SYY Investor Day, NYC

NEIL RUSSELL
VP, INVESTOR RELATIONS & COMMUNICATIONS

3
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.

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

Our VISION
To be our
customers’ most
valued and trusted
business partner

7
Integrity
Committed to doing
the right thing
Teamwork
Working as one to help
our customers succeed
Excellence
In everything we do
Responsibility
To our customer,
associates, shareholders
and communities
OUR CORE VALUES REPRESENT WHO WE ARE,
WHAT WE STAND FOR… & WHAT WE ASPIRE TO BE
Inclusiveness
Creating an open, diverse
and respectful environment

8
PEOPLE
PRODUCTS
PLANET
Charitable Giving
Diversity & Inclusion
Health & Wellness
Human & Labor Rights
Animal Welfare
Responsible Sourcing
Sustainable Agriculture
Energy
Waste
OUR CORPORATE SOCIAL RESPONSIBILITY (CSR) EFFORTS ARE
FOCUSED ON PEOPLE, PRODUCTS & THE PLANET

9
WE HAVE A STRONG LEADERSHIP TEAM WITH MANY YEARS OF
KNOWLEDGE & OPERATING EXPERIENCE
YEARS OF
INDUSTRY
EXPERIENCE
SVP, Sysco Labs & Customer Experience
President & Chief Operating Officer / Incoming CEO
SVP, U.S. Foodservice Operations
EVP, Supply Chain
SVP, Sales & Marketing
EVP & Chief Financial Officer
SVP, Int’l Foodservice Operations, Europe
EVP, Administration & Corporate Secretary
EVP, Human Resources
EVP & Chief Technology Officer
SVP, Int’l Foodservice Operations, Americas
SVP, Merchandising
YEARS OF SYSCO
EXPERIENCE
7
4
26
4
6
21
5
10
7
5
22
21
7
27
26
37
6
21
25
10
25
31
28
35
Brian Beach
Tom Bene
Greg Bertrand
Scott Charlton
Bill Goetz
Joel Grade
Ajoy Karna
Russell Libby
Paul Moskowitz
Wayne Shurts
Scott Sonnemaker
Brian Todd

10
Enabling our companies to serve our customers flawlessly
Operating
companies
Business units
Corporate
functions
Customers
Create tools,
processes
& strategy
Enable the
operating
companies
Provide
resources
& support
Operate the
business
Execute
flawlessly
OUR CUSTOMER-CENTRIC APPROACH LEVERAGES OUR
EXPERTISE ACROSS FUNCTIONS

SYSCO’S BUSINESS &
FY18 – FY20 THREE YEAR PLAN

12
2.5%
4.0%
11%
21%
13%
16%
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
• Local Cases
• Gross Profit
• Adjusted Operating Income
• Adjusted EPS
• Adjusted ROIC
2
• Total Shareholder Return
3
FY16 – FY17
FINANCIAL
RESULTS1TO BE OUR CUSTOMERS’
MOST VALUED AND TRUSTED
BUSINESS PARTNER
LEVERAGE
SUPPLY CHAIN
COSTS
REDUCE
ADMINISTRATIVE
COSTS
GROW
GROSS PROFIT
• Accelerate local
case growth
• Improve margins
A C H I E V E F I N A N C I A L O B J E C T I V E S
OUR PEOPLE
BUSINESS TECHNOLOGY
WE HAVE CONSISTENTLY DELIVERED STRONG RESULTS, WHICH
HAVE TRANSLATED INTO SOLID RETURNS FOR SHAREHOLDERS

13
SYSCO HAS A PRESENCE IN A ROUGHLY $375B, LARGE &
FRAGMENTED FOODSERVICE MARKET
While also serving customers in another 81 countries

14
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
1.1%
2.0%
2.9%
1.7%
1.5%
1.9%
1.8%
1.7%
Noncommercial
Travel & Leisure
Retailers
Restaurants
Small Chains & Independents
101-500 Chains
Top 100 Chains
Total Foodservice
5-year Real CAGR 2017-2022
TECHNOMIC’S FOODSERVICE INDUSTRY REAL GROWTH RATES
• We are focused on gaining share
across multiple higher-growth
segments
• Accelerate growth and gain
market share with local
customers

15
SYGMA
U.S.
Foodservice
Operations
International
Foodservice
Operations
OTHER
Geographic expansion
Restaurant segment penetration
Lodging segment penetration
Technology-focused division
Core market
U.S. broadline serves as the foundation
Specialty companies enhance our portfolio
of products 68%
19%
11%
2%
WE OPERATE THE BUSINESS IN FOUR MAJOR SEGMENTS THAT
COMPRISE THE SYSCO PORTFOLIO OF BUSINESSES
% OF TOTAL
REVENUE

16
Serves diverse customer base of
local and contract customers
Efficient model
Deep knowledge
Specialized solutions
Operational Flexibility
Broad
Assortment
UNIQUE
CAPABILITIES
Fresh
Produce
Fresh Meat,
Poultry, Seafood
THE U.S. MARKET IS THE FOUNDATION OF OUR BUSINESS,
WITH MEANINGFUL GROWTH POTENTIAL

17
International Americas International Europe
• Positioned for longer-term
growth in Latin America
• Enter and grow in sizeable
street segment in Mexico
• Platform for future
European expansion
• Leverage scale to drive
operating efficiencies
Estimated
Market Size
Key Points
CANADA
LATIN
AMERICA
EUROPE
• Grow gross profit &
optimize cost structure in
Canada
~ $25B ~ $100B ~ $250B
INTERNATIONAL REPRESENTS GROWTH OPPORTUNITIES IN
EXISTING MARKETS & TARGETED GEOGRAPHIC EXPANSION

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16%
$279B total
Systems distributors
Source: Technomic, Nov 2016, company info & financials
EXAMPLE
CUSTOMERS
2016 U.S. foodservice
market size
$B, excluding alcohol
SYGMA OPERATES IN THE SYSTEMS DISTRIBUTION SPACE &
SPECIALIZES IN SERVING AT-SCALE CHAIN CUSTOMERS
$45B

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Global Lodging
$10B Opportunity
175,000 Hotels
16MM Rooms
• 30,000 hotels in 113 countries
• Leading presence in U.S. market
• Manufacture personal care amenity
products & textile products
• Distribute 30,000+ operating
supplies, furniture, fixtures, and
equipment
GUEST SUPPLY IS THE LEADING GLOBAL MANUFACTURER &
DISTRIBUTOR OF SUPPLIES TO THE LODGING INDUSTRY

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Customer-centric
Customers in the room and
involved throughout design
and build phases
Pace over perfection
Rapid design, build out, and
continuous iteration; with
willingness to fail smart,
fail fast
Cross-functional
Cross-functional
engagement to drive
diverse thinking and
solutioning
Innovation Culture
Silicon Valley thinking
(art of the possible),
big ideas, challenging
status quo - with clear focus
SYSCO LABS IS OUR INNOVATION TEAM, LEVERAGING AGILE &
DESIGN THINKING TO REIMAGINE THE CUSTOMER EXPERIENCE

21
Source: Technomic Industry Trends Report
Foodservice
Operators
FOODSERVICE TRENDS ARE RE-DEFINING CUSTOMER NEEDS
Operators who are most prepared to leverage these trends will accelerate
Technology
Innovation
Increased
Costs
Shifting
Consumer
Expectations

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1 Technomic clean-sustainable report 2016
2 NRA Forecast 2016
Local
96% 88% 85% 75%
42%
Fine Dining Fast Casual Casual Family QSR
Consumers: Say they are more
likely to choose restaurants
offering local food2
Operators: Locally sourced food becoming
more important2
% of operators adding new locally sourced menu items
89%
Operators: Health and Wellness
will have a great or moderate
influence on future purchases1
Consumers: Healthy options an
important factor when choosing
a restaurant2
67%
Healthy
68%
CONSUMERS' EXPECTATIONS REGARDING FOOD SOURCE &
QUALITY ARE SIGNIFICANTLY INCREASING

23
YOUNGER GENERATIONS ARE FUELING THE DEMAND FOR
ETHNIC PRODUCTS & CUISINE TYPES
Ethnic Items and Flavors Trend
Demand for Ethnic by Generation

24
TECHNOLOGY IS ALSO PROGRESSIVELY MORE IMPORTANT IN
FOODSERVICE & HELPS OPERATORS COMPETE
of restaurant
searches are done
on mobile devices
50%
in estimated 2016
orders went through
Food Delivery Apps,
a 45% growth1
$5.2B
1Cowen and Co Investment
Cost efficiencies &
labor cost savings are
pushing technology
use by operators

25
Best in class
salesforce
Depth
of product
offering
Enterprise scale
& scope
Highly efficient
supply chain
Sysco is rooted in a strong
foundation and a history of
profitable growth
Strong cash flow
& balance sheet
Strong
customer
relationships
BUILDING ON OUR SOLID FOUNDATION, WE ARE EVOLVING TO
FURTHER ACCELERATE VALUE CREATION & GROWTH

26
OUR FOUR STRATEGIC PRIORITIES WILL ACCELERATE OUR
CURRENT GROWTH & POSITION US WELL FOR THE FUTURE

ENRICH
THE CUSTOMER EXPERIENCE 27
• 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
ENRICHING THE
CUSTOMER EXPERIENCE
ENRICHING THE CUSTOMER EXPERIENCE IS A CRITICAL
COMPONENT OF OUR STRATEGY

DELIVER
OPERATIONAL EXCELLENCE 28
• 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:
DELIVERING OPERATIONAL EXCELLENCE IS KEY TO ACHIEVING
OUR COST & PRODUCTIVITY GOALS

OPTIMIZE
THE BUSINESS 29
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

ACTIVATE
THE POWER OF OUR PEOPLE 30
ACTIVATING THE POWER OF OUR PEOPLE WILL UNLOCK
SIGNIFICANT GROWTH
Note: will
develop
graphics for
these pages…
• 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 THE POWER OF
OUR PEOPLE:

31
M&A IS A KEY LEVER OF OUR GROWTH STRATEGY
Strategically
acquire
companies in
existing markets
• Grow our share with local
operators
• Achieve supply chain synergies
• Fill potential gaps in our product
offerings and capabilities
Thoughtfully
expand into new
markets
• Develop platforms for further
growth
• Leverage local market knowledge
and expertise to help grow our
business
We continue to enhance our M&A capabilities

32
LOCAL: +3.5%3.0%
4.0% -
4.5%
4%
9%
12%
$650M - $700M1
Cases
FOCUSING ON THESE KEY STRATEGIC PRIORITIES WILL DELIVER
SOLID OPERATING PERFORMANCE OVER THE NEXT THREE YEARS
1 See Non-GAAP reconciliations at the end of the presentation.
Sales
Gross Profit
Operating Income
EPS

33
SYSCO, ONE COMPANY, MANY SOLUTIONS, ENABLING
CUSTOMER SUCCESS

BILL GOETZ
SVP, SALES & MARKETING

ENRICH
To further innovate, we are leveraging Sysco Labs to
re-imagine the Customer Experience and our sales model
Through Insights, we have developed unique and
differentiated value propositions by segment
Insights led to our recent rebranding that tells our
story to the marketplace
WE USE INSIGHTS TO INFORM ALL ASPECTS OF OUR SALES
AND MARKETING AGENDA

ENRICH
Develop
strategies &
solutions
WE HAVE A MULTI-FACETED APPROACH TO GATHER A DEEPER
UNDERSTANDING OF THE CUSTOMER
of millennials are seeking ethnic-
inspired dining options
of independents report that they are
currently using POS systems. Half of
respondents indicate that they are using
social media
Consistency in service interaction
across operating companies cited as
the #1 requirement for multi-unit
customers
51%
2/3
#1
Consumer Trends
Operator Trends
Customer Voice

ENRICH
Deep
Customer
Insights
Acquire
new customers with the right value proposition and
strength of our brand
Innovate
through customer-centric approach to new products,
tools + technology, and reimagined customer journeys
Grow
from deep relationships and the right products +
solutions delivered through multiple channels
OUR INSIGHT BASED APPROACH INFORMS OUR STRATEGIES
THROUGHOUT THE ENTIRE CUSTOMER LIFECYCLE

ENRICH
INSIGHTS LED TO OUR RECENT REBRANDING EFFORT TO TELL
OUR STORY TO CUSTOMERS & PROSPECTS…
…we have passion for
our business and for our
customers
At the heart of food and service

ENRICH
GROUNDED IN CUSTOMER RESEARCH, OUR VALUE
PROPOSITIONS DEFINE OUR KEY DIFFERENTIATION POINTS…
…that help acquire, develop and increase share of wallet with current customers
Sysco provides
support and solutions
Sysco supports
the local community
Sysco delivers
fresh food and fresh ideas

ENRICH
HEALTHCARE VALUE PROPOSITIONS – END TO END SOLUTIONS
Delivering Fresh
Food and Ideas
• NetIMPAC: Centralized menu planning
• NetRecipe: 22,000+ recipes
• eNutrition: 237,000 products
Providing Support
& Solutions
Supports our
Communities and
Industry
• Order Guide Management
• KEYS: Foodservice staff training
• Emergency Response Process: Harvey & Irma
• Board level positions in key industry associations
• Holistic local and regional industry educational programs

ENRICH
CUSTOMER NEEDS ARE DRIVING OUR SALES MODEL EVOLUTION
Disciplined, profitable growth
Multi-Unit Local
“Manage compliance”
• Fewer points of contact
• Tools for managing unit compliance
• Consolidated invoicing and reporting
• Centralized services
“Standard, consistent”
• Standard, limited set of products
• Consistency across all units
SERVICES
PRODUCTS
“Partner for growth”
• Omni-channel approach
combining MAs and digital tools
• Consulting / menu
development
• Flexible deliveries
“Variety, flexibility”
• Breadth of products
• Local / regional products
• Labor savings
Increase share of wallet

ENRICH
OUR MULTI-UNIT SALES MODEL IS FOCUSED ON OPTIMIZING
AND GROWING PRIORITIZED SEGMENTS
Developing Solutions &
Innovations
Identify Optimal
Segments
Strategic Partnership
Selling
Centralized Services
Grow &
Optimize

ENRICH
Restaurants
Healthcare
Travel / Leisure
Retail
Fast casual 6%
Senior Living 6%
Supermarket 5%
Recreation ~2%
WE HAVE IDENTIFIED THE OPTIMAL MULTI-UNIT SEGMENTS
FOR PROFITABLE GROWTH
TECHNOMIC 5-YEAR
CAGR (2017-2022)

ENRICH
CENTRALIZATION
SERVICES
WE ARE CENTRALIZING SUPPORT SERVICES FOR OUR
MULTI-UNIT CUSTOMERS…
…to create consistency and enhanced customer experience
• Limited time offers
• Order guide management
• Pricing/audit inquiries
• Financial inquiries
• Business transfer
• Customer location additions
• New customer onboarding

ENRICH
CUSTOMER NEEDS ARE DRIVING OUR SALES MODEL EVOLUTION
Disciplined, profitable growth
Multi-Unit Local
“Manage compliance”
• Fewer points of contact
• Tools for managing unit compliance
• Consolidated invoicing and reporting
• Centralized services
“Standard, consistent”
• Standard, limited set of products
• Consistency across all units
SERVICES
PRODUCTS
“Partner for growth”
• Omni-channel approach
combining MAs and digital tools
• Consulting / menu
development
• Flexible deliveries
“Variety, flexibility”
• Breadth of products
• Local / regional products
• Labor savings
Increase share of wallet

ENRICH
Discover Onboard Shop Receive Order
`
WE ARE LEVERAGING SYSCO LABS TO REIMAGINE THE ENTIRE
CUSTOMER JOURNEY FROM START TO FINISH
The customer is part of the design, build and re-imagination of a solution
• 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

ENRICH
Identify targeted opportunities
Omni-channel approach
Product & business expertise
Consistent & market relevant pricing
Enhanced coaching & training
CUSTOMER-CENTRIC
APPROACH
WE ARE TRANSFORMING OUR LOCAL SALES MODEL TO
ACCELERATE GROWTH

ENRICH
MULTICULTURAL SEGMENTS CONTINUE TO LEAD RESTAURANT
GROWTH
Hispanic
Italian
Asian
3x industry growth
1.5x industry growth
3x industry growth
$9B
$10B
$8B
Focusing on high impact ethnic segments to further differentiate our offerings
Segment Segment Growth Market Size

ENRICH
Unique sales model in key geographies
Build culturally relevant brand
Develop a robust supplier base
Engagement in the local Hispanic communities
Execute 4 Point Plan
DOUBLE DIGIT
SALES GROWTH
Following a similar approach to Italian and Asian segments
WE HAVE A PROVEN PLAN TO MEET THE NEEDS OF THE
MULTICULTURAL CUSTOMER

ENRICH
Differentiated tools
and capabilities foster
ease of doing business
and improve customer
loyalty
• Leveraging the power of our brand
• Improve loyalty through
differentiated solutions
• Evolve sales model to meet the
changing needs of our customers
• Insights and innovations are the
foundation for future growth
ENRICHING THE
CUSTOMER EXPERIENCE
WE WILL CONTINUE TO GROW OUR BUSINESS BY SUPPORTING
OUR CUSTOMERS’ NEEDS & EXPECTATIONS

GREG BERTRAND
SVP, U.S. FOODSERVICE OPERATIONS

ENRICH
OUR U.S. FOODSERVICE BUSINESS IS A KEY DRIVER OF
SYSCO’S OVERALL PROFITABILITY
Portfolio of U.S. Operations
Specialty companies enhance our
portfolio of products: Provide our
customers with differentiated fresh meat,
seafood, produce, and specialty items
U.S. broadline serves as the
foundation: Delivers a comprehensive
assortment to a wide base of customers
Legend
Broadline
Puerto Rico
We have developed the most comprehensive specialty portfolio through acquisitions
over the last 20+ years
Alaska
Hawaii

ENRICH
Legend
FreshPoint
Puerto Rico

ENRICH
Legend
Specialty
meat
Puerto Rico

ENRICH
Legend
Puerto Rico
Specialty
meat
SOTF /
European
Imports

ENRICH
Legend
Broadline
FreshPoint
Specialty
meat
SOTF /
European
Imports
Puerto Rico
Alaska
Hawaii

57
We continue to
focus on our
customer-centric
strategy through
the breadth of our
assortment
We are enabling
our salesforce with
the tools,
processes, and
support needed to
meet our
customers’ needs
We are delivering an
improved customer
experience and
increased efficiency
through ongoing
operational
enhancements
Differentiate
our product
assortment
Transform our
sales model
Optimize our
supply chain
Leverage our
portfolio
Our portfolio of
companies provide
our customers
with the products
and services that
meet their needs
WE ARE IMPROVING OUR U.S. FOODSERVICE BUSINESS THROUGH
A NUMBER OF STRATEGIES ACROSS OUR OPERATIONS

ENRICH
Fresh Meat and SeafoodFresh ProduceBroadline
Each type of company provides customers with a different value proposition
• Distributes a broad assortment of
products
• Single provider for foodservice
products and distribution
• Specializes in fresh produce
• Tomato repack, produce
processing, broadline splits and
repack
• Specialize in fresh meat,
seafood, and poultry
• Repack, grinding, aging, cutting,
processing / manufacturing,
certifications
SPECIALTY COMPANIES ENHANCE OUR PRODUCT ASSORTMENT,
CREATE SERVICE FLEXIBILITY, AND PROVIDE DEEPER KNOWLEDGE

ENRICH
Deliver on fresh & local needs of our
customers
Leverage Broadline & specialty companies
to provide customized service
offerings
Provide our customers with a clear
interface to our companies through the
collaborative approach of our
OneSysco program
Broadline
Meat &
Seafood
Produce
…and serves as a platform for future growth
OneSysco leverages broadline & specialty capabilities
OUR ONESYSCO PROGRAM IS AN INTEGRATED GO TO MARKET
APPROACH ACROSS OUR BROADLINE & SPECIALTY COMPANIES…

60
We continue to
focus on our
customer-centric
strategy through
the breadth of our
assortment
We are enabling
our salesforce with
the tools,
processes, and
support needed to
meet our
customers’ needs
improved customer
experience and
through ongoing
operational
enhancements
Differentiate
our product
assortment
Transform our
sales model
Optimize our
supply chain
Leverage our
portfolio
Our portfolio of
companies provide
our customers
with the products
and services that
meet their needs

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

ENRICH
RegionalNational
Consistent national
assortment to meet
essential customer needs…
…augmented by
regional products
and brands…
Local
…and enhanced with
local items
WE ARE EVOLVING OUR APPROACH TO BECOME EVEN MORE
CUSTOMER-CENTRIC…
…while driving additional operational efficiencies in how we source & distribute products

ENRICH
• 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
SYSCO BRAND PORTFOLIO DELIVERS SIGNIFICANT OVERALL
VALUE IN QUALITY, VARIETY AND PRICE TO OUR CUSTOMERS
…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
September 2017 Cutting Edge Solutions
magazine
Beyond Meat®
The Beyond Burger™
COLEMAN® Organic
Small Bird Chicken
OUR ASSORTMENT IS ENHANCED BY EXCLUSIVE ITEMS THAT HELP
CUSTOMERS DIFFERENTIATE THROUGH INNOVATIVE PRODUCTS
• New on-trend items
that keep menus fresh
and drive customer
traffic
• Products that deliver
labor-saving, versatility
and better-for-you
solutions

66
We continue to
focus on our
customer-centric
strategy through
the breadth of our
assortment
We are enabling
our salesforce with
the tools,
processes, and
support needed to
meet our
customers’ needs
improved customer
experience and
through ongoing
operational
enhancements
Differentiate
our product
assortment
Transform our
sales model
Optimize our
supply chain
Leverage our
portfolio
Our portfolio of
companies provide
our customers
with the products
and services that
meet their needs

ENRICH
Capabilities &
development
Training and
development programs
to advance capabilities
in high-value activities
& drive successful
customer interactions
Processes & tools
Technology and
processes that allow
sales teams more time to
sell and provide
customers flexible
ordering options
Sales support
Resources that
are differentiated
and bring value
to our customers
WE ARE TRANSITIONING TO AN INCREASINGLY CONSULTATIVE
SALES APPROACH SUPPORTED BY NEW TOOLS & CAPABILITIES

ENRICH
SYSCO’S INNOVATIVE PROCESSES & TOOLS PROVIDE OUR
SALES TEAM MORE TIME TO SELL & SUPPORT OUR CUSTOMERS
Provide customers with a choice to order how,
when, and where they want
Pricing guidance & market
pricing intelligence
Streamlined payment
technology
Data-driven territory planning
Support our MAs through processes &
tools that improve their productivity
Enhancing our eCommerce capabilities
• Creating applications to be agile, easy, and intuitive
• Increasing adoption of eCommerce as a sales channel

ENRICH
▪ Building capabilities
▪ Highly effective Sales organization
▪ Learning & Development
programs
Prioritized customer-facing activities
Sample Trainings
• New MA orientation
program
• MA Accelerator program
focused on new capability
development
• Sales leadership training
for skill building (e.g.
coaching and technology)
Optimizing use of MA time to provide additional value to our customers
SYSCO IS ADVANCING OUR SALES CAPABILITIES TO ENABLE
CONSULTATIVE SELLING FOR OUR LOCAL CUSTOMERS…

ENRICH
MAs act as the liaison between Sysco’s team of experts and customer accounts
Specialists
Culinary
Team
Business
Resources
• Business reviews and chef’s visits
• Menu development & savings opportunities
• New product introductions and innovative recipe ideas
• Category specific expertise and guidance
• Business building activities (e.g., social media presence)
• Product development support & product cuttings
• Menu design resources
• Restaurant technologies
• Marketing collateral for product presentations
Resources Services & Support
WE ARE PROVIDING MARKETING ASSOCIATES WITH THE
SUPPORT & RESOURCES TO DRIVE SALES GROWTH

71
We continue to
focus on our
customer-centric
strategy through
the breadth of our
assortment
We are enabling
our salesforce with
the tools,
processes, and
support needed to
meet our
customers’ needs
improved customer
experience and
through ongoing
operational
enhancements
Differentiate
our product
assortment
Transform our
sales model
Optimize our
supply chain
Leverage our
portfolio
Our portfolio of
companies provide
our customers
with the products
and services that
meet their needs

DELIVER
OPERATIONAL EXCELLENCE
WE ARE EVOLVING OUR SUPPLY CHAIN THROUGH NEAR TERM
& LONG TERM STRATEGIES
Center of
Excellence &
innovation
Field
execution
Best practices
& tools
Continuous
improvement &
capability
building
Near term strategies
• Safety
• Operational efficiency
• Leveraging assets
Long term strategies
• One Sysco
• Network optimization
• Alternative delivery methods
Centers of excellence drive innovation
& best practices
Supply Chain
Operations

DELIVER
Reducing miles &
fuel through routing
best practices
Operations
Driving efficiencies
in our facilities
through optimized
slotting
Minimizing errors
& waste by applying
LEAN practices
Increasing
transparency
through technology
and real time data
Customer Benefits
• Reliability in order
fulfillment
• Consistency in delivery
experience
• Transparency of order
status
• Timely arrival of
deliveries
…while aggressively managing cost per piece over the next three years
WE ARE FOCUSED ON CONTINUING TO INCREASE OPERATIONAL
EFFICIENCY AND PROVIDE MORE DELIVERY FLEXIBILITY

DELIVER
OPERATIONAL EXCELLENCE
74
Introducing alternative methods for last mile delivery
to provide customers with additional options
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
Adopting innovative technologies to increase
efficiency, including investment in Tesla

DELIVER
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

PAUL MOSKOWITZ
EVP, HUMAN RESOURCES

ACTIVATE
• 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 THE POWER OF
OUR PEOPLE:
ACTIVATING THE POWER OF OUR PEOPLE WILL ALLOW US TO
DELIVER OUR PLAN

ACTIVATE
hg
EMPOWERED & HIGHLY CAPABLE INDIVIDUALS / TEAMS
Create tools,
processes
& strategy
Enable the
operating
companies
Provide
resources
& support
Operate the business Execute flawlessly
Strong,
experienced
leaders
Significant
culinary,
specialty, sales
and marketing
expertise
Deep pipeline
of talent
Operating
companies
Business units
Corporate
functions
Customers
Create tools,
processes
& strategy
Enable the
operating
companies
Provide
resources
& support
Operate the
business
Execute
flawlessly

ACTIVATE
Our goal is to hire and retain the best talent from the market
DIVERSITY & INCLUSION IS A KEY BUSINESS IMPERATIVE
THAT HELPS US TO REFLECT OUR CUSTOMERS & COMMUNITIES
More than
half of US
restaurants
are owned by
women
+45% of restaurant
managers are women
Millennials
will be 50%
of the US
workforce
within 5 years
+75% of the global
workforce within 10 years
Strategic Talent
Acquisition
Partnerships
Inclusion
Strategies+ +

ACTIVATE
Experienced MAs participate in
Accelerator Training – and showed
significant performance increases
ROBUST &
STANDARDIZED
ONBOARDING &
TRAINING
1.7X higher
Gross Profit $
Growth
1.1X higher
Case Growth
Continued Investment in
Targeted Training
A new MA experiences
30 weeks of supervised
preparation
Building a support network for our MAs to drive business results and achieve success
SIGNIFICANT INVESTMENT IN TRAINING OUR SALES
ORGANIZATION HAS RESULTED IN IMPROVED PERFORMANCE

ACTIVATE
OUR CULTURE IS FOUNDATIONAL FOR DRIVING ENGAGEMENT
& DELIVERING ON OUR PLAN
Our Strengths
• Excellent cultural health
• Strong customer focus
• Significant pride in and loyalty
to Sysco
• Operationally disciplined
• Growing talent from within
Our Focus
• Staying connected with
associates
• Real-time, all-the-time
feedback
• Agile ways of working
• 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
KEY
METRICS
• Sales and Gross Profit
Growth
• Case Growth
• E-commerce
RECOGNITION
• Torchbearers
• Pacesetters
• Cases per Hour
• Accuracy
• Delivery Stops
• Haul of Fame
• Case Growth
• Gross Profit
• Operating Profit
• EPS & ROIC / Equity incentives
• Operating Company Wall of
Fame

ACTIVATE
• 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
ACHIEVE OUR OBJECTIVES
ACTIVATING THE POWER OF OUR PEOPLE WILL ALLOW US TO
ACHIEVE OUR OBJECTIVES

86
TECHNOLOGY WILL CONTINUE TO BE A KEY ENABLER OF OUR
STRATEGY
Deliver Technology Faster and Better
Use Technology to Drive Business Results
Enrich the Customer Experience

87
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
ECOMMERCE GROWTH
GREAT ECOMMERCE PROGRESS HAS RESULTED FROM
IMPROVEMENTS TO OUR DIGITAL TOOLS…

88
…AND HAS RESULTED IN IMPROVED BUSINESS RESULTS
MA /customer
conversations are
changing
Greater share of
wallet, higher
sales and
improved loyalty
Supplies On The
Fly grew 25%
last year

89
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

90
ECOMMERCE AT SYSCO EXTENDS WELL BEYOND ORDER ENTRY
Streamlined Payment
Technology
Reporting Inventory Management

91
THE DISCOVER JOURNEY WILL MAKE IT EASY TO FIND AND DO
BUSINESS WITH SYSCO
Discover - Shopping for a food service supplier

92
THE RECEIVE JOURNEY WILL MAKE IT EASIER FOR CUSTOMERS
TO PLAN FOR, RECEIVE AND SETTLE DELIVERIES
Receive - Exactly when and what goods are arriving?

93
Guest Manager Point of Sale Reservations Reporting
Sysco’s in-restaurant technology solutions
OUR TECHNOLOGY OFFERINGS ALSO EXTEND TO INSIDE THE
RESTAURANT

94
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

95
…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

96
WE ARE TRANSFORMING OUR TECHNOLOGY TEAM TO AN AGILE
ORGANIZATION
Operating as an agile organization has increased our responsiveness to evolving
customer and business needs
Doubled eCommerce
adoption growth 10%+ increase in team
engagement
• Failing and learning fast
• Product vs. project centric
• Customer in the Room
• Self-sufficient Agile Teams
• Iterative Development
• Respond Rapidly to
Changing Needs
10%+ increase in
team engagement
Doubled eCommerce
adoption growth
55%+ decrease in
time to market

97
TECHNOLOGY IS A KEY ENABLER TO SYSCO’S STRATEGY
• Enrich the customer experience
• Use technology to drive business
results
• Deliver technology faster and better
WINNING FORMULA

LUNCH BREAK
WILL RESUME AT
1:00PM EST

Financial overview of three-year plan (FY18-FY20)
Ongoing focus on cost
THE SYSCO WAY OF OPERATING INCLUDES A COST-MINDSET THAT
FOCUSES ON SIMPLIFICATION & VALUE CREATION TO ACHIEVE OUR PLAN
105

OPTIMIZE
THE BUSINESS 101
THE NEXT EVOLUTION OF COST REDUCTIONS IS BASED ON A
HOLISTIC APPROACH
Optimize
our cost
structure
PRIORITIZATION
Understand what the work is, prioritize to
drive business results or manage risk,
rationalize unnecessary activities
GOVERNANCE
Governance, transparency, cost
controls, monitoring mechanisms,
culture
STANDARDIZATION
Best practices, tools,
benchmarks, standard role
profiles
CENTRALIZATION
Centers of expertise, greater
efficiency and consistency,
eliminate redundancy
OPTIMIZATION
Maximized value in intersection of
where and how work gets done
(e.g. technology investments)

OPTIMIZE
THE BUSINESS 102
Agile Transformation
Finance Technology
Roadmap
Smart Spending
Optimizing our
Canadian business
WE WILL REDUCE COSTS THROUGH A VARIETY OF
DIFFERENT LEVERS

OPTIMIZE
THE BUSINESS 103
Seamless customer, vendor, and associate experience
Increased standardization of end-to-end global processes
Workflow and digital automation on a modern finance platform
KEY DRIVERS
FINANCE TECHNOLOGY ROADMAP: A PROGRAM FOCUSED ON
DRIVING STANDARDIZATION, EFFICIENCY & EFFECTIVENESS

OPTIMIZE
THE BUSINESS 104
Unprecedented
visibility
Dual ownership
Granular
budgeting
Performance
management
Development of transaction-level visibility reveals cost drivers and
potential savings opportunities
Combination of traditional P&L owners and new category owners to
increase accountability for G&A spend across Sysco
Creation of detailed, driver-based budgets at the lowest level
and a repeatable process to ensure spend aligns with priorities
Institution of process and systems to further develop a culture of cost
management and ensure Smart Spending savings are captured
SMART SPENDING IS FOCUSED ON G&A CATEGORIES, TAKING
A DETAILED LOOK AT SPEND & DRIVING SAVINGS

OPTIMIZE
THE BUSINESS 105
Agile will generate return on investment
through shorter development cycles,
waste reduction and delivery of better
solutions as a result of increased
collaboration among business, technology
and customers
Launch
FY 18
Scale
FY 19
Transform
FY 20
THE AGILE TRANSFORMATION AT SYSCO
Shorter development cycles Waste reduction Better solutions

OPTIMIZE
THE BUSINESS 106
Leverage best
practices
Right-size
structure
Network
Optimization
WE ARE OPTIMIZING THE CANADIAN BUSINESS TO IMPROVE
EFFICIENCIES

OPTIMIZE
THE BUSINESS
107
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

109
2 - 3%Accelerate local case growth
4%Achieve gross profit growth1
3%Limit operating expense growth1
$600 - $650MOperating income growth1
2.5%
4%
2%
$469M
ROIC1
15% 16%
2
WE HAVE STRONG MOMENTUM IN THE BUSINESS FOR THE
FIRST NINE QUARTERS OF OUR INITIAL THREE-YEAR PLAN…
1 See Non-GAAP reconciliations at the end of this presentation.
2
FY17 results
Guiding to the
high end of the
range
Working Capital 4 days 4 days
ACTUALS AS OF
1Q18
1
THREE-YEAR PLAN
(FY15-FY18)

110
KEY UNDERLYING OPERATING ASSUMPTIONS: FY18-FY20 PLAN
• Inflation: 1% - 2%
• Total case growth: 3.0%
• Local case growth: 3.5%
• Continue to pursue core portfolio acquisitions (0.5% - 1.0% of sales)
• Ongoing assessment of other strategic opportunities
• Reduce diluted shares outstanding
• Continue to evaluate opportunistic share repurchases
• Annual CAPEX investment of 1.2% - 1.3% of Sales
• Working capital improvement of 2 days
Topline
Acquisition
Investment
Shares
Outstanding
CAPEX /
Working Capital

111
FY17
FY20
2
(Approx.)
3yr CAGR
Sales ($B) $55.4 $63.0 4% - 4.5%
Gross Profit
$B $10.6 $11.8 4%
% 19.1% 18.8%
Adj. Expenses1
$B $8.2 $8.8 2.5%
% 14.8% 14.0%
Adj. Operating
Income1
$B $2.4 $3.0 9%
% 4.3% 5.0%
Net Earnings1 ($B) $1.4 $1.8 9%
EPS1 $2.48 $3.40 - $3.50 12%
ROIC1 13% 16%
OUR THREE-YEAR PLAN DELIVERS TARGETED FINANCIAL
RESULTS
1: See Non-GAAP reconciliations at the end of this presentation for FY17 results; 2: Estimated results

112
FOCUSING ON THESE KEY STRATEGIC PRIORITIES WILL
ENABLE US TO DELIVER SOLID OPERATING PERFORMANCE
$650 - $700M1
Gross
operating
income
benefit
Leverage supply chain
costs
55-65%
10-15%
20-25%
Net Operating Income Improvement:
Reduce administrative
costs
Grow gross profit
FY 20 IMPACT
1 See Non-GAAP reconciliations at the end of the presentation

113
THE GROWTH OF OPERATING INCOME WILL BE EVENLY PACED
THROUGHOUT FY18-FY20
$2.4
$3.0
2017 2018 2019 2020
Adjusted Operating Income
1
($B)
CAGR: 9%
Fiscal ’18 results adjusted for ~ $50M in one-time depreciation
1 See Non-GAAP reconciliations at the end of the presentation

114
WE PLAN TO CONTINUE OUR HISTORICAL STRONG OPERATING
PERFORMANCE
1 See Non-GAAP reconciliations at the end of this presentation. FY17 excludes Brakes
4.5% 3.6%
4.1%
4.8%
2.0%
1.7%
0.0%
2.0%
4.0%
6.0%
FY15 FY16 FY17
Total Sysco Operating Leverage
1
GP growth OPEX growth
3yr CAGR
FY18 – FY20
1
4.0%
2.5%
1 See Non-GAAP reconciliations at the end of this presentation. FY17 excludes Brakes
Maintain a healthy gap between gross profit dollar and operating expenses driving
growth in adjusted operating income

115
$-
$600
$1,200
$1,800
$2,400
FY15 FY16 FY17
Annual Cash Flow1
($M)
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
ratio
2
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
WE HAVE A PROVEN TRACK RECORD OF CASH FLOW
GENERATION…

116
1
2
3
4
Approximately 1.2% -
1.3% of sales
Preferred payout ratio
of 50-60% over time
WE WILL FOLLOW A DISCIPLINED APPROACH
TO CAPITAL ALLOCATION
Invest in the business
Grow the dividend
Strategic M&A
Pay Down Debt /
Opportunistic Share Repurchase

117
OUR STRONG BALANCE SHEET PROVIDES FLEXIBILITY
• Solid investment-grade credit rating
• Substantial flexibility to pursue strategic
transactions where appropriate
• Moody’s: A3
• S&P: BBB+
Current
Balance
Sheet
Debt
Ratings

118
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

119
CONTINUING TO FURTHER LEVERAGE STRONG MOMENTUM IN
THE BUSINESS
• 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
LEVERAGE STRONG MOMENTUM
IN THE BUSINESS
1
1 See Non-GAAP reconciliations at the end of this presentation.

121
OUR FOUR STRATEGIC PRIORITIES WILL ACCELERATE OUR
CURRENT GROWTH & POSITION US WELL FOR THE FUTURE

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. 1, 2017
(52 Weeks) (GAAP)
Impact of extra
week
Jul. 1, 2017
(52 Weeks Basis)
(Non-GAAP)
Jul. 2, 2016
(53 Weeks)
(GAAP)
Impact of
extra week
Jul. 2, 2016
(52 Weeks
Basis) (Non-
GAAP)
2-year
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
(14 Weeks) (GAAP)
Impact of extra
week
Jul. 2, 2016
(13 Weeks Basis)
(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%
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%
52-Week
Period Ended
53-Week
Period Ended Period Change
in Dollars
Period
% ChangeJul. 1, 2017 Jul. 2, 2016
127

OPERATING LEVERAGE (CONT’D)
(In Thousands)
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%
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
52-Week
Period Ended
52-Week
in Dollars
Period
% ChangeJun. 27, 2015 Jun. 28, 2014
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.
53-Week
Period Ended
52-Week
in Dollars
Period
% ChangeJul. 2, 2016 Jun. 27, 2015
128

OPERATING INCOME GROWTH
129
Operating Income Growth
(In Thousands)
July 1, 2017 July 2, 2016
2-year
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
impact of Brakes (Non-GAAP)
$ 7,014,881 $ 7,031,224 $ (16,343) $ 7,031,224 $ 6,759,686 $ 271,537
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%
Period
Cumulative
24-month
Change $
results
(3)
Includes Brakes Acquisition restructuring charges.
July 1, 2017
Period Change
$June 27, 2015July 2, 2016July 2, 2016
Period Change
$
Year Ended Year Ended
(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.

OPERATING INCOME GROWTH (CONT’D)
Operating Income Growth
(In Thousands)
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
13-Week Period Ended
Cumulative
24-month
Change $
results
Cumulative
27-month
Change $
resultsSeptember 30, 2017 October 1, 2016
Period Change
$
(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
131
Impact of Certain Items, Brakes and extra week in fiscal year 2016
(In Thousands, Except for Share and Per Share Data)
July 1, 2017 July 2, 2016
Period
Change
in Dollars
Period
%/bps
Change July 2, 2016 June 27, 2015
Period
Change
in Dollars
Period
%/bps
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
Brakes (Non-GAAP)
$ 50,200,352 $ 49,392,070 $ 808,282 1.6% $ 49,392,070 $ 48,680,752 $ 711,318 1.5%
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
excluding the impact of Brakes (Non-GAAP)
$ 7,014,881 $ 6,897,325 $ 117,556 1.7% $ 6,897,325 $ 6,759,686 $ 137,639 2.0%
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%

FISCAL YEAR 2016 (CONT’D)
132
July 1, 2017 July 2, 2016
Period
Change
in Dollars
Period
%/bps
Period
Change
in Dollars
Period
%/bps
Change
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-
GAAP)
$ 302,878 $ 178,181 $ 124,697 70.0% $ 178,181 $ 116,385 $ 61,797 53.1%
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
(Non-GAAP)
$ (15,937) $ (35,200) $ 19,263 -54.7% $ (35,200) $ (33,592) $ (1,608) 4.8%
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
the impact of Brakes (Non-GAAP)
$ 1,282,823 $ 1,188,018 $ 94,805 8.0% $ 1,188,018 $ 1,100,166 $ 87,852 8.0%

FISCAL YEAR 2016 (CONT’D)
133
July 1, 2017 July 2, 2016
Period
Change
in Dollars
Period
%/bps
Period
Change
in Dollars
Period
%/bps
Change
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
impact of Brakes (Non-GAAP) (7)
$ 2.34 $ 2.06 $ 0.28 13.6% $ 2.06 $ 1.84 $ 0.22 12.0%
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%
NM represents that the percentage change is not meaningful.
(3)
Includes Brakes acquisition restructuring charges.
(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.
(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.
(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.

ROIC
Adjusted Return on Invested Capital (ROIC)
(In Thousands)
2-year
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
Adjustments to invested capital (307,736) (1)
(1,267,922) (2)
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%
Adjusted Return on Invested Capital (ROIC) Target
52-Week
Period Ended
Jul. 1, 2017
53-Week
Period Ended
Jul. 2, 2016
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.
(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.
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
135
(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%
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)
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)
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)
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeSep. 26, 2015 Sep. 27, 2014
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeJuly 2, 2016 June 27, 2015
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeApr. 1, 2017 Mar. 26, 2016
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeDec. 26, 2015 Dec. 27,
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeOct. 1, 2016 Sep. 26, 2015
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeJuly 1, 2017 July 2, 2016
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeMar. 26, 2016 Mar. 28, 2015
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeDec. 31, 2016 Dec. 26, 2015
13-Week
Period Ended
13-Week
Period Ended
13-Week
Period Change
in Dollars
13-Week
Period
% ChangeSep. 30, 2017 Oct. 1, 2016

FREE CASH FLOW
136
Free Cash Flow and Adjusted Free Cash Flow
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
(In Thousands)
52-Week
Period Ended
Jul. 1, 2017
53-Week
Period Ended
Jul. 2, 2016
52-Week
Period Ended
Jun. 27, 2015
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.

ADJUSTED SALES, GROSS PROFIT, OPERATING EXPENSE, OPERATING
INCOME, EARNINGS PER SHARE AND ADJUSTED OPERATING INCOME
TARGETS
137
Sales, Gross Profit, Operating Expense, Operating Income and Earnings per Share Targets
Adjusted Operating Income Margin Target
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)
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.
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.

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