,768,230
Income from operations before non-operating items,
income taxes and minority interest…………………………………………… 138,826 13,022 - 151,848
Total assets……………………………………………………………………… 1,951,024 165,648 (83,792) 2,032,880
Financial Synergies: Revenue Generation, Margin Enhancing, Reduced Costs,
Income Diversification, Cash Flow Complementary
78

79. Balance Sheet Specifics
Maintaining Good Liquidity
Good Access to Capital
Ample Cash Availability
Excellent Banking Relationships
79

80. Balance Sheet Specifics
- Maintaining Good Liquidity
Net Current Assets Ratio Remains Healthy
Maintaining Good Liquidity
– Liquid assets trends consistently in range of 1.5
times current liabilities
– We expect liquidity to increase in soft economic
environment, thereby further improving the ratio
– No deterioration in Cash Conversion Cycle
Good Access to Capital
Ample Cash Availability
Excellent Banking Relationships
80

81. Balance Sheet Specifics
- Good Access to Capital, Ample Cash Availability
Good Access to Capital
Maintaining Good Liquidity
– Available corporate credit up to $430M
– “Accordion” feature can increase facilities by
Good Access to Capital $120M additional credit when desired
– $390M in eligible assets today
Ample Cash Availability
Ample Cash Availability
Excellent Banking Relationships
– $150M in available borrowing today
81

82. Balance Sheet Specifics
- Excellent Banking Relationships
Excellent Banking Relationships
Maintaining Good Liquidity
– Recently refinanced working capital lines
– Increased flexibility of terms for business growth
Good Access to Capital
– Non constraining covenants
– Comparable effective interest rates
Ample Cash Availability
Excellent Banking Relationships
82

83. Excellent Banking Relationships
- Corporate Working Capital Line Refinancing, January 2009
AR Securitization Revolving ABL Credit Facility
– 364 day facility – Line matures in February 2011
– $350M credit – $80M credit
– CP + 150 bps – Can increase to $150M
– LIBOR +250 bps or Prime
2 Financial Covenants
2 Financial Covenants
– Fixed Charge Coverage Ratio – same covenant
as revolver – Fixed Charge Coverage Ratio of 1.25 : 1.00
– Net Worth – same covenant as revolver – Minimum Net Worth of $429.3M
Increased Flexibility
Increased Flexibility
– More room for M&A – same terms as revolver
– More room for M&A
– Others
– Others
83

84. Financial Misnomers / Questions
“Over leveraged: Debt to capitalization ratio too hard to manage in weak
economy?”
“Weak economy could cause goodwill charges. Could this cause a covenant
default?”
“How can SYNNEX continue to perform in headwinds of weak economy?”
84

85. Financial Misnomers / Questions
- Capital Structure
SYNNEX Capitalization
Total Debt to Cap Ratio is 44.8% 11/30/2008
– Low 40’s range selected intentionally Securitization (1) $266.4
– Use of debt lowers cost of capital, allows SYNNEX Revolver $110.0
to optimize WACC Converts (4% due 2013) $143.8
Other (2) $31.8
Fixed-term debt to cap ratio is 14.0%
Total Debt $551.9
– Fixed debt has static service requirements
Total Equity $679.8
Remaining debt from working capital
Core IT
Total Capitalization $1,231.7
distribution
lines services
(3)
Fixed Debt to Capitalization 14.0%
– Lines flex with working capital requirements
– Don’t have static service requirements
Working Capital Lines to Capitalization 30.8%
– At yearend lines were 30.8% of total
capitalization Supply chain management
services / Contract
(1) Includes $59M in Canadian off balance sheet AR line.
assembly services
(2) Primarily term debt of subsidiaries.
(3) Includes converts and Other.
85

86. Financial Misnomers / Questions
– Debt Management Shown to be Consistently Managed
Debt to cap ratio consistently managed SYNNEX’ Debt to Cap Ratio
over the years
– Managed in 40 to 45 range since IPO
Working capital lines flex with
economic environment
– Provide ultimate flexibility for seasonal business
– Natural debt “right sizing” as cash to cash cycle
Core IT
is managed distribution
– Slow growth uses less cash, thus less debt to services
service
Increased flexibility Supply chain management
services / Contract
– More room for M&A assembly services
86

87. Financial Misnomers / Questions
- 2008 Working Capital Management Shown to Improve
48
46
44
42
40
38
36
34
32
30
Q108 Q208 Q308 Q408
DSO DIO
SYNNEX’ working capital lines flex with working capital requirements
-Naturally “right size” debt with proper working capital management
87

88. Financial Misnomers / Questions
“Over leveraged: Debt to cap ratio too hard to manage in weak economy?”
“Weak economy could cause goodwill charges. Could this cause a covenant
default?”
“How can SYNNEX continue to perform in headwinds of weak economy?”
88

89. Financial Misnomers / Questions
- Debt Covenants
Pro Forma
Actual
11/30/2008 11/30/2008
Fixed Charge Coverage Ratio
No Write-offs 1.63 1.63
Fixed Charge Coverage Ratio
With Goodwill Charge No Effect
With Goodwill and Intangible Charge No Effect
Required 1.25 1.25
Net Worth 679,935
605,973 (a)
With Goodwill Charge
588,724 (b)
With Goodwill and Intangible Charge
Required 429,287 429,287
(a) Goodwill was $113,438 as of November 30, 2008.
(b) Goodwill and intangibles were $139,894 as of November 30, 2008
89

90. Financial Misnomers / Questions
- Debt Covenants: “What If Scenarios” Intangible Impairment
Pro Forma
Actual
11/30/2008 11/30/2008
Fixed Charge Coverage Ratio
No Write-offs 1.63 1.63
With Goodwill Charge No Effect
With Goodwill and Intangible Charge No Effect
Required 1.25 1.25
Net Worth 679,935
605,973 (a)
With Goodwill Charge
588,724 (b)
With Goodwill and Intangible Charge
Required 429,287 429,287
(a) Goodwill was $113,438 as of November 30, 2008.
(b) Goodwill and intangibles were $139,894 as of November 30, 2008
Key take-away: SYNNEX has no liquidity impact in any impairment scenario.
90

91. SYNNEX Financial Position - Misnomers
“Over leveraged: Debt to cap ratio too hard to manage in weak economy?”
“Weak economy could cause goodwill charges. Could this cause a covenant
default?”
“How can SYNNEX continue to perform in headwinds of weak economy?”
91

92. Financial Misnomers / Questions
- SYNNEX Earnings Model Proves to be Flexible, Sustainable
SYNNEX called a weak economy heading into 2008 and still delivered substantial
EPS and ROIC growth
Flexible cost structure – substantial part of our industry leading SG&A margin
made up of variable costs
Minimal risks
- Income diversification comes through our business model and adjacent market segment penetration, not
geography where risk is greater
- North America is relatively more stable and expected to lead world out of recession
Of course no guarantees, but consider SYNNEX’ past and recent performance
- 86 quarters of consecutive profitability; record performances in 2008
92

93. Valuation Considerations
Solving for the misnomers and questions
Considering the embedded value of Business Process Outsourcing with SYNNEX
Global Business
Back to basics valuation techniques
TTM Annual EPS Revenue
Op Margin (1) ROIC (1) Growth (1) Growth (1)
FWD P/E
5.3 2.0% 8.5% 28.9% 10.9%
9.6 1.1% 8.2% -17.5% -0.9%
IM
8.6 0.9% 5.8% -18.2% 4.8%
TECD
Note:
(1) Annualized numbers for IM and TECD are based on the prior three quarters of actual results for each companies respective fiscal year plus analyst
estimates for the final quarter for each companies respective fiscal year.
93

94. Valuation Considerations
Solving for the misnomers and questions
Considering the embedded value of Business Process Outsourcing with SYNNEX
Global Business
– BPO has an historical P/E ratio that is as much as 2 to 3 times traditional distribution multiples
– BPO has experienced industry growth rates of 18 to 20%
– SYNNEX GSB has grown revenue at a 2-year CAGR of 69% with an operating income CAGR of 86%
– SYNNEX GSB contributing in range of 10% of SYNNEX earnings, and growing
Back to basics valuation techniques
– With balance sheet concerns minimized, valuation ought to be based on growth in income and
returns
– SYNNEX has established a more profitable business model than traditional distribution which has
traditional P/Es of 10 to 14 times earnings
– SYNNEX distribution segment margins well surpass those of the traditional broadline space
– SYNNEX has clearly differentiated its model as more profitable and sustainable
94

95. Key Take-Away Thoughts
Our business is differentiated and as a result, our financial results also stand out
We have a flexible, sustainable earnings model and a strong, healthy balance sheet
Our debt and capital structure is strategic and readily manageable; we have no
concerns about covenants, liquidity, or cash availability
We have performed well in prior weak economies and are we are succeeding
during the current weak economy as well
We believe current and even traditional distribution valuations overlook the
embedded value of the BPO business of SYNNEX’ SGB segment
Given our low risk profile and our superior financial track record, at a fwd P/E of 5
times earnings, SYNNEX represents a significant value to investors
95

96. Thank you for your attention today. We would like
to open the discussion up for your questions.

97. Thank You