Second Quarter 2008 Earnings Conference Call July 23, 2008

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, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to 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, changes in economic and market conditions affecting the commercial rental market or the sale of used vehicles, the effect of severe weather events, labor strikes or work stoppages affecting our or our customers' business operations, adequacy of accounting estimates, reserve and accruals particularly with respect to pension, taxes, insurance and revenue, additional adverse issues or developments in our Brazilian operations, changes in general economic conditions, sudden or unusual changes in fuel prices, availability of qualified drivers, our ability to manage our cost structure, new accounting pronouncements, rules or interpretations, changes in government regulations including regulations regarding vehicle emissions and the risks described in our filings with the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contents Second Quarter 2008 Results Overview Asset Management Update Earnings Outlook Q & A

2nd Quarter Results Overview Earnings per diluted share were $1.10 versus $1.07 in 2Q07 2Q08 included $0.12 charge for Brazil adjustments related to prior years Comparable earnings were $1.22 versus $1.07 in 2Q07 Comparable earnings above forecast of $1.10 - $1.20 due primarily to FMS contractual revenue growth, partially offset by lower SCS results Total revenue remained unchanged vs. prior year, reflecting a change from gross to net revenue reporting for a supply chain subcontracted transportation customer Operating revenue up 5% vs. prior year as a result of FMS contractual revenue growth including acquisitions, higher fuel prices and favorable foreign exchange rate movements Fleet Management Solutions (FMS) total revenue up 16% (and operating revenue up 5%) vs. prior year Contractual revenue increased 5% Full service lease revenue grew 5% including acquisitions Contract maintenance revenue grew 5% organically Commercial rental revenue up 1% Fuel revenue grew 44% Foreign exchange impact accounts for 1 percentage point of total revenue growth FMS net before tax earnings (NBT) up 19% FMS NBT percent of operating revenue up 180 basis points to 14.9% FMS earnings benefited primarily from improved contractual business performance, and to a lesser extent from higher fuel margins (due to unusually rapid increase in fuel prices) and acquisitions

2nd Quarter Results Overview (cont'd) Supply Chain Solutions (SCS) total revenue down 25% vs. prior year due to change from gross to net revenue reporting for a supply chain subcontracted transportation customer SCS operating revenue up 6% vs. prior year, reflecting foreign exchange impact, higher fuel costs and new/expanded business SCS net before tax earnings (NBT) down 56% SCS NBT percent of operating revenue down 280 basis points to 1.9% SCS earnings negatively impacted by lower operating results in our Brazilian operations and several North American automotive strikes Dedicated Contract Carriage (DCC) total revenue up 2% (and operating revenue up 2%) vs. prior year due to higher fuel costs, partially offset by non-renewed contracts DCC net before tax earnings (NBT) down 1% DCC NBT percent of operating revenue down 30 basis points to 8.8% DCC earnings negatively impacted by higher safety/insurance costs, partially offset by improved operating performance

Key Financial Statistics Second Quarter (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable earnings per share exclude Brazil charges of $0.12 related to prior years. (2) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. (3) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis. ($ Millions, Except Per Share Amounts)

Key Financial Statistics Year-to-Date (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable earnings per share exclude Brazil charges of $0.12 related to prior years. (2) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance. (3) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis. ($ Millions, Except Per Share Amounts)

Business Segment Second Quarter (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable net earnings exclude Brazil charges of $6.8 million related to prior years. (2) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis. (3) Our primary measure of segment financial performance excludes restructuring and other charges, net and the 2008 Brazil charges related to prior years. The applicable portion of the restructuring and other charges, net that related to each segment was as follows: SCS - ($6.5) in 2008; FMS - ($1.2) in 2007. ($ Millions)

Business Segment Year-to-Date (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable net earnings exclude Brazil charges of $6.8 million related to prior years. (2) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis. (3) Our primary measure of segment financial performance excludes restructuring and other charges, net and the 2008 Brazil charges related to prior years. The applicable portion of the restructuring and other charges, net that related to each segment was as follows: SCS - ($6.5) in 2008; FMS - ($1.5) and SCS - ($0.2) in 2007. ($ Millions)

Capital Expenditures Year-to-Date ($ Millions)

Cash Flow (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment (3) Free Cash Flow excludes acquisitions and changes in restricted cash Year-to-Date ($ Millions)

Debt to Equity Ratio Note: Includes impact of accumulated net pension related equity charge of $147 million as of 6/30/08, $148 million as of 12/31/07 and $185 million as of 6/30/07. (1) Non-GAAP financial measure. Total obligations include the present value of minimum lease payments and guaranteed residual values under operating leases of $169 million as of 6/30/08, $178 million at 12/31/07 and $196 million at 6/30/07. (2) Represents long term total obligations to equity target of 250 - 300% while maintaining a strong investment grade rating. (1) (2) ($ Millions)

Financial Indicators Forecast (1) (1) Obligations to Equity and Assets Under Management include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions. (2) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. (3) Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters. Significant and predictable cash generation Invest in growth (organic, acquisitions) Increase assets under management Increase financial leverage towards target Free Cash Flow 1054 835 949 1091 1381 1183 1255 1692 1550 Total Cash Generated (2) 2000 2001 2002 2003 2004 2005 2008 Forecast 2006 2007 Gross Capital Expenditures Free Cash Flow Revenue Earning Equipment 1164 530 471 679 1105 1334 1688 1119 1160 PP&E/Other 125 127 129 46 60 77 71 76 120 $1,289 $600 $725 $1,165 $657 $1,411 $1,195 2000 2001 2002 2003 2004 2005 2008 Forecast Memo: Free Cash Flow (2) 131 367 357 289 (216)(3) 375 (242) PP&E/Other $1,760 2006 (440) 2007 $1,280 300 Total Obligations to Equity Ratio (2) Free Cash Flow Total Obligations 3450 2885 2233 1969 1944 2302 2895 2954 3121 Equity 1253 1231 1108 1344 1510 1527 1721 1888 1832 2000 2001 2002 2003 2004 2006 2008 Forecast Memo: Assets Under Management 6,928 6,626 6,751 7,301 7,534 8,053 7,030 275% 201% 146% 129% 234% 151% 157% Total Obligations (2) 2005 168% 8,141 2007 170% 8,425 ($ Millions)

Contents Second Quarter 2008 Results Overview Asset Management Update Earnings Outlook Q & A

Asset Management Update (1) (1) All information presented on this page only is for the U.S. fleet and excludes Canadian and U.K. operations (units rounded to nearest hundred). (2) Vehicles no longer earning revenue definition revised in 1Q08 to include all units held for sale and all units that have not earned revenue in 30 days. Units held for sale were 4,600 at quarter end; down 14% from 5,300 units held for sale at the end of the prior quarter Units held for sale were down 56% from 10,400 in the prior year The number of used vehicles sold in the second quarter was 4,400, down 32% compared with prior year as a result of fewer vehicles in inventory Proceeds per unit for tractors and trucks were up 8% and down 11%, respectively, in the second quarter compared with prior year Vehicles no longer earning revenue were 5,500 at quarter end; down 6,500 from the prior year (2) Vehicles no longer earning revenue were down 1,000 vs. the end of the prior quarter, driven primarily by a lower used truck center inventory Average second quarter total commercial rental fleet was down 6% year-over-year

Contents Second Quarter 2008 Results Overview Asset Management Update Earnings Outlook Q & A

EPS Forecast (1) Non-GAAP financial measure. 2008 comparable EPS excludes Brazil charges related to prior years of $0.12. 2007 Comparable EPS excludes impact from restructuring costs in the third and fourth quarters, property gain in the third quarter and the fourth quarter tax law changes totaling a $0.03 benefit. ($ Earnings Per Share) Narrowing full year 2008 forecast range from $4.55-$4.75 to $4.60-$4.70 Current forecast is as follows:

Q&A

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

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

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

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

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

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

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

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

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

Balance Sheet ($ Millions)

Asset Management Update (a) (a) U.S. only (b) Excludes early terminations where customer purchases vehicle (b) Redeployments Extensions Early Terminations Early Replacements 2QYTD 03 2895 2444 2684 465 2QYTD 04 2977 1544 2759 577 2QYTD 05 1959 1728 2341 883 2QYTD 06 2037 1985 1952 739 2QYTD 07 2102 1800 2379 1367 2QYTD 08 2252 2789 2307 607

Assets Under Management (a) (a) Assets under management represent the original cost of all vehicles owned and held under lease by Ryder. ($ Millions)

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 6 Earnings Before Restructuring and Income Taxes Net Earnings Business Segment 8 Comparable Earnings Per Share (EPS) Earnings Per Share (EPS) Net Earnings and EPS Reconciliation 32 Comparable EPS Forecast EPS Forecast EPS Forecast 17 Comparable Net Earnings / EPS Net Earnings / EPS EPS and Net Earnings Reconciliation 32 Adjusted Return on Capital Net Earnings Adjusted Return on Capital Reconciliation 33 Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation 34 Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Ratio Debt to Equity Reconciliation 12 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 - 25

EPS and Net Earnings Reconciliation ($ Millions or $ Earnings Per Share) Note: The Brazil charges may not recalculate on an individual basis due to rounding.

Adjusted Return on Capital Reconciliation (1) Earnings calculated based on a 12-month rolling period excluding comparable earning items during the period. (2) Interest expense includes implied interest on off-balance sheet vehicle obligations. (3) Income taxes were calculated using the effective income tax rate for the period exclusive of benefits from tax law changes recognized in 2006 and the fourth quarter of 2007. (4) Represents shareholders' equity adjusted for the tax benefits in 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)

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

Debt to Equity Reconciliation Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt. (1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors as they are more complete measures of the Company's existing financial obligations and help investors better assess the Company's overall leverage position. ($ Millions)

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