## Contents 

1 Financial Highlights 

2 Letter to Shareholders 

6 Questions and Answers 

10 At a Glance Annual Report on Form 10-K Corporate Information 

## Our Company Today 

Pioneer-Standard Electronics, Inc. markets enterprise computer technology solutions from HP, IBM, Oracle and other leading manufacturers. The Company delivers innovative enterprise-level computer products, services and solutions to its network of resellers in the United States and Canada, and sells best-in-class computing infrastructure solutions directly to end-user customers across a diverse set of industries. Headquartered in Cleveland, Ohio, Pioneer-Standard has sales offices throughout the United States and Canada. 

## Forward-Looking Statements 

Portions of this annual report include forward-looking statements, which are based on current expectations. The Company’s actual future performance may differ materially from that anticipated in the forward-looking statements as a result of a variety of risk factors. For a listing of these risk factors, please see Pioneer-Standard’s 2003 Annual Report on Form 10-K. 

