8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 31, 2013

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter)

Florida	1-4364	59-0739250
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
11690 NW 105th Street Miami, Florida		33178
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (305) 500-3726

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On January 31, 2013, we issued a press release reporting our financial results for the three and twelve months ended December 31, 2012 (the “Press Release”). We also hosted a conference call and webcast on January 31, 2013 during which we made a presentation on our financial results for the three and twelve months ended December 31, 2012 (the “Presentation”). The Press Release and the Presentation are available on our website at www.ryder.com.

The Press Release and Presentation include information regarding comparable earnings from continuing operations and comparable earnings per share from continuing operations for both fourth quarter and full year 2012 and 2011, which are non-GAAP financial measures as defined by SEC regulations. We believe that these non-GAAP financial measures provide useful information to investors, and allow for better year-over-year comparison, as the measures exclude from our GAAP earnings from continuing operations and earnings per share from continuing operations, as applicable, (1) for the fourth quarter of 2012, certain vehicle-related losses from Superstorm Sandy, (2) for the full year of 2012, income tax benefits, acquisition-related transaction costs and restructuring charges, (3) for the fourth quarter of 2011, acquisition-related transaction costs and restructuring charges related to the integration of an acquisition and (4) for the full year of 2011, charges related to tax law changes, an income tax benefit from prior year acquisition-related transaction costs, acquisition-related transaction costs and restructuring charges, all of which are unrelated to our ongoing business operations.

Additional information regarding non-GAAP financial measures can be found in the Press Release, the Presentation and our reports filed with the SEC.

The information in this Report, including Exhibits 99.1 and 99.2, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference to such filing.

Item 9.01(d) Exhibits

The following exhibits are furnished as part of this Report on Form 8-K:

Exhibit 99.1	Press Release, dated January 31, 2013, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 2012.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on January 31, 2013, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 2012.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 31, 2013	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Art A. Garcia
		Art A. Garcia, Executive Vice President and Chief Financial Officer

EX-99.1

News Release

Contacts:    Media:                        Investor Relations:

David Bruce                    Bob Brunn

(305) 500-4999                    (305) 500-4053

RYDER REPORTS FOURTH QUARTER AND FULL-YEAR 2012 RESULTS AND PROVIDES 2013 FORECAST

• Q4 Comparable EPS from Continuing Operations Up 21% to $1.17

• Q4 EPS from Continuing Operations Increase 16% to $1.07

• Q4 Operating Revenue Grows 4%; Total Revenue Up 3%

• Full-Year Comparable EPS from Continuing Operations Up 16% to $4.04

• Full-Year EPS from Continuing Operations Up 18% to $3.91

• Full-Year Operating Revenue Up 5%; Total Revenue Grows 3% to $6.3 Billion

• 2013 Comparable EPS Forecast of $4.70 to $4.85 vs. $4.41 for 2012; Excludes Non-Operating Pension Expenses of $0.24 in 2013 and $0.37 in 2012

MIAMI, January 31, 2013 - Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share from continuing operations for the three-month period ended December 31, 2012 were $1.07, compared with $0.92 in the year-earlier period. Earnings from continuing operations for the fourth quarter of 2012 were $54.9 million, compared with $47.7 million in the year-earlier period. Earnings per diluted share for the fourth quarter of 2012 included an after-tax charge of $0.10 or $5.1 million associated with certain vehicle-related losses from Superstorm Sandy, for which insurance recoveries remain uncertain and have not been recognized. Earnings per diluted share in the year-earlier period included an after-tax charge of $0.05 or $2.4 million for planned restructuring costs related to the integration of an acquisition. Excluding these items in both periods, comparable earnings per diluted share from continuing operations for the fourth quarter of 2012 were $1.17, up 21% from $0.97 in the year-earlier period, and comparable earnings from continuing operations of $60.1 million increased 20% from $50.1 million in the year-earlier period. The increase in comparable earnings reflects strong performance in both business segments, Fleet Management Solutions (FMS) and Supply Chain Solutions (SCS).

Total revenue for the fourth quarter of 2012 was $1.58 billion, up 3% from $1.54 billion in the same period last year. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) was $1.29 billion, up 4% from $1.24 billion in the year-earlier period, reflecting organic full service lease growth as well as increased volumes and new business in the SCS automotive sector. FMS business segment total and operating revenue improved 4% due to higher full service lease revenue. SCS business segment total revenue increased 2% reflecting higher operating revenue. SCS operating

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revenue grew 4% largely reflecting improved volumes and new business in both the automotive industry and dedicated services as well as higher fuel cost pass-throughs.

Net earnings per diluted share (including discontinued operations) for the three-month period ended December 31, 2012 were $1.05 versus $0.93 in the year-earlier period. Earnings per diluted share from discontinued operations (previously announced in 2009) for the fourth quarter of 2012 totaled a loss of $0.02 compared with income of $0.01 in the same period of 2011. Net earnings for the fourth quarter of 2012 were $53.8 million versus $48.1 million in the year-earlier period.

Commenting on the Company's fourth quarter and full-year 2012 performance, Ryder Executive Chairman Greg Swienton said, “We closed 2012 with a strong fourth quarter that included higher revenue and double-digit earnings growth. For full-year 2012, we delivered a 5% increase in operating revenue and earnings per share growth of 16%, despite unexpected mid-year challenges in rental demand. In Fleet Management Solutions, we grew our full service lease fleet and expanded our contract maintenance business. Within Supply Chain Solutions, we saw strong performance and growth in our automotive business and dedicated services offering. We are also pleased that both our earnings and return on capital spread have returned to pre-recession levels.”

Fourth Quarter Business Segment Operating Results

Fleet Management Solutions

In the FMS business segment, total revenue in the fourth quarter of 2012 was $1.12 billion, up 4% compared with the year-earlier period, due to higher operating revenue. Fuel services revenue in the fourth quarter of 2012 increased 3%, due to higher fuel prices passed through to customers. Operating revenue (revenue excluding fuel) in the fourth quarter of 2012 was $849.5 million, up 4%. Full service lease revenue increased 6%, due to higher prices on replacement vehicles and organic fleet growth. Commercial rental revenue decreased 1%, reflecting lower market demand, although pricing was higher.

The FMS business segment's pre-tax earnings were $86.0 million in the fourth quarter of 2012, up 17% from $73.8 million in the same period of 2011. Increased earnings reflect improved full service lease results (due to lower maintenance costs on a newer fleet and organic growth), as well as lower compensation-related expenses. Earnings growth was partially offset by lower commercial rental performance, as a result of lower market demand on a 3% smaller average fleet. Rental power fleet utilization was a strong 78% for the fourth quarter of 2012, a decline of only 70 basis points from the year-earlier high demand period. Year-over-year rental utilization comparisons improved significantly versus the first half of 2012. This increase reflects primarily the benefit of fleet right-sizing actions taken earlier in the year, as well as better-than-expected fourth quarter demand, due, in part, to Superstorm

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Sandy recovery efforts. Business segment earnings before tax (EBT) as a percentage of operating revenue were 10.1% in the fourth quarter of 2012, up 100 basis points compared with 9.1% in the same quarter a year ago.

Supply Chain Solutions

In the SCS business segment, fourth quarter 2012 total revenue was $575.3 million, up 2%, as higher operating revenue offset lower subcontracted transportation. Operating revenue (revenue excluding subcontracted transportation) was $489.1 million, an increase of 4% compared with the same quarter a year ago. SCS operating revenue comparisons primarily benefited from increased volumes and new business in both the automotive sector and dedicated services, as well as higher fuel costs passed through to customers.

The SCS business segment's pre-tax earnings in the fourth quarter of 2012 were $31.0 million, up 22% from $25.5 million in the same quarter of 2011. The increase was driven by higher volumes and new business in both the automotive sector and dedicated services. These improvements were partially offset by higher medical benefit costs. Business segment earnings before tax as a percentage of operating revenue were 6.3%, up 90 basis points from 5.4% in the year-earlier period.

Corporate Financial Information

Central Support Services

Central Support Services (CSS) are overhead costs incurred to support all business segments and product lines. Most CSS costs are allocated to the business segments.In the fourth quarter of 2012, CSS costs were $48.7 million, compared with $51.7 million in the year-earlier period, reflecting primarily lower compensation-related expenses and professional fees.

Non-Operating Pension Costs

Non-operating components of pension costs are excluded from segment earnings before tax in order to more accurately reflect the operating performance of the business segments. Non-operating pension costs totaled $7.9 million in the fourth quarter of 2012, up from $4.7 million in the year-earlier period. The increase reflects lower assumed pension asset returns for 2012.

Restructuring and Other Items

In the fourth quarter of 2012, as a direct result of Superstorm Sandy, the Company incurred a liability of $8.2 million ($5.1 million after-tax) for property damage to vehicles owned by full service lease customers for which Ryder has liability under certain agreements. The Company is currently

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pursuing recovery of these losses under applicable property and casualty insurance programs. However, because recovery of these losses is uncertain, no offsetting benefits were recognized in the fourth quarter. Insurance recoveries will be recognized if and when they are probable of receipt. In December 2012, the Company enhanced its insurance coverage to mitigate this type of risk in the future.

Additionally, Company-owned units with a carrying value of $15.7 million were damaged or completely destroyed as a direct result of Superstorm Sandy. The Company expects to recover at least the cost of repairs or carrying value of these assets from insurance proceeds and customer billings.

Income Taxes

The Company's effective income tax rate from continuing operations for the fourth quarter of 2012 was 32.9% of earnings before tax compared with 34.8% in the year-earlier period. The decline in effective tax rate reflects a higher proportionate amount of earnings in lower tax rate jurisdictions.

Capital Expenditures

Capital expenditures were $2.16 billion for 2012, compared with $1.76 billion in the same period of 2011. Net capital expenditures (including proceeds from the sale of assets) were $1.62 billion for 2012, up from $1.42 billion in the same period of 2011. The increase in capital expenditures reflects planned investments to fulfill contractual full service lease sales to customers that are renewing and growing their fleets with Ryder.

Cash Flow

Operating cash flow from continuing operations in 2012 was $1.13 billion, up 9% from $1.04 billion in the same period of 2011, due to higher cash-based earnings. Total cash generated (including proceeds from used vehicle sales) from continuing operations in 2012 was $1.75 billion, up 21% from $1.44 billion in the same period of 2011. The increase in total cash generated includes a $130 million sale leaseback of revenue earning equipment as well as higher used vehicle sales proceeds. Free cash flow from continuing operations in 2012 was negative $384.2 million, down from a negative $256.8 million in the same period of 2011, due primarily to increased investments in full service lease vehicles to fulfill signed contracts.

Leverage

Balance sheet debt as of December 31, 2012 increased by $438.7 million compared with year-end 2011, due primarily to increased vehicle investments. The leverage ratio for balance sheet debt as of December 31, 2012 was 260%, compared with 257% at year-end 2011. Total obligations to equity as of December 31, 2012 were 270%, up from 261% at year end 2011. This increase reflects a pension equity

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charge and, to a lesser extent, growth in the business. Total obligations to equity remain within Ryder's long-term target range of 250% to 300%.

2013 Earnings Forecast

Commenting on the Company's outlook, Ryder President and Chief Executive Officer Robert Sanchez said, “Our solid execution, along with the fleet right-sizing and other cost initiatives we undertook in 2012, helped us close the year with higher revenue and a double-digit earnings increase. Although customers' confidence levels and their willingness to sign long-term contracts are still affected by soft and uncertain economic conditions, we are confident that we can profitably grow contractual revenue in both of our business segments in 2013.

“In Fleet Management Solutions, we expect continued growth in our full service lease and contract maintenance offerings. Given continued strong lease fleet replacement activity, our fleet is becoming newer and, therefore, less costly to maintain. Although rental demand is expected to be modestly lower, we should see improved utilization levels and pricing on a smaller fleet. In used vehicle sales, we expect higher volumes with continued strong pricing, although modestly lower than 2012. In addition, we expect depreciation benefits associated with strong used vehicle pricing realized over the past few years.

“In Supply Chain Solutions, our growth from new business and improved retention levels is expected to more than offset modest anticipated volume declines in the high-tech and consumer packaged goods sectors. This growth and the resulting overhead leverage is forecast to lead to continued margin expansion this year.

“In addition, we believe our ongoing focus on new capabilities and innovation will continue to enhance our value propositions across both business segments in ways that appeal to companies that have not outsourced before.

“Overall, we expect the forward momentum of our business will enable us to deliver organic growth and strong earnings, while continuing strategic investments and overcoming headwinds including higher insurance, medical and compensation costs. Based on this outlook, we expect to deliver record comparable earnings per share in 2013, with significant continued upside in future years.”

Ryder forecasts full-year 2013 comparable earnings from continuing operations to be in the range of $4.70 to $4.85 per diluted share, up 7% to 10% from $4.41 per diluted share in 2012. Full-year earnings comparisons exclude non-operating pension costs of $0.24 per diluted share in 2013, and $0.37 per diluted share in 2012. The Company is also establishing a first quarter 2013 comparable earnings forecast of $0.75 to $0.80 per diluted share, up 9% to 16% from $0.69 in the first quarter of 2012. First quarter earnings comparisons exclude non-operating pension costs of $0.06 per diluted share in 2013, and

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$0.10 per diluted share in 2012. Total revenue for the full-year 2013 is forecast to be approximately $6.50 billion, up 4% from $6.26 billion in 2012. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the full-year 2013 is forecast to be approximately $5.29 billion, up 4% from $5.07 billion in 2012.

Supplemental Company Information

Full-Year 2012 Operating Results

Total revenue from continuing operations for the full-year 2012 was $6.26 billion, up 3% from $6.05 billion in 2011. Operating revenue from continuing operations for the full-year 2012 was $5.07 billion, up 5% from $4.81 billion in 2011.

Ryder's 2012 earnings from continuing operations were $200.9 million, compared with $171.4 million in the year-earlier period. Earnings per diluted share from continuing operations were $3.91 for 2012, up 18% versus $3.31 in 2011. Full-year 2012 comparable earnings from continuing operations were $207.4 million, an improvement of 15% from $180.6 million in 2011. Comparable 2012 earnings per diluted share from continuing operations of $4.04 rose 16% from $3.49 in 2011. Comparable earnings and earnings per share from continuing operations excluded restructuring and other items, and certain tax items in both 2012 and 2011.

Ryder's 2012 net earnings, including discontinued operations, were $210.0 million, up 24% compared with $169.8 million in 2011. Earnings per diluted share were $4.09 for 2012, an improvement of 25% from $3.28 in 2011.

Business Description

Ryder System, Inc. is a FORTUNE 500® commercial transportation, logistics and supply chain management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. The Company's financial performance is reported in the following two, inter-related business segments:

• Fleet Management Solutions - The FMS business segment combines several capabilities into a comprehensive package that provides one-stop outsourcing of the acquisition, financing, maintenance, management, and disposal of vehicles. Ryder's commercial rental service offers customers a method to expand their fleets in order to address short-term capacity needs.

• Supply Chain Solutions - The SCS business segment offers a broad range of innovative logistics management services that are designed to optimize a customer's supply chain and address key customer business requirements. The segment now includes all activity related to the Company's dedicated solution (dedicated contract carriage). These solutions involve

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strategically designed processes that direct the movement of materials and related information from the acquisition of raw materials to the delivery of finished products to the end user.

Notations

Earnings Before Tax (EBT): Ryder's primary measurement of business segment financial performance, earnings before tax (EBT), allocates Central Support Services to each business segment and excludes restructuring and other items, as well as non-operating pension costs.

Capital Expenditures: In Ryder's business, capital expenditures are generally used to purchase revenue earning equipment (trucks, tractors, and trailers) primarily to support the full service lease product line and secondarily to support the commercial rental product line within Ryder's FMS business segment. The level of capital required to support the full service lease product line varies directly with customer contract signings for replacement vehicles and growth. These contracts are long-term agreements that result in ongoing revenues and cash flows to Ryder, typically over a three- to ten-year term. The commercial rental product line utilizes capital for the purchase of vehicles to replenish and expand the Company's fleet available for shorter-term use by contractual or occasional customers.

For more information on Ryder System, Inc., visit www.ryder.com.

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Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding revenue growth, maintenance costs, rental utilization and pricing, used vehicle results, future earnings, and about the economic trends that may affect our future operations and provide upside in future years. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, increases or decreases in market demand in the commercial rental market, fluctuations in market demand on the sale of used vehicles impacting our pricing and our anticipated proportion of retail versus wholesale sales, higher than expected maintenance costs, lower than expected savings resulting from our company-wide cost savings initiatives, a slowdown of the economic recovery and decreases in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, competition from other service providers, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in customers' business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, sudden or unusual changes in fuel prices, our ability to manage our cost structure, and the risks described in our filings with the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Note Regarding Non-GAAP Financial Measures: This news release includes certain non-GAAP financial measures as defined under SEC rules, including comparable earnings from continuing operations, 2013 comparable earnings forecasts, operating revenue, total cash generated, free cash flow, total obligations, and the ratios based on these financial measures, as well as the other financial measures identified in the tables following this release. Additional information as required by

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Regulation G regarding non-GAAP financial measures can be found in our investor presentation for the quarter, our most recent Form 10-K, Form 10-Q and our Form 8-K filed as of the date of this news release with the SEC, which are available in the Investors area of our website at http://investors.ryder.com.

Beginning in 2013, comparable earnings and the other financial measures and ratios derived from comparable earnings will exclude non-operating pension costs. Historical financial information through December 31, 2012 included in this news release is calculated using our old method, which includes non-operating pension costs. Forecast information for 2013 in this news release is calculated using our new method, which excludes non-operating pension costs. For more information on our new calculation method and the differences between our new method and our old method, see our investor presentation for the quarter, which is available in the Investors area of our website at http://investors.ryder.comand is filed as an exhibit to our Form 8-K filed as of the date of this news release with the SEC.

Conference Call and Webcast Information:

Ryder's earnings conference call and webcast is scheduled for Thursday, January 31, 2013, from 11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Executive Chairman Greg Swienton, President and Chief Executive Officer Robert Sanchez, and Executive Vice President and Chief Financial Officer Art Garcia.

• To join the conference call live: Begin 10 minutes prior to the conference by dialing the audio phone number 1-888-398-5319 (outside U.S. dial 1-773-681-5795) using the Passcode: Ryder and Conference Leader: Bob Brunn. Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: RG3828610 and Passcode: RYDER.

• To access audio replays of the conference and view a presentation of Ryder's earnings results: Dial 1-888-568-0403 (outside U.S. dial 1-203-369-3918), then view the presentation by visiting the Investors area of Ryder's website at http://investors.ryder.com. A podcast of the call will also be available online within 24 hours after the end of the call at http://investors.ryder.com.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED

Periods ended December 31, 2012 and 2011

(In millions, except per share amounts)

	Three Months						Twelve Months
	2012			2011			2012			2011
Lease and rental revenues	$	688.0		664.5			$	2,695.4		2,553.9
Services revenue	685.7			666.0			2,707.0			2,609.2
Fuel services revenue	209.8			210.6			854.6			887.5
Total revenues	1,583.5			1,541.1			6,257.0			6,050.5
Cost of lease and rental	476.2			446.6			1,890.7			1,746.1
Cost of services	576.3			560.0			2,274.1			2,186.4
Cost of fuel services	206.1			207.7			838.7			873.5
Other operating expenses	35.0			34.1			135.9			129.2
Selling, general and administrative expenses	198.7			202.9			766.7			771.2
Gains on vehicle sales, net	(21.4		)	(16.6		)	(89.1		)	(62.9	)
Interest expense	35.3			33.0			140.6			133.2
Miscellaneous income, net	(4.5		)	(2.6		)	(11.7		)	(9.1	)
Restructuring and other charges, net	—			2.9			8.1			3.7
	1,501.7			1,468.0			5,953.9			5,771.1
Earnings from continuing operations before income taxes	81.8			73.1			303.1			279.4
Provision for income taxes	26.9			25.4			102.2			108.0
Earnings from continuing operations	54.9			47.7			200.9			171.4
(Loss) earnings from discontinued operations, net of tax	(1.1		)	0.4			9.1			(1.6	)
Net earnings	$	53.8		48.1			$	210.0		169.8
Earnings (loss) per common share - Diluted
Continuing operations	$	1.07		0.92			$	3.91		3.31
Discontinued operations	(0.02		)	0.01			0.18			(0.03	)
Net earnings	$	1.05		$	0.93		$	4.09		3.28
Earnings per share information - Diluted
Earnings from continuing operations	$	54.9		47.7			$	200.9		171.4
Less: Distributed and undistributed earnings allocated to nonvested stock	(0.7		)	(0.8		)	(2.6		)	(2.7	)
Earnings from continuing operations available to common stockholders	$	54.2		46.9			$	198.3		168.6
Weighted-average shares outstanding - Diluted	50.8			50.7			50.7			50.9
Memo:
Depreciation expense	$	241.2		227.0			$	939.7		872.3
Subcontracted transportation	$	86.1		93.5			$	336.1		348.5
Comparable earnings per share from continuing operations: *
EPS from continuing operations	$	1.07		0.92			$	3.91		3.31
Superstorm Sandy vehicle-related losses	0.10			—			0.10			—
Net tax (benefits) charges	—			—			(0.08		)	0.09
Restructuring and other charges	—			0.04			0.11			0.05
Acquisition-related transaction costs	—			0.01			—			0.04
Comparable EPS from continuing operations*	$	1.17		0.97			$	4.04		3.49

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS - UNAUDITED

(Dollars in millions)

	December 31, 2012		December 31, 2011
Assets:
Cash and cash equivalents	$	66.4	104.6
Other current assets	973.8		983.6
Revenue earning equipment, net	5,754.6		5,049.7
Operating property and equipment, net	624.9		624.2
Other assets	899.3		855.8
	$	8,319.0	7,617.8
Liabilities and shareholders' equity:
Short-term debt and current portion of long-term debt	$	368.0	274.4
Other current liabilities	904.7		899.5
Long-term debt	3,452.8		3,107.8
Other non-current liabilities (including deferred income taxes)	2,126.0		2,018.1
Shareholders' equity	1,467.5		1,318.2
	$	8,319.0	7,617.8

SELECTED KEY RATIOS AND METRICS

	December 31, 2012		December 31, 2011
Debt to equity	260	%	257	%
Total obligations to equity *	270	%	261	%
Effective interest rate (average cost of debt)	3.8	%	4.3	%

	Twelve months ended December 31,
	2012			2011
Cash provided by operating activities from continuing operations	$	1,134.1		1,042.0
Free cash flow *	(384.2		)	(256.8	)
Capital expenditures paid	2,133.2			1,698.6
Capital expenditures (accrual basis)	$	2,160.8		1,759.9
Less: Proceeds from sales (primarily revenue earning equipment)	(412.8		)	(300.2	)
Less: Sale and leaseback of revenue earning equipment	(130.2		)	(37.4	)
Net capital expenditures	$	1,617.8		1,422.2

	Twelve months ended December 31,
	2012		2011
Return on average shareholders' equity	14.9	%	11.9	%
Return on average assets	2.6	%	2.3	%
Adjusted return on capital *	5.6	%	5.7	%
Weighted average cost of capital	4.8	%	5.5	%

* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED

Periods ended December 31, 2012 and 2011

(Dollars in millions)

	Three Months							Twelve Months
	2012			2011		B(W)		2012			2011		B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	536.7		508.4		6	%	$	2,102.2		1,996.3		5	%
Contract maintenance	46.9			46.0		2	%	187.2			182.3		3	%
Contractual revenue	583.7			554.4		5	%	2,289.4			2,178.6		5	%
Contract-related maintenance	49.3			41.8		18	%	187.0			165.6		13	%
Commercial rental	197.4			200.3		(1	)%	772.8			722.6		7	%
Other	19.1			16.7		14	%	72.0			69.1		4	%
Fuel	268.2			261.3		3	%	1,084.2			1,082.5		—	%
Total Fleet Management Solutions	1,117.7			1,074.7		4	%	4,405.3			4,218.3		4	%
Supply Chain Solutions	575.3			565.3		2	%	2,280.6			2,206.0		3	%
Eliminations	(109.4		)	(98.9	)	(11	)%	(428.9		)	(373.8	)	(15	)%
Total revenue	$	1,583.5		1,541.1		3	%	$	6,257.0		6,050.5		3	%
Operating Revenue: *
Fleet Management Solutions	$	849.5		813.3		4	%	$	3,321.2		3,135.9		6	%
Supply Chain Solutions	489.1			471.8		4	%	1,944.5			1,857.5		5	%
Eliminations	(51.0		)	(48.1	)	(6	)%	(199.3		)	(178.8	)	(11	)%
Total operating revenue	$	1,287.6		1,237.0		4	%	$	5,066.3		4,814.6		5	%
Business segment earnings:
Earnings from continuing operations
before income taxes:
Fleet Management Solutions	$	86.0		73.8		17	%	$	307.6		265.7		16	%
Supply Chain Solutions	31.0			25.5		22	%	115.2			104.9		10	%
Eliminations	(8.6		)	(7.1	)	(21	)%	(29.3		)	(24.2	)	(21	)%
	108.4			92.2		18	%	393.6			346.4		14	%
Unallocated Central Support Services	(10.5		)	(11.1	)	6	%	(42.3		)	(42.5	)	—	%
Non-operating pension costs	(7.9		)	(4.7	)	(68	)%	(31.4		)	(18.7	)	(68	)%
Restructuring and other charges, net and other items	(8.2		)	(3.3	)	NM		(16.7		)	(5.8	)	NM
Earnings from continuing operations
before income taxes	81.8			73.1		12	%	303.1			279.4		8	%
Provision for income taxes	26.9			25.4		(6	)%	102.2			108.0		5	%
Earnings from continuing operations	$	54.9		47.7		15	%	$	200.9		171.4		17	%

* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

Periods ended December 31, 2012 and 2011

(Dollars in millions)

	Three Months							Twelve Months
	2012			2011		B(W)		2012			2011		B(W)
Fleet Management Solutions
Total revenue	$	1,117.7		1,074.7		4	%	$	4,405.3		4,218.3		4	%
Fuel revenue	(268.2		)	(261.3	)	3	%	(1,084.2		)	(1,082.5	)	—	%
Operating revenue *	$	849.5		813.3		4	%	$	3,321.1		3,135.9		6	%
Segment earnings before income taxes	$	86.0		73.8		17	%	$	307.6		265.7		16	%
Earnings before income taxes as % of total revenue	7.7		%	6.9	%			7.0		%	6.3	%
Earnings before income taxes as % of operating revenue*	10.1		%	9.1	%			9.3		%	8.5	%
Supply Chain Solutions
Total revenue	$	575.3		565.3		2	%	$	2,280.6		2,206.0		3	%
Subcontracted transportation	(86.1		)	(93.5	)	(8	)%	(336.1		)	(348.5	)	(4	)%
Operating revenue *	$	489.1		471.8		4	%	$	1,944.5		1,857.5		5	%
Segment earnings before income taxes	$	31.0		25.5		22	%	$	115.2		104.9		10	%
Earnings before income taxes as % of total revenue	5.4		%	4.5	%			5.1		%	4.8	%
Earnings before income taxes as % of operating revenue*	6.3		%	5.4	%			5.9		%	5.6	%
Memo:
Dedicated services operating revenue *	$	289.4		267.0		8	%	$	1,137.4		1,027.2		11	%
Dedicated services subcontracted transportation	33.4			48.1		(31	)%	157.7			165.8		(5	)%
Dedicated services total revenue	322.8			315.2		2	%	1,295.1			1,193.0		9	%
Fuel costs	$	65.9		59.9		(10	)%	$	258.9		223.7		(16	)%

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

KEY PERFORMANCE INDICATORS

									Change 2012/2011
	Three months ended December 31,				Year ended December 31,				Three Months	Twelve Months
	2012		2011		2012		2011
Full service lease
Average fleet count	122,100		120,400		121,900		116,200		1%	5%
End of period fleet count	122,400		121,000		122,400		121,000		1%	1%
Miles/unit per day change - % (a)	1.6	%	(2.6	)%	1.2	%	(0.1	)%	420 bps	130 bps
Commercial rental
Average fleet count	38,600		39,800		40,100		36,600		(3)%	10%
End of period fleet count	38,000		39,600		38,000		39,600		(4)%	(4)%
Rental utilization - power units	78.2	%	78.9	%	74.9	%	77.6	%	(70) bps	(270) bps
Rental rate change - % (b)	3.2	%	7.7	%	4.3	%	10.1	%	(450) bps	(580) bps
Customer vehicles under
contract maintenance
Average fleet count	37,500		35,100		36,500		34,100		7%	7%
End of period fleet count	37,800		35,300		37,800		35,300		7%	7%
SCS
Average fleet count (c)	11,500		11,300		11,500		11,100		2%	4%
Used vehicle sales (UVS)
Average UVS inventory	9,500		5,700		8,800		5,200		67%	69%
End of period fleet count	9,200		6,300		9,200		6,300		46%	46%
Used vehicles sold	5,400		4,200		22,200		16,900		29%	31%
UVS pricing change - % (d)
Tractors	(9	)%	29	%	—	%	37	%
Trucks	2	%	—	%	2	%	23	%

Notes:

(a)	Represents the percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units (restated to exclude vehicles not yet earning revenue and vehicles no longer earning revenue).
(b)	Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.
(c)	These vehicle counts are also included within the average fleet counts for full service lease and commercial rental.
(d)	Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(Dollars in millions)

OPERATING REVENUE RECONCILIATION	Three months ended December 31,					Year ended December 31,
	2012			2011		2012			2011
Total revenue	$	1,583.5		1,541.1		$	6,257.0		6,050.5
Fuel services and subcontracted transportation revenue	(354.4		)	(354.8	)	(1,420.2		)	(1,431.0	)
Fuel eliminations	58.4			50.7		229.6			195.0
Operating revenue *	$	1,287.6		1,237.0		$	5,066.3		4,814.6

DEBT TO EQUITY RECONCILIATION	December 31, 2012		% to Equity	December 31, 2011		% to Equity
On-balance sheet debt	$	3,820.8	260%	$	3,382.1	257%
Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)	148.0			64.0
Total obligations *	$	3,968.8	270%	$	3,446.1	261%

CASH FLOW RECONCILIATION	Year ended December 31,
	2012			2011
Net cash provided by operating activities from continuing operations	$	1,134.1		1,042.0
Proceeds from sales (primarily revenue earning equipment)	412.8			300.2
Sale and leaseback of revenue earning equipment	130.2			37.4
Collections on direct finance leases	71.9			62.2
Total cash generated *	1,749.0			1,441.8
Capital expenditures	(2,133.2		)	(1,698.6	)
Free cash flow *	$	(384.2	)	(256.8	)

RETURN ON CAPITAL RECONCILIATION	Year ended December 31,
	2012			2011
Net earnings (12-month rolling period)	$	210.0		169.8
+ Restructuring and other items	16.7			5.7
+ Income taxes	90.9			108.4
Adjusted earnings before income taxes	317.6			284.0
+ Adjusted interest expense (b)	143.4			135.1
- Adjusted income taxes	(166.6		)	(156.6	)
= Adjusted net earnings for ROC (numerator)	$	294.3		262.5
Average total debt	$	3,707.1		3,078.5
Average off-balance sheet debt	126.1			77.6
Average shareholders' equity	1,406.6			1,428.0
Adjustment to equity (c)	(2.9		)	4.2
Adjusted average total capital (denominator)	$	5,236.8		4,588.3
Adjusted ROC *	5.6		%	5.7	%

Notes:

(a) Discounted at the incremental borrowing rate at lease inception.

(b) Interest expense includes implied interest on off-balance sheet vehicle obligations.

(c) Represents comparable earnings items for those periods.

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions, except per share amounts)

	Three Months								Twelve Months
	2012								2012
	Reported					Comparable			Reported					Comparable
	Earnings			Adjustment		Earnings *			Earnings			Adjustment		Earnings *
Revenue	$	1,583.5		—		$	1,583.5		$	6,257.0		—		$	6,257.0
Cost of lease and rental	476.2			—		476.2			1,890.7			—		1,890.7
Cost of services (a)	576.3			(8.2	)	568.1			2,274.1			(8.2	)	2,265.9
Cost of fuel services	206.1			—		206.1			838.7			—		838.7
Other operating expenses	35.0			—		35.0			135.9			—		135.9
Selling, general and administrative expenses (b)	198.7			—		198.7			766.7			(0.4	)	766.3
Gains on vehicle sales, net	(21.4		)	—		(21.4		)	(89.1		)	—		(89.1		)
Interest expense	35.3			—		35.3			140.6			—		140.6
Miscellaneous income, net	(4.5		)	—		(4.5		)	(11.7		)	—		(11.7		)
Restructuring and other charges, net (c)	—			—		—			8.1			(8.1	)	—
	1,501.7			(8.2	)	1,493.5			5,954.0			(16.7	)	5,937.3
Earnings from continuing operations before income taxes	81.8			8.2		90.1			303.1			16.7		319.8
Provision for income taxes (d)	(26.9		)	(3.1	)	(30.0		)	(102.2		)	(10.1	)	(112.3		)
Earnings from continuing operations	54.9			5.1		60.1			200.9			6.6		207.4
Tax rate on continuing operations	32.9		%			33.3		%	33.7		%			35.1		%
Earnings per common share - Diluted:
Continuing operations	$	1.07		0.10		$	1.17		$	3.91		0.13		$	4.04

	Three Months								Twelve Months
	2011								2011
	Reported					Comparable			Reported					Comparable
	Earnings			Adjustment		Earnings *			Earnings			Adjustment		Earnings *
Revenue	$	1,541.1		—		$	1,541.1		$	6,050.5		—		$	6,050.5
Cost of lease and rental	446.6			—		446.6			1,746.1			—		1,746.1
Cost of services	560.0			—		560.0			2,186.4			—		2,186.4
Cost of fuel services	207.7			—		207.7			873.5			—		873.5
Other operating expenses	34.1			—		34.1			129.2			—		129.2
Selling, general and administrative expenses (b)	202.9			(0.4	)	202.5			771.2			(2.1	)	769.1
Gains on vehicle sales, net	(16.6		)	—		(16.6		)	(62.9		)	—		(62.9		)
Interest expense	33.0			—		33.0			133.2			—		133.2
Miscellaneous income, net	(2.6		)	—		(2.6		)	(9.1		)	—		(9.1		)
Restructuring and other charges, net (e)	2.9			(2.9	)	—			3.7			(3.7	)	—
	1,468.0			(3.3	)	1,464.7			5,771.1			(5.8	)	5,765.3
Earnings from continuing operations before income taxes	73.1			3.3		76.4			279.4			5.8		285.2
Provision for income taxes (f)	(25.4		)	(0.9	)	(26.3		)	(108.0		)	3.5		(104.5		)
Earnings from continuing operations	47.7			2.4		50.1			171.4			9.3		180.6
Tax rate on continuing operations	34.8		%			34.4		%	38.7		%			36.7		%
Earnings per common share - Diluted:
Continuing operations	$	0.92		0.05		$	0.97		$	3.31		0.18		$	3.49

Notes regarding adjustments:
(a)	Superstorm Sandy vehicle-related losses
(b)	Transaction costs associated with the acquisition of Euroway (2012) and Hill Hire (2011).
(c)	Restructuring charges for severance and other termination costs due to workforce reductions and a charge associated with non-essential leased facilities assumed in the Hill Hire acquisition.
(d)	Tax law change in the U.K., tax benefit related to favorable resolution of a tax item from prior periods and tax impact of other comparable items.
(e)	Restructuring and other charges for acquisition-related severance and equipment contract termination costs.
(f)	Tax law change in Michigan and tax impact of other comparable items.

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

EX-99.2

Fourth Quarter 2012 & 2013 Forecast Earnings Conference Call January 31, 2013

01/31/13 Safe Harbor and Non-GAAP Financial Measures Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our assumptions regarding general economic conditions and market conditions in each segment in 2013 and our expectations for 2013 revenue, segment revenue growth, earnings, EPS, comparable EPS, return on capital, capital expenditures, cash flow and leverage. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, increases or decreases in market demand in the commercial rental market, fluctuations in market demand on the sale of used vehicles impacting our pricing and our anticipated proportion of retail versus wholesale sales, higher than expected maintenance costs, lower than expected savings resulting from our company-wide cost savings initiatives, a slowdown of the economic recovery and decreases in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, competition from other service providers, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in customers’ business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, sudden or unusual changes in fuel prices, our ability to manage our cost structure, and the risks described in our filings with the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation includes certain non-GAAP financial measures as defined under SEC rules, including operating revenue, comparable earnings, 2013 comparable EPS forecasts, comparable earnings before income tax, comparable tax rate, adjusted return on capital, total cash generated, free cash flow, total obligations and the ratios based on these financial measures. Refer to Appendix – Non- GAAP Financial Measures for more information about the non-GAAP financial measures contained in this presentation. Additional information as required by Regulation G regarding non-GAAP financial measures can be found in our most recent Form 10-K, Form 10-Q and our Form 8-K filed as of the date of this presentation with the SEC, which are available at http://investors.ryder.com Beginning in 2013, comparable earnings and the other financial measures and ratios derived from comparable earnings will exclude non-operating pension costs. Historical financial information through December 31, 2012 on pages 3 - 13 of this presentation is calculated using our old method, which includes non-operating pension costs. Forecast information for 2013 on pages 16 - 26 of this presentation is calculated using our new method, which excludes non-operating pension costs. For more information on our new calculation method and the differences between our new method and our old method, see pages 24 and 37-40. 2 Proprietary and Confidential

Contents ► Fourth Quarter 2012 Results Overview ►Asset Management Update ► 2013 Forecast ► Q & A 01/31/13 3 Proprietary and Confidential

01/31/13 4th Quarter Results Overview ► Earnings per diluted share from continuing operations were $1.07 in 4Q12 vs. $0.92 in 4Q11 – 4Q12 included a $0.10 charge for certain vehicle-related losses from Superstorm Sandy – 4Q11 included a $0.05 charge for acquisition-related restructuring costs ► Therefore, comparable earnings per share from continuing operations were $1.17 vs. $0.97 in 4Q11 ► Total revenue increased 3% (and operating revenue increased 4%) vs. prior year reflecting organic lease revenue growth, as well as increased volume and new business in the SCS automotive sector 4 Proprietary and Confidential

Key Financial Statistics Fourth Quarter ($ Millions, Except Per Share Amounts) 2012 2011 % B/(W) Operating Revenue 1,287.6$ 1,237.0$ 4% Fuel Services and Subcontracted Transportation Revenue 296.0 304.1 (3)% Total Revenue 1,583.5$ 1,541.1$ 3% Earnings Per Share from Continuing Operations 1.07$ 0.92$ 16% Comparable Earnings Per Share from Continuing Operations 1.17$ 0.97$ 21% Net Earnings Per Share 1.05$ 0.93$ 13% Memo: Average Shares (Millions ) - Diluted 50.8 50.7 Tax Rate from Continuing Operations 32.9% 34.8% Comparable Tax Rate from Continuing Operations 33.3% 34.4% Comparable EPS from Continuing Operations excluding Non-Operating Pension Costs 1.26$ 1.02$ 24% 01/31/13 Note: Amounts throughout presentation may not be additive due to rounding. 5 Proprietary and Confidential

2012 2011 % B/(W) Operating Revenue 5,066.3$ 4,814.6$ 5% Fuel Services and Subcontracted Transportation Revenue 1,190.6 1,236.0 (4)% Total Revenue 6,257.0$ 6,050.5$ 3% Earnings Per Share from Continuing Operations 3.91$ 3.31$ 18% Comparable Earnings Per Share from Continuing Operations 4.04$ 3.49$ 16% Net Earnings Per Share 4.09$ 3.28$ 25% Memo: Average Shares (Millions ) - Diluted 50.7 50.9 Tax Rate from Continuing Operations 33.7% 38.7% Comparable Tax Rate from Continuing Operations 35.1% 36.7% Adjusted Return on Capital vs Cost of Capital 0.8% 0.2% Comparable EPS from Continuing Operations excluding Non-Operating Pension Costs 4.41$ 3.71$ 19% Key Financial Statistics Full Year ($ Millions, Except Per Share Amounts) Note: Amounts throughout presentation may not be additive due to rounding. 01/31/13 6 Proprietary and Confidential

01/31/13 4th Quarter Results Overview - FMS ► Fleet Management Solutions (FMS) total and operating revenue up 4% vs. prior year – Contractual revenue up 5% – Full service lease revenue up 6% – Contract maintenance revenue up 2% – Commercial rental revenue down 1% – Fuel revenue up 3% ► FMS earnings increased due to improved lease results (from lower maintenance costs and organic growth) as well as lower compensation-related costs – These benefits were partially offset by lower commercial rental results ► FMS earnings before tax (EBT) up 17% – FMS EBT percent of operating revenue up 100 basis points to 10.1% 7 Proprietary and Confidential

01/31/13 4th Quarter Results Overview – SCS ► Supply Chain Solutions (SCS) total revenue was up 2% (and operating revenue up 4%) vs. prior year due to higher operating revenue, partially offset by lower subcontracted transportation ─ Operating revenue was up 4% vs. prior year due to higher freight volumes and new business in both automotive and dedicated, as well as higher fuel cost pass-throughs ─ Operating revenue growth included 8% growth in dedicated services revenue ► SCS earnings were higher due to increased volumes and new business in both the automotive sector and dedicated services, partially offset by higher medical benefit costs ► SCS earnings before tax (EBT) up 22% ─ SCS EBT percent of operating revenue was up 90 basis points to 6.3% 8 Proprietary and Confidential

01/31/13 Business Segments 2012 2011 % B/(W) 2012 2011 % B/(W) Operating Revenue: Fleet Management Solutions 849.5$ 813.3$ 4% 1,117.7$ 1,074.7$ 4% Supply Chain Solutions 489.1 471.8 4% 575.3 565.3 2% Eliminations (51.0) (48.1) (6)% (109.4) (98.9) (11)% Total 1,287.6$ 1,237.0$ 4% 1,583.5$ 1,541.1$ 3% Segment Earnings Before Tax: (1) Fleet Management Solutions 86.0$ 73.8$ 17% Supply Chain Solutions 31.0 25.5 22% Eliminations (8.6) (7.1) (21)% 108.4 92.2 18% Central Support Services (Unallocated Share) (10.5) (11.1) 6% Non-Operating Pension Costs (7.9) (4.7) (68)% Restructuring and Other Charges, Net and Other Items (8.2) (3.3) NM Earnings Before Income Taxes 81.8 73.1 12% Provision for Income Taxes (26.9) (25.4) (6)% Earnings from Continuing Operations 54.9$ 47.7$ 15% Comparable Earnings from Continuing Operations 60.1$ 50.1$ 20% Net Earnings 53.8$ 48.1$ 12% Memo: Total Revenue Fourth Quarter (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items. ($ Millions) 9 Proprietary and Confidential

01/31/13 Business Segments 2012 2011 % B/(W) 2012 2011 % B/(W) Operating Revenue: Fleet Management Solutions 3,321.2$ 3,135.9$ 6% 4,405.3$ 4,218.3$ 4% Supply Chain Solutions 1,944.5 1,857.5 5% 2,280.6 2,206.0 3% Eliminations (199.3) (178.8) (11)% (428.9) (373.8) (15)% Total 5,066.3$ 4,814.6$ 5% 6,257.0$ 6,050.5$ 3% Segment Earnings Before Tax: (1) Fleet Management Solutions 307.6$ 265.7$ 16% Supply Chain Solutions 115.2 104.9 10% Eliminations (29.3) (24.2) (21)% 393.6 346.4 14% Central Support Services (Unallocated Share) (42.3) (42.5) - Non-Operating Pension Costs (31.4) (18.7) (68)% Restructuring and Other Charges, Net and Other Items (16.7) (5.8) NM Earnings Before Income Taxes 303.1 279.4 8% Provision for Income Taxes (102.2) (108.0) 5% Earnings from Continuing Operations 200.9$ 171.4$ 17% Comparable Earnings from Continuing Operations 207.4$ 180.6$ 15% Net Earnings 210.0$ 169.8$ 24% Memo: Total Revenue Full Year (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items. ($ Millions) 10 Proprietary and Confidential

01/31/13 Capital Expenditures 2012 $ 2012 2011 O/(U) 2011 Full Service Lease 1,548$ 1,067$ 481$ Commercial Rental 542 622 (80) Operating Property and Equipment 70 71 (1) Gross Capital Expenditures 2,161 1,760 401 Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 413 300 113 Less: Sale and Leaseback of Revenue Earning Equipment 130 37 93 Net Capital Expenditures 1,618$ 1,422$ 196$ Memo: Acquisitions (1) 5$ 362$ (357)$ Full Year ($ Millions) 11 Proprietary and Confidential (1) 2012 Acquisitions exclude $20 million of debt assumed in the Euroway, Ltd. acquisition on August 1, 2012.

01/31/13 Cash Flow from Continuing Operations Full Year ($ Millions) 2012 2011 Earnings from Continuing Operations 201$ 171$ Depreciation 940 872 Gains on Vehicle Sales, Net (89) (63) Amortization and Other Non-Cash Charges, Net 68 57 Pension Contributions (81) (65) Changes in Working Capital and Deferred Taxes 96 69 Cash Provided by Operating Activities 1,134 1,042 Proceeds from Sales (Primarily Revenue Earning Equipment) 413 300 Proceeds from Sale and Leaseback of Revenue Earning Equipment 130 37 Collections of Direct Finance Leases 72 62 Total Cash Generated 1,749 1,442 Capital Expenditures (1) (2,133) (1,699) Free Cash Flow (2) (384)$ (257)$ (1) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2) Free Cash Flow excludes acquisitions and changes in restricted cash. 12 Proprietary and Confidential

275% 234% 201% 146% 129% 151% 168% 157% 225% 183% 203% 261% 270% 275% 0% 50% 100% 150% 200% 250% 300% 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 Long Term Target Midpoint Pension Impact Total Obligations to Equity 01/31/13 Proprietary and Confidential 13 Debt to Equity Ratio (1) Illustrates impact of accumulated net pension related equity charge on leverage. (2) Represents long term total obligations to equity target of 250 - 300% while maintaining a solid investment grade rating. (3) Total Equity includes impact of accumulated net pension related equity charge of $645 million as of 12/31/12 and $595 million as of 12/31/11. ($ Millions) (2) 12/31/12 12/31/11 Balance Sheet Debt 3,821$ 3,382$ Percent To Equity 260% 257% Total Obligations 3,969$ 3,446$ Percent To Equity 270% 261% Total Equity (3) 1,467$ 1,318$ 2011 Equity 1,318$ Earnings 210 Net Pension Charge (50) Dividends & Other (11) 2012 Equity 1,467$ Change to Total Equity Memo: Balance Sheet Debt to Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 161% 139% 140% 135% 118% 143% 164% 147% 213% 175% 196% 257% 260% (1)

Contents ► Fourth Quarter 2012 Results Overview ►Asset Management Update ► 2013 Forecast ► Q & A 01/31/13 14 Proprietary and Confidential

01/31/13 ► Units held for sale were 9,200 at quarter end, up from 6,300 units held for sale in the prior year ─ Sequentially from the third quarter, units held for sale increased by 100 units ► The number of used vehicles sold in the fourth quarter was 5,400, up 29% from the prior year ► Proceeds per unit were down 9% for tractors and up 2% for trucks in the fourth quarter compared with prior year (excluding the impact of exchange rates) ─ Proceeds per unit were down 3% for tractors and up 2% for trucks vs. the third quarter ► Vehicles no longer earning revenue were 12,000 at quarter-end, up 3,100 from the prior year due to a larger number of units held for sale ─ Sequentially from the third quarter, vehicles no longer earning revenue decreased by 400 units ► Average fourth quarter total commercial rental fleet was down 3% from the prior year ─ Average commercial rental fleet was down 4% vs. the third quarter Global Asset Management Update (1) (1) Units rounded to nearest hundred. 15 Proprietary and Confidential

Contents ► Fourth Quarter 2012 Results Overview ►Asset Management Update ► 2013 Forecast ► Q & A 01/31/13 16 Proprietary and Confidential

01/31/13 Proprietary and Confidential 17 2013 Forecast Assumptions General ► Continuation of low/modest economic growth in an uncertain environment ► Continued benefits from 2012 cost reductions ► Continued lease and contract maintenance fleet growth resulting from solid sales and better retention rates in current external environment ► Continued maintenance cost improvements due to a newer lease fleet and maintenance initiatives ► Lower rental demand; improved utilization and pricing on a smaller fleet ► Increased volume of used vehicle sales with modestly lower pricing on power units ► Depreciation residual benefit due to higher historical used vehicle pricing ► Cost increases due to higher compensation, insurance premiums and strategic investments ► Increased investment for lease fleet replacement and growth; significantly reduced rental capital spending FMS

01/31/13 Proprietary and Confidential 18 SCS ► Revenue growth due to new business and improved business retention ► Customer volumes in High-Tech and CPG projected to decline slightly ► Margin improvement driven by growth and overhead leverage 2013 Forecast Assumptions Other ► Temporary pause of anti-dilutive share repurchase program

2012 % B / (W) Revenue: Operating Revenue $ 5,290 5,066$ 4% Fuel Services and Subcontracted Transportation 1,210 1,191 2% Total Revenue $ 6,500 6,257$ 4% Earnings From Continuing Operations: Earnings Before Income Taxes $ 356 - 368 303$ 17 - 21% Earnings $ 232 - 239 201$ 15 - 19% Comparable Earnings Before Income Taxes (1) $ 377 - 389 351$ 7 - 11% Comparable Earnings (2) $ 244 - 252 227$ 8 - 11% Earnings Per Share (EPS) From Continuing Operations: EPS $ 4.46 - 4.61 3.91$ 14 - 18% Comparable EPS (2) $ 4.70 - 4.85 4.41$ 7 - 10% Memo: Average Shares (Millions) - Diluted 51.3 50.7 Tax Rate from Continuing Operations 34.9% 33.7% Comparable Tax Rate from Continuing Operations 35.2% 35.4% Adjusted Return on Capital vs. Cost of Capital 1.0% 0.8% 2013 Forecast Proprietary and Confidential 19 Key Financial Statistics (1) 2013 Comparable Earnings Before Income Taxes Forecast calculated using our new method excludes $21 million of non-operating pension costs. 2012 Comparable Earnings Before Income Taxes calculated using our new method excludes $31 million of non-operating pension costs and other items shown on page 44. (2) 2013 Comparable Earnings and EPS Forecast calculated using our new method excludes $12 million or $0.24 of non-operating pension costs. 2012 Comparable Earnings and EPS calculated using our new method excludes $19 million or $0.37 of non-operating pension costs and other items shown on page 43. ($ Millions, Except Per Share Amounts) Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding. 01/31/13

01/31/13 Proprietary and Confidential 20 Business Segment Revenue Fleet Management Solutions: Total Revenue (1) 3% Contractual Revenue (2) 4% Commercial Rental Revenue (2)% Operating Revenue 3% Supply Chain Solutions: Total Revenue (3) 5% Operating Revenue 6% 2013 Forecast Change % vs. 2012 (1) Includes fuel revenue. (2) Includes full service lease and contract maintenance. (3) Includes subcontracted transportation revenue.

$4.41 $0.18 $0.21-0.24 $0.29-$0.31 $0.38-$0.41 $4.70-$4.85 ($0.23-0.27) ($0.20-0.23) ($0.21) ($0.06) $0.00 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 2012 Strategic & Discretionary Investments & Other Compensation Insurance & Medical Anti-Dilutive Share Repo Suspension Commercial Rental Carryover of 2012 Cost Savings SCS Residual Impact & Used Vehicle Sales FMS Contractual 2013 Forecast 01/31/13 Proprietary and Confidential 21 2013 Causes of EPS Change ($ Earnings Per Share)

01/31/13 Proprietary and Confidential 22 Capital Expenditures, Cash Flow & Leverage 2013 Forecast 2012 Full Service Lease - Replacement $ 1,075 - 1,125 Full Service Lease - Growth 450 - 500 Full Service Lease 1,525 - 1,625 1,548$ Commercial Rental 150 542 Operating Property and Equipment 90 70 Gross Capital Expenditures 1,765 - 1,865 2,161 Less: Proceeds from Sales 430 413 - 130 Net Capital Expenditures $ 1,335 - 1,435 1,618$ Cash Provided by Operating Activities $ 1,140 - 1,180 1,134$ Total Cash Generated $ 1,640 - 1,680 1,749$ Free Cash Flow (1) $ (130) - (190) (384)$ Total Obligations to Equity 241 - 245% 270% Less: Proceeds from Sale and Leaseback Full Year ($ Millions) (1) Free Cash Flow excludes acquisitions. Acquisitions totaled $5 million in 2012.

Adjusted Return on Capital History Proprietary and Confidential 23 Adjusted Return on Capital (ROC) 6.8% 6.7% 6.6% 6.5% 6.3% 6.1% 5.5% 4.8% 4.8% 7.8% 7.9% 7.4% 7.3% 4.1% 4.8% 5.7% 5.6% 5.8% 2005 2006 2007 2008 2009 2010 2011 2012 2013 Forecast Cost of Capital (COC) Return on Equity 14.6% 15.5% 14.2% 11.2% 4.4% 8.4% 11.9% 14.9% 14.8% Adjusted Total Capital (1) $3,846 $4,184 $4,789 $4,841 $4,244 $4,030 $4,588 $5,237 $5,642 ROC O/(U) COC 1.0% 1.2% 0.8% 0.8% (2.2)% (1.3)% 0.2% 0.8% 1.0% 01/31/13 (1) Adjusted Total Capital represents Adjusted Average Total Capital in millions. 2013 Forecast

Financial Reporting Enhancement 01/31/13 24 Proprietary and Confidential ► As discussed during our third quarter earnings call, comparable earnings and comparable EPS will exclude non-operating pension costs beginning in 2013 ─ Non-operating pension costs consist primarily of interest cost, expected return on plan assets and recognized net actuarial gains/losses ─ Provides better transparency to operating results and long-term view of business ─ Reduces EPS volatility associated with non-cash/non-operational item ► Implementation Schedule  February 2012 – Provided history of full year Comparable EPS – Excluding Non- Operating Pension Costs in 4Q11 Earnings Call presentation  January 2013 – Provided quarterly historical information for comparative purposes  January 2013 – Provide 2013 Comparable EPS forecast excluding non-operating pension costs  April 2013 – Begin reporting quarterly Comparable EPS excluding non-operating pension costs (in addition to GAAP reporting)

01/31/13 25 EPS Forecast – Continuing Operations 2013 Comparable EPS Forecast(1) $ 0.75 - 0.80 $ 4.70 - 4.85 2012 Comparable EPS(1) $ 0.69 $ 4.41 First Quarter Full Year ($ Earnings Per Share) Proprietary and Confidential (1) 2013 Comparable EPS Forecast, a non-GAAP financial measure, calculated using our new method excludes from EPS forecast $0.06 and $0.24 of non-operating pension costs for the first quarter and full year periods, respectively. 2012 Comparable EPS, a non-GAAP financial measure, calculated using our new method excludes from EPS $0.10 and $0.37 of non-operating pension costs for the first quarter and full year periods, respectively. 2012 Comparable EPS also excludes $0.09 for the first quarter and $0.13 for the full year for items shown on page 38.

Financial Reporting Enhancement 01/31/13 26 Proprietary and Confidential ► Comparable EPS under the new methodology: $4.43 $2.20 $2.53 $3.71 $4.41 $4.78 2008 2009 2010 2011 2012 2013 Forecast Midpoint Comparable Earnings Per Share 2013 Forecast Midpoint ($ Earnings Per Share) 2008 2009 2010 2011 2012 % B/(W) Comparable EPS (Prior Method) 4.68$ 1.70$ 2.22$ 3.49$ 4.04$ 4.46$ - 4.61 10 - 14% Non-Operating Pension Costs (0.25) 0.50 0.31 0.22 0.37 0.24 - 0.24 - Comparable EPS (New Method) 4.43$ 2.20$ 2.53$ 3.71$ 4.41$ 4.70$ - 4.85 7 - 10% 2013 Forecast

Q&A 01/31/13 27 Proprietary and Confidential

Appendix Business Segment Detail Central Support Services Balance Sheet Financial Indicators Forecast Asset Management Quarterly History of Comparable EPS Quarterly History of Non-Operating Pension Cost Non-GAAP Financial Measures & Reconciliations 01/31/13 28 Proprietary and Confidential

01/31/13 Fleet Management Solutions (FMS) 2012 2011 % B/(W) Full Service Lease 536.7$ 508.4$ 6% Contract Maintenance 46.9 46.0 2% Contractual Revenue 583.7 554.4 5% Contract-related Maintenance 49.3 41.8 18% Commercial Rental 197.4 200.3 (1)% Other 19.1 16.7 14% Operating Revenue 849.5 813.3 4% Fuel Services Revenue 268.2 261.3 3% Total Revenue 1,117.7$ 1,074.7$ 4% Segment Earnings Before Tax (EBT) 86.0$ 73.8$ 17% Segment EBT as % of Total Revenue 7.7% 6.9% Segment EBT as % of Operating Revenue 10.1% 9.1% Fourth Quarter ($ Millions) 29 Proprietary and Confidential

01/31/13 Fleet Management Solutions (FMS) 2012 2011 % B/(W) Full Service Lease 2,102.2$ 1,996.3$ 5% Contract Maintenance 187.2 182.3 3% Contractual Revenue 2,289.4 2,178.6 5% Contract-related Maintenance 187.0 165.6 13% Commercial Rental 772.8 722.6 7% Other 72.0 69.1 4% Operating Revenue 3,321.2 3,135.9 6% Fuel Services Revenue 1,084.2 1,082.5 - Total Revenue 4,405.3$ 4,218.3$ 4% Segment Earnings Before Tax (EBT) 307.6$ 265.7$ 16% Segment EBT as % of Total Revenue 7.0% 6.3% Segment EBT as % of Operating Revenue 9.3% 8.5% Full Year ($ Millions) 30 Proprietary and Confidential

01/31/13 Supply Chain Solutions (SCS) Fourth Quarter ($ Millions) 2012 2011 % B/(W) Automotive 141.7$ 123.4$ 15% High-Tech 81.7 83.8 (2)% Retail & CPG 176.7 180.3 (2)% Industrial & Other 89.0 84.3 6% Operating Revenue 489.1 471.8 4% Subcontracted Transportation 86.1 93.5 (8)% Total Revenue 575.3$ 565.3$ 2% Segment Earnings Before Tax (EBT) 31.0$ 25.5$ 22% Segment EBT as % of Total Revenue 5.4% 4.5% Segment EBT as % of Operating Revenue 6.3% 5.4% Mem : Dedicated Services - Operating Revenue (1) 289.4$ 267.0$ 8% Dedicated Services - Total Revenue 322.8$ 315.2$ 2% Fuel Costs 65.9$ 59.9$ (10)% (1) Excludes Dedicated Services Subcontracted Transportation. 31 Proprietary and Confidential

01/31/13 Supply Chain Solutions (SCS) Full Year ($ Millions) 2012 2011 % B/(W) Automotive 563.5$ 469.2$ 20% High-Tech 317.5 333.6 (5)% Retail & CPG 711.2 711.0 - Industrial & Other 352.4 343.7 3% Operating Revenue 1,944.5 1,857.5 5% Subcontracted Transportation 336.1 348.5 (4)% Total Revenue 2,280.6$ 2,206.0$ 3% Segment Earnings Before Tax (EBT) 115.2$ 104.9$ 10% Segment EBT as % of Total Revenue 5.1% 4.8% Segment EBT as % of Operating Revenue 5.9% 5.6% Memo: Dedicated Services - Operating Revenue (1) 1,137.4$ 1,027.2$ 11% Dedicated Services - Total Revenue 1,295.1$ 1,193.0$ 9% Fuel Costs 258.9$ 223.7$ (16)% (1) Excludes Dedicated Services Subcontracted Transportation. 32 Proprietary and Confidential

01/31/13 Central Support Services (CSS) 2012 2011 % B/(W) Allocated CSS Costs 38.2$ 40.6$ 6% Unallocated CSS Costs 10.5 11.1 6 Total CSS Costs 48.7$ 51.7$ 6% Fourth Quarter ($ Millions) 33 Proprietary and Confidential

01/31/13 Central Support Services (CSS) 2012 2011 % B/(W) Allocated CSS Costs 151.7$ 160.1$ 5% Unallocated CSS Costs 42.3 42.5 - Total CSS Costs 194.0$ 202.7$ 4% Full Year ($ Millions) 34 Proprietary and Confidential

Balance Sheet December 31, December 31, 2012 2011 Cash and Cash Equivalents 66$ 105$ Other Current Assets 974 984 Revenue Earning Equipment, Net 5,755 5,050 Operating Property and Equipment, Net 625 624 Other Assets 899 856 Total Assets 8,319$ 7,618$ Short-Term Debt / Current Portion Long-Term Debt 368$ 274$ Other Current Liabilities 905 900 Long-Term Debt 3,453 3,108 Other Non-Current Liabilities (including Deferred Income Taxes) 2,126 2,018 Shareholders' Equity 1,467 1,318 Total Liabilities and Shareholders' Equity 8,319$ 7,618$ ($ Millions) 35 Proprietary and Confidential 01/31/13

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Forecast Midpoint Long Term Target Midpoint Financial Indicators Forecast (1) (1) Total Obligations to Equity includes acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions. (2) 2000-2004 not restated for operations discontinued in 2009. (3) Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters. (4) Illustrates impact of accumulated net pension related equity charge on leverage. (5) Represents long term obligations to equity target of 250-300% while maintaining a strong investment grade credit rating. Gross Capital Expenditures (2) ($ Millions) $1,289 $600 $725 $1,165 $657 $1,399 $1,182 2000 2001 2002 2003 2004 2005 Memo: Free Cash Flow (2) $1,757 2006 2007 2008 $1,265 2010 2009 $611 131 367 357 289 (208) (3) 380 (242) (439) 341 614 $1,088 (384) 2013 Forecast Midpoint 258 $1,760 Full Service Lease PP&E/Other Commercial Rental $2,161 2011 (257) 2012 Total Obligations to Equity Pension Impact (4) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 275% 146% 129% 234% 151% 157% 168% 225% 183% 203% 201% 270% Long Term Target Midpoint (5) 2011 261% Forecast Midpoint 2012 275% 2013 Total Obligations to Equity 36 243% $1,815 Memo: Balance Sheet Debt to Equity 161% 139% 140% 135% 118% 143% 164% 147% 213% 175% 196% 257% 260% 237% (160) 01/31/13 Proprietary and Confidential

U.S. Asset Management Update (a) (a) U.S. only (b) Excludes early terminations where customer purchases vehicle (c) Current year statistics may exclude some units due to a lag in reporting (b) Number of Units 4,103 4,243 4,793 3,824 5,168 4,698 4,363 7,537 6,096 4,698 9,060 3,636 4,190 7,784 3,012 4,814 8,125 2,786 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Redeployments Extensions Early Terminations YTD 07 YTD 08 YTD 09 YTD 10 YTD 11 YTD 12 (c) Redeployments – Vehicles coming off-lease with useful life remaining are redeployed in the Ryder fleet (Commercial Rental, SCS, or with another Lease customer). Extensions – Ryder re-prices lease contract and extends maturity date. Early terminations – Customer elects to terminate lease prior to maturity. Depending on the remaining useful life, the vehicle may be redeployed in the Ryder fleet (Commercial Rental, SCS, other Lease customer) or sold by Ryder. 37 01/31/13 Proprietary and Confidential

01/31/13 Proprietary and Confidential 38 ($ Millions) Comparable EPS Quarterly History 1Q12 - 2Q12 - 3Q12 - 4Q12 - FY12- 1Q12 - 2Q12 - 3Q12 - 4Q12 - FY12 - Earnings Earnings Earnings Earnings Earnings EPS EPS EPS EPS EPS Reported 34.9$ 46.8$ 64.3$ 54.9$ 200.9$ 0.68$ 0.91$ 1.26$ 1.07$ 3.91$ Superstorm Sandy Vehicle-Related Losses - - - 5.1 5.1 0.10 0.10 Tax Law Changes / (Benefits) (5.0) - 0.9 - (4.1) (0.10) - 0.02 - (0.08) Restructuring Charges 0.6 4.5 0.1 - 5.3 0.01 0.09 - - 0.11 Acquisition Related Transaction Costs - - 0.3 - 0.3 - - - - - Comparable - Old Method (1) 30.6 51.3 65.5 60.1 207.4 0.59 1.00 1.28 1.17 4.04 Non-Operating Pension Costs 4.9 4.8 4.8 4.8 19.4 0.10 0.09 0.09 0.09 0.37 Comparable - New Method(1) (2) 35.5$ 56.0$ 70.4$ 64.9$ 226.8$ 0.69$ 1.09$ 1.37$ 1.26$ 4.41$ (1) The Company uses Comparable Earnings and Comparable Earnings per Share (EPS) from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors because they exclude from Earnings and EPS from Continuing Operations significant items that are not representative of our ongoing business operations and allow for better year over year comparison. (2) Given the potentially significant change in pension expense from year to year and the non-operational nature of pension expense, the Company uses Comparable Earnings and EPS from Continuing Operations, both non-GAAP financial measures, which calculated using our new method also exclude non-operating pension costs and other non-operational items from Earnings and EPS from Continuing Operations to better evaluate year over year operating performance. Note: Amounts may not recalculate due to rounding.

01/31/13 Proprietary and Confidential 39 ($ Millions) Comparable EPS Quarterly History 1Q11 - 2Q11 - 3Q11 - 4Q11 - FY11 - 1Q11 - 2Q11 - 3Q11 - 4Q11 - FY11 - Earnings Earnings Earnings Earnings Earnings EPS EPS EPS EPS EPS Reported 25.9$ 40.9$ 56.9$ 47.7$ 171.4$ 0.50$ 0.79$ 1.10$ 0.92$ 3.31$ Tax Law Changes / (Benefits) - 5.4 (0.6) - 4.8 - 0.10 (0.01) - 0.09 Restructuring Charges 0.5 - - 2.0 2.5 0.01 - - 0.04 0.05 Acquisition Related Transaction Costs - 1.6 - 0.4 1.9 - 0.03 - 0.01 0.04 Comparable - Old Method(1) 26.3 47.8 56.4 50.1 180.6 0.51 0.92 1.09 0.97 3.49 Non-Operating Pension Costs 2.7 2.9 2.7 2.8 11.1 0.05 0.06 0.06 0.05 0.22 Comparable - New Method(1) (2) 29.0$ 50.7$ 59.1$ 52.9$ 191.7$ 0.56$ 0.98$ 1.15$ 1.02$ 3.71$ 1Q10 - 2Q10 - 3Q10 - 4Q10 - FY10 - 1Q10 - 2Q10 - 3Q10 - 4Q10 - FY10 - Earnings Earnings Earnings Earnings Earnings EPS EPS EPS EPS EPS Reported 12.9$ 30.6$ 39.7$ 41.4$ 124.6$ 0.24$ 0.58$ 0.76$ 0.8$ 2.37$ Int'l Asset Gain on Sal - - - (0.9) (0.9) - - - (0.02) (0.02) Tax Law Benefits - - - (10.8) (10.8) - - - (0.21) (0.21) Acquisition Related Transaction Costs - - - 4.1 4.1 - - - 0.08 0.08 Comparable - Old Method(1) 12.9 30.6 39.7 33.8 117.0 0.24 0.58 0.76 0.65 2.22 Non-Operating Pension Costs 3.9 3.7 3.8 4.8 16.1 0.07 0.07 0.07 0.10 0.31 Comparable - New Method(1) (2) 16.8$ 34.3$ 43.4$ 38.7$ 133.1$ 0.31$ 0.65$ 0.83$ 0.74$ 2.53$ (1) The Company uses Comparable Earnings and Comparable Earnings per Share (EPS) from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors because they exclude from Earnings and EPS from Continuing Operations significant items that are not representative of our ongoing business operations and allow for better year over year comparison. (2) Given the potentially significant change in pension expense from year to year and the non-operational nature of pension expense, the Company uses Comparable Earnings and EPS from Continuing Operations, both non-GAAP financial measures, which calculated using our new method also exclude non-operating pension costs and other non-operational items from Earnings and EPS from Continuing Operations to better evaluate year over year operating performance. Note: Amounts may not recalculate due to rounding.

01/31/13 Proprietary and Confidential 40 ($ Millions) Comparable EPS Quarterly History 1Q09 - 2Q09 - 3Q09 - 4Q09 - FY09 - 1Q09 - 2Q09 - 3Q09 - 4Q09 - FY09 - Earnings Earnings Earnings Earnings Earnings EPS EPS EPS EPS EPS Reported 10.9$ 27.1$ 28.4$ 23.7$ 90.1$ 0.20$ 0.48$ 0.51$ 0.43$ 1.62$ Int'l Asset Impairment 3.9 - 0.2 2.4 6.7 0.07 - - 0.05 0.12 Tax Benefits - - (2.2) - (2.2) - - (0.04) - (0.04) Tax Law Changes - - - (4.1) (4.1) - - - (0.07) (0.07) Restructuring Charges 1.8 - 2.3 0.2 4.2 0.03 - 0.04 - 0.07 Comparable - Old Method(1) 16.7 27.1 28.7 22.2 94.6 0.30 0.48 0.51 0.41 1.70 Non-Operating Pension Costs 7.2 6.8 7.1 7.0 28.1 0.13 0.12 0.13 0.12 0.50 Comparable - New Method(1) (2) 23.9$ 33.8$ 35.7$ 29.2$ 122.7$ 0.43$ 0.60$ 0.64$ 0.53$ 2.20$ 1Q08 - 2Q08 - 3Q08 - 4Q08 - FY08 - 1Q08 - 2Q08 - 3Q08 - 4Q08 - FY08 - Earnings Earnings Earnings Earnings Earnings EPS EPS EPS EPS EPS Reported 56.0$ 78.6$ 72.5$ 50.5$ 257.6$ 0.96$ 1.37$ 1.28$ 0.91$ 4.51$ Int'l Ass t Impairment - - - 1.6 1.6 - - - 0.03 0.03 Tax Law Changes - - (1.6) - (1.6) - - (0.03) - (0.03) Tax Benefits - - - (7.9) (7.9) - - - (0.14) (0.14) Restructuring Charges - - - 17.5 17.5 - - - 0.30 0.31 Comparable - Old Method(1) 56.0 78.6 70.8 61.6 267.1 0.96 1.37 1.25 1.10 4.68 Non-Operating Pension Costs (3.2) (2.9) (5.5) (2.8) (14.4) (0.06) (0.05) (0.09) (0.05) (0.25) Comparable - New Method(1) (2) 52.8$ 75.8$ 65.4$ 58.8$ 252.7$ 0.90$ 1.32$ 1.16$ 1.05$ 4.43$ (1) The Company uses Comparable Earnings and Comparable Earnings per Share (EPS) from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors because they exclude from Earnings and EPS from Continuing Operations significant items that are not representative of our ongoing business operations and allow for better year over year comparison. (2) Given the potentially significant change in pension expense from year to year and the non-operational nature of pension expense, the Company uses Comparable Earnings and EPS from Continuing Operations, both non-GAAP financial measures, which calculated using our new method also exclude non-operating pension costs and other non-operational items from Earnings and EPS from Continuing Operations to better evaluate year over year operating performance. Note: Amounts may not recalculate due to rounding.

01/31/13 Proprietary and Confidential 41 ($ Thousands except per share amount) History of Non-Operating Pension Costs 2012 2007 Q1 2012 4,938 0.10$ Q1 2007 (1,200) (0.02)$ Q2 2012 4,748 0.09$ Q2 2007 (1,510) (0.02)$ Q3 2012 4,846 0.09$ Q3 2007 (1,507) (0.03)$ Q4 2012 4,838 0.09$ Q4 2007 (1,531) (0.02)$ FY 2012 19,370 0.37$ FY 2007 (5,748) (0.09)$ 2011 2006 Q1 2011 2,679 0.05$ Q1 2006 3,631 0.06$ Q2 2011 2,862 0.06$ Q2 2006 3,474 0.06$ Q3 2011 2,747 0.06$ Q3 2006 3,428 0.06$ Q4 2011 2,767 0.05$ Q4 2006 3,095 0.05$ FY 2011 11,055 0.22$ FY 2006 13,628 0.22$ 2010 2005 Q1 2010 3,897 0.07$ Q1 2005 2,656 0.04$ Q2 2010 3,660 0.07$ Q2 2005 3,283 0.05$ Q3 2010 3,772 0.07$ Q3 2005 2,902 0.04$ Q4 2010 4,807 0.10$ Q4 2005 2,483 0.04$ FY 2010 16,135 0.31$ FY 2005 11,324 0.18$ 2009 2004 Q1 2009 7,219 0.13$ Q1 2004 3,953 0.06$ Q2 2009 6,768 0.12$ Q2 2004 3,973 0.06$ Q3 2009 7,091 0.13$ Q3 2004 3,398 0.05$ Q4 2009 6,981 0.12$ Q4 2004 3,081 0.05$ FY 2009 28,057 0.50$ FY 2004 14,405 0.22$ 2008 2003 Q1 2008 (3,235) (0.06)$ Q1 2003 7,185 0.11$ Q2 2008 (2,868) (0.05)$ Q2 2003 7,249 0.11$ Q3 2008 (5,498) (0.09)$ Q3 2003 5,693 0.09$ Q4 2008 (2,800) (0.05)$ Q4 2003 7,950 0.12$ FY 2008 (14,400) (0.25)$ FY 2003 28,076 0.44$ EPS Impact of Non-Operating Pension Costs After Tax Non-Operating Pension Costs After Tax Non-Operating Pension Costs EPS Impact of Non-Operating Pension Costs

01/31/13 Non-GAAP Financial Measures ► This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. ► Specifically, the following non-GAAP financial measures are included in this presentation: Non-GAAP Financial Measure Comparable GAAP Measure Reconciliation & Additional Information Presented on Slide Titled Page Operating Revenue Total Revenue Key Financial Statistics 5-6 Comparable Earnings / Comparable EPS Earnings / EPS from Continuing Operations Earnings and EPS from Continuing Operations Reconciliation 38-40, 43 Comparable Earnings Before Income Tax / Comparable Tax Rate Earnings Before Income Tax / Tax Rate EBT and Tax Rate from Continuing Operations Reconciliation 44-45 Comparable EPS Forecast EPS Forecast EPS Forecast – Continuing Operations 26 Adjusted Return on Capital Net Earnings / Total Capital Adjusted Return on Capital Reconciliation 46 Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation 50-51 Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Reconciliation 48-49 FMS and SCS Operating Revenue FMS and SCS Total Revenue Fleet Management Solutions (FMS) / Supply Chain Solutions (SCS) 29-32 42 Proprietary and Confidential

Earnings and EPS from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 4Q12 - 4Q12 - 4Q11 - 4Q11 - Earnings EPS Earnings EPS Reported 54.9$ 1.07$ 47.7$ 0.92$ Superstorm Sandy Vehicle-Related Losses 5.1 0.10 - - Restructuring Charges - - 2.0 0.04 Acquisition Related Transaction Costs - - 0.4 0.01 Comparable - Old Method (1) 60.1 1.17 50.1 0.97 Non-Operating Pension Costs 4.8 0.09 2.8 0.05 Comparable - New Method (2) 64.9$ 1.26$ 52.9$ 1.02$ FY12 - FY12 - FY11 - YTD11 - Earnings EPS Earnings EPS Reported 200.9$ 3.91$ 171.4$ 3.31$ Superstorm Sandy Vehicle-Related Losses 5.1 0.10 - - Tax (Benefits)/Law Changes (4.1) (0.08) 4.8 0.09 Restructuring Charges 5.3 0.11 2.5 0.05 Acquisition Related Transaction Costs 0.3 - 1.9 0.04 Comparable - Old Method (1) 207.4 4.04 180.6 3.49 Non-Operating Pension Costs 19.4 0.37 11.1 0.22 Comparable - New Method (2) 226.8$ 4.41$ 191.7$ 3.71$ Proprietary and Confidential 43 01/31/13 (1) The company uses Comparable Earnings and Comparable Earnings per Share (EPS) from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors because they exclude significant items that are not representative of our ongoing business operations and allow for better year over year comparison. (2) Given the potentially significant change in pension expense from year to year and the non-operational nature of pension expense, the company uses Comparable Earnings and Earnings per Share (EPS), both non-GAAP financial measures, which calculated using our new method also exclude non-operating pension costs and other non-operational items from Earnings and EPS from Continuing Operations to better evaluate year over year operating performance.

44 EBT and Tax Rate from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 4Q12 - 4Q12 - 4Q12 - EBT Tax Tax Rate Reported 81.8$ 26.9$ 32.9% Superstorm Sandy Vehicle-Related Losses 8.2 3.1 Comparable (1) 90.1$ 30.0$ 33.3% FY12 - FY12 - FY12 - EBT Tax Tax Rate Reported 303.1$ 102.2$ 33.7% Superstorm Sandy Vehicle-Related Losses 8.2 3.1 Net Tax Benefits - 4.1 Restructuring Charges 8.1 2.8 Acquisition Related Transaction Costs 0.4 0.1 Comparable (1) 319.8$ 112.3$ 35.1% 01/31/13 (1) The company uses Comparable Earnings Before Income Tax (EBT) and Comparable Tax Rate from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors because they exclude from EBT and Tax Rate from Continuing Operations significant items that are not representative of our ongoing business operations and allow for better year over year comparisons. Proprietary and Confidential

45 EBT and Tax Rate from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 4Q11 - 4Q11 - 4Q11 - EBT Tax Tax Rate Reported 73.1$ 25.4$ 34.8% Acquisition Transaction Costs 0.4 - Restructuring Charges 2.9 0.9 Comparable (1) 76.4$ 26.3$ 34.4% FY11 - FY11 - FY11 - EBT Tax Tax Rate Reported 279.4$ 108.0$ 38.7% Tax Law Changes / Benefits - (4.8) Acquisition Transaction Costs 2.1 0.1 Restructuring Charges 3.7 1.2 Comparable (1) 285.2$ 104.5$ 36.7% 01/31/13 Proprietary and Confidential (1) The company uses Comparable Earnings Before Income Tax (EBT) and Comparable Tax Rate from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors because they exclude from EBT and Tax Rate from Continuing Operations significant items that are not representative of our ongoing business operations and allow for better year over year comparisons.

Adjusted Return on Capital Reconciliation ($ Millions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 Net earnings (1) 216$ 227$ 249$ 254$ 200$ 62$ 118$ 170$ 210$ Cumulative effect of change in accounting principle - 2 - - - - - - - Restructuring and other charges, net and other items (24) (2) - 1 70 30 6 6 17 Income taxes 115 129 144 152 150 54 61 108 91 Adjusted earnings before income taxes 307 357 393 407 420 146 185 284 318 Adjusted interest expense (2) 106 127 149 169 165 150 133 135 143 Adjusted income taxes (3) (156) (186) (207) (220) (230) (122) (123) (157) (167) Adjusted net earnings 257$ 298$ 332$ 356$ 355$ 174$ 194$ 262$ 294$ Average total debt(4) 1,811$ 2,148$ 2,480$ 2,848$ 2,882$ 2,692$ 2,512$ 3,079$ 3,707$ Average off-balance sheet debt(4) 152 148 99 150 171 142 114 78 126 Average total shareholders' equity(4) 1,412 1,555 1,610 1,791 1,778 1,396 1,402 1,428 1,407 Average adjustments to shareholders' equity (5) (16) (5) (5) 1 10 16 2 4 (3) Adjusted average total capital 3,359$ 3,846$ 4,184$ 4,789$ 4,841$ 4,244$ 4,030$ 4,588$ 5,237$ Adjusted return on capital 7.7% 7.8% 7.9% 7.4% 7.3% 4.1% 4.8% 5.7% 5.6% (1) Earnings calculated based on a 12-month rolling period. (2) Interest expense includes interest for on and off-balance sheet vehicle obligations. (3) Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense. (4) The average is calculated based on the average GAAP balances. (5) Represents comparable earnings items for those periods. 46 01/31/13 Proprietary and Confidential

($ Millions) Segment Adjusted Return on Capital Reconciliation FMS SCS FMS SCS Net Earnings (1) 161$ 65$ 192$ 70$ Restructuring and Other Charges, Net and Other Items 6 - 16 1 Income Taxes 99 40 100 45 Adjusted Earnings Before Income Taxes 266 105 308 115 Adjusted Interest Expense (2) 135 8 143 9 Adjusted Income Taxes (3) (143) (44) (159) (49) Adjusted Net Earnings 258$ 69$ 292$ 76$ Average Total Debt(4) 3,085$ (10)$ 3,731$ (42)$ Average Off-Balance Sheet Debt(4) 76 220 125 263 Average Total Shareholders' Equity(4) 1,150 321 1,065 344 Average Adjustments to Shareholders' Equity (5) 5 - - - Adjusted Average Total Capital 4,316$ 531$ 4,921$ 565$ Adjusted Return on Capital 6.0% 12.9% 5.9% 13.4% 2012 (1) Earnings calculated based on a 12-month rolling period. (2) Interest expense includes interest on off-balance sheet vehicle obligations. (3) Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense. (4) The average is calculated based on the average GAAP balances. (5) Represents comparable earnings items for those periods. 47 01/31/13 Proprietary and Confidential 2011

01/31/13 Debt to Equity Reconciliation % to % to % to % to % to % to % to % to 12/31/00 Equity 12/31/01 Equity 12/31/02 Equity 12/31/03 Equity 12/31/04 Equity 12/31/05 Equity 12/31/06 Equity 12/31/07 Equity Balance Sheet Debt $2,017 161% $1,709 139% $1,552 140% $1,816 135% $1,783 118% $2,185 143% $2,817 164% $2,776 147% Receivables Sold 345 110 - - - - - - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 879 625 370 153 161 117 78 178 PV of contingent rentals under securitizations 209 441 311 - - - - - Total Obligations $3,450 275% $2,885 234% $2,233 201% $1,969 146% $1,944 129% $2,302 151% $2,895 168% $2,954 157% Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt. ($ Millions) 48 Proprietary and Confidential

01/31/13 Debt to Equity Reconciliation ($ Millions) Note: Amounts may not recalculate due to rounding. % to % to % to % to % to 12/31/08 Equity 12/31/09 Equity 12/31/10 Equity 12/31/11 Equity 12/31/12 Equity Balance Sheet Debt $2,863 213% $2,498 175% $2,747 196% $3,382 257% $3,821 260% Receivables Sold - - - - - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 163 119 100 64 148 Total Obligations $3,026 225% $2,617 183% $2,847 203% $3,446 261% $3,969 270% 49 Proprietary and Confidential

01/31/13 ($ Millions) Cash Flow Reconciliation 12/31/00 (1) 12/31/01 (1) 12/31/02 (1) 12/31/03 (1) 12/31/04 (1) 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 Cash Provided by Operating Activities 1,023$ 365$ 617$ 803$ 867$ 776$ 852$ 1,097$ 1,248$ 985$ Less: Changes in Bal. of Trade Rec. Sold (270) 235 110 - - - - - - - Collections of Direct Finance Leases 67 66 66 61 64 69 65 62 61 65 Proceeds from Sale (Prim. Rev. Earn. Equip.) 230 173 152 210 331 333 332 373 262 216 Proceeds from Sale & Leaseback of Assets - - - 13 118 - - 150 - - Other Investing, Net 4 (4) 4 4 1 - 2 2 - - Total Cash Generated 1,054 835 949 1,091 1,381 1,179 1,252 1,684 1,571 1,266 Capital Expenditures (2) (1,296) (704) (582) (734) (1,092) (1,387) (1,691) (1,304) (1,230) (652) Free Cash Flow (3) (242)$ 131$ 367$ 357$ 289$ (208)$ (439)$ 380$ 341$ 614$ Memo: Depreciation Expense 580$ 545$ 552$ 625$ 706$ 735$ 739$ 811$ 836$ 881$ Gains on Vehicle Sales, Net 19$ 12$ 14$ 16$ 35$ 47$ 51$ 44$ 39$ 12$ (1) Amounts have not been recasted for discontinued operations (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3) Free Cash Flow excludes acquisitions and changes in restricted cash. 50 Proprietary and Confidential

12/31/10 12/31/11 12/31/12 Cash Provided by Operating Activities from Continuing Operations 1,028$ 1,042$ 1,134$ Proceeds from Sales (Primarily Revenue Earning Equipment) 235 300 413 Proceeds from Sale and Leaseback of Assets - 37 130 Collections of Direct Finance Leases 62 62 72 Other, net 3 - - Total Cash Generated 1,328 1,442 1,749 Capital Expenditures (1) (1,070) (1,699) (2,133) Free Cash Flow (2) 258$ (257)$ (384)$ Memo: Depreciation Expense 834$ 872$ 940$ Gains on Vehicle Sales, Net 29$ 63$ 89$ 01/31/13 ($ Millions) (1) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2) Free Cash Flow excludes acquisitions and changes in restricted cash. Cash Flow Reconciliation 51 Proprietary and Confidential