Jefferies Consumer Summit | 2018

FORWARD LOOKING STATEMENTS

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: our expectations with
respect to achieving our three-year financial targets through fiscal 2018 and our new three-year financial targets through fiscal 2020, including, but not limited to, our case growth, sales, gross
profit, operating expense, operating income and earnings per share targets; our expectations regarding the calculation of adjusted sales, adjusted gross profit, adjusted operating expense,
adjusted operating income and adjusted earnings per share; our expectations regarding a future adjusted operating leverage gap of approximately 1.5 points; our expectations regarding our
market share, growth rate and profitability; our expectations regarding reductions in operating expenses, our expectations regarding local customer growth; our expectations regarding improved
cash flow generation; our expectations regarding our strategic uses of cash, including, but not limited to, capital expenditures, dividend payments, share repurchases and acquisitions; the impact
of tax reform on our operating results, and our expectations regarding our ability to invest in the business, grow our dividend, consummate strategic transactions, pay our debt obligations, and
engage in opportunistic share repurchases. The success of our plans and expectations regarding our operating performance, including expectations regarding our three-year financial targets
through both fiscal 2018 and 2020 and the expectations listed above, 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, including our Brakes
acquisition, may not be successful. Any business that we acquire, including the Brakes transaction, may not perform as expected, and we may not realize the anticipated benefits of our
acquisitions. The Brakes Group acquisition will require a significant commitment of time and company resources, and realizing the anticipated benefits from the transaction may take longer than
expected. Expectations regarding the financial statement impact of any acquisitions may change based on management’s subjective evaluation. Meeting our dividend target objectives depends on
our level of earnings, available cash and the success of our various strategic initiatives. 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.

2
TOM BENÉ
PRESIDENT & CEO
 To be our
customers’ most
Our VISION valued and trusted
business partner
SYSCO IS THE LEADING FOODSERVICE DISTRIBUTOR

Sales ($B) Foodservice Industry Growth Rates

$60.0
$55.0
$55.4
5-year Real CAGR 2017-2022
$50.0
$45.0 Noncommercial 1.1%
$40.0
$35.0
Travel&Leisure 1.8%
$30.0
$25.0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Retailers 2.4%

Restaurants 1.7%
Dividend
Small chains &
Independents
1.9%
$1.32
$1.40
$1.30 $1.20
$1.20
$1.12 101--500 chains 1.4%
$1.04
$1.10 $0.96
$1.00
$0.90
Top 100 chains 1.4%
$0.76
$0.80
$0.60
$0.70 Total Foodservice 1.6%
$0.60
$0.50
CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17
Source: Technomic LTF, Jan 2018

5
 WE OPERATE THE BUSINESS IN FOUR MAJOR SEGMENTS THAT
COMPRISE THE SYSCO PORTFOLIO OF BUSINESSES

% OF FY17
Core market
TOTAL REVENUE
U.S. U.S. broadline serves as the foundation
Foodservice
Specialty companies enhance our portfolio of
Operations products 68%

International Canada, Europe and Latin America

Foodservice Growth opportunities in existing markets & 19%
Operations targeted geographic expansion

Systems distribution
SYGMA Specializes in serving at-scale chain 11%
customers

Leading global manufacturer & distributor of

supplies to the lodging industry
OTHER 2%
Innovation team, leveraging agile & design
thinking to reimagine the customer experience

6
OUR FOUR STRATEGIC PRIORITIES WILL ACCELERATE OUR
CURRENT GROWTH & POSITION US WELL FOR THE FUTURE

7
 FOCUSING ON THESE KEY STRATEGIC PRIORITIES WILL DELIVER
SOLID OPERATING PERFORMANCE OVER THE NEXT THREE YEARS

Cases 3.0% LOCAL: +3.5%

Sales 4.0% -
4.5%

Gross Profit 4%

Operating Income 9% $650M - $700M1

EPS 16%
1 See Non-GAAP reconciliations at the end of the presentation.

8
JOEL GRADE
EVP & CFO
 OUR THREE-YEAR PLAN DELIVERS TARGETED FINANCIAL
RESULTS; EPS IMPROVES 4 POINTS POST TAX REFORM

POST TAX REFORM

INVESTOR DAY
UPDATED
THREE-YEAR PLAN
1 THREE-YEAR PLAN
(FY18-FY20) 1
(FY18-FY20)

Cases; Total & Local 3.0%, 3.5% 3.0%, 3.5%

Sales 4.0% - 4.5% 4.0% - 4.5%

Gross Profit 4.0% 4.0%

Operating Income 9.0% 9.0% $650 - $700M

EPS 12% 16% $3.85 - $3.95

1 See Non-GAAP reconciliations at the end of this presentation.

 OUR LONG TERM OBJECTIVE IS TO ACHIEVE A 1.5 POINT
OPERATING LEVERAGE GAP

1 1 1 2
Total Sysco Adj. Operating Leverage 3Q18 YTD18 Average
6.0%
4.8%

4.0% 4.5% 3.6%

4.1%
5.6% 4.8% 4.1%

2.0%
2.0%
5.2% 4.6% 2.6%
1.7%

0.0%
FY15 FY16 FY17
GP growth OPEX growth

… Anticipate improved leverage in 4Q18

2
1 See Non-GAAP reconciliations at the end of this presentation. FY17 excludes Brakes Average of FY16, FY17 and YTD18 (Most recent 11 quarters, coinciding with three-year plan)

11
WE WILL REDUCE COSTS THROUGH A VARIETY OF DIFFERENT
LEVERS

Finance Technology Smart Spending

Roadmap

Agile Transformation Optimizing our

Canadian business

12
 WE HAVE A PROVEN TRACK RECORD OF CASH FLOW
GENERATION…

Annual Cash Flow1 ($M)

$2,400

$1,800

$1,200

$600

$-
FY15 FY16 FY17
Net cash provided by operating activities (GAAP) Free Cash Flow (Non-GAAP)

… and we expect to generate improved cash flows with a continued adjusted cash conversion
ratio2 greater than 100% over the next three years
1 See Non-GAAP reconciliations at the end of this presentation.; 2 Adjusted cash conversion ratio defined as adjusted free cash flow divided by adjusted net earnings

13
WE WILL FOLLOW A DISCIPLINED APPROACH TO CAPITAL
ALLOCATION

1 Invest in the business

2 Grow the dividend

3 Strategic M&A

Pay Down Debt /

4
Opportunistic Share Repurchase

14
FINANCIAL UPDATES

• Tax Reform reinvestments are consistent with capital allocation

• Contribution to fund and de-risk our defined benefit retirement plan

• Increased our contributions to the Sysco 401(k) plan

• Remain confident in our ability to deliver financial objectives for FY18

• On track to achieve initial three-year financial objectives

15
 WE WILL CONTINUE TO FURTHER LEVERAGE STRONG MOMENTUM
IN THE BUSINESS

LEVERAGE STRONG MOMENTUM

IN THE BUSINESS1

• Grow FY20 Adjusted Operating

Income by $650-$700M compared
to FY17

• Expect future adjusted operating

leverage gap of approximately 1.5
points

• Well positioned for future growth

1 See Non-GAAP reconciliations at the end of this presentation.

16
Q&A
 NON-GAAP
RECONCILIATIONS
 IMPACT OF CERTAIN ITEMS

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items and Brakes

Sysco’s results of operations for fiscal 2018 and 2017 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 as opposed to completing the
implementation of an ERP; (2) professional fees related to our three-year strategic plan; (3) restructuring expenses within our Brakes Group operations; and (4)
severance charges related to restructuring. In addition, fiscal 2018 results of operations are impacted by business technology transformation initiative costs, facility
closure charges, multiemployer pension (MEPP) withdrawal charges and debt extinguishment charges. Our results of operations for fiscal 2018 and 2017 are also
impacted by the following acquisition-related items: (1) intangible amortization expense and (2) integration costs. All acquisition-related costs in fiscal 2018 and
2017 that have been excluded relate to the Brakes acquisition. The Brakes acquisition also resulted in non-recurring tax expense in fiscal 2017, primarily from non-
deductible transaction costs. Sysco’s results of operations for fiscal 2018 are also impacted by reform measures from the Tax Act enacted on December 22, 2017.
The impact for fiscal 2018 includes: (1) a provisional estimate of a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries, (2) a net benefit
from remeasuring Sysco’s accrued income taxes, deferred tax liabilities and deferred tax assets due to the changes in tax rates and (3) a benefit from contributions
made to fund Sysco’s tax-qualified United States (U.S.) pension plan (the Plan). These fiscal 2018 and fiscal 2017 items are collectively referred to as "Certain
Items.“
Management believes that adjusting its operating expenses, operating income, 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, facilitating comparisons on a year-over-year basis and
(2) removes those items that are difficult to predict and are often unanticipated and that, as a result, are difficult to include in analysts' financial models and our
investors' expectations with any degree of specificity.
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 and fiscal 2017.
Set forth below is a reconciliation of sales, operating expenses, operating income, interest expense, 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.

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SALES, GROSS PROFIT, OPERATING EXPENSE, OPERATING
INCOME, EARNINGS PER SHARE TARGETS

Sales, Gross Profit, Operating Expense, Operating Income and Earnings per Share Targets

We expect to achieve our sales, gross profit, operating expense, operating income and earnings per share (EPS)
targets under our 3-year strategic plan by fiscal 2020. We cannot predict with certainty when we will achieve
these results or whether the calculation of our sales, gross profit, operating expense, operating income and/or
EPS will be on an adjusted basis in future periods to exclude the effect of certain items. Due to these
uncertainties, we cannot provide a quantitative reconciliation of these potentially non-GAAP measures to the
most directly comparable GAAP measure without unreasonable effort. However, we expect to calculate these
adjusted results, if applicable, in the same manner as the reconciliations provided for the historical periods that
are presented herein.

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ADJUSTED OPERATING LEVERAGE

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)
Total Sysco Operating Leverage (impact of Certain Items, extra week and Brakes)
(In Thousands)

39-Week 39-Week
Period Ended Period Ended Period Change Period
Mar. 31, 2018 Apr. 1, 2017 in Dollars % Change

Gross profit $ 8,168,682 $ 7,797,917 $ 370,765 4.8%

Operating expenses (GAAP) $ 6,527,375 $ 6,302,705 $ 224,670 3.6%

Impact of certain items (135,817) (189,790) 53,973 -28.4%
Operating expenses adjusted for certain items
(Non-GAAP) $ 6,391,558 $ 6,112,915 $ 278,643 4.6%

52-Week 53-Week
Period Ended Period Ended Period Change Period
Jul. 1, 2017 Jul. 2, 2016 in Dollars % Change

Gross profit $ 10,557,507 $ 9,040,472 $ 1,517,035 16.8%

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

Operating expenses (GAAP) $ 8,504,336 $ 7,189,972 $ 1,314,364 18.3%

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

21
ADJUSTED OPERATING LEVERAGE (CONTINUED)

53-Week 52-Week
Period Ended Period Ended Period Change Period
Jul. 2, 2016 Jun. 27, 2015 in Dollars % Change

Gross profit $ 9,040,472 $ 8,551,516 $ 488,956 5.7%

Less 1 week fourth quarter gross profit (178,774) - (178,774) NM
Comparable gross profit using a 52 week basis $ 8,861,698 $ 8,551,516 $ 310,182 3.6%

Operating expenses (GAAP) $ 7,189,972 $ 7,322,154 $ (132,182) -1.8%

Impact of certain items (158,748) (562,468) 403,719 NM
Subtotal-Operating expenses excluding certain
items (Non-GAAP) 7,031,224 6,759,686 271,537 4.0%
Less 1 week fourth quarter operating expense (133,899) - (133,899) NM
Operating expenses adjusted for certain items
and extra week (Non-GAAP) $ 6,897,325 $ 6,759,686 $ 137,639 2.0%

52-Week 52-Week
Period Ended Period Ended Period Change Period
Jun. 27, 2015 Jun. 28, 2014 in Dollars % Change

Gross profit $ 8,551,516 $ 8,181,035 $ 370,481 4.5%

Operating expenses (GAAP) $ 7,322,154 $ 6,593,913 $ 728,241 11.0%

Impact of certain items (562,468) (146,508) (415,959) NM
Operating expenses adjusted for certain items
(Non-GAAP) $ 6,759,687 $ 6,447,405 $ 312,282 4.8%

22
 ADJUSTED OPERATING LEVERAGE (CONTINUED)

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)
Total Sysco Operating Leverage (impact of Certain Items, extra week and Brakes)
(In Thousands)

(a)
11 quarter average gross profit (GAAP) 9.5%
(b)
11 quarter average gross profit excluding the
impact of Brakes (Non-GAAP) 4.1%

(c)
11 quarter average operating expenses (GAAP)
7.1%
(d)
11 quarter average operating expenses
adjusted for certain items and excluding the
impact of Brakes (Non-GAAP) 2.6%

13-Week Period 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week

Ended Period Ended Period Change Period Period Ended Period Ended Period Change Period
Mar. 31, 2018 Apr. 1, 2017 in Dollars % Change Dec. 30, 2017 Dec. 31, 2016 in Dollars % Change

Gross profit $ 2,675,628 $ 2,534,135 $ 141,493 5.6% (a)(b) $ 2,699,386 $ 2,571,863 $ 127,523 5.0% (a)(b)

Operating expenses (GAAP) $ 2,189,695 $ 2,098,173 $ 91,522 4.4% (c) $ 2,167,104 $ 2,079,446 $ 87,658 4.2% (c)
Impact of certain items (49,842) (64,337) 14,495 -22.5% (47,176) (65,460) 18,284 -27.9%
Operating expenses adjusted for certain items
and excluding the impact of Brakes (Non-GAAP) $ 2,139,853 $ 2,033,836 $ 106,017 5.2% (d) $ 2,119,928 $ 2,013,986 $ 105,942 5.3% (d)

23
 ADJUSTED OPERATING LEVERAGE (CONTINUED)

13-Week Period 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week Period 13-Week 13-Week
Ended Period Ended Period Change Period Period Ended Period Ended Period Change Period Period Ended Ended Period Change Period
Sep. 30, 2017 Oct. 1, 2016 in Dollars % Change July 1, 2017 July 2, 2016 in Dollars % Change Apr. 1, 2017 Mar. 26, 2016 in Dollars % Change

Gross profit $ 2,793,668 $ 2,691,919 $ 101,749 3.8% (a) $ 2,759,590 $ 2,502,838 $ 256,752 10.3% (a) $ 2,534,135 $ 2,142,825 $ 391,310 18.3% (a)
Impact of Brakes - - - NM (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) $ 2,793,668 $ 2,691,919 $ 101,749 3.8% (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 - - - NM (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) $ 2,131,778 $ 2,065,091 $ 66,687 3.2% (d) $ 1,785,260 $ 1,740,682 $ 44,578 2.6% (d) $ 1,737,928 $ 1,705,177 $ 32,751 1.9% (d)

24
 ADJUSTED OPERATING LEVERAGE (CONTINUED)

13-Week Period 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week Period 13-Week 13-Week
Ended Period Ended Period Change Period Period Ended Period Ended Period Change Period Period Ended Ended Period Change Period
Dec. 31, 2016 Dec. 26, 2015 in Dollars % Change Oct. 1, 2016 Sep. 26, 2015 in Dollars % Change July 2, 2016 June 27, 2015 in Dollars % Change

Gross profit $ 2,571,863 $ 2,156,814 $ 415,049 19.2% (a) $ 2,691,919 $ 2,237,995 $ 453,924 20.3% (a) $ 2,502,838 $ 2,220,164 $ 282,674 12.7% (a)
Impact of Brakes (353,133) - (353,133) NM (343,051) - (343,051) NM (178,774) - (178,774) NM
Gross profit excluding the impact of Brakes (Non-
GAAP) $ 2,218,730 $ 2,156,814 $ 61,916 2.9% (b) $ 2,348,868 $ 2,237,995 $ 110,873 5.0% (b) $ 2,324,064 $ 2,220,164 $ 103,900 4.7% (b)

Operating expenses (GAAP) $ 2,079,446 $ 1,724,231 $ 355,215 20.6% (c) $ 2,125,086 $ 1,744,521 $ 380,565 21.8% (c) $ 1,956,013 $ 2,099,169 $ (143,156) -6.8% (c)
Impact of certain items (65,460) (4,281) (61,179) NM (59,995) (13,005) (46,990) NM (81,432) (388,250) 306,818 NM
Impact of Brakes (287,114) - (287,114) NM (300,271) - (300,271) NM (133,899) - (133,899) NM
Operating expenses adjusted for certain items
and excluding the impact of Brakes (Non-GAAP) $ 1,726,873 $ 1,719,950 $ 6,923 0.4% (d) $ 1,764,820 $ 1,731,516 $ 33,304 1.9% (d) $ 1,740,682 $ 1,710,919 $ 29,763 1.7% (d)

25
 ADJUSTED OPERATING LEVERAGE (CONTINUED)

13-Week Period 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week 13-Week Period 13-Week 13-Week
Ended Period Ended Period Change Period Period Ended Period Ended Period Change Period Period Ended Ended Period Change Period
Mar. 26, 2016 Mar. 28, 2015 in Dollars % Change Dec. 26, 2015 Dec. 27, 2014 in Dollars % Change Sep. 26, 2015 Sep. 27, 2014 in Dollars % Change

Gross profit $ 2,142,825 $ 2,057,498 $ 85,327 4.1% (a)(b) $ 2,156,814 $ 2,085,137 $ 71,677 3.4% (a)(b) $ 2,237,995 $ 2,188,717 $ 49,278 2.3% (a)(b)

Operating expenses (GAAP) $ 1,765,207 $ 1,730,190 $ 35,017 2.0% (c) $ 1,724,231 $ 1,769,691 $ (45,460) -2.6% (c) $ 1,744,521 $ 1,723,104 $ 21,417 1.2% (c)
Impact of certain items (60,029) (49,974) (10,055) 20.1% (4,281) (80,809) 76,528 NM (13,005) (43,435) 30,430 NM
Operating expenses adjusted for certain items
(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)

26
FREE CASH FLOW

Sysco Corporation and its Consolidated Subsidiaries

Non-GAAP Reconciliation (Unaudited)
Free Cash Flow
(In Thousands)

Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and
equipment. Sysco considers free cash flow to be a liquidity measure that provides 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. 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 should not be used
as a substitute for the most comparable GAAP measure 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, free cash flow for each period presented
is reconciled to net cash provided by operating activities.

52-Week 53-Week
Period Ended Period Ended Period Change
Jul. 1, 2017 Jul. 2, 2016 in Dollars
Net cash provided by operating activities (GAAP) $ 2,176,425 $ 1,933,142 $ 243,283
Additions to plant and equipment (686,378) (527,346) (159,032)
Proceeds from sales of plant and equipment 23,715 23,511 204
Free Cash Flow (Non-GAAP) $ 1,513,762 $ 1,429,307 $ 84,455

53-Week 52-Week
Period Ended Period Ended Period Change
Jul. 2, 2016 Jun. 27, 2015 in Dollars
Net cash provided by operating activities (GAAP) $ 1,933,142 $ 1,555,484 $ 377,658
Additions to plant and equipment (527,346) (542,830) 15,484
Proceeds from sales of plant and equipment 23,511 24,472 (961)
Free Cash Flow (Non-GAAP) $ 1,429,307 $ 1,037,126 $ 392,181

27