20150915 investor day presentation v_f_webcast version

Investor Day Presentation
September 15, 2015

© 2015 All Rights Reserved.
Sysco Corporation.
P A G E 2
Forward-Looking Statements
Certain statements made herein that look forward in time or express management’s expectations or beliefs with respect to the occurrence of future events are forward-
looking statements under the Private Securities Litigation Reform Act of 1995. They include, but are not limited to, statements regarding Sysco’s market potential in the
U.S. and Canada; opportunities across market segments; our plans to repurchase $3 billion in Sysco common stock; Sysco’s targeted financial results for FY15-FY18 and
the estimated CAGR during that period for those financial metrics; our plans to grow operating income at least $400 million by accelerating local case growth, increasing
gross profit, stabilizing gross margins, leveraging supply chain costs and reducing administrative costs; our capital allocation expectations, including projected adjusted
operating cash flow and free cash flow; Sysco’s commercial strategy focused on capturing growth in multi-cultural segments, building differentiated products and services
and addressing service and support gaps to improve customer experience; estimated future benefits of category management and brand growth; expectations concerning
the benefits of various marketing, supply chain and business technology initiatives; plans to reduce administrative costs and the related financial impact; the financial
assumptions underlying the strategic business plan for FY15-FY18; Sysco’s plans to achieve ROIC target of 15% by improving working capital management, managing
capital spend in a rigorous manner and assessing business segment strategic value and ROIC; and the anticipated timing and amount of the new debt issuance and the
intended use of the proceeds.
These statements involve risks and uncertainties and are based on management's current expectations and estimates. Forward looking statements are not guarantees of
future performance and our actual results may differ materially. Factors impacting these forward-looking statements include 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 may
not improve and decreases in consumer spending, particularly on food-away-from-home, may not reverse. 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 to grow the profitability of our business depends largely on the success of our various business initiatives. 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 cost cutting efforts, we could become cost disadvantaged in the marketplace, and our competitiveness
and our profitability could decrease. Capital expenditures may vary from those projected based on changes in business plans and other factors, including risks related to the
implementation of various initiatives, the timing and successful completions 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. 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, and such expansion efforts may not be successful. Any business that we acquire may not perform as expected, and we may not realize
the anticipated benefits of our acquisitions. Expectations regarding the accounting treatment of any acquisitions may change based on management’s subjective evaluation.
Expectations regarding tax rates are subject to various factors beyond management’s control.
Estimates related to future years are particularly difficult to forecast with accuracy and investors should take caution with respect to estimates related to FY16-FY18, as
future periods will be impacted by general economic conditions and numerous factors beyond our control. Also, management’s plans with respect to any specific strategies
and goals are subject to change based on the needs of our company in general. For a discussion of additional factors impacting Sysco’s business, see the Risk Factors
contained in Sysco’s Annual Report on Form 10-K for the year ended June 27, 2015, as filed with the Securities and Exchange Commission, and Sysco’s subsequent filings
with the SEC. Except where otherwise noted, the forward-looking statements contained herein speak as of the date of this Presentation. We do not undertake to update the
forward-looking statements contained in this Presentation.
This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
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D A Y

Sysco Corporation.
P A G E 3
Agenda
Topic
BREAK3:00 – 3:15
Business and
Strategic Overview
1:00 – 1:45
Business and Commercial
Operations
1:45 – 2:30
End-to-End Supply Chain2:30 – 3:00
Business Technology3:15 – 3:45
Financial Overview3:45 – 4:30
Closing Comments4:30 – 5:00
Q&A
Welcome and Agenda12:45 – 1:00
Presenter
Neil Russell, VP of Investor Relations
Bill DeLaney, President and Chief Executive
Officer
Tom Bené, EVP and President - Foodservice
Operations
Scott Charlton, EVP – Supply Chain
Wayne Shurts, EVP and Chief Technology
Officer
Joel Grade, EVP and Chief Financial Officer
Bill DeLaney
Executive Team5:00 – 5:30
Time
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D A Y

Sysco Corporation.
P A G E 4
Trian Partners Investment in Sysco
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I N V E S T O R
D A Y
• Trian disclosed an approximate 7% stake in SYY on August
14, 2015; Trian is now Sysco’s largest stockholder
• Trian’s Nelson Peltz and Josh Frank joined Sysco’s Board
effective August 21, 2015
• Trian and Sysco have had preliminary and constructive
dialogue
• Today’s presentation reflects the exclusive views of Sysco
management
Sysco will continually update its
strategic and financial targets

Business and Strategic
Overview
Sysco Investor Day
Bill DeLaney
September 15, 2015

Sysco Corporation.
P A G E 6
Our vision
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I N V E S T O R
D A Y
Serving our customers as One Sysco
“To be our customers’ most valued and
trusted business partner.”

Sysco Corporation.
P A G E 7
PeoplePartnership Productivity Products Expansion
Profoundly
enrich the
experience of
doing business
with Sysco
Continuously
improve
productivity in
all areas
of our business
Enhance offer-
ings through a
customer-
centric
innovation
program
Explore,
assess and
pursue new
businesses
and markets
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I N V E S T O R
D A Y
The five-point strategy
Our Mission: Market and Deliver Great Products
To Our Customers With Exceptional Service
Implement
enterprise-wide
talent
management
process

Sysco Corporation.
P A G E 8
Customer centric approach
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I N V E S T O R
D A Y
Operating
Companies
Markets
Corporate
Functions
Operate the
Business
Execute
Flawlessly
Enable the
Operating
Companies
Provide
Resources
and Support
Create Tools,
Processes
and Strategy
Customers

Sysco Corporation.
P A G E 9
Strategic plan update: 2016 - 2018
Market context
Sysco overview
Contents

Sysco Corporation.
P A G E 1 0
Industry leader in a $265 billion market
$265B$260B$252B$246B$236B$230B$226B
2.7%
CAGR
2015(p)2011 2012 2014201320102009
US and Canada foodservice market size (excluding alcohol)
$B; nominal growth
Source: Technomic Data Digest (2014), Restaurants Canada, Statistics Canada, strategy Inc. & Pannell Kerr Forster
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D A Y

Sysco Corporation.
P A G E 1 1
Away from home foodservice sales
trending favorably
49%
57%
51%
42%
40%
45%
50%
55%
60% Retail
Foodservice
Source: US Census Bureau (2015)
1 Retail Sales Equivalent Share; Retail includes grocery and other food/beverage sales (excluding foodservice) at all retail establishments
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I N V E S T O R
D A Y
% of total food spend; retail sales equivalent1
1997 2008 20151982

Sysco Corporation.
P A G E 1 2
2015 forecasted top
distributor sales1
$Billions
Restaurants
Top Segments
Forecasted 2015-
20 Real CAGR
Percent
2.1%
1.6%
3.5%
4.2%
1.2%
3.5%13
18
18
27
66
87
Travel and
Leisure
Education
Healthcare
FSR
LSR
Retail
hosts
Source: Technomic (July 2015), Foodservice Sector Trends & Opportunities
1 US Food and Beverage (Non-Alcoholic only) and Non-foods; Only representing top segments by size, does not include Business and
industry as well as all others (e.g., Caterers, military, corrections, etc.) which equal roughly ~$32M
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D A Y
Growth forecasted across all segments
Sysco is well
positioned to
participate in
all segments

Sysco Corporation.
P A G E 1 3
Competitors are numerous and varied
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I N V E S T O R
D A Y
Foodservice
Distribution in
the U.S.
• Fragmented
• Low entry
barriers
• Product
offerings and
service level
matter
Competition remains acute

Sysco Corporation.
P A G E 1 4
Consumer confidence is near pre-
recession levels…
Source: The Conference Board (August 2015)
Index; 1985 level = 100
US consumer confidence
70
0
60
30
40
100
90
80
110
50
10
110
25
Pre-recession level (Jan ‘07)
2011 201420132012 2015
Worst during
recession (Feb ‘09)
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D A Y

Sysco Corporation.
P A G E 1 5
102.5
101.5
95
96
97
98
99
100
101
102
103
104
…restaurant operators’ outlook is
similarly favorable
Restaurant current situation and expectations indices
Expectations
Current situation
20132012
Index: Values >100 = Expansion
Values <100 = Contraction
2014201120102009 2015
Source: National Restaurant Association (NRA)
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D A Y

Sysco Corporation.
P A G E 1 6
Sysco is well positioned for the future
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I N V E S T O R
D A Y
• 50,000 highly engaged associates
• Broad array of products and value added services
• Comprehensive geographic footprint
• Enhanced technology platform
• $1 billion of annual free cash flow and strong balance sheet

Sysco Corporation.
P A G E 1 7
Contents
Market context
Sysco overview

Sysco Corporation.
P A G E 1 8
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I N V E S T O R
D A Y
U.S. Broadline
• 70% of revenue and 90% of profit
• Strong local relationships
• Pre-tax ROIC of approximately 30%
Specialty
companies
• Enhance product portfolio
• Provide expertise and service
• Increases customer traction
SYGMA
• Represents a large market segment (~ $50B)
• Customized distribution services specializing in service to
large national chain restaurants
International
• Canada provides solid foundation
• Represents future growth opportunities
• Supports customer needs
Business segment overview
U.S. Broadline drives our enterprise sales and profitability

Sysco Corporation.
P A G E 1 9
We have enhanced our leadership and
organizational capabilities
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I N V E S T O R
D A Y
Committed to developing a more diverse
workforce
Improved recruiting, development and retention
High level of associate engagement
Competitive compensation and aligned incentives
Experienced and well-tenured leadership team

Sysco Corporation.
P A G E 2 0
We are building on our recent momentum
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I N V E S T O R
D A Y
• Record sales for FY15 of $49 billion
• Local case growth trends are improving
• Gross margins have stabilized
• Generated free cash flow of $1 billion1
• Adjusted ROIC of 13%1
• Distributed $700 million in dividends in FY15
• Recently announced $3 billion share buyback
(1) See Non-GAAP Reconciliations for an explanation of this non-GAAP measure

Sysco Corporation.
P A G E 2 1
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I N V E S T O R
D A Y
US. Broadline annual cases sold
US. Broadline recent trend in local case
growth1
Millions Year over year change, %
Local case growth trends are improving
750
700
900
600
550
650
950
1,000
800
0
850
FY
14
FY
15
FY
13
FY
12
FY
10
FY
10
Total
Local
2.0%
Flat
CAGR
‘10- ‘15
1 Case growth excludes acquisitions
0%
1.5%
2.0%
0.5%
1.0%
2.5%
Q3
FY15
Q2
FY15
Q1
FY15
Q4
FY15
FY
14

Sysco Corporation.
P A G E 2 2
Gross margin has stabilized
20%
25%
10%
$7
$1
15%
$4
0
$3
$6
$2
$5
$9
$8
+3.3% CAGR
17.6%
$7.8 $8.0
FY13
18.4%
$8.2
$7.3
17.6%
19.1%
FY15FY12
$8.6
FY14
$7.5
FY10
19.6%
FY11
18.0%
Gross margin Gross profit
$2.2
15%
$2.0
$1.8
$1.0
$0.4
0
$0.8
$0.6
$0.2
10%
20%$1.6
$1.4
25%
$1.2
$2.4
17.9%
Q3
FY15
$2.1
17.5%
Q4
FY15
$2.2
Q1
FY15
$2.1
Q4
FY14
Q2
FY15
$2.2
17.3%
17.6%
$2.2
17.6%
Gross profitGross margin
Total Sysco gross profit and gross margin
$ Billions
Recent trends in gross profit and gross margin
$ Billions
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Sysco Corporation.
P A G E 2 3
Increased volume and transformative
investments have driven expense growth
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I N V E S T O R
D A Y
• Standing up key capabilities comprises about one third of our
operating expense growth over the past five years
• These capabilities are primarily in the following areas:
‒ Business technology
‒ Shared services
‒ Sales and marketing
‒ Merchandising
• They are critical to positioning Sysco for long term success
• Our incremental annual spend in these areas will moderate going
forward
We have begun to realize the targeted
benefits from these investments

Sysco Corporation.
P A G E 2 4
Contents
Market context
Sysco overview

Sysco Corporation.
P A G E 2 5
Some historical context
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I N V E S T O R
D A Y
• Sysco IPO’d on
the NYSE
• Food away from
home demand
increasing
• Sysco begins to
build core
foundation
• Recorded $1B in
annualized sales
1970’s:
“Early Days”
• Geographic
expansion
– CFS acquisition
– 110 other
acquisitions
• SYGMA created
• Investment in Sysco
branded products
• Acquisition of
specialty companies
• Industry growth
plateaus
• 2009 changes
consumer behavior
• Competition intensifies
• Sysco invests
significantly in
strategic capabilities
• Begins to build new
functional expertise
1980-2005:
“Rapid growth”
2005-2015:
“Strengthen
foundation”
Sysco is
well
positioned
for the
future…

Sysco Corporation.
P A G E 2 6
Improve customer
experience
Achieve our
financial objectives
• Grow operating income by at least $400M
• Achieve ROIC of 15%
Enhance associate
engagement
• Advance workplace safety
• Improve associate retention and engagement
• Provide attractive career growth opportunities
• Enhance overall service levels
• Improve sales retention
• Drive higher customer loyalty
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I N V E S T O R
D A Y
Key targeted results: 2015-2018

Sysco Corporation.
P A G E 2 7
Key levers to achieving our financial goals
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I N V E S T O R
D A Y
To Be Our Customers’
Most Valued and Trusted Business Partner
Improve ROIC
Enablers:
Grow gross
profit
Leverage
supply chain
costs
Reduce
administrative
costs
• Accelerate local
case growth
• Improve
margins
Our People
Business Technology

Sysco Corporation.
P A G E 2 8
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I N V E S T O R
D A Y
• Accelerate local case growth to 2-3%
• Achieve gross profit growth of 4%
• Limit operating expense growth to 3%
Achieve ROIC of 15%
Note: All growth rates are 2015-2018 CAGRs
Roadmap to at least $400M…

Sysco Corporation.
P A G E 2 9
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I N V E S T O R
D A Y
Total gross operating income benefit
Gross incremental cost
Net Operating Income Improvement
$650
At least
$400
Gross
operating
income
benefit
Grow gross profit
Leverage supply chain
costs
Reduce administrative
costs
55-65%
20-25%
15-20%
$(250)
FY 18
impact, $M
Gross operating income impact by lever

Sysco Corporation.
P A G E 3 0
$400M in operating income impact phasing
Cumulative
Capture by
Year, %
FY2018FY2017FY2016
Operating
Income
Benefit
20-30% 50-60% 100%
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I N V E S T O R
D A Y
Operating income impact is
net of incremental costs

Sysco Corporation.
P A G E 3 1
Capital allocation priorities
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I N V E S T O R
D A Y
1. Disciplined investment in the business
2. Grow the dividend
3. Pursue attractive strategic acquisitions
4. Opportunistically repurchase shares
$1 billion in annual free cash flow

Sysco Corporation.
P A G E 3 2
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I N V E S T O R
D A Y
• $265B market
• Significant segment
and category growth
opportunities
• Improved market
environment
• Multiple impactful
commercial initiatives
• Leverage our supply
chain costs
• Reduce administrative
costs
• Improve operating
income by $400 million
• Achieve 15% ROIC
Substantial
market
opportunity
Executing
our
strategy
Improving
financial
performance
(2015-2018)
We are well positioned for success

Sysco Corporation.
P A G E 3 3
Our vision
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Serving our customers as One Sysco
“To be our customers’ most valued and
trusted business partner.”

Business and Commercial
Operations
Sysco Investor Day
Tom Bené
September 15, 2015

Sysco Corporation.
P A G E 3 5
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Improve ROIC
Enablers:
Leverage
supply chain
costs
Reduce
administrative
costs
Focus of the
section
Our People
Business technology
Grow gross
profit
case growth
• Improve
margins

Sysco Corporation.
P A G E 3 6
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
$650
At least
$400
Gross
operating
income
benefit
Grow gross profit
costs
costs
55-65%
20-25%
15-20%
$(250)
FY 18
impact, $M
Growing gross profit will contribute
significantly to the strategic plan
Focus of the
section

Sysco Corporation.
P A G E 3 7
Objectives for today
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I N V E S T O R
D A Y
• Share insights into the needs of our customers and
the recent improvement in our overall trends
• Provide an overview of the key Commercial
Strategies that will allow us to:
– Accelerate local case growth
– Improve our gross margin
• Highlight the core business enablers that will
support our growth strategies

Sysco Corporation.
P A G E 3 8
Flat local case growth has contributed to margin
performance over the past few years
17.6%17.6%18.0%18.4%
19.1%
FY
11
FY
13
FY
15
FY
14
FY
12
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I N V E S T O R
D A Y
US. Broadline annual cases sold
Millions
1,200
1,000
800
400
0
600
200
FY
14
FY
11
933
+2.0% CAGR
962
917
FY
10
869
FY
15
901868
FY
13
FY
12
CMU Local
Flat
CAGR
‘10- ‘15
Total Sysco gross margin, %
5.2%

Sysco Corporation.
P A G E 3 9
Our commercial strategy is focused on growing cases and
maintaining margin - recent trends are promising
USBL Local YoY case growth, % Total Sysco gross margin, %
FY15
17.6%
FY14
17.6%
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I N V E S T O R
D A Y
Our plans build on recent momentum
of accelerating local case growth…
…and stabilizing gross margins
FY16
Plan
2.1%
FY15
1.7%
1.4%
1.3%
Q2
FY15
Q4
FY15
2.1%
1.7%
Q1
FY15
Q3
FY15
17.3%
Q1
FY15
Q4
FY15
Q2
FY15
Q3
FY15
17.9%17.5%17.6%

Sysco Corporation.
P A G E 4 0
Our commercial initiatives have enabled us to
accelerate local case growth and improve margins
Build a
compelling
suite of
products and
services
Execute
flawlessly to
serve our
customers
Know our
customers
Grow profitably
with our
customers
Key Commercial Focus Areas
• Accelerate investment into customer insights
• Improved tools that drive Customer loyalty
‒ Enhanced Business Review and Menu Planning
• Launched Category Management
• Developed a robust Customer Segmentation approach
‒ Built differentiated solutions by segment
‒ Established segment profitability guardrails
• Suite of selling tools - growth / improve profitability
‒ CRM tool – prospecting, penetration, retention
‒ Strategic / Portfolio Selling w/ key CMU customers
• Consistent management routines – Sales / Operations
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I N V E S T O R
D A Y

Sysco Corporation.
P A G E 4 1
We remain driven by the needs and expectations
of our core customers to accelerate our growth
The evolving needs of our Customers:
A consistent,
fresh, on-trend
product
assortment
The ability to
order where
and how I want
Consistent,
dependable
deliveries and
drivers
Innovative and
value-added
solutions that
enable me to
compete
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I N V E S T O R
D A Y
A knowledgeable
partner that will
help me grow my
business

Sysco Corporation.
P A G E 4 2
Our commercial strategy is focused on 3 key areas
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I N V E S T O R
D A Y
Address service and support gaps with our
customers to improve their Sysco
experience
3
Capture share in growing multi-cultural
segments and customer groups
1
Build a differentiated set of products and
services to accelerate local sales and
improve margins
2
Enabled by Enhanced Selling and
Revenue Management Capabilities

Sysco Corporation.
P A G E 4 3
Understanding segment trends and our relative
market share allows us to focus our efforts
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I N V E S T O R
D A Y
Retail
Travel and Leisure
Foodservice Mgmt
Government
Education
Healthcare
Segment
Restaurants
Projected industry
growth (’15-’20)
H
H
L
L
L
H
M
Source: Technomic (July 2015)
Market share by segment
US and Canada Foodservice Total:
~$260B
Locally
Managed
Restaurants
$18B
$61B
Travel and
Leisure National
Chains
Healthcare
$93B
$13B
$32B
$18B
$27B
Education
Other
Retail
1

Sysco Corporation.
P A G E 4 4
Two recent examples of accelerating growth exist in
both the Retail and Travel and Leisure segments
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I N V E S T O R
D A Y
1
Foodservice Partnership Joint Business Planning
• Stable and more
consistent pricing
• Product quality and
consistency
• Guest satisfaction
• Annual cost
savings
• Value creation for
hotel partners
• “ONE” Sysco
sales approach
• Operational
efficiencies /
scale benefits
• Sysco brand
growth
• International
expansion
In-store Deli
Convenience
Store
Fresh Kitchen
(Commissary)
2,800
locations
6 locations
800
locations

Sysco Corporation.
P A G E 4 5
Local restaurants represent a large opportunity
and multi-cultural segments lead the growth
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I N V E S T O R
D A Y
Local restaurants market size1
71696765636158585857
Flat CAGR
+3.1% CAGR
17 ‘20‘11 14 1912 16 181513
$ Billions
1 Technomic (July 2015); Local defined as “Small chains & independents”
ProjectedActuals
Community
engagement
Measurement
and calibration
Customer insights
Targeted sales
and marketing tools
Authentic
product line
Culturally
knowledgeable
sales force
Proven pilot model that can be leveraged across
segments
1

Sysco Corporation.
P A G E 4 6
Delivering a differentiated set of products is
critical to enabling local restaurant growth
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I N V E S T O R
D A Y
Category Innovation
Fresh Meat and Produce
Locally Grown and Sourced
2

Sysco Corporation.
P A G E 4 7
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Our 3 year journey in Category Management continues
to improve margins and accelerate Sysco brand growth
FY13-
FY15
FY16
Plan
~$400
$500+
TotalFY18FY17
Gross profit, $M
Sysco brand growth, % Broadline cases
2
Variety
A broader set of fresh,
local and on-trend
products to help
customers evolve
their menu
Value
Consistent set of
core products to
help operators stay
competitive
Innovation
A pipeline of new
products to address
the changing
consumer needs
36%
Other
Sysco brand
64%

Sysco Corporation.
P A G E 4 8
We are partnering with local suppliers to meet the
growing request for locally sourced solutions
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
2

Sysco Corporation.
P A G E 4 9
We are partnering with local suppliers to meet the
growing request for locally sourced solutions
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
2

Sysco Corporation.
P A G E 5 0
New programs leveraging our specialty meats and
produce businesses are driving significant growth
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
2
Sysco opportunitiesCustomer needs
Better utilize our Specialty
Companies:
• Specialty meat
companies
• FreshPoint Produce
• European Imports
Current pilot programs are
delivering solid results
• Southeast Fresh Express
produce category initiative
• “ONE” Sysco Sales /
Service model
• Expanded Product
Specialists to support MAs
Service flexibility,
competitive pricing, and
customer product
offerings (cuts)
Meat
Long shelf life, service
flexibility, and locally-
sourced products
Produce
Improved pricing
(typically delivered by
local dairy) and more
cheese variety
Dairy
What customers want

Sysco Corporation.
P A G E 5 1
Bringing value-added services that solve the needs
of our customers, builds loyalty and retention
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Menu Analysis and Design
Technology and Training
Marketing Tools and Solutions
2

Sysco Corporation.
P A G E 5 2
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Category
Management
Core Product
Innovative
Product
Menu Analysis and Design represents a significant
opportunity to improve customer margins
2

Sysco Corporation.
P A G E 5 3
We are helping customers to better manage their
restaurant through social media solutions and tools
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Education Listening “Insights”
2
Chipotle
Qdoba
Freebirds
Bullritos

Sysco Corporation.
P A G E 5 4
Apps
For Restaurants and Consumers
Consumer apps. Restaurant websites and
social media.
We are investing in technology and training programs
that are focused on improving operator performance
2
Operator trainingTechnology
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y

Sysco Corporation.
P A G E 5 5
Programs such as “My Sysco Truck” improve
communication and our overall service offering
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
3
Nightly emails
with estimated
delivery time,
# cases, out-
of-stocks and
substitutions
Innovation Delivered

Sysco Corporation.
P A G E 5 6
Our new customer engagement model allows our
partners to order how, when and where they want
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Customer
Experience
Email
Leads Gen
Chat
Text
Multi-lingual
Social media
MAMOBILE
3

Sysco Corporation.
P A G E 5 7
3 We are scaling the new mobile ordering
platform based on pilot success
A new way to order… …has been well received
28% growth in
customer accounts
using mobile vs. prior
trailing quarter
20%+ increase in overall
eCommerce activity over
the past 60 days –driven
as a side effect of mobile
usage
53% increase in
transaction count vs. prior
trailing quarter
Customers rate ease of ordering as the #1 driver of their ordering experience
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y

Sysco Corporation.
P A G E 5 8
We are focused on becoming our
customers’ most trusted advisor
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
More helpful More relevant More convenient
• Insights driven
products and
services
• “Value-Added”
business solutions
• Innovative and
on-trend products
• Tailored customer
specific
promotions
• Offer a flexible
engagement
model
• Dependable
service and
support

Sysco Corporation.
P A G E 5 9
We are building a more capable sales force by
leveraging new tools and processes across Sysco
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
World-class
sales engine driving
growth
Leading
capabilities
and talent
Consistent,
winning
routines
Data-driven
deployment

Sysco Corporation.
P A G E 6 0
Improving the CMU Customer Experience represents an
opportunity to improve retention and drive growth
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Advantages to consolidating
To Sysco…
• Better manage pricing and
revenue cycle
• Increase expertise
• Frees up time for local CMU
account managers
To our customers…
• More consistency
• Higher service levels
• Single point of contact
Corp
CMU activities are currently fragmented…
…and will be consolidated under Shared Services
Customer
Shared
Services
OpCo
Shared
Services
Customer

Sysco Corporation.
P A G E 6 1
Revenue management tools and routines have laid a
solid foundation for ongoing margin improvement
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Mix ManagementDisciplined Approach Tools and Insights
• Increase Sysco
brand penetration
• Grow share in
profitable
categories
• Identify profitable
customers
• New revenue
management
organization
• Enhanced training
and coaching in
the field
VP, RevMan
Field
…
Corp
FY14FY13 FY15

Sysco Corporation.
P A G E 6 2
Key takeaways
We have solid momentum and are
confident we will accelerate local case
growth and improve margins
• Favorable market environment
• Significant segment growth opportunities
• Multiple impactful commercial initiatives
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y

Sysco Corporation.
P A G E 6 3
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
$650
At least
$400
Gross
operating
income
benefit
Grow gross profit
costs
costs
55-65%
20-25%
15-20%
$(250)
FY 18
impact, $M
Growing gross profit will contribute significantly
to the strategic plan
Focus of the
section

Scott Charlton
September 15, 2015
End-to-End Supply Chain
Sysco Investor Day

Sysco Corporation.
P A G E 6 5
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Improve ROIC
Enablers:
Grow gross
profit
Leverage
supply chain
costs
Reduce
administrative
costs
Focus of the
section
Our People
Business technology
case growth
• Improve
margins

Sysco Corporation.
P A G E 6 6
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
$650
At least
$400
Gross
operating
income
benefit
Grow gross profit
costs
costs
55-65%
20-25%
15-20%
$(250)
FY 18
impact, $M
Leveraging supply chain costs will contribute
20-25% of the FY18 gross impact
Focus of the
section

Sysco Corporation.
P A G E 6 7
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
• Provide an overview of the Sysco end-to-
end supply chain
• Review key areas of supply chain focus
• Discuss detailed examples of cost
reduction opportunities

Sysco Corporation.
P A G E 6 8
The end-to-end supply chain focuses
on a customer centric approach
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Forecast demandTransport and
receive
Replenish
inventory
DeliverWarehouse
Manage facilities,
construction and real estate
Manage fleet and indirect
sourcing

Sysco Corporation.
P A G E 6 9
The Sysco supply chain is extensive
and complex
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
2014 top 10 private fleets in North
America (by tractor count)
Tractors TrailersCompany
12,132 10,548
7,647 9,577
7,479 9,523
6,239 61,743
5,438 6,472
3,650 4,867
3,395 4,431
3,052 3,972
3,002 4,048
5,025 8,437
• 7,500+ tractors and 7,000 drivers
• $4.8 billion in cost
• ~400,000 SKUs
• 25M+ drops per year
• 1B+ cases per year
• Our scale presents tremendous opportunities
• At the same time, the distributed/fragmented nature of our
network complicates implementation of improvement levers

Sysco Corporation.
P A G E 7 0
Broad geographic coverage across
the US and Canada
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Alaska
Note: 96 Broadline

Sysco Corporation.
P A G E 7 1
Safety Service levels
Important supply chain priorities
going forward
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
• Improve
customer
service levels
• Food safety
• Workplace
safety
Cost per case
• Improve
productivity
and efficiency

Sysco Corporation.
P A G E 7 2
7 key supply chain areas of focus
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Facilities
excellence
• Use best-in-class capacity planning to defer capital
• Standardize maintenance, construction and real estate
practices
• Standardize best practices in Warehousing and Distribution
to improve safety, service and costOpCo
productivity
• Strategically source ~$1B of indirect spend
• Increase purchasing complianceIndirect
sourcing
• Build process discipline to fully leverage technology
• Improve service levels and reduce inventory days through
advanced inventory management practices
Inventory
management
• Right size the fleet and degree of outsourcing
• Optimize preventative maintenance and shop executionFleet
excellence
• Completed national freight bid
• Increase backhaul utilization
• Shift freight to lower cost modes (backhaul and intermodal)
Inbound
logistics
• Support commercial strategy by integrating enterprise
spend and supply chain networksOne Sysco
Network
Prioritized
4 areas in
the near
term based
on impact

Sysco Corporation.
P A G E 7 3
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Transportation and Warehouse productivity
performance by OpCo
Key priorities:
• Distribution continuous
improvement program
• Workforce staffing and
productivity management
tools
• Routing and customer service
tools and technology
• New unloading and delivery
methods
• Fleet maintenance cost and
MPG improvement efforts
Standardized best practices across the
supply chain will improve OpCo productivity

Sysco Corporation.
P A G E 7 4
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Example indirect categories by spend
Key priorities:
• Significant opportunity in
indirect spend
• Successfully implemented
first wave of categories
• In process of tackling new
categories (e.g., fleet
rentals, bulk fuel, hotels,
rental cars)
• Additionally tackling
corrugated packaging
Strategically sourcing indirect spend will
lead to significant savings
Bulk fuel
Uniforms
Office equipment
and furniture
Airfare
Vehicle repair
services
Facilities
services
Fleet rentals
Meals and
entertainment
Utilities
Hotel and
rental cars

Sysco Corporation.
P A G E 7 5
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Key drivers to improving inventory
management…
• Rolled out demand planning and
replenishment tool
• Leverage Center of Excellence (COE)
• Reducing inactive and aged inventories
…done in conjunction with enhancing
service levels

Sysco Corporation.
P A G E 7 6
Best-in-class capacity planning will defer capital
expenditures
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Actively addressing capacity planning in a number of ways, for
example:
• New tools to assess, redesign and improve overall productivity
• Continuously piloting new technology
• Leverage inventory management best practices

Sysco Corporation.
P A G E 7 7
Key takeaways
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
• Our supply chain is extensive and complex
• We have and will further develop a
sustainable competitive advantage
• Our organization is set up to drive results

Sysco Corporation.
P A G E 7 8
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
$650
At least
$400
Gross
operating
income
benefit
Grow gross profit
costs
costs
55-65%
20-25%
15-20%
$(250)
FY 18
impact, $M
Leveraging supply chain costs will contribute 20-
25% of the FY18 gross impact
Focus of the
section

Wayne Shurts
September 15, 2015
Business Technology
Sysco Investor Day

Sysco Corporation.
P A G E 8 0
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Improve ROIC
Enablers:
Grow gross
profit
Leverage
supply chain
costs
Reduce
administrative
costs
Focus of the
section
Our People
Business technology
case growth
• Improve
margins

Sysco Corporation.
P A G E 8 1
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
• Provide an overview of our technology platform
• Present business technology initiatives
• Review how these initiatives support the
business strategy

Sysco Corporation.
P A G E 8 2
Business Technology (BT) supports the
business through a robust ecosystem
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Infrastructure
Agility
platform
Analytic
platform
Operational platform
Enterprise applications

Sysco Corporation.
P A G E 8 3
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Enterprise
Applications
Infrastructure
Operational
Platform
Demand
Planning
Replenish-
ment
Truck
Routing
Order Entry
Order Management
Inventory Management
Warehouse Management
 Financial and HR Systems 
Analytics Platform
• Business Intelligence
• Reporting
• Analytics/insights
Agility Platform
• Systems of Engagement
• Example: My Sysco Truck
Sysco
Warehouse
Receive
Pick
Pack
Ship
Customers
Restaurants
Hospitals
Schools
Hotels
Suppliers
Technology platform

Sysco Corporation.
P A G E 8 4
SAP look back
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
• Rolled out SAP to 5 OpCos (initial approach
was a full roll-out OpCo by OpCo)
• Paused the roll-out to rebuild and enhance
the solution
• Successfully implemented 7 OpCos (larger
and diverse OpCos) in 8 months
• Major upgrade to latest SAP version
• Improved approach to the SAP roll-out
• Deployed Demand Planning to all USBL
2010 – Fall
2012
Fall 2012 –
Fall 2013
Fall 2013 –
Summer 2014
Fall
2014
2015

Sysco Corporation.
P A G E 8 5
Improved approach to rolling out
technology platform
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
• Former: Rollout all new functional systems to an OpCo all
at once
• New: Rollout a single functional system across all OpCos
Deployment
• Introduces less simultaneous change and disruption to the
customer and OpCo
• Introduces benefits more quickly to stakeholders
Rationale
Demand
Planning
Replenish-
ment
Truck
Routing
Order Entry
Order Management
Inventory Management
Warehouse Management
 Financial and HR Systems 

Sysco Corporation.
P A G E 8 6
BT is focused on enabling the strategic plan with
immediate priority on enhancing the customer experience
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
Business technology projects
Strategic
Goals
Accelerate
local case
growth
Improve
gross
margins
Leverage
supply
chain costs
Reduce
admin
costs
Improve
ROIC
CMU
Optimiz-
ation
Revenue
mgmt.
project
OBC
(On-board
Computers
/ Telogis)
Demand,
Planning,
Replenish
ment
SC
Incentives
ODI and
DCIP
Digital
customer
experience
Reduce
telecom
expenses
Technology platform
Master data management and Business Intelligence
1
2
3
4
5

Sysco Corporation.
P A G E 8 7
Customer Facing
Technology
Restaurant
TechnologyEnterprise Technology
Competitor
Focus
MAJOR VARIED but MINORVARIED but MINOR
• Competition has
predominately aged
legacy system
environments
MINOR INVESTING
• Primarily Cake
MAJOR
• SAP, SWMS, DPR,
OBC, etc.
Sysco Focus
• Technology that helps
your customer interact
and conduct business
with you
the restaurant run
their business
you run your company
betterDescriptions
…we plan to overweight our near-term
spend on customer facing technologies
Immediate focus
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
1 In recent years, we have focused on enterprise
technology, driving business efficiencies…
ACCELERATE LOCAL CASE GROWTH

Sysco Corporation.
P A G E 8 8
We are encouraged with our mobile success
and expanding our digital capabilities
This technology is directly tied to
our ability to improve local growth
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
Expanding the capabilities of Sysco Mobile…
…And building additional
digital opportunities
Integrated digital updates on
delivery and current inventory
Multiple channels for ordering
and product lists
Integrated system for invoices,
returns, credits and payment
Online products and service
details for prospects and new
customers
Focus on improving the
efficiency of our customers’
ordering experience
Include inventory
management
Extend visibility to menu
analysis and food cost
Enhance search and product
information (e.g., pictures,
nutritional)
Custom list creation and
management
1
ACCELERATE LCOAL CASE GROWTH

Sysco Corporation.
P A G E 8 9
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
BT is implementing technology to fully support
Revenue Management enabling margins
Price Manager
Customer Investment
Manager
Performance Manager
2
IMPROVE GROSS MARGINS

Sysco Corporation.
P A G E 9 0
Supply chain initiative
Inventory
Management
Indirect
sourcing
BT enabler
ARIBA (on-line marketplace)
Telecom expense
OBC (On-board Computers / Telogis)
Supply Chain Incentives DCIP/ODI
Demand forecaster
Demand, Planning, ReplenishmentI N V E S T O R
D A Y
0 9 . 1 5 . 1 5
OpCo
productivity
Achieving supply chain cost reductions will rely on new
functionality from technology systems and platforms
3
LEVERAGE SUPPLY CHAIN COSTS

Sysco Corporation.
P A G E 9 1
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
Improved CMU customer experience and cost efficiency
driven by technology and Shared Services
…is enabled by BT
solutions and tools
• Service request tool
• Consolidated payment
tool
• DPM tool (pricing
management)
Corp
CMU activities are currently fragmented…
…and will be consolidated under Shared Services
Customer
Shared
Services
OpCo
Shared
Services
Customer
4
REDUCE ADMINISTRATIVE COSTS

Sysco Corporation.
P A G E 9 2
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
Master Data Management and Business Intelligence
are key enablers for delivering the business strategy
Business technology projects
Strategic
Goals
Accelerate
local case
growth
Improve
gross
margins
Leverage
supply
chain costs
Reduce
admin
costs
Improve
ROIC
CMU
Optimiz-
ation
Revenue
mgmt.
project
OBC
(On-board
Computers
/ Telogis)
Demand,
Planning,
Replenish
ment
SC
Incentives
ODI and
DCIP
Digital
customer
experience
Reduce
telecom
expenses
Technology platform
Master data management and Business Intelligence
1
2
3
4
5
5
TECHNOLOGY PLATFORM

Sysco Corporation.
P A G E 9 3
Key takeaways
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
• Supporting our business objectives
• Accelerating local case growth
• Improving margins
• Leveraging supply chain costs
• Reducing administrative costs
• Priorities going forward are customer
oriented
• Building our digital capabilities

Joel Grade
September 15, 2015
Financial Overview
Sysco Investor Day

Sysco Corporation.
P A G E 9 5
Contents
Return on Invested Capital
Sysco financial overview
$400M operating income improvement
Financial roadmap

Sysco Corporation.
P A G E 9 6
We have recent momentum of accelerating
local case growth and improving margins
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
As Tom
mentioned
earlier…we
are
accelerating
our local
case growth

Sysco Corporation.
P A G E 9 7
Our end-to-end supply chain is creating
sustainable competitive advantages
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
As Scott
mentioned
earlier…we
have many
supply
chain
advantages

Sysco Corporation.
P A G E 9 8
We generate significant cash flow
Adjusted free cash flow1
FY13
1.1
1.3
FY15FY14
1.0
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
$ Billions
1) See Non-GAAP Reconciliations for an explanation of this non-GAAP measure

Sysco Corporation.
P A G E 9 9
Strong balance sheet provides flexibility
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Current
balance
sheet
Upcoming
debt
issuance
• $2B in new debt issuance around the end of fiscal 1Q16
– $1.5B to fund Accelerated Share Repurchase
– $0.5B to term out commercial paper
• Will result in adjusted interest expense being higher in FY16
vs. FY15
• Post announcement of the levered recapitalization, S&P and
Moody’s published new ratings
– Moody’s: A2 negative watch
– S&P: A- stable
• Solid investment-grade credit rating
• Substantial flexibility to pursue strategic transactions where
appropriate
Further leverage balance sheet for the right opportunity

Sysco Corporation.
P A G E 1 0 0
Contents
Financial roadmap

Sysco Corporation.
P A G E 1 0 1
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Improve ROIC
Enablers:
Grow gross
profit
Leverage
supply chain
costs
Reduce
administrative
costs
Focus of the
section
We are committed to achieving at least
$400M in operating income improvement
Our People
Business technology
case growth
• Improve
margins

Sysco Corporation.
P A G E 1 0 2
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
$650
At least
$400
Gross
operating
income
benefit
Grow gross profit
costs
costs
55-65%
20-25%
15-20%
$(250)
FY 18
impact, $M
Reducing administrative costs will contribute
15-20% of the FY18 gross impact
Focus of the
section

Sysco Corporation.
P A G E 1 0 3
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
We will reduce administrative costs
through a variety of different levers
Focus on
priorities
that drive
the most
value
Optimize
organizational
structure
Integrate
support
functions
Utilize
technology to
enable
efficiency
Leverage
third party
spend
Streamline
the work
Focus on the
customer

Sysco Corporation.
P A G E 1 0 4
Contents
Financial roadmap

Sysco Corporation.
P A G E 1 0 5
We will achieve our ROIC target of 15%
by focusing on 3 key activities
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
1) Improving working capital management
2) Continue to manage capital spend in a rigorous
manner
3) Continually assess business segment strategic
value and ROIC
2
3
1
The path to 15% ROIC will not be linear

Sysco Corporation.
P A G E 1 0 6
Description
Accounts
Payable
• Improve payment terms
• Enhance vendor relationships
Accounts
Receivable
• Leverage technology to improve speed and reliability of customer
payments:
– Mobile check scanning encourages faster check deposits
– Online invoice management improve process speed and
reliability
– Real time payment reminders and capability
Inventory
• Improve inventory management practices
• Prevent inventory from becoming aged/obsolete
We plan to achieve an improvement in
working capital by ~ 4 days
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
Improving working capital is centered around
three areas

Sysco Corporation.
P A G E 1 0 7
1.1% 1.1%
% of
Sales
Gross capital expenditures, $ millions
543523
550-600
FY15FY14FY13 Plan FY16
512
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
Sysco continues to follow a disciplined
approach to capital spend
1.1%

Sysco Corporation.
P A G E 1 0 8
Contents
Financial roadmap

Sysco Corporation.
P A G E 1 0 9
Targeted financial results
FY 2018FY 2015
CAGR
2015 - 2018
Adjusted EPS2
Adjusted Operating
Income2
$1,792
Sales ($ Millions) $48,681 4%
7%
$1.84 $2.40-2.50 10%
Gross Profit
($Millions)
(%)
Adjusted
Expenses2
($Millions)
(%)
($Millions)
(%) 3.7%
Adjusted Net Income2 ($Millions)
$8,552 4%
17.6%
$6,760 3%
13.9%
$1,100 5%
Adjusted ROIC2
13%
Cases1 (Millions) ~1,400 2%
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
15%
Targeting at
least $400M
in Operating
Income
improve-
ment
1) Represents cases for total Broadline and SYGMA
2) See Non-GAAP Reconciliations for an explanation of these non-GAAP measures

Sysco Corporation.
P A G E 1 1 0
Metric
Key underlying assumptions
Assumption
Dividend
• Moderate growth
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Shares
outstanding
• Reduce diluted shares outstanding
– $3B in Share Buyback program over the next two
years
– Additionally, any new share issuances will be
covered with standard buybacks
Acquisition
investment
• Continue to pursue core portfolio acquisitions
• Ongoing assessment of other strategic opportunities

Sysco Corporation.
P A G E 1 1 1
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
• Sysco has announced a 2 year, $3B repurchase program
• We have approximately $5 - $7 billion of borrowing
capacity remaining for acquisitions assuming a BBB
credit rating
• Alternatively, borrowing capacity remaining would be
approximately $3 - $5 billion if proceeds were used for
share repurchases
Sysco has substantial borrowing capacity
Note: Assumes 3.5x leverage; 10x multiple

Sysco Corporation.
P A G E 1 1 2
Our Financial Roadmap
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
• Improve Operating Income by at least $400 million
– Grow gross profit at a faster rate than operating expenses
• Achieve 15% ROIC
• Grow EPS at a faster rate than operating income
• Generate $1 billion+ in free cash flow
• Leverage Balance Sheet for the right strategic opportunity

Closing Comments
Sysco Investor Day
Bill DeLaney
September 15, 2015

Sysco Corporation.
P A G E 1 1 4
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Improve ROIC
Enablers:
Grow gross
profit
Leverage
supply chain
costs
Reduce
administrative
costs
Our People
Business technology
case growth
• Improve
margins

Sysco Corporation.
P A G E 1 1 5
Governance structure to support execution
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Leverage
supply chain
costs
Program
management
Steering Committee
Grow gross
profit
Reduce
administrative
costs
Improve ROIC
Executive compensation will be aligned with the
metrics shared with you today

Sysco Corporation.
P A G E 1 1 6
Sysco is well positioned for the future
I N V E S T O R
D A Y
0 9 . 1 5 . 1 5
• Leader in $265 billion market
• Committed to disciplined and profitable growth
• Targeting at least $400 million increase operating income
improvement over the next three years
• Achieve 15% ROIC by 2018
• Grow dividend
• Leverage balance sheet for strategic opportunities

Non-GAAP Reconciliations
Sysco Investor Day
September 15, 2015

Sysco Corporation.
P A G E 1 1 8
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Impact of Certain Items - Fiscal 2015
Non-GAAP Reconciliation (Unaudited)
Sysco Corporation and its Consolidated Subsidiaries
(In Thousands, Except for Share and Per Share Data)
Sysco’s results of operations are impacted by certain items that include multiemployer withdrawal charges (MEPP), severance charges, integration planning, litigation and termination costs in connection with the merger
that had been proposed with US Foods, Inc. (US Foods), charges from facility closures and US Foods related financing costs. These items are collectively referred to as "Certain Items." Management believes that
adjusting its operating expenses, operating expenses as a percentage of sales, operating income, operating income as a percentage of sales, interest expense, net earnings and diluted earnings per share to remove these
charges provides an important perspective of underlying business trends and results and provides meaningful supplemental information to both management and investors that is indicative of the performance of the
company's underlying operations and facilitates comparisons on a year-over-year basis
The company uses these non-GAAP measures when evaluating its financial results, as well as for internal planning and forecasting purposes. These financial measures should not be used as a substitute for GAAP
measures in assessing the company’s results of operations for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. As a
result, in the tables that follow, fiscal 2015 is adjusted to remove the Certain Items noted above
52-Week Period
Ended Jun. 27,
2015
Sales (GAAP) $ 48,680,752
Operating expenses (GAAP) $ 7,322,154
Impact of severance charge (5,598)
Impact of US Foods merger and integration planning costs (554,667)
Impact of facility closure charges (2,203)
Subtotal - Impact of Certain Items on operating expenses (562,468)
Operating expenses adjusted for Certain Items (Non-GAAP) $ 6,759,687
Operating expenses as a percentage of sales (GAAP) 15.0%
Adjusted operating expenses as a percentage of sales (Non-GAAP) 13.9%
Operating income (GAAP) $ 1,229,362
Impact of Certain Items on operating income 562,468
Operating income adjusted for Certain Items (Non-GAAP) $ 1,791,830
Operating income as a percentage of sales (GAAP) 2.5%
Adjusted operating income as a percentage of sales (Non-GAAP) 3.7%
Interest Expense (GAAP) 254,807
Impact of US Foods financing costs (138,422)
Adjusted Interest Expense (Non-GAAP) 116,385
Net earnings (GAAP)1 686,773
Impact of severance charge (net of tax) 3,302
Impact of US Foods merger and integration planning costs (net of tax) 327,149
Impact of facility closure charges (net of tax) 1,299
Impact of US Foods Financing Costs (net of tax) 81,643
Subtotal - Impact of Certain Items on net earnings 413,393
Net earnings adjusted for Certain Items (Non-GAAP)1 1,100,166
Diluted earnings per share (GAAP) 1 1.15
Impact of severance charge 0.01
Impact of US Foods merger and integration planning costs 0.55
Impact of US Foods Financing Costs 0.14
Diluted EPS adjusted for Certain Items (Non-GAAP)12 1.84
Diluted shares outstanding 596,849,034
1 The net earnings and diluted earnings per share impacts are shown net of tax. Tax impact of adjustments for Certain Items was $287,497 for the 52-week periods ended June 27, 2015. The amount is calculated by
multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction
2 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 for certain items divided by diluted shares
outstanding

Sysco Corporation.
P A G E 1 1 9
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
Return on Invested Capital (ROIC) and Adjusted 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 2015, 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 have used 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 fiscal 2015 is reconciled to a GAAP based calculation of ROIC.
With respect to our target adjusted ROIC of 15%, which we expect to achieve by FY18, we cannot provide a quantitative reconciliation to the most directly
comparable GAAP measure without unreasonable effort due to uncertainty related to the timing of achieving such results. However, we would expect to
calculate adjusted ROIC in the same manner that we calculated FY15 adjusted ROIC as described above and reflected in the table below.
Fiscal 2015
Net earnings (GAAP) $ 686,773
Impact of Certain Items on net earnings 413,393
Adjusted net earnings (Non-GAAP) $ 1,100,166
Invested Capital (GAAP) $ 10,985,527
Adjustments to invested capital (1) (2,565,346)
Adjusted Invested capital (GAAP) $ 8,420,181
Return on invested capital (GAAP) 6.3%
Return on invested capital (Non-GAAP) 13.1%
(1) Adjustments to invested capital includes the removal of excess cash obtained from debt incurred for the US Foods merger that had been proposed and the
debt issuance costs and hedge settlement borrowings that would not have been borrowed absent this merger-related debt. Shareholder's equity adjustments
include the impact of Certain Items from earnings and removal of foreign currency translation adjustments that arose in fiscal 2015.

Sysco Corporation.
P A G E 1 2 0
0 9 . 1 5 . 1 5
I N V E S T O R
D A Y
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 payments for integration planning, litigation and termination costs in
connection with the merger that had been proposed with US Foods, interest payments on debt we had issued in connection with the proposed merger, and a payment for
a contingency accrual that arose in fiscal 2014. 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. 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, free cash flow and adjusted free cash flow for fiscal 2015 is reconciled to net cash provided by operating activities.
With respect to our expectation to generate more than $1 billion in free cash flow in each fiscal year through FY18, we cannot provide a quantitative reconciliation to the
most directly comparable GAAP measure without unreasonable effort due to the uncertainty associated with the impacts of unforeseen future special items. However, for
FY16, we expect our free cash flow to reflect adjustments for (1) cash payments associated with the termination of the merger that had been proposed with US Foods and
related interest payments associated with the redemption of debt that had been issued in contemplation of the proposed merger and (2) the amount of plant and
equipment, which the company projects to be in the range of $550-600 million. We would expect to calculate our free cash flow for each of the periods in the same
manner that we calculated FY15 free cash flow as described above and reflected in the table below.
52-Week
Period Ended
Jun. 29, 2013
52-Week
Period Ended
Jul. 28, 2014
52-Week
Period Ended
Jun. 27, 2015
Net cash provided by operating activities (GAAP) $ 1,511,594 $ 1,492,815 $ 1,555,484
Additions to plant and equipment (511,862) (523,206) (542,830)
Proceeds from sales of plant and equipment 15,527 25,790 24,472
Free Cash Flow (Non-GAAP) $ 1,015,259 $ 995,399 $ 1,037,126
Cash impact of Certain Items 34,445 84,210 230,837
Adjusted Free Cash Flow (Non-GAAP) $ 1,049,704 $ 1,079,609 $ 1,267,963
Adjustments represent the cash impact of Certain Items. Adjustments for fiscal 2013 primarily included payments related to these items an MEPP withdrawal, severance
and an acquisition related payment. Adjustments for fiscal 2014 primarily included payments related to integration planning costs in connection with the merger that had
been proposed with US Foods and an MEPP withdrawal. Adjustments for fiscal 2015 included $159.2 million related to integration planning, litigation costs and termination
costs in connection with the merger that had been proposed with US Foods, interest payments of $49.8 million related to the debt that had been issued for the proposed
merger and $17.2 million related to the payment of a contingency accrual that arose in fiscal 2014 that was considered a Certain Item in fiscal 2014 and $5.7 million for
all remaining applicable Certain Items. These amounts will differ from the earnings impact of Certain Items; as the timing of payments for these items may occur in a
different period from the period in which the Certain Item charges were recognized in the Statement of Consolidated Results of Operations. In fiscal 2013 and fiscal 2015,
there were pension contributions of $70.0 million and $50.0 million.

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