SYY Sysco Investor Day Presentation 2017

INVESTOR DAY | 2017
NEIL RUSSELL
VP, INVESTOR RELATIONS & COMMUNICATIONS
FORWARD LOOKING STATEMENTS
Certain statements made herein that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties,
estimates, and assumptions that may cause actual results to differ materially from current expectations. These statements include, but are not limited to, statements regarding: Sysco’s targeted
financial and operational results for FY18-FY20 and the estimated CAGR during that period for those metrics; the financial assumptions underlying the strategic business plan for FY18-FY20;
Sysco’s marketing strategy focusing on optimizing and growing our local and multi-unit account segments and enriching the customer experience through our consultative sales model, new
technology solutions and enhanced flexibility in our sales and support models; our plans to deliver operational excellence through leveraging our portfolio of businesses, differentiating our product
offerings, transforming our sales model and optimizing our supply chain; our plans to engage the power of our people by empowering our workforce, maintaining an open, diverse and respectful
work environment for all, promoting an accountable, performance-driven culture and focusing on the voice of the customer;
our expectations regarding the benefits of our efforts to optimize our business by fostering an innovation culture, developing a global support model, intensifying a cost-mindset focused on
simplification and value creations and driving agility in all aspects of our business; our expectations concerning the benefits of various marketing, supply chain and business technology initiatives;
and our expectations regarding the benefits of, and the sufficiency of our liquidity for, future acquisitions.
The success of these plans and expectations are subject to the general risks associated with our business, including the risks of interruption of supplies due to lack of long-term contracts, severe
weather, crop conditions, work stoppages, intense competition, technology disruptions, dependence on large regional and national customers, inflation risks, the impact of fuel prices, adverse
publicity, and labor issues. Risks and uncertainties also include risks impacting the economy generally, including the risks that the current general economic conditions will deteriorate, or consumer
confidence in the economy or consumer spending, particularly on food-away-from-home, may decline. Market conditions may not improve. If sales from our locally managed customers do not
grow at the same rate as sales from regional and national customers, our gross margins may decline. Our ability to meet our long-term strategic objectives depends largely on the success of our
various business initiatives, including efforts related to revenue management, expense management, our digital e-commerce strategy and any efforts related to restructuring or the reduction of
administrative costs. There are various risks related to these efforts, including the risk that these efforts may not provide the expected benefits in our anticipated time frame, if at all, and may
prove costlier than expected; the risk that the actual costs of any initiatives may be greater or less than currently expected; and the risk of adverse effects to our business, results of operations
and liquidity if past and future undertakings, and the associated changes to our business, do not prove to be cost effective or do not result in the cost savings and other benefits at the levels that
we anticipate. Our plans related to and the timing of any initiatives are subject to change at any time based on management’s subjective evaluation of our overall business needs. If we are unable
to realize the anticipated benefits from our efforts, we could become cost disadvantaged in the marketplace, and our competitiveness and our profitability could decrease. Capital expenditures
may vary based on changes in business plans and other factors, including risks related to the implementation of various initiatives, the timing and successful completion of acquisitions,
construction schedules and the possibility that other cash requirements could result in delays or cancellations of capital spending. Periods of high inflation, either overall or in certain product
categories, can have a negative impact on us and our customers, as high food costs can reduce consumer spending in the food-away-from-home market, and may negatively impact our sales,
gross profit, operating income and earnings, and periods of deflation can be difficult to manage effectively. Fluctuations in inflation and deflation, as well as fluctuations in the value of foreign
currencies, are beyond our control and subject to broader market forces. Expanding into international markets presents unique challenges and risks, including compliance with local laws,
regulations and customs and the impact of local political and economic conditions, including the impact of Brexit, and such expansion efforts may not be successful. Any business that we acquire,
including the Brakes Group, may not perform as expected, and we may not realize the anticipated benefits of our acquisitions or realizing such benefits may take longer than expected.
Expectations regarding the financial statement impact of any acquisitions may change based on management’s subjective evaluation. For a discussion of additional factors impacting Sysco’s
business, see the company’s Annual Report on Form 10-K for the year ended July 1, 2017, as filed with the SEC, and the company’s subsequent filings with the SEC. Sysco does not undertake to
update its forward-looking statements, except as required by applicable law.
3
AGENDA
• 8:30-8:35am: Neil Russell - VP, Investor Relations & Communications
• 8:35-9:20am: Tom Bené - President & Chief Operating Officer / Incoming CEO
• 9:20-9:40am: Bill Goetz - SVP, Sales & Marketing
• 9:40-10:15am: Greg Bertrand - SVP, U.S. Foodservice Operations

• 10:15-10:25am: Break
• 10:25-10:40am: Paul Moskowitz - EVP, Human Resources
• 10:40-11:10am: Wayne Shurts - EVP, Chief Technology Officer

• 11:10-11:25am: Break / Transition to CX Room
• 11:25-12:55pm: Lunch / Customer Experience Room
• 1:00-1:30pm: Joel Grade - EVP, Chief Financial Officer
• 1:30-1:40pm: Tom Bené - President & Chief Operating Officer / Incoming CEO
• 1:40-2:00pm: Q&A
TOM BENÉ
PRESIDENT & COO / INCOMING CEO
To be our
customers’ most
Our VISION valued and trusted
business partner
OUR CORE VALUES REPRESENT WHO WE ARE,
WHAT WE STAND FOR… & WHAT WE ASPIRE TO BE
Integrity Inclusiveness Excellence Teamwork Responsibility

Committed to doing Creating an open, diverse In everything we do Working as one to help To our customer,
the right thing and respectful environment our customers succeed associates, shareholders
and communities
7
OUR CORPORATE SOCIAL RESPONSIBILITY (CSR) EFFORTS ARE
FOCUSED ON PEOPLE, PRODUCTS & THE PLANET
PRODUCTS
Human & Labor Rights
Animal Welfare
Responsible Sourcing
PEOPLE
Charitable Giving
Diversity & Inclusion
Health & Wellness
PLANET
Sustainable Agriculture
Energy
Waste
8
WE HAVE A STRONG LEADERSHIP TEAM WITH MANY YEARS OF
KNOWLEDGE & OPERATING EXPERIENCE
YEARS OF
YEARS OF SYSCO
INDUSTRY
EXPERIENCE
EXPERIENCE
Brian Beach SVP, Sysco Labs & Customer Experience 7 7
Tom Bene President & Chief Operating Officer / Incoming CEO 4 27
Greg Bertrand SVP, U.S. Foodservice Operations 26 26
Scott Charlton EVP, Supply Chain 4 37
Bill Goetz SVP, Sales & Marketing 6 6
Joel Grade EVP & Chief Financial Officer 21 21
Ajoy Karna SVP, Int’l Foodservice Operations, Europe 5 25
Russell Libby EVP, Administration & Corporate Secretary 10 10
Paul Moskowitz EVP, Human Resources 7 25
Wayne Shurts EVP & Chief Technology Officer 5 31
Scott Sonnemaker SVP, Int’l Foodservice Operations, Americas 22 28
Brian Todd SVP, Merchandising 21 35
9
OUR CUSTOMER-CENTRIC APPROACH LEVERAGES OUR
EXPERTISE ACROSS FUNCTIONS
Enabling our companies to serve our customers flawlessly

Customers
Operating Operate the Execute

companies business flawlessly
Enable the Provide

Business units operating resources
companies & support
Create tools,
processes
Corporate & strategy
functions
10
SYSCO’S BUSINESS &
FY18 – FY20 THREE YEAR PLAN
WE HAVE CONSISTENTLY DELIVERED STRONG RESULTS, WHICH
HAVE TRANSLATED INTO SOLID RETURNS FOR SHAREHOLDERS
FY16 – FY17
FINANCIAL
TO BE OUR CUSTOMERS’ RESULTS1
MOST VALUED AND TRUSTED
BUSINESS PARTNER • Local Cases 2.5%
GROW LEVERAGE
SUPPLY CHAIN
REDUCE
ADMINISTRATIVE
• Gross Profit 4.0%
GROSS PROFIT
• Accelerate local COSTS COSTS
case growth • Adjusted Operating Income 11%
• Improve margins
ACHIEVE FINANCIAL OBJECTIVES • Adjusted EPS 13%

• Adjusted ROIC2 16%
OUR PEOPLE
BUSINESS TECHNOLOGY
• Total Shareholder Return3 21%
1 See Non_GAAP reconciliations at the end of the presentation; 2-year average of adjusted fiscal 2016 and 2017 results; 2 FY17 ROIC; excluding Brakes; 3 2-year annualized average ending June 2017
12
SYSCO HAS A PRESENCE IN A ROUGHLY $375B, LARGE &
FRAGMENTED FOODSERVICE MARKET
While also serving customers in another 81 countries
13
TECHNOMIC’S FOODSERVICE INDUSTRY REAL GROWTH RATES
5-year Real CAGR 2017-2022

Noncommercial 1.1%
Travel & Leisure 2.0%

• We are focused on gaining share
across multiple higher-growth
Retailers 2.9% segments
Restaurants 1.7%
Small Chains & Independents 1.5%

• Accelerate growth and gain
101-500 Chains 1.9%
market share with local
Top 100 Chains 1.8% customers
Total Foodservice 1.7%
Source: Technomic LTF, July 2017; Retailers include Supermarkets, Convenience Stores and Other Retailers; Travel&Leisure includes Recreation, Lodging, Transportation and Caterers; Noncommercial includes
Education, Healthcare, Refreshment Services, Military and Other
14
WE OPERATE THE BUSINESS IN FOUR MAJOR SEGMENTS THAT
COMPRISE THE SYSCO PORTFOLIO OF BUSINESSES
% OF TOTAL
Core market
REVENUE
U.S. U.S. broadline serves as the foundation
Foodservice
Specialty companies enhance our portfolio
Operations of products 68%
International
Foodservice Geographic expansion 19%
Operations
SYGMA Restaurant segment penetration 11%
Lodging segment penetration

OTHER 2%
Technology-focused division
15
THE U.S. MARKET IS THE FOUNDATION OF OUR BUSINESS,
WITH MEANINGFUL GROWTH POTENTIAL
Broad Fresh Fresh Meat,

Assortment Produce Poultry, Seafood
Serves diverse customer base of Deep knowledge
CAPABILITIES
local and contract customers

Specialized solutions
UNIQUE
Efficient model
Operational Flexibility
16
INTERNATIONAL REPRESENTS GROWTH OPPORTUNITIES IN
EXISTING MARKETS & TARGETED GEOGRAPHIC EXPANSION
LATIN
CANADA EUROPE
AMERICA
International Americas International Europe
Estimated
Market Size
~ $25B ~ $100B ~ $250B
• Grow gross profit & • Positioned for longer-term • Platform for future
optimize cost structure in growth in Latin America European expansion
Key Points Canada
• Enter and grow in sizeable • Leverage scale to drive
street segment in Mexico operating efficiencies
17
SYGMA OPERATES IN THE SYSTEMS DISTRIBUTION SPACE &
SPECIALIZES IN SERVING AT-SCALE CHAIN CUSTOMERS
EXAMPLE
CUSTOMERS
2016 U.S. foodservice Systems distributors

market size $45B
$B, excluding alcohol 16%
$279B total
Source: Technomic, Nov 2016, company info & financials
18
GUEST SUPPLY IS THE LEADING GLOBAL MANUFACTURER &
DISTRIBUTOR OF SUPPLIES TO THE LODGING INDUSTRY
• 30,000 hotels in 113 countries
• Leading presence in U.S. market

Global Lodging
$10B Opportunity
• Manufacture personal care amenity 175,000 Hotels
products & textile products
16MM Rooms
• Distribute 30,000+ operating
supplies, furniture, fixtures, and
equipment
19
SYSCO LABS IS OUR INNOVATION TEAM, LEVERAGING AGILE &
DESIGN THINKING TO REIMAGINE THE CUSTOMER EXPERIENCE
Customer-centric Innovation Culture Cross-functional Pace over perfection

Customers in the room and Silicon Valley thinking Cross-functional Rapid design, build out, and
involved throughout design (art of the possible), engagement to drive continuous iteration; with
and build phases big ideas, challenging diverse thinking and willingness to fail smart,
status quo - with clear focus solutioning fail fast
20
FOODSERVICE TRENDS ARE RE-DEFINING CUSTOMER NEEDS
Shifting
Consumer
Expectations
Technology Foodservice Increased

Innovation Operators Costs
Operators who are most prepared to leverage these trends will accelerate
Source: Technomic Industry Trends Report
21
CONSUMERS' EXPECTATIONS REGARDING FOOD SOURCE &
QUALITY ARE SIGNIFICANTLY INCREASING
Healthy
Consumers: Healthy options an Operators: Health and Wellness

67% important factor when choosing 89% will have a great or moderate
a restaurant2 influence on future purchases1
Local
Consumers: Say they are more Operators: Locally sourced food becoming
likely to choose restaurants more important2
68% offering local food2
% of operators adding new locally sourced menu items
96% 88% 85% 75%
42%
1 Technomic clean-sustainable report 2016

2 NRA Forecast 2016
Fine Dining Fast Casual Casual Family QSR
22
YOUNGER GENERATIONS ARE FUELING THE DEMAND FOR
ETHNIC PRODUCTS & CUISINE TYPES
Ethnic Items and Flavors Trend
Demand for Ethnic by Generation
23
TECHNOLOGY IS ALSO PROGRESSIVELY MORE IMPORTANT IN
FOODSERVICE & HELPS OPERATORS COMPETE
50% $5.2B
of restaurant in estimated 2016 Cost efficiencies &
searches are done orders went through labor cost savings are
on mobile devices Food Delivery Apps, pushing technology
a 45% growth1 use by operators
1Cowen and Co Investment
24
BUILDING ON OUR SOLID FOUNDATION, WE ARE EVOLVING TO
FURTHER ACCELERATE VALUE CREATION & GROWTH
Strong Depth
customer of product
relationships offering
Enterprise scale Highly efficient

& scope supply chain
Strong cash flow Best in class

& balance sheet salesforce
Sysco is rooted in a strong
foundation and a history of
profitable growth
25
OUR FOUR STRATEGIC PRIORITIES WILL ACCELERATE OUR
CURRENT GROWTH & POSITION US WELL FOR THE FUTURE
26
ENRICHING THE CUSTOMER EXPERIENCE IS A CRITICAL
COMPONENT OF OUR STRATEGY
ENRICHING THE
CUSTOMER EXPERIENCE
• Leverage robust data / insights

capabilities to change the conversation
• Evolve our consultative sales model to

deliver value-added solutions
• Deliver new technology solutions to

drive enhanced customer loyalty
• Provide enhanced flexibility in our

service and support models
• Develop innovative, fresh, on-trend

products as ONE Sysco
ENRICH
THE CUSTOMER EXPERIENCE 27
DELIVERING OPERATIONAL EXCELLENCE IS KEY TO ACHIEVING
OUR COST & PRODUCTIVITY GOALS
DELIVER OPERATIONAL
EXCELLENCE:
• Improve productivity through

automation and enhanced technology
• Deepen our utilization of continuous

improvement and process tools
• Drive consistency and cost reduction

through leveraging our shared services
approach
• Increase product and service

capabilities through the optimization of
our supply chain network
DELIVER
OPERATIONAL EXCELLENCE 28
THE SYSCO WAY OF OPERATING WILL CREATE A MORE AGILE
ENVIRONMENT THAT WILL ACCELERATE CUSTOMER VALUE
OPTIMIZE THE BUSINESS:

“THE SYSCO WAY”
• Foster an “Innovation Culture” by

quickly testing new ideas with
willingness to fail smart, fail fast
• Develop a global support model to

drive value across our businesses
• Intensify a cost-mindset that focuses

on simplification and value creation
• Drive agility in all aspects of how we

operate to accelerate change in the
business
OPTIMIZE
THE BUSINESS 29
ACTIVATING THE POWER OF OUR PEOPLE WILL UNLOCK
SIGNIFICANT GROWTH
ACTIVATE THE POWER OF

OUR PEOPLE:
• Ensure the “Voice of the Customer” is

at the heart of everything we do
Note: will
develop
• Empower individuals to act in the best
graphics for
these pages…
interest of our customers and Sysco
• Foster an open, diverse, and respectful

environment for all associates
• Sustain a highly engaged, accountable

and performance driven culture
ACTIVATE
THE POWER OF OUR PEOPLE 30
M&A IS A KEY LEVER OF OUR GROWTH STRATEGY
• Grow our share with local

Strategically operators
acquire
• Achieve supply chain synergies
companies in
existing markets • Fill potential gaps in our product
offerings and capabilities
• Develop platforms for further

Thoughtfully growth
expand into new • Leverage local market knowledge
markets and expertise to help grow our
business
We continue to enhance our M&A capabilities
31
FOCUSING ON THESE KEY STRATEGIC PRIORITIES WILL DELIVER
SOLID OPERATING PERFORMANCE OVER THE NEXT THREE YEARS
Cases 3.0% LOCAL: +3.5%
Sales 4.0% -
4.5%
Gross Profit 4%
Operating Income 9% $650M - $700M1
EPS 12%
1 See Non-GAAP reconciliations at the end of the presentation.
32
SYSCO, ONE COMPANY, MANY SOLUTIONS, ENABLING
CUSTOMER SUCCESS
33
BILL GOETZ
SVP, SALES & MARKETING
WE USE INSIGHTS TO INFORM ALL ASPECTS OF OUR SALES
AND MARKETING AGENDA
Insights led to our recent rebranding that tells our

story to the marketplace
Through Insights, we have developed unique and

differentiated value propositions by segment
To further innovate, we are leveraging Sysco Labs to

re-imagine the Customer Experience and our sales model
ENRICH
WE HAVE A MULTI-FACETED APPROACH TO GATHER A DEEPER
UNDERSTANDING OF THE CUSTOMER
of millennials are seeking ethnic-

Consumer Trends 51% inspired dining options
of independents report that they are

currently using POS systems. Half of Develop
Operator Trends 2/3 respondents indicate that they are using strategies &
social media solutions
Consistency in service interaction

across operating companies cited as
Customer Voice #1 the #1 requirement for multi-unit
customers
ENRICH
OUR INSIGHT BASED APPROACH INFORMS OUR STRATEGIES
THROUGHOUT THE ENTIRE CUSTOMER LIFECYCLE
Innovate
through customer-centric approach to new products,
tools + technology, and reimagined customer journeys
Deep
Grow
from deep relationships and the right products +
Customer solutions delivered through multiple channels
Insights
Acquire
new customers with the right value proposition and
strength of our brand
ENRICH
INSIGHTS LED TO OUR RECENT REBRANDING EFFORT TO TELL
OUR STORY TO CUSTOMERS & PROSPECTS…
At the heart of food and service
…we have passion for

our business and for our
customers
ENRICH
GROUNDED IN CUSTOMER RESEARCH, OUR VALUE
PROPOSITIONS DEFINE OUR KEY DIFFERENTIATION POINTS…
Sysco delivers Sysco provides Sysco supports

fresh food and fresh ideas support and solutions the local community
…that help acquire, develop and increase share of wallet with current customers
ENRICH
HEALTHCARE VALUE PROPOSITIONS – END TO END SOLUTIONS
• NetIMPAC: Centralized menu planning

Delivering Fresh
• NetRecipe: 22,000+ recipes
Food and Ideas
• eNutrition: 237,000 products
• Order Guide Management

Providing Support
• KEYS: Foodservice staff training
& Solutions
• Emergency Response Process: Harvey & Irma
Supports our • Board level positions in key industry associations

Communities and
Industry • Holistic local and regional industry educational programs
ENRICH
CUSTOMER NEEDS ARE DRIVING OUR SALES MODEL EVOLUTION
Multi-Unit Local
“Manage compliance” “Partner for growth”

• Fewer points of contact • Omni-channel approach
SERVICES • Tools for managing unit compliance combining MAs and digital tools
• Consolidated invoicing and reporting • Consulting / menu
• Centralized services development
• Flexible deliveries
“Standard, consistent” “Variety, flexibility”

• Standard, limited set of products • Breadth of products
PRODUCTS • Consistency across all units • Local / regional products
• Labor savings
Disciplined, profitable growth Increase share of wallet
ENRICH
OUR MULTI-UNIT SALES MODEL IS FOCUSED ON OPTIMIZING
AND GROWING PRIORITIZED SEGMENTS
Developing Solutions &

Centralized Services
Innovations
Identify Optimal Strategic Partnership

Segments Selling
Grow &
Optimize
ENRICH
WE HAVE IDENTIFIED THE OPTIMAL MULTI-UNIT SEGMENTS
FOR PROFITABLE GROWTH
TECHNOMIC 5-YEAR
CAGR (2017-2022)
Restaurants Fast casual 6%
Healthcare Senior Living 6%
Travel / Leisure Recreation ~2%
Retail Supermarket 5%
ENRICH
WE ARE CENTRALIZING SUPPORT SERVICES FOR OUR
MULTI-UNIT CUSTOMERS…
• Limited time offers • Business transfer

CENTRALIZATION
• Order guide management • Customer location additions
SERVICES
• Pricing/audit inquiries • New customer onboarding
• Financial inquiries
…to create consistency and enhanced customer experience
ENRICH
CUSTOMER NEEDS ARE DRIVING OUR SALES MODEL EVOLUTION
Multi-Unit Local
“Manage compliance” “Partner for growth”

• Fewer points of contact • Omni-channel approach
SERVICES • Tools for managing unit compliance combining MAs and digital tools
• Consolidated invoicing and reporting • Consulting / menu
• Centralized services development
• Flexible deliveries
“Standard, consistent” “Variety, flexibility”

• Standard, limited set of products • Breadth of products
PRODUCTS • Consistency across all units • Local / regional products
• Labor savings
Disciplined, profitable growth Increase share of wallet
ENRICH
WE ARE LEVERAGING SYSCO LABS TO REIMAGINE THE ENTIRE
CUSTOMER JOURNEY FROM START TO FINISH
Discover Onboard Shop Receive Order
• Customer-centric, outside looking in

• Research and data-driven
• Agile, collaborative, cross-functional
• Innovation model leveraging rapid design and iterative approach, prioritizing pace over perfection
• Solutions that reflect customer thinking and desires, simplifying interactions with Sysco
The customer is part of the design, build and re-imagination of a solution
ENRICH
WE ARE TRANSFORMING OUR LOCAL SALES MODEL TO
ACCELERATE GROWTH
CUSTOMER-CENTRIC
APPROACH
Identify targeted opportunities
Omni-channel approach
Product & business expertise
Consistent & market relevant pricing
Enhanced coaching & training
ENRICH
MULTICULTURAL SEGMENTS CONTINUE TO LEAD RESTAURANT
GROWTH
Segment Segment Growth Market Size
Hispanic 3x industry growth $9B

Italian 1.5x industry growth $10B
Asian 3x industry growth $8B
Focusing on high impact ethnic segments to further differentiate our offerings
ENRICH
WE HAVE A PROVEN PLAN TO MEET THE NEEDS OF THE
MULTICULTURAL CUSTOMER
Execute 4 Point Plan

Unique sales model in key geographies
Build culturally relevant brand
Develop a robust supplier base
Engagement in the local Hispanic communities

DOUBLE DIGIT
SALES GROWTH
Following a similar approach to Italian and Asian segments
ENRICH
WE WILL CONTINUE TO GROW OUR BUSINESS BY SUPPORTING
OUR CUSTOMERS’ NEEDS & EXPECTATIONS
ENRICHING THE
CUSTOMER EXPERIENCE
• Leveraging the power of our brand

Differentiated tools
• Improve loyalty through
differentiated solutions and capabilities foster
ease of doing business
• Evolve sales model to meet the and improve customer
changing needs of our customers
loyalty
• Insights and innovations are the
foundation for future growth
ENRICH
GREG BERTRAND
SVP, U.S. FOODSERVICE OPERATIONS
OUR U.S. FOODSERVICE BUSINESS IS A KEY DRIVER OF
SYSCO’S OVERALL PROFITABILITY
Portfolio of U.S. Operations Legend

Broadline
U.S. broadline serves as the

foundation: Delivers a comprehensive
assortment to a wide base of customers
Specialty companies enhance our Hawaii

portfolio of products: Provide our
customers with differentiated fresh meat,
seafood, produce, and specialty items Alaska
Puerto Rico
We have developed the most comprehensive specialty portfolio through acquisitions
over the last 20+ years
ENRICH
FreshPoint

Specialty companies enhance our

seafood, produce, and specialty items
Puerto Rico
ENRICH
Specialty
meat


Puerto Rico
ENRICH
Specialty
meat
SOTF /
European
Imports


Puerto Rico
ENRICH

Broadline
FreshPoint
Specialty
meat
SOTF /
European
Imports

Specialty companies enhance our Hawaii

seafood, produce, and specialty items Alaska
Puerto Rico
ENRICH
WE ARE IMPROVING OUR U.S. FOODSERVICE BUSINESS THROUGH
A NUMBER OF STRATEGIES ACROSS OUR OPERATIONS
Leverage our Differentiate Transform our Optimize our

portfolio our product sales model supply chain
assortment
Our portfolio of We continue to We are enabling We are delivering an

companies provide focus on our our salesforce with improved customer
our customers customer-centric the tools, experience and
with the products strategy through processes, and increased efficiency
and services that the breadth of our support needed to through ongoing
meet their needs assortment meet our operational
customers’ needs enhancements
57
SPECIALTY COMPANIES ENHANCE OUR PRODUCT ASSORTMENT,
CREATE SERVICE FLEXIBILITY, AND PROVIDE DEEPER KNOWLEDGE
Each type of company provides customers with a different value proposition
Broadline Fresh Produce Fresh Meat and Seafood
• Distributes a broad assortment of • Specializes in fresh produce • Specialize in fresh meat,

products seafood, and poultry
• Tomato repack, produce
• Single provider for foodservice processing, broadline splits and • Repack, grinding, aging, cutting,
products and distribution repack processing / manufacturing,
certifications
ENRICH
OUR ONESYSCO PROGRAM IS AN INTEGRATED GO TO MARKET
APPROACH ACROSS OUR BROADLINE & SPECIALTY COMPANIES…
OneSysco leverages broadline & specialty capabilities
Deliver on fresh & local needs of our

customers
Broadline Produce Leverage Broadline & specialty companies

to provide customized service
offerings
Provide our customers with a clear

Meat & interface to our companies through the
Seafood collaborative approach of our
OneSysco program
…and serves as a platform for future growth
ENRICH

assortment

60
CATEGORY MANAGEMENT IS GROUNDED IN DEEP INSIGHTS
FROM THE CUSTOMER, MARKETPLACE AND OUR SUPPLIERS…
Variety means giving more Value means delivering the Innovation means bringing
breadth of assortment & best quality we can in a new products to market to
offering new, on-trend items competitive way meet our customers’
that customers want changing needs
…enabling a national assortment that delivers variety, value, and innovation
ENRICH
WE ARE EVOLVING OUR APPROACH TO BECOME EVEN MORE
CUSTOMER-CENTRIC…
National Regional Local

Consistent national …augmented by …and enhanced with
assortment to meet regional products local items
essential customer needs… and brands…
…while driving additional operational efficiencies in how we source & distribute products
ENRICH
SYSCO BRAND PORTFOLIO DELIVERS SIGNIFICANT OVERALL
VALUE IN QUALITY, VARIETY AND PRICE TO OUR CUSTOMERS
• Deliver a broad assortment of quality products

and recognized brands across multiple
categories
• Improve profitability for our customers through

multiple quality tiers and innovative and
exclusive products
• Enable labor savings for our customers through

value-added product solutions
• Adhere to the highest levels of food safety in

the industry
…including four $1B brands
ENRICH
BRAND REVITALIZATION IS DELIVERING A SIMPLER, MORE
RELEVANT OFFERING AND NEW SALES TOOLS FOR OUR MAS
The Wholesome Farms Story

Wholesome Farms offers products that are honestly
dairy— the first ingredient is always milk, cream, or
egg. Wholesome Farms provides nourishing and
consistent dairy ingredients, straight from the farm.
Example selling tools

• Brand Promise & Positioning
• Point of sale flyers
• Laptop Slammers
• Banners and Posters
• Branded Packaging
• Brand videos
• Food magazine featured articles
• National trade advertising
• National training at general sales meetings
ENRICH
OUR ASSORTMENT IS ENHANCED BY EXCLUSIVE ITEMS THAT HELP
CUSTOMERS DIFFERENTIATE THROUGH INNOVATIVE PRODUCTS
Beyond Meat® • New on-trend items

The Beyond Burger™
that keep menus fresh
and drive customer
traffic
• Products that deliver
labor-saving, versatility
and better-for-you
solutions
September 2017 Cutting Edge Solutions COLEMAN® Organic
magazine Small Bird Chicken
ENRICH

assortment

66
WE ARE TRANSITIONING TO AN INCREASINGLY CONSULTATIVE
SALES APPROACH SUPPORTED BY NEW TOOLS & CAPABILITIES
Capabilities &
Processes & tools Sales support
development
Technology and Training and Resources that

processes that allow development programs are differentiated
sales teams more time to to advance capabilities and bring value
sell and provide in high-value activities to our customers
customers flexible & drive successful
ordering options customer interactions
ENRICH
SYSCO’S INNOVATIVE PROCESSES & TOOLS PROVIDE OUR
SALES TEAM MORE TIME TO SELL & SUPPORT OUR CUSTOMERS
Support our MAs through processes &

Enhancing our eCommerce capabilities
tools that improve their productivity
Provide customers with a choice to order how,

when, and where they want
Data-driven territory planning
Pricing guidance & market

pricing intelligence
• Creating applications to be agile, easy, and intuitive Streamlined payment

• Increasing adoption of eCommerce as a sales channel
technology
ENRICH
SYSCO IS ADVANCING OUR SALES CAPABILITIES TO ENABLE
CONSULTATIVE SELLING FOR OUR LOCAL CUSTOMERS…
Prioritized customer-facing activities
Sample Trainings
• New MA orientation
program
▪ Building capabilities ▪ Learning & Development • MA Accelerator program
programs focused on new capability
development
• Sales leadership training
for skill building (e.g.
coaching and technology)
▪ Highly effective Sales organization
Optimizing use of MA time to provide additional value to our customers
ENRICH
WE ARE PROVIDING MARKETING ASSOCIATES WITH THE
SUPPORT & RESOURCES TO DRIVE SALES GROWTH
Resources Services & Support

• Business reviews and chef’s visits
Culinary • Menu development & savings opportunities
Team
• New product introductions and innovative recipe ideas
• Category specific expertise and guidance

Specialists • Business building activities (e.g., social media presence)
• Product development support & product cuttings
• Menu design resources

Business
Resources • Restaurant technologies
• Marketing collateral for product presentations
MAs act as the liaison between Sysco’s team of experts and customer accounts
ENRICH

assortment

71
WE ARE EVOLVING OUR SUPPLY CHAIN THROUGH NEAR TERM
& LONG TERM STRATEGIES
Centers of excellence drive innovation

& best practices
Continuous Center of Near term strategies

improvement & Excellence &
capability innovation
building
• Safety
• Operational efficiency
Supply Chain • Leveraging assets

Operations
Long term strategies
Field • One Sysco

execution
• Network optimization
Best practices
& tools • Alternative delivery methods
DELIVER
OPERATIONAL EXCELLENCE
WE ARE FOCUSED ON CONTINUING TO INCREASE OPERATIONAL
EFFICIENCY AND PROVIDE MORE DELIVERY FLEXIBILITY
Operations
Customer Benefits
Minimizing errors Reducing miles &
• Reliability in order
& waste by applying fuel through routing fulfillment
LEAN practices best practices
• Consistency in delivery
experience
Driving efficiencies Increasing • Transparency of order

in our facilities transparency status
through optimized through technology • Timely arrival of
slotting and real time data deliveries
…while aggressively managing cost per piece over the next three years
DELIVER
EXECUTING LONG TERM STRATEGIES TO MEET THE CHANGING
NEEDS OF OUR CUSTOMERS…
Leveraging capabilities and scale across our OneSysco

portfolio
Optimizing our network to broaden the product

assortment & create further flexibility
Introducing alternative methods for last mile delivery

to provide customers with additional options
Adopting innovative technologies to increase

efficiency, including investment in Tesla
DELIVER 74
OPERATIONAL EXCELLENCE
U.S. OPERATIONS WILL CONTINUE TO DELIVER STRONG RESULTS
THROUGH A VARIETY OF CUSTOMER-CENTRIC INITIATIVES
DELIVERING STRONG RESULTS
• Leveraging our portfolio to provide our

customers with the products & services
that meet their needs
• Differentiating our product assortment
by increasing the breadth of our
offerings & through innovation
• Transforming our sales model to a
more consultative approach supported
by tools, processes, and resources
• Optimizing our supply chain to improve
the customer experience and increase
efficiency
DELIVER
BREAK
PAUL MOSKOWITZ
EVP, HUMAN RESOURCES
ACTIVATING THE POWER OF OUR PEOPLE WILL ALLOW US TO
DELIVER OUR PLAN
ACTIVATE THE POWER OF

OUR PEOPLE:
• Ensure the “Voice of the Customer” is at

the heart of everything we do
• Empower individuals to act in the best

interest of our customers and Sysco
• Foster an open, diverse, and respectful

environment for all associates
• Sustain a highly engaged, accountable and

performance driven culture
ACTIVATE
EMPOWERED & HIGHLY CAPABLE INDIVIDUALS / TEAMS
Customers
Operating Operate the Execute

Operate the business
business Execute flawlessly
flawlessly
hg
companies
Strong, Significant Deep pipeline

Enable
Enable the
the Provide
Provide experienced culinary, of talent
Business units operating resources leaders specialty, sales
operating resources
companies
companies &
& support
support and marketing
expertise
Create tools,
Create tools,
processes
processes
& strategy
Corporate & strategy
functions
ACTIVATE
DIVERSITY & INCLUSION IS A KEY BUSINESS IMPERATIVE
THAT HELPS US TO REFLECT OUR CUSTOMERS & COMMUNITIES
More than Millennials

half of US will be 50%
restaurants of the US
are owned by workforce
women within 5 years
+45% of restaurant +75% of the global

managers are women workforce within 10 years
Our goal is to hire and retain the best talent from the market
Strategic Talent
Acquisition + Partnerships + Inclusion
Strategies
ACTIVATE
SIGNIFICANT INVESTMENT IN TRAINING OUR SALES
ORGANIZATION HAS RESULTED IN IMPROVED PERFORMANCE
Continued Investment in
Targeted Training
Experienced MAs participate in

Accelerator Training – and showed
significant performance increases
ROBUST & A new MA experiences

STANDARDIZED
ONBOARDING & 30 weeks of supervised 1.7X higher 1.1X higher
Gross Profit $ Case Growth
TRAINING preparation
Growth
Building a support network for our MAs to drive business results and achieve success
ACTIVATE
OUR CULTURE IS FOUNDATIONAL FOR DRIVING ENGAGEMENT
& DELIVERING ON OUR PLAN
Our Strengths Our Focus

• Excellent cultural health • Staying connected with
• Strong customer focus associates
• Significant pride in and loyalty • Real-time, all-the-time
to Sysco feedback
• Operationally disciplined • Agile ways of working
• Growing talent from within • Capturing the best talent in
a candidate-driven
marketplace
Strong Partnerships
Across the Organization
ACTIVATE
BY PROMOTING A PERFORMANCE CULTURE, WE ALIGN
COMPANY & ASSOCIATE RESULTS
Sales Operations Leadership

• Sales and Gross Profit • Cases per Hour • Case Growth
Growth • Accuracy • Gross Profit
KEY
METRICS • Case Growth • Delivery Stops • Operating Profit
• E-commerce • EPS & ROIC / Equity incentives
• Torchbearers • Haul of Fame • Operating Company Wall of

RECOGNITION Fame
• Pacesetters
ACTIVATE
ACTIVATING THE POWER OF OUR PEOPLE WILL ALLOW US TO
ACHIEVE OUR OBJECTIVES
ACHIEVE OUR OBJECTIVES
• Strengthen the capabilities of our

frontline associates and management
team while promoting inclusion
• Continue to engage our associates and

create a more customer-centric
environment
• Maintain alignment of rewards and

recognition with our business
objectives
ACTIVATE
WAYNE SHURTS
EVP & CTO
TECHNOLOGY WILL CONTINUE TO BE A KEY ENABLER OF OUR
STRATEGY
Enrich the Customer Experience
Use Technology to Drive Business Results
Deliver Technology Faster and Better
86
GREAT ECOMMERCE PROGRESS HAS RESULTED FROM
IMPROVEMENTS TO OUR DIGITAL TOOLS…
ECOMMERCE GROWTH
40% of local is done

through eCommerce
2x more than last
year
HOW?
• We delivered major enhancements to our tools

• MySysco: an easy 1 stop shop for all our e-tools
• Search enhancements
• Image and content enhancements
87
…AND HAS RESULTED IN IMPROVED BUSINESS RESULTS
MA /customer Greater share of Supplies On The

conversations are wallet, higher Fly grew 25%
changing sales and last year
improved loyalty
88
WE WILL CONTINUE TO ENHANCE OUR ECOMMERCE TOOLS
Driving improved levels of loyalty:
• Personalization
• Targeted offers
• Reviews and recommendations…
Transforming eCommerce from an ordering site to a shopping site
89
ECOMMERCE AT SYSCO EXTENDS WELL BEYOND ORDER ENTRY
Streamlined Payment Reporting Inventory Management

Technology
90
THE DISCOVER JOURNEY WILL MAKE IT EASY TO FIND AND DO
BUSINESS WITH SYSCO
Discover - Shopping for a food service supplier
91
THE RECEIVE JOURNEY WILL MAKE IT EASIER FOR CUSTOMERS
TO PLAN FOR, RECEIVE AND SETTLE DELIVERIES
Receive - Exactly when and what goods are arriving?
92
OUR TECHNOLOGY OFFERINGS ALSO EXTEND TO INSIDE THE
RESTAURANT
Sysco’s in-restaurant technology solutions
Guest Manager Point of Sale Reservations Reporting
93
TECHNOLOGY IS ENABLING SYSCO TO BETTER LEVERAGE DATA
TO DRIVE IMPROVED RESULTS…
• Revenue management analytics
• Predict customer churn
• Develop product recommendations
• Logistics and network optimization
• Warehouse management
94
…AND IS ALSO HELPING US TO DRIVE OUT COSTS
• Robotic Process Automation
• Standardizing our core financial systems
• Re-platforming mission critical systems to the cloud
95
WE ARE TRANSFORMING OUR TECHNOLOGY TEAM TO AN AGILE
ORGANIZATION
• Failing and learning fast • Customer in the Room • Iterative Development

• Product vs. project centric • Self-sufficient Agile Teams • Respond Rapidly to
Doubled eCommerce Changing Needs
1 0 % + increase in team
adoption growth
eng ag ement
10%+ increase in Doubled eCommerce 55%+ decrease in
team engagement adoption growth time to market
Operating as an agile organization has increased our responsiveness to evolving

customer and business needs
96
TECHNOLOGY IS A KEY ENABLER TO SYSCO’S STRATEGY
WINNING FORMULA
• Enrich the customer experience
• Use technology to drive business

results
• Deliver technology faster and better
97
LUNCH BREAK
WILL RESUME AT
1:00PM EST
JOEL GRADE
EVP & CFO
THE SYSCO WAY OF OPERATING INCLUDES A COST-MINDSET THAT
FOCUSES ON SIMPLIFICATION & VALUE CREATION TO ACHIEVE OUR PLAN
Ongoing focus on cost
Financial overview of three-year plan (FY18-FY20)
105
THE NEXT EVOLUTION OF COST REDUCTIONS IS BASED ON A
HOLISTIC APPROACH
PRIORITIZATION
Understand what the work is, prioritize to
drive business results or manage risk,
rationalize unnecessary activities
OPTIMIZATION
GOVERNANCE
Maximized value in intersection of
Governance, transparency, cost
where and how work gets done
controls, monitoring mechanisms,
(e.g. technology investments)
culture
Optimize
our cost
structure
CENTRALIZATION STANDARDIZATION
Centers of expertise, greater Best practices, tools,
efficiency and consistency, benchmarks, standard role
eliminate redundancy profiles
OPTIMIZE
THE BUSINESS 101
WE WILL REDUCE COSTS THROUGH A VARIETY OF
DIFFERENT LEVERS
Finance Technology Smart Spending

Roadmap
Agile Transformation Optimizing our

Canadian business
OPTIMIZE
THE BUSINESS 102
FINANCE TECHNOLOGY ROADMAP: A PROGRAM FOCUSED ON
DRIVING STANDARDIZATION, EFFICIENCY & EFFECTIVENESS
KEY DRIVERS
Increased standardization of end-to-end global processes
Workflow and digital automation on a modern finance platform
Seamless customer, vendor, and associate experience
OPTIMIZE
THE BUSINESS 103
SMART SPENDING IS FOCUSED ON G&A CATEGORIES, TAKING
A DETAILED LOOK AT SPEND & DRIVING SAVINGS
Unprecedented Development of transaction-level visibility reveals cost drivers and

visibility potential savings opportunities
Combination of traditional P&L owners and new category owners to

Dual ownership
increase accountability for G&A spend across Sysco
Granular Creation of detailed, driver-based budgets at the lowest level

budgeting and a repeatable process to ensure spend aligns with priorities
Performance Institution of process and systems to further develop a culture of cost

management management and ensure Smart Spending savings are captured
OPTIMIZE
THE BUSINESS 104
THE AGILE TRANSFORMATION AT SYSCO
Agile will generate return on investment FY 18 FY 19 FY 20

through shorter development cycles,
waste reduction and delivery of better
solutions as a result of increased
collaboration among business, technology
Launch Scale Transform
and customers
Shorter development cycles Waste reduction Better solutions
OPTIMIZE
THE BUSINESS 105
WE ARE OPTIMIZING THE CANADIAN BUSINESS TO IMPROVE
EFFICIENCIES
Leverage best Right-size Network

practices structure Optimization
OPTIMIZE
THE BUSINESS 106
SHARED SERVICES (SBS) IS OUR STRATEGIC PLATFORM FOR
CENTRALIZATION
Higher service levels and response times
Improved compliance and controls
Operational efficiency
Speed to market
Upside from additional shared services
All designed to enhance the customer experience
OPTIMIZE 107
THE BUSINESS
FINANCIAL OVERVIEW
WE HAVE STRONG MOMENTUM IN THE BUSINESS FOR THE
FIRST NINE QUARTERS OF OUR INITIAL THREE-YEAR PLAN…
THREE-YEAR PLAN ACTUALS AS OF

1
(FY15-FY18) 1Q18
Accelerate local case growth 2 - 3% 2.5%
Achieve gross profit growth1 4% 4%
Limit operating expense growth1 3% 2%

Guiding to the
Operating income growth1 $600 - $650M $469M high end of the
range
2
ROIC1 15% 16%
Working Capital 4 days 4 days

2
1 See Non-GAAP reconciliations at the end of this presentation. FY17 results
109
KEY UNDERLYING OPERATING ASSUMPTIONS: FY18-FY20 PLAN
• Inflation: 1% - 2%
Topline • Total case growth: 3.0%
• Local case growth: 3.5%
Acquisition • Continue to pursue core portfolio acquisitions (0.5% - 1.0% of sales)

Investment • Ongoing assessment of other strategic opportunities
Shares • Reduce diluted shares outstanding

Outstanding • Continue to evaluate opportunistic share repurchases
CAPEX / • Annual CAPEX investment of 1.2% - 1.3% of Sales

Working Capital • Working capital improvement of 2 days
110
OUR THREE-YEAR PLAN DELIVERS TARGETED FINANCIAL
RESULTS
2
FY20
FY17 3yr CAGR
(Approx.)
Sales ($B) $55.4 $63.0 4% - 4.5%
$B $10.6 $11.8 4%
Gross Profit
% 19.1% 18.8%
$B $8.2 $8.8 2.5%
Adj. Expenses1
% 14.8% 14.0%
Adj. Operating $B $2.4 $3.0 9%

Income1 % 4.3% 5.0%
Net Earnings1 ($B) $1.4 $1.8 9%
EPS1 $2.48 $3.40 - $3.50 12%
ROIC1 13% 16%
1: See Non-GAAP reconciliations at the end of this presentation for FY17 results; 2: Estimated results
111
FOCUSING ON THESE KEY STRATEGIC PRIORITIES WILL
ENABLE US TO DELIVER SOLID OPERATING PERFORMANCE
FY 20 IMPACT
Grow gross profit 55-65%

Gross
operating Leverage supply chain
10-15%
income costs
benefit
Reduce administrative
20-25%
costs
Net Operating Income Improvement: $650 - $700M1

1 See Non-GAAP reconciliations at the end of the presentation
112
THE GROWTH OF OPERATING INCOME WILL BE EVENLY PACED
THROUGHOUT FY18-FY20
Adjusted Operating Income1 ($B)
CAGR: 9% $3.0
$2.4
2017 2018 2019 2020
Fiscal ’18 results adjusted for ~ $50M in one-time depreciation

1 See Non-GAAP reconciliations at the end of the presentation
113
WE PLAN TO CONTINUE OUR HISTORICAL STRONG OPERATING
PERFORMANCE
Total Sysco Operating Leverage

1 3yr CAGR
1
6.0%
FY18 – FY20
4.8%
4.0%
4.1%
4.0% 4.5% 3.6%
2.0%
2.0%
1.7%
2.5%
0.0%
FY15 FY16 FY17
GP growth OPEX growth
Maintain a healthy gap between gross profit dollar and operating expenses driving
growth in adjusted operating income
1 See Non-GAAP reconciliations at the end of this presentation. FY17 excludes Brakes
114
1 See Non-GAAP reconciliations at the end of this presentation. FY17 excludes Brakes
WE HAVE A PROVEN TRACK RECORD OF CASH FLOW
GENERATION…
Annual Cash Flow1 ($M)

$2,400
$1,800
$1,200
$600
$-
FY15 FY16 FY17
Net cash provided by operating activities (GAAP) Free Cash Flow (Non-GAAP)
… and we expect to generate improved cash flows with a continued adjusted cash conversion
ratio2 greater than 100% over the next three years
1 See Non-GAAP reconciliations at the end of this presentation.; 2 Adjusted cash conversion ratio defined as adjusted free cash flow divided by adjusted net earnings
115
WE WILL FOLLOW A DISCIPLINED APPROACH
TO CAPITAL ALLOCATION
Approximately 1.2% -
1 Invest in the business 1.3% of sales
Preferred payout ratio

2 Grow the dividend
of 50-60% over time
3 Strategic M&A
Pay Down Debt /

4
Opportunistic Share Repurchase
116
OUR STRONG BALANCE SHEET PROVIDES FLEXIBILITY
Current • Solid investment-grade credit rating

Balance • Substantial flexibility to pursue strategic
Sheet transactions where appropriate
Debt • Moody’s: A3
Ratings • S&P: BBB+
117
WE HAVE SUFFICIENT LEVELS OF DEBT CAPACITY FOR
ACQUISITIONS…
… and will continue to use a balanced approach around capital allocation while
maintaining flexibility for future investments
118
CONTINUING TO FURTHER LEVERAGE STRONG MOMENTUM IN
THE BUSINESS
LEVERAGE STRONG MOMENTUM

IN THE BUSINESS1
• Grow FY20 Operating Income by $650-$700M
• Continue to grow EPS faster than operating

income
• Operating leverage gap of approximately 1.5

points
• Operating income margin of 5%
• Target 16% ROIC by the end of 2020
• Our business is well positioned for future growth

1 See Non-GAAP reconciliations at the end of this presentation.
119
TOM BENÉ
PRESIDENT & COO / INCOMING CEO
OUR FOUR STRATEGIC PRIORITIES WILL ACCELERATE OUR
CURRENT GROWTH & POSITION US WELL FOR THE FUTURE
121
Q&A
NON-GAAP
RECONCILIATIONS
IMPACT OF CERTAIN ITEMS
Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items and Brakes
Sysco’s results of operations for fiscal 2018 are impacted by restructuring costs consisting of (1) expenses associated with our revised business technology strategy
announced in fiscal 2016, as a result of which we incurred costs to convert to a modernized version of our established platform, (2) professional fees related to our
three-year strategic plan, (3) restructuring expenses within our Brakes Group operations, (4) severance charges related to restructuring and (5) business technology
costs. Sysco’s results of operations for fiscal 2017 are impacted by restructuring costs consisting of (1) expenses associated with our revised business technology
strategy, as a result of which we recorded accelerated depreciation on our existing system and incurred costs to convert to a modernized version of our established
platform, (2) professional fees related to our three-year strategic plan, (3) restructuring expenses within our Brakes Group operations, (4) severance charges related
to restructuring, (5) facility closure costs, and (6) business technology transformation costs. Our results of operations are also impacted by the following acquisition-
related items: (1) intangible amortization expense; (2) transaction costs; and (3) integration costs. All acquisition-related costs in fiscal 2018 and fiscal 2017 that
have been excluded relate to the Brakes acquisition. Sysco's results of operations in fiscal 2017 are also impacted by multi-employer pension (MEPP) withdrawal
charges. Fiscal 2016 and fiscal 2015 results of operations, however, include (1) expenses associated with our revised business technology strategy announced in
fiscal 2016, as a result of which we recorded accelerated depreciation on our existing system and incurred costs to convert to a modernized version of our established
platform, (2) professional fees related to our three-year strategic plan, (3) Brakes related acquisition costs, (4) termination costs in connection with the merger that
had been proposed with US Foods, Inc. (US Foods), (5) severance charges related to restructuring, (6) facility closure costs, and (7) financing costs related to the
Brakes acquisition and senior notes that were issued in fiscal 2015 to fund the proposed US Foods merger. These senior notes were redeemed in the first quarter of
fiscal 2016, triggering a redemption loss of $86.5 million, and we incurred interest on these notes through the redemption date. Fiscal 2016 also includes losses on
foreign currency remeasurement and hedging. The Brakes acquisition also resulted in non-recurring tax expense in fiscal 2017, primarily from non-deductible
transaction costs. These fiscal 2018, fiscal 2017, fiscal 2016 and fiscal 2015 items are collectively referred to as "Certain Items.“
Management believes that adjusting its operating expenses, operating income, operating margin as a percentage of sales, interest expense, net earnings and diluted
earnings per share to remove these Certain Items provides an important perspective with respect to our underlying business trends and results and provides
meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company's underlying operations and
facilitates comparisons on a year-over-year basis and (2) removes those items that are difficult to predict and are often unanticipated, and which as a result, are
difficult to include in analysts' financial models and our investors' expectations with any degree of specificity.
124
IMPACT OF CERTAIN ITEMS (CONT’D)

Impact of Certain Items and Brakes (cont’d)
Sysco’s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year ending June 27, 2017 for fiscal 2017, a 53-week year ending July 2,
2016 for fiscal 2016 and a 52-week year ending June 30, 2015 for fiscal 2015. Because the fourth quarter of fiscal 2016 contained an additional week as compared
to fiscal 2017, our Consolidated Results of Operations for fiscal 2017, and any related case growth metrics, are not directly comparable to the prior year.
Management believes that adjusting the fiscal 2016 results for the estimated impact of the additional week provides more comparable financial results on a year-
over-year basis. As a result, the case growth and operating metrics for fiscal 2017 presented in the table below reflect a comparison to fiscal 2016 as adjusted by
one-fourteenth of the total metric for the fourth quarter. Failure to make these adjustments causes the year-over-year changes in these metrics to be understated.
Although Sysco has a history of growth through acquisitions, the Brakes Group is significantly larger than the companies historically acquired by Sysco, with a
proportionately greater impact on Sysco’s consolidated financial statements. Accordingly, Sysco is excluding from its non-GAAP financial measures for the relevant
period solely those acquisition costs specific to the Brakes acquisition. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal
2018, fiscal 2017 and fiscal 2016. Also, given the significance of the Brakes acquisition, management believes that presenting Sysco’s financial measures, excluding
the Brakes Group operating results (including for this purpose Brakes financing costs, which are not included in the Brakes Group GAAP operating results and are
also not Certain Items), enhances comparability of the period over period financial performance of Sysco’s legacy business and allows investors to more effectively
measure Sysco’s progress against the financial goals under Sysco’s three year strategic plan.
Set forth below is a reconciliation of sales, operating expenses, operating income, net earnings and diluted earnings per share to adjusted results for these measures
for the periods presented. Individual components of diluted earnings per share may not add to the total presented due to rounding. Adjusted diluted earnings per
share is calculated using adjusted net earnings divided by diluted shares outstanding.
125
CASE GROWTH

Impact of extra week on selected metrics
Jul. 2, 2016
Jul. 1, 2017 Jul. 2, 2016 (52 Weeks
Jul. 1, 2017 Impact of extra (52 Weeks Basis) (53 Weeks) Impact of Basis) (Non- 2-year
(52 Weeks) (GAAP) week (Non-GAAP) (GAAP) extra week GAAP) Average
Case Growth:
Total U.S. Broadline -1.0% 1.9% 0.9% 5.0% -2.0% 3.0% 2.0%
Local -0.1% 2.5% 2.4% 4.7% -2.0% 2.7% 2.5%
Jul. 2, 2016
Jul. 2, 2016 Impact of extra (13 Weeks Basis)
(14 Weeks) (GAAP) week (Non-GAAP)
Case Growth:
Total Broadline 4.7% -2.3% 2.4%
Local 10.3% -7.9% 2.4%
126
OPERATING LEVERAGE

Total Sysco Operating Leverage (impact of Certain Items, extra week and Brakes)
(In Thousands)
(a)
2-year average gross profit (GAAP) 11.2%
(b)
2-year average gross profit excluding the
impact of Brakes (Non-GAAP) 3.9%
(c)
2-year average operating expenses (GAAP) 8.2%
(d)
2-year average operating expenses adjusted
for certain items and excluding the impact of
Brakes (Non-GAAP) 1.9%
52-Week 53-Week
Period Ended Period Ended Period Change Period
Jul. 1, 2017 Jul. 2, 2016 in Dollars % Change
Gross profit $ 10,557,507 $ 9,040,472 $ 1,517,035 16.8%

Impact of Brakes (1,333,852) - (1,333,852) NM
Less 1 week fourth quarter sales - (178,774) 178,774 NM
Comparable gross profit using a 52 week basis
and excluding the impact of Brakes (Non-GAAP) $ 9,223,655 $ 8,861,698 $ 361,957 4.1%
Operating expenses (GAAP) $ 8,504,336 $ 7,189,972 $ 1,314,364 18.3%

Impact of certain items (298,660) (158,748) (139,912) 88.1%
Operating expenses adjusted for certain items
(Non-GAAP) $ 8,205,676 $ 7,031,224 $ 1,174,452 16.7%
Impact of Brakes (1,190,795) - (1,190,795) NM
Less 1 week fourth quarter operating expenses - (133,899) 133,899 NM
Operating expenses adjusted for certain items,
extra week and excluding the impact of Brakes
(Non-GAAP) $ 7,014,882 $ 6,897,325 $ 117,557 1.7%
127
OPERATING LEVERAGE (CONT’D)

(In Thousands)
53-Week 52-Week
Jul. 2, 2016 Jun. 27, 2015 in Dollars % Change
Gross profit $ 9,040,472 $ 8,551,516 $ 488,956 5.7%

Less 1 week fourth quarter gross profit (178,774) - (178,774) NM
Comparable gross profit using a 52 week basis $ 8,861,698 $ 8,551,516 $ 310,182 3.6%
Operating expenses (GAAP) $ 7,189,972 $ 7,322,154 $ (132,182) -1.8%

Impact of certain items (158,748) (562,468) 403,719 NM
Subtotal-Operating expenses excluding certain
items (Non-GAAP) $ 7,031,224 $ 6,759,686 $ 271,537 4.0%
Less 1 week fourth quarter operating expense (133,899) - (133,899) NM
and extra week (Non-GAAP) $ 6,897,325 $ 6,759,686 $ 137,639 2.0%
52-Week 52-Week
Jun. 27, 2015 Jun. 28, 2014 in Dollars % Change
Gross profit $ 8,551,516 $ 8,181,035 $ 370,481 4.5%
Operating expenses (GAAP) $ 7,322,154 $ 6,593,913 $ 728,241 11.0%

Impact of certain items (562,468) (146,508) (415,959) NM
(Non-GAAP) $ 6,759,687 $ 6,447,405 $ 312,282 4.8%
Adjusted Operating Income Target
We expect to target and maintain an adjusted operating leverage gap of 1.5 basis points through fiscal 2020. We cannot predict
with certainty when we will achieve these results or whether the calculation of our operating leverage in such future periods will
be on an adjusted basis due to the effect of certain items, which would be excluded from such calculation. Due to these
uncertainties, to the extent our future calculation of operating leverage is on an adjusted basis excluding certain items, we
cannot provide a quantitative reconciliation of this non-GAAP measure to the most directly comparable GAAP measure without
unreasonable effort. However, we would expect to calculate adjusted operating leverage, if applicable, in the same manner as
we have calculated this historically and all components of our adjusted operating leverage calculation would be impacted by
Certain Items as shown in the foregoing calculation.
128
OPERATING INCOME GROWTH

Operating Income Growth
(In Thousands)
Year Ended Year Ended Period
Cumulative
24-month
Period Change Period Change Change $ 2-year
July 1, 2017 July 2, 2016 $ July 2, 2016 June 27, 2015 $ results July 1, 2017 July 2, 2016 Average
Sales $ 55,371,139 $ 50,366,919 $ 5,004,220 $ 50,366,919 $ 48,680,752 $ 1,686,167
Impact of Brakes (5,170,787) - (5,170,787) - - -
Sales excluding the impact of Brakes (Non-GAAP) $ 50,200,352 $ 50,366,919 $ (166,567) $ 50,366,919 $ 48,680,752 $ 1,686,167
Gross profit $ 10,557,507 $ 9,040,472 $ 1,517,035 $ 9,040,472 $ 8,551,516 $ 488,956

Impact of Brakes (1,333,852) - (1,333,852) - - -
Gross profit excluding the impact of Brakes (Non-GAAP) $ 9,223,655 $ 9,040,472 $ 183,183 $ 9,040,472 $ 8,551,516 $ 488,956
Gross margin 19.07% 17.95% 1.12% 17.95% 17.57% 0.38%
Impact of Brakes 0.69% 0.00% 0.69% - - -
Gross margin excluding the impact of Brakes (Non-GAAP) 18.37% 17.95% 0.42% 17.95% 17.57% 0.38%
Operating expenses (GAAP) $ 8,504,336 $ 7,189,972 $ 1,314,364 $ 7,189,972 $ 7,322,154 $ (132,182)
MEPP Charge (35,600) - (35,600) - - -
Impact of restructuring costs (1) (161,011) (123,134) (37,877) (123,134) (7,801) (115,333)
Impact of acquisition-related costs (2) (102,049) (35,614) (66,434) (35,614) (554,667) 519,052
Operating expenses adjusted for certain items (Non-GAAP) $ 8,205,676 $ 7,031,224 $ 1,174,452 $ 7,031,224 $ 6,759,686 $ 271,537
Impact of Brakes (1,282,800) - (1,282,800) - - -
Impact of Brakes restructuring costs (3) 13,732 - 13,732 - - -
Impact of Brakes acquisition-related costs (2) 78,273 - 78,273 - - -
Operating expenses adjusted for certain items and excluding the $ 7,014,881 $ 7,031,224 $ (16,343) $ 7,031,224 $ 6,759,686 $ 271,537
impact of Brakes (Non-GAAP)
Operating income (GAAP) $ 2,053,171 $ 1,850,500 $ 202,671 $ 1,850,500 $ 1,229,362 $ 621,138 $ 823,809
MEPP Charge 35,600 - 35,600 - - - 35,600
Impact of restructuring costs (1) 161,011 123,134 37,877 123,134 7,801 115,333 153,210
Impact of acquisition-related costs (2) 102,049 35,614 66,434 35,614 554,667 (519,052) (452,618)
Operating income adjusted for certain items (Non-GAAP) $ 2,351,831 $ 2,009,248 $ 342,583 $ 2,009,248 $ 1,791,830 $ 217,419 $ 560,001
Impact of Brakes (51,053) - (51,053) - - - (51,053)
Impact of Brakes restructuring costs (3) (13,732) - (13,732) - - - (13,732)
Impact of Brakes acquisition-related costs (2) (78,273) - (78,273) - - - (78,273)
Operating income adjusted for certain items and excluding the $ 2,208,773 $ 2,009,248 $ 199,525 $ 2,009,248 $ 1,791,830 $ 217,419 $ 416,943 9.93% 12.13% 11.03%
(1 )
Includes $111 million in accelerated depreciation associated with our revised business technology strategy and $46 million related to professional fees on 3-year financial objectives, restructuring expenses within our Brakes operations, costs to convert to legacy systems in
conjuction with our revised business technology strategy and severance charges related to restructuring. Includes professional fees on 3-year financial objectives, and costs to convert to legacy systems in conjunction with our revised business technology strategy in fiscal 2017
and fiscal 2016
(2 )
Fiscal 2017 includes $76 million related to intangible amortization expense from the Brakes acquisition, which is included in the results of Brakes and $24 million in transaction costs. Fiscal 2016 includes US Foods merger integration and termination costs.
(3 )
Includes Brakes Acquisition restructuring charges.
129
OPERATING INCOME GROWTH (CONT’D)

Operating Income Growth
(In Thousands)
13-Week Period Ended
Cumulative Cumulative
24-month 27-month
Period Change Change $ Change $
September 30, 2017 October 1, 2016 $ results results
Sales $ 14,650,424 $ 13,968,654 $ 681,770
Impact of Brakes (1,463,902) (1,283,524) (180,378)
Sales excluding the impact of Brakes (Non-GAAP) $ 13,186,522 $ 12,685,130 $ 501,392
Gross profit $ 2,793,668 $ 2,691,919 $ 101,749

Impact of Brakes (370,695) (343,051) (27,643)
Gross profit excluding the impact of Brakes (Non-GAAP) $ 2,422,973 $ 2,348,868 $ 74,106
Gross margin 19.07% 19.27% -0.20%
Impact of Brakes 0.69% 0.75% -0.06%
Gross margin excluding the impact of Brakes (Non-GAAP) 18.37% 18.52% -0.14%
Operating expenses (GAAP) $ 2,170,576 $ 2,125,086 $ 45,490
MEPP Charge - - -
Impact of restructuring costs (1) (19,053) (38,285) 19,232
Impact of acquisition-related costs (2) (19,745) (21,710) 1,965
Operating expenses adjusted for certain items (Non-GAAP) $ 2,131,778 $ 2,065,091 $ 66,687
Impact of Brakes (350,010) (322,843) (27,167)
Impact of Brakes restructuring costs (3) - 3,074 (3,074)
Impact of Brakes acquisition-related costs (2) 5,232 19,498 (14,266)
Operating expenses adjusted for certain items and excluding the $ 1,787,000 $ 1,764,821 $ 22,179
Operating income (GAAP) $ 623,092 $ 566,833 $ 56,259 $ 823,809 $ 880,068

MEPP Charge - - - 35,600 35,600
Impact of restructuring costs (1) 19,053 38,285 (19,232) 153,210 133,978
Impact of acquisition-related costs (2) 19,745 21,710 (1,965) (452,618) (454,583)
Operating income adjusted for certain items (Non-GAAP) $ 661,890 $ 626,828 $ 35,062 $ 560,001 $ 595,063
Impact of Brakes (20,685) (20,208) (476) (51,053) (51,529)
Impact of Brakes restructuring costs (3) - (3,074) 3,074 (13,732) (10,657)
Impact of Brakes acquisition-related costs (2) (5,232) (19,498) 14,266 (78,273) (64,007)
Operating income adjusted for certain items and excluding the $ 635,974 $ 584,047 $ 51,927 $ 416,943 $ 468,870
(1 )
Fiscal 2018 includes $19 million related to business technology costs, professional fees on three-year financial objectives, restructuring expenses within our Brakes operations, severance charges related to restructuring and and
costs to convert to legacy systems in conjunction with our revised business technology strategy. Fiscal 2017 includes $28 million in accelerated depreciation associated with our revised business technology strategy and $10 million
related to professional fees on three-year financial objectives, restructuring expenses within our Brakes operations, costs to convert to legacy systems in conjunction with our revised business technology strategy and severance
charges related to restructuring.
(2 )
Fiscal 2018 and 2017 include $15 million and $19 million, respectively, related to intangible amortization expense from the Brakes Acquisition, which is included in the results of Brakes and $5 million and $2 million, respectively, in
integration costs.
(3 )
The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred. The Brakes
Acquisition also resulted in non-recurring tax expense in fiscal 2017, primarily from non-deductible transaction costs.
130
IMPACT OF CERTAIN ITEMS, BRAKES AND EXTRA WEEK IN
FISCAL YEAR 2016
Impact of Certain Items, Brakes and extra week in fiscal year 2016
(In Thousands, Except for Share and Per Share Data)
Year Ended Year Ended

Period Period Period Period
Change %/bps Change %/bps
July 1, 2017 July 2, 2016 in Dollars Change July 2, 2016 June 27, 2015 in Dollars Change
Sales $ 55,371,139 $ 50,366,919 $ 5,004,220 9.9% $ 50,366,919 $ 48,680,752 $ 1,686,167 3.5%
Impact of Brakes (5,170,787) - (5,170,787) NM - - - NM
Less 1 week fourth quarter sales - (974,849) 974,849 NM (974,849) - (974,849) NM
Comparable sales using a 52 week basis and excluding the impact of $ 50,200,352 $ 49,392,070 $ 808,282 1.6% $ 49,392,070 $ 48,680,752 $ 711,318 1.5%
Brakes (Non-GAAP)
Gross profit $ 10,557,507 $ 9,040,472 $ 1,517,035 16.8% $ 9,040,472 $ 8,551,516 $ 488,956 5.7%
Less 1 week fourth quarter sales - (178,774) 178,774 NM (178,774) - (178,774) NM
Comparable gross profit using a 52 week basis and excluding the $ 9,223,655 $ 8,861,698 $ 361,957 4.1% $ 8,861,698 $ 8,551,516 $ 310,182 3.6%
Gross margin 19.07% 17.95% 112 bps 17.95% 17.57% 38 bps

Impact of Brakes 0.69% 0% 69 bps 0% 0% 0 bps
Less 1 week fourth quarter sales 0% 0.01% -1 bps 0.01% 0.00% 1 bps
Comparable gross margin using a 52 week basis and excluding the 18.37% 17.94% 43 bps 17.94% 17.57% 38 bps
Operating expenses (GAAP) $ 8,504,336 $ 7,189,972 $ 1,314,364 18.3% $ 7,189,972 $ 7,322,154 $ (132,182) -1.8%
Impact of MEPP charge (35,600) - (35,600) NM - - - NM
Impact of restructuring costs (1) (161,011) (123,134) (37,877) 30.8% (123,134) (7,801) (115,333) NM
Impact of acquisition-related costs (2) (102,049) (35,614) (66,434) NM (35,614) (554,667) 519,052 -93.6%
Operating expenses adjusted for certain items (Non-GAAP) $ 8,205,676 $ 7,031,224 $ 1,174,452 16.7% $ 7,031,224 $ 6,759,686 $ 271,537 4.0%
Impact of Brakes restructuring costs (3) 13,732 - 13,732 NM - - - NM
Impact of Brakes acquisition-related costs (2) 78,273 - 78,273 NM - - - NM
Less 1 week fourth quarter operating expenses - (133,899) 133,899 NM (133,899) - (133,899) NM
Operating expenses adjusted for certain items, extra week and $ 7,014,881 $ 6,897,325 $ 117,556 1.7% $ 6,897,325 $ 6,759,686 $ 137,639 2.0%
excluding the impact of Brakes (Non-GAAP)
Operating income (GAAP) $ 2,053,171 $ 1,850,500 $ 202,671 11.0% $ 1,850,500 $ 1,229,362 $ 621,138 50.5%
Impact of MEPP charge 35,600 - 35,600 NM - - - NM
Impact of restructuring costs (1) 161,011 123,134 37,877 30.8% 123,134 7,801 115,333 NM
Impact of acquisition-related costs (2) 102,049 35,614 66,434 NM 35,614 554,667 (519,052) -93.6%
Operating income adjusted for certain items (Non-GAAP) $ 2,351,831 $ 2,009,248 $ 342,583 17.1% $ 2,009,248 $ 1,791,830 $ 217,419 12.1%
Impact of Brakes (51,053) - (51,053) NM - - - NM
Impact of Brakes restructuring costs (3) (13,732) - (13,732) NM - - - NM
Impact of Brakes acquisition-related costs (2) (78,273) - (78,273) NM - - - NM
Less 1 week fourth quarter operating income - (44,876) 44,876 NM (44,876) - (44,876) NM
Operating income adjusted for certain items, extra week and $ 2,208,773 $ 1,964,372 $ 244,401 12.4% $ 1,964,372 $ 1,791,829 $ 172,543 9.6%
131
FISCAL YEAR 2016 (CONT’D)

Operating margin (GAAP) 3.71% 3.67% 3 bps 3.67% 2.53% 115 bps
Operating margin excluding Certain Items (Non-GAAP) 4.25% 3.99% 26 bps 3.99% 3.68% 31 bps
Operating margin excluding Certain Items, Extra Week and Brakes
(Non-GAAP) 4.40% 3.98% 42 bps 3.98% 3.68% 30 bps
Interest expense (GAAP) $ 302,878 $ 306,146 $ (3,268) -1.1% $ 306,146 $ 254,807 $ 51,339 20.1%
Impact of acquisition financing costs (4) - (123,990) 123,990 NM (123,990) (138,422) 14,432 -10.4%
Interest expense adjusted for certain items (Non-GAAP) $ 302,878 $ 182,156 $ 120,722 66.3% $ 182,156 $ 116,385 $ 65,771 56.5%
Less 1 week fourth quarter interest expense - (3,975) 3,975 NM (3,975) - (3,975) NM
Interest expense adjusted for certain items and extra week (Non- $ 302,878 $ 178,181 $ 124,697 70.0% $ 178,181 $ 116,385 $ 61,797 53.1%
GAAP)
Other (income) expense $ (15,937) $ 111,347 $ (127,284) NM $ 111,347 $ (33,592) $ 144,939 NM

Impact of foreign currency remeasurement and hedging - (146,950) 146,950 NM (146,950) - (146,950) NM
Other (income) expense adjusted for cetain items (Non-GAAP) (15,937) (35,603) 19,666 -55.2% (35,603) (33,592) (2,011) 6.0%
Less 1 week fourth quarter other (income) expense - 403 (403) NM 403 - 403 NM
Other (income) expense adjusted for certain items and extra week $ (15,937) $ (35,200) $ 19,263 -54.7% $ (35,200) $ (33,592) $ (1,608) 4.8%
(Non-GAAP)
Net earnings (GAAP) $ 1,142,503 $ 949,622 $ 192,881 20.3% $ 949,622 $ 686,773 $ 262,849 38.3%
Impact of MEPP charge 35,600 - 35,600 NM - - - NM
Impact of restructuring cost (1) 161,011 123,134 37,877 30.8% 123,134 7,801 115,333 NM
Impact of acquisition-related costs (2) 102,049 35,614 66,435 NM 35,614 554,667 (519,053) -93.6%
Impact of acquisition financing costs (4) - 123,990 (123,990) NM 123,990 138,422 (14,432) -10.4%
Impact of foreign currency remeasurement and hedging - 146,950 (146,950) NM 146,950 - 146,950 NM
Tax Impact of MEPP charge (11,903) - (11,903) NM - - - NM
Tax impact of restructuring cost (5) (51,184) (47,333) (3,851) 8.1% (47,333) (3,200) (44,133) NM
Tax impact of acquisition-related costs (5) (19,003) (13,690) (5,313) 38.8% (13,690) (227,518) 213,828 -94.0%
Tax impact of acquisition financing costs (5) - (47,662) 47,662 NM (47,662) (56,779) 9,117 -16.1%
Tax impact of foreign currency remeasurement and hedging - (56,488) 56,488 NM (56,488) - (56,488) NM
Net earnings adjusted for certain items (Non-GAAP) $ 1,359,073 $ 1,214,137 $ 144,936 11.9% $ 1,214,137 $ 1,100,166 $ 113,971 10.4%
Impact of Brakes (46,988) - (46,988) NM - - - NM
Impact of Brakes restructuring costs (3) (11,794) - (11,794) NM - - - NM
Impact of Brakes acquisition-related costs (2) (67,221) - (67,221) NM - - - NM
Impact of interest expense on debt issued for the Brakes acquisition (6) 83,633 - 83,633 NM - - - NM
Tax impact of interest expense on debt issued for the Brakes acquisition (5) (33,880) - (33,880) NM - - - NM
Less 1 week fourth quarter net earnings - (26,119) 26,119 NM (26,119) - (26,119) NM
Net earnings adjusted for certain items, extra week and excluding $ 1,282,823 $ 1,188,018 $ 94,805 8.0% $ 1,188,018 $ 1,100,166 $ 87,852 8.0%
the impact of Brakes (Non-GAAP)
132
FISCAL YEAR 2016 (CONT’D)

Diluted earnings per share (GAAP) $ 2.08 $ 1.64 $ 0.44 26.8% $ 1.64 $ 1.15 $ 0.49 42.6%
Impact of MEPP charge 0.06 - 0.06 NM - - - NM
Impact of restructuring costs (1) 0.29 0.21 0.08 38.1% 0.21 - 0.21 NM
Impact of acquisition-related costs (2) 0.19 0.06 0.13 NM 0.06 0.93 (0.87) -93.5%
Impact of acquisition financing costs (4) - 0.21 (0.21) NM 0.21 0.24 (0.03) -12.5%
Impact of foreign currency remeasurement and hedging - 0.25 (0.25) NM 0.25 - 0.25 NM
Tax Impact of MEPP charge (0.02) - (0.02) NM - - - NM
Tax impact of restructuring cost (5) (0.09) (0.08) (0.01) 12.5% (0.08) - (0.08) NM
Tax impact of acquisition-related costs (5) (0.03) (0.02) (0.01) 50.0% (0.02) (0.38) 0.36 -94.7%
Tax impact of acquisition financing costs (5) - (0.08) 0.08 NM (0.08) (0.10) 0.02 -20.0%
Tax impact of foreign currency remeasurement and hedging - (0.10) 0.10 NM (0.10) - (0.10) NM
Diluted EPS adjusted for certain items(Non-GAAP) (7) $ 2.48 $ 2.10 $ 0.38 18.1% $ 2.10 $ 1.84 $ 0.26 14.1%
Impact of Brakes (0.09) - (0.09) NM - - - NM
Impact of Brakes restructuring costs (3) (0.02) - (0.02) NM - - - NM
Impact of Brakes acquisition-related costs (2) (0.12) - (0.12) NM - - - NM
Impact of interest expense on debt issued for the Brakes acquisition (6) 0.15 - 0.15 NM - - - NM
Tax impact of interest expense on debt issued for the Brakes acquisition (5) (0.06) - (0.06) NM - - - NM
Less 1 week impact of fourth quarter diluted earnings per share - (0.05) 0.05 NM (0.05) - (0.05) NM
Diluted EPS adjusted for certain items, extra week and excluding the $ 2.34 $ 2.06 $ 0.28 13.6% $ 2.06 $ 1.84 $ 0.22 12.0%
impact of Brakes (Non-GAAP) (7)
Diluted shares outstanding 548,545,027 577,391,406 577,391,406 596,849,034
2-year average diluted EPS adjusted for certain items, extra week and 12.8%
(1 )
Fiscal 2017 includes $111 million in accelerated depreciation associated with our revised business technology strategy and $46 million related to professional fees on 3-year financial objectives, restructuring expenses
within our Brakes operations, costs to convert to legacy systems in conjuction with our revised business technology strategy and severance charges related to restructuring.
(2 )
Fiscal 2017 includes $76 million related to intangible amortization expense from the Brakes acquisition, which is included in the results of Brakes and $24 million in transaction costs. Fiscal 2016 and fiscal 2015 includes US
Foods merger termination costs.
(3 )
Includes Brakes acquisition restructuring charges.
(4 )
Includes US Foods financing costs (first quarter 2016 and fiscal 2015 only) and Brakes acquisition financing costs (third and fourth quarter fiscal 2016 only).
(5 )
The tax impact of adjustments for certain items are calculated by multiplying the pretax impact of each certain item by the statutory rates in effect for each jurisdiction where the certain item was incurred. The
adjustments also include $7 million in non-deductible transaction costs and $4 million in other one-time costs related to the Brakes acquisition in fiscal 2017.
(6 )
Sysco Corporation issued debt to fund the Acquisition. The interest expense arising from the debt issued is attributed to the incremental impact of Brakes operating results, even though it is not a direct obligation of the
Brakes Group and is not considered a certain item.
(7 )
Individual components of diluted earnings per share may not add to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.
NM represents that the percentage change is not meaningful.
133
ROIC

Adjusted Return on Invested Capital (ROIC)
(In Thousands)
We calculate ROIC as net earnings divided by (i) stockholder’s equity, computed as the average of adjusted stockholders’ equity at the beginning of the year and at the end of each fiscal quarter during the year; and (ii) long-
term debt, computed as the average of the long-term debt at the beginning of the year and at the end of each fiscal quarter during the year. All components of our ROIC calculation are impacted by Certain Items. As a result,
in the non-GAAP reconciliation below for fiscal 2017 and 2016, adjusted total invested capital is computed as the sum of (i) adjusted stockholder’s equity, computed as the average of adjusted stockholders’ equity at the
beginning of the year and at the end of each fiscal quarter during the year; and (ii) adjusted long-term debt, computed as the average of the adjusted long-term debt at the beginning of the year and at the end of each fiscal
quarter during the year. Sysco considers adjusted ROIC to be a measure that provides useful information to management and investors in evaluating the efficiency and effectiveness of the company's long-term capital
investments, and we currently use ROIC as a performance criteria in our managment incentive programs. It is possible that a different definition of ROIC may be used by other companies since it can be defined differently. An
analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the table that follows, Adjusted ROIC for each period presented is to a GAAP based calculation of
ROIC.
52-Week 53-Week
Period Ended Period Ended 2-year
Jul. 1, 2017 Jul. 2, 2016 Average
Form of calculation:
Net earnings (GAAP) $ 1,142,502 $ 949,622
Impact of Certain Items on net earnings 216,570 238,396
Adjusted net earnings (Non-GAAP) 1,359,072 1,188,018
Impact of Brakes 82,021 -
Adjusted net earnings excluding Brakes (Non-GAAP) $ 1,277,052 $ 1,188,018
Invested Capital (GAAP) $ 10,820,302 $ 9,693,589

(1 ) (2 )
Adjustments to invested capital (307,736) (1,267,922)
Adjusted Invested capital (Non-GAAP) 10,512,566 8,425,667
Impact of Brakes 2,621,746 -
Adjusted invested capital excluding Brakes $ 7,890,820 $ 8,425,667
Return on investment capital (GAAP) 10.6% 9.8% 10.2%

Adjusted return on investment capital (Non-GAAP) 12.9% 14.1% 13.5%
Adjusted return on investment capital excluding Brakes (Non-
GAAP) 16.2% 14.1% 15.1%
(1 )
Shareholder's equity adjustments include the impact of Certain Items from earnings and removal of foreign currency translation adjustments that arose in the fiscal year.
(2 )
Adjustments to invested capital includes the removal of debt incurred for the Brakes Acquisition that would not have been borrowed absent this acquisition. Shareholder's equity adjustments include the impact of Certain
Items from earnings and removal of foreign currency translation adjustments that arose in the fiscal year.
Adjusted Return on Invested Capital (ROIC) Target
We have an ROIC target of 16% that we expect to achieve by fiscal 2020. We cannot predict with certainty when we will achieve these results or whether the calculation of our ROIC in such future period will be on an adjusted
basis due to the effect of certain items, which would be excluded from such calculation. Due to these uncertainties, we cannot provide a quantitative reconciliation of this non-GAAP measure to the most directly comparable
GAAP measure without unreasonable effort. However, we would expect to calculate adjusted ROIC, if applicable, in the same manner as we have calculated this historically and all components of our adjusted ROIC calculation
would be impacted by certain items as shown in the foregoing calculation.
134
OPERATING LEVERAGE

(In Thousands)
(a)
27 month average gross profit (GAAP) 10.5%
(b)
27 month average gross profit excluding the
impact of Brakes (Non-GAAP) 3.9%
(c)
27 month average operating expenses (GAAP) 7.2%
(d)
27 month average operating expenses adjusted
for certain items and excluding the impact of
Brakes (Non-GAAP) 2.0%
13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week
Period Ended Period Ended Period Change Period Period Ended Period Ended Period Change Period Period Ended Period Ended Period Change Period
Sep. 30, 2017 Oct. 1, 2016 in Dollars % Change July 1, 2017 July 2, 2016 in Dollars % Change Apr. 1, 2017 Mar. 26, 2016 in Dollars % Change
Gross profit $ 2,793,668 $ 2,691,919 $ 101,749 3.8% (a) $ 2,759,590 $ 2,502,838 $ 256,752 10.3% (a) $ 2,534,135 $ 2,142,825 $ 391,310 18.3% (a)
Impact of Brakes (342,059) (343,051) 992 -0.3% (338,721) - (338,721) NM (298,947) - (298,947) NM
Less 1 week fourth quarter gross profit - - - NM - (178,774) 178,774 NM - - - NM
Comparable gross profit using a 13 week basis and
excluding the impact of Brakes (Non-GAAP) $ 2,451,609 $ 2,348,868 $ 102,741 4.4% (b) $ 2,420,869 $ 2,324,064 $ 96,805 4.2% (b) $ 2,235,188 $ 2,142,825 $ 92,363 4.3% (b)
Operating expenses (GAAP) $ 2,170,576 $ 2,125,086 $ 45,490 2.1% (c) $ 2,201,631 $ 1,956,013 $ 245,618 12.6% (c) $ 2,098,173 $ 1,765,207 $ 332,966 18.9% (c)
Impact of certain items (38,798) (59,995) 21,197 -35.3% (108,870) (81,432) (27,438) 33.7% (64,336) (60,030) (4,306) 7.2%
Impact of Brakes (313,104) (300,270) (12,834) 4.3% (307,501) - (307,501) NM (295,909) - (295,909) NM
Less 1 week fourth quarter operating expense - - - NM - (133,899) 133,899 NM - - - NM
Operating expenses adjusted for certain items and
excluding the impact of Brakes (Non-GAAP) $ 1,818,674 $ 1,764,821 $ 53,853 3.1% (d) $ 1,785,260 $ 1,740,682 $ 44,578 2.6% (d) $ 1,737,928 $ 1,705,177 $ 32,751 1.9% (d)
Dec. 31, 2016 Dec. 26, 2015 in Dollars % Change Oct. 1, 2016 Sep. 26, 2015 in Dollars % Change July 2, 2016 June 27, 2015 in Dollars % Change
Gross profit $ 2,571,863 $ 2,156,814 $ 415,049 19.2% (a) $ 2,691,919 $ 2,237,995 $ 453,924 20.3% (a) $ 2,502,838 $ 2,220,164 $ 282,674 12.7% (a)
Impact of Brakes (353,133) - (353,133) NM (343,051) - (343,051) NM (178,774) - (178,774) NM
Gross profit excluding the impact of Brakes (Non-
GAAP) $ 2,218,730 $ 2,156,814 $ 61,916 2.9% (b) $ 2,348,868 $ 2,237,995 $ 110,873 5.0% (b) $ 2,324,064 $ 2,220,164 $ 103,900 4.7% (b)
Operating expenses (GAAP) $ 2,079,446 $ 1,724,231 $ 355,215 20.6% (c) $ 2,125,086 $ 1,744,521 $ 380,565 21.8% (c) $ 1,956,013 $ 2,099,169 $ (143,156) -6.8% (c)
Impact of certain items (65,460) (4,281) (61,179) NM (59,995) (13,005) (46,990) NM (81,432) (388,250) 306,818 NM
Impact of Brakes (287,114) - (287,114) NM (300,271) - (300,271) NM (133,899) - (133,899) NM
Operating expenses adjusted for certain items and
excluding the impact of Brakes (Non-GAAP) $ 1,726,873 $ 1,719,950 $ 6,923 0.4% (d) $ 1,764,820 $ 1,731,516 $ 33,304 1.9% (d) $ 1,740,682 $ 1,710,919 $ 29,763 1.7% (d)
Mar. 26, 2016 Mar. 28, 2015 in Dollars % Change Dec. 26, 2015 Dec. 27, in Dollars % Change Sep. 26, 2015 Sep. 27, 2014 in Dollars % Change
Gross profit $ 2,142,825 $ 2,057,498 $ 85,327 4.1% (a)(b) $ 2,156,814 $ 2,085,137 $ 71,677 3.4% (a)(b) $ 2,237,995 $ 2,188,717 $ 49,278 2.3% (a)(b)
Operating expenses (GAAP) $ 1,765,207 $ 1,730,190 $ 35,017 2.0% (c) $ 1,724,231 $ 1,769,691 $ (45,460) -2.6% (c) $ 1,744,521 $ 1,723,104 $ 21,417 1.2% (c)
Impact of certain items (60,029) (49,974) (10,055) 20.1% (4,281) (80,809) 76,528 NM (13,005) (43,435) 30,430 NM
(Non-GAAP) $ 1,705,178 $ 1,680,216 $ 24,962 1.5% (d) $ 1,719,950 $ 1,688,882 $ 31,068 1.8% (d) $ 1,731,516 $ 1,679,669 $ 51,847 3.1% (d)
135
FREE CASH FLOW

Free Cash Flow and Adjusted Free Cash Flow
(In Thousands)
Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Adjusted free cash flow adjusts
out the cash impact of our Certain Items representing primarily restructuring and acquisition costs. Sysco considers free cash flow and adjusted free cash flow to be liquidity measures that provide
useful information to management and investors about the amount of cash generated by the business after the purchases and sales of buildings, fleet, equipment and technology, which may
potentially be used to pay for, among other things, strategic uses of cash including dividend payments, share repurchases and acquisitions. Adjusted free cash flow further provides the amount of
cash generated excluding larger payments sometimes incurred with our certain items. However, free cash flow may not be available for discretionary expenditures, as it may be necessary that we use
it to make mandatory debt service or other payments. Free cash flow and adjusted free cash flow should not be used as a substitute in assessing the company’s liquidity for the periods presented. An
analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the table that follows, the free cash flow and adjusted free cash flow for
each period presented are reconciled to net cash provided by operating activities.
52-Week 53-Week 52-Week

Period Ended Period Ended Period Ended
Jul. 1, 2017 Jul. 2, 2016 Jun. 27, 2015
Net cash provided by operating activities (GAAP) $ 2,176,425 $ 1,933,142 $ 1,555,484
Additions to plant and equipment (686,378) (527,346) (542,830)
Proceeds from sales of plant and equipment 23,715 23,511 24,472
Free cash flow (Non-GAAP) $ 1,513,762 $ 1,429,307 $ 1,037,126
Impact of certain items on operting cash flows 108,658 454,980 350,307
Tax impact of certain items in operating cash flows (22,819) (175,201) (119,470)
Adjusted Free cash flow (Non-GAAP) $ 1,599,601 $ 1,709,086 $ 1,267,963
136
ADJUSTED SALES, GROSS PROFIT, OPERATING EXPENSE, OPERATING
INCOME, EARNINGS PER SHARE AND ADJUSTED OPERATING INCOME
TARGETS
Sales, Gross Profit, Operating Expense, Operating Income and Earnings per Share Targets
We expect to achieve our sales, gross profit, operating expense, operating income and earnings per share (EPS) targets under our 3-year strategic plan by fiscal 2020. We cannot predict with certainty
when we will achieve these results or whether the calculation of our sales, gross profit, operating expense, operating income and/or EPS will be on an adjusted basis in future periods to exclude the
effect of certain items. Due to these uncertainties, we cannot provide a quantitative reconciliation of these potentially non-GAAP measures to the most directly comparable GAAP measure without
unreasonable effort. However, we expect to calculate these adjusted results, if applicable, in the same manner as the reconciliations provided for the historical periods that are presented herein.
Adjusted Operating Income Margin Target
We have an adjusted operating income margin target of 5% that we expect to achieve by fiscal 2020. We cannot predict with certainty when we will achieve these results or whether the calculation of
our operating income margin in such future period will be on an adjusted basis due to the effect of certain items, which would be excluded from such calculation. Due to these uncertainties, we cannot
provide a quantitative reconciliation of this non-GAAP measure to the most directly comparable GAAP measure without unreasonable effort. However, we would expect to calculate adjusted operating
income margin, if applicable, in the same manner as we have calculated this historically. All components of our adjusted operating income margin calculation would be impacted by certain items. We
calculate adjusted operating income margin as adjusted operating income divided by sales.
Form of calculation:
Sales (GAAP)
Operating income (GAAP)

Impact of certain items
Operating income adjusted for certain items (Non-GAAP)
Operating margin (GAAP)

Operating margin excluding certain items (Non-GAAP)
137

SYY Sysco Investor Day Presentation 2017

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SYY Sysco Investor Day Presentation 2017

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INVESTOR DAY | 2017

• 9:20-9:40am: Bill Goetz - SVP, Sales & Marketing

• 9:40-10:15am: Greg Bertrand - SVP, U.S. Foodservice Operations

• 10:25-10:40am: Paul Moskowitz - EVP, Human Resources

• 10:40-11:10am: Wayne Shurts - EVP, Chief Technology Officer

• 11:25-12:55pm: Lunch / Customer Experience Room

• 1:00-1:30pm: Joel Grade - EVP, Chief Financial Officer

Integrity Inclusiveness Excellence Teamwork Responsibility

Brian Beach SVP, Sysco Labs & Customer Experience 7 7

Tom Bene President & Chief Operating Officer / Incoming CEO 4 27

Greg Bertrand SVP, U.S. Foodservice Operations 26 26

Scott Charlton EVP, Supply Chain 4 37

Bill Goetz SVP, Sales & Marketing 6 6

Joel Grade EVP & Chief Financial Officer 21 21

Ajoy Karna SVP, Int’l Foodservice Operations, Europe 5 25

Russell Libby EVP, Administration & Corporate Secretary 10 10

Paul Moskowitz EVP, Human Resources 7 25

Wayne Shurts EVP & Chief Technology Officer 5 31

Scott Sonnemaker SVP, Int’l Foodservice Operations, Americas 22 28

Brian Todd SVP, Merchandising 21 35

Enabling our companies to serve our customers flawlessly

Operating Operate the Execute

Enable the Provide

ACHIEVE FINANCIAL OBJECTIVES • Adjusted EPS 13%

While also serving customers in another 81 countries

5-year Real CAGR 2017-2022

Travel & Leisure 2.0%

Small Chains & Independents 1.5%

SYGMA Restaurant segment penetration 11%

Lodging segment penetration

Broad Fresh Fresh Meat,

local and contract customers

International Americas International Europe

2016 U.S. foodservice Systems distributors

Source: Technomic, Nov 2016, company info & financials

• 30,000 hotels in 113 countries

• Leading presence in U.S. market

Customer-centric Innovation Culture Cross-functional Pace over perfection

Technology Foodservice Increased

Consumers: Healthy options an Operators: Health and Wellness

1 Technomic clean-sustainable report 2016

Ethnic Items and Flavors Trend

Demand for Ethnic by Generation

1Cowen and Co Investment

Enterprise scale Highly efficient

Strong cash flow Best in class

• Leverage robust data / insights

• Evolve our consultative sales model to

• Deliver new technology solutions to

• Provide enhanced flexibility in our

• Develop innovative, fresh, on-trend

• Improve productivity through

• Deepen our utilization of continuous

• Drive consistency and cost reduction

• Increase product and service

OPTIMIZE THE BUSINESS:

• Foster an “Innovation Culture” by

• Develop a global support model to

• Intensify a cost-mindset that focuses

• Drive agility in all aspects of how we

ACTIVATE THE POWER OF

• Ensure the “Voice of the Customer” is

• Foster an open, diverse, and respectful

• Sustain a highly engaged, accountable