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, 2011

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, 2011, we issued a press release reporting our financial results for the three and twelve months ended December 31, 2010 (the “Press Release”). We also hosted a conference call and webcast on February 3, 2011 during which we made a presentation on our financial results for the three and twelve months ended December 31, 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 comparable earnings from continuing operations and comparable earnings per share from continuing operations for both fourth quarter and full year 2010 and 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 earnings from continuing operations and earnings per share from continuing operations, as applicable, (1) restructuring charges in 2009, (2) certain tax benefits, including a benefit in the fourth quarter of 2010 related to the settlement of prior tax years and the expiration of a statute of limitations, and a benefit in the fourth quarter of 2009 related to changes in Canadian income tax laws, (3) the gain on the sale of an international asset in the fourth quarter of 2010, and impairment charges on the same international asset in the fourth quarter of 2009 and (4) costs related to an acquisition in the fourth quarter of 2010, 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, 2011, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 2010.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on February 3, 2011, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 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: February 3, 2011	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Art A. Garcia
		Art A. Garcia, Executive Vice President
		and Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

Contacts:	Media:	Investor Relations:
	David Bruce (305) 500-4999	Bob Brunn (305) 500-4053

RYDER REPORTS FOURTH QUARTER AND FULL YEAR 2010 RESULTS AND PROVIDES 2011 FORECAST

• Q4 EPS from Continuing Operations Up 86% to $0.80

• Q4 Comparable EPS from Continuing Operations Up 59% to $0.65

• Q4 Total Revenue Up 5%; Operating Revenue Grows 4%

• Full Year EPS from Continuing Operations Up 46% to $2.37

• Full Year EPS from Comparable Continuing Operations Up 31% to $2.22

• Full Year Total Revenue Grows 5%; Operating Revenue Improves 2%

• 2011 Comparable EPS Forecast of $2.80 to $2.90

     MIAMI, February 3, 2011 — Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share from continuing operations for the three-month period ended December 31, 2010 were $0.80, compared with $0.43 in the year-earlier period. Earnings from continuing operations for the fourth quarter of 2010 were $41.5 million, compared with $23.7 million in the year-earlier period. Earnings per diluted share and earnings from continuing operations in the current period included a net benefit of $0.15 and $7.6 million, respectively, related to certain tax benefits, partially offset by restructuring and other items. Earnings per diluted share and earnings from continuing operations in the year-earlier 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. For the fourth quarter of 2010, excluding these items, comparable earnings per diluted share from continuing operations were $0.65, up 59% from $0.41 in the year-earlier period, and comparable earnings from continuing operations of $33.8 million increased 52% from $22.2 million in the year-earlier period. The improvement in earnings reflects the impact of significantly stronger results in the Company’s Fleet Management Solutions (FMS) business segment, driven primarily by better commercial rental performance and used vehicle sales results. These increases were partially offset by lower full service lease performance resulting

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from higher maintenance costs due to fleet aging and the cumulative impact of customer fleet reductions. Fourth quarter 2010 results also included a $1.5 million pension settlement charge, spread equally between the FMS and SCS business segments. Earnings per diluted share growth exceeded earnings growth due to the impact of previously announced share repurchase programs.

     Total revenue from continuing operations for the fourth quarter of 2010 was $1.31 billion, up 5% from $1.25 billion in the same period in the prior year. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) from continuing operations of $1.06 billion, rose 4% from $1.02 billion in the year-earlier period. FMS business segment total revenue improved 5% due primarily to higher commercial rental revenue and fuel services revenue passed through to customers. FMS operating revenue grew 4% due to higher commercial rental revenue, partially offset by lower full service lease revenue reflecting the impact of customer fleet downsizing. In the Company’s Supply Chain Solutions (SCS) business segment, total revenue increased 8% due to higher subcontracted transportation and operating revenue. SCS operating revenue rose 4% due to improved high-tech and automotive volumes, and new business. DCC business segment total revenue grew 2% and operating revenue grew 5% reflecting the pass-through of higher fuel costs and new business.

     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. Earnings per diluted share from discontinued operations totaled a loss of $0.08 in the fourth quarter of 2010 compared with a loss of $0.28 in the same period of the prior year.

     Net earnings per diluted share, including discontinued operations, for the three-month period ended December 31, 2010 were $0.72 versus $0.15 in the year-earlier period. Net earnings for the fourth quarter of 2010 were $37.1 million versus $8.2 million in the year-earlier period.

     Commenting on the Company’s performance, Ryder Chairman and CEO Greg Swienton said, “In view of our measurable performance across many areas, 2010 was a very successful year for Ryder. In what was an uneven, slow economic recovery, we achieved revenue growth and very good earnings leverage, including a 24% increase in comparable earnings. Our steady progress throughout the year, culminating in a particularly strong fourth quarter, helped us deliver total shareholder returns of 31% during 2010, more than double the performance of the S&P 500 during that same period.

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     “In the fourth quarter, in Fleet Management Solutions, our commercial rental performance continued to improve and command much better pricing due to rising demand in the overall marketplace. Used vehicle sales results improved in the quarter because of better pricing, stemming from a lower supply of vehicles for sale in the marketplace and higher demand. Our full service lease product line continued to improve in miles driven per vehicle; however, customers still remain cautious on entering long-term leases.

     “Our Supply Chain Solutions business delivered solid margins in the fourth quarter, with particularly strong results from our high-tech accounts. Operating revenue in both Supply Chain Solutions and Dedicated Contract Carriage grew due to both volume increases and new business.

     “Our solid balance sheet and strong cash flow enabled us to announce several strategic acquisitions in the fourth quarter which will help grow and expand capabilities in all three reporting business segments. We also continued to increase shareholder value by repurchasing shares under the previously announced stock buyback programs during the quarter.

     “In view of these factors, even in what is likely to be a gradual economic recovery, Ryder enters 2011 very well positioned to profitably accelerate growth in our business.”

Full-Year 2010 Operating Results

     Total revenue from continuing operations for the full-year 2010 was $5.14 billion, up 5% from $4.89 billion in the same period of 2009. Operating revenue from continuing operations for the full-year 2010 was $4.16 billion, up 2% from $4.06 billion in 2009.

     Ryder’s 2010 earnings from continuing operations were $124.6 million, compared with $90.1 million in the year-earlier period. Earnings per diluted share from continuing operations were $2.37 for 2010, up 46% versus $1.62 for the same period of 2009. Comparable 2010 earnings from continuing operations were $117.0 million, an improvement of 24% from $94.6 million in the same period of 2009. Comparable earnings per diluted share from continuing operations of $2.22 rose 31% from $1.70 in the year-earlier period. Comparable earnings and earnings per share from continuing operations excluded restructuring and other items, and certain tax benefits in both 2010 and 2009.

     Ryder’s 2010 net earnings, including discontinued operations, were $118.2 million, up 91% compared with $61.9 million in the year-earlier period. Earnings per diluted share were $2.25 for 2010, an improvement of 103% from $1.11 in the same period of 2009.

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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

     In the FMS business segment, total revenue in the fourth quarter of 2010 was $948.1 million, up 5% compared with the year-earlier period. Fuel services revenue in the fourth quarter of 2010 increased 10%, compared with the same period in 2009 due to higher fuel costs. Operating revenue (revenue excluding fuel) in the fourth quarter of 2010 was $726.3 million, up 4% compared with the year-earlier period. Contractual revenue, which includes full service lease and contract maintenance, decreased 2% in the fourth quarter of 2010 because of the cumulative impact of customer fleet downsizing. Commercial rental revenue grew 31% reflecting improving global market demand and higher pricing. Rental power fleet utilization improved 550 basis points, to 78% in the fourth quarter of 2010.

     The FMS business segment’s NBT was $49.5 million in the fourth quarter of 2010, up 55% from $31.9 million in the same period of 2009. This increase reflected significantly better commercial rental performance, improved used vehicle sales results and lower retirement plans expense. These items were partially offset by lower full service lease results, higher compensation, and investments in sales and information technology initiatives. Commercial rental performance improved as a result of increased market demand and 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. Used vehicle sales results benefited from a lower supply of vehicles in the overall marketplace. As expected, retirement plans expense decreased in the fourth quarter of 2010 primarily due to better investment performance in 2009 versus 2008. Full service lease results continued to be adversely impacted by higher maintenance costs on a relatively older fleet, as well as the cumulative effects of the long-term economic downturn, which resulted in downsizing of customer fleets. Lease mileage comparisons improved reflecting increased usage of existing customer leased fleets. Business segment NBT as a percentage of operating revenue was 6.8% in the fourth quarter of 2010, up

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220 basis points compared with 4.6% in the same quarter a year ago.

Supply Chain Solutions

     In the SCS business segment, fourth quarter 2010 total revenue was $325.1 million, up 8% due to higher subcontracted transportation and better operating revenue. Fourth quarter 2010 operating revenue (revenue excluding subcontracted transportation) was $258.3 million, an increase of 4% from the comparable period a year ago. SCS total and operating revenue comparisons benefited from improved high-tech and automotive volumes and new business.

     The SCS business segment’s NBT of $12.3 million in the fourth quarter of 2010, rose 5% from $11.7 million in the same quarter of 2009. Business segment earnings benefited from better operating performance particularly in high-tech accounts and were partially offset by higher compensation and pension expenses. Fourth quarter 2010 NBT for the business segment as a percentage of operating revenue was 4.8%, up 10 basis points from 4.7% in the same quarter of 2009.

Dedicated Contract Carriage

     In the DCC business segment, fourth quarter 2010 total revenue of $121.8 million, improved 2% compared with the fourth quarter of 2009. Operating revenue (revenue excluding subcontracted transportation) in the fourth quarter of 2010 was $119.3 million, an increase of 5% from the year-earlier period. Total revenue and operating revenue grew due to the pass-through of higher fuel costs, and new business.

     The DCC business segment’s NBT in the fourth quarter of 2010 was $6.5 million, down 6% compared with $6.9 million in the fourth quarter of 2009, due to higher driver costs. Business segment NBT as a percentage of operating revenue was 5.5% in the fourth quarter of 2010, declined 60 basis points from 6.1% in the year-earlier period.

Corporate Financial Information

Central Support Services

     Central Support Services (CSS) are overhead costs incurred to support all business segments and product lines. Substantially all CSS costs are allocated to the various business

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segments. In the fourth quarter of 2010, CSS costs were $48.0 million, compared with $45.5 million in the year-earlier period, primarily reflecting higher compensation costs and information technology investments.

Restructuring and Other Items

     Pre-tax restructuring and other items from continuing operations in the fourth quarter of 2010 totaled $3.2 million (also $3.2 million after tax), or $0.06 per diluted share. The charge included costs incurred on the acquisition of Total Logistic Control in December 2010, partially offset by a gain on the sale of an international supply chain facility. In the fourth quarter of 2009, Ryder recognized an impairment charge of $2.7 million (also $2.7 million after tax), or $0.05 per diluted share, related to this facility.

Income Taxes

     The Company’s effective income tax rate from continuing operations for the fourth quarter of 2010 was 16.4% of pre-tax earnings, compared with 25.6% in the year-earlier period. The current period income tax rate reflects a benefit of $10.8 million (21.7% of pre-tax earnings), or $0.21 per diluted share, related to the favorable settlement of prior tax years as well as the expiration of a statute of limitations. The prior period income tax rate reflects a 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 Canada.

Capital Expenditures

     As planned, capital expenditures from continuing operations were $1.09 billion for 2010, compared with $611.4 million in the same period of 2009. The increase in capital expenditures particularly reflects higher commercial rental spending to refresh and appropriately grow the rental fleet. Net capital expenditures (including proceeds from the sale of assets) were $853.0 million for 2010, up from $395.8 million in the same period of 2009.

Cash Flow

     Operating cash flow from continuing operations in 2010 was $1.03 billion, up 4% from the same period of 2009, primarily due to changes in working capital. Total cash generated

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(including proceeds from used vehicle sales) from continuing operations in 2010 was $1.33 billion, up 5% from $1.27 billion in the same period of 2009. Free cash flow from continuing operations in 2010 was $257.6 million, down 58% from $614.1 million in the same period of 2009, primarily due to higher vehicle investments for rental and full service lease.

     During the fourth quarter the Company completed a previously announced $100 million share repurchase program. The Company continues to have an ongoing two million share anti-dilutive repurchase program which is used to offset compensation and benefit-related stock issuances. In the fourth quarter, the Company repurchased and retired approximately 710,000 shares at an aggregate cost of $31.2 million. From inception through 2010, a total of 3.0 million shares have been repurchased under these programs at an aggregate cost of $123.2 million.

Leverage

     Balance sheet debt as of December 31, 2010 increased by $249.3 million compared with year-end 2009, due primarily to higher vehicle capital spending, as well as acquisitions and share repurchases. The leverage ratio for balance sheet debt as of December 31, 2010 was 196%, compared with 175% at year-end 2009. Total obligations to equity as of December 31, 2010 were 203%, up from 183% at year end 2009, below Ryder’s long-term target range of 250% to 300%.

Discontinued Operations

     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. Pre-tax losses from discontinued operations totaled $5.3 million ($4.3 million after tax or $0.08 per diluted share) for the three months ended December 31, 2010, compared with a loss of $15.2 million ($15.4 million after tax or $0.28 per diluted share) in the year-earlier period. Results of discontinued operations for 2010 included a loss on a leased facility, which Ryder no longer operates, and losses related to adverse legal developments. Results of discontinued operations for the fourth quarter of 2009 included accumulated foreign currency translation losses associated with the liquidation of investments in certain discontinued operations.

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2011 Earnings Forecast

     Ryder forecasts full-year 2011 comparable earnings to be in the range of $2.80 to $2.90 per diluted share. This represents an increase of 26% to 31% over Ryder’s comparable full-year 2010 earnings from continuing operations of $2.22 per diluted share. The Company also is establishing a first quarter 2011 earnings forecast of $0.40 to $0.44 per diluted share. Total revenue for the full-year 2011 is forecast to be $5.73 billion, up 12% from $5.14 billion in 2010. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the full-year 2011 is forecast to be $4.63 billion, up 11% from $4.16 billion in 2010.

     “We took a big step forward in 2010 with performance that was substantially better than our 2009 results,” said Mr. Swienton. “Although we have not yet experienced a return to growth in every product line, we completed an extremely good year of progress with revenue growth in all segments and higher overall earnings. For 2011, we expect the continuation of many of the same positive trends we saw in 2010. We are forecasting a double digit increase in both revenue and earnings resulting from our previously announced acquisitions and organic growth. In Fleet Management Solutions, we expect continuing strong demand and pricing in both commercial rental and used vehicle sales. Additionally, we plan to expand our commercial rental fleet during the year, as appropriate, to accommodate higher demand. We anticipate the improvements in FMS to be partially offset by higher maintenance costs on an older full service lease fleet. In Supply Chain Solutions and Dedicated Contract Carriage, we expect strong new sales. We further expect volume improvement to occur in Supply Chain Solutions. We are making investments in our fleet, maintenance technology, and sales and marketing to increase the efficiency and competitiveness of our offerings and position us for accelerated growth. In 2011, even in a gradual recovery with the lingering effects of a deep freight recession still apparent, we plan to accelerate revenue growth and deliver very solid results. Over the longer term, we expect that the substantial pent-up demand for lease fleets, due to a range of factors including new, more expensive EPA-mandated engine technologies, will result in future contractual revenue and earnings growth.”

About Ryder

Ryder System, Inc. is a FORTUNE 500^® commercial transportation, logistics and supply chain management solutions company. Ryder’s stock (NYSE: R) is a component of the Dow Jones

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Transportation Average and the Standard & Poor’s 500 Index. The Company’s financial performance is reported in the following three, inter-related business segments:

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

• Supply Chain Solutions — The SCS business segment offers a broad range of innovative logistics management services that are designed to optimize a customer’s supply chain and address key customer business requirements. 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.

• Dedicated Contract Carriage — The 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 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.

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.

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Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995. 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 additional 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, uncertainty or decline in economic and market conditions affecting contractual lease demand, decreases in market demand in the commercial rental market and the sale of used vehicles, competition from other service providers, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in 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, inability to achieve planned synergies and customer retention levels from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, driver shortages and increasing driver costs, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, 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

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pronouncements, rules or interpretations, changes in government regulations and adverse impacts of recently enacted regulations regarding vehicle emissions and the risks described in our filings with the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Note Regarding Non-GAAP Financial Measures: This news release includes certain non-GAAP financial measures as defined under SEC rules. Additional information regarding non-GAAP financial measures can be found in our investor presentation for the quarter and in our reports filed with the SEC, which are available in the Investors area of our website at www.ryder.com.

Conference Call and Webcast Information:
Ryder’s earnings conference call and webcast is scheduled for Thursday, February 3, 2011, 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 Art Garcia.

⇒	To join the conference call live: Begin 10 minutes prior to the conference by dialing the audio phone number 1-888-398-5319 (outside U.S. dial 1-773-681-5795) using the Passcode: RYDER and Conference Leader: Bob Brunn. Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: RG2414053 and Passcode: RYDER.
⇒	To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-873-9507 (outside U.S. dial 1-402-220-5313), 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, 2010 and 2009
(In millions, except per share amounts)

	Three Months						Year Ended
	2010			2009			2010			2009
Revenue	$	1,313.4			1,247.0		$	5,136.4			4,887.3
Operating expense (exclusive of items shown separately)		628.3			576.4			2,441.9			2,229.5
Salaries and employee-related costs		326.0			315.1			1,255.7			1,233.2
Subcontracted transportation		69.4			60.3			261.3			198.9
Depreciation expense		206.1			215.8			833.8			881.2
Gains on vehicle sales, net		(10.7	)		(3.2	)		(28.7	)		(12.3	)
Equipment rental		13.7			17.3			63.2			65.8
Interest expense		33.6			33.9			130.0			144.3
Miscellaneous income, net		(2.6	)		(0.5	)		(7.1	)		(3.7	)
Restructuring and other charges, net		—			0.1			—			6.4
		1,263.8			1,215.2			4,950.1			4,743.5
Earnings from continuing operations before income taxes		49.6			31.8			186.3			143.8
Provision for income taxes		(8.1	)		(8.1	)		(61.7	)		(53.7	)
Earnings from continuing operations		41.5			23.7			124.6			90.1
Loss from discontinued operations, net of tax		(4.3	)		(15.4	)		(6.4	)		(28.2	)
Net earnings	$	37.1			8.2		$	118.2			61.9
Earnings (loss) per common share — Diluted
Continuing operations	$	0.80			0.43		$	2.37			1.62
Discontinued operations		(0.08	)		(0.28	)		(0.12	)		(0.51	)
Net earnings	$	0.72			0.15		$	2.25			1.11
Weighted-average shares outstanding — Diluted		51.0			54.2			51.9			55.1
Memo:
Comparable earnings per share from continuing operations:
EPS from continuing operations	$	0.80			0.43		$	2.37			1.62
International asset (gain on sale)/impairment		(0.02	)		0.05			(0.02	)		0.12
Tax benefits		(0.21	)		—			(0.21	)		(0.04	)
Tax law changes		—			(0.07	)		—			(0.07	)
Acquisition costs		0.08			—			0.08			—
Restructuring and other charges		—			—			—			0.07
Comparable EPS from continuing operations	$	0.65			0.41		$	2.22			1.70

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS — UNAUDITED
(Dollars in millions)

	December 31,		December 31,
	2010		2009
Assets:
Cash and cash equivalents	$	213.1		98.5
Other current assets		810.2		781.8
Revenue earning equipment, net		4,201.2		4,178.7
Operating property and equipment, net		606.8		543.9
Other assets		821.0		656.9
	$	6,652.4		6,259.8
Liabilities and shareholders’ equity:
Short-term debt and current portion of long-term debt	$	420.1		232.6
Other current liabilities		711.4		617.7
Long-term debt		2,326.9		2,265.1
Other non-current liabilities (including deferred income taxes)		1,789.7		1,717.5
Shareholders’ equity		1,404.3		1,427.0
	$	6,652.4		6,259.8

SELECTED KEY RATIOS AND METRICS

	December 31,			December 31,
	2010			2009
Debt to equity		196	%		175	%
Total obligations to equity *		203	%		183	%
Effective interest rate (average cost of debt)		5.2	%		5.4	%

	Year ended December 31,
	2010			2009
Cash provided by operating activities from continuing operations	$	1,028.0			985.0
Free cash flow*		257.6			614.1
Capital expenditures paid		1,070.1			652.0
Capital expenditures (accrual basis)		1,087.7			611.4
Less proceeds from sales (primarily revenue earning equipment)		(234.7	)		(215.6	)
Net capital expenditures		853.0			395.8

	Twelve months ended December 31,
	2010			2009
Return on average shareholders’ equity		8.4	%		4.4	%
Return on average assets		1.9	%		1.0	%
Adjusted average return on capital *		4.8	%		4.1	%

*	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 December 31, 2010 and 2009
(Dollars in millions)

	Three Months									Year Ended
	2010			2009			B(W)			2010			2009			B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	485.0			493.4			(2	)%	$	1,934.3			1,989.7			(3	)%
Contract maintenance		39.0			41.1			(5	)%		158.8			167.2			(5	)%
Contractual revenue		524.0			534.6			(2	)%		2,093.1			2,156.9			(3	)%
Contract-related maintenance		39.6			37.4			6	%		160.9			163.3			(1	)%
Commercial rental		145.5			111.0			31	%		525.1			431.1			22	%
Other		17.1			16.5			4	%		67.4			66.5			1	%
Fuel		221.8			200.8			10	%		865.6			750.1			15	%
Total Fleet Management Solutions		948.1			900.2			5	%		3,712.2			3,567.8			4	%
Supply Chain Solutions		325.1			302.1			8	%		1,252.3			1,139.9			10	%
Dedicated Contract Carriage		121.8			119.3			2	%		482.6			471.0			2	%
Eliminations		(81.6	)		(74.6	)		(9	)%		(310.6	)		(291.4	)		(7	)%
Total revenue	$	1,313.4			1,247.0			5	%	$	5,136.4			4,887.3			5	%
Operating Revenue: *
Fleet Management Solutions	$	726.3			699.5			4	%	$	2,846.5			2,817.7			1	%
Supply Chain Solutions		258.3			247.6			4	%		1,005.0			955.4			5	%
Dedicated Contract Carriage		119.3			113.4			5	%		468.5			456.6			3	%
Eliminations		(41.9	)		(40.7	)		(3	)%		(161.8	)		(167.2	)		3	%
Total operating revenue	$	1,061.9			1,019.8			4	%	$	4,158.2			4,062.5			2	%
Business segment earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	49.5			31.9			55	%	$	172.2			140.4			23	%
Supply Chain Solutions		12.3			11.7			5	%		47.1			35.7			32	%
Dedicated Contract Carriage		6.5			6.9			(6	)%		31.0			37.6			(18	)%
Eliminations		(4.8	)		(4.9	)		2	%		(19.3	)		(21.1	)		8	%
		63.6			45.7			39	%		231.0			192.7			20	%
Unallocated Central Support Services		(10.8	)		(11.3	)		4	%		(41.5	)		(35.8	)		(16	)%
Earnings from continuing operations before restructuring, other items and income taxes		52.8			34.5			53	%		189.5			156.9			21	%
Restructuring and other charges, net and other items		(3.2	)		(2.7	)		(18	)%		(3.2	)		(13.1	)		76	%
Earnings from continuing operations before income taxes		49.6			31.8			56	%		186.3			143.8			30	%
Provision for income taxes		(8.1	)		(8.1	)		—			(61.7	)		(53.7	)		(15	)%
Earnings from continuing operations	$	41.5			23.7			75	%	$	124.6			90.1			38	%

*	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, 2010 and 2009
(Dollars in millions)

	Three Months									Year Ended
	2010			2009			B(W)			2010			2009			B(W)
Fleet Management Solutions
Total revenue	$	948.1			900.2			5	%	$	3,712.2			3,567.8			4	%
Fuel revenue		(221.8	)		(200.8	)		10	%		(865.6	)		(750.1	)		15	%
Operating revenue *	$	726.3			699.5			4	%	$	2,846.5			2,817.7			1	%
Segment earnings before income taxes	$	49.5			31.9			55	%	$	172.2			140.4			23	%
Earnings before income taxes as % of total revenue		5.2	%		3.5	%					4.6	%		3.9	%
Earnings before income taxes as % of operating revenue *		6.8	%		4.6	%					6.0	%		5.0	%
Supply Chain Solutions
Total revenue	$	325.1			302.1			8	%	$	1,252.3			1,139.9			10	%
Subcontracted transportation		(66.8	)		(54.5	)		23	%		(247.3	)		(184.5	)		34	%
Operating revenue *	$	258.3			247.6			4	%	$	1,005.0			955.4			5	%
Segment earnings before income taxes	$	12.3			11.7			5	%	$	47.1			35.7			32	%
Earnings before income taxes as % of total revenue		3.8	%		3.9	%					3.8	%		3.1	%
Earnings before income taxes as % of operating revenue *		4.8	%		4.7	%					4.7	%		3.7	%
Memo: Fuel costs	$	21.0			18.4			(14	)%	$	78.8			64.9			(21	)%
Dedicated Contract Carriage
Total revenue	$	121.8			119.3			2	%	$	482.6			471.0			2	%
Subcontracted transportation		(2.6	)		(5.8	)		(56	)%		(14.0	)		(14.4	)		(2	)%
Operating revenue *	$	119.3			113.4			5	%	$	468.5			456.6			3	%
Segment earnings before income taxes	$	6.5			6.9			(6	)%	$	31.0			37.6			(18	)%
Earnings before income taxes as % of total revenue		5.3	%		5.8	%					6.4	%		8.0	%
Earnings before income taxes as % of operating revenue *		5.5	%		6.1	%					6.6	%		8.2	%
Memo: Fuel costs	$	22.3			18.6			(20	)%	$	83.9			69.9			(20	)%

*	Non-GAAP financial measure
Note:	Amounts may not be additive due to rounding.

Page 4

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION — UNAUDITED
KEY PERFORMANCE INDICATORS

	Three months ended December 31,						Year ended December 31,
	2010			2009			2010			2009
Full service lease
Average fleet count		111,200			116,000			112,500			118,800
End of period fleet count		111,100			115,100			111,100			115,100
Miles/unit per day change — % (a)		4.3	%		(2.0	)%		3.1	%		(6.4	)%
Commercial rental
Average fleet count		30,400			27,800			29,800			29,400
End of period fleet count		29,700			27,400			29,700			27,400
Rental utilization — power units		77.9	%		72.4	%		76.1	%		68.0	%
Rental rate change — % (b)		9.5	%		(4.0	)%		6.1	%		(5.1	)%
Used vehicle sales (UVS)
Average UVS inventory		4,900			7,300			5,800			8,400
End of period inventory count		5,200			6,900			5,200			6,900
Used vehicles sold		4,000			5,200			17,700			20,500
UVS pricing change — % (c)
Tractors		39	%		(16	)%		17	%		(18	)%
Trucks		56	%		(17	)%		35	%		(21	)%

(a)	Represents the percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units.
(b)	Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.
(c)	Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

Page 5

RYDER SYSTEM, INC. AND SUBSIDIARIES

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

OPERATING REVENUE RECONCILIATION

	Three months ended December 30,						Year ended December 31,
	2010			2009			2010			2009
Total revenue	$	1,313.4			1,247.0		$	5,136.4			4,887.3
Fuel services and subcontracted transportation revenue		(291.2	)		(261.1	)		(1,126.9	)		(949.0	)
Fuel eliminations		39.7			33.9			148.8			124.2
Operating revenue *	$	1,061.9			1,019.8		$	4,158.2			4,062.5

DEBT TO EQUITY RECONCILIATION

	December 31,					December 31,
	2010		% to Equity			2009		% to Equity
On-balance sheet debt	$	2,747.0		196	%	$	2,497.7		175	%
Off-balance sheet debt — PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		99.8					118.8
Total obligations *	$	2,846.8		203	%		2,616.5		183	%

CASH FLOW RECONCILIATION

	Year ended December 31,
	2010			2009
Net cash provided by operating activities from continuing operations	$	1,028.0			985.0
Proceeds from sales (primarily revenue earning equipment)		234.7			215.6
Collections on direct finance leases		61.8			65.2
Other, net		3.2			0.2
Total cash generated *		1,327.7			1,266.0
Capital expenditures paid		(1,070.1	)		(652.0	)
Free cash flow *	$	257.6			614.1

RETURN ON CAPITAL RECONCILIATION

	Year ended December 31,
	2010			2009
Net earnings (12-month rolling period)	$	118.2			61.9
+ Restructuring and other items		6.2			29.9
+ Income taxes		60.6			53.7
Adjusted earnings before income taxes		185.0			145.6
+ Adjusted interest expense (b)		132.8			150.0
- Adjusted income taxes		(123.4	)		(121.8	)
= Adjusted net earnings for ROC (numerator)	$	194.4			173.8
Average total debt	$	2,512.0			2,691.6
Average off-balance sheet debt		114.2			141.6
Average shareholders’ equity		1,401.7			1,395.6
Adjustment to equity (c)		2.1			15.6
Adjusted average total capital (denominator)	$	4,030.0			4,244.5
Adjusted average ROC *		4.8	%		4.1	%

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 6

RYDER SYSTEM, INC. AND SUBSIDIARIES

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

	Three Months									Year Ended
	2010									2010
	Reported						Comparable			Reported						Comparable
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Revenue	$	1,313.4			—			1,313.4		$	5,136.4			—			5,136.4
Operating expense (a)		628.3			(4.1	)		624.2			2,441.9			(4.1	)		2,437.8
Salaries and employee-related costs		326.0						326.0			1,255.7						1,255.7
Subcontracted transportation		69.4						69.4			261.3						261.3
Depreciation expense		206.1						206.1			833.8						833.8
Gains on vehicle sales, net		(10.7	)					(10.7	)		(28.7	)					(28.7	)
Equipment rental		13.7						13.7			63.2						63.2
Interest expense		33.6						33.6			130.0						130.0
Miscellaneous income, net (b)		(2.6	)		0.9			(1.7	)		(7.1	)		0.9			(6.2	)
Restructuring and other (recoveries) charges, net		—						—			—						—
		1,263.8			(3.2	)		1,260.6			4,950.1			(3.2	)		4,946.9
Earnings from continuing operations before income taxes		49.6			3.2			52.8			186.3			3.2			189.5
Provision for income taxes (c)		(8.1	)		(10.8	)		(18.9	)		(61.7	)		(10.8	)		(72.5	)
Earnings from continuing operations	$	41.5			(7.6	)		33.8		$	124.6			(7.6	)		117.0
Tax rate on continuing operations		16.4	%					35.9	%		33.1	%					38.3	%
Earnings per common share —
Diluted:
Continuing operations	$	0.80			(0.15	)	$	0.65		$	2.37			(0.15	)	$	2.22

	Three Months									Year Ended
	2009									2009
	Reported						Comparable			Reported						Comparable
	Earnings			Adjustments			Earnings			Earnings			Adjustments			Earnings
Revenue	$	1,247.0			—			1,247.0		$	4,887.3			—			4,887.3
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 (d)		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 (recoveries) charges, net (e)		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	)		(12.3	)		(53.7	)		(8.5	)		(62.2	)
Earnings from continuing operations	$	23.7			(1.5	)		22.2		$	90.1			4.6			94.6
Tax rate on 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

Notes regarding adjustments:
(a)	Acquisition costs
(b)	Gain on sale of building
(c)	Tax benefits related to settlements, reversal of tax reserves, tax law changes, and restructuring and other items
(d)	International asset impairment
(e)	Restructuring charges for early debt retirement costs and workforce reductions

Note: Amounts may not be additive due to rounding.

Page 7

EX-99.2

Exhibit 99.2

Fourth Quarter 2010 & 2011 Forecast Earnings Conference Call February 3, 2011

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 additional 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, uncertainty or decline in economic and market conditions affecting contractual lease demand, decreases in market demand in the commercial rental market and the sale of used vehicles, competition from other service providers, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in 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, inability to achieve planned synergies and customer retention levels from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, driver shortages and increasing driver costs, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, 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 and adverse impacts of recently enacted 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 2010 Results Overview Asset Management Update 2011 Forecast Q & A

4th Quarter Results Overview Earnings per diluted share from continuing operations were $0.80 in 4Q10 vs. $0.43 in 4Q09 4Q10 included a $0.15 net benefit related to income taxes, partially offset by restructuring and other items 4Q09 included a $0.02 net benefit related to income tax changes, partially offset by restructuring and other items Comparable earnings per share from continuing operations were $0.65 vs. $0.41 in 4Q09 Total revenue increased 5% vs. prior year reflecting higher operating and fuel services revenue            Operating revenue increased 4% vs. prior year due to higher commercial rental and Supply Chain Solutions revenue, partially offset by lower full service lease revenue

4th Quarter Results Overview — FMS Fleet Management Solutions (FMS) total revenue up 5% (and operating revenue up 4%) vs. prior year Contractual revenue down 2% Full service lease revenue down 2% Contract maintenance revenue decreased 5% Commercial rental revenue up 31% Fuel revenue up 10% due primarily to increase in fuel cost pass-throughs FMS net before tax earnings (NBT) up 55% FMS NBT percent of operating revenue up 220 basis points to 6.8% FMS earnings positively impacted by better commercial rental performance, improved used vehicle sales results and lower retirement plans expense These benefits were partially offset by lower full service lease performance (due to higher maintenance costs on an older fleet and fewer units in the fleet), higher compensation expense and investments in sales and technology initiatives

4th Quarter Results Overview SCS / DCC Supply Chain Solutions (SCS) total revenue up 8% (and operating revenue up 4%) vs. prior year due to increased volumes and new business in high-tech and automotive SCS net before tax earnings (NBT) up 5% SCS NBT percent of operating revenue up 10 basis points to 4.8% SCS earnings increased due to improved operating performance particularly in high-tech, partially offset by higher compensation and pension costs Dedicated Contract Carriage (DCC) total revenue up 2% (and operating revenue up 5%) due to higher fuel cost pass-throughs and new business DCC net before tax earnings (NBT) down 6% DCC NBT percent of operating revenue down 60 basis points to 5.5% DCC earnings negatively impacted by increased driver costs

Key Financial Statistics ($ Millions, Except Per Share Amounts) Fourth Quarter 2010 2009% B/(W) Operating Revenue (1) $1,061.9 $1,019.8 4% Fuel Services and Subcontracted Transportation Revenue 251.5 227.2 11% Total Revenue $1,313.4 $1,247.0 5% Earnings Per Share From Continuing Operations $0.80 $0.43 86% Comparable Earnings Per Share From Continuing Operations(1) $0.65 $0.41 59% Earnings Per Share (2) $0.72 $0.15 380% Memo: Average Shares (Millions ) — Diluted 51.0 54.2 Tax Rate From Continuing Operations 16.4% 25.6% Comparable Tax Rate From Continuing Operations(1) 35.9% 35.5% Note: Amounts throughout presentation may not be additive due to rounding. (1) Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. (2) Includes discontinued operations and restructuring charges.

Key Financial Statistics ($ Millions, Except Per Share Amounts) Full Year 2010 2009% B/(W) Operating Revenue (1) $4,158.2 $4,062.5 2% Fuel Services and Subcontracted Transportation Revenue 978.1 824.8 19% Total Revenue $5,136.4 $4,887.3 5% Earnings Per Share From Continuing Operations $2.37 $1.62 46% Comparable Earnings Per Share From Continuing Operations (1) $2.22 $1.70 31% Earnings Per Share (2) $2.25 $1.11 103% Memo: Average Shares (Millions ) — Diluted 51.9 55.1 Tax Rate From Continuing Operations 33.1% 37.3% Comparable Tax Rate From Continuing Operations(1) 38.3% 39.7% Adjusted Return on Capital (Trailing 12 Month ) (1) 4.8% 4.1% Note: Amounts throughout presentation may not be additive due to rounding. (1) Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. (2) Includes discontinued operations and restructuring charges.

Business Segments ($ Millions) Fourth Quarter Memo: Total Revenue 2010 2009% B/(W) 2010 2009% B/(W) Operating Revenue: (1) Fleet Management Solutions $726.3 $699.5 4% $948.1 $900.2 5% Supply Chain Solutions 258.3 247.6 4% 325.1 302.1 8% Dedicated Contract Carriage 119.3 113.4 5% 121.8 119.3 2% Eliminations (41.9) (40.7) (3)% (81.6) (74.6) (9)% Total $1,061.9 $1,019.8 4% $ 1,313.4 $1,247.0 5% Segment Net Before Tax Earnings: Fleet Management Solutions $49.5 $31.9 55% Supply Chain Solutions 12.3 11.7 5% Dedicated Contract Carriage 6.5 6.9 (6)% Eliminations (4.8) (4.9) 2% 63.6 45.7 39% Central Support Services (Unallocated Share) (10.8) (11.3) 4% Earnings Before Restructuring and Income Taxes (1) 52.8 34.5 53% Restructuring and Other Charges, Net and Other Items (2) (3.2) (2.7) (18)% Earnings Before Income Taxes 49.6 31.8 56% Provision for Income Taxes (8.1) (8.1) -Earnings from Continuing Operations $41.5 $23.7 75% Comparable Earnings from Continuing Operations (1) $33.8 $22.2 52% Net Earnings $37.1 $8.2 350% (1) Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. (2) 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: SCS ($3.2) in 2010, and FMS ($0.3), and SCS ($2.4) in 2009.

Business Segments ($ Millions) Full Year Memo: Total Revenue 2010 2009% B/(W) 2010 2009% B/(W) Operating Revenue: (1) Fleet Management Solutions $2,846.5 $2,817.7 1% $3,712.2 $3,567.8 4% Supply Chain Solutions 1,005.0 955.4 5% 1,252.3 1,139.9 10% Dedicated Contract Carriage 468.5 456.6 3% 482.6 471.0 2% Eliminations (161.8) (167.2) 3% (310.6) (291.4) (7)% Total $4,158.2 $4,062.5 2% $5,136.4 $4,887.3 5% Segment Net Before Tax Earnings: Fleet Management Solutions $172.2 $ 140.4 23% Supply Chain Solutions 47.1 35.7 32% Dedicated Contract Carriage 31.0 37.6 (18)% Eliminations (19.3) (21.1) 8% 231.0 192.7 20% Central Support Services (Unallocated Share) (41.5) (35.8) (16)% Earnings Before Restructuring and Income Taxes (1) 189.5 156.9 21% Restructuring and Other Charges, Net and Other Items (2) (3.2) (13.1) 76% Earnings Before Income Taxes 186.3 143.8 30% Provision for Income Taxes (61.7) (53.7) (15)% Earnings from Continuing Operations $124.6 $ 90.1 38% Comparable Earnings from Continuing Operations (1) $117.0 $94.6 24% Net Earnings $ 118.2 $61.9 91% (1) Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. (2) 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: SCS ($3.2) in 2010, and FMS ($5.6), SCS ($7.4), and CSS ($0.1) in 2009.

Capital Expenditures from Continuing Operations ($ Millions) Full Year 2010 $2010 2009 O/(U) 2009 Full Service Lease $647 $548 $99 Commercial Rental 379 7 371 Operating Property and Equipment 62 56 6 Gross Capital Expenditures 1,088 611 476 Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 235 216 19 Net Capital Expenditures $853 $396 $457 Memo: Acquisitions $ 212 $89 $123

Cash Flow from Continuing Operations ($ Millions) Full Year 2010 2009 Earnings $125 $90 Depreciation 834 881 Gains on Vehicle Sales, Net (29) (12) Amortization and Other Non-Cash Charges, Net 57 58 Pension Contributions (64) (131) Changes in Working Capital and Deferred Taxes 105 99 Cash Provided by Operating Activities 1,028 985 Proceeds from Sales (Primarily Revenue Earning Equipment) 235 216 Collections of Direct Finance Leases 62 65 Other, Net 3 -Total Cash Generated (1) 1,328 1,266 Capital Expenditures (2) (1,070) (652) Free Cash Flow (1)(3) $258 $614 (1) Non-GAAP financial measure; refer to Appendix Non-GAAP Financial Measures. (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3) Free Cash Flow excludes acquisitions and changes in restricted cash.

Debt to Equity Ratio ($ Millions) 300% 275% 275% 234% 225% 250% 201% 203% 183% 200% 168% 157% Total Obligations to 146% 151% Equity(1) 150% 129% 100% Balance Sheet Debt to Equity 50% 0% 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 Long Term Target Midpoint(2) 12/31/10 12/31/09 Balance Sheet Debt $2,747 $2,498 Percent To Equity 196% 175% Total Obligations (1) $2,847 $2,617 Percent To Equity (1) 203% 183% Total Equity $1,404 $1,427 Note: Includes impact of accumulated net pension related equity charge of $423 million as of 12/31/10 and $412 million as of 12/31/09. (1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors as they are more complete measures of the Company’s obligations and help investors better assess the Company’s alue of minimum lease payments and guaranteedoverall leverage position residual values under operating leases of $100 million as of 12/31/10 and $119 million as of 12/31/09. (2) Represents long term total obligations to equity target of 250 — 300% while maintaining a strong investment grade rating.

Contents Fourth Quarter 2010 Results Overview Asset Management Update 2011 Forecast Q & A

Global Asset Management Update (1) Units held for sale were 5,200 at quarter end; down 25% from 6,900 units held for sale in the prior year Units held for sale were up 11% from 4,700 at the end of the prior quarter The number of used vehicles sold in the fourth quarter were 4,000, down 23% compared with prior year due to lower inventory level Number of used vehicles sold were down 9% or 400 units vs. the prior quarter Proceeds per unit were up 39% for tractors and up 56% for trucks in the fourth quarter compared with prior year (excluding the impact of exchange rates) Proceeds per unit were up 13% for tractors and 4% for trucks vs. the prior quarter Vehicles no longer earning revenue were 7,200 at quarter end; down 2,600 or 27% from the prior year Vehicles no longer earning revenue were up 4% vs. the prior quarter Average fourth quarter total commercial rental fleet was up 9% year-over-year (1) Units rounded to nearest hundred.

Contents Fourth Quarter 2010 Results Overview Asset Management Update 2011 Forecast Q & A

2011 Forecast Assumptions General Moderately stronger economic and freight environment            Stable interest rate environment; average interest rate will decline due to debt rollover            Stable foreign exchange rates FMS Improving contractual sales and better renewal rates — resulting in organic fleet growth beginning in second half Continuing improvement in contractual miles per unit Higher rental demand leads to strong utilization, continued pricing improvement and fleet growth Higher volume of used vehicle sales with improving pricing Benefits from acquisitions Productivity improvements partially offset higher costs on older lease fleet Increased investment for fleet replacement, growth and higher new vehicle costs

2011 Forecast Assumptions SCS / DCC Revenue and earnings growth due to both organic sales and acquisitions            Improved volumes in SCS Rate increases and productivity improvements offset increase in driver and equipment costs in DCC

Key Financial Statistics ($ Millions, Except Per Share Amounts) 2011 Forecast 2010% B / (W) Revenue: Operating (1) $4,600-4,650 $4,158 11-12% Fuel Services and Subcontracted Transportation 1,100-1,110 978 12-13% Total Revenue $5,700-5,760 $5,136 11-12% Earnings From Continuing Operations: Earnings Before Income Taxes $233-241 $186 25-29% Earnings $143-148 $125 14-19% Comparable Earnings Before Income Taxes (1) $235-243 $189 24-29% Comparable Earnings (1) $ 144-149 $117 23-27% Earnings Per Share (EPS) From Continuing Operations: EPS $2.77-2.87 $2.37 17-21% Comparable EPS (1) $2.80-2.90 $2.22 26-30% Memo: Average Shares (Millions) — Diluted 50.8 51.9 Tax Rate 38.7% 33.1% Comparable Tax Rate (1) 38.6% 38.3% Adjusted Return on Capital (Trailing 12 Month ) (1) 5.2% 4.8% Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding. (1) Non-GAAP financial measure; refer to Appendix Non-GAAP Financial Measures.

Business Segment Revenue 2011 Forecast Midpoint Change % vs. 2010 Fleet Management Solutions: Gross Revenue (1) 6% Contractual Revenue (2) 2% Commercial Rental Revenue 19% Operating Revenue 5% Supply Chain Solutions: Gross Revenue (3) 25% Operating Revenue 29% Dedicated Contract Carriage: Gross Revenue (3) 14% Operating Revenue 12% (1) Includes fuel revenue. (2) Includes full service lease and contract maintenance. (3) Includes subcontracted transportation revenue.

2011 Causes of EPS Change ($ Earnings Per Share) 9 0 $0.63-0.67 $2.80-2.90 8 7 6 5 4 3 $2.22 $0.10 2 1 $0.16 0 $0.11 9 $0.15-0.17 8 7 ($0.28-0.32) $0.06 6 5 ($0.20) ( $0.11) 4 3 2 1 0 9 8 7 6 5 4 3 2 1 0 (1) 2010 EPS FMS Contractual Strategic Compensation Share Acquisitions Pension Plans SCS/DCC Used Vehicle Commercial 2011 Forecast Investments Restoration Repurchase Sales & Rental EPS (made in 2010) Depreciation (1) 2010 Comparable EPS is a Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures.

Capital Expenditures, Cash Flow & Leverage ($ Millions) Full Year 2011 Forecast 2010 Full Service Lease $1,000-1,120 $647 Commercial Rental 575 379 Operating Property and Equipment 120 62 Gross Capital Expenditures 1,695-1,815 1,088 Less: Proceeds from Sales 280 235 Net Capital Expenditures $1,415-1,535 $853 Cash Provided by Operating Activities $1,090-1,160 $1,028 Total Cash Generated (1) $1,430-1,500 $1,328 Free Cash Flow (1) (2) $ (240)-(290) $258 Total Obligations to Equity (1) 202-212% 203% (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. (2) Free Cash Flow excludes acquisitions. Acquisitions totaled $212 million in 2010 and assumed to be $99 million in 2011.

EPS Forecast —Continuing Operations ($ Earnings Per Share) First Quarter Full Year 2011 EPS(1) Forecast $0.40 — 0.44 $2.80 — 2.90 2010 EPS(1) $0.24 $2.22 (1) Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. 02/03/11 Proprietary and Confidential 23

Summary Manage through cumulative impacts of prolonged recession on lease, while driving benefits in rental, used vehicle sales and Supply Chain Solutions Improve new sales and retention rates in lease as economy recovers and through sales/marketing initiatives Leverage increased demand for commercial rental and used vehicles for improved returns Improve growth rate in SCS/DCC through new sales, improving volumes and acquisitions Continue to drive benefits from productivity initiatives to offset higher maintenance and driver costs Invest in fleet refreshment and growth which will drive future returns 02/03/11 Proprietary and Confidential 24

Q&A 02/03/11 Proprietary and Confidential 25

Appendix Return on Capital History Business Segment Detail Central Support Services Balance Sheet Asset Management Financial Indicators Forecast Pension Expense Non-GAAP Financial Measures & Reconciliations 02/03/11 Proprietary and Confidential 26

Adjusted Return on Capital(1)History Adjusted Return on 7.7% 7.8% 7.9% 7.4% 7.3% Capital (ROC) 6.3% 6.3% 5.7% 6.9% 6.8% 6.7% 6.6% Cost of 6.5% 4.8% Capital (COC) 4.1% 5.2% 2004 2005 2006 2007 2008 2009 2010 2011 Forecast ROC O/(U) COC 0.8% 1.0% 1.2% 0.8% 0.8% (2.2)% (1.5)% (0.5)% Return on Equity 15.3% 14.6% 15.5% 14.2% 11.2% 4.4% 8.4% 10.0% (1) Calculated on a trailing 12 month basis. Non-GAAP financial measure; refer to Appendix —Non-GAAP Financial Measures. 02/03/11 Proprietary and Confidential 27

Fleet Management Solutions (FMS) ($ Millions) Fourth Quarter 2010 2009% B/(W) Full Service Lease $485.0 $493.4 (2)% Contract Maintenance 39.0 41.1 (5)% Contractual Revenue 524.0 534.6 (2)% Contract-related Maintenance 39.6 37.4 6% Commercial Rental 145.5 111.0 31% Other 17.1 16.5 4% Operating Revenue 726.3 699.5 4% Fuel Services Revenue 221.8 200.8 10% Total Revenue $948.1 $900.2 5% Segment Net Before Tax Earnings (NBT) $49.5 $31.9 55% Segment NBT as % of Total Revenue 5.2% 3.5% Segment NBT as % of Operating Revenue 6.8% 4.6% 02/03/11 Proprietary and Confidential 28

Fleet Management Solutions (FMS) ($ Millions) Full Year 2010 2009% B/(W) Full Service Lease $1,934.3 $1,989.7 (3)% Contract Maintenance 158.8 167.2 (5)% Contractual Revenue 2,093.1 2,156.9 (3)% Contract-related Maintenance 160.9 163.3 (1)% Commercial Rental 525.1 431.1 22% Other 67.4 66.5 1% Operating Revenue 2,846.5 2,817.7 1% Fuel Services Revenue 865.6 750.1 15% Total Revenue $3,712.2 $3,567.8 4% Segment Net Before Tax Earnings (NBT) $172.2 $140.4 23% Segment NBT as % of Total Revenue 4.6% 3.9% Segment NBT as % of Operating Revenue 6.0% 5.0% Adjusted Return on Capital 5.1% 4.3% 02/03/11 Proprietary and Confidential 29

Supply Chain Solutions (SCS) ($ Millions) Fourth Quarter 2010 2009% B/(W) Automotive $114.3 $109.3 5% High-Tech 59.3 52.9 12% Retail & CPG 46.0 44.3 4% Industrial & Other 38.7 41.1 (6)% Operating Revenue 258.3 247.6 4% Subcontracted Transportation 66.8 54.5 23% Total Revenue $325.1 $302.1 8% Segment Net Before Tax Earnings (NBT) $12.3 $11.7 5% Segment NBT as % of Total Revenue 3.8% 3.9% Segment NBT as % of Operating Revenue 4.8% 4.7% Memo: Fuel Costs $21.0 $18.4 (14)% 02/03/11 Proprietary and Confidential 30

Supply Chain Solutions (SCS) ($ Millions) Full Year 2010 2009% B/(W) Automotive $449.2 $409.9 10% High-Tech 220.5 209.9 5% Retail & CPG 177.8 167.1 6% Industrial & Other 157.5 168.6 (7)% Operating Revenue 1,005.0 955.4 5% Subcontracted Transportation 247.3 184.5 34% Total Revenue $1,252.3 $1,139.9 10% Segment Net Before Tax Earnings (NBT) $47.1 $35.7 32% Segment NBT as % of Total Revenue 3.8% 3.1% Segment NBT as % of Operating Revenue 4.7% 3.7% Adjusted Return on Capital 12.9% 10.3% Memo: Fuel Costs $78.8 $64.9 (21)% 02/03/11 Proprietary and Confidential 31

Supply Chain Solutions (SCS) ($ Millions) Global Historical Information Full Year Full Year 2008 1Q09 2Q09 3Q09 4Q09 2009 Automotive $616.5 $95.0 $98.1 $107.5 $109.3 $409.9 High-Tech 229.9 52.2 53.0 51.8 52.9 209.9 Retail & CPG 167.9 40.2 40.4 42.2 44.3 167.1 Industrial & Other 193.3 41.1 42.0 44.4 41.1 168.6 Operating Revenue 1,207.6 228.4 233.6 245.9 247.6 955.4 Subcontracted Transportation 222.1 38.9 42.3 48.8 54.5 184.5 Total Revenue $1,429.7 $267.3 $275.9 $294.7 $302.1 $1,139.9 Segment Net Before Tax Earnings (NBT) $57.0 $1.5 $6.2 $16.2 $11.7 $35.7 Segment NBT as % of Total Revenue 4.0% 0.6% 2.3% 5.5% 3.9% 3.1% Segment NBT as % of Operating Revenue 4.7% 0.7% 2.7% 6.6% 4.7% 3.7% Memo: Fuel Costs $136.4 $14.3 $15.1 $17.1 $18.4 $64.9 02/03/11 Proprietary and Confidential 32

Supply Chain Solutions (SCS) ($ Millions) Global Historical Information Full Year 1Q10 2Q10 3Q10 4Q10 2010 Automotive $106.7 $113.3 $114.8 $114.3 $449.2 High-Tech 51.4 52.8 57.0 59.3 220.5 Retail & CPG 41.8 44.2 45.8 46.0 177.8 Industrial & Other 38.2 39.6 40.9 38.7 157.5 Operating Revenue 238.2 249.9 258.5 258.3 1,005.0 Subcontracted Transportation 56.0 60.2 64.3 66.8 247.3 Total Revenue $294.2 $310.1 $322.9 $325.1 $1,252.3 Segment Net Before Tax Earnings (NBT) $7.0 $12.6 $15.2 $12.3 $47.1 Segment NBT as % of Total Revenue 2.4% 4.1% 4.7% 3.8% 3.8% Segment NBT as % of Operating Revenue 2.9% 5.0% 5.9% 4.8% 4.7% Memo: Fuel Costs $18.5 $19.9 $19.4 $21.0 $78.8 02/03/11 Proprietary and Confidential 33

Dedicated Contract Carriage (DCC) ($ Millions) Fourth Quarter 2010 2009% B/(W) Operating Revenue $119.3 $113.4 5% Subcontracted Transportation 2.6 5.8 (56)% Total Revenue $121.8 $119.3 2% Segment Net Before Tax Earnings (NBT) $6.5 $6.9 (6)% Segment NBT as % of Total Revenue 5.3% 5.8% Segment NBT as % of Operating Revenue 5.5% 6.1% Memo: Fuel Costs $22.3 $18.6 (20)% 02/03/11 Proprietary and Confidential 34

Dedicated Contract Carriage (DCC) ($ Millions) Full Year 2010 2009% B/(W) Operating Revenue $468.5 $456.6 3% Subcontracted Transportation 14.0 14.4 (2)% Total Revenue $482.6 $471.0 2% Segment Net Before Tax Earnings (NBT) $31.0 $37.6 (18)% Segment NBT as % of Total Revenue 6.4% 8.0% Segment NBT as % of Operating Revenue 6.6% 8.2% Adjusted Return on Capital 20.4% 19.3% Memo: Fuel Costs $83.9 $69.9 (20)% 02/03/11 Proprietary and Confidential 35

Central Support Services (CSS) ($ Millions) Fourth Quarter 2010 2009% B/(W) Allocated CSS Costs $37.2 $34.3 (8)% Unallocated CSS Costs 10.8 11.3 4% Total CSS Costs $48.0 $45.6 (5)% 02/03/11 Proprietary and Confidential 36

Central Support Services (CSS) ($ Millions) Full Year 2010 2009% B/(W) Allocated CSS Costs $142.2 $131.7 (8)% Unallocated CSS Costs 41.5 35.8 (16)% Total CSS Costs $183.7 $167.6 (10)% 02/03/11 Proprietary and Confidential 37

Balance Sheet ($ Millions) December 31, December 31, 2010 2009 Cash and Cash Equivalents $213 $99 Other Current Assets 810 782 Revenue Earning Equipment, Net 4,201 4,179 Operating Property and Equipment, Net 607 544 Other Assets 821 657 Total Assets $6,652 $6,260 Short-Term Debt / Current Portion Long-Term Debt $420 $233 Other Current Liabilities 711 618 Long-Term Debt 2,327 2,265 Other Non-Current Liabilities (including Deferred Income Taxes) 1,790 1,717 Shareholders’ Equity 1,404 1,427 Total Liabilities and Shareholders’ Equity $6,652 $6,260 02/03/11 Proprietary and Confidential 38

U.S. Asset Management Update (a) Number of Units FY05 FY06 FY07 FY08 FY09 FY10 10,000 9,060 9,000 8,000 7,537 7,000 6,096 6,000 5,168 4,809 4,793 5,000 4,698 4,698 4,363 4,350 4,243 4,016 4,103 3,824 3,980 3,929 4,000 3,469 3,636 3,000 1,866 1,859 2,000 1,606 1,586 1,234 901 1,000 0 Redeployments Extensions Early Terminations(b) (c) Early Replacements(c) (a) U.S. only (b) Excludes early terminations where customer purchases vehicle (c) Current year statistics may exclude some units due to a lag in reporting 02/03/11 Proprietary and Confidential 39

Financial Indicators Forecast (1) Total Cash Generated (2) (3) Gross Capital Expenditures (3) ($ Millions) Full Service Lease $1,684 Commercial Rental $1,571 $1,757 $1,755 $1,465 PP&E/Other $1,381 $1,328 $1,252 $1,266 $1,399 $1,179 $1,054 $1,091 $1,289 $1,265 $1,165 $1,182 $1,088 $949 $835 $725 $657 $600 $611 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Forecast Forecast Memo: Free Cash Flow (2) (3)(242) 131 367 357 289 (208)(4)(439) 380 341 614 258 (265) Total Obligations to Equity Ratio (2) Total Obligations to Equity Balance Sheet Debt to Equity Significant and predictable cash generation 275% 275% 234% 201% 225%183% 203%207% 168% 157% Invest in growth (organic, acquisitions) 151% 146%129% Over time appropriately move financial 2000 2001 2002 2003 2004 2005 2006 2007 2007 2008 2009 2010 2011 Long 2011 Forecast TermLongTarget leverage towards long term target of Forecast Term 250-300% Total Obligations to Equity Target Midpoint (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. 02/03/11 Proprietary and Confidential 40

Pension Expense ($ Millions) 2010 Pension Expense $42 Higher than Assumed Return on Assets in 2010 (7) Benefit of 2010 Voluntary Pension Contributions (4) Benefit of 2010 Plan Freeze (3) Discount Rate 3 Lower Expected Return Assumption 1 Other 1 2011 Estimated Pension Expense $33 02/03/11 Proprietary and Confidential 41

Non-GAAP Financial Measures This presentation -GAAP financial measures” as defined by includes “non 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: Reconciliation & Additional Information Non-GAAP Financial Measure Comparable GAAP Measure Presented on Slide Titled Page Operating Revenue Total Revenue Key Financial Statistics 7,8,19 Earnings Before Restructuring and Income Taxes Earnings before income taxes from Continuing Business Segments 9-10 Operations Comparable Earnings / EPS from Continuing Earnings / EPS from Continuing Operations Earnings and EPS from Continuing Operations 43 Operations Reconciliation Comparable NBT / Tax Rate NBT / Tax Rate NBT and Tax Rate from Continuing Operations 44-45 Reconciliation Adjusted Return on Capital Net Earnings Adjusted Return on Capital Reconciliation 46-49 Segment Adjusted Return on Capital Reconciliation Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation 52-53 Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Ratio 13 Debt to Equity Reconciliation 50-51 FMS / SCS / DCC Operating Revenue and Segment FMS / SCS / DCC Total Revenue and Segment Fleet Management Solutions / Supply Chain 28-35 NBT as % of Operating Revenue NBT as % of Total Revenue Solutions / Dedicated Contract Carriage 02/03/11 Proprietary and Confidential 42

Earnings and EPS from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 4Q10 — 4Q10 — 4Q09 — 4Q09 -Earnings EPS Earnings EPS Reported $41.4 $0.80 $23.7 $0.43 Int’l Asset(Gain on Sale)/Impairment (0.9) (0.02) 2.4 0.05 Tax Benefits (10.8) (0.21) — -Tax Law Changes - - — (4.1) (0.07) Acquisition Costs 4.1 0.08 — -Restructuring Charges — - 0.2 -Comparable $33.8 $0.65 $22.2 $0.41 FY10 — FY10 — FY09 — FY09 -Earnings EPS Earnings EPS Reported $124.6 $2.37 $90.1 $1.62 Int’l Asset(Gain on Sale)/Impairment (0.9) (0.02) 6.7 0.12 Tax Benefits (10.8) (0.21) (2.2) (0.04) Tax Law Changes — - (4.1) (0.07) Acquisition Costs 4.1 0.08 — -Restructuring Charges — - 4.2 0.07 Comparable $117.0 $2.22 $94.6 $1.70 02/03/11 Proprietary and Confidential 43

NBT and Tax Rate from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 4Q10 — 4Q10 — 4Q10 -NBT Tax Tax Rate Reported $49.6 $8.1 16.4% Gain on Sale of Building (0.9) -Tax Benefits — 10.8 Acquisition Costs 4.1 -Comparable $52.7 $18.9 35.9% FY10 — FY10 — FY10 - -NBT Tax Tax Rate Reported $186.3 $61.7 33.1% Gain on Sale of Building (0.9) -Tax Benefits — 10.8 Acquisition Costs 4.1 -Comparable $189.4 $72.6 38.3% 02/03/11 Proprietary and Confidential 44

NBT and Tax Rate from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 4Q09 — 4Q09 — 4Q09 -NBT Tax Tax Rate Reported $31.8 $8.1 25.6% Int’l Asset Impairment 2.4 - -Tax Law Changes — 4.1 Restructuring Charges 0.3 0.1 Comparable $34.5 $12.3 35.5% FY09 — FY09 - FY09 -NBT Tax Tax Rate Reported $143.8 $53.7 37.3% Int’l Asset Impairment 6.7 -Reversal of Tax Reserves — 2.2 Tax Law Changes — 4.1 Restructuring Charges 6.4 2.2 Comparable $156.9 $62.2 39.7% 02/03/11 Proprietary and Confidential 45

Adjusted Return on Capital Reconciliation ($ Millions) 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 Net Earnings (1) $216 $227 $249 $254 $200 Change in Accounting Principle — 2 — - - -Restructuring and Other Charges, Net and Other Items (24) (2) — 1 70 Income Taxes 115 129 144 152 150 Adjusted Earnings Before Income Taxes 307 357 393 407 420 Adjusted Interest Expense (2) 106 127 149 169 165 Adjusted Income Taxes (3) (156) (186) (207) (220) (230) Adjusted Net Earnings $257 $298 $332 $256 $355 Average Total Debt $1,811 $2,148 $2,480 $2,848 $2,882 Average Off-Balance Sheet Debt 152 148 99 150 171 Average Adjusted Total Shareholders’ Equity 1,412 1,555 1,610 1,791 1,778 Average Adjustments to Shareholders’ Equity (4) (16) (5) (5) 1 10 Adjusted Average Total Capital $3,359 $3,846 $4,184 $4,789 $4,841 Adjusted Return on Capital (5) 7.7% 7.8% 7.9% 7.4% 7.3% (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. 02/03/11 Proprietary and Confidential 46

Adjusted Return on Capital Reconciliation ($ Millions) 12/31/09 12/31/10 Net Earnings (1) $62 $118 Restructuring and Other Charges, Net and Other Items 30 6 Income Taxes 54 61 Adjusted Earnings Before Income Taxes 146 185 Adjusted Interest Expense (2) 150 133 Adjusted Income Taxes (3) (122) (124) Adjusted Net Earnings $174 $194 Average Total Debt $2,692 $2,512 Average Off-Balance Sheet Debt 142 114 Average Adjusted Total Shareholders’ Equity 1,396 1,402 Average Adjustments to Shareholders’ Equity (4) 16 2 Adjusted Average Total Capital $4,245 $4,030 Adjusted Return on Capital (5) 4.1% 4.8% (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. 02/03/11 Proprietary and Confidential 47

Segment Adjusted Return on Capital Reconciliation ($ Millions) 2010 FMS SCS DCC Net Earnings (1) $118 $26 $19 Restructuring and Other Charges, Net and Other Items — 3 -Income Taxes 54 18 12 Adjusted Earnings Before Income Taxes 172 47 31 Adjusted Interest Expense (2) 134 5 2 Adjusted Income Taxes (3) (103) (20) (14) Adjusted Net Earnings $203 $32 $19 Average Total Debt $2,565 $52 $ (52) Average Off-Balance Sheet Debt 111 81 116 Average Adjusted Total Shareholders’ Equity 1,283 115 30 Average Adjustments to Shareholders’ Equity (4) — 1 -Adjusted Average Total Capital $3,959 $249 $94 Adjusted Return on Capital (5) 5.1% 12.9% 20.4% (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. 02/03/11 Proprietary and Confidential 48

Segment Adjusted Return on Capital Reconciliation ($ Millions) 2009 FMS SCS DCC Net Earnings (1) $88 $14 $23 Restructuring and Other Charges, Net and Other Items 6 8 -Income Taxes 46 14 15 Adjusted Earnings Before Income Taxes 140 36 38 Adjusted Interest Expense (2) 148 6 2 Adjusted Income Taxes (3) (109) (17) (17) Adjusted Net Earnings $179 $25 $23 Average Total Debt $2,716 $49 $ (35) Average Off-Balance Sheet Debt 141 86 110 Average Adjusted Total Shareholders’ Equity 1,320 97 44 Average Adjustments to Shareholders’ Equity (4) — 7 -Adjusted Average Total Capital $4,177 $239 $119 Adjusted Return on Capital (5) 4.3% 10.3% 19.3% (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. 02/03/11 Proprietary and Confidential 49

Debt to Equity Reconciliation ($ Millions) % to % to % to % to % to % to % to % to 12/31/00 Equity 12/31/01 Equity 12/31/02 Equity 12/31/03 Equity 12/31/04 Equity 12/31/05 Equity 12/31/06 Equity 12/31/07 Equity Balance Sheet Debt $2,017 161% $1,709 139% $1,552 140% $1,816 135% $1,783 118% $2,185 143% $2,817 164% $2,776 147% Receivables Sold 345 110 — - — - — - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 879 625 370 153 161 117 78 178 PV of contingent rentals under securitizations 209 441 311 — - — - — Total Obligations $3,450 275% $2,885 234% $2,233 201% $1,969 146% $1,944 129% $2,302 151% $2,895 168% $2,954 157% Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt. 02/03/11 Proprietary and Confidential 50

Debt to Equity Reconciliation ($ Millions) % to % to % to 12/31/08 Equity 12/31/09 Equity 12/31/10 Equity Balance Sheet Debt $2,863 213% $2,498 175% $2,747 196% Receivables Sold — - — PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 163 119 100 Total Obligations $3,026 225% $2,617 183% $2,847 203% Note: Amounts may not recalculate due to rounding. 02/03/11 Proprietary and Confidential 51

Cash Flow Reconciliation ($ Millions) 12/31/00 (4)12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 Cash Provided by Operating Activities $1,023 $365 $617 $803 $867 $776 $852 $1,097 $1,248 $985 Less: Changes in Bal. of Trade Rec. Sold (270) 235 110 — - — - - - - -Collections of Direct Finance Leases 67 66 66 61 64 69 65 62 61 65 Proceeds from Sale (Prim. Rev. Earn. Equip.) 230 173 152 210 331 333 332 373 262 216 Proceeds from Sale & Leaseback of Assets - - — - 13 118 — - 150 — -Other Investing, Net 4 (4) 4 4 1 — 2 2 — -Total Cash Generated (1)(6) 1,054 835 949 1,091 1,381 1,179 1,252 1,684 1,571 1,266 Capital Expenditures (2)(6) (1,296) (704) (582) (734) (1,092) (1,387) (1,691) (1,304) (1,230) (652) Free Cash Flow (3)(5)(6) $ (242) $131 $367 $357 $289 $ (208) $ (439) $380 $341 $614 Memo: Depreciation Expense $580 $545 $552 $625 $706 $735 $739 $811 $836 $881 Gains on Vehicle Sales, Net $19 $12 $14 $16 $35 $47 $51 $44 $39 $12 (1) 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. (4) 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. (5) Amounts have not been recasted for discontinued operations. (6) Free Cash Flow excludes acquisitions and changes in restricted cash. 02/03/11 Proprietary and Confidential 52

Cash Flow Reconciliation ($ Millions) 12/31/10 Cash Provided by Operating Activities from Continuing Operations $1,028 Proceeds from Sales (Primarily Revenue Earning Equipment) 235 Collections of Direct Finance Leases 62 Other, Net 3 Total Cash Generated (1) 1,328 Capital Expenditures (2) (1,070) Free Cash Flow (3)(4) $258 Memo: Depreciation Expense $834 Gains on Vehicle Sales, Net $29 (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. 02/03/11 Proprietary and Confidential 53

RYDER