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, 2010

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, 2010, we issued a press release reporting our financial results for the three and twelve months ended December 31, 2009 (the “Press Release”). We also hosted a conference call and webcast on February 3, 2010 during which we made a presentation on our financial results for the three and twelve months ended December 31, 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 comparable earnings from continuing operations, comparable earnings per share from continuing operations and comparable tax rate from continuing operations for both fourth quarter and full year 2009 and 2008, which are non-GAAP financial measures as defined by SEC regulations. We believe that these non-GAAP financial measures provide useful information to investors, and allow for better year-over-year comparison, as the measures exclude from our GAAP earnings from continuing operations, earnings per share from continuing operations and tax rate from continuing operations, as applicable, (1) restructuring charges, (2) the reversal of contingent income tax accruals, (3) certain tax benefits, including a benefit in the fourth quarter of 2009 related to changes in Canadian income tax laws and (4) impairment charges taken on an asset in our international operations, all of which are unrelated to our ongoing business operations.

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

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

Item 9.01(d) Exhibits

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

Exhibit 99.1	Press Release, dated February 3, 2010, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 2009.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on February 3, 2010, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 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: February 3, 2010	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, February 3, 2010 — Ryder System, Inc. (NYSE: R)

RYDER REPORTS FOURTH QUARTER AND FULL YEAR 2009
RESULTS AND PROVIDES 2010 FORECAST

• Q4 Continuing Operations EPS of $0.43 vs. $0.91 in 2008

• Q4 Comparable Continuing Operations EPS of $0.41 vs. $1.10 in 2008

• Q4 Total Revenue 7% Lower; Operating Revenue Declines 6%

• Full Year Continuing Operations EPS of $1.62 vs. $4.52 in 2008

• Full Year Comparable Continuing Operations EPS of $1.70 vs. $4.68 in 2008

• Full Year Total Revenue Decreases 19%; Operating Revenue Declines 11%

• Full Year Operating Cash Flow Totals $1 Billion; Free Cash Flow Totals $630 Million

• 2010 Comparable EPS Forecast of $1.80 to $1.95 vs. $1.70 in 2009

     Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share (EPS) from continuing operations for the three-month period ended December 31, 2009 were $0.43, compared with $0.91 in the year-earlier period. Earnings from continuing operations for the fourth quarter of 2009 were $23.7 million, compared with $50.5 million in the year-earlier period. EPS and earnings from continuing operations in the current period included a net benefit of $0.02 and $1.5 million, respectively, related to changes in Canadian income tax laws, partially offset by restructuring and other items. EPS and earnings from continuing operations in the year-earlier period included a net charge of $0.19 and $11.1 million, respectively, related to restructuring and other items, partially offset by the reversal of contingent income tax accruals. Excluding these items, comparable EPS from continuing operations for the fourth quarter of 2009 were $0.41, down 63% from $1.10 in the year-earlier period, and comparable earnings from continuing operations of $22.2 million for the fourth quarter of 2009 were down 64% from $61.6 million in the year-earlier period. Results reflect significantly lower pre-tax earnings in the Fleet Management Solutions (FMS) business segment. The decline was driven by decreased global results in full service lease, higher pension expense, reduced commercial rental performance, and

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lower results from used vehicle sales operations. Higher pension expense reduced EPS by $0.18, primarily impacting the FMS business segment. To a lesser extent, Company earnings in Supply Chain Solutions (SCS) and Dedicated Contract Carriage (DCC) were impacted by higher self-insurance costs.

     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. During the fourth quarter of 2009, the Company ceased SCS customer operations in all of Europe. Accordingly, results of these operations are reported as discontinued operations for all periods presented. EPS from discontinued operations totaled losses of $0.28 in the fourth quarter of 2009 compared with losses of $0.72 in same period of the prior year. Results from discontinued operations for 2009 included accumulated foreign currency translation losses of $14.2 million ($14.2 million after tax or $0.26 per diluted share) associated with the liquidation of investments in certain discontinued operations.

     Net earnings per diluted share (including discontinued operations) for the three-month period ended December 31, 2009 were $0.15 versus $0.19 in the year-earlier period. Net earnings for the fourth quarter of 2009 were $8.2 million versus $10.6 million in the year-earlier period.

     Total revenue from continuing operations for the fourth quarter of 2009 was $1.25 billion, down 7% from $1.34 billion in the same period in the prior year. Total revenue comparisons were adversely impacted by lower fuel volumes, partially offset by favorable foreign exchange rate movements. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) from continuing operations was $1.02 billion, down 6% compared with $1.09 billion in the year-earlier period. Operating revenue comparisons included a favorable fourth quarter 2009 foreign exchange impact of 1%. FMS business segment total revenue decreased 8% due primarily to lower fuel services revenue. FMS operating revenue decreased 5% due to lower revenue in full service lease and commercial rental, partially offset by favorable foreign exchange rate movements. Full service lease revenue was negatively impacted by customer fleet downsizing. SCS business segment total revenue from continuing operations decreased 5% and operating revenue decreased 9% due to lower automotive volumes, partially offset by favorable foreign exchange rate movements. DCC business segment total revenue

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decreased 6% and operating revenue decreased 8% due to the non-renewal of customer contracts and reduced freight volumes.

     Commenting on the Company’s performance, Ryder Chairman and CEO Greg Swienton said, “We continued to manage the business effectively through the challenges of the prolonged multi-year freight recession which extended through the fourth quarter. Fleet Management Solutions customers continued to cope with reduced freight activity by downsizing their fleets, primarily at the end of their contractual term. There were a number of areas that showed some positive improvement. Lease miles per vehicle continued to stabilize and we continued to maintain pricing levels on new lease sales in line with return targets. While rental demand remained soft, utilization improved due to our fleet right-sizing actions. Used vehicle sales inventories were reduced from third quarter levels and are in line with our targets. Used vehicle pricing was lower, although more stable in the second half of the year. As expected, Supply Chain Solutions automotive volumes were lower compared with the prior year. Additionally, we incurred shutdown costs from the termination of certain automotive operations. In line with our previously announced strategic actions, we also successfully completed all of our plans to disengage from underperforming Supply Chain Solutions operations in South America and Europe. For the full year, we leveraged our improved processes and business model to deliver record free cash flow of $630 million. Our solid balance sheet also enabled us to repurchase 2.7 million shares and make a substantial voluntary pension contribution of more than $100 million, while maintaining a very strong liquidity position.”

Full Year 2009 Operating Results

     Total revenue from continuing operations for the full year 2009 was $4.89 billion, down 19% from $6.0 billion in the same period of 2008. Operating revenue from continuing operations for the full year 2009 was $4.06 billion, down 11% from $4.59 billion in 2008.

     Ryder’s 2009 earnings from continuing operations were $90.1 million, compared with $257.6 million in the year-earlier period. EPS from continuing operations were $1.62 for 2009, versus $4.52 for the same period of 2008. Comparable 2009 earnings from continuing operations were $94.6 million, down from $267.1 million in the same period of 2008. Comparable EPS from continuing operations of $1.70, declined from $4.68 in the year-earlier period. Comparable earnings and EPS from continuing operations excluded restructuring and

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other items, and certain tax benefits in both 2009 and 2008.

     Ryder’s 2009 net earnings (including loss from discontinued operations) were $61.9 million, compared with $199.9 million in the year-earlier period. EPS were $1.11 for 2009, compared with $3.50 for the same period of 2008. Net earnings included the impact of discontinued SCS operations in South America and Europe.

     Operating cash flow from continuing operations for the full year 2009 was $1 billion, down 20% from $1.25 billion in the comparable period of 2008, due to lower cash-based earnings and voluntary pension contributions. Free cash flow from continuing operations in 2009 was $629.7 million, up 85% from $341.0 million in the same period of 2008, primarily due to lower net cash paid for capital expenditures.

Fourth 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 fourth quarter of 2009 was $900.2 million, down 8% compared with $977.1 million in the year-earlier period. Fuel services revenue in the fourth quarter of 2009 decreased 16%, compared with the same period in 2008 due primarily to reduced gallons pumped at Ryder’s fuel service centers and, to a lesser extent, lower fuel prices. Operating revenue (revenue excluding fuel) in the fourth quarter of 2009 was $699.5 million, down 5% compared with $737.5 million in the year-earlier period. FMS total revenue and operating revenue included a favorable foreign exchange impact of 1% and 2%, respectively. Contractual revenue, which includes full service lease and contract maintenance, decreased 2% in the fourth quarter of 2009 because of customer fleet downsizing, partially offset by favorable foreign exchange rate movements. Commercial rental revenue decreased 14%

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reflecting weak global market demand and lower pricing. However, as a result of the Company’s actions to align the fleet size and mix with market demand, rental fleet utilization in the fourth quarter of 2009 improved over the prior-year period for the first time in 2009.

     The FMS business segment’s NBT was $31.9 million in the fourth quarter of 2009, down 63% from $86.1 million in the same period of 2008. NBT results were related primarily to lower global full service lease results, higher pension expense, a decline in global commercial rental demand and lower used vehicle sales results. These items were partially offset by cost reduction initiatives, including workforce reductions implemented in early 2009. 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, downsizing of customer fleets, and lower fuel gallons sold. Lease mileage comparisons showed sequential improvement compared with the third quarter 2009 and continued to improve throughout the fourth quarter. Pension expense significantly increased in 2009 primarily because of poor performance in the overall stock market in 2008. Commercial rental results were impacted by weak global demand, which drove lower fleet levels and reduced pricing. Used vehicle sales results were also impacted by weak market demand which drove lower pricing, as well as higher average quarterly inventory levels compared with the prior-year period. However, the Company’s year end used vehicle inventory levels were 10% below the prior year. Business segment NBT as a percentage of operating revenue was 4.6% in the fourth quarter of 2009, down 710 basis points compared with 11.7% 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, fourth quarter 2009 total revenue was $302.1 million, down 5% from $319.0 million in the comparable period in 2008. Fourth quarter 2009 operating revenue (revenue excluding subcontracted transportation) was $247.6 million, down 9%

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compared with $271.1 million in the comparable period a year ago. Both total revenue and operating revenue declined primarily due to lower automotive and other freight volumes, partially offset by favorable foreign exchange rate movements.

     The SCS business segment’s NBT was $11.7 million in the fourth quarter of 2009, down 31% from $17.1 million in the same quarter of 2008. Business segment earnings were impacted by $4 million of higher self-insurance costs, compared with favorable claims experience in the prior year. Business segment earnings were also impacted by costs of $2 million related to the termination of certain North American automotive operations. Fourth quarter 2009 NBT for the business segment as a percentage of operating revenue was 4.7%, down 160 basis points compared with 6.3% in the same quarter of 2008.

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, fourth quarter 2009 total revenue was $119.3 million, down 6% compared with $126.2 million in the fourth quarter of 2008. Operating revenue (revenue excluding subcontracted transportation) in the fourth quarter of 2009 was $113.4 million, down 8% from $123.6 million in the year-earlier period. Total revenue and operating revenue decreased due to the non-renewal of customer contracts and reduced freight volumes.

     The DCC business segment’s NBT in the fourth quarter of 2009 was $6.9 million, down 46% compared with $12.7 million in the fourth quarter of 2008. Business segment earnings were impacted by higher self-insurance costs of $3 million, compared with favorable claims experience in the prior year. Business segment earnings were also impacted by the decline in revenue. Business segment NBT as a percentage of operating revenue was 6.1% in the fourth quarter of 2009, down 420 basis points from 10.3% in the year-earlier period.

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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 fourth quarter of 2009, CSS costs were $45.5 million, compared with $45.6 million in the year-earlier period. Although CSS spending was lower across all functional areas, these reductions were offset by professional fees associated with cost-savings initiatives.

Restructuring and Other Items

     Pre-tax restructuring and other items from continuing operations in the fourth quarter of 2009 totaled $2.7 million (also $2.7 million after tax), or $0.05 per diluted share. This consisted principally of an impairment charge related to an international supply chain facility which is expected to be sold in the first quarter of 2010.

     Pre-tax restructuring and other items from continuing operations in the fourth quarter of 2008 totaled $23.1 million ($19.1 million after tax), or $0.33 per diluted share. The Company recognized a pre-tax restructuring charge of $11.2 million ($7.2 million after tax) associated with a workforce reduction of approximately 700 positions implemented in early 2009. In 2008, the Company also recognized a non-cash, pre-tax impairment charge of $11.9 million (also $11.9 million after tax), related to the write-down of goodwill associated with the European FMS business segment and other long-term international assets.

Income Taxes

     The Company’s effective income tax rate from continuing operations for the fourth quarter of 2009 was 25.6% of related pre-tax earnings, compared with 33.0% in the year-earlier period. The current period income tax rate reflects an income tax benefit of $4.1 million (12.9% of pre-tax earnings), or $0.07 per diluted share, from the impact of income tax rate changes in Ontario, Canada. In the fourth quarter of 2008, the Company recognized an income tax benefit of $7.9 million (10.5% of pre-tax earnings), or $0.14 per diluted share, associated with the reversal of reserves for uncertain tax positions primarily as a result of expiring statutes of limitation.

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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. During the fourth quarter of 2009, the Company ceased SCS customer operations in all of Europe. Accordingly, results of these operations are reported as discontinued operations for all periods presented. Pre-tax losses from discontinued operations totaled $15.2 million ($15.4 million after tax or $0.28 per diluted share) for the three months ended December 31, 2009, compared with a loss of $42.2 million ($39.8 million after tax or $0.72 per diluted share) in the year-earlier period. Results of discontinued operations for 2009 included accumulated foreign currency translation losses of $14.2 million ($14.2 million after tax or $0.26 per diluted share) associated with the liquidation of investments in certain discontinued operations.

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.

     Capital expenditures from continuing operations were $611.4 million for 2009, reduced from $1.27 billion 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 lease term extensions and used vehicle redeployments. Additionally, the decrease reflects planned minimal spending on transactional commercial rental vehicles. Net capital expenditures (including proceeds from the sale of assets) were $395.8 million for 2009, down 61% from $1 billion in the same period of 2008.

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Cash Flow

     Operating cash flow from continuing operations in 2009 was $1 billion, down 20% from $1.25 billion in the same period of 2008, primarily due to lower cash-based earnings and voluntary pension contributions. Total cash generated (including proceeds from used vehicle sales) from continuing operations in 2009, was $1.28 billion, down 18% from $1.57 billion in the same period of 2008. Free cash flow from continuing operations in 2009 was $629.7 million, up 85% from $341.0 million in the same period of 2008, primarily due to lower net cash paid for capital expenditures, partially offset by lower cash-based earnings and voluntary pension contributions.

     As previously announced, in the fourth quarter of 2009, the Company resumed two existing share repurchase programs, both of which expired in December 2009. Under these programs, the Company repurchased and retired 2.7 million shares in the fourth quarter of 2009 at an aggregate cost of $116.3 million.

Leverage

     Balance sheet debt as of December 31, 2009 decreased by $365.1 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 December 31, 2009 was 175%, compared with 213% at year-end 2008. Total obligations to equity as of December 31, 2009 were 183%, down from 225% at year end 2008.

2010 Forecast

     Ryder forecasts full year 2010 earnings to be in the range of $1.80 to $1.95 per diluted share. Full year comparable EPS were $1.70 in 2009. The anticipated EPS growth is expected from improved commercial rental performance, productivity initiatives, better used vehicle sales operations, stronger SCS results, lower annual pension expense and the benefit of 2009 stock repurchases. These items are partially offset by significantly reduced full service lease results, increased vehicle depreciation expense resulting from residual value changes, and some currently intended compensation restoration. The Company is also establishing a comparable EPS forecast of $0.17 to $0.22 for the first quarter of 2010, compared with $0.30 in the same period of 2009. These

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expected results reflect the impact of lower full service lease fleet levels because of customer fleet downsizings in the prior year, partially offset by improved commercial rental performance, better used vehicle sales operations, and stronger SCS results.

     Total revenue for the full-year 2010 is forecast to be approximately $4.9 billion which is flat compared with 2009. Operating revenue for the full year 2010 is forecast to be $4.0 billion compared with $4.1 billion in 2009. In FMS, core contractual leasing and maintenance revenue is expected to decline 4%, or down 5% excluding foreign exchange, reflecting the cumulative effect of customer fleet downsizing. Commercial rental revenue is forecast to grow by 9%, driven by moderately higher demand, somewhat higher pricing, and improved utilization. Total SCS revenue is forecast to decrease by 2%. SCS operating revenue is anticipated to decrease by 3%, or 6% excluding the impacts of foreign exchange and fuel, reflecting the impact of non-renewed contracts. Total DCC revenue is expected to be unchanged. DCC operating revenue is expected to decrease by 1%.

     Commenting on the Company’s outlook, Mr. Swienton said, “We expect 2010 economic conditions to be fairly stable, with some modest improvement in the second half of the year. Headwinds that Ryder faces in 2010 include the cumulative negative impact of full service lease customer fleet downsizing decisions over the past year, as well as added vehicle depreciation expense. To help mitigate these negative factors, we are implementing productivity initiatives and other process enhancements. Ryder enters 2010 properly situated for marketplace demand, with both rental and used vehicle sales fleets at appropriate levels. As a result of these fleet right-sizing actions, we expect improved returns in both the commercial rental and used vehicle sales product lines of our Fleet Management Solutions business. Despite the moderate economic outlook, we expect to deliver improved returns in our Supply Chain Solutions business, resulting from recovering automotive volumes, new initiatives and strategic decisions undertaken in 2009. Based on our strong and stable cash flow and liquidity levels, we plan to make investments this year to strengthen our long-term market position. These include the refreshment of our rental fleet, which is likely to be an important resource for customers as the economy improves, as well as the implementation of new technologies.”

     The Company anticipates 2010 capital expenditures to be approximately $1.1 billion, including an estimated $270 million to refresh the commercial rental fleet. Net capital expenditures (including proceeds from sale of assets) are expected to be approximately $900

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million. Cash from operations is forecast to again be $1 billion with total cash generated of approximately $1.3 billion and free cash flow of $250 million in 2010. Total obligations to equity are forecast to decline from 183% at year-end 2009 to approximately 160% at year-end 2010.

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 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, 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, changes in obligations relating to multi-employers plans, 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.

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 Wednesday, February 3, 2010, 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.

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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: RH1200770 and Passcode: RYDER.
Þ	To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-888-397-5654 (outside U.S. dial 1-203-369-3144), then view the presentation by visiting the Investors area of Ryder’s website at http://investors.ryder.com. A podcast of the call will also be available online within 24 hours after the end of the call at http://investors.ryder.com.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS — UNAUDITED
Periods ended December 31, 2009 and 2008
(In millions, except per share amounts)

	Three Months						Year Ended
	2009			2008			2009			2008
Revenue	$	1,247.0			1,337.2		$	4,887.2			5,999.0
Operating expense		576.4			595.0			2,229.5			2,959.5
Salaries and employee-related costs		315.1			330.4			1,233.2			1,345.2
Subcontracted transportation		60.3			49.9			198.9			233.1
Depreciation expense		215.8			211.2			881.2			836.1
Gains on vehicle sales, net		(3.2	)		(6.0	)		(12.3	)		(39.0	)
Equipment rental		17.3			19.4			65.8			78.3
Interest expense		33.9			40.3			144.3			152.4
Miscellaneous (income) expense, net		(0.5	)		0.2			(3.7	)		2.6
Restructuring and other charges, net		0.1			21.5			6.4			21.5
		1,215.2			1,261.9			4,743.5			5,589.8
Earnings from continuing operations before income taxes		31.8			75.3			143.8			409.3
Provision for income taxes		(8.1	)		(24.9	)		(53.7	)		(151.7	)
Earnings from continuing operations		23.7			50.5			90.1			257.6
Loss from discontinued operations, net of tax		(15.4	)		(39.8	)		(28.3	)		(57.7	)
Net earnings	$	8.2			10.6		$	61.9			199.9
Earnings per common share — Diluted
Continuing operations	$	0.43			0.91		$	1.62			4.52
Discontinued operations		(0.28	)		(0.72	)		(0.51	)		(1.01	)
Net earnings	$	0.15			0.19		$	1.11			3.50
Weighted-average shares outstanding — Diluted		54.2			55.2			55.1			56.5
Memo:
Comparable earnings per share from continuing operations:
EPS from Continuing Operations	$	0.43			0.91		$	1.62			4.52
International Asset Impairment		0.05			0.03			0.12			0.03
Tax Law Changes		(0.07	)		—			(0.07	)		(0.03	)
Reversal of Tax Reserves		—			(0.14	)		(0.04	)		(0.14	)
Restructuring Charges		—			0.30			0.07			0.30
Comparable EPS from continuing operations	$	0.41			1.10		$	1.70			4.68

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)

	December 31,		December 31,
	2009		2008
Assets:
Cash and cash equivalents	$	98.5	$	120.3
Other current assets		781.8		837.3
Revenue earning equipment, net		4,178.7		4,565.2
Operating property and equipment, net		543.9		546.8
Other assets		657.1		619.9
	$	6,260.0	$	6,689.5
Liabilities and shareholders’ equity:
Short-term debt / current portion of long-term debt	$	232.6	$	384.3
Other current liabilities		617.7		727.0
Long-term debt		2,265.1		2,478.5
Other non-current liabilities (including deferred income taxes)		1,717.5		1,754.6
Shareholders’ equity		1,427.1		1,345.1
	$	6,260.0	$	6,689.5

SELECTED KEY RATIOS AND METRICS

	December 31,			December 31,
	2009			2008
Debt to equity		175	%		213	%
Total obligations to equity *		183	%		225	%

	Year Ended December 31,
	2009		2008
Cash provided by operating activities from continuing operations	$	1,000.6	$	1,248.2
Free cash flow*		629.7		341.0
Capital expenditures paid		652.0		1,230.4

	Twelve months ended December 31,
	2009			2008
Return on average shareholders’ equity		4.4	%		11.2	%
Return on average assets		1.0	%		2.9	%
Adjusted average return on capital *		4.1	%		7.3	%

*	Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.
	Note: Amounts may not be additive due to rounding.

Page 2

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS — UNAUDITED
Periods ended December 31, 2009 and 2008
(Dollars in millions)

	Three Months									Year Ended
	2009			2008			B(W)			2009			2008			B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	493.4			505.3			(2	)%	$	1,989.7			2,041.5			(3	)%
Contract maintenance		41.1			42.2			(3	)%		167.2			168.2			(1	)%
Contractual revenue		534.6			547.5			(2	)%		2,156.9			2,209.7			(2	)%
Contract-related maintenance		37.4			43.7			(14	)%		163.3			193.9			(16	)%
Commercial rental		111.0			128.7			(14	)%		431.1			557.5			(23	)%
Other		16.5			17.6			(6	)%		66.5			77.9			(15	)%
Fuel		200.8			239.6			(16	)%		750.1			1,415.3			(47	)%
Total Fleet Management Solutions		900.2			977.1			(8	)%		3,567.8			4,454.3			(20	)%
Supply Chain Solutions		302.1			319.0			(5	)%		1,139.9			1,429.6			(20	)%
Dedicated Contract Carriage		119.3			126.2			(6	)%		471.0			547.8			(14	)%
Eliminations		(74.6	)		(85.2	)		12	%		(291.4	)		(432.6	)		33	%
Total revenue	$	1,247.0			1,337.2			(7	)%	$	4,887.2			5,999.0			(19	)%
Operating Revenue: *
Fleet Management Solutions	$	699.5			737.5			(5	)%	$	2,817.7			3,038.9			(7	)%
Supply Chain Solutions		247.6			271.1			(9	)%		955.4			1,207.5			(21	)%
Dedicated Contract Carriage		113.4			123.6			(8	)%		456.6			536.8			(15	)%
Eliminations		(40.7	)		(44.9	)		9	%		(167.2	)		(193.1	)		13	%
Total operating revenue	$	1,019.8			1,087.3			(6	)%	$	4,062.5			4,590.1			(11	)%
Business segment earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	31.9			86.1			(63	)%	$	140.4			395.9			(65	)%
Supply Chain Solutions		11.7			17.1			(31	)%		35.7			57.0			(37	)%
Dedicated Contract Carriage		6.9			12.7			(46	)%		37.6			49.6			(24	)%
Eliminations		(4.9	)		(8.4	)		42	%		(21.1	)		(31.8	)		34	%
		45.7			107.5			(57	)%		192.7			470.7			(59	)%
Unallocated Central Support Services		(11.2	)		(9.0	)		(24	)%		(35.8	)		(38.3	)		6	%
Earnings from continuing operations before restructuring and other items and income taxes		34.5			98.5			(65	)%		156.9			432.4			(64	)%
Restructuring and other charges, net and other items		(2.7	)		(23.1	)	NM				(13.1	)		(23.1	)	NM
Earnings from continuing operations before income taxes		31.8			75.3			(58	)%		143.8			409.3			(65	)%
Provision for income taxes		(8.1	)		(24.9	)		67	%		(53.7	)		(151.7	)		65	%
Earnings from continuing operations	$	23.7			50.5			(53	)%	$	90.1			257.6			(65	)%

*	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 December 31, 2009 and 2008
(Dollars in millions)

	Three Months									Year Ended
	2009			2008			B(W)			2009			2008			B(W)
Fleet Management Solutions
Total revenue	$	900.2			977.1			(8	%)	$	3,567.8			4,454.3			(20	%)
Fuel revenue		(200.8	)		(239.6	)		(16	%)		(750.1	)		(1,415.3	)		(47	%)
Operating revenue *	$	699.5			737.5			(5	%)	$	2,817.7			3,038.9			(7	%)
Segment earnings before income taxes	$	31.9			86.1			(63	%)	$	140.4			395.9			(65	%)
Earnings before income taxes as % of total revenue		3.5	%		8.8	%					3.9	%		8.9	%
Earnings before income taxes as % of operating revenue *		4.6	%		11.7	%					5.0	%		13.0	%
Supply Chain Solutions
Total Revenue	$	302.1			319.0			(5	%)	$	1,139.9			1,429.6			(20	%)
Subcontracted transportation		(54.5	)		(48.0	)		14	%		(184.5	)		(222.1	)		(17	%)
Operating revenue *	$	247.6			271.1			(9	%)	$	955.4			1,207.5			(21	%)
Segment earnings before income taxes	$	11.7			17.1			(31	%)	$	35.7			57.0			(37	%)
Earnings before income taxes as % of total revenue		3.9	%		5.4	%					3.1	%		4.0	%
Earnings before income taxes as % of operating revenue *		4.7	%		6.3	%					3.7	%		4.7	%
Memo: Fuel costs	$	21.9			21.6			(1	%)	$	64.9			136.4			52	%
Dedicated Contract Carriage
Total revenue	$	119.3			126.2			(6	%)	$	471.0			547.8			(14	%)
Subcontracted transportation		(5.8	)		(2.6	)		123	%		(14.4	)		(11.0	)		31	%
Operating revenue *	$	113.4			123.6			(8	%)	$	456.6			536.8			(15	%)
Segment earnings before income taxes	$	6.9			12.7			(46	%)	$	37.6			49.6			(24	%)
Earnings before income taxes as % of total revenue		5.8	%		10.1	%					8.0	%		9.1	%
Earnings before income taxes as % of operating revenue *		6.1	%		10.3	%					8.2	%		9.2	%
Memo: Fuel costs	$	18.6			22.4			17	%	$	69.9			123.0			43	%

*	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						Year Ended
	2009			2008			2009			2008
Total revenue	$	1,247.0			1,337.2		$	4,887.2			5,999.0
Fuel services and subcontracted transportation revenue		(261.1	)		(290.2	)		(949.0	)		(1,648.4	)
Fuel eliminations		33.9			40.3			124.2			239.5
Operating revenue *	$	1,019.8			1,087.3		$	4,062.5			4,590.1

DEBT TO EQUITY RECONCILIATION

	December 31,					December 31,
	2009		% to Equity			2008		% to Equity
On-balance sheet debt	$	2,497.7		175	%	$	2,862.8		213	%
Off-balance sheet debt — PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		118.8					163.0
Total obligations *	$	2,616.5		183	%	$	3,025.8		225	%

CASH FLOW RECONCILIATION

	Year Ended ended December 31,
	2009			2008
Net cash provided by operating activities from continuing operations	$	1,000.6			1,248.2
Proceeds from sales (primarily revenue earning equipment)		215.6			261.7
Collections on direct finance leases		65.2			61.1
Other, net		0.2			0.4
Total cash generated *		1,281.6			1,571.4
Capital expenditures		(652.0	)		(1,230.4	)
Free cash flow *	$	629.7			341.0

RETURN ON CAPITAL RECONCILIATION

	Year ended December 31,
	2009			2008
Net earnings (12-month rolling period)	$	61.9			199.9
+ Restructuring and other items		29.9			70.4
+ Income taxes		53.7			150.1
Adjusted earnings before income taxes		145.5			420.4
+ Adjusted interest expense (b)		150.0			165.0
- Adjusted income taxes		(121.8	)		(230.5	)
= Adjusted net earnings for ROC (numerator)	$	173.7			354.9
Average total debt	$	2,691.6			2,881.9
Average off-balance sheet debt		141.6			170.7
Average shareholders’ equity		1,395.6			1,778.5
Adjustment to equity (c)		15.7			9.6
Adjusted average total capital (denominator)	$	4,244.5			4,840.7
Adjusted average ROC *		4.1	%		7.3	%

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.
	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)

EARNINGS / EPS RECONCILIATION

	Three Months									Year Ended
	2009									2009
	Reported						Comparable			Reported						Comparable
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Revenue	$	1,247.0			—			1,247.0		$	4,887.2			—			4,887.2
Operating expense		576.4						576.4			2,229.5						2,229.5
Salaries and employee-related costs		315.1						315.1			1,233.2						1,233.2
Subcontracted transportation		60.3						60.3			198.9						198.9
Depreciation expense (a)		215.8			(2.4	)		213.4			881.2			(6.7	)		874.5
Gains on vehicle sales, net		(3.2	)					(3.2	)		(12.3	)					(12.3	)
Equipment rental		17.3						17.3			65.8						65.8
Interest expense		33.9						33.9			144.3						144.3
Miscellaneous income, net		(0.5	)					(0.5	)		(3.7	)					(3.7	)
Restructuring and other charges, net (b)		0.1			(0.3	)		(0.2	)		6.4			(6.4	)		—
		1,215.2			(2.7	)		1,212.5			4,743.5			(13.1	)		4,730.4
Earnings from continuing operations before income taxes		31.8			2.7			34.5			143.8			13.1			156.9
Provision for income taxes (c)		(8.1	)		(4.2	)		1,742.3			(53.7	)		(8.5	)		(62.2	)
Earnings from continuing operations	$	23.7			(1.5	)		22.2		$	90.1			4.5			94.6
Tax Rate from Continuing Operations		25.6	%					35.5	%		37.3	%					39.7	%
Earnings per common share — Diluted:
Continuing Operations	$	0.43			(0.02	)		0.41		$	1.62			0.08			1.70

	Three Months									Year Ended
	2008									2008
	Reported						Comparable			Reported						Comparable
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Revenue	$	1,337.2			—			1,337.2		$	5,999.0			—			5,999.0
Operating expense		595.0						595.0			2,959.5						2,959.5
Salaries and employee-related costs		330.4						330.4			1,345.2						1,345.2
Subcontracted transportation		49.9						49.9			233.1						233.1
Depreciation expense (a)		211.2			(1.6	)		209.6			836.1			(1.6	)		834.5
Gains on vehicle sales, net		(6.0	)					(6.0	)		(39.0	)					(39.0	)
Equipment rental		19.4						19.4			78.3						78.3
Interest expense		40.3						40.3			152.4						152.4
Miscellaneous expense, net		0.2						0.2			2.6						2.6
Restructuring and other charges, net (b)		21.5			(21.5	)		—			21.5			(21.5	)		—
		1,261.9			(23.1	)		1,238.8			5,589.8			(23.1	)		5,566.7
Earnings before income taxes		75.3			23.1			98.4			409.3			23.1			432.4
Provision for income taxes (c)		(24.9	)		(11.9	)		(36.8	)		(151.7	)		(13.6	)		(165.3	)
Earnings from continuing operations	$	50.5			11.1			61.6		$	257.6			9.5			267.1
Tax Rate from Continuing Operations		33.0	%					37.4	%		37.1	%					38.2	%
Earnings per common share — Diluted:
Continuing Operations	$	0.91			0.19			1.10		$	4.52			0.16			4.68

Notes regarding adjustments:
(a)	International asset impairment charge.
(b)	Restructuring charges for workforce reductions, early debt retirement costs, and goodwill impairment charges.
(c)	Tax benefits related to tax law changes, reversal of tax reserves, and restructuring and other items.
Note: Amounts may not be additive due to rounding.

Page 6

EX-99.2

Exhibit 99.2

Fourth Quarter 2009 & 2010 Forecast Earnings Conference Call February 3, 2010

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, 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, changes in obligations relating to multi- employers plans, 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 Fourth Quarter 2009 Results Overview Asset Management Update 2010 Forecast Q & A

4th Quarter Results Overview Earnings per diluted share from continuing operations were $0.43 in 4Q09 vs. $0.91 in 4Q08 4Q09 included a $0.02 net benefit related to income tax changes, partially offset by restructuring and other items 4Q08 included a $0.19 net charge related to restructuring and other items, partially offset by reversal of tax accruals Comparable earnings per share from continuing operations were $0.41 vs. $1.10 in 4Q08 All segment information presented excludes discontinued operations and has been restated. Discontinued operations consist of former Supply Chain Solutions operations in South America and Europe.

4th Quarter Results Overview Total revenue declined 7% vs. prior year, reflecting lower operating revenue and lower fuel services revenue, partially offset by favorable foreign exchange rate movements Operating revenue down 6% vs. prior year driven by lower commercial rental revenue, SCS and DCC fuel revenues, automotive production volumes, and FMS contractual revenues, partially offset by favorable foreign exchange rate movements Fleet Management Solutions (FMS) total revenue down 8% (and operating revenue down 5%) vs. prior year Contractual revenue down 2%; down 4% excluding foreign exchange Full service lease revenue down 2% Contract maintenance revenue decreased 3% Commercial rental revenue down 14% Fuel revenue down 16% due primarily to volume declines FMS net before tax earnings (NBT) down 63% FMS NBT percent of operating revenue down 710 basis points to 4.6% FMS earnings negatively impacted by lower full service lease performance (due to fewer units and higher maintenance costs on older fleet), higher pension expense, lower commercial rental results, and lower used vehicle results, partially offset by cost reduction initiatives

4th Quarter Results Overview Supply Chain Solutions (SCS) total revenue down 5% (and operating revenue down 9%) vs. prior year due largely to lower automotive and other freight volumes, partially offset by favorable foreign exchange rate movements SCS net before tax earnings (NBT) down 31% SCS NBT percent of operating revenue down 160 basis points to 4.7% SCS earnings negatively impacted by higher comparative self-insurance costs (of $4 million) and shutdown costs (of $2 million) related to the termination of certain automotive operations Dedicated Contract Carriage (DCC) total revenue down 6% (and operating revenue down 8%) vs. prior year due to contract non-renewals and lower freight volumes DCC net before tax earnings (NBT) down 46% DCC NBT percent of operating revenue down 420 basis points to 6.1% DCC earnings negatively impacted by higher comparative self-insurance costs (of $3 million) and lower revenue

Key Financial Statistics Fourth Quarter ($ Millions, Except Per Share Amounts) Note: Amounts throughout presentation may not be additive due to rounding. Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See pages 47-48 for reconciliation. Includes discontinued operations and restructuring charges.

Key Financial Statistics Full Year ($ Millions, Except Per Share Amounts) Note: Amounts throughout presentation may not be additive due to rounding. Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See pages 47-49 for reconciliation. Includes discontinued operations and restructuring charges.

Business Segments Fourth 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 - ($0.3), SCS - ($2.4) in 2009, and FMS - ($16.6), SCS - ($4.5), DCC - ($0.5) and CSS - ($1.5) in 2008. ($ Millions)

Business Segments Full Year 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 - ($5.6), SCS - ($7.4) and CSS - ($0.1) in 2009, and FMS - ($16.6), SCS - ($4.5), DCC ($0.5) and CSS ($1.5) in 2008. ($ Millions)

Capital Expenditures from Continuing Operations Full Year ($ Millions)

Cash Flow from Continuing Operations Full Year ($ Millions) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. Free Cash Flow excludes acquisitions and changes in restricted cash.

Debt to Equity Ratio Note: Includes impact of accumulated net pension related equity charge of $412 million as of 12/31/09 and $480 million as of 12/31/08. 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. Total obligations include the present value of minimum lease payments and guaranteed residual values under operating leases of $119 million as of 12/31/09 an $163 million as of 12/31/08. Represents long term total obligations to equity target of 250 - 300% while maintaining a strong investment grade rating. ($ Millions) (1) (2)

Contents Fourth Quarter 2009 Results Overview Asset Management Update 2010 Forecast Q & A

Units held for sale were 6,900 (US: 5,600) at quarter end; down 10% from 7,700 (US: 6,300) units held for sale in the prior year Units held for sale were down 12% from 7,800 (US: 6,300) at the end of the prior quarter The number of used vehicles sold in the fourth quarter was 5,200 (US: 4,300), up 41% compared with prior year Number of used vehicles sold was flat vs. the prior quarter Proceeds per unit were down 16% for tractors and 17% for trucks in the fourth quarter compared with prior year (excluding the impact of exchange rates) Proceeds per unit were up 1% for tractors and trucks vs. the prior quarter Vehicles no longer earning revenue were 9,800 (US: 7,800) at quarter end; down 800 (US: 500) from the prior year Vehicles no longer earning revenue were down 1,200 (US: 900) vs. the end of the prior quarter due to a decrease in units held for sale and an improvement in rental utilization Average fourth quarter total commercial rental fleet was down 14% (US: down 15%) 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 Fourth Quarter 2009 Results Overview Asset Management Update 2010 Forecast Q & A

2010 Forecast Assumptions General Stable but continued weak economic and freight environment with moderate improvement in second half Interest rates will modestly increase based on yield curve Modestly favorable foreign exchange rates (primarily impacts revenue not earnings) Improving contractual sales in second half including better renewal rates - will primarily benefit revenues starting in 2011 Improving contractual miles per unit - will benefit revenues starting in 2010 Higher rental demand and utilization with some pricing improvement Stable volume of used vehicle sales with improving pricing primarily in second half FMS

SCS / DCC Revenue impacted by account/location rationalization and closures Modestly higher YOY automotive volumes with ongoing operations served Stable non-automotive volumes Increased penetration of non-automotive segments Forecast does not include potential benefits from additional acquisitions or new share repurchase programs Overall 2010 Forecast Assumptions

Key Financial Statistics Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See pages 47-48 for 2009 reconciliation. 2009 tax rate includes the impact of non-deductible restructuring charges, tax law changes and the reversal of tax reserves. ($ Millions, Except Per Share Amounts) Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding.

Business Segment Revenue Includes fuel revenue. Includes full service lease and contract maintenance. Includes subcontracted transportation revenue.

2010 Causes of EPS Change ($ Earnings Per Share) 2009 Comparable EPS is a non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See page 47 for reconciliation. (1)

Retirement Plans Expense ($ Millions) $ $ $ $

Capital Expenditures, Cash Flow & Leverage Full Year ($ Millions) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See pages 51 and 53 for 2009 reconciliation. Free Cash Flow excludes acquisitions. Acquisitions totaled $89 million in full year 2009.

EPS Forecast ($ Earnings Per Share) (1) Non-GAAP financial measure. Comparable EPS in Q1 excludes $0.03 restructuring charges for workforce reductions and $0.07 of an international asset impairment charge in Singapore. See page 47 for full year 2009 reconciliation.

Summary Manage through cumulative negative impact of customer lease fleet downsizing during 2009, while improving new sales and retention rates as economy recovers Leverage actions taken in 2009 to right-size commercial rental and used vehicle fleets for improved returns in 2010 Improve returns in Supply Chain Solutions through recovering auto volumes, new initiatives and the strategic decisions made in 2009 Continue to drive benefits from productivity initiatives Utilize strong operating cash flow to invest in commercial rental fleet refreshment while still delivering solid free cash flow Manage through cumulative impacts of prolonged recession on lease, while driving benefits from actions taken in 2009 as well as new initiatives

Q&A

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

Business Segments Historical Information Note: All segments were impacted by discontinued operations historical restatements. ($ Millions) 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.

Business Segments Historical Information Note: All segments were impacted by discontinued operations historical restatements. ($ Millions) 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.

Fleet Management Solutions (FMS) Fourth Quarter ($ Millions)

Fleet Management Solutions (FMS) Full Year ($ Millions)

Supply Chain Solutions (SCS) Fourth Quarter ($ Millions)

Supply Chain Solutions (SCS) Full Year ($ Millions)

Supply Chain Solutions (SCS) Historical Information ($ Millions)

Supply Chain Solutions (SCS) Historical Information ($ Millions)

Dedicated Contract Carriage (DCC) Fourth Quarter ($ Millions)

Dedicated Contract Carriage (DCC) Full Year ($ Millions)

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

Central Support Services (CSS) Full Year ($ Millions)

Balance Sheet ($ Millions)

Historical EPS Restatement ($ Earnings Per Share) 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.

Historical EPS Restatement ($ Earnings Per Share) 4Q09 and Full Year 2009 were not previously reported without discontinued operations. However, we have presented it this way for comparative purposes only.

2/2/2010 Proprietary and Confidential 43 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 (c) Redeployments Extensions Early Terminations Early Replacements FY04 4483 3049 4131 1584 FY05 4016 3980 4809 1606 FY06 3469 4350 3929 1866 FY07 4103 4243 4793 1859 FY08 3824 5168 4698 1586 FY09 4363 7537 6096 901 (b) (c) Number of Units

Free Cash Flow 1054 835 949 1091 1381 1179 1252 1685 1571 1282 1305 2000 2001 2002 2003 2004 2005 2006 2007 2008 Financial Indicators Forecast (1) (1) Obligations to Equity include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions. (2) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. (3) 2000-2004 not restated for discontinued operations. (4) Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters. Gross Capital Expenditures (3) ($ Millions) Total Cash Generated (2) (3) Total Obligations to Equity Ratio (2) Free Cash Flow Revenue Earning Equipment 1164 530 471 679 1105 1324 1688 1119 1154 555 1033 PP&E/Other 125 127 129 46 60 75 69 63 111 56 90 $1,289 $600 $725 $1,165 $657 $1,399 $1,182 2000 2001 2002 2003 2004 2005 Memo: Free Cash Flow (2) (3) PP&E/Other $1,757 2006 2007 2008 $1,265 2009 2010 Forecast Midpoint 2010 Forecast Midpoint 2009 $611 131 367 357 289 (208)(4) 381 (242) (439) 341 630 250 $1,123 Balance Sheet Debt to Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Forecast Midpoint 275% 146% 129% 234% 151% 157% 168% 225% 183% 160% 201% Significant and predictable cash generation Invest in growth (organic, acquisitions) Over time appropriately move financial leverage towards long term target of 250-300% Total Obligations to Equity

2001 2002 2003 2004 2005 2006 2007 2008 2009 East 131 367 357 289 -208 -439 381 341 630 (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. 2001-2007 cash flows presented on an as reported basis and not adjusted for subsequently discontinued operations. (2) Includes $176 million payment to the IRS in 2005 related to full resolution of 1998 - 2000 tax period matters. Cumulative Annual (2) (2) ($ Millions) 2001 2002 2003 2004 2005 2006 2007 2008 2009 East 131 498 855 1144 936 497 878 1219 1849 Free Cash Flow History (1)

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, 19, 28-37 Earnings Before Restructuring and Income Taxes Earnings before income taxes from Continuing Operations Business Segments 9-10 Comparable Earnings / EPS from Continuing Operations Earnings / EPS from Continuing Operations EPS and Net Earnings from Continuing Operations Reconciliation 47 Comparable NBT / Tax Rate NBT / Tax Rate Tax Rate from Continuing Operations Reconciliation 48 Adjusted Return on Capital Net Earnings Adjusted Return on Capital Reconciliation 49 Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow from Continuing Operations 12, 53, 54 Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Ratio Debt to Equity Reconciliation 13 50-51 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 30-37

EPS and Earnings from Continuing Operations 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. (2) Interest expense includes implied interest on off-balance sheet vehicle obligations. (3) Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense. (4) Represents 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. ($ Millions)

Debt to Equity Reconciliation ($ Millions) Note: Amounts may not recalculate due to rounding.

Capital Expenditures Reconciliation Full Year ($ Millions)

Cash Flow Reconciliation Full Year ($ Millions)

($ Millions) Cash Flow Reconciliation (1) The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows. (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3) The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited. (4) Amounts have not been recasted to give effect for the impact of foreign exchange movements on cash for which the impact is not expected to be significant. (5) Free Cash Flow excludes acquisitions and changes in restricted cash.