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): July 23, 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 July 23, 2010, we issued a press release reporting our financial results for the three and six months ended June 30, 2010 (the “Press Release”). We also hosted a conference call and webcast on July 23, 2010 during which we made a presentation on our financial results for the three and six months ended June 30, 2010 (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 from continuing operations and comparable earnings per share from continuing operations for both second quarter and year to date 2010 and 2009, (2) comparable net earnings before income tax and comparable income tax rate for both second quarter and year to date 2010 and 2009 and (3) comparable earnings per share for third quarter and full year 2009, 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 net earnings, earnings per share, net earnings before income tax and income tax rate, all from continuing operations, as applicable, (1) 2009 restructuring charges, (2) a first quarter 2009 international impairment charge and (3) third quarter and fiscal year 2009 income tax benefits, which are not representative of 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 July 23, 2010, relating to Ryder System, Inc.’s financial results for the three and six months ended June 30, 2010.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on July 23, 2010, relating to Ryder System, Inc.’s financial results for the three and six months ended June 30, 2010.

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: July 23, 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

RYDER REPORTS SECOND QUARTER 2010 RESULTS

MIAMI, July 23, 2010 — Ryder System, Inc. (NYSE: R)

• Q2 Continuing Operations EPS Increase 21% to $0.58

• Q2 Total Revenue Up 6%; Operating Revenue Grows 2%

• Full-Year Comparable EPS Forecast Raised $0.15 to a Range of $2.00 to $2.10

          Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share (EPS) from continuing operations of $0.58 for the three-month period ended June 30, 2010, up 21% from EPS of $0.48 in the year-earlier period. Earnings from continuing operations were $30.6 million, up 13% from $27.1 million in the year-earlier period. The increase in earnings reflects the impact of stronger results in the Company’s Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) business segments. Improved SCS business segment results were driven by stronger automotive volumes. Improved FMS business segment results were driven primarily by better commercial rental performance and improved used vehicle sales results. These increases were partially offset by lower full service lease fleet levels resulting from the cumulative impact of customer fleet reductions, and increased maintenance costs due to fleet aging. EPS growth exceeded earnings growth due to the impact of previously announced share repurchase programs.

          Total revenue for the second quarter of 2010 was $1.29 billion, up 6% from $1.21 billion in the same period last year. Total revenue comparisons benefited from higher fuel cost pass throughs and, to a much lesser extent, favorable exchange rate movements. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation), was $1.04 billion, up 2% compared with $1.02 billion in the year-earlier period. FMS business segment total revenue increased 4% due primarily to higher fuel services revenue. FMS operating revenue decreased 1% due to lower full service lease revenue, driven by customer fleet downsizing, substantially offset by higher commercial rental revenue. SCS business segment total revenue increased 12%

and operating revenue increased 7% due to improved automotive volumes and favorable foreign exchange rate movements, partially offset by prior-year contract rationalizations. Dedicated Contract Carriage (DCC) business segment total revenue increased 6% and operating revenue increased 4%, reflecting the pass through of higher fuel costs and increased freight volumes.

          In 2009, the Company discontinued SCS operations in South America and Europe. Accordingly, results of these operations are reported as discontinued operations for all periods presented. EPS from discontinued operations totaled a loss of $0.02 in the second quarter of 2010, compared with a loss of $0.07 in the same period of the prior year.

          Net earnings per diluted share (including discontinued operations) for the three-month period ended June 30, 2010 were $0.56 versus $0.41 in the year-earlier period. Net earnings for the second quarter of 2010 were $29.8 million versus $22.9 million in the year-earlier period.

          Ryder Chairman and CEO Greg Swienton said, “We saw steady progress throughout the quarter in many areas of our business. Earnings growth was much stronger than we anticipated as we saw further improvement in the early indicators of recovery within our business that began to emerge in the first quarter. In Fleet Management Solutions, we experienced: a further increase in lease miles driven per unit; higher commercial rental demand, utilization and pricing; and improved used vehicle pricing. This was somewhat offset, however, as the average size of our full service lease fleet continued to decline, reflecting the cumulative impact of ongoing customer fleet downsizing. In Supply Chain Solutions, the continuing recovery of automotive activity drove increased revenue and significantly improved earnings.”

          “Additionally, our consistently solid balance sheet and strong cash flow enabled us to continue repurchasing shares under the previously announced stock buyback programs and once again raise our dividend, as we announced a week ago.”

Year-to-Date Operating Results

          Revenue for the six months ended June 30, 2010 was $2.51 billion, up 5% from $2.39 billion in the same period of 2009. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the first six months of 2010 was $2.02 billion, up 1% from $2.01 billion in the first six months of 2009. Ryder’s 2010 year-to-date earnings from continuing operations were $43.5 million, compared with $38.0 million in the year-earlier

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period. EPS from continuing operations were $0.82 for the first six months of 2010 compared with $0.68 for the same period of 2009. Comparable year-to-date earnings from continuing operations were flat at $43.5 million, and comparable EPS from continuing operations were up 5% to $0.82, from $0.78 in the year-earlier period. Comparable year-to-date earnings and EPS from continuing operations exclude restructuring and other items in 2009. Year-to-date net earnings, including discontinued operations, were $42.2 million, compared with $29.7 million in the year-earlier period. EPS were $0.79 for the first six months of 2010 compared with $0.53 for the same period of 2009.

Second 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, financing, maintenance, management, and disposal of vehicles. Ryder’s commercial rental service offers customers a method to expand their fleets in order to address short-term capacity needs.

          In the FMS business segment, total revenue in the second quarter of 2010 was $931.2 million, up 4% compared with the year-earlier period. Fuel services revenue in the second quarter of 2010 increased 24% compared with the same period in 2009 due to higher fuel cost pass throughs. Operating revenue (revenue excluding fuel) in the second quarter of 2010 was $709.0 million, down 1% compared with the year-earlier period. Contractual revenue, which includes full service lease and contract maintenance, decreased 5% in the second quarter of 2010 because of the cumulative impact of ongoing customer fleet downsizing. Commercial rental revenue increased 20% reflecting improving global market demand as well as higher pricing. Rental fleet utilization improved by 920 basis points to 78% in the second quarter of 2010.

          The FMS business segment’s NBT was $46.2 million in the second quarter of 2010, up 12% compared with $41.4 million in the same period of 2009. This increase reflected better

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commercial rental performance, improved used vehicle sales results, and lower retirement plan expense. These items were partially offset by lower North American full service lease results, compensation expense, as well as increased vehicle depreciation expense resulting from residual value changes. Commercial rental performance improved as a result of increasing market demand as well as higher pricing. Used vehicle sales results were favorably impacted by higher pricing, as well as lower average quarterly inventory levels compared with the prior-year period. As expected, retirement plan expense decreased in the second quarter of 2010, primarily due to better investment performance in 2009 versus 2008. Full service lease results continued to be adversely impacted by the cumulative effects of the long-term economic decline, which have resulted in downsizing of customer fleets, as well as increased maintenance costs on a relatively older fleet. Additionally, full service lease results reflect customer caution about making longer-term commitments, considering the uncertainty of continued economic recovery. However, lease mileage comparisons improved reflecting increased usage of existing fleets. Business segment NBT as a percentage of operating revenue was 6.5% in the second quarter of 2010, up 70 basis points compared with 5.8% in the same quarter a year ago.

Supply Chain Solutions

          Ryder’s Supply Chain Solutions (SCS) business segment offers a broad range of innovative logistics management services that are designed to optimize a customer’s supply chain and address key customer business requirements. These solutions involve strategically designed processes that direct the movement of materials, and related information from the acquisition of raw materials to the delivery of finished products to the end user.

          In the SCS business segment, second quarter 2010 total revenue was $310.1 million, up 12% from $275.9 million in the comparable period in 2009. Second quarter 2010 operating revenue (revenue excluding subcontracted transportation) was $249.9 million, up 7% compared with $233.5 million in the comparable period a year ago. SCS total revenue and operating revenue comparisons benefited from improved automotive volumes and a favorable foreign exchange rate impact of 2%, partially offset by contract rationalizations from the prior year.

          The SCS business segment’s NBT in the second quarter of 2010 doubled to $12.6 million from $6.2 million in the same quarter of 2009, driven by improved automotive volumes, the impact of prior-year contract rationalizations, and better operating performance in the high-tech

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and consumer industries. These items were partially offset by higher compensation expense. Second quarter 2010 NBT for the business segment as a percentage of operating revenue was 5.0%, up 230 basis points compared with 2.7% in the same quarter of 2009.

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 logistics engineering support.

          In the DCC business segment, second quarter 2010 total revenue of $123.0 million was up 6% compared with $116.0 million in the second quarter of 2009. Operating revenue (revenue excluding subcontracted transportation) in the second quarter of 2010 was $118.6 million, up 4% compared with $113.5 million in the year-earlier period. Total revenue and operating revenue increased due to the pass-through of higher fuel costs and improved freight volumes.

          The DCC business segment’s NBT in the second quarter of 2010 was $8.4 million, down 21% compared with $10.7 million in the second quarter of 2009. Business segment NBT was impacted by higher self-insurance costs from unfavorable developments related to prior-year claims, compensation expense, as well as investments associated with new technology initiatives. These negative impacts were partially offset by earnings on higher customer volumes. Business segment NBT as a percentage of operating revenue was 7.1% in the second quarter of 2010, down 230 basis points compared with 9.4% in the year-earlier period.

Corporate Financial Information

Central Support Services

          Central Support Services (CSS) are overhead costs incurred to support all business segments and product lines. Most CSS costs are allocated to the various business segments. In the second quarter of 2010, CSS costs were $45.6 million, up from $40.1 million in the year-earlier period reflecting increased compensation expense, technology investments, and professional services.

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Income Taxes

          The Company’s effective income tax rate from continuing operations for the second quarter of 2010 was 41.4% of pre-tax earnings compared with 40.3% in the year-earlier period. The increase in the tax rate for the second quarter of 2010 reflects higher contingent tax accruals, partially offset by the benefit of higher earnings.

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 typically 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.

          As planned, year-to-date capital expenditures from continuing operations increased to $630.4 million through the second quarter of 2010, compared with $342.0 million in the same period of 2009. Net capital expenditures (including proceeds from the sale of assets) from continuing operations were $527.0 million, up from $242.7 million in the same period of 2009. The increase in capital expenditures primarily reflects investment to refresh and modestly grow the commercial rental fleet.

Cash Flow

          Operating cash flow from continuing operations through June 30, 2010 was $531.2 million, up from $512.3 million in the same period of 2009. Total cash generated (including proceeds from used vehicle sales) from continuing operations through June 30, 2010, was $667.5 million, compared with $648.6 million in the same period of 2009. Free cash flow from continuing operations through June 30, 2010 was $123.1 million, down from $257.4 million for the same period of 2009, primarily due to increased vehicle spending.

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          The Company has in place a $100 million share repurchase program and a two million share anti-dilutive repurchase program. In the second quarter of 2010, the Company repurchased and retired approximately 723,000 shares at an aggregate cost of $32.6 million. To date, under the existing programs, a total of 1.4 million shares have been repurchased at an aggregate cost of $57.7 million.

Leverage

          Balance sheet debt as of June 30, 2010 decreased by $25.6 million compared with year-end 2009, due primarily to the utilization of free cash flow to repay debt, partially offset by share repurchases. The leverage ratio for balance sheet debt as of June 30, 2010 was 180%, compared with 175% at year-end 2009. Total obligations to equity as of June 30, 2010 were 188%, compared with 183% at year-end 2009. The Company now anticipates total obligations to equity at year end 2010 to be approximately 190%, below its target range of 250% to 300%.

2010 Outlook

          Commenting on Ryder’s outlook, Mr. Swienton said, “Our original 2010 business plan contemplated a moderate improvement in the overall economy and freight environment in the second half of this year. The positive leading indicators that began to emerge in our business during the first quarter strengthened and became more stable throughout the second quarter, reflecting some improving market conditions and demand. In many cases, our customers still remain cautious, and our full service lease product, which typically lags our other product lines during a recovery, has not yet exhibited a return to growth. Nevertheless, full service lease should benefit from new business sold, and the potential stabilization of existing customer lease fleet declines by year end. We expect commercial rental and used vehicle sales to continue to perform well. We also anticipate a continuing stable automotive environment and better high-tech and consumer industry performance for the balance of the year. Taking all of these factors into consideration, we are confident that we can deliver on our increased earnings growth objectives for 2010. Therefore, we are raising our full-year 2010 earnings forecast by $0.15 to a new range of $2.00 to $2.10 per share. Additionally, we are forecasting third quarter 2010 EPS of $0.62 to $0.67.”

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About Ryder

          Ryder is a FORTUNE 500^® commercial transportation, logistics and supply chain management solutions company. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. Inbound Logistics magazine has recognized Ryder as the top third party logistics provider, and Security magazine has named Ryder the number-one company for security practices in the transportation, logistics, supply chain, and warehousing sector. Ryder is a proud member of the American Red Cross Annual Disaster Giving Program, supporting national and local disaster preparedness and response efforts. 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, a slowdown of the economic recovery and deterioration in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, decline in economic and market conditions affecting contractual lease demand, changes in market demand in the commercial rental market and the sale of used vehicles, customer acceptance or competition, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in 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, a 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 Friday, July 23, 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.

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

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	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: RG5690265 and Passcode: RYDER.
Þ	To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-947-6766 (outside U.S. dial 1-203-369-3975), 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 June 30, 2010 and 2009
(In millions, except per share amounts)

	Three Months						Six Months
	2010			2009			2010			2009
Revenue	$	1,286.1			1,212.0		$	2,506.1			2,386.4
Operating expense		611.5			544.0			1,189.1			1,078.6
Salaries and employee-related costs		310.2			304.9			615.0			606.1
Subcontracted transportation		64.6			44.8			124.9			86.0
Depreciation expense		206.8			223.5			417.8			445.1
Gains on vehicle sales, net		(6.6	)		(2.4	)		(11.1	)		(5.8	)
Equipment rental		16.6			16.8			33.1			32.1
Interest expense		31.2			36.6			64.5			74.7
Miscellaneous income, net		(0.3	)		(1.4	)		(1.8	)		(0.7	)
Restructuring and other (recoveries) charges, net		—			(0.2	)		—			2.6
		1,233.9			1,166.7			2,431.4			2,318.7
Earnings from continuing operations before income taxes		52.2			45.3			74.7			67.8
Provision for income taxes		(21.6	)		(18.3	)		(31.2	)		(29.8	)
Earnings from continuing operations		30.6			27.1			43.5			38.0
Loss from discontinued operations, net of tax		(0.8	)		(4.2	)		(1.3	)		(8.3	)
Net earnings	$	29.8			22.9		$	42.2			29.7
Earnings (loss) per common share — Diluted
Continuing operations	$	0.58			0.48		$	0.82			0.68
Discontinued operations		(0.02	)		(0.07	)		(0.03	)		(0.15	)
Net earnings	$	0.56			0.41		$	0.79			0.53
Weighted-average shares outstanding — Diluted		52.3			55.4			52.5			55.3
Memo:
Comparable earnings per share from continuing operations:
EPS from continuing operations	$	0.58			0.48		$	0.82			0.68
International asset impairment		—			—			—			0.07
Restructuring charges		—			—			—			0.03
Comparable EPS from continuing operations	$	0.58			0.48		$	0.82			0.78

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)

	June 30,		December 31,
	2010		2009
Assets:
Cash and cash equivalents	$	108.4		98.5
Other current assets		799.1		781.8
Revenue earning equipment, net		4,246.0		4,178.7
Operating property and equipment, net		542.9		543.9
Other assets		641.6		656.9
	$	6,338.1		6,259.8
Liabilities and shareholders’ equity:
Short-term debt and current portion of long-term debt	$	380.9		232.6
Other current liabilities		789.5		617.7
Long-term debt		2,091.2		2,265.1
Other non-current liabilities (including deferred income taxes)		1,701.8		1,717.5
Shareholders’ equity		1,374.7		1,427.0
	$	6,338.1		6,259.8

SELECTED KEY RATIOS AND METRICS

	June 30,			December 31,
	2010			2009
Debt to equity		180	%		175	%
Total obligations to equity *		188	%		183	%

	Six months ended June 30,
	2010		2009
Cash provided by operating activities from continuing operations	$	531.2		512.3
Free cash flow*		123.1		257.4
Capital expenditures paid		544.4		391.2
Capital expenditures (accrual basis)		630.4		342.0

	Twelve months ended June 30,
	2010			2009
Return on average shareholders’ equity		5.3	%		7.3	%
Return on average assets		1.2	%		1.6	%
Adjusted average return on capital *		4.2	%		5.9	%

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

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RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS — UNAUDITED
Periods ended June 30, 2010 and 2009
(Dollars in millions)

	Three Months									Six Months
	2010			2009			B(W)			2010			2009			B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	482.5			504.7			(4	)%	$	961.9			996.3			(3	)%
Contract maintenance		39.9			42.3			(6	)%		79.7			83.7			(5	)%
Contractual revenue		522.4			547.0			(5	)%		1,041.5			1,080.0			(4	)%
Contract-related maintenance		39.9			40.8			(2	)%		80.1			85.8			(7	)%
Commercial rental		130.1			108.6			20	%		231.6			207.8			11	%
Other		16.7			16.2			3	%		33.2			32.2			3	%
Fuel		222.2			178.7			24	%		428.7			349.0			23	%
Total Fleet Management Solutions		931.2			891.3			4	%		1,815.2			1,754.8			3	%
Supply Chain Solutions		310.1			275.9			12	%		604.3			543.1			11	%
Dedicated Contract Carriage		123.0			116.0			6	%		239.4			231.1			4	%
Eliminations		(78.2	)		(71.1	)		(10	)%		(152.7	)		(142.6	)		(7	)%
Total revenue	$	1,286.1			1,212.0			6	%	$	2,506.1			2,386.4			5	%
Operating Revenue: *
Fleet Management Solutions	$	709.0			712.6			(1	)%	$	1,386.4			1,405.8			(1	)%
Supply Chain Solutions		249.9			233.5			7	%		488.1			461.9			6	%
Dedicated Contract Carriage		118.6			113.5			4	%		230.6			226.3			2	%
Eliminations		(40.4	)		(41.8	)		3	%		(80.4	)		(85.3	)		6	%
Total operating revenue	$	1,037.1			1,017.8			2	%	$	2,024.7			2,008.7			1	%
Business segment earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	46.2			41.4			12	%	$	67.9			71.4			(5	)%
Supply Chain Solutions		12.6			6.2			101	%		19.6			7.8			152	%
Dedicated Contract Carriage		8.4			10.7			(21	)%		15.8			20.9			(24	)%
Eliminations		(5.1	)		(4.8	)		(7	)%		(9.9	)		(10.5	)		6	%
		62.1			53.5			16	%		93.4			89.6			4	%
Unallocated Central Support Services		(9.9	)		(8.3	)		(18	)%		(18.7	)		(15.3	)		(22	)%
Earnings from continuing operations before restructuring, other items and income taxes		52.2			45.2			16	%		74.7			74.3			1	%
Restructuring and other recoveries (charges), net and other items		—			0.2		NM				—			(6.5	)	NM
Earnings from continuing operations before income taxes		52.2			45.3			15	%		74.7			67.8			10	%
Provision for income taxes		(21.6	)		(18.3	)		(18	)%		(31.2	)		(29.8	)		(5	)%
Earnings from continuing operations	$	30.6			27.1			13	%	$	43.5			38.0			14	%

*	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 June 30, 2010 and 2009
(Dollars in millions)

	Three Months									Six Months
	2010			2009			B(W)			2010			2009			B(W)
Fleet Management Solutions
Total revenue	$	931.2			891.3			4	%	$	1,815.2			1,754.8			3	%
Fuel revenue		(222.2	)		(178.7	)		24	%		(428.7	)		(349.0	)		23	%
Operating revenue *	$	709.0			712.6			(1	)%	$	1,386.4			1,405.8			(1	)%
Segment earnings before income taxes	$	46.2			41.4			12	%	$	67.9			71.4			(5	)%
Earnings before income taxes as % of total revenue		5.0	%		4.6	%					3.7	%		4.1	%
Earnings before income taxes as % of operating revenue *		6.5	%		5.8	%					4.9	%		5.1	%
Supply Chain Solutions
Total revenue	$	310.1			275.9			12	%	$	604.3			543.1			11	%
Subcontracted transportation		(60.2	)		(42.3	)		42	%		(116.2	)		(81.2	)		43	%
Operating revenue *	$	249.9			233.5			7	%	$	488.1			461.9			6	%
Segment earnings before income taxes	$	12.6			6.2			101	%	$	19.6			7.8			152	%
Earnings before income taxes as % of total revenue		4.1	%		2.3	%					3.2	%		1.4	%
Earnings before income taxes as % of operating revenue *		5.0	%		2.7	%					4.0	%		1.7	%
Memo: Fuel costs	$	19.9			15.1			(32	)%	$	38.4			29.4			(31	)%
Dedicated Contract Carriage
Total revenue	$	123.0			116.0			6	%	$	239.4			231.1			4	%
Subcontracted transportation		(4.4	)		(2.5	)		75	%		(8.7	)		(4.8	)		82	%
Operating revenue *	$	118.6			113.5			4	%	$	230.6			226.3			2	%
Segment earnings before income taxes	$	8.4			10.7			(21	)%	$	15.8			20.9			(24	)%
Earnings before income taxes as % of total revenue		6.9	%		9.2	%					6.6	%		9.1	%
Earnings before income taxes as % of operating revenue *		7.1	%		9.4	%					6.9	%		9.2	%
Memo: Fuel costs	$	21.2			16.7			(27	)%	$	40.6			32.7			(24	)%

*	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)

	Three months ended June 30,						Six months ended June 30,
OPERATING REVENUE RECONCILIATION	2010			2009			2010			2009
Total revenue	$	1,286.1			1,212.0		$	2,506.1			2,386.4
Fuel services and subcontracted transportation revenue		(286.8	)		(223.5	)		(553.7	)		(435.0	)
Fuel eliminations		37.7			29.3			72.3			57.3
Operating revenue *	$	1,037.1			1,017.8		$	2,024.7			2,008.7

	June 30,					December 31,
DEBT TO EQUITY RECONCILIATION	2010		% to Equity			2009		% to Equity
On-balance sheet debt	$	2,472.1		180	%		2,497.7		175	%
Off-balance sheet debt — PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		112.7					118.8
Total obligations *	$	2,584.8		188	%		2,616.5		183	%

	Six months ended June 30,
CASH FLOW RECONCILIATION	2010			2009
Net cash provided by operating activities from continuing operations	$	531.2			512.3
Proceeds from sales (primarily revenue earning equipment)		103.4			99.4
Collections on direct finance leases		30.9			36.9
Other, net		2.0			—
Total cash generated *		667.5			648.6
Capital expenditures		(544.4	)		(391.2	)
Free cash flow *	$	123.1			257.4

	Twelve months ended June 30,
RETURN ON CAPITAL RECONCILIATION	2010			2009
Net earnings (12-month rolling period)	$	74.6			110.6
+ Restructuring and other items		21.2			72.7
+ Income taxes		55.2			94.0
Adjusted earnings before income taxes		151.0			277.3
+ Adjusted interest expense (b)		137.3			163.6
- Adjusted income taxes		(117.4	)		(172.3	)
= Adjusted net earnings for ROC (numerator)	$	171.0			268.6
Average total debt	$	2,510.0			2,870.8
Average off-balance sheet debt		125.9			158.2
Average shareholders’ equity		1,420.6			1,519.9
Adjustment to equity (c)		8.8			18.6
Adjusted average total capital (denominator)	$	4,065.3			4,567.5
Adjusted average ROC *		4.2	%		5.9	%

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)

	Three Months									Six Months
	2009									2009
	Reported						Comparable			Reported						Comparable
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Revenue	$	1,212.0			—			1,212.0		$	2,386.4			—			2,386.4
Operating expense		544.0						544.0			1,078.6						1,078.6
Salaries and employee-related costs		304.9						304.9			606.1						606.1
Subcontracted transportation		44.8						44.8			86.0						86.0
Depreciation expense (a)		223.5						223.5			445.1			(3.9	)		441.2
Gains on vehicle sales, net		(2.4	)					(2.4	)		(5.8	)					(5.8	)
Equipment rental		16.8						16.8			32.1						32.1
Interest expense		36.6						36.6			74.7						74.7
Miscellaneous income, net		(1.4	)					(1.4	)		(0.7	)					(0.7	)
Restructuring and other (recoveries) charges, net (b)		(0.2	)		0.1			(0.1	)		2.6			(2.6	)		—
		1,166.7			0.1			1,166.8			2,318.7			(6.5	)		2,312.2
Earnings from continuing operations before income taxes		45.3			(0.1	)		45.2			67.8			6.5			74.3
Provision for income taxes		(18.3	)		0.1			(18.2	)		(29.8	)		(0.8	)		(30.6	)
Earnings from continuing operations	$	27.1			(0.1	)		27.0		$	38.0			5.7			43.7
Tax rate on continuing operations		40.3	%					40.3	%		43.9	%					41.2	%
Earnings per common share — Diluted:
Continuing operations	$	0.48			—			0.48		$	0.68			0.10			0.78

Notes regarding adjustments:
(a)	International asset impairment charge.
(b)	Restructuring charges for severance and benefit costs related to workforce reductions.

Note: Amounts may not be additive due to rounding.

Page 6

EX-99.2

Exhibit 99.2

Second Quarter 2010 Earnings Conference Call July 23, 2010

7/23/10 Proprietary and Confidential 2 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, a slowdown of the economic recovery and deterioration in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, decline in economic and market conditions affecting contractual lease demand, changes in market demand in the commercial rental market and the sale of used vehicles, customer acceptance or competition, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in 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, a 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.

7/23/10 Proprietary and Confidential 3 Contents Second Quarter 2010 Results Overview Asset Management Update Earnings Outlook Q & A

7/23/10 Proprietary and Confidential 4 2nd Quarter Results Overview Earnings per diluted share from continuing operations were $0.58 in 2Q10 vs. $0.48 in 2Q09 Total revenue increased 6% vs. prior year, reflecting higher fuel cost pass- throughs and favorable foreign exchange rate movements Operating revenue increased 2% vs. prior year due to higher commercial rental revenue, favorable foreign exchange rate movements and DCC fuel cost pass- throughs, partially offset by lower full service lease revenue

7/23/10 Proprietary and Confidential 5 2nd Quarter Results Overview Fleet Management Solutions (FMS) total revenue up 4% (but operating revenue down 1%) vs. prior year Contractual revenue down 5% Full service lease revenue down 4% Contract maintenance revenue decreased 6% Commercial rental revenue up 20% Fuel revenue up 24% due primarily to increase in fuel cost pass-throughs FMS net before tax earnings (NBT) up 12% FMS NBT percent of operating revenue up 70 basis points to 6.5% FMS earnings positively impacted by better commercial rental performance, improved used vehicle sales results and lower retirement plans expense, partially offset by lower full service lease performance (due to fewer units and higher maintenance costs on older fleet), compensation expense and higher depreciation expense per unit

7/23/10 Proprietary and Confidential 6 2nd Quarter Results Overview Supply Chain Solutions (SCS) total revenue up 12% (and operating revenue up 7%) vs. prior year due to higher automotive volumes and favorable foreign exchange rate movements, partially offset by prior year contract rationalizations SCS net before tax earnings (NBT) up 101% SCS NBT percent of operating revenue up 230 basis points to 5.0% SCS earnings benefited from improved automotive volumes, prior year contract rationalizations, and better consumer and high-tech results, partially offset by higher compensation expense Dedicated Contract Carriage (DCC) total revenue up 6% (and operating revenue up 4%) due to higher fuel cost pass-throughs and improved freight volumes DCC net before tax earnings (NBT) down 21% DCC NBT percent of operating revenue down 230 basis points to 7.1% DCC earnings negatively impacted by higher self-insurance costs, compensation expense and investments associated with new technology initiatives, partially offset by higher customer volumes

7/23/10 Proprietary and Confidential 7 Key Financial Statistics Second 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. Includes discontinued operations and restructuring charges.

7/23/10 Proprietary and Confidential 8 Key Financial Statistics Year-to-Date ($ 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. Includes discontinued operations and restructuring charges. 8 Proprietary and Confidential

7/23/10 Proprietary and Confidential 9 Business Segments Second 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 - ($0.1), SCS -$0.3 in 2009. ($ Millions)

7/23/10 Proprietary and Confidential 10 Business Segments 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 - ($1.8), SCS - ($4.5), DCC - ($0.1) and CSS - ($0.1) in 2009. ($ Millions) 10 Proprietary and Confidential

7/23/10 Proprietary and Confidential 11 Capital Expenditures from Continuing Operations Year-to-Date ($ Millions)

7/23/10 Proprietary and Confidential 12 Cash Flow from Continuing Operations Year-to-Date ($ 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.

7/23/10 Proprietary and Confidential 13 Debt to Equity Ratio Note: Includes impact of accumulated net pension related equity charge of $407 million as of 6/30/10, $412 million as of 12/31/09 and $469 million as of 6/30/09. 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 $113 million as of 6/30/10, $119 million as of 12/31/09 and $140 million as of 6/30/09. Represents long term total obligations to equity target of 250 - 300% while maintaining a strong investment grade rating. ($ Millions) (1) (2)

7/23/10 Proprietary and Confidential 14 Contents Second Quarter 2010 Results Overview Asset Management Update Earnings Outlook Q & A

7/23/10 Proprietary and Confidential 15 Units held for sale were 5,900 at quarter end; down 34% from 9,000 units held for sale in the prior year Units held for sale were down 13% from 6,800 at the end of the prior quarter The number of used vehicles sold in the second quarter were 4,700, down 17% compared with prior year due to lower inventory level Number of used vehicles sold were flat vs. the prior quarter Proceeds per unit were up 8% for tractors and up 27% for trucks in the second quarter compared with prior year (excluding the impact of exchange rates) Proceeds per unit were up 7% for tractors and 14% for trucks vs. the prior quarter Vehicles no longer earning revenue were 8,000 at quarter end; down 4,500 or 36% from the prior year Vehicles no longer earning revenue were down 19% vs. the prior quarter Average second quarter total commercial rental fleet was up 1% year-over-year Global Asset Management Update (1) (1) Units rounded to nearest hundred.

7/23/10 Proprietary and Confidential 16 Contents Second Quarter 2010 Results Overview Asset Management Update Earnings Outlook Q & A

7/23/10 Proprietary and Confidential 17 EPS Forecast - Continuing Operations ($ Earnings Per Share) Non-GAAP financial measure. (Comparable EPS in 3Q09 excludes income tax benefits of $0.04 and by restructuring charges of $0.04. Comparable EPS in FY09 excludes an International impairment charge of $0.12, tax benefits of $0.11 and restructuring charges of $0.07). Increasing full year 2010 forecast range by $0.15 from $1.85 - $1.95 to $2.00 - $2.10. Current forecast is as follows:

7/23/10 Proprietary and Confidential 18 Q&A

7/23/10 Proprietary and Confidential 19 Appendix Business Segment Detail Central Support Services Balance Sheet Asset Management Financial Indicators Forecast Non GAAP Financial Measures & Reconciliations

7/23/10 Proprietary and Confidential 20 Fleet Management Solutions (FMS) Second Quarter ($ Millions)

7/23/10 Proprietary and Confidential 21 Fleet Management Solutions (FMS) Year-to-Date ($ Millions) 21 Proprietary and Confidential

7/23/10 Proprietary and Confidential 22 Supply Chain Solutions (SCS) Second Quarter ($ Millions)

7/23/10 Proprietary and Confidential 23 Supply Chain Solutions (SCS) Year-to-Date ($ Millions) 23 Proprietary and Confidential

7/23/10 Proprietary and Confidential 24 Dedicated Contract Carriage (DCC) Second Quarter ($ Millions)

7/23/10 Proprietary and Confidential 25 Dedicated Contract Carriage (DCC) Year-to-Date ($ Millions) 25 Proprietary and Confidential

7/23/10 Proprietary and Confidential 26 Central Support Services (CSS) Second Quarter ($ Millions)

7/23/10 Proprietary and Confidential 27 Central Support Services (CSS) Year-to-Date ($ Millions) 27 Proprietary and Confidential

7/23/10 Proprietary and Confidential 28 Balance Sheet ($ Millions)

7/23/10 Proprietary and Confidential 29 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) (c) Number of Units (c)

7/23/10 Proprietary and Confidential 30 Free Cash Flow 1054 835 949 1091 1381 1179 1252 1684 1571 1266 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) 380 (242) (439) 341 614 250 $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% 190% 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

7/23/10 Proprietary and Confidential 31 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 Earnings before income taxes from Continuing Operations Business Segments 9-10 Comparable Earnings / EPS from Continuing Operations Earnings / EPS from Continuing Operations Earnings and EPS from Continuing Operations Reconciliation 32 Comparable NBT / Tax Rate NBT / Tax Rate NBT and Tax Rate from Continuing Operations Reconciliation 33 Adjusted Return on Capital Net Earnings Adjusted Return on Capital Reconciliation 34 Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation 37-38 Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Ratio Debt to Equity Reconciliation 13 35-36 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

7/23/10 Proprietary and Confidential 32 Earnings and EPS from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 32 Proprietary and Confidential

7/23/10 Proprietary and Confidential 33 NBT and Tax Rate from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 33 Proprietary and Confidential

7/23/10 Proprietary and Confidential 34 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)

7/23/10 Proprietary and Confidential 35 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)

7/23/10 Proprietary and Confidential 36 Debt to Equity Reconciliation ($ Millions) Note: Amounts may not recalculate due to rounding.

7/23/10 Proprietary and Confidential 37 ($ 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 for discontinued operations. (5) Free Cash Flow excludes acquisitions and changes in restricted cash.

7/23/10 Proprietary and Confidential 38 ($ 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) Free Cash Flow excludes acquisitions and changes in restricted cash. Year-to-Date

7/23/10 Proprietary and Confidential 39