Savoir Announces Plans to be Acquired by Avnet, Inc.

Business Editors/High-Tech Writers

CAMPBELL, Calif.--(BUSINESS WIRE)--March 2, 2000

Scott Munro, Chairman and CEO of Savoir Technology Group, Inc. (Nasdaq:SVTG), the leading IBM mid-range distributor in the America's, today announced that Savoir has agreed to be acquired by Avnet, Inc. based in Phoenix, Arizona.

The transaction, which will be accounted for as a purchase, has an indicated market value of approximately $140 million including the assumption of net debt. Based upon the closing price for Avnet's common stock on March 1, 2000, the Savoir shareholders would receive .11996 shares of Avnet common stock for each share of Savoir stock they own, subject to adjustment based upon the average price of Avnet's stock during a fifteen-day period prior to closing.

The acquisition has been approved by the Boards of Directors of both companies and is subject to approval by the shareholders of Savoir and regulatory reviews. The transaction is expected to close in approximately three months.

"The Board of Directors and management team feel this is a tremendous opportunity to join one of the most successful companies in our industry. Avnet will add real financial capabilities to our ability to grow the business," said Munro.

Joe Mertens, President and COO of Savoir added, "Savoir's IBM business will definitely enhance Avnet's already solid IBM performance. Additionally, Savoir's other business units compliment Avnet's structure exceptionally well. This is particularly true in our Wireless Technology, Storage and Intel based server units."

Roy Vallee, Chairman and CEO of Avnet, Inc. said, "Avnet continues to make strategic acquisitions around the globe that enhance the value that we provide to our customers and suppliers, while enhancing shareholder value. We are very pleased to be acquiring Savoir, whose market position will augment our own to create the largest mid-range value-added distributor in the world, further strengthening our leading position as a technology marketer and service provider."

Once the transaction is finalized, Savoir will be merged primarily into Avnet's Computer Marketing Group (CMG), with a segment of the business to be merged into the Avnet Applied Computing operating group. Savoir's main products include IBM AS/400, RS/6000, S/390 and Netfinity servers.

"Adding Savoir to our team gives us significant opportunities to impact our business strategically and increase CMG's sales globally to over $2.5 billion. This acquisition will make us the number one IBM mid-range value-added distributor in North America and around the world," said Andy Bryant, president of Avnet's Computer Marketing Group. "Avnet and Savoir, as industry leaders, provide key value-added services, including solutions integration, professional services, technical and configuration support, financing, logistics, marketing and a host of e-business initiatives. The combined companies' resources as well as the expected synergies are exciting to consider."

Added Bryant, "Savoir has won IBM's Distributor Leadership Award five consecutive times. This speaks to the quality organization they have developed. This merger will truly establish Avnet as the leader in IBM mid-range computer distribution."

Alliant Partners and Tucker Anthony Cleary Gull acted as financial advisors to Savoir and Merrill Lynch served as financial advisor to Avnet during the acquisition process.

About Savoir Technology Group Inc.

Savoir Technology Group, Inc. is a leading provider of midrange servers, software, storage, services and other high technology products to a large network of Resellers, Solution Providers and OEMs.

The company is organized around five business units: IBM, where it is the largest distributor of IBM midrange system products in the United States, Canada and Mexico; Storage products; Wireless products from suppliers such as Aironet and Telxon; Custom contract manufacturing and Intel based systems. Savoir Technology Group is considered an industry leader in providing key value-added services to its customer base including lease options, technical and configuration support, marketing, and a host of e-business initiatives aimed at helping resellers grow their businesses.

Savoir Technology Group, Inc. formerly operated its IBM distribution business under the subsidiary named Business Partner Solutions, Inc. Corporate offices are in Campbell, California, and Operating Headquarters are located in San Antonio, Texas.

Savoir Technology Group, Inc. is traded publicly on NASDAQ under the symbol SVTG. For more information, visit the Savoir Technology Group web site at www.svtg.com.

About Avnet Inc.

Avnet, Inc. is one of the world's largest distributors of semiconductors, interconnect, passive and electromechanical components and computer products from leading manufacturers. Serving customers in 60 countries, Avnet markets, inventories and adds value to these products and provides world-class supply-chain management and engineering design services. A Fortune 300 company, Avnet's sales for fiscal year 1999 (year ended July 2, 1999) were $6.35 billion, with a pro forma of over $10 billion, including acquisitions closed during fiscal year 2000. The Company's web site is located at www.avnet.com.

Savoir Technology Group and the Savoir Technology Group logo are trademarks of Savoir Technology Group, Inc. All other company and/or product names are respective property of their prospective holders and should be treated as such.

When included in this news release, the words "expects," "intends, "anticipates," "plans," "projects" and "estimates," and analogous or similar expressions, are intended to identify forward-looking statements. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. These forward-looking statements speak only as of the date of this news release. The company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any changes in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.