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): October 22, 2009

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 October 22, 2009, we issued a press release reporting our financial results for the three and nine months ended September 30, 2009 (the “Press Release”). We also hosted a conference call and webcast on October 22, 2009 during which we made a presentation on our financial results for the three and nine months ended September 30, 2009 (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 (1) comparable earnings and comparable earnings per share (EPS) from continuing operations for the three and nine months ended September 30, 2009 and 2008, (2) comparable earnings and comparable EPS for the three and nine months ended September 30, 2009 and 2008, and (3) comparable effective income tax rate from continuing operations for the three and nine months ended September 30, 2009 and 2008, all of 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, EPS, and effective tax rate, as applicable, (1) 2009 restructuring and other charges (recoveries), net, (2) third quarter 2009 reversal of contingent income tax accruals, (3) third quarter 2008 net tax benefit from tax law changes, (4) 2008 Brazil charges and (5) 2009 international asset impairments (recoveries), all of which are unrelated to our operations in the ordinary course of business.

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 October 22, 2009, relating to Ryder System, Inc.’s financial results for the three and nine months ended September 30, 2009.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on October 22, 2009, relating to Ryder System, Inc.’s financial results for the three and nine months ended September 30, 2009.

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: October 22, 2009	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Robert E. Sanchez
		Robert E. Sanchez, 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

MIAMI, October 22, 2009 – Ryder System, Inc. (NYSE: R)

     RYDER REPORTS THIRD QUARTER 2009 RESULTS

• Q3 Continuing Operations EPS of $0.51 vs. $1.29 in 2008

• Q3 Comparable Continuing Operations EPS of $0.50 vs. $1.26 in 2008

• Q3 Total Revenue 20% Lower; Operating Revenue Declines 13%

• Company Plans to Resume Share Repurchase Programs

     Ryder System, Inc. (NYSE: R), a global leader in transportation and supply chain management solutions, today reported earnings per diluted share (EPS) from continuing operations for the three-month period ended September 30, 2009 were $0.51, compared with $1.29 in the year-earlier period. Earnings from continuing operations for the third quarter of 2009 were $28.5 million, compared with $72.8 million in the year-earlier period. EPS and earnings from continuing operations in the current period included a net benefit of $0.01 and $0.3 million, respectively, for the reversal of contingent income tax accruals, partially offset by restructuring and other items. EPS and earnings from continuing operations in the year-earlier period included an income tax benefit of $0.03 and $1.6 million, respectively, related primarily to changes in Massachusetts state income tax laws. Excluding these items, comparable EPS from continuing operations for the third quarter of 2009 were $0.50, down 60% from $1.26 in the year-earlier period, and comparable earnings from continuing operations of $28.2 million for the third quarter of 2009 were down 60% from $71.2 million in the year-earlier period. Results reflect significantly lower pre-tax earnings in the Fleet Management Solutions (FMS) business segment. This was driven by decreased global results in commercial rental, full service lease, and used vehicle sales. In addition, higher pension expense reduced EPS by $0.19, mostly impacting the FMS business segment.

     The Company previously announced a plan to discontinue Supply Chain Solutions (SCS) operations in South America and Europe. During the third quarter of 2009, the Company ceased

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customer operations in all South American markets and part of Europe. Accordingly, results of these operations are reported as discontinued operations for all periods presented.

     Net earnings per diluted share (including discontinued operations) for the three-month period ended September 30, 2009 were $0.43, versus $1.24 in the year-earlier period. Net earnings for the third quarter of 2009 were $24.0 million, versus $70.2 million in the year-earlier period. Comparable net earnings per diluted share (excluding restructuring and other items) were $0.46 for the third quarter of 2009 versus $1.21 in the year-earlier period.

     Total revenue from continuing operations for the third quarter of 2009 was $1.26 billion, down 20% from $1.58 billion in the same period last year. Total revenue comparisons were adversely impacted by lower fuel prices and fuel volumes, as well as unfavorable foreign exchange rate movements. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) from continuing operations was $1.04 billion, down 13% compared with $1.19 billion in the year-earlier period. Operating revenue included the impact of unfavorable foreign exchange rates. FMS business segment total revenue decreased 22% due primarily to lower fuel services revenue. FMS operating revenue decreased 8% due to lower revenue in commercial rental and full service lease, as well as unfavorable foreign exchange rate movements. Full service lease revenue was negatively impacted by fleet downsizing and lower miles driven by customers with their fleets. SCS business segment total revenue and operating revenue from continuing operations decreased 22% due to lower automotive volumes, lower fuel volumes and fuel prices, and unfavorable foreign exchange rate movements. Dedicated Contract Carriage (DCC) business segment total revenue decreased 14% and operating revenue decreased 15% due to the pass through of lower fuel costs, and reduced freight volumes.

     Commenting on the Company’s third quarter performance, Ryder Chairman and CEO Greg Swienton said, “Our performance for the quarter was somewhat stronger than expected, particularly in our Supply Chain Solutions automotive industry business, and Fleet Management Solutions used vehicle sales business. Continuing the trends of the second quarter, we saw stable freight volumes with some seasonal improvement. However, we have not yet seen sustained growth in the economy, freight volumes, or customer activity levels. Throughout the quarter, we effectively managed the factors we can control, and achieved success in several areas. We successfully implemented most of our previously announced plan to disengage Supply Chain Solutions operations in South America and part of Europe without any significant customer

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impacts. Importantly, we reduced used vehicle sales inventories from second quarter levels, approaching our target levels despite tough market conditions. Additionally, our free cash flow and our liquidity position remained very strong, which enables us to advance strategic objectives related to operations, and financial initiatives, such as resuming our stock repurchase plans.”

Year-to-Date Operating Results

     Total revenue from continuing operations for the nine months ended September 30, 2009 was $3.65 billion, down 22% from $4.70 billion in the same period of 2008. Operating revenue from continuing operations for the first nine months of 2009 was $3.05 billion, down 14% from $3.54 billion in the first nine months of 2008.

     Ryder’s 2009 year-to-date earnings from continuing operations were $67.5 million, compared with $209.5 million in the year-earlier period. EPS from continuing operations were $1.21 for the first nine months of 2009, compared with $3.64 for the same period of 2008. Comparable year-to-date earnings from continuing operations were $71.6 million, compared with $207.9 million in the comparable period of 2008. Comparable EPS from continuing operations were $1.28, compared with $3.62 in the year-earlier period. Comparable year-to-date earnings and EPS from continuing operations exclude restructuring and other items in 2009 and benefits from certain tax items in 2009 and 2008.

     Ryder’s 2009 year-to-date net earnings (including discontinued operations) were $53.7 million, compared with $189.2 million in the year-earlier period. EPS were $0.96 for the first nine months of 2009, compared with $3.29 for the same period of 2008. Comparable EPS for the first nine months of 2009 were $1.13 versus $3.38 in the same period of 2008, excluding restructuring and other items. Net earnings include the impact of discontinued SCS operations in South America and part of Europe.

     Operating cash flow from continuing operations through the first three quarters of 2009 was $758.8 million, down 15% from $895.1 million in the comparable period of 2008. Free cash flow from continuing operations through September 30, 2009 was $452.1 million, up 70% from $266.2 million in the same period in 2008, primarily due to lower net cash paid for capital expenditures.

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Third Quarter Business Segment Operating Results

     Ryder’s primary measurement of business segment financial performance, Net Before Tax (NBT) from continuing operations, allocates Central Support Services to each business segment and excludes restructuring and other items.

Fleet Management Solutions

     Ryder’s Fleet Management Solutions (FMS) business segment combines several capabilities into a comprehensive package that provides one-stop outsourcing of the acquisition, 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.

     In the FMS business segment, total revenue in the third quarter of 2009 was $911.9 million, down 22% compared with $1.17 billion in the year-earlier period. Fuel services revenue in the third quarter of 2009 decreased 49%, compared with the same period in 2008 due primarily to lower fuel prices, as well as reduced gallons pumped at Ryder’s fuel service centers. Operating revenue (revenue excluding fuel) in the third quarter of 2009 was $711.6 million, down 8% compared with $777.1 million in the year-earlier period. Both FMS total revenue and operating revenue included an unfavorable foreign exchange impact of 1%. Contractual revenue, which includes full service lease and contract maintenance, decreased 3% in the third quarter of 2009 because of fleet downsizing, lower miles driven by customers with their fleets, and unfavorable foreign exchange rate movements. Commercial rental revenue decreased 25% reflecting weak global market demand and lower pricing.

     The FMS business segment’s NBT was $37.4 million in the third quarter of 2009, down 64% from $104.8 million in the same period of 2008. NBT results were related primarily to a decline in global commercial rental performance, reduced global full service lease results, higher pension expense, and lower used vehicle sales results. These items were partially offset by cost reduction initiatives, including workforce reductions in early 2009. Commercial rental results were impacted by weak global demand, which drove lower utilization and reduced pricing. Full service lease results were adversely impacted by the protracted length and severity of the current freight recession, which has resulted in reduced customer demand for new leases and downsizing of customer fleets. Customers are also driving fewer miles with their existing fleets, which lowers Ryder’s variable revenue and fuel gallons sold. While customers drove fewer miles with

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their existing fleets in the third quarter of 2009 versus the same period of 2008, mileage comparisons showed sequential improvement compared with the second quarter 2009 and continued to improve throughout the third quarter. As previously announced, pension expense significantly increased in 2009 primarily because of poor performance in the overall stock market in 2008. Used vehicle sales results were also impacted by weak demand which drove lower pricing, as well as higher inventory levels compared with the prior-year period. Business segment NBT as a percentage of operating revenue was 5.3% in the third quarter of 2009, down 820 basis points compared with 13.5% in the same quarter a year ago.

Supply Chain Solutions

     Ryder’s Supply Chain Solutions (SCS) business segment enables customers to improve shareholder value and their customers’ satisfaction by enhancing supply chain performance and reducing costs. The solutions involve management of the logistics pipeline as a synchronized, integrated process – from materials and components to finished goods distribution. By improving business processes and employing new technologies, the flow of goods and cash is made faster and consumes less capital.

     In the SCS business segment, third quarter 2009 total revenue was $298.7 million, down 22% from $381.0 million in the comparable period in 2008. Third quarter 2009 operating revenue (revenue excluding subcontracted transportation) was $249.6 million, down 22% compared with $319.1 million in the comparable period a year ago. Both total revenue and operating revenue declined primarily due to lower automotive and other freight volumes. Revenue comparisons were also impacted by lower fuel volumes and fuel prices, as well as unfavorable foreign exchange rate movements.

     The SCS business segment’s NBT was $15.1 million in the third quarter of 2009, down 4% from $15.8 million in the same quarter of 2008. Comparative business segment earnings were negatively impacted by operating losses of $1.1 million in 2009 related to European markets that the Company expects to exit by the end of the year. Business segment earnings were also impacted by a Canadian pension curtailment gain in 2008, partially offset by start-up costs of a U.S.-based operation incurred in 2008. Third quarter 2009 NBT for the business segment as a percentage of operating revenue was 6.0%, compared with 4.9% in the same quarter of 2008.

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Dedicated Contract Carriage

     Ryder’s Dedicated Contract Carriage (DCC) business segment provides customers with vehicles, drivers, management, and administrative support, with the assets committed to a specific customer for a contractual term. DCC supports customers with both basic and sophisticated logistics and transportation needs including routing and scheduling, specialized driver services, and logistical engineering support.

     In the DCC business segment, third quarter 2009 total revenue was $120.6 million, down 14% compared with $140.6 million in the third quarter of 2008. Operating revenue (revenue excluding subcontracted transportation) in the third quarter of 2009 was $116.9 million, down 15% from $137.8 million in the year-earlier period. Total revenue and operating revenue decreased due to the pass through of lower fuel costs, and reduced freight volumes.

     The DCC business segment’s NBT in the third quarter of 2009 was $9.8 million, down 26% compared with $13.2 million in the third quarter of 2008, due to an increase in safety and insurance costs and the decline in revenue. Business segment NBT as a percentage of operating revenue was 8.4% in the third quarter of 2009, down 120 basis points from 9.6% 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. Substantially all CSS costs are allocated to the various business segments. In the third quarter of 2009, CSS costs were $43.5 million, compared with $48.3 million in the year-earlier period, reflecting lower spending across all functional areas due to the benefit of cost reduction actions, lower incentive-based compensation, and prior-year professional fees associated with strategic initiatives.

Restructuring and Other Items

     Pre-tax restructuring and other items from continuing operations in the third quarter of 2009 totaled $3.2 million ($2.0 million after tax), or $0.03 per diluted share. In the quarter, the

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Company recognized a pre-tax debt extinguishment charge of $3.9 million as part of a debt tender offer completed in September 2009, partially offset by net recoveries of $0.7 million related to refinements of prior restructuring accruals.

Income Taxes

     The Company’s effective income tax rate from continuing operations for the third quarter of 2009 was 35.6% of related pre-tax earnings, compared with 36.8% in the year-earlier period. The current period income tax rate reflects an income tax benefit of $2.2 million (5.1% of pre-tax earnings) associated with the reversal of reserves for uncertain tax positions primarily as a result of a favorable audit settlement. In the third quarter of 2008, the Company recognized an income tax benefit of $1.6 million (1.4% of pre-tax earnings) primarily from the impact of income tax changes in Massachusetts.

Discontinued Operations

     The Company previously announced a plan to discontinue SCS operations in South America and Europe. During the third quarter of 2009, the Company ceased customer operations in all South American markets and part of Europe. Accordingly, results of these operations are reported as discontinued operations for all periods presented. Pre-tax earnings from discontinued operations totaled a loss of $4.6 million ($4.5 million after-tax or $0.08 per diluted share) for the three months ended September 30, 2009, compared with a loss of $3.1 million ($2.6 million after-tax or $0.05 per diluted share) in the year-earlier period. Results for 2009 include pre-tax exit-related restructuring and other charges of $2.2 million ($1.9 million after-tax or $0.03 per diluted share) associated with severance and other termination benefits, and contract termination 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

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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.

     Capital expenditures from continuing operations were $468.3 million for the first nine months of 2009, reduced from $946.2 million in the same period of 2008. The decrease in capital expenditures reflects reduced full service lease vehicle spending due to lower new and replacement sales in the current global economic environment, as well as increased use of term extensions and used vehicle redeployments. Additionally, the decrease reflects planned lower spending on transactional commercial rental vehicles. Net capital expenditures (including proceeds from the sale of assets) were $317.7 million for the first nine months of 2009, down 57% from $734.0 million in the same period of 2008.

Cash Flow

     Operating cash flow from continuing operations through September 30, 2009 was $758.8 million, down 15% from $895.1 million in the same period of 2008, primarily due to lower cash-based earnings. Total cash generated (including proceeds from used vehicle sales) from continuing operations through September 30, 2009, was $960.7 million, down 17% from $1.15 billion in the same period of 2008. Free cash flow from continuing operations through September 30, 2009 was $452.1 million, up 70% from $266.2 million in the same period of 2008, primarily due to lower net cash paid for capital expenditures. Ryder expects free cash flow comparisons to improve through the remainder of the year, due primarily to lower capital expenditures, partially offset by lower earnings, and lower used vehicle sales proceeds. The Company may also elect to make voluntary pension contributions prior to year end.

Leverage

     Balance sheet debt as of September 30, 2009 decreased by $336.5 million compared with year-end 2008, due primarily to the utilization of free cash flow to repay debt. The leverage ratio for balance sheet debt as of September 30, 2009 was 174%, compared with 213% at year-end 2008. Total obligations to equity as of September 30, 2009 were 184%, down from 225% at year-end 2008.

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Outlook

     The Company anticipates the weak overall economic environment and protracted freight recession will continue to impact Ryder’s performance, particularly in the FMS business segment, over the near term. The Company expects a growing impact from lower lease sales and renewals as customers continue to downsize their fleets. The continued market softness is also expected to negatively affect commercial rental and, to a lesser extent, used vehicles sales results.

     Commenting on Ryder’s outlook, Mr. Swienton said, “We have not yet seen sustained growth in the economy, freight volumes, or customer activity levels. Nevertheless, our team is very experienced at understanding both the business environment in which we operate and the markets we serve, and we are focused on executing for our customers, as well as delivering results for our owners. We will continue to manage our assets effectively, with actions that are well-timed with marketplace opportunities and developments. Our business model and its cash-generating capabilities remain strong, especially relative to the current economic conditions, and enable us to make progress on many fronts. Based on the current strength of our financial position, we plan to resume our two previously announced share repurchase plans, which were paused last year as we assessed the unprecedented conditions related to financial markets.”

About Ryder

Ryder provides leading-edge transportation, logistics, and supply chain management solutions. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. Ryder ranks 399th on the FORTUNE 500^®. For more information on Ryder System, Inc., visit www.ryder.com.

# # #

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. 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, further deterioration in economic conditions and freight volumes, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, continued decline in economic and market conditions affecting lease sales, the commercial rental market or the sale of used vehicles, customer acceptance or competition, customer retention levels, unexpected volume declines, automotive plant shutdowns and shift eliminations, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves

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or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, the timing and impact of the restructuring activities announced in Q4 2008, changes in financial, tax or regulatory requirements or 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 resulting from volatile financial market, unfavorable market conditions affecting the timing and impact of share repurchases, lack of accretive acquisition opportunities, inability to achieve planned synergies and customer retention levels from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, changes in general economic conditions, further decline in pension plan returns, sudden or unusual changes in fuel prices, availability of qualified drivers, our ability to manage our cost structure, new accounting pronouncements, rules or interpretations, changes in government regulations including regulations regarding vehicle emissions 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. Additional information regarding non-GAAP financial measures can be found in our investor presentation for the quarter and in our reports filed with the SEC, which are available in the Investors area of our website at www.ryder.com.

Conference Call and Webcast Information:

Ryder’s earnings conference call and webcast is scheduled for Thursday, October 22, 2009, from 11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Chairman and Chief Executive Officer Greg Swienton and Executive Vice President and Chief Financial Officer Robert Sanchez.

Þ	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: RH9237859 and Passcode: RYDER.
Þ	To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-866-517-5366 (outside U.S. dial 1-203-369-2048), 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 September 30, 2009 and 2008
(In millions, except per share amounts)

	Three Months						Nine Months
	2009			2008			2009			2008
Revenue	$	1,256.6			1,576.8		$	3,653.6			4,697.2
Operating expense		576.1			790.6			1,656.8			2,368.4
Salaries and employee-related costs		313.5			344.9			926.4			1,038.9
Subcontracted transportation		52.9			64.7			140.1			185.6
Depreciation expense		220.5			213.3			665.9			625.8
Gains on vehicle sales, net		(3.3	)		(10.4	)		(9.1	)		(33.0	)
Equipment rental		16.3			18.8			48.1			59.6
Interest expense		35.7			39.2			110.5			112.4
Miscellaneous (income) expense, net		(2.4	)		0.7			(3.1	)		2.3
Restructuring and other charges, net		3.1			—			4.5			—
		1,212.4			1,461.7			3,540.1			4,360.0
Earnings from continuing operations before income taxes		44.3			115.1			113.4			337.2
Provision for income taxes		(15.8	)		(42.3	)		(45.9	)		(127.7	)
Earnings from continuing operations		28.5			72.8		$	67.5			209.5
Loss from discontinued operations, net of tax		(4.5	)		(2.6	)		(13.8	)		(20.2	)
Net earnings		24.0			70.2			53.7			189.2
Earnings per common share — Diluted
Continuing operations	$	0.51			1.29		$	1.21			3.64
Discontinued operations		(0.08	)		(0.05	)		(0.25	)		(0.35	)
Net earnings	$	0.43			1.24		$	0.96			3.29
Weighted-average shares outstanding — Diluted		55.5			55.9			55.4			57.0
Memo:
Comparable earnings per share from continuing operations:
EPS from Continuing Operations	$	0.51			1.29		$	1.21			3.64
International Asset Impairment		—			—			0.06			—
Reversal of Tax Reserves		(0.04	)		—			(0.04	)		—
Restructuring Charges		0.03			—			0.04			—
Tax law changes		—			(0.03	)		—			(0.03	)
Comparable EPS from continuing operations	$	0.50			1.26		$	1.28			3.62
Comparable earnings per share:
EPS	$	0.43			1.24		$	0.96			3.29
International Asset Impairment		—			—			0.06			—
Reversal of Tax Reserves		(0.04	)		—			(0.04	)		—
Restructuring Charges		0.07			—			0.15			—
Brazil Charges		—			—			—			0.12
Tax law Changes		—			(0.03	)		—			(0.03	)
Comparable EPS	$	0.46			1.21		$	1.13			3.38

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS — UNAUDITED
PRELIMINARY AND SUBJECT TO RECLASSIFICATION
(Dollars in millions)

	September 30,		December 31,
	2009		2008
Assets:
Cash and cash equivalents	$	111.0	$	120.3
Other current assets		812.7		830.9
Revenue earning equipment, net		4,320.0		4,565.2
Operating property and equipment, net		548.9		546.8
Other assets		661.0		626.3
	$	6,453.6	$	6,689.5
Liabilities and shareholders’ equity:
Short-term debt / current portion of long-term debt	$	256.6	$	384.3
Other current liabilities		635.5		726.9
Long-term debt		2,269.8		2,478.5
Other non-current liabilities (including deferred income taxes)		1,840.1		1,754.6
Shareholders’ equity		1,451.6		1,345.2
	$	6,453.6	$	6,689.5

SELECTED KEY RATIOS AND METRICS

	September 30,			December 31,
	2009			2008
Debt to equity		174	%		213	%
Total obligations to equity *		184	%		225	%

	Nine months ended September 30,
	2009		2008
Cash provided by operating activities from continuing operations	$	758.8	$	895.1
Free cash flow*		452.1		266.2
Capital expenditures paid		508.6		888.3

	Twelve months ended September 30,
	2009			2008
Return on average shareholders’ equity		4.5	%		14.1	%
Return on average assets		1.0	%		3.8	%
Return on capital *		5.1	%		7.4	%

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

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS — UNAUDITED
Periods ended September 30, 2009 and 2008
(Dollars in millions)

	Three Months									Nine Months
	2009			2008			B(W)			2009			2008			B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	500.1			516.4			(3	)%	$	1,496.6			1,536.7			(3	)%
Contract maintenance		42.4			43.4			(2	)%		126.0			125.9			—
Contractual revenue		542.4			559.8			(3	)%		1,622.6			1,662.6			(2	)%
Contract-related maintenance		40.1			48.3			(17	)%		125.9			150.2			(16	)%
Commercial rental		112.3			149.5			(25	)%		320.1			428.8			(25	)%
Other		16.8			19.5			(14	)%		47.1			56.4			(17	)%
Fuel		200.3			389.6			(49	)%		549.3			1,175.7			(53	)%
Total Fleet Management Solutions		911.9			1,166.8			(22	)%		2,665.1			3,473.7			(23	)%
Supply Chain Solutions		298.7			381.0			(22	)%		855.1			1,151.9			(26	)%
Dedicated Contract Carriage		120.6			140.6			(14	)%		351.7			421.5			(17	)%
Eliminations		(74.7	)		(111.5	)		33	%		(218.3	)		(350.0	)		38	%
Total revenue	$	1,256.6			1,576.8			(20	)%	$	3,653.6			4,697.2			(22	)%
Operating Revenue: *
Fleet Management Solutions	$	711.6			777.1			(8	)%	$	2,115.7			2,298.0			(8	)%
Supply Chain Solutions		249.6			319.1			(22	)%		723.5			974.7			(26	)%
Dedicated Contract Carriage		116.9			137.8			(15	)%		343.2			413.1			(17	)%
Eliminations		(41.6	)		(48.8	)		15	%		(128.0	)		(150.8	)		15	%
Total operating revenue	$	1,036.4			1,185.3			(13	)%	$	3,054.4			3,535.1			(14	)%
Business segment earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	37.4			104.8			(64	)%	$	109.6			312.0			(65	)%
Supply Chain Solutions		15.1			15.8			(4	)%		21.4			41.7			(49	)%
Dedicated Contract Carriage		9.8			13.2			(26	)%		30.7			36.9			(17	)%
Eliminations		(5.7	)		(8.2	)		30	%		(16.2	)		(23.4	)		31	%
		56.6			125.5			(55	)%		145.5			367.2			(60	)%
Unallocated Central Support Services		(9.2	)		(10.4	)		12	%		(24.4	)		(30.0	)		19	%
Earnings from continuing operations before restructuring and other items and income taxes		47.4			115.1			(59	)%		121.1			337.2			(64	)%
Restructuring and other charges, net and other items		(3.2	)		—		NM				(7.7	)		—		NM
Earnings from continuing operations before income taxes		44.3			115.1			(62	)%		113.4			337.2			(66	)%
Provision for income taxes		(15.8	)		(42.3	)		63	%		(45.9	)		(127.7	)		64	%
Earnings from continuing operations	$	28.5			72.8			(61	)%	$	67.5			209.5			(68	)%

* Non-GAAP financial measure

Note: Amounts may not be additive due to rounding.

Page 3

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION — UNAUDITED
Periods ended September 30, 2009 and 2008
(Dollars in millions)

	Three Months								Nine Months
	2009			2008			B(W)		2009			2008			B(W)
Fleet Management Solutions
Total revenue	$	911.9			1,166.8		(22	%)	$	2,665.1			3,473.7			(23	%)
Fuel revenue		(200.3	)		(389.6	)	(49	%)		(549.3	)		(1,175.7	)		(53	%)
Operating revenue *	$	711.6			777.1		(8	%)	$	2,115.7			2,298.0			(8	%)
Segment earnings before income taxes	$	37.4			104.8		(64	%)	$	109.6			312.0			(65	%)
Earnings before income taxes as % of total revenue		4.1	%		9.0	%				4.1	%		9.0	%
Earnings before income taxes as % of operating revenue *		5.3	%		13.5	%				5.2	%		13.6	%
Supply Chain Solutions
Total Revenue	$	298.7			381.0		(22	%)	$	855.1			1,151.9			(26	%)
Subcontracted transportation		(49.2	)		(61.9	)	(21	%)		(131.6	)		(177.2	)		(26	%)
Operating revenue *	$	249.6			319.1		(22	%)	$	723.5			974.7			(26	%)
Segment earnings before income taxes	$	15.1			15.8		(4	%)	$	21.4			41.7			(49	%)
Earnings before income taxes as % of total revenue		5.0	%		4.1	%				2.5	%		3.6	%
Earnings before income taxes as % of operating revenue *		6.0	%		4.9	%				3.0	%		4.3	%
Memo: Fuel costs	$	17.6			35.8		51	%	$	48.3			121.0			60	%
Dedicated Contract Carriage
Total revenue	$	120.6			140.6		(14	%)	$	351.7			421.5			(17	%)
Subcontracted transportation		(3.7	)		(2.8	)	33	%		(8.5	)		(8.4	)		1	%
Operating revenue *	$	116.9			137.8		(15	%)	$	343.2			413.1			(17	%)
Segment earnings before income taxes	$	9.8			13.2		(26	%)	$	30.7			36.9			(17	%)
Earnings before income taxes as % of total revenue		8.1	%		9.4	%				8.7	%		8.8	%
Earnings before income taxes as % of operating revenue *		8.4	%		9.6	%				9.0	%		8.9	%
Memo: Fuel costs	$	18.6			33.4		44	%	$	51.3			100.6			49	%

* Non-GAAP financial measure

Note: Amounts may not be additive due to rounding.

Page 4

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS — PRELIMINARY AND UNAUDITED
(Dollars in millions)

OPERATING REVENUE RECONCILIATION

	Three months ended September 30,						Nine months ended September 30,
	2009			2008			2009			2008
Total revenue	$	1,256.6			1,576.8		$	3,653.6			4,697.2
Fuel services and subcontracted transportation revenue		(253.2	)		(454.3	)		(689.5	)		(1,361.3	)
Fuel eliminations		33.0			62.8			90.3			199.2
Operating revenue *	$	1,036.4			1,185.3		$	3,054.4			3,535.1

DEBT TO EQUITY RECONCILIATION

	September 30,					December 31,
	2009		% to Equity			2008		% to Equity
On-balance sheet debt	$	2,526.3		174	%	$	2,862.8		213	%
Off-balance sheet debt — PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		137.5					163.0
Total obligations *	$	2,663.8		184	%	$	3,025.8		225	%

CASH FLOW RECONCILIATION

	Nine months ended September 30,
	2009			2008
Net cash provided by operating activities from continuing operations	$	758.8		$	895.1
Proceeds from sales (primarily revenue earning equipment)		150.5			212.2
Collections on direct finance leases		51.1			46.8
Other, net		0.2			0.4
Total cash generated *		960.7			1,154.5
Capital expenditures		(508.6	)		(888.3	)
Free cash flow *	$	452.1			266.2

RETURN ON CAPITAL RECONCILIATION

	Twelve months ended September 30,
	2009			2008
Net earnings (12-month rolling period)	$	64.3			261.2
+ Restructuring and other items		78.1			8.0
+ Income taxes		67.9			167.4
Adjusted earnings before income taxes		210.4			436.5
+ Adjusted interest expense (b)		158.5			164.4
- Adjusted income taxes		(143.6	)		(240.1	)
= Adjusted net earnings for ROC (numerator)	$	225.2			360.8
Average total debt	$	2,786.6			2,857.9
+ Average off-balance sheet debt		150.9			176.4
+ Average adjusted total shareholders’ equity (c)		1,444.8			1,850.3
= Adjusted average total capital (denominator)	$	4,382.3			4,884.6
Adjusted ROC *		5.1	%		7.4	%

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 shareholders’ equity excluding comparable earnings items for those periods.
*	Non-GAAP financial measure

   Note: Amounts may not be additive due to rounding.

       Certain prior period amounts have been reclassified to conform to current year presentation.

Page 5

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS — PRELIMINARY AND UNAUDITED
(In millions, except per share amounts)

NET EARNINGS / EPS RECONCILIATION

	Three Months									Nine Months
	2009									2009
	Reported						Comparable			Reported						Comparable
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Revenue	$	1,256.6			—			1,256.6		$	3,653.6			—			3,653.6
Operating expense (a)		576.1			0.1			576.2			1,656.8			0.8			1,657.6
Salaries and employee-related costs		313.5						313.5			926.4						926.4
Subcontracted transportation		52.9						52.9			140.1						140.1
Depreciation expense (b)		220.5			(0.2	)		220.3			665.9			(4.1	)		661.8
Gains on vehicle sales, net		(3.3	)					(3.3	)		(9.1	)					(9.1	)
Equipment rental		16.3						16.3			48.1						48.1
Interest expense		35.7						35.7			110.5						110.5
Miscellaneous income, net		(2.4	)					(2.4	)		(3.1	)					(3.1	)
Restructuring and other charges, net		3.1			(3.1	)		—			4.5			(4.5	)		—
		1,212.4			(3.2	)		1,209.2			3,540.1			(7.7	)		3,532.4
Earnings from continuing operations before income taxes		44.3			3.2			47.4			113.4			7.7			121.1
Provision for income taxes (c)		(15.8	)		(3.4	)		(19.2	)		(45.9	)		(3.7	)		(49.5	)
Earnings from continuing operations		28.5			(0.3	)		28.2			67.5			4.1			71.6
Loss from discontinued operations, net of tax		(4.5	)		2.0			(2.5	)		(13.8	)		5.5			(8.3	)
Net earnings	$	24.0			1.8			25.8		$	53.7			9.6			63.3
Tax Rate from Continuing Operations		35.6	%					40.4	%		40.5	%					40.9	%
Earnings per common share — Diluted:
Continuing Operations	$	0.51			(0.01	)		0.50		$	1.21			0.07			1.28
Discontinued Operations		(0.08	)		0.04			(0.04	)		(0.25	)		0.10			(0.15	)
Net Earnings	$	0.43			0.03			0.46		$	0.96			0.17			1.13

	Three Months									Nine Months
	2008									2008
	Reported						Comparable			Reported						Comparable
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Revenue	$	1,576.8			—			1,576.8		$	4,697.2			—			4,697.2
Operating expense		790.6						790.6			2,368.4						2,368.4
Salaries and employee-related costs		344.9						344.9			1,038.9						1,038.9
Subcontracted transportation		64.7						64.7			185.6						185.6
Depreciation expense		213.3						213.3			625.8						625.8
Gains on vehicle sales, net		(10.4	)					(10.4	)		(33.0	)					(33.0	)
Equipment rental		18.8						18.8			59.6						59.6
Interest expense		39.2						39.2			112.4						112.4
Miscellaneous expense, net		0.7						0.7			2.3						2.3
Restructuring and other charges, net		—			—			—			—			—			—
		1,461.7			—			1,461.7			4,360.0			—			4,360.0
Earnings before income taxes		115.1			—			115.1			337.2			—			337.2
Provision for income taxes (d)		(42.3	)		(1.6	)		(43.9	)		(127.7	)		(1.6	)		(129.4	)
Earnings from continuing operations		72.8			(1.6	)		71.2			209.5			(1.6	)		207.9
Loss from discontinued operations, net of tax (e)		(2.6	)		—			(2.6	)		(20.2	)		6.8			(13.5	)
Net earnings	$	70.2			(1.6	)		68.6		$	189.2			5.2			194.4
Tax Rate from Continuing Operations		36.8	%					38.2	%		37.9	%					38.4	%
Earnings per common share — Diluted:
Continuing Operations	$	1.29			(0.03	)		1.26		$	3.64			(0.03	)		3.62
Discontinued Operations		(0.05	)		—			(0.05	)		(0.35	)		0.12			(0.24	)
Net Earnings	$	1.24			(0.03	)		1.21		$	3.29			0.09			3.38

Notes:
(a)	International asset recovery.
(b)	International asset impairment charge.
(c)	Reversal of tax accruals
(d)	Tax law changes
(e)	Charge for prior years’ adjustments associated with our Brazilian SCS operation.
Note: Amounts may not be additive due to rounding.

Page 6

EX-99.2

Exhibit 99.2

Third Quarter 2009 Earnings Conference Call

Safe Harbor Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995. 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, further deterioration in economic conditions and freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, continued decline in economic and market conditions affecting lease sales, the commercial rental market or the sale of used vehicles, customer acceptance or competition, customer retention levels, unexpected volume declines, automotive plant shutdowns and shift eliminations, 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, the timing and impact of the restructuring activities announced in Q4 2008, changes in financial, tax or regulatory requirements or 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 resulting from volatile financial markets, unfavorable market conditions affecting the timing and impact of share repurchases, lack of accretive acquisition opportunities, inability to achieve planned synergies and customer retention levels from acquisitions, labor strikes or work stoppages affecting our or our customers' business operations, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, changes in general economic conditions, further decline in pension plan returns, sudden or unusual changes in fuel prices, our ability to manage our cost structure, new accounting pronouncements, rules or interpretations, changes in government regulations including regulations regarding vehicle emissions 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.

Contents Third Quarter 2009 Results Overview Asset Management Update Outlook Q & A

3rd Quarter Results Overview Earnings per diluted share from continuing operations were $0.51 vs. $1.29 in 3Q08 3Q09 included a $0.04 tax benefit related to contingent tax reversals, partially offset by $0.03 restructuring and other charge primarily related to debt extinguishment 3Q08 included a $0.03 net benefit primarily due to Massachusetts tax law change Comparable earnings per share from continuing operations were $0.50 vs. $1.26 in 3Q08 Including discontinued operations, EPS totaled $0.43 in 3Q09 and comparable EPS totaled $0.46 EPS from discontinued operations totaled $0.08 in 3Q09 including $0.04 of restructuring and other charges All segment information presented excludes discontinued operations and has been restated. Discontinued operations consist of operations in South America and parts of Europe.

3rd Quarter Results Overview Total revenue declined 20% vs. prior year, reflecting lower fuel services revenue, lower operating revenue and unfavorable foreign exchange rate movements Operating revenue down 13% vs. prior year driven by lower commercial rental revenue, SCS and DCC fuel revenues, automotive production volumes, contractual revenues and unfavorable foreign exchange rates Fleet Management Solutions (FMS) total revenue down 22% (and operating revenue down 8%) vs. prior year Contractual revenue down 3%; down 2% excluding foreign exchange Full service lease revenue down 3% Contract maintenance revenue decreased 2% Commercial rental revenue down 25% Fuel revenue down 49% due primarily to lower prices as well as volume declines FMS net before tax earnings (NBT) down 64% FMS NBT percent of operating revenue down 820 basis points to 5.3% FMS earnings negatively impacted by lower commercial rental results, lower full service lease performance, higher pension expense and lower used vehicle results, partially offset by cost reduction initiatives

3rd Quarter Results Overview Supply Chain Solutions (SCS) total and operating revenue down 22% vs. prior year due largely to lower automotive and other freight volumes, lower fuel volumes and prices, and unfavorable foreign exchange impact SCS net before tax earnings (NBT) down 4% SCS NBT percent of operating revenue up 110 basis points to 6.0% SCS earnings negatively impacted by losses remaining in European Operations (to be exited) Dedicated Contract Carriage (DCC) total revenue down 14% (and operating revenue down 15%) vs. prior year due to lower passed through fuel prices and lower freight volumes DCC net before tax earnings (NBT) down 26% DCC NBT percent of operating revenue down 120 basis points to 8.4% DCC earnings negatively impacted by increased safety/insurance costs and lower freight volumes

Key Financial Statistics Third Quarter Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. Comparable tax rate from continuing operations, a non-GAAP financial measure, would be 40.4% in 2009 vs. 38.2% in 2008. See page 35 for reconciliation. ($ Millions, Except Per Share Amounts) Note: Amounts throughout presentation may not be additive due to rounding.

Key Financial Statistics Year-to-Date Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. Comparable tax rate from continuing operations, a non-GAAP financial measure, would be 40.9% in 2009 vs. 38.4% in 2008. See page 35 for reconciliation. ($ Millions, Except Per Share Amounts)

Business Segment Third Quarter Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Our primary measure of segment financial performance excludes restructuring and other charges, net and other items. The applicable portion of the restructuring and other items that related to each segment was as follows: FMS - ($3.7), SCS - $0.5 in 2009. ($ Millions)

Business Segment Year-to-Date Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Our primary measure of segment financial performance excludes restructuring and other charges, net and other items. The applicable portion of the restructuring and other items that related to each segment was as follows: FMS - ($5.5), SCS - ($2.1) and CSS - ($0.1) in 2009. ($ Millions)

Capital Expenditures from Continuing Operations Year-to-Date ($ Millions)

Cash Flow from Continuing Operations (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures (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 Year-to-Date ($ Millions)

Debt to Equity Ratio Note: Includes impact of accumulated net pension related equity charge of $478 million as of 9/30/09, $480 million as of 12/31/08 and $163 million as of 9/30/08. (1) Non-GAAP financial measure. Total obligations include the present value of minimum lease payments and guaranteed residual values under operating leases of $138 million as of 9/30/09, $163 million as of 12/31/08 and $167 million at 9/30/08. (2) Represents long term total obligations to equity target of 250 - 300% while maintaining a strong investment grade rating. (1) (2) ($ Millions)

Contents Third Quarter 2009 Results Overview Asset Management Update Outlook Q & A

Units held for sale were 7,800 (US: 6,300) at quarter end; up 42% from 5,500 (US: 4,600) units held for sale in the prior year Units held for sale were down 13% from 9,000 (US: 7,500) at the end of the prior quarter The number of used vehicles sold in the third quarter was 5,200 (US: 4,200), up 3% compared with prior year Number of used vehicles sold was down 8% or 500 units vs. the prior quarter Proceeds per unit were down 24% for tractors and 29% for trucks in the third quarter compared with prior year (excluding the impact of exchange rates) Proceeds per unit were down 6% for tractors and 4% for trucks vs. the prior quarter Vehicles no longer earning revenue were 11,000 (US: 8,700) at quarter end; up 3,300 (US: 2,400) from the prior year Vehicles no longer earning revenue were down 1,400 (US: 1,300) vs. the end of the prior quarter due to a decrease in units held for sale and an improvement in rental utilization Average third quarter total commercial rental fleet was down 17% (US: down 17%) year-over-year Global Asset Management Update (1) (1) Units rounded to nearest hundred. Asset management statistics are now being presented on a global basis. U.S. statistics which were historically disclosed are shown in parenthesis.

Contents Third Quarter 2009 Results Overview Asset Management Update Outlook Q & A

Outlook Despite some improvements in automotive volumes and with used vehicle sales, anticipate weak economic environment to continue in near term Weak conditions expected to primarily impact FMS segment Lower lease sales will negatively impact revenue comparisons Weak demand expected to continue to impact commercial rental results; however, utilization rate improving on smaller fleet Used vehicle sales trends expected to continue at recent levels with continued soft pricing and a smaller used truck inventory Free cash flow expected to improve due to lower capital expenditures, partially offset by lower earnings, lower used vehicle sales and potential pension contribution Strong free cash flow provides stability in current environment Plan to resume share repurchase programs

Q&A

Appendix Business Segment Detail Central Support Services Balance Sheet Historical EPS Restatement Asset Management Non-GAAP Financial Measures & Reconciliations

Fleet Management Solutions (FMS) Third Quarter ($ Millions) (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass-through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time as customer pricing for fuel services is established based on market fuel costs.

Fleet Management Solutions (FMS) Year-to-Date ($ Millions) (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass-through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time as customer pricing for fuel services is established based on market fuel costs.

Supply Chain Solutions (SCS) Third Quarter The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. The Company has announced plans to exit these markets by the end of 2009. ($ Millions)

Supply Chain Solutions (SCS) Year-to-Date The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. The Company has announced plans to exit these markets by the end of 2009. ($ Millions)

Supply Chain Solutions (SCS) Historical Information ($ Millions) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. The Company has announced plans to exit these markets by the end of 2009.

Dedicated Contract Carriage (DCC) Third Quarter (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. ($ Millions)

Dedicated Contract Carriage (DCC) Year-to-Date (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. ($ Millions)

Central Support Services (CSS) Third Quarter ($ Millions)

Central Support Services (CSS) Year-to-Date ($ Millions)

Balance Sheet ($ Millions)

Historical EPS Restatement ($ Earnings Per Share) (1) Effective January 1, 2009, we adopted accounting guidance on earnings per share which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method.

U.S. Asset Management Update (a) U.S. only Excludes early terminations where customer purchases vehicle Current year statistics may exclude some units due to a lag in reporting (b) Number of Units Redeployments Extensions Early Terminations Early Replacements 3QYTD04 3808 2174 3891 1099 3QYTD05 3032 2910 3243 1198 3QYTD06 2827 3060 2951 1198 3QYTD07 3200 2924 3869 1655 3QYTD08 3132 3977 3664 1218 3QYTD09 3257 5270 4517 711 (c) (c)

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 and an explanation why management believes that presentation of the non-GAAP financial measure provides useful information to investors. 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 7 - 8 Earnings Before Restructuring and Income Taxes Net Earnings from Continuing Operations Business Segment 9 - 10 Comparable Earnings / EPS from Continuing Operations Net Earnings / EPS from Continuing Operations EPS and Net Earnings from Continuing Operations Reconciliation 33 Comparable Net Earnings/EPS Comparable NBT / Tax Rate Net Earnings / EPS NBT / Tax Rate EPS and Net Earnings Reconciliation Tax Rate Reconciliation 34 35 Adjusted Return on Capital Net Earnings Adjusted Return on Capital Reconciliation 36 Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow 12 Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Ratio Debt to Equity Reconciliation 13 37 - 38 FMS / SCS / DCC Operating Revenue and Segment NBT as % of Operating Revenue FMS / SCS / DCC Total Revenue and Segment NBT as % of Total Revenue Fleet Management Solutions / Supply Chain Solutions / Dedicated Contract Carriage 20 - 26

EPS and Net Earnings from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share)

EPS and Net Earnings Reconciliation ($ Millions or $ Earnings Per Share)

Tax Rate from Continuing Operations Reconciliation Note: NBT represents net before tax earnings

Adjusted Return on Capital Reconciliation (1) Earnings calculated based on a 12-month rolling period excluding comparable earnings items during the period. (2) Interest expense includes implied interest on off-balance sheet vehicle obligations. (3) Income taxes were calculated using the effective income tax rate for the period exclusive of comparable earnings items. (4) Represents shareholders' equity excluding comparable earnings items for those periods. (5) The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (including off-balance sheet debt) and equity should be included in evaluating how effectively capital is utilized across the business. ($ Millions)

Debt to Equity Reconciliation 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. (1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors as they are more complete measures of the Company's existing financial obligations and help investors better assess the Company's overall leverage position. ($ Millions)

Debt to Equity Reconciliation (1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors as they are more complete measures of the Company's existing financial obligations and help investors better assess the Company's overall leverage position. ($ Millions) *Note: Amounts may not recalculate due to rounding.

Capital Expenditures Reconciliation Year-to-Date ($ Millions)

Cash Flow Reconciliation Year-to-Date ($ Millions)