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): February 3, 2015

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):

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

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

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

o 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 February 3, 2015, we issued a press release reporting our financial results for the three and twelve months ended December 31, 2014 (the “Press Release”). We will also host a conference call and webcast on February 3, 2015 during which we will make a presentation on our financial results for the three and twelve months ended December 31, 2014 (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, comparable earnings per share from continuing operations, comparable earnings before income tax and comparable tax rate from continuing operations, for both fourth quarter and full-year 2014 and 2013, and comparable earnings per share from continuing operations forecast for both first quarter and full-year 2015, which are non-GAAP financial measures as defined by SEC regulations. These "comparable" measures exclude the following items from our GAAP net earnings from continuing operations, earnings per share from continuing operations, earnings before income tax, tax rate and earnings per share from continuing operations forecast:

•non-operating pension costs (fourth quarter and full-year 2014 and 2013)

•pension settlement charges (fourth quarter and full-year 2014 and 2013)

•pension lump sum settlement charge (fourth quarter and full-year 2014)

•restructuring and other charges (recoveries), net (fourth quarter and full-year 2014 and 2013)

•acquisition-related tax adjustment (fourth quarter and full-year 2014)

•consulting fees (fourth quarter and full-year 2014)

•acquisition transaction costs (full-year 2014)

•tax law change benefit (full-year 2014)

•Superstorm Sandy recoveries and foreign currency translation benefits (full-year 2013)

We exclude non-operating pension costs from our GAAP earnings measures because these costs are primarily impacted by financial market performance and are outside of the operational performance of the business. We exclude the other items because they are unrelated to our ongoing business operations. We believe that these non-GAAP financial measures provide useful information to investors and allow for better year-over-year comparison of operating performance. 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 February 3, 2015, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 2014.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on February 3, 2015, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 2014.

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: February 3, 2015	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Art A. Garcia
		Art A. Garcia, Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

Contacts:    Media:                        Investor Relations:

David Bruce                    Bob Brunn

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

Ryder Reports Record Fourth Quarter and Full-Year 2014 Results and Provides 2015 Forecast

• Record Q4 Comparable EPS from Continuing Operations Up 19% to $1.60

• Q4 EPS from Continuing Operations of $0.22 Reflect Voluntary Pension Buyouts of $1.29

• Record Q4 Operating Revenue of $1.4 Billion Grows 5%; Total Revenue Up 2% to $1.7 Billion

• Record Full-Year Comparable EPS from Continuing Operations Up 14% to $5.58

• Full-Year EPS from Continuing Operations of $4.14 Reflect Voluntary Pension Buyouts

• Record Full-Year Operating Revenue of $5.5 Billion Up 5%; Total Revenue Grows 3% to $6.6 Billion

• 2015 Comparable EPS Forecast of $6.25 to $6.40 vs. $5.58 for 2014

MIAMI, February 3, 2015 - Ryder System, Inc. (NYSE: R), a leader in commercial fleet management and supply chain solutions, today reported record fourth quarter comparable earnings reflecting continued strong performance in Fleet Management Solutions (FMS). Earnings and earnings per diluted share (EPS) from continuing operations for the three months ended December 31, 2014 were as follows:

(in millions)	Earnings			Diluted EPS
	2014	2013	% Change	2014	2013	% Change
GAAP	$ 11.7	65.9	(82%)	$ 0.22	$1.24	(82%)
Pension costs, primarily buyouts	69.6	6.3		1.32	0.11
Other charges, net	3.6	(0.1)		0.06	---
Comparable	$ 84.9	72.1	18%	$ 1.60	$1.35	19%

The Company reported record fourth quarter operating revenue (revenue excluding FMS fuel and all subcontracted transportation), reflecting higher full service lease revenue, growth in commercial rental revenue, as well as new business and increased volumes in Supply Chain Solutions (SCS). Total fourth quarter revenue growth was impacted by lower fuel prices passed through to customers. Operating and total revenue for the three months ended December 31, 2014 were as follows:

(in millions)	Operating Revenue			Total Revenue
	2014	2013	% Change	2014	2013	% Change
Total	$ 1,415.4	1,344.7	5%	$ 1,656.3	1,617.7	2%
Fleet Management Solutions	$ 930.8	875.7	6%	$ 1,152.5	1,135.5	2%
Supply Chain Solutions	$ 546.3	525.9	4%	$ 618.4	598.7	3%

Commenting on the Company’s fourth quarter and full-year 2014 performance, Ryder Chairman and CEO Robert Sanchez said, “We closed 2014 with strong performance in Fleet Management Solutions, especially in our core lease and rental product lines. We were also encouraged that our Supply Chain Solutions business returned to both revenue and earnings growth in the fourth quarter.

“For the full-year 2014, we grew operating revenue by 5% and earnings by 16%, achieving new record levels. We exceeded our expectations with full-year organic lease fleet growth of 3,200 vehicles, the highest growth rate in more than a decade. This represents the third consecutive year of organic lease fleet growth. Our transactional rental and used vehicle sales businesses delivered strong returns throughout the year. Fleet Management Solutions pre-tax margins of 12% were the highest in six years.

“We continued to see strong sales activity through the end of the year, and as such we have entered 2015 well positioned for growth. We continue to benefit from improving economic conditions in North America, which is our primary market. We are making meaningful progress on our strategy to penetrate non-outsourced transportation and logistics markets, supported by ongoing macro-trends that favor outsourcing.”

Fourth Quarter Business Segment Operating Results

Fleet Management Solutions

In the FMS business segment, operating revenue (revenue excluding fuel) in the fourth quarter of 2014 was $930.8 million, up 6% compared with the year-earlier period. Total revenue in the fourth quarter of 2014 was $1.15 billion, up 2% compared with the year-earlier period, as operating revenue growth was partially offset by the impact of lower fuel prices. Full service lease revenue increased 5% due to higher prices on replacement vehicles and growth in the fleet size. The number of full service lease vehicles (excluding U.K. trailers) increased by 3,200 from the year-earlier period and grew by 2,200 vehicles sequentially from the third quarter of 2014. Commercial rental revenue improved 10% reflecting increased demand and higher pricing in North America. Fuel services revenue decreased 15%, primarily reflecting lower fuel prices passed through to customers.

FMS earnings before tax were $122.5 million in the fourth quarter of 2014, up 25% compared with $98.2 million in the same period of 2013. Increased earnings primarily reflect strong commercial rental performance and higher full service lease results. Commercial rental performance improved as a result of

increased demand and higher pricing in North America. Rental power fleet utilization was 80.1% for the fourth quarter, up from 78.9% in the year-earlier period, on a 7% larger average fleet. Full service lease results benefited from lower depreciation associated with increased residual values and growth in the fleet size. Used vehicle sales benefited from stronger pricing, partially offset by lower volumes sold. FMS earnings before tax as a percentage of operating revenue were 13.2% in the fourth quarter of 2014, up 200 basis points from 11.2% in the same quarter a year ago.

Supply Chain Solutions

In the SCS business segment, fourth quarter 2014 operating revenue (revenue excluding subcontracted transportation) was $546.3 million, up 4%, and total revenue was $618.4 million, up 3%, compared with the same quarter a year ago. SCS operating revenue grew as a result of new business and increased volumes, partially offset by automotive business lost earlier in the year, lower fuel costs passed through to customers, and the negative impact of foreign exchange.

SCS earnings before tax of $33.7 million increased 2% in the fourth quarter of 2014 compared with $32.9 million in 2013 due to new business and higher volumes. These improvements were partially offset by higher insurance costs. SCS earnings before tax as a percentage of operating revenue were 6.2% in the fourth quarter of 2014, down from 6.3% 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 2014, CSS costs were $64.0 million, up from $58.0 million in the year-earlier period, primarily driven by planned higher investments in information technology and marketing, as well as higher compensation-related expenses.

Pension and Other Items Excluded from Comparable Earnings

In the fourth quarter of 2014, the Company reduced the size and potential future volatility of its U.S. pension plan obligation by offering former employees a one-time option to receive a lump sum distribution of their vested benefits. The offer was made to approximately 11,000 former employees and was accepted by approximately 60%. As a result, the Company settled $259 million, or 12% of its U.S. pension obligation. All distributions were funded using existing plan assets. The transaction resulted in the immediate recognition of $97.2 million ($61.3 million after tax), or $1.16 per diluted share, of previously unrecognized actuarial losses. This non-cash charge is excluded from comparable earnings.

Fourth quarter comparable results also excluded other charges of $11.3 million ($6.9 million after tax) or $0.13 per diluted share in 2014 and $1.6 million ($0.9 million after tax) or $0.01 per diluted share in 2013, associated with multi-employer pension plan settlement charges.

Non-operating components of pension costs are excluded from both comparable earnings and segment earnings before tax in order to more accurately reflect the operating performance of the business. Non-operating pension costs totaled $2.5 million ($1.4 million after tax) or $0.03 per diluted share in the fourth quarter of 2014, down from $9.0 million ($5.3 million after tax) or $0.10 per diluted share in the year-earlier period. The decrease was primarily due to higher-than-expected asset returns in 2013.

Comparable fourth quarter 2014 results also excluded pre-tax restructuring and other charges of $2.8 million ($1.8 million after tax), or $0.03 per diluted share and acquisition-related tax adjustments related to prior years of $1.8 million (before and after tax), or $0.03 per diluted share. The Company expects these restructuring actions to produce savings beginning in 2015.

Income Taxes

The Company’s effective income tax rate from continuing operations for the fourth quarter of 2014 was 15.1% of pre-tax earnings, compared with 32.5% in the year-earlier period. The Company’s fourth quarter 2014 comparable effective income tax rate was 34.4% of comparable earnings before tax, versus 33.3% in the prior year. The increase in the comparable effective income tax rate was due to increased earnings in higher tax rate jurisdictions.

Capital Expenditures

Capital expenditures from continuing operations increased to $2.30 billion for 2014, compared with $2.18 billion in the same period of 2013. The increase in capital expenditures primarily reflects planned investments in the commercial rental fleet. Net capital expenditures (including proceeds from the sale of assets) from continuing operations were $1.68 billion in 2014 including increased proceeds from vehicle sales and a vehicle sale-leaseback transaction, down from $1.73 billion in the same period of 2013.

Cash Flow

Operating cash flow from continuing operations in 2014 was $1.37 billion, up from $1.22 billion in the same period of 2013 due to higher cash-based earnings. Total cash generated from continuing operations (including proceeds from used vehicle sales) in 2014 was $2.06 billion, compared with $1.75 billion in the same period of 2013. The increase in total cash generated included a $126 million sale-leaseback transaction. Free cash flow from continuing operations in 2014 was negative $202 million and

better than expected due to timing of cash payments, compared with negative $386 million for the same period of 2013.

Leverage

Balance sheet debt as of December 31, 2014 increased by $320 million compared with year-end 2013, due to investments in vehicles to fund growth, dividends, and share repurchases. Balance sheet debt to equity as of December 31, 2014 was 248% compared with 221% at year-end 2013. Total obligations to equity as of December 31, 2014 were 258% compared with 226% at year-end 2013. Approximately 23 percentage points of the increase reflected a higher pension equity charge, due to annual pension assumption updates made at year end. Total obligations to equity remain within Ryder’s long-term target range of 225% to 275%.

2015 Earnings Forecast

Commenting on the Company’s outlook, Mr. Sanchez said, “In 2015, we expect to continue our strong momentum and deliver record results with increasing revenue growth and double-digit earnings improvement. We anticipate strong performance in our Fleet Management Solutions business with an accelerating organic growth rate in our full service lease fleet. We are excited to expand our new on-demand maintenance product to more large fleet customers, based on strong interest during the pilot phase. We expect our dedicated solution to realize significant revenue and earnings growth and Supply Chain Solutions earnings performance to recover nicely in 2015.

“We plan to make significant investments to grow the business this year, with a focus on efficient use of capital. Our return on capital spread and return on equity are expected to reach record levels in 2015.”

Ryder forecasts full-year 2015 comparable earnings from continuing operations to be in the range of $6.25 to $6.40 per diluted share, up 12% to 15% from $5.58 per diluted share in 2014. Full-year earnings comparisons exclude pension costs and other restructuring charges of $0.25 per diluted share in 2015, and $1.44 in 2014 as previously disclosed. Operating revenue (which starting in 2015 excludes all fuel and subcontracted transportation) for the full-year 2015 is forecast to be up 7% to approximately $5.64 billion. Total revenue for the full-year 2015 is forecast to be up 3% to approximately $6.84 billion. The Company is also establishing a first quarter 2015 comparable earnings forecast of $0.95 to $1.00 per diluted share, up 3% to 9% from $0.92 in the first quarter of 2014. This reflects continuing solid lease, dedicated, and used vehicle results, partially offset by lower contributions from supply chain earnings earlier in the year, and challenging year-over-year rental comparisons. First quarter earnings comparisons exclude pension costs and other restructuring charges of $0.08 per diluted share in 2015.

Supplemental Company Information

Fourth Quarter Net Earnings

Net earnings per diluted share (including discontinued operations) for the three-month period ended December 31, 2014 were $0.21 versus $1.22 in the year-earlier period. Earnings per diluted share from discontinued operations (previously announced in 2009) totaled a loss of $0.01 ($0.4 million) in the fourth quarter of 2014, compared with a loss of $0.02 ($1.3 million) in the same period of the prior year. Net earnings for the fourth quarter of 2014 were $11.3 million versus $64.6 million in the year-earlier period.

Full-Year 2014 Operating Results

Total revenue for the full-year 2014 was $6.64 billion, up 3% from $6.42 billion in 2013. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the full-year 2014 was $5.55 billion, up 5% from $5.27 billion in 2013. Ryder’s full-year 2014 earnings from continuing operations were $220.5 million, down 9% compared with $243.2 million in the prior year. Earnings per diluted share from continuing operations were $4.14 in 2014, down 11% compared with $4.63 in 2013. Comparable full-year 2014 earnings from continuing operations of $297.1 million increased 16% from $256.6 million in 2013. Comparable earnings per diluted share from continuing operations for the full-year 2014 were $5.58, up 14% from $4.88 in 2013.

Net earnings per diluted share (including discontinued operations) for the full-year 2014 were $4.11 versus $4.53 in 2013. Earnings per diluted share from discontinued operations (previously announced in 2009) totaled a loss of $0.03 in 2014, compared with a loss of $0.10 in the prior year. Net earnings were $218.6 million in 2014 versus $237.8 million in the prior year.

Business Description

Ryder System, Inc. is a FORTUNE 500® commercial fleet management and supply chain 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 - Ryder’s FMS business segment provides one-stop outsourcing of a range of solutions for commercial truck fleet operators, including vehicle maintenance, leasing and rental, used vehicle sales, as well as services such as roadside assistance, fueling, safety, and financing options.

• Supply Chain Solutions - Ryder’s SCS business segment offers a broad range of innovative solutions designed to optimize day-to-day logistics operations and synchronize the supply of parts and finished goods with customer demand. Solutions are strategically engineered to address customer requirements and include lead logistics management, dedicated services, warehousing, transportation management, packaging, and other value-added services.

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 http://investors.ryder.com/.

###

Note Regarding Forward-Looking Statements:

Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding revenue growth, earnings performance, lease fleet growth, sales activity, performance in our existing and new product lines, including full service lease, supply chain solutions, and on-demand maintenance, strategic investments, used vehicle sales, and anticipated capital expenditures. 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, lower than expected lease sales, decreases in commercial rental demand or poor acceptance of higher pricing, fluctuations in market demand for used vehicles impacting current pricing and our anticipated proportion of retail versus wholesale sales, higher than expected maintenance costs from new engine technology or due to lower than expected benefits from maintenance initiatives and a newer fleet, setbacks in the economic recovery, decreases in freight demand or volumes, poor operational execution particularly with start-ups and new product launches, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, slower than expected economic recovery in the U.K., business interruptions or expenditures due to severe weather or natural occurrences, competition from other service providers and new entrants, customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, unexpected bad debt reserves or write-offs, 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, depreciation, 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 operating revenue, comparable earnings and earnings per share, comparable earnings per share forecast, 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.

Conference Call and Webcast Information:

Ryder’s earnings conference call and webcast is scheduled for Tuesday, February 3, 2015, from 11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Chairman 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: RG9867895 and Passcode: RYDER.

• To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-217-1707 (outside U.S. dial 1-402-220-3902), 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.

8-15

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED

Periods ended December 31, 2014 and 2013

(In millions, except per share amounts)

	Three Months						Twelve Months
	2014			2013			2014			2013
Lease and rental revenues	$	759.2		713.2			$	2,939.4		2,770.0
Services revenue	728.3			704.3			2,911.5			2,819.7
Fuel services revenue	168.8			200.2			787.9			829.6
Total revenues	1,656.3			1,617.7			6,638.8			6,419.3
Cost of lease and rental	515.2			489.6			2,039.3			1,928.9
Cost of services	608.8			590.1			2,447.9			2,359.9
Cost of fuel services	162.5			195.8			768.3			814.1
Other operating expenses	30.0			31.4			126.6			131.7
Selling, general and administrative expenses	222.8			209.8			817.0			790.7
Pension lump sum settlement expense	97.2			—			97.2			—
Gains on vehicle sales, net	(30.0		)	(27.5		)	(126.8		)	(96.2	)
Interest expense	35.8			34.9			142.1			137.2
Miscellaneous income, net	(2.4		)	(3.8		)	(13.6		)	(15.4	)
Restructuring and other charges (recoveries), net	2.4			(0.2		)	2.4			(0.5	)
	1,642.5			1,520.1			6,300.2			6,050.4
Earnings from continuing operations before income taxes	13.8			97.6			338.5			368.9
Provision for income taxes	2.1			31.7			118.1			125.7
Earnings from continuing operations	11.7			65.9			220.5			243.2
Loss from discontinued operations, net of tax	(0.4		)	(1.3		)	(1.9		)	(5.4	)
Net earnings	$	11.3		64.6			$	218.6		237.8
Earnings (loss) per common share - Diluted
Continuing operations	$	0.22		1.24			$	4.14		4.63
Discontinued operations	(0.01		)	(0.02		)	(0.03		)	(0.10	)
Net earnings	$	0.21		$	1.22		$	4.11		4.53
Earnings per share information - Diluted
Earnings from continuing operations	$	11.7		65.9			$	220.5		243.2
Less: Distributed and undistributed earnings allocated to nonvested stock	—			(0.5		)	(0.9		)	(2.2	)
Earnings from continuing operations available to common stockholders	$	11.7		65.4			$	219.6		241.0
Weighted-average shares outstanding - Diluted	53.0			52.7			53.0			52.1
Comparable earnings per share from continuing operations: *
EPS from continuing operations	$	0.22		1.24			$	4.14		4.63
Non-operating pension costs	0.03			0.10			0.10			0.28
Pension lump sum settlement expense	1.16			—			1.16			—
Pension settlement charges	0.13			0.01			0.14			0.03
Restructuring and other charges (recoveries), net	0.03			—			0.03			(0.01	)
Acquisition-related tax adjustment	0.03			—			0.03			—
Acquisition transaction costs	—			—			0.01			—
Benefit from tax law change	—			—			(0.03		)	—
Superstorm Sandy recoveries	—			—			—			(0.01	)
Foreign currency translation benefit	—			—			—			(0.04	)
Comparable EPS from continuing operations*	$	1.60		1.35			$	5.58		4.88

* 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, 2014			December 31, 2013
Assets:
Cash and cash equivalents	$		50.1	61.6
Other current assets	1,026.1			1,000.9
Revenue earning equipment, net	6,994.4			6,490.8
Operating property and equipment, net	696.4			633.8
Other assets	905.7			916.6
	$	9,672.7		9,103.8
Liabilities and shareholders' equity:
Short-term debt and current portion of long-term debt	$	12.2		259.4
Other current liabilities	1,081.4			971.7
Long-term debt	4,497.0			3,930.0
Other non-current liabilities (including deferred income taxes)	2,262.6			2,045.9
Shareholders' equity	1,819.5			1,896.7
	$	9,672.7		9,103.8

SELECTED KEY RATIOS AND METRICS

	December 31, 2014		December 31, 2013
Debt to equity	248	%	221	%
Total obligations to equity *	258	%	226	%
Effective interest rate (average cost of debt)	3.2	%	3.5	%

	Twelve months ended December 31,
	2014				2013
Cash provided by operating activities from continuing operations	$		1,370.0		1,223.1
Free cash flow *	(202.1			)	(386.2	)
Capital expenditures paid	2,259.2				2,140.5
Capital expenditures (accrual basis)	2,298.2				2,184.2
Less: Proceeds from sales (primarily revenue earning equipment)	(497.0			)	(452.4	)
Less: Sale and leaseback of revenue earning equipment	(125.8			)	—
Net capital expenditures	$	1,675.4			1,731.8

	Twelve months ended December 31,
	2014		2013
Return on average shareholders' equity	11.3	%	14.9	%
Return on average assets	2.3	%	2.8	%
Adjusted return on capital *	5.8	%	5.7	%
Weighted average cost of capital	4.7	%	4.7	%

* 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, 2014 and 2013

(Dollars in millions)

	Three Months							Twelve Months
	2014			2013		B(W)		2014			2013		B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	582.2		555.4		5	%	$	2,276.4		2,177.4		5	%
Contract maintenance	47.7			43.3		10	%	184.6			180.3		2	%
Contractual revenue	630.0			598.8		5	%	2,461.0			2,357.7		4	%
Commercial rental	230.9			209.2		10	%	877.0			789.5		11	%
Contract-related maintenance	52.1			50.0		4	%	221.5			205.3		8	%
Other	17.9			17.8		—	%	71.1			72.0		(1	)%
Fuel	221.7			259.8		(15	)%	1,025.2			1,070.2		(4	)%
Total Fleet Management Solutions	1,152.5			1,135.5		2	%	4,655.8			4,494.7		4	%
Supply Chain Solutions	618.4			598.7		3	%	2,461.1			2,383.1		3	%
Eliminations	(114.6		)	(116.4	)	2	%	(478.1		)	(458.5	)	(4	)%
Total revenue	$	1,656.3		1,617.7		2	%	$	6,638.8		6,419.3		3	%
Operating Revenue: *
Fleet Management Solutions	930.8			875.7		6	%	$	3,630.5		3,424.5		6	%
Supply Chain Solutions	546.3			525.9		4	%	2,157.1			2,063.9		5	%
Eliminations	(61.7		)	(56.9	)	(8	)%	(240.8		)	(217.8	)	(11	)%
Total operating revenue	$	1,415.4		1,344.7		5	%	$	5,546.8		5,270.5		5	%
Business segment earnings:
Earnings from continuing operations
before income taxes:
Fleet Management Solutions	122.5			98.2		25	%	$	434.0		344.0		26	%
Supply Chain Solutions	33.7			32.9		2	%	122.4			130.0		(6	)%
Eliminations	(11.6		)	(9.7	)	(20	)%	(41.4		)	(35.5	)	(17	)%
	144.6			121.5		19	%	515.0			438.5		17	%
Unallocated Central Support Services	(15.2		)	(13.5	)	(13	)%	(51.7		)	(45.5	)	(14	)%
Non-operating pension costs	(2.5		)	(9.0	)	73	%	(9.8		)	(24.3	)	60	%
Restructuring and other (charges) recoveries, net and other items	(113.1		)	(1.4	)	NM		(115.0		)	0.2		NM
Earnings from continuing operations
before income taxes	13.8			97.6		(86	)%	338.5			368.9		(8	)%
Provision for income taxes	2.1			31.7		93	%	118.1			125.7		6	%
Earnings from continuing operations	$	11.7		65.9		(82	)%	$	220.5		243.2		(9	)%

* 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, 2014 and 2013

(Dollars in millions)

	Three Months									Twelve Months
	2014					2013		B(W)		2014			2013		B(W)
Fleet Management Solutions
Total revenue	1,152.5					1,135.5		2	%	$	4,655.8		4,494.7		4	%
Fuel revenue	(221.7				)	(259.8	)	(15	)%	(1,025.2		)	(1,070.2	)	(4	)%
Operating revenue *	$	930.8				875.7		6	%	$	3,630.5		3,424.5		6	%
Segment earnings before income taxes	$	122.5				98.2		25	%	$	434.0		344.0		26	%
Earnings before income taxes as % of total revenue	10.6				%	8.6	%			9.3		%	7.7	%
Earnings before income taxes as % of operating revenue*	13.2				%	11.2	%			12.0		%	10.0	%
Supply Chain Solutions
Total revenue			$	618.4		598.7		3	%	$	2,461.2		2,383.1		3	%
Subcontracted transportation	72.1					72.8		(1	)%	304.0			319.2		(5	)%
Operating revenue *			$	546.3		525.9		4	%	$	2,157.1		2,063.9		5	%
Segment earnings before income taxes	$	33.7				32.9		2	%	$	122.4		130.0		6	%
Earnings before income taxes as % of total revenue	5.4				%	5.5	%			5.0		%	5.5	%
Earnings before income taxes as % of operating revenue*	6.2				%	6.3	%			5.7		%	6.3	%
Memo:
Dedicated services operating revenue *			$	310.9		309.6		—	%	$	1,261.6		1,212.0		4	%
Dedicated services subcontracted transportation	34.0					34.1		—	%	138.4			138.5		—	%
Dedicated services total revenue	344.9					343.7		—	%	1,400.0			1,350.4		4	%
Fuel costs	$		58.5			67.1		13	%	$	262.2		269.3		3	%

* 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 2014/2013
	Three months ended December 31,					Year ended December 31,						Three Months	Twelve Months
	2014		2013			2014		2,013
Full service lease
Average fleet count	124,200		122,000			123,400		121,400				2%	2%
End of period fleet count	125,500		122,900			125,500		122,900				2%	2%
Miles/unit per day change - % (a)	2.8	%	0.6		%	1.7	%	2.2			%
Commercial rental
Average fleet count	40,400		38,200			39,800		37,700				6%	6%
End of period fleet count	39,900		38,200			39,900		38,200				4%	4%
Rental utilization - power units	80.1		78.9		%	77.6	%	78.3			%	120 bps	(70) bps
Rental rate change - % (b)	2.8	%	4.4		%	4.2	%	3.0			%
Customer vehicles under
contract maintenance
Average fleet count	41,600		37,400			39,500		37,700				11%	5%
End of period fleet count	42,400		37,400			42,400		37,400				13%	13%
Customer vehicles under
transactional maintenance (c)
Fleet serviced during the period	5,600		5,000			17,000		10,600				12%	60%
SCS
Average fleet count (d)	12,600		12,200			12,600			12,000			3%	5%
Used vehicle sales (UVS)
Average UVS inventory	5,600		8,000			6,500		9,100				(30)%	(29)%
End of period fleet count	5,500		7,900			5,500			7,900			(30)%	(30)%
Used vehicles sold	4,600		5,700			20,700		23,400				(19)%	(12)%
UVS pricing change - % (e)
Tractors	17	%	(1	)	%	12	%	(4		)	%
Trucks	19	%	2		%	15	%	5			%

Notes:

(a)	Represents the percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units.
(b)	Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.
(c)	Comprised of the number of vehicles serviced under transactional on-demand maintenance agreements. Vehicles included in the end of period count may have been serviced more than one time during the respective period.
(d)	These vehicle counts are also included within the average fleet counts for full service lease and commercial rental.
(e)	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,
	2014				2013		2014			2013
Total revenue	$		1,656.3		1,617.7		$	6,638.8		6,419.3
Fuel services and subcontracted transportation revenue	(293.9			)	(332.5	)	(1,329.3		)	(1,389.4	)
Fuel eliminations	53.0				59.5		237.4			240.6
Operating revenue *	$	1,415.4			1,344.7		$	5,546.8		5,270.5

DEBT TO EQUITY RECONCILIATION			December 31, 2014	% to Equity		December 31, 2013	% to Equity
On-balance sheet debt	$	4,509.2		248%	$	4,189.4	221%
Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)	193.4				94.5
Total obligations *	$	4,702.6		258%	$	4,283.9	226%

CASH FLOW RECONCILIATION	Year ended December 31,
	2014				2013
Net cash provided by operating activities from continuing operations	$	1,370.0			1,223.1
Proceeds from sales (primarily revenue earning equipment)	497.0				452.4
Sale and leaseback of revenue earning equipment	125.8				—
Collections on direct finance leases	65.5				70.7
Insurance recoveries and other	(1.3			)	8.2
Total cash generated *	2,057.0				1,754.3
Capital expenditures	(2,259.2			)	(2,140.5	)
Free cash flow *		$	(202.1	)	(386.2	)

RETURN ON CAPITAL RECONCILIATION	Year ended December 31,
	2014					2013
Net earnings (12-month rolling period)	$		218.6			237.8
+ Restructuring and other items	115.0					(0.2	)
+ Income taxes	118.2					125.7
Adjusted earnings before income taxes	451.7					363.3
+ Adjusted interest expense	144.7					140.1
- Adjusted income taxes	(213.8			)		(177.3	)
= Adjusted net earnings for ROC (numerator)	$	382.6				326.1
Average total debt	$	4,505.2				3,950.5
Average off-balance sheet debt	131.5					131.3
Average shareholders' equity	1,926.0					1,594.0
Adjustment to equity (c)	7.8					(2.1	)
Adjusted average total capital (denominator)	$	6,570.4				5,673.8
Adjusted ROC *	5.8				%	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
	2014								2014
	Reported					Comparable			Reported					Comparable
	Earnings			Adjustment		Earnings *			Earnings			Adjustment		Earnings *
Revenue	$	1,656.3		—		$	1,656.3		$	6,638.8		—		$	6,638.8
Cost of lease and rental	515.2			—		515.2			2,039.3			—		2,039.3
Cost of services	608.8			—		608.8			2,447.9			—		2,447.9
Cost of fuel services	162.5			—		162.5			768.3			—		768.3
Other operating expenses	30.0			—		30.0			126.6			—		126.6
Selling, general and administrative expenses (a) (b)	222.8			(16.0	)	206.9			817.0			(25.1	)	791.9
Pension lump sum settlement expense	97.2			(97.2	)	—			97.2			(97.2	)	—
Gains on vehicle sales, net	(30.0		)	—		(30.0		)	(126.8		)	—		(126.8		)
Interest expense	35.8			—		35.8			142.1			—		142.1
Miscellaneous income, net	(2.4		)	—		(2.4		)	(13.6		)	—		(13.6		)
Restructuring and other charges (recoveries), net	2.4			(2.4	)	—			2.4			(2.4	)	—
	1,642.5			(115.6	)	1,527.0			6,300.2			(124.7	)	6,175.5
Earnings from continuing operations before income taxes	13.8			115.6		129.4			338.5			124.7		463.3
Provision for income taxes (c)	(2.1		)	(42.4	)	(44.5		)	(118.1		)	(48.1	)	(166.2		)
Earnings from continuing operations	11.7			73.2		84.9			220.5			76.6		297.1
Tax rate on continuing operations	15.1		%			34.4		%	34.9		%			35.9		%
Earnings per common share - Diluted:
Continuing operations	$	0.22		1.38		$	1.60		$	4.14		1.44		$	5.58

	Three Months										Twelve Months
	2013										2013
	Reported							Comparable			Reported					Comparable
	Earnings					Adjustment		Earnings *			Earnings			Adjustment		Earnings *
Revenue	$	1,617.7				—		$	1,617.7		$	6,419.3		—		$	6,419.3
Cost of lease and rental	489.6					—		489.6			1,928.9			—		1,928.9
Cost of services (d)	590.1					—		590.1			2,359.9			0.6		2,360.5
Cost of fuel services	195.8					—		195.8			814.1			—		814.1
Other operating expenses	31.4					—		31.4			131.7			—		131.7
Selling, general and administrative expenses (a) (b)	209.8					(10.5	)	199.3			790.7			(27.1	)	763.6
Gains on vehicle sales, net	(27.5				)	—		(27.5		)	(96.2		)	—		(96.2		)
Interest expense	34.9					—		34.9			137.2			—		137.2
Miscellaneous income, net (e)	(3.8				)	—		(3.8		)	(15.4		)	1.9		(13.5		)
Restructuring and other recoveries, net	(0.2				)	0.2		—			(0.5		)	0.5		—
	1,520.1					(10.3	)	1,509.8			6,050.4			(24.1	)	6,026.3
Earnings from continuing operations before income taxes	97.6					10.3		107.9			368.9			24.1		393.0
Provision for income taxes (c)	(31.7				)	(4.2	)	(35.8		)	(125.7		)	(10.7	)	(136.5		)
Earnings from continuing operations	65.9					6.1		72.1			243.2			13.4		256.6
Tax rate on continuing operations	32.5				%			33.3		%	34.1		%			34.7		%
Earnings per common share - Diluted:
Continuing operations			$	1.24		0.11		$	1.35		$	4.63		0.25		$	4.88

Notes regarding adjustments:
(a)	Fourth quarter and full year 2014 include non-operating pension costs of ($2.5) and ($9.8) respectively. Fourth quarter and full year 2013 include non-operating pension costs of ($9.0) and ($24.3) respectively, which includes a charge for the understatement of pension obligations.
(b)	Fourth quarter and full year 2014 include pension settlement charges of ($11.3) and ($12.6) respectively. Fourth quarter and full year 2014 include acquisition-related tax adjustment of ($1.8) and consulting fees of ($0.4). Full year 2014 also includes acquisition transaction costs of ($0.6). Fourth quarter and full year 2013 include pension settlement charges of ($1.6) and ($2.8) respectively.
(c)	Tax impact of comparable earnings items. Full year 2014 also includes a tax benefit related to a tax law change in New York.
(d)	Superstorm Sandy recoveries.
(e)	Foreign currency translation benefit.

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

EARNINGS PER SHARE FORECAST AND OTHER INFORMATION - UNAUDITED

Comparable earnings per share from continuing operations forecast:*	First Quarter 2015	Full Year 2015
EPS from continuing operations	$0.87 - 0.92	$6.00 - 6.15
Non-operating pension costs	0.06	0.21
Restructuring and other charges, net	0.02	0.04
Comparable EPS from continuing operations forecast*	$0.95 - 1.00	$6.25 - 6.40

	Three Months			Twelve Months
	2014		2013	2014		2013
Depreciation expense	$	270.2	249.4	$	1,040.3	957.1
Subcontracted transportation	$	72.1	72.8	$	304.0	319.2

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

EX-99.2

Fourth Quarter 2014 Earnings & 2015 Forecast Conference Call February 3, 2015 Exhibit 99.2

© 2015 Ryder System, Inc. All Rights Reserved. Safe Harbor and Non-GAAP Financial Measures 2 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, earnings performance, lease fleet growth, sales activity, performance in our existing and new product lines, including full service lease, supply chain solutions, and on-demand maintenance, strategic investments, used vehicle sales, and anticipated capital expenditures. 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, lower than expected lease sales, decreases in commercial rental demand or poor acceptance of higher pricing, fluctuations in market demand for used vehicles impacting current pricing and our anticipated proportion of retail versus wholesale sales, higher than expected maintenance costs from new engine technology or due to lower than expected benefits from maintenance initiatives and a newer fleet, setbacks in the economic recovery, decreases in freight demand or volumes, poor operational execution particularly with start- ups and new product launches, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, slower than expected economic recovery in the U.K., business interruptions or expenditures due to severe weather or natural occurrences, competition from other service providers and new entrants, customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, unexpected bad debt reserves or write-offs, 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, depreciation, 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 and earnings per share, comparable earnings per share forecast, 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.

© 2015 Ryder System, Inc. All Rights Reserved. Contents 3 ► Fourth Quarter 2014 Results Overview ►Asset Management Update ► 2015 Forecast ►Q & A

© 2015 Ryder System, Inc. All Rights Reserved. 4th Quarter Results Overview 4 ► Comparable earnings per share from continuing operations were $1.60 vs. $1.35 in 4Q13 ► Earnings per diluted share from continuing operations were $0.22 in 4Q14 vs. $1.24 in 4Q13 – 4Q14 included pension costs of $1.32 (primarily lump-sum buyout costs) and restructuring and other charges of $0.06 – 4Q13 included a $0.11 charge for non-operating pension costs and other items ► Operating revenue increased 5% and total revenue increased 2% vs. prior year reflecting higher revenue in both segments – Total revenue growth impacted by lower fuel costs passed through to customers

© 2015 Ryder System, Inc. All Rights Reserved. Key Financial Statistics 5 Fourth Quarter ($ Millions, Except Per Share Amounts) Note: Amounts throughout presentation may not be additive due to rounding.

© 2015 Ryder System, Inc. All Rights Reserved. Key Financial Statistics 6 Full Year ($ Millions, Except Per Share Amounts) Note: Amounts throughout presentation may not be additive due to rounding.

© 2015 Ryder System, Inc. All Rights Reserved. 4th Quarter Results Overview – FMS 7 ► Fleet Management Solutions (FMS) operating revenue up 6% and total revenue up 2% vs. prior year – Full service lease revenue up 5% – Contract maintenance revenue up 10% – Commercial rental revenue up 10% – Contract-related maintenance revenue up 4% ► FMS earnings increased due to strong commercial rental performance and higher full service lease results – Favorable lease results benefited from vehicle residual value benefits and fleet growth ► FMS earnings before tax (EBT) up 25% – FMS EBT percent of operating revenue up 200 basis points to 13.2%

© 2015 Ryder System, Inc. All Rights Reserved. 4th Quarter Results Overview – SCS 8 ► Supply Chain Solutions (SCS) operating revenue up 4% and total revenue up 3% vs. prior year due to new business and higher volumes, partially offset by automotive business lost earlier in the year – Lower fuel pass throughs and foreign exchange negatively impacted revenue growth by two percentage points ► SCS earnings increased primarily due to new business and higher volumes, partially offset by higher insurance costs ► SCS earnings before tax (EBT) up 2% – SCS EBT percent of operating revenue down 10 basis points to 6.2%

© 2015 Ryder System, Inc. All Rights Reserved. Business Segments 9 (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items. ($ Millions) Fourth Quarter

© 2015 Ryder System, Inc. All Rights Reserved. Business Segments 10 (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, pension buyout costs, restructuring and other charges, net and other items. ($ Millions) Full Year

© 2015 Ryder System, Inc. All Rights Reserved. Capital Expenditures 11 Full Year ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Cash Flow from Continuing Operations 12 2014 2013 Earnings from Continuing Operations 220$ 243$ Depreciation 1,040 957 Gains on Vehicle Sales, Net (127) (96) Amortization and Other Non-Cash Charges, Net 47 76 Pension Contributions (107) (95) Pension Settlement Loss 97 - Changes in Working Capital and Deferred Taxes 198 138 Cash Provided by Operating Activities 1,370 1,223 Proceeds from Sales (Primarily Revenue Earning Equipment) 497 452 Proceeds from Sale and Leaseback of Assets 126 - Collections of Direct Finance Leases 66 71 Other, Net (1) 8 Total Cash Generated 2,057 1,754 Capital Expenditures (1) (2,259) (2,140) Free Cash Flow (2) (202)$ (386)$ Full Year ($ 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.

© 2015 Ryder System, Inc. All Rights Reserved. Debt to Equity Ratio 13 Balance 213% 175% 196% 257% 260% 221% 248% Sheet Debt to Equity (1) (2) (1) Illustrates impact of accumulated net pension related equity charge on leverage. (2) Represents long term total obligations to equity target of 225 - 275% while maintaining a solid investment grade rating. (3) Total Equity includes impact of accumulated net pension related equity charge of $585 million as of 12/31/2014 and $474 million as of 12/31/2013. ($ Millions) Change to Total Equity

© 2015 Ryder System, Inc. All Rights Reserved. Contents 14 ► Fourth Quarter 2014 Results Overview ►Asset Management Update ► 2015 Forecast ►Q & A

© 2015 Ryder System, Inc. All Rights Reserved. ► Units held for sale were 5,500 at quarter end, down from 7,900 units held for sale in the prior year ─ Sequentially from the third quarter, units held for sale decreased by 300 units ► The number of used vehicles sold in the fourth quarter was 4,600, down 19% from the prior year ─ Sequentially from the third quarter, units sold were down 7% ► Proceeds per unit were up 17% for tractors and up 19% for trucks in the fourth quarter compared with prior year (excluding the impact of exchange rates) ─ Proceeds per unit were up 2% for tractors and up 1% for trucks vs. the third quarter ► Average fourth quarter total commercial rental fleet was up 6% from the prior year ─ Average commercial rental fleet was down 1% from the third quarter Global Asset Management Update 15

© 2015 Ryder System, Inc. All Rights Reserved. Contents 16 ► Fourth Quarter 2014 Results Overview ►Asset Management Update ► 2015 Forecast ►Q & A

© 2015 Ryder System, Inc. All Rights Reserved. 2015 Forecast Assumptions 17 General ► Moderate growth economic environment ► Foreign exchange rates stable at current levels FMS ► Accelerating growth rate in full service lease fleet (up 4,000 vehicles yoy) resulting from strong sales activity ► Increased rental results due to higher pricing and demand on larger fleet ► Expansion of on-demand maintenance offering results in revenue growth in 2H15 ► Higher maintenance costs on new technology, partially offset by benefits from maintenance initiatives ► Depreciation residual benefit due to higher historical used vehicle pricing ► Improved pricing on used vehicles sales with volumes relatively unchanged; proceeds negatively impacted by mix ► Higher capital spending due to full service lease fleet growth

© 2015 Ryder System, Inc. All Rights Reserved. 2015 Forecast Assumptions 18 SCS ► Revenue growth driven by new sales, partially offset by foreign exchange Dedicated ► Revenue growth driven by new sales ► Benefits from productivity improvements in driver recruiting/retention Other ► Higher overhead in all segments primarily due to strategic investments to drive ongoing growth ► Continuation of anti-dilutive share repurchase program ► Higher tax rate due to increased earnings in higher tax rate jurisdictions ► Sale-leaseback of $250 million planned

© 2015 Ryder System, Inc. All Rights Reserved. Key Financial Statistics 19 ($ Millions, Except Per Share Amounts) 2014 % B / (W) Revenue: Operating Revenue(1) $ 5,640 5,285$ 7% Fuel and Subcontracted Transportation 1,195 1,354$ (12)% Total Revenue $ 6,835 6,639$ 3% Earnings From Continuing Operations: Earnings Before Income Taxes $ 499 - 512 339$ 47- 51% Earnings $ 318 - 326 220$ 44 - 48% Comparable Earnings Before Income Taxes $ 522 - 535 463$ 13 - 16% Comparable Earnings $ 332 - 340 297$ 12 - 14% Earnings Per Share (EPS) From Continuing Operations: EPS $ 6.00 - 6.15 4.14$ 45 - 49% Comparable EPS $ 6.25 - 6.40 5.58$ 12 - 15% Memo: Average Shares (Millions) - Diluted 52.9 53.0 Comparable Tax Rate from Continuing Operations 36.4% 35.9% Tax Rate from Continuing Operations 36.3% 34.9% Adjusted Return on Capital vs. Cost of Capital 1.3 - 1.4% 1.1% 2015 Forecast (1) Reflects operating revenue restated to exclude fuel from Supply Chain Solutions and Dedicated. Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding.

© 2015 Ryder System, Inc. All Rights Reserved. Business Segment Revenue 20 (1) Excludes fuel revenue. (2) Excludes subcontracted transportation revenue.

© 2015 Ryder System, Inc. All Rights Reserved. 2015 Causes of EPS Change(1) 21 ($ Earnings Per Share) Note: Full year impact of residual values change totals $0.47 - Merit - Medical - Commissions - Headcount + Bonus - Tax (0.05) - FX (0.05) + Residual Values + Fleet Growth + Residual Values - Maintenance Strategic Investments & Other (1) Represents Comparable EPS from Continuing Operations 2014 Actual 2015 Forecast

© 2015 Ryder System, Inc. All Rights Reserved. Capital Expenditures, Cash Flow & Leverage 22 Full Year ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Fix formatting Growth Capital Expenditures 23 Free Cash Flow $ 614 258 (257) (384) (386) (202) (300) ($ Millions) 2015 460 177 216 180 0.0 0.5 1.0 2009 2010 2011 2012 2013 2014 2015 Forecast 9 2010 2011 2012 2013 2015 Forecast 2 263 723 733 907 Fleet Count Increase Higher per Unit Investment $ 850 Growth Capital Expenditures - Lease Growth Capital Expenditures – Lease & Rental 2 5 Forecast 400 450 Rental Lease $ 0 180 382 556 Operating Cash Flow $ 985 1,028 1,042 1,134 1,223 1,370 1,475 691 850 1,030 566 184

© 2015 Ryder System, Inc. All Rights Reserved. EPS Forecast – Continuing Operations 24 ($ Earnings Per Share) (1) 1Q15 Comparable EPS Forecast, a non-GAAP financial measure, excludes $0.06 of non-operating pension costs and $0.02 of restructuring charges. 2015 Comparable EPS Forecast, a non-GAAP financial measure, excludes $0.21 of non-operating pension costs and $0.04 of restructuring costs for the full year period. (2) 2014 Comparable EPS for the first quarter excluded $0.03 of non-operating pension costs. 2014 Comparable EPS for the full year excludes $1.16 of pension lump sum settlement charges, $0.14 of pension settlement charges, $0.10 of non-operating pension costs, $0.03 of acquisition-related tax adjustment, $0.01 of acquisition transaction costs , $0.03 of restructuring and other charges, net partially offset by a tax law change benefit of $0.03.

© 2015 Ryder System, Inc. All Rights Reserved. Q&A 25

© 2015 Ryder System, Inc. All Rights Reserved. Appendix 26 Full Service Lease Vehicle Count Business Segment Detail Central Support Services Balance Sheet Asset Management Non-GAAP Financial Measures & Reconciliations

© 2015 Ryder System, Inc. All Rights Reserved. End of Period 4Q13 1Q14 2Q14 3Q14 4Q14 FSL Fleet (as reported) 122,900 123,300 123,000 123,200 125,500 2,600 UK FSL Trailers 5,000 4,800 4,600 4,300 4,400 (600) FSL Fleet - excluding UK 117,900 118,500 118,400 118,900 121,100 3,200 Sequential Change 1Q14 O/(U) 4Q13 2Q14 O/(U) 1Q14 3Q14 O/(U) 2Q14 4Q14 O/(U) 3Q14 FSL Fleet (as reported) 400 (300) 200 2,300 UK FSL Trailers (200) (200) (300) 100 FSL Fleet - excluding UK 600 (100) 500 2,200 4Q14 O/(U) 4Q13 Full Service Lease (FSL) Fleet Count 27 Note: Represents end of period vehicle count.

© 2015 Ryder System, Inc. All Rights Reserved. Fleet Management Solutions (FMS) 28 Fourth Quarter ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Fleet Management Solutions (FMS) 29 Full Year ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Supply Chain Solutions (SCS) 30 2014 2013 % B/(W) Automotive 133.6$ 139.8$ (4)% Technology & Healthcare 98.2 87.3 13% CPG & Retail 199.2 189.9 5% Industrial & Other 115.3 108.9 6% Operating Revenue 546.3 525.9 4% Subcontracted Transportation 72.1 72.8 (1)% Total Revenue 618.4$ 598.7$ 3% Segment Earnings Before Tax (EBT) 33.7$ 32.9$ 2% Segment EBT as % of Total Revenue 5.4% 5.5% Segment EBT as % of Operating Revenue 6.2% 6.3% Memo: Dedicated Services - Operating Revenue(1) 310.9$ 309.6$ - Dedicated Services - Total Revenue 344.9$ 343.7$ - Fuel Costs 58.5$ 67.1$ 13% Fourth Quarter ($ Millions) (1) Excludes $34.0 million and $34.1 million of Dedicated Services Subcontracted Transportation in 2014 and 2013, respectively.

© 2015 Ryder System, Inc. All Rights Reserved. Supply Chain Solutions (SCS) 31 2014 2013 % B/(W) Automotive 558.7$ 573.4$ (3)% Technology & Healthcare 359.3 332.6 8% CPG & Retail 776.3 737.1 5% Industrial & Other 462.8 420.8 10% Operating Revenue 2,157.1 2,063.9 5% Subcontracted Transportation 304.0 319.2 (5)% Total Revenue 2,461.2$ 2,383.1$ 3% Segment Earnings Before Tax (EBT) 122.4$ 130.0$ (6)% Segment EBT as % of Total Revenue 5.0% 5.5% Segment EBT as % of Operating Revenue 5.7% 6.3% Memo: Dedicated Services - Operating Revenue(1) 1,261.6$ 1,212.0$ 4% Dedicated Services - Total Revenue 1,400.0$ 1,350.4$ 4% Fuel Costs 262.2$ 269.3$ 3% Full Year ($ Millions) (1) Excludes $138.4 million and $138.4 million of Dedicated Services Subcontracted Transportation in 2014 and 2013, respectively.

© 2015 Ryder System, Inc. All Rights Reserved. Central Support Services (CSS) 32 Fourth Quarter ($ Millions) (1) Includes the reclassification of $2.8 million in 2013 to CSS in order to conform to the current year presentation.

© 2015 Ryder System, Inc. All Rights Reserved. Central Support Services (CSS) 33 Full Year ($ Millions) (1) Includes the reclassification of $13.3 million in 2013 to CSS in order to conform to the current year presentation.

© 2015 Ryder System, Inc. All Rights Reserved. Balance Sheet 34 December 31, December 31, 2014 2013 Cash and Cash Equivalents 50$ 62$ Other Current Assets 1,026 1,001 Revenue Earning Equipment, Net 6,994 6,491 Operating Property and Equipment, Net 696 634 Other Assets 906 916 Total Assets 9,673$ 9,104$ Short-Term Debt / Current Portion Long-Term Debt 12$ 259$ Other Current Liabilities 1,081 972 Long-Term Debt 4,497 3,930 Other Non-Current Liabilities (including Deferred Income Taxes) 2,263 2,046 Shareholders' Equity 1,819 1,897 Total Liabilities and Shareholders' Equity 9,673$ 9,104$ ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Adjusted Return on Capital History Adjusted Return on Capital (ROC) 6.8% 6.7% 6.6% 6.5% 6.3% 6.1% 5.5% 4.8% 4.7% 4.7% 4.6% 7.8% 7.9% 7.4% 7.3% 4.1% 4.8% 5.7% 5.6% 5.7% 5.8% 5.7% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Forecast Cost of Capital (COC) Return on Equity 14.6% 15.5% 14.2% 11.2% 4.4% 8.4% 11.9% 14.9% 14.9% 11.3% 17.0% Adjusted Total Capital (1) $3.8 $4.2 $4.8 $4.8 $4.2 $4.0 $4.6 $5.2 $5.7 $6.6 $7.1 (1) Adjusted Total Capital represents Adjusted Average Total Capital in billions. 2015 Forecast ROC O/(U) COC 1.0% 1.2% 0.8% 0.8% (2.2)% (1.3)% 0.2% 0.8% 1.0% 1.1% 1.3-1.4% 150 bp Spread Targeted 35 5.9 – 6.0

© 2015 Ryder System, Inc. All Rights Reserved. Financial Indicators Forecast (1) 36 (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 $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters. (4) Illustrates impact of accumulated net pension related equity charge on leverage. (5) 2015 Forecast expected to be around the midpoint of target range primarily reflecting higher pension equity charge due to recent market conditions. (6) Represents long term obligations to equity target of 225-275% while maintaining a solid investment grade credit rating. Gross Capital Expenditures (2) ($ Millions) $1,289 $600 $725 $1,165 $657 $1,399 $1,182 2000 2001 2002 2003 2004 2005 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) 2015 Forecast 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 (6) 2011 261% Forecast(5) 2012 260% 2015 Total Obligations to Equity 226% $2,184 161% 139% 140% 135% 118% 143% 164% 147% 213% 175% 196% 257% 260% 221% 248% 240% (386) $2,298 2013 (300) 2013 250% Balance Sheet Debt to Equity $2,550 2014 (202) 2014 258%

© 2015 Ryder System, Inc. All Rights Reserved. Asset Management Update (US Only) (a) Current year statistics may exclude some units due to a lag in reporting (b) Excludes early terminations where customer purchases vehicle (a)(b) Redeployments – Vehicles coming off-lease or in Rental with useful life remaining are redeployed in the Ryder fleet (SCS, or with another Lease customer). Redeployments exclude units transferred into the Rental product line. 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

© 2015 Ryder System, Inc. All Rights Reserved. Non-GAAP Financial Measures 38 ► 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 EBS from Continuing Operations Reconciliation 39 Comparable Earnings Before Income Tax / Comparable Tax Rate Earnings Before Income Tax / Tax Rate Earnings and Tax Rate from Continuing Operations Reconciliation 40 Comparable EPS Forecast EPS Forecast EPS Forecast – Continuing Operations 24 Adjusted Return on Capital Net Earnings / Total Capital Adjusted Return on Capital Reconciliation 41-43 Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation 46-47 Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Reconciliation 44-45 FMS Operating Revenue / SCS and Dedicated Services Operating Revenue FMS Total Revenue / SCS and Dedicated Services Total Revenue Fleet Management Solutions (FMS) / Supply Chain Solutions (SCS) 28-31

© 2015 Ryder System, Inc. All Rights Reserved. Earnings and EPS from Continuing Operations Reconciliation 39 4Q14 - 4Q14 - 4Q13 - 4Q13 - Earnings EPS Earnings EPS Reported 11.7$ 0.22$ 65.9$ 1.24$ Non-operating pension costs 1.4 0.03 5.3 0.10 Pension settlement charges 6.9 0.13 0.9 0.01 Pension lump sum settlement charge 61.3 1.16 - - Restructuring and other charges (recoveries), net 1.5 0.03 (0.1) - Acquisition-related tax adjustment 1.8 0.03 - - Consulting fees 0.3 - - - Comparable (1) 84.9$ 1.60$ 72.1$ 1.35$ FY14 - FY14 - FY13 - FY13 - Earnings EPS Earnings EPS Reported 220.5$ 4.14$ 243.2$ 4.63$ Non-operating pension costs 5.4 0.10 14.3 0.28 Pension settlement charges 7.6 0.14 1.7 0.03 Pension lump sum settlement charge 61.3 1.16 - - Restructuring and other (recoveries) charges, net 1.5 0.03 (0.4) (0.01) Acquisition-related tax adjustment 1.8 0.03 - - Consulting fees 0.3 - - - Acquisition transaction costs 0.4 0.01 - - Tax benefits (1.8) (0.03) - - Superstorm Sandy recoveries - - (0.4) (0.01) Foreign currency translation benefit - - (1.9) (0.04) Comparable (1) 297.1$ 5.58$ 256.6$ 4.88$ ($ Millions or $ Earnings Per Share) (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 and allow for better year over year comparison of operating performance because they exclude from Earnings and EPS from Continuing Operations non-operating pension costs, which we consider to be costs outside of the operational performance of the business and can significantly change from year to year. Comparable Earnings and Comparable EPS also exclude other significant items that are not representative of our ongoing business operations and allow for better year over year comparison.

© 2015 Ryder System, Inc. All Rights Reserved. 4Q14 - 4Q14 - 4Q14 - FY14 - FY14 - FY14 - EBT Tax Tax Rate EBT Tax Tax Rate Reported 13.8$ 2.1$ 15.1% 338.5$ 118.1$ 34.9% Non-operating pension costs 2.5 1.1 9.8 4.4 Pension settlement charges 11.3 4.4 12.6 4.9 Pension lump sum settlement charge 97.2 35.9 97.2 35.9 Restructuring and other charges (recoveries), net 2.4 0.8 2.4 0.8 Acquisition-related tax adjustment 1.8 - 1.8 - Acquisition transaction costs - - 0.6 0.1 Consulting fees 0.4 0.1 0.4 0.1 Tax benefits - - - 1.8 Comparable (1) 129.4$ 44.5$ 34.4% 463.3$ 166.2$ 35.9% 4Q13 - 4Q13 - 4Q13 - FY13 - FY13 - FY13 - EBT Tax Tax Rate EBT Tax Tax Rate Reported 97.6$ 31.7$ 32.5% 368.9$ 125.7$ 34.1% Non-operating pension costs 9.0 3.6 24.3 10.0 Pension settlement charges 1.6 0.6 2.8 1.1 Superstorm Sandy vehicle-related gain - - (0.6) (0.2) Restructuring and other recoveries, net (0.2) - (0.5) (0.1) Foreign currency translation benefit - - (1.9) - Comparable (1) 108.0$ 35.9$ 33.3% 393.0$ 136.5$ 34.7% EBT and Tax Rate from Continuing Operations Reconciliation 40 ($ Millions or $ Earnings Per Share) (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 and allow for better year over year comparison of operating performance because they exclude from EBT and Tax Rate from Continuing Operations non-operating pension costs, which we consider to be costs outside of the operational performance of the business and can significantly change from year to year. Comparable EBT and Comparable Tax Rate also exclude other significant items that are not representative of our ongoing business operations and allow for better year over year comparison.

© 2015 Ryder System, Inc. All Rights Reserved. Adjusted Return on Capital Reconciliation 41 2004 2005 2006 2007 2008 2009 Net earnings (1) 216$ 227$ 249$ 254$ 200$ 62$ Cumulative effect of change in accounting principle - 2 - - - - Restructuring and other charges, net and other items (24) (2) - 1 70 30 Income taxes 115 129 144 152 150 54 Adjusted earnings before income taxes 307 357 393 407 420 146 Adjusted interest expense (2) 106 127 149 169 165 150 Adjusted income taxes (3) (156) (186) (207) (220) (230) (122) Adjusted net earnings 257$ 298$ 332$ 356$ 355$ 174$ Average total debt(4) 1,811$ 2,148$ 2,480$ 2,848$ 2,882$ 2,692$ Average off-balance sheet debt(4) 152 148 99 150 171 142 Average total shareholders' equity(4) 1,412 1,555 1,610 1,791 1,778 1,396 Average adjustments to shareholders' equity (5) (16) (5) (5) 1 10 16 Adjusted average total capital 3,359$ 3,846$ 4,184$ 4,789$ 4,841$ 4,245$ Adjusted return on capital 7.7% 7.8% 7.9% 7.4% 7.3% 4.1% (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. ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Adjusted Return on Capital Reconciliation 42 (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. ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. 43 FMS SCS FMS SCS Net Earnings (1) 227$ 80$ 278$ 100$ Restructuring and Other Charges, Net and Other I (19) - (6) - Income Taxes 117 50 156 22 Adjusted Earnings Before Income Taxes 325 130 428 122 Adjusted Interest Expense (2) 142 7 147 8 Adjusted Income Taxes (3) (160) (54) (198) (26) Adjusted Net Earnings 306$ 83$ 376$ 104$ Average Total Debt(4) 3,982$ (86)$ 4,538$ (113)$ Average Off-Balance Sheet Debt(4) 131 331 130 383 Average Total Shareholders' Equity(4) 1,263 370 1,568 387 Average Adjustments to Shareholders' Equity (5) (8) - (36) - Adjusted Average Total Capital 5,368$ 615$ 6,199$ 657$ Adjusted Return on Capital 5.7% 13.5% 6.1% 15.9% 2014 (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. 2013 Adjusted Return on Capital Reconciliation Adjusted Return on Capital Reconciliation ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Debt to Equity Reconciliation 44 % 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)

© 2015 Ryder System, Inc. All Rights Reserved. Debt to Equity Reconciliation 45 ($ Millions) Note: Amounts may not recalculate due to rounding.

© 2015 Ryder System, Inc. All Rights Reserved. ($ Millions) 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. Cash Flow Reconciliation 46

© 2015 Ryder System, Inc. All Rights Reserved. Cash Flow Reconciliation 47 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 Cash Provided by Operating Activities from Continuing Operations 1,028$ 1,042$ 1,134$ 1,223$ 1,370$ Proceeds from Sales (Primarily Revenue Earning Equipment) 235 300 413 452 497 Proceeds from Sale and Leaseback of Assets - 37 130 - 126 Collections of Direct Finance Leases 62 62 72 71 66 Other, net 3 - - 8 (1) Total Cash Generated 1,328 1,442 1,749 1,754 2,057 Capital Expenditures (1) (1,070) (1,699) (2,133) (2,140) (2,259) Free Cash Flow (2) 258$ (257)$ (384)$ (386)$ (202)$ Memo: Depreciation Expense 834$ 872$ 940$ 957$ 1,040$ Gains on Vehicle Sales, Net 29$ 63$ 89$ 96$ 127$ ($ 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.

© 2015 Ryder System, Inc. All Rights Reserved.