This document summarizes Ryder System's consolidated financial statements for the second quarter and first half of 2005 compared to the same periods in 2004. Key highlights include: - Revenue increased 9.5% to $1.39 billion for the quarter and 9% to $2.71 billion for the first half. - Net earnings were $63.3 million for the quarter, relatively flat compared to 2004, and $104.8 million for the first half, an increase of 6.2% over the same period in 2004. - Earnings per share on a diluted basis were $0.98 for the quarter and $1.61 for the first half, up from $0.97 and $1

1. RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
Periods ended June 30, 2005 and 2004
(In millions, except per share amounts)
Three Months Six Months
2005 2004 2005 2004
Revenue $ 1,389.8 1,268.9 $ 2,705.4 2,481.2
Operating expense 635.1 557.4 1,245.6 1,100.0
Salaries and employee-related costs 306.4 310.2 613.9 617.2
Freight under management expense 130.7 102.0 243.3 193.1
Depreciation expense 186.8 175.8 368.2 350.7
Gains on vehicle sales, net (13.1) (10.6) (25.9) (17.3)
Equipment rental 24.7 27.0 52.1 52.7
Interest expense 30.9 26.2 57.8 50.7
Miscellaneous income, net (2.1) (2.8) (7.2) (4.6)
Restructuring and other recoveries, net (0.1) (18.1) (0.2) (19.2)
1,299.3 1,167.1 2,547.6 2,323.3
Earnings before income taxes 90.5 101.8 157.8 157.9
Provision for income taxes 27.2 38.2 53.0 59.2
Net earnings $ 63.3 63.6 $ 104.8 98.7
Earnings per common share - Diluted:
Net earnings $ 0.98 0.97 $ 1.61 1.50
Weighted-average shares outstanding - Diluted 64.7 65.6 64.9 65.9
Memo:
Earnings excluding tax change and headquarters complex sale* $ 55.7 49.6 $ 97.2 84.1
Earnings per share excluding tax change and headquarters complex sale* $ 0.86 0.76 $ 1.50 1.28
* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

2. RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in millions)
(unaudited)
June 30, December 31,
2005 2004
Assets:
Cash and cash equivalents $ 87.3 101.0
Other current assets 1,113.0 1,126.7
Revenue earning equipment, net 3,569.9 3,331.7
Operating property and equipment, net 484.5 479.6
Other assets 589.2 598.9
$ 5,843.9 5,637.9
Liabilities and shareholders' equity:
Current liabilities (including current portion of long-term debt) $ 1,095.4 1,454.8
Long-term debt 1,896.5 1,393.7
Other non-current liabilities (including deferred income taxes) 1,295.0 1,279.2
Shareholders' equity 1,557.0 1,510.2
$ 5,843.9 5,637.9
SELECTED KEY RATIOS
June 30, December 31,
2005 2004
Debt to equity 143% 118%
Total obligations to equity (a) * 152% 129%
Twelve months ended June 30,
2005 2004
Return on average shareholders' equity (b) 14.9% 13.4%
Return on average assets (b) 3.9% 3.3%
Average asset turnover 95.4% 92.7%
Return on capital (b) * 7.7% 7.2%
(a) Total obligations represent debt plus off-balance sheet equipment obligations.
(b) Includes the effect of accounting change.
* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

3. RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Periods ended June 30, 2005 and 2004
(Dollars in millions)
Three Months Six Months
2005 2004 B(W) 2005 2004 B(W)
Revenue:
Fleet Management Solutions:
Full service lease $ 445.4 $ 445.3 0.0% $ 887.1 $ 875.1 1.4%
Contract maintenance 34.5 34.8 (0.8%) 67.9 68.1 (0.3%)
Contract-related maintenance 48.9 44.0 11.2% 98.0 88.4 10.7%
Commercial rental 174.9 162.4 7.7% 327.6 298.3 9.8%
Other 15.6 18.1 (14.0%) 32.1 37.8 (14.9%)
Fuel 250.3 187.5 33.4% 481.5 365.9 31.6%
Total Fleet Management Solutions 969.6 892.1 8.7% 1,894.2 1,733.6 9.3%
Supply Chain Solutions 374.9 327.0 14.7% 721.7 648.1 11.4%
Dedicated Contract Carriage 133.8 125.4 6.7% 261.8 251.8 4.0%
Eliminations (88.5) (75.6) (17.1%) (172.3) (152.3) (13.1%)
Total revenue $ 1,389.8 1,268.9 9.5% $ 2,705.4 2,481.2 9.0%
Business segment earnings:
Earnings before income taxes:
Fleet Management Solutions $ 88.9 82.0 8.4% $ 159.8 137.4 16.3%
Supply Chain Solutions 8.3 8.7 (4.3%) 14.8 15.9 (6.8%)
Dedicated Contract Carriage 9.7 8.3 16.1% 15.5 15.1 3.1%
Eliminations (7.5) (8.2) 8.2% (15.0) (15.4) 2.8%
99.4 90.8 9.4% 175.1 153.0 14.5%
Unallocated Central Support Services (9.0) (7.1) (26.2%) (17.5) (14.3) (22.9%)
Earnings before restructuring and other recoveries, net
and income taxes 90.4 83.7 8.0% 157.6 138.7 13.6%
Restructuring and other recoveries, net 0.1 18.1 (99.3%) 0.2 19.2 (99.0%)
Earnings before income taxes 90.5 101.8 (11.1%) 157.8 157.9 (0.1%)
Provision for income taxes 27.2 38.2 28.7% 53.0 59.2 10.6%
Net earnings $ 63.3 63.6 (0.5%) $ 104.8 98.7 6.2%
Note: Certain prior period amounts have been reclassified to conform to current year presentation.
Amounts may not recalculate due to rounding.

4. RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
Periods ended June 30, 2005 and 2004
(Dollars in millions)
Three Months Six Months
2005 2004 B(W) 2005 2004 B(W)
Fleet Management Solutions
Total revenue $ 969.6 892.1 8.7% $ 1,894.2 1,733.6 9.3%
Fuel revenue (250.3) (187.5) 33.4% (481.5) (365.9) 31.6%
Operating revenue * $ 719.3 704.6 2.1% $ 1,412.7 1,367.7 3.3%
Segment net before tax earnings $ 88.9 82.0 8.4% $ 159.8 137.4 16.3%
Earnings before income taxes as % of total revenue 9.2% 9.2% 8.4% 7.9%
Earnings before income taxes as % of operating revenue * 12.4% 11.6% 11.3% 10.0%
Supply Chain Solutions
Total revenue $ 374.9 327.0 14.7% $ 721.7 648.1 11.4%
Freight Under Management (FUM) expense (126.6) (99.8) 26.8% (236.0) (189.5) 24.5%
Operating revenue * $ 248.3 227.2 9.3% $ 485.7 458.6 5.9%
Segment net before tax earnings $ 8.3 8.7 (4.3%) $ 14.8 15.9 (6.8%)
Earnings before income taxes as % of total revenue 2.2% 2.7% 2.1% 2.5%
Earnings before income taxes as % of operating revenue * 3.4% 3.8% 3.1% 3.5%
Dedicated Contract Carriage
Total revenue $ 133.8 125.4 6.7% $ 261.8 251.8 4.0%
Freight Under Management (FUM) expense (4.0) (2.2) 86.1% (7.2) (3.5) 105.1%
Operating revenue * $ 129.8 123.2 5.3% $ 254.6 248.3 2.6%
Segment net before tax earnings $ 9.7 8.3 16.1% $ 15.5 15.1 3.1%
Earnings before income taxes as % of total revenue 7.2% 6.6% 5.9% 6.0%
Earnings before income taxes as % of operating revenue * 7.4% 6.7% 6.1% 6.1%
* Non-GAAP financial measure
Note: Certain prior period amounts have been reclassified to conform to current year presentation.
Amounts may not recalculate due to rounding.

5. RYDER SYSTEM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
Periods ended June 30, 2005 and 2004
(In millions, except per share amounts)
NET EARNINGS RECONCILIATION Three Months Six Months
2005 2004 2005 2004
Net earnings $ 63.3 63.6 $ 104.8 98.7
Less: Tax change 7.6 - 7.6 -
Gain on sale of headquarters, after tax - 14.0 - 14.6
Earnings excluding tax change and headquarters complex sale* $ 55.7 49.6 $ 97.2 84.1
EPS RECONCILIATION Three Months Six Months
2005 2004 2005 2004
Earnings per share $ 0.98 0.97 $ 1.61 1.50
Less: Tax change 0.12 - 0.12 -
Gain on sale of headquarters, after tax - 0.21 - 0.22
Earnings per share excluding tax change and headquarters complex sale* $ 0.86 0.76 $ 1.50 1.28
FREE CASH FLOW RECONCILIATION Six Months
2005 2004
Net cash provided by operating activities $ 166.1 395.2
Net cash used in investing activities (588.5) (433.4)
Free cash flow * $ (422.4) (38.2)
DEBT TO EQUITY RECONCILIATION June 30, December 31,
2005 % to Equity % to Equity
2004
On-balance sheet debt $ 2,223.5 143% $ 1,783.2 118%
PV of minimum lease payments and guaranteed residual values under
operating leases for vehicles (a) 145.6 161.1
Total obligations * $ 2,369.1 152% $ 1,944.3 129%
RETURN ON CAPITAL RECONCILIATION Twelve months ended June 30,
2005 2004
Earnings before cumulative effect of change in accounting principle [as
reported] [1] $ 221.7 178.6
Restructuring charges (recoveries), net 1.3 (18.4)
Income taxes 109.3 104.6
Earnings before net restructuring charges (recoveries), income taxes and
accounting change 332.3 264.8
Interest expense 107.3 102.2
Implied interest expense from off-balance sheet debt 7.3 9.5
Adjusted earnings before income taxes 446.9 376.5
Adjusted income taxes (170.3) (138.8)
Adjusted net earnings* [2] $ 276.6 $ 237.7
Average total debt $ 1,930.1 1,781.5
Average shareholders' equity 1,488.3 1,313.5
Total capital [as reported] [3] 3,418.4 3,095.0
Average off-balance sheet debt 164.5 202.0
Adjusted total capital * [4] $ 3,582.9 $ 3,297.0
Return on capital [as reported] [1]/[3] 6.5% 5.8%
Return on capital * [2]/[4] 7.7% 7.2%
(a) Discounted at the incremental borrowing rate at lease inception.
* Non-GAAP financial measure
Note: Amounts may not foot due to rounding.