Sysco Investor Day 2021

1. May 20, 2021
Sysco Investor Day
© Sysco 2021 | 1
Virtual

2. S V P , C o r p o r a t e A f f a i r s a n d
C h i e f C o m m u n i c a t i o n s
O f f i c e r
Neil Russell
© Sysco 2021 | 2

3. © Sysco 2021 | 3
Statements made in this presentation 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 growth strategy across different markets; statements regarding Sysco’s comprehensive financial
outlook for periods through fiscal 2024, including planned cost reductions from fiscal 2021 through fiscal 2024, expected adjusted earnings per share in fiscal 2022, our targeted fiscal 2024 adjusted EPS, our establishment of
a net leverage target, and our plans to reduce indebtedness in fiscal 2021 and fiscal 2022; our expected annual capital investments through fiscal 2024; statements regarding our commitments to improve CSR initiatives
across markets and responsible sourcing throughout fiscal 2021; statements regarding future and pending acquisitions; our goal to improve overall sales, gross margins, and cash flows to return to fiscal 2019 sales levels; our
goal to improve operating expenses as a percentage of sales; our plan to repurchase shares in the future and current and expected liquidity to execute such repurchases; statements regarding our targeted leverage; our
expectations regarding higher demand for faster supply chain methods; our projections regarding consumer and geographic growth across the United States; our goal of transitioning into renewable energy; our plans to
grow customer count through fiscal 2021; our expected corporate growth through pricing, technology, and supply chain transformation strategies and improved delivery models; our outlook on market recovery across
different business lines from fiscal 2021 through fiscal 2024; and expectations regarding dividend increases in calendar years 2021 and 2022.
The success of our plans and expectations regarding our operating performance 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, long-term regional and national customers, inflation risks, the impact of fuel prices, adverse publicity,
labor issues, political or financial instability, trade restrictions, tariffs, currency exchange rates, transport capacity and costs and other factors relating to foreign trade, any or all of which could delay our receipt of product or
increase our input costs. Risks and uncertainties also include the impact and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic, and the adverse impact thereof on our business,
financial condition and results of operations, including, but not limited to, our growth, product costs, supply chain, labor availability, logistical capabilities, customer demand for our products and industry demand generally,
consumer spending, our liquidity, the price of our securities and trading markets with respect thereto, our credit ratings, our ability to maintain compliance with the covenants in our credit agreement, our ability to access
capital markets, and the global economy and financial markets generally. 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. Competition and the impact of GPOs may reduce our
margins and make it difficult for us to maintain our market share, growth rate and profitability. We may not be able to fully compensate for increases in fuel costs, and fuel hedging arrangements intended to contain fuel
costs could result in above market fuel costs. Our ability to meet our long-term strategic objectives depends on our ability to grow gross profit, leverage our supply chain costs and reduce administrative costs. This will
depend 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 if sales from our locally managed customers do not grow at the same rate as sales from regional and national
customers, or if we are unable to continue to accelerate local case growth, our gross margins may decline; the risk that we are unlikely to be able to predict inflation over the long term, and lower inflation is likely to produce
lower gross profit; the risk that our efforts to mitigate increases in warehouse costs may be unsuccessful; the risk that we may not be able to accelerate and/or identify additional administrative cost savings in order to
compensate for any gross profit or supply chain cost leverage challenges; 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. Adverse publicity about us or lack of confidence in our products could negatively impact our reputation and reduce earnings. 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 significant or prolonged inflation or deflation, either overall or in certain product categories, can have a negative impact on our customers
and us, 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 the “yellow vest” protests in France
against a fuel tax increase, pension reform and the French government, 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 financial statement impact of any acquisitions may change based on management’s subjective evaluation. A divestiture of one or more of our businesses may not
provide the anticipated effects on our operations. Meeting our dividend target objectives depends on our level of earnings, available cash and the success of our various strategic initiatives. Changes in applicable tax laws or
regulations and the resolution of tax disputes could negatively affect our financial results. We rely on technology in our business and any cybersecurity incident, other technology disruption or delay in implementing new
technology could negatively affect our business and our relationships with customers. For a discussion of additional factors impacting Sysco’s business, see our Annual Report on Form 10-K for the year ended June 27, 2020,
as filed with the SEC, Sysco’s Quarterly Report on Form 10-Q for the period ended March 27, 2021, as filed with the SEC, and Sysco’s subsequent filings with the SEC. Sysco does not undertake to update our forward-looking
statements, except as required by applicable law.
FORWARD LOOKING STATEMENTS

4. Q&A
To submit a question, please email
SYYInvestorDay@Sysco.com
© Sysco 2021 | 4

5. KEVIN HOURICAN,
PRESIDENT AND CHIEF
EXECUTIVE OFFICER
© Sysco 2021 | 5
Key experience
Kevin is leading Sysco’s large-scale, customer-focused and growth-related
transformation, aimed at further improving the way Sysco supports its customers
and accelerating profitable sales growth. He is a proven business leader with more
than two decades of experience driving market-leading growth for large organizations.
Kevin’s experience with large scale business transformation is well served at Sysco.
Area of expertise
Supply Chain, Strategy, Sales, Merchandising, Marketing

6. P residen t an d C h ief
E x ecu t iv e Of f icer
Kevin Hourican
© Sysco 2021 | 6

7. © Sysco 2021 | 7
OUR PRESENTATION TODAY
WILL INCLUDE THREE
IMPORTANT TOPICS
Sysco’s growth strategy
Our plans to financially support the
growth strategy
How our growth strategy will deliver
strong financial results

8. © Sysco 2021 | 8
SYSCO IS ACCELERATING ITS
GLOBAL LEADERSHIP
POSITION…
AND WE’RE TRANSFORMING HOW
WE DO BUSINESS TO BE MORE AGILE,
INNOVATIVE AND GROWTH-ORIENTED
THE RESULT:
SALES, PROFIT AND INCREASED NET
PROMOTER SCORE

9. 62% Restaurants
9% Healthcare
8% Education & Government
7% Foodservice Management
7% Travel & Leisure
7% Vending, International Exports, Logistics Services, Other
SYSCO HAS A DIVERSIFIED CUSTOMER BASE AND
A LARGE FOOD-AWAY-FROM-HOME MARKET
FY20 Total Sysco Sales
© Sysco 2021 | 9

10. Quick Service Restaurants
Independents
Foodservice Management
International Segment
Casual Dining Restaurants
Full Service Dining Restaurants
Travel & Leisure Segment
THE PACE OF RECOVERY WILL BE
DIFFERENT FOR EACH SEGMENT
© Sysco 2021 | 10
Sysco’s recovery curve is
elongated and sustained

11. © Sysco 2021 | 11
OUR GLOBAL FOOTPRINT CREATES A
UNIQUE OPPORTUNITY FOR GROWTH
© Sysco 2021 | 11
Sysco Operating Countries
No Sysco Operations
International Food Group

12. WE ARE ACCELERATING
OUR INTERNATIONAL
STRATEGIC INITIATIVES
• A talented leadership team is in place
• Strong business and leadership positions in Canada and
Ireland (our longest tenured International businesses)
• Solid base in the UK with strong growth potential post-COVID
• France is a turnaround situation with a solid plan for recovery,
improvement, and future growth
• Latin America is an untapped potential market and we are
evaluating growth options (e.g., cash and carry)
© Sysco 2021 | 12

13. © Sysco 2021 | 13
SYSCO’S SCALE AND UNIQUE CAPABILITIES
WILL ENABLE US TO GROW IN A LARGE AND
FRAGMENTED INDUSTRY
Sysco has 16% market share in the U.S.
Our share of wallet is 30% with independent restaurants
We serve 50% of the independent restaurants
currently served by broadline in the U.S. today

14. WE'VE WON $1.8B OF NET NEW BUSINESS WITH
NATIONAL BRANDS…
© Sysco 2021 | 14
Additionally, we have won 13k new local
customers over the past year

15. © Sysco 2021 | 15
Sysco is building a
PURPOSE-DRIVEN
Organization
Purpose-driven companies
grow 3x faster on average
than their peers, and
employees are 11x times
more likely to stay with a
purpose-oriented organization

16. OUR UNIFYING
FRAMEWORK
ROOTS US IN
PURPOSE
PURPOSE
why we exist
Connecting the world to share food
and care for one another
Delivering success for our customers
through industry-leading people,
products and solutions
what we do
M I S S I O N
I D E N T I T Y
our role in
the industry
Together we define the
future of foodservice
and supply chain
who we are
V A L U E S
Committed to Inclusion
Drive Together
Define Excellence
Grow Responsibly
Rooted in Integrity
Purpose is at the root of our existence. It’s the
water that nourishes us and the fuel that drives
us to perform beyond what’s expected and see
beyond what’s possible. It’s our why.
With this single green leaf that stems from the
second letter in our logo, we show how our Mission,
Identity and Values are what bring us together.
Our Purpose, Mission and Identity reflect our broader
ambition and greater impact on the world.
© Sysco 2021 | 16

17. © Sysco 2021 | 17
OUR RECIPE FOR GROWTH
Sysco is a Purpose-driven organization, defining the future of our industry
IDENTITY | Our Role
Together we define the future of
foodservice and supply chain
MISSION | Our What
Delivering success for our
customers through industry-leading
people, products and solutions
PURPOSE | Our Why
Connecting the World to Share
Food and Care for One
Another
STRATEGY | How We Win - We will grow substantially faster than the market through our strategic priorities
DIGITAL
Enrich the customer experience through personalized digital tools that reduce friction in
the purchase experience and introduce innovation to our customers
PRODUCTS AND SOLUTIONS
Customer focused marketing and merchandising solutions that inspire increased sales of
our broad assortment of fair priced products and services
SUPPLY CHAIN
Efficiently and consistently serve customers with the products they need, when and
how they need them, through a flexible delivery framework
FUTURE HORIZON
We are committed to responsible growth. We will cultivate new channels, new segments,
and new capabilities while being stewards of our company and our planet. We will fund
our journey through cost-out and efficiency improvements
CUSTOMER TEAMS
Our greatest strength is our people. People who are passionate about food and food
service. Our diverse team delivers expertise and differentiated services designed to help
our customers grow their business

18. WE WILL DELIVER
PROFITABLE GROWTH
THROUGH ​FIVE STRATEGIC
PILLARS OUTLINED IN OUR
RECIPE FOR GROWTH
© Sysco 2021 | 18

19. © Sysco 2021 | 19
DIGITAL
© Sysco 2021 | 19
We will enrich the customer
experience through personalized
digital tools that reduce friction
in the purchase experience and
introduce innovation to
our customers

20. © Sysco 2021 | 20
© Sysco 2021 | 20
PRODUCTS
Customer-focused marketing
and merchandising solutions
that inspire increased sales of
our broad assortment of fair
priced, quality products
and services

21. © Sysco 2021 | 21
SOLUTIONS
Customized customer-
focused solutions to help
operators drive traffic,
profit and sales
© Sysco 2021 | 21

22. © Sysco 2021 | 22
SUPPLY CHAIN
We will efficiently and consistently
serve customers with the products
they need, when and how they
need them, through a flexible,
agile delivery framework
© Sysco 2021 | 22

23. © Sysco 2021 | 23
CUSTOMER TEAMS
Sysco’s greatest strength is our people.
People who are passionate about food
and food service. Our diverse team
delivers expertise and differentiated
services designed to help our
customers grow their business
9.1
7.7
Sysco All Other Competitors
Net Promoter Score Sales Rep
Ratings

24. © Sysco 2021 | 24
FUTURE HORIZONS
• Corporate Social Responsibility: We are
committed to responsible growth while being
stewards of our company and our planet
• M&A: We will cultivate new channels, new
segments, and new capabilities
• Funding through Cost-Out: We will fund
our journey through cost-out and
efficiency improvements
© Sysco 2021 | 24
Today we’re proud to announce a large
acquisition that Greg will tell you about
in just a minute

25. WE WILL DELIVER
PROFITABLE GROWTH
THROUGH ​
FIVE STRATEGIC PILLARS
OUTLINED IN OUR RECIPE
FOR GROWTH
© Sysco 2021 | 25
WE EXPECT TO GROW 1.5X FASTER THAN
THE TOTAL MARKET THROUGH OUR STRATEGIC
PILLARS BY THE END OF FISCAL 2024

26. GREG BERTRAND,
EVP, U.S. FOODSERVICE
OPERATIONS
© Sysco 2021 | 26
Key experience
Greg began his Sysco career in 1991 and currently has leadership oversight responsibility
for all of Sysco's U.S. broadline OpCos. His more than 25 years of experience includes a
succession of senior foodservice operations positions such as President - Sysco Eastern
Wisconsin, President - Sysco Chicago, Market Vice President - Midwest and, most recently,
Senior Vice President - Foodservice Operations - West.
Area of expertise
Foodservice Operations

27. TIM ØRTING,
EVP AND PRESIDENT,
FOODSERVICE OPERATIONS,
INTERNATIONAL
© Sysco 2021 | 27
Key experience
Tim leads Sysco’s international operations in Canada, Europe, The Bahamas and Latin
America, as well as the company’s International Food Group (IFG). He is an experienced
food executive having led commercial and supply chain teams across diverse markets and
geographies. Tim joined Sysco after a 30-year career with Arla, a top five international,
dairy cooperative based in Denmark, and the world’s largest producer of organic dairy
products. At Arla, he led multinational organizations in 30-plus countries in Europe, the
Middle East, Africa, Russia, China, Southeast Asia, Australia and the Americas.
Area of expertise
International Foodservice Operations

28. JUDY SANSONE,
EVP AND CHIEF
COMMERCIAL OFFICER
© Sysco 2021 | 28
Key experience
Judy leads Sysco’s overall commercial strategies, including responsibility for
merchandising, marketing, pricing, digital sales enablement, customer loyalty
program development, customer personalization and exploring new channel sales
development. She also coordinates company-wide efforts to profitably grow sales by
better serving customers with best-in-class merchandising, marketing and
personalized engagement. Judy has over 30 years of experience in the retail
industry and in her most recent role as Chief Merchandising Officer with CVS Health,
she was accountable for the growth strategy and P&L management of the $20 billion
front-of-store business.
Area of expertise
Commercial Growth and Strategy

29. MARIE ROBINSON,
EVP AND CHIEF SUPPLY
CHAIN OFFICER
© Sysco 2021 | 29
Key experience
Prior to joining Sysco, Marie served as Senior Vice President, Chief Operations and
Transformation Officer with Capri Holding Limited, the parent holding company of Michael
Kors, Versace and Jimmy Choo and from 2014 to 2018 served as Senior Vice President,
Corporate Strategy & COO for Michael Kors Holdings Limited. Marie’s previous roles include
Senior Vice President, Chief Logistics Officer at Toys”R”Us from 2012 to 2014; Senior Vice
President, Supply, Logistics and Customer Experience at The Great Atlantic & Pacific Tea
Company from 2010 to 2012; Senior Vice President, Supply Chain at Smart & Final Stores,
LLC from 2005 to 2010; Regional Director at Toys”R”Us from 2003 to 2005; and Regional
Vice President, Logistics at Walmart from 1993 to 2003.
Area of expertise
Supply Chain, Transformation

30. TOM PECK,
EVP, CHIEF INFORMATION
AND DIGITAL OFFICER
© Sysco 2021 | 30
Key experience
Tom Peck leads our Sysco Technologies organization. With more than 25 years of
technology leadership experience, his background includes leading enterprise information
technology strategy, services, operations, risk and cybersecurity for large global enterprises,
including transformation and digital commerce strategy focused on the use of data,
advanced analytics and emerging technologies to enhance the customer and associate
experience. In Tom’s prior role, he served as Executive Vice President, Chief Information
and Digital Officer, at Ingram Micro, a global leader in technology distribution, supply chain
services and cloud solutions.
Area of expertise
Information and Digital Technology

31. NEIL RUSSELL,
SVP, CORPORATE AFFAIRS
AND CHIEF
COMMUNICATIONS OFFICER
© Sysco 2021 | 31
Key experience
Neil is accountable for Sysco’s Communications, Corporate Social Responsibility (CSR),
Government Relations and Investor Relations functions. He began his career in the airline
industry doing strategic planning, revenue management, FP&A and Investor Relations. He
started his Sysco career in 2007 as Vice President, Investor Relations, successfully
managing relationships with equity markets and creating a targeted investor program to
further develop Sysco’s shareholder base. In 2014, Neil served as Senior Vice President,
Corporate Affairs, at International Paper, where he led the company’s Investor Relations,
Communications, CSR and Government Relations functions. Neil rejoined Sysco in 2015 as
Vice President, Investor Relations, and while in that role, he took on the additional
responsibility for Sysco’s Corporate Communications and CSR teams in addition to the
role of Treasurer.
Area of expertise
Communications, CSR, Government Affairs, and Investor Relations

32. RON PHILLIPS,
EVP AND CHIEF
HUMAN RESOURCES
OFFICER
© Sysco 2021 | 32
Key experience
Ron is a proven HR executive with 25+ years of experience and a track record of leading
high-performing teams and consistently delivering results and transformative change
through people-first strategies. most recently served as Senior Vice President, Human
Resources, Retail, Omnicare and Enterprise Modernization, at CVS Health, where he led the
people strategies and tactics for 200,000 Retail and Omnicare colleagues working in 9,800
retail locations and 1,100 walk-in medical clinics. Prior to CVS Health, Ron was Chief People
Officer for Carnival Cruise Line, where he led the global people strategies for 40,000
shipboard and shoreside employees.
Area of expertise
Human Capital

33. EVE MCFADDEN,
SVP, LEGAL, GENERAL
COUNSEL AND
CORPORATE SECRETARY
© Sysco 2021 | 33
Key experience
Eve leads Sysco’s Legal and Compliance functions and serves as the company’s Corporate
Secretary. Eve joined Sysco in 2008 as Corporate Counsel-Employment and has taken on
increasing areas of responsibility including the global legal function, Ethics & Compliance,
Enterprise Risk Management and the establishment of a global center of expertise in
Environmental, Health and Safety. Eve previously worked in the in-house legal department
for ABM Industries and in private law practice with Littler Mendelson, the world’s largest
labor and employment law firm.
Area of expertise
Legal Counsel, Corporate Governance, Ethics & Compliance

34. ELIZABETH UBELL,
VP, STRATEGY AND
ANALYTICS
© Sysco 2021 | 34
Key experience
Elizabeth leads Sysco’s strategy to help prioritize enriching customer experience and how
we work together to achieve that strategy. Before joining Sysco in May 2018, she served as
Vice President and President, Digital Commerce, Marketing & Medium (Enterprise)
Customer, at Grainger, where she also previously held the role of Vice President, Corporate
Strategy & Continuous Improvement. From 2010 to 2014, she was with Newell Rubbermaid,
where she had roles of increasing responsibility, ranging from Vice President, Global
Category Management, to Vice President, Corporate Strategy & Development. Prior to that,
Elizabeth held various leadership positions at The Coca-Cola Company, Lowe's Companies,
McKinsey & Company, as well as Proctor & Gamble.
Area of expertise
Strategy and Analytics

35. JOEL GRADE,
EVP, BUSINESS
DEVELOPMENT
© Sysco 2021 | 35
Key experience
Joel is responsible for organic and inorganic strategic growth opportunities. Prior to his
current role, Joel has held a variety of senior finance and commercial roles at Sysco, most
recently as Executive Vice President and Chief Financial Officer. He began his career at
Sysco as a staff auditor in 1996 and other roles he’s held during his tenure at Sysco include
Chief Financial Officer of Sysco Chicago in 2002, Chief Financial Officer of Sysco Canada in
2007, President of Sysco Canada in 2010, Senior Vice President of foodservice operations,
north region and Canada in 2012, and in 2014, Joel served as Sysco’s Senior Vice President
of finance and Chief Accounting Officer.
Area of expertise
Mergers and Acquisitions, Finance, and Accounting, Operations

36. AARON ALT,
EVP AND CHIEF
FINANCIAL OFFICER
© Sysco 2021 | 36
Key experience
Prior to joining Sysco, Aaron served as Chief Financial Officer of NYSE-listed Sally
Beauty Holdings (‘SBH’), a specialty retailer and wholesale distributor of professional
beauty supplies in eleven countries, and as President of Sally Beauty Supply, its
3,000-store and omni-channel retail operation in the U.S. and Canada. Aaron’s
experience also includes executive leadership roles in Finance, Transformation,
Business Development, Operations and Grocery at NYSE-listed Target Corporation
(‘TGT’), and he held senior-level positions within Sara Lee’s food and beverage
operations, including Chief Financial Officer, North American Retail and Foodservice,
a supplier to Sysco.
Area of expertise
Finance, Transformation, Operations, Business Development, Legal

37. © Sysco 2021 | 37
WE HAVE A LONG HISTORY
OF RETURNING VALUE TO
SHAREHOLDERS
…while making investments in
the business 13.6% 13.8%
14.3%
13.1%
8.2%
11.6%
3-Year 5-Year 10-Year
Total Shareholder Return1
SYY S&P 500 CS Index
1Source: Bloomberg, TSR as-of March 31, 2021
Sysco regularly returns more
value to shareholders than
peer companies.1

38. © Sysco 2021 | 38
ONLY SYSCO CAN
SIMULTANEOUSLY
INVEST FOR BOTH
BOUNCE-BACK AND
TRANSFORMATION

39. E VP an d C h ief Fin an cial
Of f icer
Aaron Alt
© Sysco 2021 | 39

40. © Sysco 2021 | 40
ROADMAP FOR THE DAY
Finance
Corporate Social
Responsibility
U.S. Foodservice
Operations
International Foodservice
Operations Commercial
Strategies
Supply Chain Technology

41. E VP , U. S. Foodserv ice
Operat ion s
Greg Bertrand
© Sysco 2021 | 41

42. © Sysco 2021 | 42
OUR U.S. FOODSERVICE
SEGMENT IS THE
FOUNDATION OF
OUR BUSINESS, WITH
$40 BILLION ANNUAL
REVENUE AND STRONG
PROFIT MARGINS

43. © Sysco 2021 | 43
SYSCO’S REGIONALIZATION ENABLES US TO BETTER
SERVE OUR CUSTOMERS, INCREASE SPEED AND AGILITY,
AND EXECUTE A CENTER-LED STRATEGY
And is supported by our greatest strength: Our People
The average tenure of our
Market and Region leaders
is over 20 years

44. © Sysco 2021 | 44
OUR SALES TRANSFORMATION WILL PROVIDE AN
IMPROVED, MORE CUSTOMER-CENTRIC STRUCTURE
Customer Prospecting
Share of Wallet Growth
Assignments of
Sales Resources
Food Expertise
Selling Expertise
Specialists Roles
Aimed at Product
Knowledge
Compensation Alignment
Business Developers
and Specialists
Accountability
Associate Development
Data and Analytics
Driven Strategies
Improved Sales Model and
Team-Based Selling
Cuisine Focused
Selling

45. WE ARE GAINING SHARE BY
ADDING NEW INDEPENDENT
CUSTOMERS
FY19 FY21 FY19 FY21
Independent Customer Count
Restaurant
Industry
Sysco

46. SYSCO HAS THE OPPORTUNITY TO GROW BY $3B
IN THE ITALIAN SEGMENT; TODAY WE ANNOUNCE
THE ACQUISITION OF GRECO AND SONS TO
BETTER SERVE THE CUSTOMER
One of the largest Italian distributors in
the U.S.
Annual Sales of ~$800 million
Access to exclusive product
assortment and segment expertise
Building Sysco’s Specialty portfolio with the
purchase of Greco and Sons supports our
profitable growth strategy
© Sysco 2021 | 46

47. E VP , Foodserv ice
Operat ion s - In t ern at ion al
Tim Ørting
© Sysco 2021 | 47

48. © Sysco 2021 | 48
Transforming headwinds… …into tailwinds
We have historically faced challenges in our
European business and delivered
unsatisfactory performance
Address past issues through robust
plans, and turn International into a strong,
profitable growth engine for Sysco
We have been particularly challenged by
COVID across all our markets
Turn the crisis into an opportunity to create
a stronger and more agile organization to
win the snap back and outgrow markets
MY IMPRESSIONS AFTER 100 DAYS:
EXCITING OPPORTUNITIES LIE AHEAD

49. © Sysco 2021 | 49
WE HAVE A STRONG STARTING POINT WITH
MULTIPLE MARKET LEADING POSITIONS
of Sysco’s total revenue
#3
#2
#1
#1
#1
Market
position
countries of operations
9
With additional presence in select markets
export entity (IFG)
1
Bahamas Costa Rica Panama Mexico
20% Canada
UK
France
Sweden
Ireland
$100 billion opportunity in our
top 5 markets

50. © Sysco 2021 | 50
1 Established the International
leadership team
Set up the International leadership team to provide critical
capabilities to our markets and build on our position of strength
WE CONTINUE TO STRENGTHEN OUR
FOUNDATION
Our progress so far What we’ve achieved
3 Advanced the reinforcement
of our UK backbone
Successfully completed UK Specialty transformation and implemented
best-in-class supply chain and warehouse management systems
2 Progressed as planned with
our France turnaround
Defined & initiated priority actions to integrate our systems,
products & technology (successful pilot in Southwest France)
Stabilized and streamlined our supply chain to improve customer
service levels
4 Continued to strengthen our
market positions
Implementing new go-to-market strategy and improved warehouses
Successfully integrated subsidiaries under one Sysco brand
Developed fresh offering to target independent segment
Successfully developed C&C proof-of-concept that we are scaling
Identified possibilities to accelerate growth in new and existing markets
France
Great Britain
Canada
Ireland
Sweden
Latin America
IFG

51. © Sysco 2021 | 51
WE HAVE BIG OPPORTUNITIES AND HAVE
CLEARLY DEFINED OUR STRATEGIC INITIATIVES
Category management
& merchandising
Salesforce effectiveness
& go-to-market models
Operational
excellence
Sysco digital
capabilities
Enabling growth and performance with our International organization
Invest in key channels like eCommerce and Cash & Carry (in Latin America)
5
Double down on efforts to drive down costs
6
Expand geographically into underpenetrated regions
4
Fill assortment gaps to grow market penetration and share-of-wallet
3
Win in the independent segment
2
Win the snap-back
1

52. © Sysco 2021 | 52
WE HAVE STRONG FOUNDATIONS, EXCITING
HEADROOM AND A CLEAR PATH FORWARD
1 2 3
We have a strong starting
point despite the recent
challenges, with a solid
foundation and platform
to build upon
We operate in large,
growing and attractive
markets and see a lot of
headroom for growth
with opportunities to
further accelerate
We have clearly defined a
set of strategic initiatives
to ensure we successfully
deliver our ambition

53. E VP an d C h ief
C ommercial Of f icer
Judy Sansone
© Sysco 2021 | 53

54. SYSCO IS BUILDING
A CUSTOMER-FOCUSED
PERSONALIZATION ENGINE
Personalization
Strategic targeting based
on specific customer behaviors
Digital First
Modernizing the digital experience
to make shopping easier
© Sysco 2021 | 54

55. Sysco Shop platform
will deliver:
Sysco Sales
Consultants will
receive:
© Sysco 2021 | 55
WE WILL ACTIVATE
PERSONALIZED EXPERIENCES
THROUGH MULTIPLE CHANNELS
• Targeted bundles
• Geographic local items
• Promotional offers
• Real-time alerts
• Data-driven insights
through email, text
and Sysco Shop

56. © Sysco 2021 | 56
OUR DATA-BACKED PERSONALIZATION
WILL ENABLE GROWTH
Personalization
Example: Customer
leaves item in cart
Which will allow us to
approach and better service
our customers

57. 57
SYSCO’S E-COMMERCE PLATFORM, SHOP, IS ONE
OF AMERICA’S LARGEST E-COMMERCE TOOLS
With more than $29 billion
in annualized sales
With 70% of our
Independent
customers in the
U.S. using this
platform
© Sysco 2021 | 57

58. © Sysco 2021 | 58
SYSCO’S PRICING TRANSFORMATION HAS
BENEFITS FOR BOTH CUSTOMERS AND
SALES CONSULTANTS
Customers Sales Consultants
All customers see relevant pricing for
their entire catalog
Customers can now directly influence
their prices through discounts
What customers see on Shop is what
they are invoiced, building customer
trust
Sales Consultants spend less hours per
week pricing
Time is reinvested in activities where human
interaction drives unique value
Many customer interactions are direct through
digital channels
The pricing transformation
will help drive growth
for Sysco

59. PRICING WILL BE CUSTOMIZED AT THE GEOGRAPHIC,
SEGMENT, AND CUSTOMER-BEHAVIOR SPECIFIC LEVEL
Current customer in-shop offer
© Sysco 2021 | 59
Personalized Pricing for customer in-shop offer
Pricing Example: Retail
pricing tactics like “Buy
More Save More” introduced
to Foodservice customers
Your Custom Price

60. © Sysco 2021 | 60
PRICING WILL BE CUSTOMIZED AT
THE GEOGRAPHIC, SEGMENT, AND
CUSTOMER-BEHAVIOR SPECIFIC LEVEL
Personalized Pricing for customer in-shop offer
Key Value Items
Mexican Specialty Restaurant
Key Item
Mexican Specialty Restaurant
Secondary Item

61. OUR BRAND PORTFOLIO DELIVERS SIGNIFICANT
OVERALL VALUE IN QUALITY, VARIETY AND PRICE
TO OUR CUSTOMERS
…including
four $1B
brands
…and four
$500M
brands
© Sysco 2021 | 61

62. © Sysco 2021 | 62
3 KEY COMMERCIAL INITIATIVES
THAT HELP DELIVER THE RECIPE
FOR GROWTH
With more than $29 billion
in annualized sales
Personalization
E-Commerce
Pricing

63. E VP an d C h ief Su pply
C h ain Of f icer
Marie Robinson
© Sysco 2021 | 63

64. © Sysco 2021 | 64
SYSCO’S SUPPLY CHAIN
TRANSFORMATION WILL
INCREASE EFFICIENCY,
IMPROVE THE
DELIVERY EXPERIENCE
FOR OUR CUSTOMERS
AND BECOME A
MECHANISM FOR
GROWTH

65. WE WILL DELIVER THE PRODUCTS OUR
CUSTOMERS NEED, WHEN AND HOW THEY
NEED THEM
Customer
Partnerships
Sysco Flex
supporting
delivery
performance
Our agile delivery model
will drive customer
experience, including more
frequent deliveries, no order
minimums and flexibility
for when it gets delivered.
Our delivery windows
will align with the needs
of our customer’s
business, allowing them
to plan for the day.
© Sysco 2021 | 65
Delivery will become
a mechanism to
drive growth

66. • More frequent deliveries
• No order minimums
• Flexibility with delivery timing and days
• Delivery times aligned with customer’s
preferred time of day
• Real-time communication on delivery
performance
OUR AGILE DELIVERY MODEL DELIVERS A
SUPERIOR CUSTOMER EXPERIENCE
• Delivery windows that align with
their business
• Consistent delivery times to
prep, staff, and plan
• Flexible options for unexpected
situations
• Effective communication through
the delivery process
We know our customers want… Sysco Flex will provide…
© Sysco 2021 | 66

67. FUTURE STATE
© Sysco 2021 | 67
Columbia
Raleigh
Region
Columbia
Raleigh
Charlotte
CURRENT STATE
Charlotte
SYSCO’S OMNICHANNEL CAN PROVIDE THE
BROADEST ASSORTMENT IN THE INDUSTRY

68. © Sysco 2021 | 68
WE’RE MAKING INVESTMENTS IN FACILITIES AND
EQUIPMENT TO DELIVER ON GROWTH
Areas of higher growth Areas of lower growth
We are using data-driven analytics to
predict which geographies and customer
segments will grow

69. E VP an d C h ief
In f ormat ion an d D igit al
Of f icer
Tom Peck
© Sysco 2021 | 69

70. We know that our customers
want a more consumer-like
experience
Personalized experiences
Best in class product assortment and availability
Self-service … anytime, anywhere, any device
© Sysco 2021 | 70
SYSCO’S TECHNOLOGY IS A
KEY ENABLER OF OUR DIGITAL
TRANSFORMATION

71. From manual preparation with limited
insights and broad recommendations to …
• Analytics-enabled account planning
• Deep segment insights with
performance tracking
• Targeted product recommendations
BRINGING SUPERPOWERS TO OUR
SALES CONSULTANTS
© Sysco 2021 | 71

72. © Sysco 2021 | 72
OUR TECHNOLOGY
LEADS WITH A
CONSUMER-FIRST
MINDSET
As the shopping behavior
changes and the
expectations increase,
there is now more demand
for an agile supply chain

73. © Sysco 2021 | 73
OUR TECHNOLOGY STRATEGY IS BUILT
ON A STRONG FOUNDATION
Data –
a more
Intelligent
Enterprise
Resilient
Infrastructure
Secure and
Compliant
Delivered with speed
With a focus on
simplification and
global adoption
And self-funded
…and will enable a best-in-class
digital experience for our
customers

74. © Sysco 2021 | 74
OUR TECHNOLOGY
FOUNDATION WILL PLAY
AN EVEN GREATER ROLE IN ENABLING
PROFITABLE GROWTH FOR SYSCO
Best-in-industry customer-centric tools
Customer-focused journey
Modern, resilient, and flexible solutions

75. SVP , C orporat e Af f airs
an d C h ief
C ommu n icat ion s Of f icer
Neil Russell
© Sysco 2021 | 75

76. © Sysco 2021 | 76
CORPORATE SOCIAL
RESPONSIBILITY AT SYSCO
Sourcing products responsibly
Caring for people
Respecting the planet
We are committed to (CSR)
A Brakes U.K. associate delivering a food package
as part of a Government scheme to ensure food
continued to reach vulnerable people forced to
shield across England and Scotland.

77. CSR Strategy
Goals based on 3 Pillars: People, Product and Planet
Some exciting new announcements about our focus going
forward
TODAY WE WILL
COVER THREE KEY
AREAS:
© Sysco 2021 | 77

78. © Sysco 2021 | 78
OUR PRIORITIES
People Products Planet

79. © Sysco 2021 | 79
For the full list of Sysco’s
Goals and Programs,
please see our latest
Corporate Social
Responsibility Report at
Sysco.com/csr2020report
OUR CSR GOALS

80. © Sysco 2021 | 80
PEOPLE
S Y S C O - 2 0 2 0 C O R P O R A T E S O C I A L R E S P O N S I B I L I T Y O V E R V I E W
Diversity, Equity
& Inclusion
To further embed inclusiveness
in our culture, we hired Sysco’s
first Chief Diversity Officer and
launched our Be Better
Campaign.
Global Mental Health Campaign
The campaign introduced 10 Ways to take
care of our mental health
Sysco donated 50 million
meals to community
organizations in their efforts
to address hunger and food
insecurity during COVID-19.

81. © Sysco 2021 | 81
PRODUCTS
Our Swedish
company Menigo
completed tracing
S Y S C O - 2 0 2 0 C O R P O R A T E S O C I A L R E S P O N S I B I L I T Y O V E R V I E W
Responsible Sourcing
In late FY2020, we completed the work to
establish commitments in our U.S. and
Canadian markets for four (beef, soy,
paper, coffee) of our five key commodities,
with the last expected to publish in 2021.
100%
Animal Welfare
Sysco is a major provider of
animal protein products and
animal welfare is an important
material issue for our
suppliers, our customers and
the patrons they serve.
of its meat. Over
56% of their
suppliers were
approved by the
end FY2020.

82. © Sysco 2021 | 82
PLANET
S Y S C O - 2 0 2 0 C O R P O R A T E S O C I A L R E S P O N S I B I L I T Y O V E R V I E W
Sustainable Agriculture
We deliver food across 625,000
customer locations globally
There was ~20% reduction
from FY2019 to FY2020 on rail
boxcars, intermodal loads, fuel
and carbon emissions.
We began actively pursuing the
electrification of our truck fleet in FY2020.
Renewable Energy
Seven Sysco Canada
locations have
donated nearly
200,000 pounds of
food through
FoodRescue.ca. These
donations diverted
more than 500,000 kg
of greenhouse gas
emissions from being
released in landfills.

83. © Sysco 2021 | 83
TRANSITIONING TO
RENEWABLE ENERGY
66k MWH of solar energy across
our U.S. sites in 2020
Eight on-site solar installations

84. LEADING THE WAY WITH
SYSCO BRAND
Approximately 50% sales to local independent
customers is Sysco Brand
More than 50% of Sysco Brand cases sold are included
in at least one responsible sourcing commitment
100% of Sysco Brand Local Case Sales give back to
communities
© Sysco 2021 | 84

85. LOOKING AHEAD
Replace with
the correct
leaf image
Our goals and actions
speak for themselves
These commitments are
real for Sysco
We are committed to
continuous improvement
To learn more about Sysco’s 2025 initiatives, please
visit Sysco.com/csr2020report

86. EVP and Chief Financial
Officer
Aaron Alt
© Sysco 2021 | 86

87. © Sysco 2021 | 87
Our businesses will recover at different rates
MARKET RECOVERY IMPACTS TRAJECTORY
FY24
FY19
FY20
FY23
FY21
FY22
100
U.S. Foodservice
International
SYGMA
GWW
Index to FY19 Sales

88. © Sysco 2021 | 88
Each element of our
TRANSFORMATION
receives investment
and drives top-line
profitable growth
OUR TRANSFORMATION DRIVES ORGANIC GROWTH,
ACCELERATING THROUGH THE RECOVERY

89. © Sysco 2021 | 89
Recovery Faster than Market
PROFITABLE SALES GROWTH IS OUR NORTH STAR
1.2x to 1.5x
Market Growth

90. © Sysco 2021 | 90
We have the size,
scale, and network
to accelerate
PROFITABLE GROWTH
STARTING POINT:
PROFITABILITY 2X INDUSTRY AVERAGE
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
SYY - U.S. Foodservice Industry Average
12-Month Adj. EBITDA Margin1
1
As-of December 29, 2020

91. © Sysco 2021 | 91
FY21 $350M PLUS $400M IN FY22-24
FEED THE TRANSFORMATION; DRIVE THE GROWTH
New Goal: $750M

92. © Sysco 2021 | 92
FY22: WHILE WE RECOVER, WE TRANSFORM
EPS: Range of $3.23 - $3.43 for FY22
Businesses Recover at Different Rates – U.S. Foodservice and
SYGMA Return to FY19 Sales Levels
Transformation and Recovery Curve Investments Will Continue
Gross Margins Approach FY19 Levels
Operating Expense as a % of Sales Continues to Improve Due to
Increased Sales and Cost-Out
Strong Cash Generation
No adjustments for Administration tax proposals

93. 2024: EPS WILL EXCEED
SYSCO PRE-COVID
ALL-TIME HIGH EPS
BY MORE THAN 30%
• Accelerating Growth from Capability
Transformation Drives the Recipe for
Growth, by Putting Incremental Dollar
Profit on the Table.
• Continued progress against Cost-Out
initiatives
• Strong Cash Generation
EPS growth does not include impact of tax rate changes

94. © Sysco 2021 | 94
Invest For
Growth
1
SYSCO’S BALANCED CAPITAL ALLOCATION STRATEGY
2
3
Invest for Growth
Maintain a Strong Balance Sheet
Shareholder Return

95. © Sysco 2021 | 95
$2.6B of capital over the next three years.
WE ARE INVESTING TO TRANSFORM & GROW
Technology Fleet Buildings

96. © Sysco 2021 | 96
WE ARE INVESTING TO TRANSFORM & GROW
$2.6B of capital over the next three years.
1.2% 1.2% 1.2%
1.4%
0.7%
1.4%
1.3%
1.4%
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
ANNUAL CAPITAL INVESTMENTS FY17-24

97. © Sysco 2021 | 97
• Focus on Broadline, Specialty and Cuisine-type
Opportunities in Underpenetrated Markets
• Capability Adds and New Platforms
• Prioritization of Acquisition Opportunities in the US,
UK and Canada
• Internal Models Assume Acquisitions Provide ~0.5%
to 1% of Sales Growth in Each Year
WE ARE ASSUMING TUCK-IN ACQUISITIONS

98. © Sysco 2021 | 98
Investment Grade Rating Supports Our
Liquidity & Investment Profile
WE HAVE A STRONG BALANCE SHEET
Baa1 BBB- BBB

99. © Sysco 2021 | 99
WE ARE ADJUSTING OUR TARGETED LEVERAGE
2.5 – 2.75x
Net Debt / Adj. EBITDA1
Goal Supports a Strong Investment Grade Rating
1
In arriving at Adjusted EBITDA, Sysco does not adjust out interest income or non-cash stock compensation expense. Definition of Net Debt excludes Capital Leases.

100. © Sysco 2021 | 100
WE HAVE DELEVERAGED OUR BALANCE SHEET
$700M Paydown of Credit Facility
March Repayment of £300M UK Commercial Paper Program
Actions Already Taken in FY21
April Repayment of £200M UK Commercial Paper Program
May Repayment of £100M UK Commercial Paper Program
1
2
3
4
$750M Paydown in Q1 FY21
$2.3B of deleverage in FY21 So Far
5

101. © Sysco 2021 | 101
WE WILL FURTHER DELEVERAGE OUR BALANCE SHEET
Commitment to $1.5 Billion of Further Debt
Reduction in FY21 and FY22
$750M Tender Offer To Be Launched in Q4
1
1
2
3 June 2022 Repayment of $450M of Notes due July 2022
June 2021 Repayment of $500M Note due July 2021
Actions Coming:
1
Estimates debt reduction of $550M after payment of repurchase premium.

102. © Sysco 2021 | 102
WE ARE MOVING TOWARD OUR TARGETED LEVERAGE
5.1x
Goal: 2.5 – 2.75x Net Debt / Adj. EBITDA1
Q4 FY21 Forecast
3.5x
Q3 FY21 Actual
1
In arriving at Adjusted EBITDA, Sysco does not adjust out interest income or non-cash stock compensation expense. Definition of Net Debt excludes Capital Leases.

103. © Sysco 2021 | 103
SYSCO PLACES A
PRIORITY ON
RETURNING VALUE TO
SHAREHOLDERS
• 14% 5-Year TSR
• $11.8B of Total Value
Returned From FY15-
FY21

104. © Sysco 2021 | 104
51 Years of
Dividend
Increases
1
WE ARE A DIVIDEND ARISTOCRAT: WE
CONSISTENTLY RETURN CAPITAL TO
SHAREHOLDERS THROUGH DIVIDENDS
1Source: Bloomberg, Company Financials
$1.24
$1.32
$1.44
$1.56
$1.80
CY2016 CY2017 CY2018 CY2019 CY2020

105. © Sysco 2021 | 105
2 Cent Increase of Dividend / Share each Quarter1
TODAY WE ARE INCREASING OUR DIVIDEND
$1.24
$1.32
$1.44
$1.56
$1.80 $1.84 $1.88
CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2022
1The FY22 impact from this dividend increase will be $0.08

106. © Sysco 2021 | 106
NEW $5B SHARE REPURCHASE AUTHORIZATION
$6.6B
$1.9B
2016
$1.9B
2017
$1.0B
2018
$0.8B
2020
$1.0B
2019
Conditions to Future Share Repurchase
• Market Recovery is Robust
• Investments in the Business are Fully
Funded (including M&A)
• Debt Reductions Continue and
Investment Grade Rating is Preserved
• Excess Liquidity Exists to Fund
Repurchase Program
of share repurchases
in the past 5 years
No current plans to repurchase
shares in FY22

107. Q&A
© Sysco 2021 | 107

108. © Sysco 2021 | 108
NON-GAAP RECONCILIATIONS

109. © Sysco 2021 | 109
Sysco’s results of operations for fiscal 2021 and fiscal 2020 were impacted by restructuring and transformational project costs consisting of: (1) restructuring charges; (2) expenses
associated with our various transformation initiatives; and (3) facility closure and severance charges. Sysco’s results for fiscal 2021 and fiscal 2020 were also impacted by intangible amortization expense
related to the fiscal 2017 acquisition of Cucina Lux Investments Limited (the Brakes Acquisition). Additionally, our results for fiscal 2021 were impacted by loss on the sale of businesses and our results for
fiscal 2020 were impacted by fixed asset impairment charges.
Fiscal 2021 results of operations were also positively impacted by the reduction of bad debt expense previously recognized in fiscal 2020 due to the unexpected impact of the COVID-19
pandemic on the collectability of our pre-pandemic trade receivable balances. Fiscal 2020 results of operations were also negatively impacted by costs arising from the COVID-19 pandemic, the most
significant of which were (1) excess bad debt expense, as we experienced an increase in past due receivables and recognized additional bad debt charges, and (2) goodwill impairment charges. Many of
Sysco’s customers, including those in the restaurant, hospitality and education segments, are operating at a substantially reduced volume due to governmental requirements for closures or other social-
distancing measures and a portion of Sysco’s customers have been closed. Some of these customers ceased paying their outstanding receivables, creating uncertainty as to their collectability. We
experienced an increase in past due receivables and recognized additional bad debt charges in the third and fourth quarters of fiscal 2020; however, collections have improved in fiscal 2021, partially
from restaurant reopenings, volumes improvements and Sysco’s improved credit processes. We have estimated uncollectible amounts based on the current collection experience and by applying write-
off percentages based on historical loss experience, including loss experience during times of local and regional disasters, current conditions and collection rates, and expectations regarding future
losses. The COVID-19 pandemic is more widespread and longer in duration than historical disasters impacting our business, and it is possible that actual uncollectible amounts will differ and additional
charges may be required; however, if collections continue to improve, it is also possible that additional reductions in our bad debt reserve could occur. While Sysco traditionally incurs bad debt expense,
the magnitude of such expenses and benefits, that we have experienced is not indicative of our normal operations. Our adjusted results have not been normalized in a manner that would exclude the full
impact of the COVID-19 pandemic on our business. As such, Sysco has not adjusted its results for lost sales, inventory write-offs or other costs associated with the COVID-19 pandemic not previously
stated.
The results of our foreign operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our operating results on a
constant currency basis, which is calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable
prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period.
Although Sysco has a history of growth through acquisitions, the Brakes Group was 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 the impact of acquisition-related intangible
amortization specific to the Brakes Acquisition. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal 2021 and fiscal 2020.
Sysco refers to the collective items above as Certain Items and may identify additional items and/or remove items from this definition in the future. Sysco has and may continue to
present operating results adjusted to exclude Certain Items to provide important perspective with respect to underlying business trends.
IMPACT OF CERTAIN ITEMS

110. © Sysco 2021 | 110
SALES GROSS MARGIN, OPERATING EXPENSE AND EPS
TARGETS
Form of calculation:
Sales (GAAP)
Impact of Certain Items
Sales adjusted for Certain Items (Non-GAAP)
Impact of currency fluctuations
Comparable sales using a constant currency basis (Non-GAAP)
Gross Profit (GAAP)
Impact of Certain Items
Gross profit adjusted for Certain Items (Non-GAAP)
Impact of currency fluctuations
Comparable gross profit using a constant currency basis (Non-GAAP)
Gross margin (GAAP)
Impact of Certain Items
Gross margin adjusted for Certain Items (Non-GAAP)
Impact of currency fluctuations
Comparable gross margin using a constant currency basis (Non-GAAP)
Operating expenses (GAAP)
Impact of Certain Items
Operating expenses adjusted for Certain Items (Non-GAAP)
Impact of currency fluctuations
Comparable operating expenses adjusted for Certain Items using a
constant currency basis (Non-GAAP)
Net earnings (GAAP)
Impact of Certain Items
Tax impact Certain Items
Net earnings adjusted for Certain Items (Non-GAAP)
Diluted earnings per share (GAAP)
Impact of Certain Items
Tax impact Certain Items
Diluted EPS adjusted for Certain Items (Non-GAAP)
Diluted shares outstanding
We expect to achieve our sales, gross margin, operating expense and earnings per share targets by fiscal 2022 and fiscal
2024. We cannot predict with certainty when we will achieve these results or whether the calculation of our sales, gross
margin, operating expense and/or EPS will be on an adjusted basis in future periods to exclude the effect of Certain
Items. Additionally, the results of our foreign operations can be impacted due to changes in exchange rates applicable in
converting local currencies to U.S. dollars, and we may adjust our operating results for the impact of constant currency
as compared to the comparable prior year period. 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.

111. © Sysco 2021 | 111
EBITDA
Sysco Corporation and its Consolidated Subsidiaries
U.S. Foodservice Operations
Non-GAAP Reconciliation (Unaudited)
(In Thousands)
Last 12 Month
Period Ended
Dec. 29, 2020
U.S. FOODSERVICE OPERATIONS
Sales $ 31,547,613
Net earnings (GAAP) $ 1,084,940
Interest (GAAP) (3,041)
Income taxes (GAAP) 503,014
Depreciation and amortization (GAAP) 373,123
EBITDA (Non-GAAP) $ 1,958,036
Certain Item adjustments:
Impact of restructuring and transformational project costs (1) 5,065
Impact of bad debt reserve adjustments (2) 101,748
EBITDA adjusted for Certain Items (Non-GAAP) $ 2,064,849
Adjusted EBITDA Margin 6.5%
EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depreciation and (iv) amortization.
The net earnings (loss) component of our EBITDA calculation is impacted by Certain Items that we do not consider representative of our
underlying performance. As a result, in the non-GAAP reconciliations below for each period presented, adjusted EBITDA is computed as
EBITDA plus the impact of Certain Items, excluding Certain items related to interest expense, income taxes, depreciation and amortization.
Adjusted EBITDA margin is computed as adjusted EBITDA divided by sales. Sysco's management considers growth in this metric to be a
measure of overall financial performance that provides useful information to management and investors about the profitability of the
business, as it facilitates comparison of performance on a consistent basis from period to period by providing a measurement of recurring
factors and trends affecting our business. Additionally, it is a commonly used component metric used to inform on capital structure decisions.
Adjusted EBITDA should not be used as a substitute for the most comparable GAAP measure in assessing the company’s financial
performance 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 tables that follow, adjusted EBITDA for each period presented is reconciled to net earnings (loss).
(1)
Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy, excluding charges
related to accelerated depreciation.
(2)
Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020. Fiscal
2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19 pandemic.
Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Margin

112. © Sysco 2021 | 112
NET DEBT TO ADJUSTED EBITDA LEVERAGE RATIO
TARGETS
We expect to achieve our net debt to adjusted EBITDA leverage ratio forecasts in the fourth quarter of fiscal 2021
and the fourth quarter of fiscal 2022. We cannot predict with certainty when we will achieve these results or whether the
calculation of our EBITDA 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.

113. © Sysco 2021 | 113
NET DEBT TO ADJUSTED EBITDA LEVERAGE RATIO
Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
(In Thousands)
Last 12 Month
Period Ended
Mar. 27, 2021
Notes payable $ 8,315
Current maturities of long-term debt 957,295
Long term debt 11,741,114
Total Debt (GAAP) 12,706,724
Less finance leases and other debt (95,615)
Less book value in excess of face value of senior debt 43,911
Total Debt adjusted for finance leases, other debt and excess book value (Non-GAAP) 12,655,020
Less cash and cash equivalents 4,895,723
Net debt $ 7,759,297
Net earnings (GAAP) $ (245,303)
Interest (GAAP) 603,257
Income taxes (GAAP) (48,232)
Depreciation and amortization (GAAP) 789,648
EBITDA (Non-GAAP) $ 1,099,370
Certain Item adjustments:
Impact of restructuring and transformational project costs (1) 205,471
Impact of bad debt reserve adjustments (2) 7,531
Impact of goodwill impairment 134,481
Impact of loss sale of businesses 22,834
Impact of loss on assets held for sale 46,968
EBITDA adjusted for Certain Items (Non-GAAP) $ 1,516,655
Net Debt to Adjusted EBITDA Ratio 5.1
Net Debt to Adjusted EBITDA Leverage Ratio
(1)
Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy, excluding
charges related to accelerated depreciation.
(2)
Fiscal 2021 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.
Fiscal 2020 represents excess bad debt charges recognized on the increase in past due receivables arising from the COVID-19
pandemic.
We calculate the net debt to adjusted EBITDA leverage ratio as (i) total debt, computed as the sum of notes payable, current
maturities of long-term debt and long-term debt, less (ii) finance lease obligations and other debt, less (iii) cash and cash equivalents,
and divided by (iv) adjusted EBITDA over the trailing twelve months, computed as EBITDA plus the impact of Certain Items, excluding
Certain items related to interest expense, income taxes, depreciation and amortization. Sysco considers the net debt to adjusted
EBITDA leverage ratio to be a measure that provides useful information to management and investors in evaluating the company's
ability to pay off debt and supports the company's credit rating. An analysis of any non-GAAP financial measure should be used in
conjunction with results presented in accordance with GAAP.