3Q 2017 Ryder Earnings Conference Call

Proprietary and Confidential
Third Quarter 2017 Earnings
Conference Call
October 24, 2017

@ 2017 Ryder System, Inc.
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Safe Harbor and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" under the
Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding market conditions, earnings performance, revenue in our business
segments, fleet size, growth in our contractual product lines, demand and pricing trends in commercial rental and used vehicle sales, free cash flow, capital
expenditures, debt, adjusted ROC, and our 2017 outlook. 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 adapt to changing market conditions, lower than expected lease and
used vehicle sales, decreases in commercial rental demand, our ability to right-size our commercial rental fleet in line with demand, ability to maintain
normalized levels of used vehicle inventory, ability to redeploy our used vehicles and prepare them for sale in a cost efficient manner, ability to properly value
the used vehicle fleet, worsening of market demand for used vehicles, higher than expected maintenance costs or lower than expected benefits from
maintenance initiatives, decreases in freight demand or volumes, ability to execute new operations efficiently and profitably, our ability to obtain adequate profit
margins for our services due to our ability to execute efficiently, our inability to maintain current pricing levels due to soft economic conditions, uncertainty and
instability in the global economic market, business interruptions or expenditures due to severe weather or natural occurrences, competition from other service
providers and new entrants, loss of key customers, unexpected bad debt reserves or write-offs, a decrease in credit ratings, increased debt costs, adequacy of
accounting estimates, reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, sudden or unusual changes in fuel
prices, unanticipated currency exchange rate fluctuations, our ability to manage our cost structure and maintain access to capital markets, 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 presentation includes certain non-GAAP financial measures as defined under SEC rules, including:
Comparable Earnings Measures, which consist of comparable earnings from continuing operations, comparable earnings per share from continuing
operations (as well as forecasts), comparable earnings before income tax and comparable tax rate. Additionally, our adjusted return on average capital
(ROC) and adjusted return on capital spread (ROC spread) measures are calculated based on comparable earnings items.
Operating Revenue Measures, which consist of operating revenue and operating revenue growth excluding foreign exchange for Ryder and its business
segments, and segment EBT as a percentage of operating revenue.
Cash Flow Measures, which consist of total cash generated and free cash flow.
Debt Measures, including total obligations and total obligations to equity.
Refer to Appendix - Non-GAAP Financial Measures, beginning on slide 34, for reconciliations of the non-GAAP financial measures contained in this presentation
to the nearest GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K
can be found in our most recent Form 10-K, Form 10-Q and our Form 8-K filed with the SEC as of the date of this presentation, which are available at
http://investors.ryder.com.

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Contents
• Third Quarter 2017 Results Overview
• Used Vehicle Sales Update
• EPS Forecast
• Q & A

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3rd Quarter Results Overview
• Earnings per diluted share from continuing operations were $1.11 vs.
$1.59 in 3Q16
— 3Q17 included non-operating pension costs of $0.08, pension settlement costs of $0.06,
fees related to a cost savings program of $0.05 and a state tax law change of $0.03
— 3Q16 included non-operating pension costs of $0.08
• Comparable earnings per diluted share from continuing operations were
$1.33 vs. $1.67 in 3Q16
• Total revenue increased 7% and operating revenue increased 4% vs. prior
year
— Total revenue benefited from higher operating revenue and subcontracted transportation
reflecting new business and increased volumes
— Operating revenue increased due to higher Supply Chain and ChoiceLease revenue

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Key Financial Statistics
Third Quarter
($ Millions, Except Per Share Amounts)
Note: Amounts throughout presentation may not be additive due to rounding.
2017 2016 %B/(W)
Total Revenue $ 1,848.5 $ 1,724.4 7%
Fuel and Subcontracted Transportation (323.1) (256.1) 26%
Operating Revenue $ 1,525.5 $ 1,468.3 4%
Earnings Per Share from Continuing Operations $ 1.11 $ 1.59 (30)%
Comparable Earnings Per Share from Continuing Operations $ 1.33 $ 1.67 (20)%
Memo:
Average Shares (Millions) - Diluted 52.8 53.3
Tax Rate from Continuing Operations 37.6% 35.4%
Comparable Tax Rate from Continuing Operations 36.2% 35.7%

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Key Financial Statistics
Year-To-Date
($ Millions, Except Per Share Amounts)
Note: Amounts throughout presentation may not be additive due to rounding.
2017 2016 %B/(W)
Total Revenue $ 5,389.9 $ 5,057.8 7%
Fuel and Subcontracted Transportation (936.1) (733.8) 28%
Operating Revenue $ 4,453.8 $ 4,324.0 3%
Earnings Per Share from Continuing Operations $ 2.79 $ 4.02 (31)%
Comparable Earnings Per Share from Continuing Operations $ 3.16 $ 4.35 (27)%
Memo:
Average Shares (Millions) - Diluted 53.0 53.3
Tax Rate from Continuing Operations 36.8% 36.1%
Comparable Tax Rate from Continuing Operations 36.6% 36.4%
Adjusted Return on Capital vs. Cost of Capital (Trailing 12 months) (0.3)% 1.0%

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3rd Quarter Results Overview – FMS
• Fleet Management Solutions (FMS) total revenue up 4% and FMS
operating revenue up 3%
– ChoiceLease revenue up 4%
– SelectCare revenue up 3%
– Commercial rental revenue unchanged
• FMS earnings declined due to accelerated depreciation, more
normalized maintenance costs for vehicles being prepared for sale, the
timing of incentive compensation and higher sales and marketing costs
– Impact was partially offset by higher SelectCare, Commercial Rental and used
vehicle sales results
• FMS earnings before tax (EBT) down 11%
– FMS EBT percent of FMS total revenue down 130 basis points to 8.4%
– FMS EBT percent of FMS operating revenue down 150 basis points to 9.8%

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3rd Quarter Results Overview – DTS
• Dedicated Transportation Solutions (DTS) total revenue up 4% and
DTS operating revenue up 1%
– DTS total revenue and operating revenue growth primarily reflects new business,
partially offset by one less workday
• DTS earnings decreased primarily due to higher insurance
premiums, increased maintenance costs on certain older model
year vehicles and one less workday
• DTS earnings before tax (EBT) down 22%
– DTS EBT percent of DTS total revenue down 160 basis points to 5.1%
– DTS EBT percent of DTS operating revenue down 190 basis points to 7.0%

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3rd Quarter Results Overview – SCS
• Supply Chain Solutions (SCS) total revenue up 19% and SCS operating
revenue up 9%
– SCS total revenue and operating revenue growth primarily reflects new business
• SCS earnings decreased primarily due to two customers accounts and
higher planned investments in IT and sales
• SCS earnings before tax (EBT) down 29%
– SCS EBT percent of SCS total revenue down 300 basis points to 4.4%
– SCS EBT percent of SCS operating revenue down 310 basis points to 5.9%

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Capital Expenditures
Year-To-Date
($ Millions)
2017 2016
2017 $
O/(U) 2016
ChoiceLease $ 986 $ 1,223 $ (237)
Commercial Rental 296 79 217
Operating Property and Equipment 95 102 (7)
Gross Capital Expenditures 1,376 1,404 (28)
Less: Proceeds from Sales (Primarily Revenue Earning Equipment) (302) (338) (36)
Net Capital Expenditures $ 1,074 $ 1,066 $ 8

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Cash Flow from Continuing Operations
Year-To-Date
($ Millions)
1. Included in cash flows from investing activities.
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.
2017 2016
Earnings from Continuing Operations $ 149 $ 215
Depreciation 933 878
Used Vehicle Sales, Net 12 (33)
Amortization and Other Non-Cash Charges, Net 63 64
Pension Contributions (11) (65)
Changes in Working Capital and Deferred Taxes 20 126
Cash Provided by Operating Activities 1,166 1,185
Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 302 338
Collections of Direct Finance Leases & Other(1) 54 60
Total Cash Generated 1,522 1,584
Capital Expenditures (1), (2) (1,313) (1,511)
Free Cash Flow (3) $ 210 $ 72

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Debt to Equity Ratio
1. Represents a debt to equity target of 250% to 300% while maintaining a solid investment grade rating.
2. Illustrates impact of accumulated net pension related equity charge on leverage.
3. Total Equity includes impact of accumulated net pension related equity charge of $611 million as of 9/30/2017, $627 million as of 12/31/2016 and $574 million as of 9/30/2016.
($ Millions)
9/30/2017 12/31/2016 9/30/2016
Total Debt 5,349 5,391 5,520
Total Equity (3) 2,175 2,052 2,097
Debt to Equity 246% 263% 263%
(2)
(1)

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Contents
• EPS Forecast
• Q & A

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• Units held for sale, as reported, were 6,300 at quarter end, down from
7,500 units in the prior year
– Units held for sale exclude an elevated number of lease vehicles (400) being prepared
for sale
– Including these vehicles in units held for sale results in adjusted inventory of 6,700,
representing a decrease of 2,300 vehicles vs. prior year and a decline of 1,700 vehicles
sequentially
• The number of used vehicles sold in the third quarter was 4,700, up
18% from the prior year
– Units sold were up 9% sequentially
• Proceeds per unit were down 19% for tractors and down 15% for trucks
in the third quarter compared with prior year (excluding the FX impact)
– Proceeds per unit were down 4% for tractors and up 1% for trucks, sequentially
– Proceeds per unit were down 32% for tractors and down 17% for trucks, compared to
the second quarter 2015 peak
Global Used Vehicle Sales Update

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Contents
• EPS Forecast
• Q & A

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EPS Forecast – Continuing Operations
($ Earnings Per Share)
• Full year EPS forecast is decreased to $3.95 to $4.05 from $4.03 to
$4.23
• Full year Comparable EPS forecast is increased to $4.46 to $4.56 from
$4.38 to $4.58
• Current forecast is as follows:
Fourth Quarter 2017 Full Year 2017
EPS Forecast $1.16 to $1.26 $3.95 to $4.05
Comparable EPS Forecast $1.31 to $1.41 $4.46 to $4.56
Third Quarter 2016 Full Year 2016
EPS $0.92 $4.94
Comparable EPS $1.07 $5.42

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Q&A

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Appendix
ChoiceLease Vehicle Count
Business Segment Detail
Central Support Services
Balance Sheet
Capital Expenditures, Cash Flow and Leverage
Return on Capital Spread
Asset Management
Non-GAAP Financial Measures & Reconciliations

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ChoiceLease Vehicle Count
(A) Represents an elevated number of vehicles being prepared for sale.
Note: Represents end of period vehicle count.
3Q16 4Q16 1Q17 2Q17 3Q17
3Q17
O/(U) 3Q16
3Q17
O/(U) 4Q16
End of Period
ChoiceLease Vehicles (as reported) 136,600 136,500 137,900 137,200 137,300 700 800
UK FSL Trailers 3,500 3,300 3,000 2,900 3,000 (500) (300)
ChoiceLease Vehicles - excluding UK 133,100 133,200 134,900 134,300 134,300 1,200 1,100
Elevated Prepared for Sale (A) 1,500 1,200 1,700 900 400 (1,100) (800)
Adjusted ChoiceLease Vehicles 131,600 132,000 133,200 133,400 133,900 2,300 1,900

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Business Segments
1. Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items.
($ Millions)
Third Quarter
Memo: Operating Revenue
2017 2016 % B/(W) 2017 2016 % B/(W)
Total Revenue:
Fleet Management Solutions $ 1,195.8 $ 1,155.0 4% $ 1,026.0 $ 997.9 3%
Dedicated Transportation Solutions 272.3 260.9 4% 197.9 196.6 1%
Supply Chain Solutions 496.0 416.9 19% 376.4 345.5 9%
Eliminations (115.6) (108.4) (7)% (74.9) (71.7) (4)%
Total $ 1,848.5 $ 1,724.4 7% $ 1,525.5 $ 1,468.3 4%
Segment Earnings Before Tax: (1)
Fleet Management Solutions $ 100.7 $ 112.5 (11)%
Dedicated Transportation Solutions 13.8 17.6 (22)%
Supply Chain Solutions 22.1 31.0 (29)%
Eliminations (14.5) (12.6) (15)%
122.1 148.4 (18)%
Central Support Services (Unallocated Share) (11.0) (9.3) (19)%
Non-operating Pension Costs (7.0) (7.5) 7%
Restructuring and Other Items, Net (9.7) — NM
Earnings Before Income Taxes $ 94.3 $ 131.7 (28)%
Provision for Income Taxes 35.4 46.6 24%
Earnings from Continuing Operations $ 58.9 $ 85.1 (31)%
Comparable Earnings from Continuing Operations $ 70.8 $ 89.6 (21)%

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Business Segments
1. Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items.
($ Millions)
Year-To-Date
Memo: Operating Revenue
2017 2016 % B/(W) 2017 2016 % B/(W)
Total Revenue:
Fleet Management Solutions $ 3,491.8 $ 3,404.5 3% $ 2,986.8 $ 2,955.5 1%
Dedicated Transportation Solutions 811.6 764.0 6% 591.0 581.2 2%
Supply Chain Solutions 1,429.5 1,207.7 18% 1,096.9 999.4 10%
Eliminations (343.0) (318.3) (8)% (221.0) (212.1) (4)%
Total $ 5,389.9 $ 5,057.8 7% $ 4,453.8 $ 4,324.0 3%
Segment Earnings Before Tax: (1)
Fleet Management Solutions $ 221.0 $ 306.6 (28)%
Dedicated Transportation Solutions 39.9 48.3 (17)%
Supply Chain Solutions 75.4 79.1 (5)%
Eliminations (38.1) (37.1) (3)%
298.2 396.8 (25)%
Central Support Services (Unallocated Share) (33.0) (30.0) (10)%
Non-operating Pension Costs (20.9) (22.0) 5%
Restructuring and Other Items, Net (9.3) (7.7) NM
Earnings Before Income Taxes $ 235.0 $ 337.2 (30)%
Provision for Income Taxes 86.5 121.8 29%
Earnings from Continuing Operations $ 148.5 $ 215.4 (31)%
Comparable Earnings from Continuing Operations $ 168.1 $ 233.0 (28)%

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Fleet Management Solutions (FMS)
Third Quarter
($ Millions)
Revenue 2017 2016 % B/(W)
ChoiceLease $ 673.9 $ 649.2 4%
SelectCare 117.0 113.1 3%
Commercial Rental 216.0 216.6 —%
Other 19.1 19.0 1%
FMS Operating Revenue 1,026.0 997.9 3%
Fuel Services Revenue 169.8 157.1 8%
FMS Total Revenue $ 1,195.8 $ 1,155.0 4%
FMS Earnings Before Tax
FMS Earnings Before Tax (EBT) $ 100.7 $ 112.5 (11)%
FMS EBT as a % of FMS Total Revenue 8.4% 9.7%
FMS EBT as a % of FMS Operating Revenue 9.8% 11.3%

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Fleet Management Solutions (FMS)
Year-To-Date
($ Millions)
Revenue 2017 2016 % B/(W)
ChoiceLease $ 1,992.7 $ 1,918.4 4%
SelectCare 348.0 341.4 2%
Commercial Rental 589.4 636.0 (7)%
Other 56.8 59.7 (5)%
FMS Operating Revenue 2,986.8 2,955.5 1%
Fuel Services Revenue 505.1 449.0 12%
FMS Total Revenue $ 3,491.8 $ 3,404.5 3%
Earnings Before Tax
FMS Earnings Before Tax (EBT) $ 221.0 $ 306.6 (28)%
FMS EBT as a % of FMS Total Revenue 6.3% 9.0%
FMS EBT as a % of FMS Operating Revenue 7.4% 10.4%

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Dedicated Transportation Solutions (DTS)
($ Millions)
Third Quarter
Revenue 2017 2016 % B/(W)
DTS Operating Revenue $ 197.9 $ 196.6 1%
Subcontracted Transportation 46.2 37.7 22%
Fuel 28.2 26.5 6%
DTS Total Revenue $ 272.3 $ 260.9 4%
Earnings Before Tax
DTS Earnings Before Tax (EBT) $ 13.8 $ 17.6 (22)%
DTS EBT as a % of DTS Total Revenue 5.1% 6.7%
DTS EBT as a % of DTS Operating Revenue 7.0% 8.9%

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Dedicated Transportation Solutions (DTS)
($ Millions)
Year-To-Date
Revenue 2017 2016 % B/(W)
DTS Operating Revenue $ 591.0 $ 581.2 2%
Fuel 83.7 75.9 10%
DTS Total Revenue $ 811.6 $ 764.0 6%
Earnings Before Tax
DTS Earnings Before Tax (EBT) $ 39.9 $ 48.3 (17)%
DTS EBT as a % of DTS Total Revenue 4.9% 6.3%
DTS EBT as a % of DTS Operating Revenue 6.7% 8.3%

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Supply Chain Solutions (SCS)
($ Millions)
Third Quarter
Revenue 2017 2016 % B/(W)
Automotive $ 135.9 $ 140.8 (4)%
Technology & Healthcare 68.0 61.4 11%
CPG & Retail 130.5 110.8 18%
Industrial & Other 42.0 32.4 30%
SCS Operating Revenue (1) 376.4 345.5 9%
Fuel 17.8 15.4 16%
SCS Total Revenue $ 496.0 $ 416.9 19%
Earnings Before Tax
SCS Earnings Before Tax (EBT) $ 22.1 $ 31.0 (29)%
SCS EBT as a % of SCS Total Revenue 4.4% 7.4%
SCS EBT as a % of SCS Operating Revenue 5.9% 9.0%

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Supply Chain Solutions (SCS)
($ Millions)
Year-To-Date
Revenue 2017 2016 % B/(W)
Automotive $ 420.1 $ 407.1 3%
Technology & Healthcare 194.6 177.1 10%
CPG & Retail 365.2 324.8 12%
Industrial & Other 117.0 90.4 29%
SCS Operating Revenue (1) 1,096.9 999.4 10%
Fuel 53.3 45.5 17%
SCS Total Revenue $ 1,429.5 $ 1,207.7 18%
Earnings Before Tax
SCS Earnings Before Tax (EBT) $ 75.4 $ 79.1 (5)%
SCS EBT as a % of SCS Total Revenue 5.3% 6.6%
SCS EBT as a % of SCS Operating Revenue 6.9% 7.9%

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Central Support Services (CSS)
Third Quarter
($ Millions)
2017 2016 % B/(W)
Allocated CSS Costs $ 51.2 $ 47.9 (7)%
Unallocated CSS Costs 11.0 9.3 (19)%
Total CSS Costs $ 62.2 $ 57.2 (9)%

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Central Support Services (CSS)
Year-To-Date
($ Millions)
2017 2016 % B/(W)
Allocated CSS Costs $ 151.2 $ 146.4 (3)%
Unallocated CSS Costs 33.0 30.0 (10)%
Total CSS Costs $ 184.1 $ 176.4 (4)%

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Balance Sheet
($ Millions)
September 30, 2017 December 31, 2016
Current Assets $ 1,253 $ 1,102
Revenue Earning Equipment, Net 8,249 8,148
Operating Property and Equipment, Net 779 746
Other Assets 978 906
Total Assets $ 11,259 $ 10,902
Current Liabilities $ 1,086 $ 953
Total Debt 5,349 5,391
Other Non-Current Liabilities (including Deferred Income Taxes) 2,648 2,506
Shareholders' Equity 2,175 2,052
Total Liabilities and Shareholders' Equity $ 11,259 $ 10,902

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Capital Expenditures, Cash Flow and Leverage (1)
Gross Capital Expenditures
($ Millions)
Debt to Equity / Total Obligations to Equity (2)
1. Free Cash Flow and Gross Capital Expenditures exclude acquisitions. Total Obligations to Equity includes acquisitions.
2. The debt to equity metric was not revised in years prior to 2012 to reflect the change in accounting treatment of certain sale-leaseback transactions as debt.
3. Illustrates impact of accumulated net pension related equity charge on leverage.
4. Represents a debt to equity target of 250% - 300% while maintaining solid investment grade credit rating.
Free Cash
Flow 614 258 (257) (488) (340) (315) (728) 194 250
Debt to Equity 175% 196% 257% 272% 227% 260% 277% 263% 240%
Pension Impact (3)
Lease Commercial Rental PP&E/Other
(4)

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Adjusted Return on Capital Spread
1. Adjusted Total Capital represents Adjusted Average Total Capital in billions.
2. Includes pension settlement charges of $69M, primarily buyouts, which impacted Return on Equity by 360 basis points.
Adj ROC O/(U) COC 0.8% 0.8% (2.2)% (1.3)% 0.2% 0.9% 1.0% 1.1% 1.4% 0.5% (0.2)%
Return on Equity 14.2% 11.2% 4.4% 8.4% 11.9% 14.9% 14.9% 11.3% 16.1% 12.8% 10.0%
Adjusted Total Capital (1) $4.8 $4.8 $4.2 $4.0 $4.6 $5.2 $5.6 $6.6 $7.1 $7.6 $7.5(2)
Adjusted Return on
Capital (ROC)
Cost of Capital
(COC)

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Asset Management YTD Update (US Only)
a. Statistics may exclude some units due to a lag in reporting.
b. Excludes early terminations where customer purchases vehicle.
c. Periods prior to 2017 not restated to exclude units reclassified within the same customer relationship (represents ~30% of historical volume).
Redeployments – Vehicles coming off-lease or in Rental with
useful life remaining are redeployed in the Ryder fleet (SCS, or
with another Lease customer). Redeployments exclude units
transferred into the Rental product line.
Extensions – Ryder re-prices lease contract and extends
maturity date.
Early terminations – Customer elects to terminate lease prior
to maturity. Depending on the remaining useful life, the vehicle
may be redeployed in the Ryder fleet (Commercial Rental, SCS,
other Lease customer) or sold by Ryder.

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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. Non-GAAP financial measures should be considered in
addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP.
Specifically, the following non-GAAP financial measures are included in this presentation:
Non-GAAP Financial Measure Comparable GAAP Measure
Reconciliation & Additional Information Presented
on Slide Titled Page
Operating Revenue Measures:
Operating Revenue Total Revenue Key Financial Statistics 5-6
FMS Operating Revenue, DTS Operating
Revenue and SCS Operating Revenue
FMS Total Revenue, DTS Total Revenue and SCS
Total Revenue
Fleet Management Solutions (FMS), Dedicated Transportation
Solutions (DTS) and Supply Chain Solutions (SCS)
22-27
Operating Revenue Growth ex-Foreign Exchange Total Revenue Foreign Exchange Impact on Operating Revenue Growth 35
FMS EBT as a % of FMS Operating Revenue,
DTS EBT as a % of DTS Operating Revenue and
SCS EBT as a % of SCS Operating Revenue
FMS EBT as a % of FMS Total Revenue, DTS EBT
as a % of DTS Total Revenue and SCS EBT as a %
of SCS Total Revenue
Fleet Management Solutions (FMS), Dedicated Transportation
Solutions (DTS) and Supply Chain Solutions (SCS)
22-27
Comparable Earnings Measures:
Comparable Earnings and Comparable EPS Earnings and EPS from Continuing Operations Earnings and EPS from Continuing Operations Reconciliation 36
Comparable EPS Forecast EPS Forecast from Continuing Operations EPS Forecast – Continuing Operations 38
Comparable Earnings Before Income Tax and
Comparable Tax Rate
Earnings Before Income Tax and Tax Rate Earnings and Tax Rate from Continuing Operations
Reconciliation
37
Adjusted Return on Capital (ROC) and Adjusted
ROC Spread
Not Applicable. However, non-GAAP elements of the
calculation have been reconciled to the
corresponding GAAP measures. A numerical
reconciliation of net earnings to adjusted net
earnings and average total debt and average
shareholders' equity to adjusted average total capital
is provided.
Adjusted Return on Capital Reconciliation 39-40
Cash Flow Measures:
Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Cash Flow from Continuing Operations 41-42
Debt Measures:
Total Obligations and Total Obligations to Equity Balance Sheet Debt and Debt to Equity Debt to Equity Reconciliation 43

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Foreign Exchange Impact on Revenue Growth
1. Foreign exchange impact was calculated by dividing the results for the current and prior year periods by the exchange rates in effect on September 30, 2016,
which was the last day of the prior year period, rather than the actual exchange rates in effect as of September 30, 2017.
Third Quarter Year-To-Date
YOY Growth Fx Impact (1)
YOY Growth
excl Fx YOY Growth Fx Impact (1)
YOY Growth
excl Fx
Total Revenue 7% —% 7% 7% —% 7%
Operating Revenue 4% —% 4% 3% —% 3%
FMS Total Revenue 4% —% 4% 3% (1)% 4%
FMS Operating Revenue 3% —% 3% 1% (1)% 2%
ChoiceLease Revenue 4% —% 4% 4% —% 4%
Commercial Rental Revenue —% (1)% 1% (7)% —% (7)%
SCS Total Revenue 19% 1% 18% 18% —% 18%
SCS Operating Revenue 9% 1% 8% 10% —% 10%

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Earnings and EPS from Continuing Operations Reconciliation
($ Millions or $ Earnings Per Share)
3Q17 3Q17 3Q16 3Q16
Earnings EPS Earnings EPS
GAAP $ 58.9 $ 1.11 $ 85.1 $ 1.59
Non-operating pension costs 4.0 0.08 4.4 0.08
Fees related to a cost savings program 2.7 0.05 — —
Pension settlement charge 3.3 0.06 — —
Tax law change – rate increase 1.8 0.03 — —
Comparable $ 70.8 $ 1.33 $ 89.6 $ 1.67
YTD17 YTD17 YTD16 YTD16
Earnings EPS Earnings EPS
GAAP $ 148.5 $ 2.79 $ 215.4 $ 4.02
Fees related to a cost savings program 2.7 0.05 — —
Operating tax adjustment 1.7 0.03 — —
Pension settlement charge 3.3 0.06 — —
Tax law change – rate increase 1.8 0.03 — —
Restructuring (2.1) (0.04) — —
Pension-related adjustment — — 4.8 0.09
Comparable $ 168.1 $ 3.16 $ 233.0 $ 4.35

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EBT and Tax Rate from Continuing Operations Reconciliation
3Q17 3Q17 3Q17 YTD17 YTD17 YTD17
EBT Tax Tax Rate EBT Tax Tax Rate
GAAP $ 94.3 $ 35.4 37.6% $ 235.0 $ 86.5 36.8%
Fees related to a cost savings program 4.3 1.5 4.3 1.5
Operating tax adjustment — — 2.2 0.5
Pension settlement charge 5.5 2.2 5.5 2.2
Restructuring — — (2.6) (0.5)
Tax law change — (1.8) — (1.8)
Comparable (1) $ 111.0 $ 40.2 36.2% $ 265.2 $ 97.1 36.6%
3Q16 3Q16 3Q16 YTD16 YTD16 YTD16
EBT Tax Tax Rate EBT Tax Tax Rate
GAAP $ 131.7 $ 46.6 35.4% $ 337.2 $ 121.8 36.1%
Pension-related adjustment — — 7.7 2.8
Comparable (1) $ 139.1 $ 49.6 35.7% $ 366.9 $ 133.8 36.4%
1. The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes.
Income tax effects of non-GAAP adjustments are calculated based on the statutory tax rates of the jurisdiction to which the non-
GAAP adjustments relate.

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38
EPS from Continuing Operations Reconciliation
Fourth Quarter
2017 Full Year 2017
EPS forecast $1.16 to $1.26 $3.95 to $4.05
Non-operating pension costs, net of tax 0.08 0.31
Restructuring and other charges 0.07 0.20
Comparable EPS forecast $1.31 to $1.41 $4.46 to $4.56
Fourth Quarter
2016 Full Year 2016
EPS $0.92 $4.94
Non-operating pension costs, net of tax 0.09 0.33
Restructuring costs 0.06 0.06
Pension-related adjustments — 0.09
Comparable EPS $1.07 $5.42

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39
Adjusted Return on Capital Reconciliation(1)
($ Millions)
1. Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and
average total debt and average shareholders' equity to adjusted average total capital is provided on this slide.
2. Earnings calculated based on a 12-month rolling period.
3. Interest expense includes interest on off-balance sheet vehicle obligations.
4. Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
5. The average is calculated based on the average GAAP balances.
6. Represents comparable earnings items for those periods.
2007 2008 2009 2010 2011 2012
Net earnings (2) $ 254 $ 200 $ 62 $ 118 $ 170 $ 210
Restructuring and other charges, net and other items 1 70 30 6 6 17
Income taxes 152 150 54 61 108 91
Adjusted earnings before income taxes 407 420 146 185 284 317
Adjusted interest expense (3) 169 165 150 133 135 144
Adjusted income taxes (4) (220) (230) (122) (124) (157) (167)
Adjusted net earnings [A] $ 356 $ 355 $ 174 $ 194 $ 262 $ 294
Average total debt(5) $ 2,848 $ 2,882 $ 2,692 $ 2,512 $ 3,079 $ 3,778
Average off-balance sheet debt(5) 150 171 142 114 78 2
Average total shareholders' equity(5) 1,791 1,778 1,396 1,402 1,428 1,406
Average adjustments to shareholders' equity (6)
1 10 16 2 4 (3)
Adjusted average total capital [B] $ 4,789 $ 4,841 $ 4,245 $ 4,030 $ 4,588 $ 5,182
Adjusted return on capital [A]/[B] 7.4% 7.3% 4.1% 4.8% 5.7% 5.7%
Weighted average cost of capital 6.6% 6.5% 6.3% 6.1% 5.5% 4.8%
Adjusted return on capital spread 0.8% 0.8% (2.2)% (1.3)% 0.2% 0.9%

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40
Adjusted Return on Capital Reconciliation(1)
($ Millions)
1. Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average
total debt and average shareholders' equity to adjusted average total capital is provided on this slide.
2. Earnings calculated based on a 12-month rolling period.
3. Interest expense includes interest on off-balance sheet vehicle obligations.
4. Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
5. The average is calculated based on the average GAAP balances.
6. Represents comparable earnings items for those periods.
2013 2014 2015 2016 3Q16 3Q17
2017
Forecast
Net earnings (2) $ 238 $ 218 $ 305 $ 262 $ 291 $ 195 $ 213
Restructuring and other charges, net and other
items - 115 18 13 22 14 15
Income taxes 126 118 164 142 158 106 120
Adjusted earnings before income taxes 363 451 486 417 471 316 348
Adjusted interest expense (3) 141 145 151 148 148 140 141
Adjusted income taxes (4) (177) (214) (224) (198) (217) (159) (175)
Adjusted net earnings [A] $ 327 $ 383 $ 413 $ 366 $ 402 $ 296 $ 314
Average total debt(5) $ 4,015 $ 4,653 $ 5,177 $ 5,549 $ 5,559 $ 5,378 $ 5,351
Average off-balance sheet debt(5) 1 2 1 1 2 1 —
Average total shareholders' equity(5) 1,594 1,926 1,895 2,052 2,026 2,094 2,126
Average adjustments to shareholders' equity (6)
(2) 8 11 2 3 2 4
Adjusted average total capital [B] $ 5,608 $ 6,589 $ 7,084 $ 7,605 $ 7,589 $ 7,475 $ 7,481
Adjusted return on capital [A]/[B] 5.8% 5.8% 5.8% 4.8% 5.3% 4.0% 4.2%
Weighted average cost of capital 4.8% 4.7% 4.4% 4.3% 4.3% 4.3% 4.4%
Adjusted return on capital spread 1% 1.1% 1.4% 0.5% 1% (0.3)% (0.2)%

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41
Cash Flow Reconciliation
3. Non-GAAP financial measure. We refer to the net amount of cash generated from operating activities and investing activities (excluding changes in restricted cash and
acquisitions) from continuing operations as “free cash flow”. We calculate free cash flow as the sum of net cash provided by operating activities and net cash provided by the
sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of
property and revenue earning equipment.
4. Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Gains on Used Vehicles, Net”.
($ Millions)
12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Cash Provided by Operating Activities from
Continuing Operations $ 985 $ 1,028 $ 1,042 $ 1,160 $ 1,252
Proceeds from Sales (Primarily Revenue Earning
Equipment)(1) 216 235 337 413 452
Collections of Direct Finance Leases(1) 65 62 62 72 71
Other, net(1) — 3 — — 8
Total Cash Generated 1,266 1,328 1,442 1,645 1,783
Capital Expenditures (1), (2) (652) (1,070) (1,699) (2,133) (2,123)
Free Cash Flow (3) $ 614 $ 258 $ (257) $ (488) $ (340)
Memo:
Depreciation Expense (4) $ 829 $ 808 $ 863 $ 944 $ 967
Net cash used in financing activities (542) 78 504 438 347
Net cash used in investing activities (449) (982) (1,657) (1,635) (1,604)

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42
Cash Flow Reconciliation
($ Millions)
3. Non-GAAP financial measure. We refer to the net amount of cash generated from operating activities and investing activities (excluding changes in restricted cash and
acquisitions) from continuing operations as “free cash flow”. We calculate free cash flow as the sum of net cash provided by operating activities and net cash provided by the
sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of
property and revenue earning equipment.
4. Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Gains on Used Vehicles, Net”.
12/31/2014 12/31/2015 12/31/2016 9/30/2016 9/30/2017
2017
Forecast
Cash Provided by Operating Activities from
Continuing Operations $ 1,383 $ 1,442 $ 1,601 $ 1,185 $ 1,166 $ 1,600
Proceeds from Sales (Primarily Revenue Earning
Equipment)(1) 497 427 421 338 302 390
Collections of Direct Finance Leases (1) 66 71 77 60 54 80
Other, net (1) (1) — — — — —
Total Cash Generated 1,944 1,940 2,099 1,584 1,522 2,070
Capital Expenditures (1), (2) (2,259) (2,668) (1,905) (1,511) (1,313) (1,820)
Free Cash Flow (3) $ (315) $ (728) $ 194 $ 72 $ 210 $ 250
Memo:
Depreciation Expense (4) $ 1,047 $ 1,122 $ 1,187 $ 878 $ 933 1,250
Net cash provided by (used in) financing activities 312 731 (186) (56) (191) (250)
Net cash used in investing activities (1,705) (2,161) (1,406) (1,109) (962) $ (1,300)

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43
Debt to Equity Reconciliation(1)
Note: Amounts may not recalculate due to rounding.
($ Millions)
1. The debt to equity metric was not revised in years prior to 2012 to reflect the change in accounting treatment of certain sale-leaseback transactions as debt.
2. For years beginning in 2012, sale-leaseback transactions that were previously accounted for as off-balance sheet are now included in GAAP balance sheet
debt. The Company does not reconcile total obligations to equity for these years as this metric is the same as the debt to equity metric.
12/31/2009
% to
Equity 12/31/2010
% to
Equity 12/31/2011
% to
Equity
Debt $ 2,498 175% $ 2,747 196% $ 3,382 257%
PV of minimum lease
payments and
guaranteed residual
values under operating
leases for vehicles 119 100 64
Total Obligations (2) $ 2,617 183% $ 2,847 230% $ 3,446 261%

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