8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 22, 2008

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter)

Florida	1-4364	59-0739250
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

11690 NW 105th Street
Miami, Florida	33178
(Address of Principal Executive Offices)	(Zip Code)
Registrant’s telephone number, including area code:	(305) 500-3726

          Not Applicable          
(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On October 22, 2008, we issued a press release reporting our financial results for the three and nine months ended September 30, 2008 (the “Press Release”). We also hosted a conference call and webcast on October 22, 2008 during which we made a presentation on our financial results for the three and nine months ended September 30, 2008 (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 net earnings, comparable earnings per share and comparable earnings per share forecast, which are non-GAAP financial measures as defined by SEC regulations. We believe that these non-GAAP financial measures provide useful information to investors, and allow for better year-over-year comparison, as the measures exclude from our GAAP net earnings, earnings per share and earnings per share forecast, as applicable, restructuring costs in the third and fourth quarter of 2007, fourth quarter 2007 tax law changes, a gain on the sale of property in 2007, a third quarter 2008 net tax benefit, and the impact of charges in the second quarter 2008 for prior years’ adjustments associated with our Brazilian Supply Chain Solutions operation. Additional information regarding non-GAAP financial measures can be found in the Press Release, the Presentation and our reports filed with the SEC.

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

Item 9.01(d) Exhibits

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

     Exhibit 99.1 Press Release, dated October 22, 2008, relating to Ryder System, Inc.’s financial results for the three and nine months ended September 30, 2008.

     Exhibit 99.2 Presentation prepared for a conference call and webcast held on October 22, 2008, relating to Ryder System, Inc.’s financial results for the three and nine months ended September 30, 2008.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 22, 2008	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Robert E. Sanchez
		Robert E. Sanchez, Executive Vice
		President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

News Release

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

RYDER REPORTS THIRD QUARTER 2008 RESULTS

• EPS Increased 13% to $1.25 from $1.11 in 2007

• Comparable EPS Increased 7% to $1.22 from $1.14 in 2007

• Total Revenue down 1%; Operating Revenue Grows 3%

• Full-Year Comparable EPS Forecast Revised to Range of $4.43 to $4.53

     MIAMI, October 22, 2008 — Ryder System, Inc. (NYSE: R), a global leader in transportation and supply chain management solutions, today reported earnings per diluted share (EPS) for the three-month period ended September 30, 2008 were $1.25, compared with $1.11 in the year-earlier period. Net earnings for the third quarter of 2008 were $70.2 million, compared with $65.5 million in the year-earlier period. EPS and net earnings in the third quarter of 2008 included an income tax benefit of $0.03 and $1.6 million, respectively, related primarily to changes in Massachusetts state income tax laws. EPS and net earnings in the year-earlier period of 2007 included a net after-tax charge of $0.03 and $1.7 million, respectively, for restructuring costs partially offset by a gain on sale of property. Excluding these items, comparable EPS for the third quarter were $1.22, up 7% from $1.14 in the year-earlier period and comparable net earnings of $68.6 million were up 2% from $67.2 million in the year-earlier period. EPS growth exceeded earnings growth due to a decrease in the average number of shares outstanding, reflecting the impact of share repurchase programs.

     Revenue for the third quarter of 2008 was $1.63 billion, down 1% from $1.65 billion in the same period last year. Total revenue was impacted by a previously announced change from gross to net revenue reporting in a subcontracted transportation agreement, which has no impact on operating revenue or earnings. Operating revenue (revenue excluding Fleet Management Solutions fuel and all subcontracted transportation) was $1.21 billion, up 3% compared with $1.17 billion in the year-earlier period. Fleet Management Solutions (FMS) business segment revenue increased 11% due to higher fuel services revenue, as well as contractual revenue growth of 4% which more than offset a 4% decline in commercial rental revenue for the quarter.

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Supply Chain Solutions (SCS) business segment revenue declined 22% due to a previously announced change from gross to net reporting, as noted above, while operating revenue grew 6%. Dedicated Contract Carriage (DCC) business segment total revenue and operating revenue decreased 2% and 1%, respectively, as the impact of the non-renewal of certain customer contracts was partially offset by the pass through of higher fuel costs.

     Commenting on the Company’s third quarter performance, Ryder Chairman and CEO Greg Swienton said, “Revenue and earnings in our contractual product lines were largely in line with our expectations. Even in this current challenging environment, we continued to have operating revenue growth in both Fleet Management and Supply Chain Solutions. Bottom line performance in Fleet Management and Dedicated Contract Carriage were particularly strong considering this economic environment. Recently completed acquisitions also contributed to our growth and earnings performance in the quarter. Additionally, gains on used vehicle sales and overall asset management results improved from the prior-year period, reflecting our effectiveness in reducing our used vehicle inventory. However, revenue in our transactional commercial rental product line was weaker than anticipated in both our U.S. and U.K. operations, reflecting the slowdown in the global economy. We took the additional steps necessary during the quarter to properly align our rental fleet with market demand, and we continue to closely monitor and respond to all conditions in this market.”

Year-to-Date Operating Results

     Revenue for the nine months ended September 30, 2008 was $4.83 billion, down 1% from $4.90 billion in the same period of 2007. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the first nine months of 2008 was $3.60 billion, up 4% from $3.45 billion in the first nine months of 2007. Ryder’s 2008 year-to-date net earnings were $189.2 million, compared with $181.9 million in the year-earlier period. EPS were $3.31 for the first nine months of 2008 compared with $3.01 for the same period of 2007. Comparable year-to-date net earnings were up 6% to $194.5 million, and comparable EPS were up 12% to $3.40, compared with the year-earlier period. Comparable year-to-date net earnings and EPS exclude second quarter 2008 charges in the Company’s SCS operations in Brazil to adjust accruals and tax deferrals related to prior years, the third quarter 2008 income tax benefit, and the third quarter 2007 net charges.

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Third Quarter Business Segment Operating Results

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

Fleet Management Solutions

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

     In the FMS business segment, revenue in the third quarter of 2008 was $1.17 billion, up 11% compared with $1.05 billion in the year-earlier period. Fuel services revenue in the third quarter of 2008 increased 33% compared with the same period in 2007 due to higher fuel prices, partially offset by reduced fuel volumes. Operating revenue (revenue excluding fuel) in the third quarter of 2008 was $777.1 million, up 2% compared with $758.5 million in the year-earlier period. Both FMS total revenue and operating revenue included an unfavorable foreign exchange impact of 1%. Full service lease revenue increased 4% in the third quarter of 2008 reflecting growth in the North American market, including acquisitions. Contract maintenance revenue increased 6%, organically, in the third quarter of 2008 due to new sales activity. Commercial rental revenue decreased 4% due to lower pricing in the U.S. and weak U.K. market demand, partially offset by growth in Canada.

     The FMS business segment’s NBT increased 12% to $104.8 million in the third quarter of 2008, compared with $93.2 million in the same period of 2007. This increase was related primarily to improved contractual business performance, and accretive performance related to acquisitions. To a lesser extent, earnings also benefited from improved used vehicle results, unusually volatile fuel prices, and a Canadian pension curtailment gain. Overall used vehicle results in 2008 reflect the benefit of a smaller used truck inventory compared with the prior year, including lower carrying costs. Gains from the sale of used vehicles also improved primarily due to higher pricing over the prior year period related to expanded retail activity. These results were partially offset by lower global commercial rental results, as weak market demand drove lower pricing in the U.S. and lower utilization in the U.K. Despite these challenges, business segment NBT as a percentage of operating revenue was 13.5% in the third quarter of 2008, up 120 basis points compared with 12.3% in the same quarter a year ago.

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Supply Chain Solutions

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

     In the SCS business segment, third quarter 2008 revenue totaled $430.8 million, down 22% from $554.0 million in the comparable period in 2007. Revenue declined due to a previously announced change in reporting of a transportation services arrangement from a gross to a net basis. This change arose from a customer contract modification effective January 1, 2008, and does not affect operating revenue or earnings. Excluding this contract change, total revenue grew 7% in the third quarter of 2008. Total revenue had a favorable foreign exchange impact of 1%. Third quarter 2008 operating revenue (revenue excluding subcontracted transportation) was $344.2 million, up 6% compared with $325.3 million in the year-earlier period. Operating revenue grew primarily due to new and expanded business, higher fuel costs, and a favorable foreign exchange impact of 1%.

     The SCS business segment’s NBT was $12.7 million in the third quarter of 2008, down 27% from $17.4 million in the same quarter of 2007 driven by lower operating results related to Latin America and the start up of a U.S.-based operation. Overhead spending was impacted by severance and higher sales, marketing and technology initiatives; however, these impacts were largely offset by a Canadian pension curtailment gain and lower incentive-based compensation. Third quarter 2008 NBT for the business segment as a percentage of operating revenue was 3.7%, compared with 5.3% in the same quarter of 2007.

Dedicated Contract Carriage

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

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     In the DCC business segment, third quarter 2008 revenue totaled $140.6 million, down 2% compared with $143.8 million in the third quarter of 2007. Operating revenue (revenue excluding subcontracted transportation) in the third quarter of 2008 was $137.8 million, down 1% from $138.9 million in the year-earlier period. Revenue decreased due to the impact of the non-renewal of customer contracts partially offset by the pass through of higher fuel costs.

     The DCC business segment’s NBT in the third quarter of 2008 was $13.2 million, up 7% compared with $12.3 million in the third quarter of 2007. Business segment NBT was positively impacted by better operating performance partially offset by an increase in safety and insurance costs. Business segment NBT as a percentage of operating revenue was 9.6% in the third quarter of 2008, up 80 basis points from 8.8% in the year-earlier period.

Corporate Financial Information

Central Support Services

     Central Support Services (CSS) are overhead costs incurred to support all business segments and product lines. Substantially all CSS costs are allocated to the various business segments. In the third quarter of 2008, CSS costs were $48.3 million, compared with $46.6 million in the year-earlier period. Increased costs in the third quarter of 2008 primarily reflect professional fees associated with strategic initiatives and legal services.

Restructuring and Other Items and Income Taxes

     Prior year earnings for the third quarter of 2007 included a net pre-tax charge of $1.9 million for restructuring and other items ($1.7 million after tax or $0.03 per diluted share). For the prior year period, pre-tax restructuring costs, principally severance, totaled $11.9 million and were partially offset by a pre-tax gain of $10.0 million from the sale of a property.

     The Company’s effective income tax rate for third quarter of 2008 was 37.3% of pre-tax earnings consistent with the year-earlier period. The current period income tax rate includes the benefit of $1.6 million (1.5% of pre-tax earnings) primarily from the impact of income tax changes in Massachusetts. The income tax rate in the year-earlier period reflected the recognition of tax benefits as a result of audit closures, expiring statutes of limitation within various state and foreign jurisdictions, and a tax law change in the U.K.

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Capital Expenditures

     In Ryder’s business, capital expenditures are generally used to purchase revenue-earning equipment (trucks, tractors, and trailers) primarily to support the full service lease product line and secondarily to support the commercial rental product line within Ryder’s Fleet Management Solutions 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 predictable revenues and cash flows to Ryder typically over a three- to ten-year term. The commercial rental product line utilizes capital for the purchase of vehicles to replenish and expand the Company’s fleet available for shorter-term use by contractual or occasional customers.

     Capital expenditures were $949.0 million for the first nine months of 2008, compared with $982.1 million in the same period of 2007. The decrease in capital expenditures reflects lower lease vehicle spending for expansion of customer fleets, and planned lower rental fleet purchases. Also in the quarter, there was an increase in customer lease term extensions, which do not require additional capital spending. Net capital expenditures (including proceeds from the sale of assets) were $736.8 million for the first nine months of 2008, up from $535.2 million in the same period of 2007. In the prior year, net capital expenditures included the impact of $150.3 million in proceeds from a sale leaseback.

Cash Flow and Leverage

     Operating cash flow through September 30, 2008 was $882.0 million, up 5% from $837.3 million in the same period of 2007. Total cash generated (including proceeds from used vehicle sales) through September 30, 2008, was $1.14 billion, down 14% from $1.33 billion in the same period of 2007, primarily due to the impact of the previously discussed sale leaseback in 2007. Free cash flow through September 30, 2008 was $250.3 million compared with $238.7 million in the same period of 2007.

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     Balance sheet debt as of September 30, 2008 was $2.92 billion, an increase of $145.5 million from year-end 2007 primarily related to acquisitions and stock repurchases. The leverage ratio for balance sheet debt as of September 30, 2008 was 165%, compared with 147% at year-end 2007. Total obligations to equity as of September 30, 2008 were 174%, up from 157% at year-end 2007. The Company’s long-term target range for total obligations to equity is 250% to 300%, which largely reflects the liquidity of the Company’s vehicle portfolio and the substantial revenue component that is supported by long-term customer contracts related to those assets.

Outlook

     Commenting on Ryder’s outlook, Mr. Swienton said, “In recent weeks, the capital markets have experienced conditions that have not been seen in the last 75 years. Ryder remains relatively well positioned due to our strong credit ratings, our under-levered balance sheet, and experience in accessing diverse funding sources. In view of the current environment, we continue to closely monitor market developments and are being appropriately prudent in evaluating all sources and uses of capital. In that regard, toward the end of the third quarter we temporarily paused our share repurchase programs as we continue to assess market conditions for appropriate continuation of the programs in the future.

     “We expect the market for our transactional commercial rental product line will experience continued softness in the near term due to the increasingly challenging global economic environment. We also anticipate continued challenges affecting our global supply chain business. Despite these factors, we are positioned to continue to grow revenue and earnings in most of our contractual product lines through both organic and acquisition-related expansion.

     “Considering the expected softness in commercial rental demand, we are establishing a comparable fourth quarter EPS forecast of $1.03 to $1.13. This results in a revised full-year forecast range of $4.43 to $4.53, from a previous range of $4.60-$4.70.”

About Ryder

     Ryder provides leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. Ryder ranks 371^st on the FORTUNE 500^® and 1,631^st on the Forbes Global 2000. 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, 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, financial condition or liquidity, that will limit their ability to commit to long-term vehicle leases, changes in economic and market conditions affecting demand for our services, particularly the commercial rental market or the sale of used vehicles, increased instability in U.S. and worldwide credit markets resulting in higher borrowing costs and/or reduced access to funding sources (including commercial paper or public debt), the effect of severe weather events, labor strikes or work stoppages affecting our or our customers’ business operations, worse-than-expected pension asset returns, adequacy of accounting estimates, reserves and accruals with respect to pension, taxes, insurance and revenue, additional adverse issues or developments in our international operations, particularly Brazil, changes in general economic conditions, sudden or unusual changes in fuel prices, availability of qualified drivers, new accounting pronouncements, rules or interpretations, changes in government regulations including regulations regarding vehicle emissions, our ability to create and benefit from synergies and operational improvements from recent FMS acquisitions, and the risks described in our filings with the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

Conference Call and Webcast Information:
Ryder’s earnings conference call and webcast is scheduled for Wednesday, October 22, 2008, from 11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Chairman and Chief Executive Officer Greg Swienton and Executive Vice President and Chief Financial Officer Robert Sanchez.

Webcast Software Note: If you are not using a current version of Live Meetings software (Live Meeting 2007) you will be asked to download the latest version prior to logging onto the event. It is recommended that you download this software in advance to avoid potential delays in accessing the conference call. Please click the following link: http://office.microsoft.com/en-us/help/HA101733831033.aspx. Then click on “Accept Terms” and “Install Client” toward the bottom of the page. Click “Run” and follow the prompts.

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Þ To join the conference call live: Begin 10 minutes prior to the conference by dialing the audio phone number 1-888-398-5319 (outside U.S. dial 1-773-681-5795) using the Passcode: Ryder and Conference Leader: Bob Brunn. Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: RG6748736 and Passcode: RYDER.

Þ To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-925-5415 (outside U.S. dial 1-402-530-8074), then view the presentation by visiting the Investors area of Ryder’s website at http://investors.ryder.com. A podcast of the call will also be available online within 24 hours after the end of the call at; http://investors.ryder.com.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS — UNAUDITED
Periods ended September 30, 2008 and 2007
(In millions, except per share amounts)

	Three Months						Nine Months
	2008			2007			2008			2007
Revenue	$	1,626.1			1,647.7		$	4,829.9			4,899.8
Operating expense		804.4			694.7			2,411.3			2,063.2
Salaries and employee-related costs		355.2			348.4			1,067.6			1,047.3
Subcontracted transportation		89.4			233.6			258.4			737.9
Depreciation expense		214.6			207.8			629.8			606.3
Gains on vehicle sales, net		(10.4	)		(8.1	)		(33.0	)		(36.7	)
Equipment rental		19.3			25.1			61.1			67.9
Interest expense		40.6			40.2			115.7			120.4
Miscellaneous expense (income), net		1.0			(10.4	)		2.3			(13.8	)
Restructuring and other charges, net		—			11.9			—			13.6
		1,514.1			1,543.2			4,513.2			4,606.1
Earnings before income taxes		112.0			104.5			316.7			293.7
Provision for income taxes		(41.8	)		(39.0	)		(127.5	)		(111.8	)
Net earnings	$	70.2			65.5		$	189.2			181.9
Earnings per common share — Diluted:	$	1.25			1.11		$	3.31			3.01
Weighted-average shares outstanding — Diluted:		56.2			59.0			57.2			60.4

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

RYDER SYSTEM, INC. AND SUBSIDIARIES

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

	(unaudited)
	September 30,		December 31,
	2008		2007
Assets:
Cash and cash equivalents	$	110.4		116.5
Other current assets		979.6		1,105.6
Revenue earning equipment, net		4,642.3		4,501.4
Operating property and equipment, net		560.7		518.7
Other assets		663.3		612.4
	$	6,956.3		6,854.6
Liabilities and shareholders’ equity:
Short-term debt/current portion of long-term debt	$	285.9		222.7
Other current liabilities		783.0		796.7
Long-term debt		2,635.7		2,553.4
Other non-current liabilities (including deferred income taxes)		1,478.9		1,394.2
Shareholders’ equity		1,772.8		1,887.6
	$	6,956.3		6,854.6

SELECTED KEY RATIOS

	September 30,		December 31,
	2008		2007
Debt to equity		165%		147%
Total obligations to equity (a) *		174%		157%

	Twelve months ended September 30,
	2008		2007
Return on average shareholders’ equity		14.1%		14.1%
Return on average assets		3.8%		3.6%
Return on capital*		7.4%		7.4%

(a)	Total obligations represent debt plus off-balance sheet equipment obligations.
*	Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS — UNAUDITED
Periods ended September 30, 2008 and 2007
(Dollars in millions)

	Three Months								Nine Months
	2008			2007			B(W)		2008			2007			B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	516.4			496.2			4%	$	1,536.7			1,461.4			5%
Contract maintenance		43.4			40.9			6%		125.9			118.1			7%
Contractual revenue		559.8			537.1			4%		1,662.6			1,579.5			5%
Contract-related maintenance		48.3			48.1			1%		150.2			150.3			0%
Commercial rental		149.5			155.0			(4)%		428.8			431.3			(1)%
Other		19.5			18.3			6%		56.4			53.6			5%
Fuel		389.6			293.4			33%		1,175.7			862.6			36%
Total Fleet Management Solutions		1,166.7			1,051.9			11%		3,473.7			3,077.3			13%
Supply Chain Solutions		430.8			554.0			(22)%		1,285.9			1,704.4			(25)%
Dedicated Contract Carriage		140.6			143.8			(2)%		421.5			423.4			0%
Eliminations		(112.0	)		(102.0	)		(10)%		(351.2	)		(305.3	)		(15)%
Total revenue	$	1,626.1			1,647.7			(1)%	$	4,829.9			4,899.8			(1)%
Operating Revenue: *
Fleet Management Solutions	$	777.1			758.5			2%	$	2,298.0			2,214.7			4%
Supply Chain Solutions		344.2			325.3			6%		1,035.8			977.3			6%
Dedicated Contract Carriage		137.8			138.9			(1)%		413.1			412.6			0%
Eliminations		(49.3	)		(52.0	)		5%		(151.9	)		(157.6	)		4%
Total operating revenue	$	1,209.8			1,170.7			3%	$	3,595.0			3,447.0			4%
Business segment earnings:
Earnings before income taxes:
Fleet Management Solutions	$	104.8			93.2			12%	$	312.0			271.4			15%
Supply Chain Solutions		12.7			17.4			(27)%		27.8			44.3			(37)%
Dedicated Contract Carriage		13.2			12.3			7%		36.9			35.2			5%
Eliminations		(8.3	)		(6.4	)		(28)%		(23.5	)		(23.2	)		(1)%
		122.4			116.5			5%		353.2			327.7			8%
Unallocated Central Support Services		(10.4	)		(10.1	)		(3)%		(30.0	)		(30.4	)		1%
Earnings before restructuring and other charges, net and income taxes		112.0			106.4			5%		323.2			297.3			9%
Restructuring and other charges, net and other items		—			(1.9	)	NM			(6.5	)		(3.6	)	NM
Earnings before income taxes		112.0			104.5			7%		316.7			293.7			8%
Provision for income taxes		(41.8	)		(39.0	)		(7)%		(127.5	)		(111.8	)		(14)%
Net earnings	$	70.2			65.5			7%	$	189.2			181.9			4%

* Non-GAAP financial measure

Note: Amounts may not recalculate due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION — UNAUDITED
Periods ended September 30, 2008 and 2007
(Dollars in millions)

	Three Months								Nine Months
	2008			2007			B(W)		2008			2007			B(W)
Fleet Management Solutions
Total revenue	$	1,166.7			1,051.9			11%	$	3,473.7			3,077.3			13%
Fuel revenue		(389.6	)		(293.4	)		33%		(1,175.7	)		(862.6	)		36%
Operating revenue *	$	777.1			758.5			2%	$	2,298.0			2,214.7			4%
Segment earnings before income taxes	$	104.8			93.2			12%	$	312.0			271.4			15%
Earnings before income taxes as % of total revenue		9.0	%		8.9	%				9.0	%		8.8	%
Earnings before income taxes as % of operating revenue *		13.5	%		12.3	%				13.6	%		12.3	%
Supply Chain Solutions
Total revenue	$	430.8			554.0			(22)%	$	1,285.9			1,704.4			(25)%
Subcontracted transportation		(86.6	)		(228.7	)		(62)%		(250.1	)		(727.1	)		(66)%
Operating revenue *	$	344.2			325.3			6%	$	1,035.8			977.3			6%
Segment earnings before income taxes	$	12.7			17.4			(27)%	$	27.8			44.3			(37)%
Earnings before income taxes as % of total revenue		2.9	%		3.1	%				2.2	%		2.6	%
Earnings before income taxes as % of operating revenue *		3.7	%		5.3	%				2.7	%		4.5	%
Memo: Fuel costs	$	37.0			29.7			(25)%	$	124.7			88.9			(40)%
Dedicated Contract Carriage
Total revenue	$	140.6			143.8			(2)%	$	421.5			423.4			0%
Subcontracted transportation		(2.8	)		(4.9	)		(43)%		(8.4	)		(10.8	)		(22)%
Operating revenue *	$	137.8			138.9			(1)%	$	413.1			412.6			0%
Segment earnings before income taxes	$	13.2			12.3			7%	$	36.9			35.2			5%
Earnings before income taxes as % of total revenue		9.4	%		8.5	%				8.8	%		8.3	%
Earnings before income taxes as % of operating revenue *		9.6	%		8.8	%				8.9	%		8.5	%
Memo: Fuel costs	$	33.4			26.7			(25)%	$	100.6			77.9			(29)%

* Non-GAAP financial measure

Note: Amounts may not recalculate due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

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

OPERATING REVENUE RECONCILIATION	Three months						Nine months
	2008			2007			2008			2007
Total revenue	$	1,626.1			1,647.7		$	4,829.9			4,899.8
Fuel services and subcontracted transportation revenue		(479.0	)		(527.0	)		(1,434.2	)		(1,600.5	)
Fuel eliminations		62.7			50.0			199.3			147.7
Operating revenue *	$	1,209.8			1,170.7		$	3,595.0			3,447.0

CASH FLOW RECONCILIATION	Nine months ended September 30,
	2008			2007
Net cash provided by operating activities	$	882.0			837.3
Proceeds from sales (primarily revenue earning equipment)		212.3			296.5
Proceeds from sale & leaseback of assets		—			150.3
Collections on direct finance leases		46.8			47.0
Other, net		0.4			1.1
Total cash generated *		1,141.5			1,332.2
Capital expenditures		(891.2	)		(1,093.5	)
Free cash flow *	$	250.3			238.7

SCS REVENUE RECONCILIATION	Three months								Nine months
	2008		2007			B(W)			2008		2007			B(W)
Total SCS revenue	$	430.8		554.0			(22	%)	$	1,285.9		1,704.4			(25	%)
Customer contract modification		—		(152.6	)		(100	%)		—		(506.7	)		(100	%)
Adjusted total SCS revenue*	$	430.8		401.5			7	%	$	1,285.9		1,197.8			7	%

DEBT TO EQUITY RECONCILIATION	September 30,				December 31,
	2008		% to Equity		2007		% to Equity
On-balance sheet debt	$	2,921.6		165%	$	2,776.1		147%
Off-balance sheet debt — PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		167.2				178.0
Total obligations *	$	3,088.8		174%	$	2,954.1		157%

NET EARNINGS RECONCILIATION	Three Months						Nine Months
	2008			2007			2008			2007
Net earnings	$	70.2			65.5		$	189.2			181.9
2008 tax changes		(1.6	)		—			(1.6	)		—
Brazil charges		—			—			6.8			—
3Q07 Restructuring Charge		—			7.8			—			7.8
Gain on Sale of Property		—			(6.1	)		—			(6.1	)
Comparable net earnings*	$	68.6			67.2		$	194.5			183.6

EPS RECONCILIATION	Three Months						Nine Months
	2008			2007			2008			2007
Net earnings	$	1.25			1.11		$	3.31			3.01
2008 tax changes		(0.03	)		—			(0.03	)		—
Brazil charges		—			—			0.12			—
3Q07 Restructuring Charge		—			0.13			—			0.13
Gain on Sale of Property		—			(0.10	)		—			(0.10	)
Comparable net earnings*	$	1.22			1.14		$	3.40			3.04

RETURN ON CAPITAL RECONCILIATION	Twelve months ended September 30,
	2008			2007
Net earnings (12-month rolling period)	$	261.1			247.7
+ Restructuring and other charges, net and other items		8.0			—
+ Income taxes		167.4			147.7
Adjusted earnings before income taxes		436.5			395.4
+ Adjusted interest expense (b)		164.4			165.7
- Adjusted income taxes (c)		(240.1	)		(210.9	)
= Adjusted net earnings for ROC (numerator)	$	360.8			350.2
Average total debt	$	2,857.9			2,829.8
+ Average off-balance sheet debt		176.4			124.3
+ Average adjusted total shareholders’ equity (d)		1,850.3			1,749.8
= Adjusted average total capital (denominator)	$	4,884.6			4,703.9
Adjusted ROC*		7.4	%		7.4	%

Notes:

(a)	Discounted at the incremental borrowing rate at lease inception.
(b)	Interest expense includes implied interest on off-balance sheet vehicle obligations.
(c)	Income taxes were calculated using the effective income tax rate for the period exclusive of comparable earnings items.
(d)	Represents shareholders’ equity excluding comparable earnings items for those periods.
*	Non-GAAP financial measure
	Note: Amounts may not recalculate due to rounding. Certain prior period amounts have been reclassified to conform to current year presentation.

EX-99.2

Exhibit 99.2

Third Quarter 2008 Earnings Conference Call October 22, 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, financial condition or liquidity, that will limit their ability to commit to long-term vehicle leases, changes in economic and market conditions affecting demand for our services, particularly the commercial rental market or the sale of used vehicles, increased instability in U.S. and worldwide credit markets resulting in higher borrowing costs and/or reduced access to funding sources (including commercial paper or public debt), the effect of severe weather events, labor strikes or work stoppages affecting our or our customers’ business operations, worse-than-expected pension asset returns, adequacy of accounting estimates, reserves and accruals with respect to pension, taxes, insurance and revenue, additional adverse issues or developments in our international operations, particularly Brazil, changes in general economic conditions, sudden or unusual changes in fuel prices, availability of qualified drivers, new accounting pronouncements, rules or interpretations, changes in government regulations including regulations regarding vehicle emissions, our ability to create and benefit from synergies and operational improvements from recent FMS acquisitions, 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. 2

Contents

Third Quarter 2008 Results Overview

Asset Management Update

Earnings Outlook

Q & A 3

3rd Quarter Results Overview

Earnings per diluted share were $1.25 versus $1.11 in 3Q07

— 3Q08 included $0.03 net benefit primarily due to Massachusetts tax law change

— 3Q07 included $0.03 net charge for restructuring costs, partially offset by gain on property sale

Comparable earnings were $1.22 versus $1.14 in 3Q07

Comparable earnings below forecast of $1.25 — $1.30 due to FMS rental revenue decline

Total revenue declined 1% vs. prior year, reflecting a change from gross to net revenue

reporting for a supply chain subcontracted transportation customer partially offset by

higher fuel services revenue

Operating revenue up 3% vs. prior year as a result of FMS contractual revenue growth

including acquisitions and higher fuel prices 4

3rd Quarter Results Overview

Fleet Management Solutions (FMS) total revenue up 11% (and operating revenue up 2%)

vs. prior year

— Contractual revenue increased 4%

— Full service lease revenue grew 4% including acquisitions

— Contract maintenance revenue grew 6% organically

— Commercial rental revenue down 4%

— Fuel revenue grew 33%

FMS net before tax earnings (NBT) up 12%

— FMS NBT percent of operating revenue up 120 basis points to 13.5%

FMS earnings benefited primarily from improved contractual business performance and

accretive acquisitions. To a lesser extent, FMS earnings benefited from improved used

vehicle results and higher fuel margins (due to unusually volatile fuel prices), partially

offset by lower commercial rental results. 5

3rd Quarter Results Overview

Supply Chain Solutions (SCS) total revenue down 22% 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 new/expanded business and higher fuel costs

SCS net before tax earnings (NBT) down 27%

— SCS NBT percent of operating revenue down 160 basis points to 3.7%

SCS earnings negatively impacted by lower operating results in our Latin American

operations and the start-up of a U.S. based operation

Dedicated Contract Carriage (DCC) total revenue down 2% (and operating revenue

down 1%) vs. prior year due to non-renewed contracts, partially offset by higher fuel costs

DCC net before tax earnings (NBT) up 7%

— DCC NBT percent of operating revenue up 80 basis points to 9.6%

DCC earnings positively impacted by improved operating performance, partially offset by

higher safety/insurance costs 6

Key Financial Statistics

($ Millions, Except Per Share Amounts) Third Quarter 2008 2007 % B/(W)

Operating Revenue ⁽¹⁾⁽²⁾ $1,209.8 $1,170.7 3% Fuel Services and Subcontracted Transportation Revenue ⁽³⁾ 416.3 477.0 (13%) Total Revenue ⁽³⁾ $1,626.1 $1,647.7 (1%) Earnings Per Share $1.25 $1.11 13% Comparable Earnings Per Share ⁽¹⁾ $1.22 $1.14 7% Memo:

Average Shares (Millions) — Diluted 56.2 59.0

Tax Rate 37.3% 37.3%

(1)

Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. 2008 comparable net earnings per share excludes third quarter net tax benefits. 2007 comparable net earnings per share excludes third quarter restructuring costs and gain on sale of property.

(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.

7

Key Financial Statistics

($ Millions, Except Per Share Amounts) Year-to-Date 2008 2007 % B/(W)

Operating Revenue ⁽¹⁾⁽²⁾ $3,595.0 $3,447.0 4% Fuel Services and Subcontracted Transportation Revenue ⁽³⁾ 1,234.9 1,452.8 (15%)

Total Revenue ⁽³⁾ $4,829.9 $4,899.8 (1%) Earnings Per Share $ 3.31 $3.01 10% Comparable Earnings Per Share ⁽¹⁾ $ 3.40 $3.04 12% Memo:

Average Shares (Millions) — Diluted 57.2 60.4

Tax Rate 40.3% 38.1% Adjusted Return on Capital (Trailing 12 Month) ⁽¹⁾ 7.4% 7.4%

(1)

Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. 2008 comparable earnings per share excludes net tax benefits and Brazil charges related to prior years. 2007 comparable net earnings per share excludes third quarter restructuring costs and 2007 gain on sale of property.

(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. 8

Business Segment

($ Millions) Third Quarter Memo: Total Revenue 2008 2007 % B/(W) 2008 2007 % B/(W)

Operating Revenue ⁽¹⁾:

Fleet Management Solutions $777.1 $758.5 2% $1,166.7 $1,051.9 11% Supply Chain Solutions ⁽²⁾ 344.2 325.3 6% 430.8 554.0 (22)% Dedicated Contract Carriage 137.8 138.9 (1)% 140.6 143.8 (2)% Eliminations (49.3) (52.0) 5% (112.0) (102.0) (10)% Total ⁽²⁾ $1,209.8 $1,170.7 3% $1,626.1 $1,647.7 (1)% Segment Net Before Tax Earnings:

Fleet Management Solutions $104.8 $93.2 12% Supply Chain Solutions 12.7 17.4 (27)% Dedicated Contract Carriage 13.2 12.3 7% Eliminations (8.3) (6.4) (28)% 122.4 116.5 5%

Central Support Services (Unallocated Share) (10.4) (10.1) (3)% Earnings Before Restructuring and Income Taxes ⁽¹⁾ 112.0 106.4 5% Restructuring and Other Charges, Net and Other Items ⁽³⁾ — (1.9) NM Earnings Before Income Taxes 112.0 104.5 7% Provision for Income Taxes (41.8) (39.0) (7)% Net Earnings $70.2 $65.5 7% Comparable Net Earnings ⁽¹⁾ $68.6 $67.2 2%

(1) Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. 2008 comparable net earnings excludes third quarter net tax benefits. 2007 comparable net earnings excludes third quarter restructuring costs and gain on sale of property.

(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 other items including gain on sale of property in 2007. The applicable portion of the restructuring and other charges, net that related to each segment was as follows: FMS — $5.7, SCS —($5.6), DCC —($1.1) and CSS —($0.9) in 2007. 9

Business Segment

($ Millions) Year-to-Date Memo: Total Revenue 2008 2007 % B/(W) 2008 2007 % B/(W)

Operating Revenue ⁽¹⁾:

Fleet Management Solutions $2,298.0 $2,214.7 4% $3,473.7 $3,077.3 13% Supply Chain Solutions ⁽²⁾ 1,035.8 977.3 6% 1,285.9 1,704.4 (25)% Dedicated Contract Carriage 413.1 412.6 0% 421.5 423.4 0% Eliminations (151.9) (157.6) 4% (351.2) (305.3) (15)% Total ⁽²⁾ $3,595.0 $3,447.0 4% $4,829.9 $4,899.8 (1)% Segment Net Before Tax Earnings:

Fleet Management Solutions $312.0 $271.4 15% Supply Chain Solutions 27.8 44.3 (37)% Dedicated Contract Carriage 36.9 35.2 5% Eliminations (23.5) (23.2) (1)% 353.2 327.7 8% Central Support Services (Unallocated Share) (30.0) (30.4) 1% Earnings Before Restructuring and Income Taxes ⁽¹⁾ 323.2 297.3 9% Restructuring and Other Charges, Net and Other Items ⁽³⁾ (6.5) (3.6) NM Earnings Before Income Taxes 316.7 293.7 8% Provision for Income Taxes (127.5) (111.8) (14)% Net Earnings $189.2 $181.9 4% Comparable Net Earnings ⁽¹⁾ $194.5 $183.6 6%

(1) Non-GAAP financial measure; refer to Appendix — Non-GAAP Financial Measures. 2008 comparable net earnings excludes net tax benefits and Brazil charges related to prior years. 2007 comparable net earnings excludes third quarter restructuring costs and 2007 gains on sale of property.

(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 other items including the 2008 Brazil charges related to prior years and gain on sale of property in 2007. The applicable portion of the restructuring and other charges, net that related to each segment was as follows: SCS — ($6.5) in 2008; FMS — $4.2; SCS — ($5.8), DCC —($1.1) and CSS —($0.9) in 2007.

10

Capital Expenditures

($ Millions) Year-to-Date 2008 $ 2008 2007 O/(U) 2007

Full Service Lease $688 $725 $(37)

Commercial Rental 172 200 (28)

Operating Property and Equipment 89 57 32

Gross Capital Expenditures 949 982 (33)

Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 212 297 (85)

Less: Proceeds from Sale and Leaseback of Revenue Earning Equipment — 150 (150)

Net Capital Expenditures $737 $535 $202

Memo: Acquisitions $232 $- $232

11

Cash Flow

($ Millions) Year-to-Date 2008 2007

Net Earnings $ 189 $ 182

Depreciation 630 606

Gains on Vehicle Sales, Net (33) (37)

Amortization and Other Non-Cash Charges, Net 22 22

Changes in Working Capital and Deferred Taxes 74 64

Cash Provided by Operating Activities 882 837

Proceeds from Sales (Primarily Revenue Earning Equipment) 212 297

Sale and Leaseback of Revenue Earning Equipment — 150

Collections of Direct Finance Leases 47 47

Other, Net — 1

Total Cash Generated ⁽¹⁾ 1,141 1,332

Capital Expenditures ⁽²⁾ (891) (1,093)

Free Cash Flow (1)(3) $ 250 $ 239

⁽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 12 Debt to Equity Ratio

300% 250% 200% 150% 100% 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 9/30/08 Long Term Target Midpoint ⁽²⁾

Total

Obligations

to Equity(1)

Balance

Sheet Debt

to Equity

($ Millions)

9/30/08 12/31/07 9/30/07 Balance Sheet Debt $2,922 $2,776 $2,816

Percent To Equity 165% 147% 158% Total Obligations (1) $3,089 $2,954 $3,014

Percent To Equity ⁽¹⁾ 174% 157% 169% Total Equity $1,773 $1,888 $1,786

Note: Includes impact of accumulated net pension related equity charge of $163 million as of 9/30/08, $148 million as of 12/31/07 and $182 million as of 9/30/07.

⁽¹⁾ Non-GAAP financial measure. Total obligations include the present value of minimum lease payments and guaranteed residual values under operating leases of $167 million as of 9/30/08, $178 million at 12/31/07 and $198 million at 9/30/07.
⁽²⁾ Represents long term total obligations to equity target of 250 — 300% while maintaining a strong investment grade rating.

13

Contents

Third Quarter 2008 Results Overview

Asset Management Update

Earnings Outlook

Q & A

14

Asset Management Update ⁽¹⁾

Units held for sale were 4,600 at quarter end; no change from 4,600 units held for sale at

the end of the prior quarter

— Units held for sale were down 39% from 7,600 in the prior year

The number of used vehicles sold in the third quarter was 4,300, down 36% compared

with prior year as a result of fewer vehicles in inventory

Proceeds per unit for tractors and trucks were up 17% and 8%, respectively, in the third

quarter compared with prior year

Vehicles no longer earning revenue were 5,600 at quarter end; down 3,200 units from the

prior year ⁽²⁾

— Vehicles no longer earning revenue were up 100 units vs. the end of the prior quarter

Average third quarter total commercial rental fleet was down 5% year-over-year

⁽¹⁾ All information presented on this page only is for the U.S. fleet and excludes Canadian and U.K. operations (unit counts 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.

15

Contents

Third Quarter 2008 Results Overview

Asset Management Update

Earnings Outlook

Q & A

16

EPS Forecast ($ Earnings Per Share)

Revising full year 2008 forecast to a range of $4.43 — $4.53 Current forecast is as follows:

Fourth Quarter            Full Year 2008 Comparable EPS Forecast $1.03 — 1.13 $4.43 — 4.53 ⁽¹⁾ 2007 Comparable EPS $1.18 $4.21 ⁽¹⁾

⁽¹⁾ Non-GAAP financial measure. 2008 comparable EPS excludes net tax benefits and Brazil charges related to prior years totaling a $0.09 change. 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.

17

Q&A 18

Appendix Business Segment Detail

Central Support Services Balance Sheet Asset Management Financial Indicators Forecast

Non-GAAP Financial Measures & Reconciliations 19

Fleet Management Solutions (FMS) ($ Millions)

Third Quarter 2008 2007 % B/(W)

Full Service Lease $516.4 $496.2 4% Contract Maintenance 43.4 40.9 6% Contractual Revenue 559.8 537.1 4% Contract-related Maintenance 48.3 48.1 1% Commercial Rental 149.5 155.0 (4)% Other 19.5 18.3 6% Operating Revenue ^(a) 777.1 758.5 2% Fuel Services Revenue 389.6 293.4 33% Total Revenue $1,166.7 $1,051.9 11% Segment Net Before Tax Earnings (NBT) $104.8 $93.2 12% Segment NBT as % of Total Revenue 9.0% 8.9% Segment NBT as % of Operating Revenue ^(a) 13.5% 12.3%

^(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.

20

Fleet Management Solutions (FMS) ($ Millions)

Year-to-Date 2008 2007 % B/(W)

Full Service Lease $1,536.7 $1,461.4 5% Contract Maintenance 125.9 118.1 7% Contractual Revenue 1,662.6 1,579.5 5% Contract-related Maintenance 150.2 150.3 0% Commercial Rental 428.8 431.3 (1)% Other 56.4 53.6 5% Operating Revenue ^(a) 2,298.0 2,214.7 4% Fuel Services Revenue 1,175.7 862.6 36% Total Revenue $3,473.7 $3,077.3 13% Segment Net Before Tax Earnings (NBT) $312.0 $271.4 15% Segment NBT as % of Total Revenue 9.0% 8.8% Segment NBT as % of Operating Revenue ^(a) 13.6% 12.3%

^(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.

21

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

2008 2007 % B/(W)

U.S. Operating Revenue Automotive & Industrial $137.1 $135.3 1% High Tech & Consumer Industries 80.1 70.6 14% Transportation Management 9.7 7.8 24% U.S. Operating Revenue ^(a) 226.8 213.7 6% International Operating Revenue ^(a) 117.4 111.6 5% Operating Revenue (a) 344.2 325.3 6% Subcontracted Transportation 86.6 228.7 (62)%

Total Revenue $430.8 $554.0 (22)% Segment Net Before Tax Earnings (NBT) $12.7 $17.4 (27)% Segment NBT as % of Total Revenue 2.9% 3.1% Segment NBT as % of Operating Revenue ^(a) 3.7% 5.3% Memo: Fuel Costs $37.0 $29.7 (25)%

^(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.

22

Supply Chain Solutions (SCS) ($ Millions) Year-to-Date

2008 2007 % B/(W)

U.S. Operating Revenue Automotive & Industrial $430.4 $410.4 5% High Tech & Consumer Industries 232.3 219.6 6% Transportation Management 28.7 24.3 18% U.S. Operating Revenue ^(a) 691.4 654.3 6% International Operating Revenue ^(a) 344.4 323.0 7% Operating Revenue (a) 1,035.8 977.3 6% Subcontracted Transportation 250.1 727.1 (66)% Total Revenue $1,285.9 $1,704.4 (25)% Segment Net Before Tax Earnings (NBT) $27.8 $44.3 (37)% Segment NBT as % of Total Revenue 2.2% 2.6% Segment NBT as % of Operating Revenue ^(a) 2.7% 4.5% Memo: Fuel Costs $124.7 $88.9 (40)%

^(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.

23

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

2008 2007 % B/(W)

Operating Revenue ^(a) $137.8 $138.9 (1)% Subcontracted Transportation 2.8 4.9 (43)% Total Revenue $140.6 $143.8 (2)% Segment Net Before Tax Earnings (NBT) $13.2 $12.3 7% Segment NBT as % of Total Revenue 9.4% 8.5% Segment NBT as % of Operating Revenue ^(a) 9.6% 8.8% Memo: Fuel Costs $33.4 $26.7 (25)%

^(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.

24

Dedicated Contract Carriage (DCC) ($ Millions) Year-to-Date

2008 2007 % B/(W)

Operating Revenue ^(a) $413.1 $412.6 0% Subcontracted Transportation 8.4 10.8 (22)% Total Revenue $421.5 $423.4 0% Segment Net Before Tax Earnings (NBT) $36.9 $35.2 5% Segment NBT as % of Total Revenue 8.8% 8.3% Segment NBT as % of Operating Revenue ^(a) 8.9% 8.5% Memo: Fuel Costs $100.6 $77.9 (29)%

^(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.

25

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

2008 2007 % B/(W)

Allocated CSS Costs $37.9 $36.5 (4)% Unallocated CSS Costs 10.4 10.1 (3)% Total CSS Costs $48.3 $46.6 (4)%

26

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

2008 2007 % B/(W)

Allocated CSS Costs $110.2 $108.8 (1)% Unallocated CSS Costs 30.0 30.4 1% Total CSS Costs $140.2 $139.2 (1)%

27

Balance Sheet ($ Millions)

September 30, December 31, 2008 2007

Cash and Cash Equivalents $110 $116

Other Current Assets 980 1,106

Revenue Earning Equipment, Net 4,642 4,501

Operating Property and Equipment, Net 561 519

Other Assets 663 613

Total Assets $6,956 $6,855

Short-Term Debt / Current Portion Long-Term Debt $286 $223

Other Current Liabilities 783 797

Long-Term Debt 2,636 2,553

Other Non-Current Liabilities 1,478 1,394

Shareholders’ Equity 1,773 1,888

Total Liabilities and Shareholders’ Equity $6,956 $6,855

28

Asset Management Update ^(a) Number of Units

4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

3QYTD03 3QYTD04 3QYTD05 3QYTD063QYTD07 3QYTD08 Redeployments            Extensions            Early Terminations (b) Early Replacements

^(a) U.S. only
^(b) Excludes early terminations where customer purchases vehicle

29

3,971 3,891

3,752 3,808 3,869

3,554

3,460 3,200 3,147 3,243 3,032 3,056 3,060 2,951 2,910 2,924 2,827

2,174 1,655 1,198 1,099 ^1,198 1,128

710 Assets Under Management ^(a) ($ Millions)

Forecast 2000 2001 2002 2003 2004 2005 2006 2007 9/30/08 2008

Revenue Earning Equipment $4,588 $4,148 $4,493 $5,809 $6,352 $6,658 $7,335 $7,225 $7,390 $7,600

Direct Finance Leases 637 640 622 656 649 624 592 582 549 580

Operating Leases 1,805 2,140 1,511 286 300 252 214 246 246 245

Assets Under Management $7,030 $6,928 $6,626 $6,751 $7,301 $7,534 $8,141 $8,053 $8,185 $8,425

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

30

Financial Indicators Forecast ⁽¹⁾ Total Cash Generated ⁽²⁾ $1,692 $1,550 $1,381 $1,255 $1,183 $1,054 $1,091 $949 $835 2000 2001 2002 2003 2004 2005 2006 2007 2008 Forecast Total Obligations to Equity Ratio ⁽²⁾ 275% Equity

234% Total Obligations ⁽²⁾ 201%

168% 157% 170% 146% 151% 129%

2000 2001 2002 2003 2004 2005 2006 2007 2008 Forecast

Memo: Assets Under Management

7,030 6,928 6,626 6,751 7,301 7,534 8,141 8,053 8,425

Gross Capital Expenditures
($ Millions)

Revenue Earning Equipment $1,760 PP&E/Other $1,411 $1,289 $1,280 $1,165 $1,195

$725 $657 $600

2000 2001 2002 2003 2004 2005 2006 2007 2008 Forecast Memo: Free Cash Flow ⁽²⁾ (242) 131 367 357 289 (216)⁽³⁾ (440) 375 300

X            Significant and predictable cash generation

X            Invest in growth (organic, acquisitions)

X            Increase assets under management

X            Increase financial leverage towards target

of 250-300% Total Obligations to Equity

⁽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. 31

Non-GAAP Financial Measures

This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure and an explanation why management believes that presentation of the non-GAAP financial measure provides useful information to investors. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP.

Specifically, the following non-GAAP financial measures are included in this presentation:

Reconciliation & Additional Information Non-GAAP Financial Measure            Comparable GAAP Measure            Presented on Slide Titled            Page Operating Revenue            Total Revenue            Key Financial Statistics 7 — 8 Earnings Before Restructuring and Income Taxes            Net Earnings            Business Segment 9 — 10 Comparable EPS Forecast            EPS Forecast            EPS Forecast 17

Comparable Net Earnings / EPS            Net Earnings / EPS            EPS and Net Earnings Reconciliation 33

Adjusted Return on Capital            Net Earnings            Adjusted Return on Capital Reconciliation 34

Total Cash Generated / Free Cash Flow            Cash Provided by Operating Activities            Cash Flow Reconciliation 35 — 36 Total Obligations / Total Obligations to Equity            Balance Sheet Debt / Debt to Equity            Debt to Equity Ratio 13

Debt to Equity Reconciliation 37 — 38 FMS / SCS / DCC Operating Revenue and Segment            FMS / SCS / DCC Total Revenue and Segment            Fleet Management Solutions / Supply Chain 20 — 25 NBT as % of Operating Revenue            NBT as % of Total Revenue            Solutions / Dedicated Contract Carriage

32

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

3Q08 — 3Q08 — YTD08 — YTD08 - Net Earnings            EPS            Net Earnings            EPS Net Earnings / EPS $ 70.2 $1.25 $189.2 $3.31

2008 Tax Changes (1.6) (0.03) (1.6) (0.03)

Brazil Charges — — 6.8 0.12

Comparable Net Earnings / EPS $ 68.6 $1.22 $194.5 $3.40

3Q07 — 3Q07 — YTD07 — YTD07 - Net Earnings            EPS            Net Earnings            EPS Net Earnings $ 65.5 1.11 $181.9 3.01

3Q07 Restructuring Charge 7.8 0.13 7.8 0.13

Gain on Sale of Property (6.1) (0.10) (6.1) (0.10)

Comparable Net Earnings $ 67.2 1.14 $183.6 3.04

Note: Amounts may not recalculate due to rounding. 33

Adjusted Return on Capital Reconciliation ($ Millions)

9/30/08 9/30/07 Net Earnings ⁽¹⁾ $261 $248

Restructuring and Other Charges, Net and Other Items 8 -

Income Taxes 168 147

Adjusted Earnings Before Income Taxes 437 395

Adjusted Interest Expense ⁽²⁾ 164 166

Adjusted Income Taxes ⁽³⁾ (240) (211)

Adjusted Net Earnings $361 $350

Average Total Debt $2,858 $2,830

Average Off-Balance Sheet Debt 177 124

Average Adjusted Total Shareholders’ Equity ⁽⁴⁾ 1,850 1,750

Adjusted Average Total Capital $4,885 $4,704

Adjusted Return on Capital ⁽⁵⁾ 7.4% 7.4%

⁽¹⁾ Earnings calculated based on a 12-month rolling period excluding comparable earnings items during the period. ⁽²⁾ Interest expense includes implied interest on off-balance sheet vehicle obligations.

⁽³⁾ Income taxes were calculated using the effective income tax rate for the period exclusive of comparable earnings items. ⁽⁴⁾ Represents shareholders’ equity excluding comparable earnings items for those periods. ⁽⁵⁾ The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (including off-balance sheet debt) and equity should be included in evaluating how effectively capital is utilized across the business. 34

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 Cash Provided by Operating Activities $1,023 $365 $617 $803 $867 $779 $854 $1,103

Less: Changes in Balance of Trade Receivables Sold (270) 235 110 — — — — -

Collections of Direct Finance Leases 67 66 66 61 64 70 66 63

Proceeds from Sales (Primarily Revenue Earning Equipment) 230 173 152 210 331 334 333 374

Proceeds from Sale and Leaseback of Assets — — — 13 118 — — 150

Other Investing, Net 4 (4) 4 4 1 — 2 2

Total Cash Generated ⁽¹⁾ 1,054 835 949 1,091 1,381 1,183 1,255 1,692

Capital Expenditures ⁽²⁾ (1,296) (704) (582) (734) (1,092) (1,399) (1,695) (1,317)

Free Cash Flow (3)(5) $(242) $131 $367 $357 $289 $(216) $(440) $375

Memo:

Depreciation Expense $580 $545 $552 $625 $706 $740 $743 $816

Gains on Vehicle Sales, Net $19 $12 $14 $16 $35 $47 $51 $44

(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.

35

Cash Flow Reconciliation ($ Millions)

Forecast 12/31/08 Cash Provided by Operating Activities $1,216

Collections of Direct Finance Leases 68

Proceeds from Sales (Primarily Revenue Earning Equipment) 266

Sale and Leaseback of Revenue Earning Equipment -

Other Investing, Net -

Total Cash Generated ⁽¹⁾ 1,550

Capital Expenditures ⁽²⁾ (1,250)

Free Cash Flow (3)(4) $300

(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.

36

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 ⁽¹⁾ $3,450 275% $2,885 234% $2,233 201% $1,969 146% $1,944 129% $2,302 151% $2,895 168% $2,954 157%

(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.

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.

37

Debt to Equity Reconciliation ($ Millions) Forecast      % to 12/31/08 Equity Balance Sheet Debt $2,960 162% Receivables Sold -

PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 160

Total Obligations ⁽¹⁾ $3,120 170% (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. 38