Wells Fargo Securities Industrial and Construction Conference

RYDER SYSTEM, INC.
Presented to:
Wells Fargo Industrial &
Construction Conference

May 11, 2011

Art Garcia
EVP & CFO

Safe Harbor
Certain statements and information included in this presentation are "forward-looking statements" under the Federal
Private Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluated
with consideration given to the many risks and uncertainties inherent in our business that could cause actual results
and events to differ materially from those in the forward-looking statements. Important factors that could cause such
differences include, among others, a slowdown of the economic recovery and decreases in freight demand, our ability
to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic
conditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, decreases in
market demand in the commercial rental market and the sale of used vehicles, competition from other service
providers, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions
(SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or
bankruptcy of customers, changes in financial, tax or regulatory requirements or changes in customers’ business
environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased
debt costs resulting from volatile financial markets, inability to achieve planned synergies and customer retention levels
from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, driver shortages
and increasing driver costs, adequacy of accounting estimates, reserves and accruals particularly with respect to
pension, taxes, insurance and revenue, a decline in pension plan returns, changes in obligations relating to multi-
employer plans, sudden or unusual changes in fuel prices, our ability to manage our cost structure, new accounting
pronouncements, rules or interpretations, changes in government regulations, adverse impacts of recently enacted
regulations regarding vehicle emissions, any unanticipated or unrealized effects of the recent Japan earthquake and
tsunami on our operations, customers and vehicle suppliers 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.

05/11/11 Proprietary and Confidential 2

Ryder Profile

Fleet Management Dedicated Contract Supply Chain
Solutions Carriage Solutions

Full Year 2010
Revenue (1) $5.1 Billion
Operating Revenue (1) $4.2 Billion
Comparable Earnings Before Income Taxes (1) $189 Million
Comparable Earnings (1) $117 Million
Free Cash Flow (1) $258 Million
Assets $6.7 Billion
Assets Under Customer Leases $3.6 Billion
Vehicles Maintained 182,100
Employees 25,900
(1) These amounts result from continuing operations.


Fleet Management Solutions: Product and Services Overview

Fleet Management
Solutions

Commercial Contract Full Service
Rental Maintenance Lease
 Thousands of clean,  Flexible package of  Custom vehicle Fleet Support Contract-Related
mechanically-sound maintenance and specifications Services Maintenance
commercial vehicles fleet support  State-of-the-art
for short-term services preventive  Insurance  Ancillary
customer needs  Vehicles are owned maintenance  Fuel maintenance work
 Lease support by our clients or  Comprehensive  Safety on Ryder or
under third-party package of fleet  Regulatory reporting customer owned
finance lease support services vehicles not
contract included in base
contract
13,200 Lease/Maintenance Customers (U.S., Canada, U.K.)

Supply Chain Solutions


Dedicated Contract Carriage: Product and Services Overview

Dedicated Contract
Carriage
 Turnkey transportation service
with drivers, vehicles,
maintenance, routing &
scheduling, management &
administrative support
150 Customers (North America, U.K.)


Supply Chain Solutions:
Product and Services Overview

Supply Chain Solutions

Professional Services Distribution Management Dedicated Transportation Management

 Strategic consulting & decision  Order fulfillment  Dedicated  Freight procurement & contract
support  Warehouse and distribution center Contract Carriage management
 Solutions engineering operations  Shipment planning and execution
 Network modeling & optimization  Inbound materials management  Freight brokerage
 Total landed cost  Outbound product support  Freight bill audit and payment
 Lean Six Sigma  Reverse logistics  Origin/destination services
 Vendor managed inventory
 Kitting, packaging & assembly

Supported by: IT Solutions
 Transportation & warehouse management systems  Inventory & shipment visibility tools
 Network optimization tools

470 Customers (North America, Asia)


Market Overview

The transportation and logistics markets present
significant growth opportunities. Current estimated
market sizes are as follows:

Market Segment Market Size
Lease and rental market (outsourced) – U.S., Canada, U.K. 0.8 million vehicles
Private fleet market (non-outsourced) – U.S., Canada 4.2 million vehicles
Dedicated contract carriage market (outsourced) – U.S. $13 billion
Supply chain logistics market (outsourced) – North America and Asia $260 billion

Note: Vehicle market shown is class 3-8
Sources: Truck Rental and Leasing Association, R.L. Polk, Monitor Group, A.T. Kearney


Fleet Management Solutions:
Macro Trends Favoring FMS
Average Age of US Class 8
US Fleet Class 8 Retail Sales Forecast
Age (years) (Sales 000’s Units)

actual forecast

Source: ACT Research Source: Global Insight

Deferred replacements have lead to record fleet aging which
should lead to increases in truck sales and leasing in the coming years
Proprietary and Confidential 8


Access to
Capital • Smaller companies are
Limited struggling to obtain new capital
Access to Capital Bank Capital due to more stringent bank
Requirements capital requirements

Capital
Re-prioritization of Capital • Larger companies are more
by Large inclined to focus investment
Customers dollars on their core business

Customers likely to utilize alternative financing sources
(e.g., OEM captive finance, Full Service Lease and Fleet Management)


Increased Vehicle
Complexity and Cost

EPA 2007

EPA 2010

＄

Increasing complexity and costs are expected to
favor outsourcing vehicle financing and maintenance

Key Financial Statistics
($ Millions, Except Per Share Amounts)
First Quarter
2011 2010 % B/(W)
Operating Revenue (1) $ 1,129.1 $ 987.6 14%

Fuel Services and Subcontracted Transportation Revenue 296.2 232.3 28%
Total Revenue $ 1,425.4 $ 1,219.9 17%

Earnings Per Share From Continuing Operations $ 0.50 $ 0.24 108%
Comparable Earnings Per Share From Continuing Operations(1) $ 0.51 $ 0.24 113%

Earnings Per Share (2) $ 0.48 $ 0.23 109%

Memo:
Average Shares (Millions ) - Diluted 51.0 52.7
Tax Rate From Continuing Operations 40.7% 42.8%

Adjusted Return on Capital (Trailing 12 month )(1) 5.1% 4.1%

Note: Amounts throughout presentation may not be additive due to rounding.
(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(2) Includes discontinued operations and restructuring charges.


Key Leading Indicators
The key leading indicators for Ryder’s business are improving.
First quarter results included:

Commercial Rental:
Utilization (a) 72.5%, up 390 bps vs. prior year
Pricing (a) up 12% from prior year
Fleet Count (Ending) up 15% over prior year
Used Vehicle Pricing:
Tractors up 42% over prior year; up 9% over 4Q10
Trucks up 44% over prior year; up 7% over 4Q10
Lease:
Miles per Unit (b) up 3% from prior year
Early Lease Terminations (c) down 33% from prior year
Dedicated/Supply Chain Solutions:
Volumes overall volumes improving

(a) Global power units
(b) U.S. power units
(c) U.S.

EPS Forecast – Continuing Operations
($ Earnings Per Share)

► On April 26th, increased full year 2011 EPS forecast from $2.80 – 2.90 to
$2.90 – 3.00

− includes $0.10-0.15 impact from Japan disasters

► Most recent forecast is as follows:
Second Quarter Full Year

2011 Comparable EPS Forecast (1) $ 0.72 - 0.77 $ 2.90 - 3.00

2010 Comparable EPS(1) $0.58 $2.22

(1) Non-GAAP financial measure. (Comparable EPS in FY10 excludes a gain on sale of an international asset of $0.02, tax benefits of $0.21
and acquisition costs of $0.08.) Forecast provided on 4/26/11 and has not subsequently been confirmed or revised.


Financial Indicators Forecast (1)
Total Cash Generated (2) (3) Gross Capital Expenditures (3) ($ Millions)
Full Service Lease
$1,684 Commercial Rental
$1,571 $1,757 $1,755
$1,465 PP&E/Other
$1,381 $1,328
$1,252 $1,266 $1,399
$1,179
$1,054 $1,091 $1,289 $1,182 $1,265
$949 $1,165 $1,088
$835
$657 $725
$600 $611

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Forecast
Forecast Memo: Free Cash Flow (2) (3)
(4)
(242) 131 367 357 289 (208) (439) 380 341 614 258 (265)

Total Obligations to Equity Ratio (2)

Total Obligations to Equity
Balance Sheet Debt to Equity  Significant and predictable cash generation
275% 275%
234% 225%
201% 183% 203% 207%
146% 129% 151% 168% 157%  Invest in growth (organic, acquisitions)

 Over time appropriately move financial
2000 2001
2000 2001
2002
2002
2003 2004
2003 2004
2005
2005
2006
2006
2007 2008 2009 2010 2011 Long
2007 2008 2009 20102011 Forecast Target Mi
Long Term leverage towards long term target of
Forecast Term
Target
250-300% Total Obligations to Equity
Midpoint

(1) Obligations to Equity include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions. Forecast provided on 4/26/11 and has not subsequently
been confirmed or revised
(2) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(3) 2000-2004 not restated for discontinued operations.
(4) Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters.

Summary
► Benefiting from upturn in transactional businesses and acquisitions

► Lease fleet stabilizing - managing through impact of fleet aging

► Focus on driving long-term contractual revenue growth in all segments
through strong customer retention and new business development, growth
initiatives and strategic investments
► Ongoing process improvements and cost savings available

► Each of Ryder’s businesses operate in very large markets

► Market trends play favorably into long-term outsourcing decisions
(increasing complexity/cost of vehicle technology, emissions standards,
credit availability, complex and changing global supply chains, etc.)
► Strong balance sheet, cash flow and liquidity position

Ryder is well positioned for success coming out of severe downturn
with a lower cost structure, well-aligned fleet, strong balance sheet,
strong market position and competitive posture, solid value proposition
and significant growth opportunities


Questions & Answers

Art Garcia
EVP & CFO

Appendix

Non-GAAP Financial
Measures

Appendix: 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

Operating Revenue (1) Total Revenue Key Financial Statistics

Comparable Earnings / EPS from Continuing Earnings / EPS from Continuing Operations Appendix - Earnings and EPS from Continuing
Operations Operations Reconciliation

Adjusted Return on Capital Net Earnings Appendix - Adjusted Return on Capital
Reconciliation

Total Cash Generated/Free Cash Flow Cash Provided by Operating Activities Appendix - Cash Flow Reconciliation

Total Obligations to Equity Debt to Equity Appendix - Debt to Equity Reconciliation

(1) 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 largely a pass through to customers and the Company realizes minimal changes in
profitability as a result of fluctuations in subcontracted transportation.


($ Millions or $ Earnings Per Share)

(1)
Earnings and EPS from Continuing Operations Reconciliation

1Q11 - 1Q11 -
Earnings EPS

Reported $ 25.9 $ 0.50
Restructuring Charges 0.5 0.01
Comparable $ 26.3 $ 0.51

Note: Amounts are calculated independently for each component and may not be additive due to rounding.
(1) The Company uses comparable net earnings and earnings per share from continuing operations, non-GAAP financial measures, as they exclude from GAAP
earnings benefits unrelated to ongoing business operations


($ Millions)
Adjusted Return on Capital Reconciliation
3/31/11 3/31/10
(1)
Net Earnings $ 131 $ 68
Restructuring and Other Charges, Net and Other Items 7 22
Income Taxes 69 52
Adjusted Earnings Before Income Taxes 207 142
(2)
Adjusted Interest Expense 134 144
Adjusted Income Taxes (3) (132) (117)
Adjusted Net Earnings $ 209 $ 169

Average Total Debt $ 2,591 $ 2,593
Average Off-Balance Sheet Debt 109 133
Average Adjusted Total Shareholders' Equity 1,403 1,416
Average Adjustments to Shareholders' Equity (4) (1) 11
Adjusted Average Total Capital $ 4,102 $ 4,152

Adjusted Return on Capital (5) 5.1% 4.1%
(1) Earnings calculated based on a 12-month rolling period.
(2) Interest expense includes implied interest on off-balance sheet vehicle obligations.
(3) Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
(4) Represents comparable earnings items for those periods.
(5) The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (including off-balance sheet debt) and equity
should be included in evaluating how effectively capital is utilized across the business.


Cash Flow Reconciliation ($ Millions)
(5) (5) (5) (5) (5)
12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09

Cash Provided by Operating Activities $ 1,023 $ 365 $ 617 $ 803 $ 867 $ 776 $ 852 $ 1,097 $ 1,248 $ 985

Less: Changes in Bal. of Trade Rec. Sold (270) 235 110 - - - - - - -

Collections of Direct Finance Leases 67 66 66 61 64 69 65 62 61 65

Proceeds from Sale (Prim. Rev. Earn. Equip.) 230 173 152 210 331 333 332 373 262 216

Proceeds from Sale & Leaseback of Assets - - - 13 118 - - 150 - -

Other Investing, Net 4 (4) 4 4 1 - 2 2 - -
(1)
Total Cash Generated 1,054 835 949 1,091 1,381 1,179 1,252 1,684 1,571 1,266

Capital Expenditures (2) (1,296) (704) (582) (734) (1,092) (1,387) (1,691) (1,304) (1,230) (652)
(3)(4)
Free Cash Flow $ (242) $ 131 $ 367 $ 357 $ 289 $ (208) $ (439) $ 380 $ 341 $ 614

Memo:

Depreciation Expense $ 580 $ 545 $ 552 $ 625 $ 706 $ 735 $ 739 $ 811 $ 836 $ 881

Gains on Vehicle Sales, Net $ 19 $ 12 $ 14 $ 16 $ 35 $ 47 $ 51 $ 44 $ 39 $ 12

(1) The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of
revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.
(2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(3) The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
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.
(5) Amounts have not been recasted for operations discontinued in 2009.


Cash Flow Reconciliation ($ Millions)

12/31/10
Cash Provided by Operating Activities from Continuing Operations $ 1,028
Proceeds from Sales (Primarily Revenue Earning Equipment) 235
Collections of Direct Finance Leases 62
Other, Net 3
(1)
Total Cash Generated 1,328

Capital Expenditures (2) (1,070)
(3)(4)
Free Cash Flow $ 258

Memo:
Depreciation Expense $ 834
Gains on Vehicle Sales, Net $ 29

(1) The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of
revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.
(2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(3) The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
Management believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments
required to support ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be
limited.
(4) Free Cash Flow excludes acquisitions and changes in restricted cash.


($ Millions)
Debt to Equity Reconciliation

% 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.


($ Millions)
Debt to Equity Reconciliation

% to % to % to % to % to
12/31/08 Equity 12/31/09 Equity 12/31/10 Equity 3/31/11 Equity 3/31/10 Equity

Balance Sheet Debt $2,863 213% $2,498 175% $2,747 196% $2,809 195% $2,424 172%

Receivables Sold - - - - -

PV of minimum
lease payments and
guaranteed residual
values under
operating leases for
vehicles 163 119 100 99 121

Total Obligations $3,026 225% $2,617 183% $2,847 203% $2,908 202% $2,545 181%

Note: Amounts may not recalculate due to rounding.


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