RYDERFINAL 4Q05financialinfo

Fourth Quarter 2005 Earnings &
2006 Forecast
Conference Call

February 3, 2006

Safe Harbor

Certain statements and information included in this presentation, including all of the 2006 forecast
information, are quot;forward-looking statementsquot; 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 certain customers in our SCS business segment, changes in financial, tax or regulatory requirements
or changes in customers’ business environments that will limit their ability to commit to long-term vehicle
leases, changes in market conditions affecting the commercial rental market or the sale of used vehicles,
labor strikes or work stoppages affecting our or our customers’ business operations, adequacy of
accounting estimates and accruals, changes in general economic conditions, sudden changes in fuel
prices, availability of qualified drivers, our ability to manage our cost structure, changes in government
regulations including regulations regarding vehicle emissions and the risks described in our filings with
the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge
from time to time and it is not possible for management to predict all such risk factors or to assess the
impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future events, or otherwise.

2

Contents

► Fourth Quarter 2005 Results
► 2006 Forecast
► Financial Objectives
►Q & A

3

4th Quarter Results Overview

► Reported net earnings per diluted share were $0.92 vs. $0.96 in 4Q04
– 4Q05 included $0.03 benefit from discontinued operations and $0.04 charge from cumulative effect
of accounting change

► Earnings per diluted share from continuing operations were $0.93, up 13% from a
comparable $0.82 in 4Q04
– Comparable 4Q04 results exclude $0.14 net tax benefit associated with resolution of tax matters
– Comparable 4Q05 and 4Q04 results include restructuring costs of $0.04 and $0.03, respectively

► Fleet Management Solutions (FMS) total revenue up 7% and operating revenue up
1% vs. prior year
– Full service lease revenue increased 1%; U.S. lease revenue up 2%
– Commercial rental revenue flat; higher pricing offsetting lower fleet count

► FMS net before tax earnings (NBT) up 3%
– FMS NBT percent of operating revenue up 30 basis points to 12.7%
► FMS earnings positively impacted by improved U.S. rental and lease results and
lower overheads, partially offset by lower margins in the U.K. business

4

4th Quarter Results Overview (cont’d)

► Supply Chain Solutions (SCS) total revenue up 31% (and operating revenue up 12%)
vs. prior year, reflecting increased managed subcontracted transportation as well as
new and expanded business

► SCS net before tax earnings (NBT) up 22%

– SCS NBT percent of operating revenue up 50 basis points to 5.1%
► SCS earnings positively impacted by new and expanded business as well as lower
overhead spending

► Dedicated Contract Carriage (DCC) total revenue up 11% (and operating revenue up
10%) vs. prior year; increase due to new and expanded business as well as higher
fuel costs passed through to customers

► DCC net before tax earnings (NBT) up 52%

– DCC NBT percent of operating revenue up 200 basis points to 7.5%
► DCC earnings positively impacted by revenue growth from new and expanded
business as well as lower safety costs

5

Earnings Per Share

Fourth Quarter

Earnings Per Share (EPS): 2005 2004

Continuing Operations $ 0.93 $ 0.96

Discontinued Operations 0.03 -

Cumulative Effect of Change in Accounting Principle (0.04) -
Earnings Per Share $ 0.92 $ 0.96


Impact of Net Tax Benefit - (0.14)
(1)
Comparable Continuing Operations $ 0.93 $ 0.82

Memo:
Restructuring Costs Included in Continuing Operations - EPS Impact $ (0.04) $ (0.03)
Average Shares (Millions) - Diluted 63.9 65.5
Tax Rate 36.6% 27.0%
(1) (2)
Return on Capital 7.8% 7.7%

(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable EPS from continuing operations excludes
net tax benefit in 2004.
(2)
Calculated based on a 12-month rolling period.
6

Earnings Per Share

Full Year
Earnings Per Share (EPS): 2005 2004

Discontinued Operations 0.03 -

Cumulative Effect of Change in Accounting Principle (0.04) -
Earnings Per Share $ 3.52 $ 3.28

Impact of Headquarters Complex Sale - 0.23
Impact of Net Tax Benefits 0.12 0.14
(1)
Comparable Continuing Operations $ 3.41 $ 2.91

Memo:
Restructuring Costs Included in Continuing Operations - EPS Impact $ (0.03) $ (0.06)
Average Shares (Millions) - Diluted 64.6 65.7
Tax Rate 36.3% 34.9%
(1) (2)
Return on Capital 7.8% 7.7%

(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable EPS from continuing operations
excludes gain from headquarters complex sale in 2004 and net tax benefits in 2004 and 2005.
(2)
Calculated based on a 12-month rolling period

7

Business Segment
($ Millions)
Fourth Quarter
2005 2004 % B/(W)
Revenue:
Fleet Managem ent Solutions $ 1,016.1 $ 950.5 7%
Supply Chain Solutions 482.7 367.4 31%
Dedicated Contract Carriage 142.5 128.5 11%
Elim inations (96.5) (83.2) (16)%
Total Revenue $ 1,544.8 $ 1,363.2 13%
Segm ent Net Before Tax Earnings:
Fleet Managem ent Solutions $ 92.0 $ 89.5 3%
Elim inations (9.5) (9.3) (1)%
106.9 98.4 9%
Central Support Services (Unallocated Share) (9.1) (9.8) 7%
(1)
Earnings Before Restructuring and Incom e Taxes 97.8 88.6 10%
(2)
Restructuring and Other Charges, Net (4.0) (2.8) (43)%
Earnings from Continuing Operations Before Incom e Taxes 93.8 85.8 9%
Provision for Incom e Taxes (34.3) (23.2) (48)%
Earnings from Continuing Operations 59.5 62.6 (5%)
Earnings from Discontinued Operations 1.7 - NM
Cum ulative Effect of Change in Accounting Principle (2.4) - NM

Net Earnings $ 58.8 $ 62.6 (6%)

(1)
Com parable Earnings from Continuing Operations $ 59.5 $ 53.4 11%

Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable earnings from continuing operations excludes net tax benefit in 2004.
(1)
(2)
Allocation of Restructuring and Other Charges, Net across business segments was as follows: FMS - $(3.3), SCS - $(0.7) in 2005 and FMS - $(1.6), SCS - $(0.2) and
DCC - $(1.0) in 2004

8

Business Segment
($ Millions)
Full Year
2005 2004 % B/(W)
Revenue:
Fleet Managem ent Solutions $ 3,921.2 $ 3,602.8 9%
Supply Chain Solutions 1,637.8 1,354.0 21%
Elim inations (361.5) (312.7) (16)%
Total Revenue $ 5,740.8 $ 5,150.3 12%
Segm ent Net Before Tax Earnings:
Fleet Managem ent Solutions $ 354.4 $ 312.7 13%
Elim inations (32.7) (32.8) 0%
396.2 346.5 14%
Central Support Services (Unallocated Share) (35.7) (33.1) (8)%
(1)
Earnings Before Restructuring and Incom e Taxes 360.5 313.4 15%
(2)
Restructuring and Other Recoveries/(Charges), Net (3.4) 17.7 NM
Earnings from Continuing Operations Before Incom e Taxes 357.1 331.1 8%
Provision for Incom e Taxes (129.5) (115.5) (12)%
Earnings from Continuing Operations 227.6 215.6 6%
Earnings from Discontinued Operations 1.7 - NM
Cum ulative Effect of Change in Accounting Principle (2.4) - NM

Net Earnings $ 226.9 $ 215.6 5%

(1)
Com parable Earnings from Continuing Operations $ 220.0 $ 191.0 15%

Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable earnings from continuing operations excludes gain from headquarters
(1)

complex sale in 2004 and net tax benefits in 2004 and 2005.
(2)
Allocation of Restructuring and Other Recoveries/(Charges), Net across business segments was as follows: FMS - $(2.7) and SCS - $(0.7) in 2005 and FMS - $(4.3),
SCS - $(1.9), DCC - $(0.5) and CSS - $24.4 in 2004

9

Capital Expenditures
($ Millions)

Full Year

2005
2005 2004 O/(U) 2004

Full Service Lease $ 1,082 $ 863 $ 219

Commercial Rental 252 242 10

Operating Property and Equipment 77 60 17

Gross Capital Expenditures 1,411 1,165 246

Less: Proceeds from Sales of Revenue Earning Equipment 327 289 38

Less: Proceeds from Sales of Operating Property and Equipment 7 43 (36)

Net Capital Expenditures $ 1,077 $ 833 $ 244

Memo: Acquisitions $ 15 $ 149 $ (134)

10

Asset Management Update

► The overall number of vehicles sold in the fourth quarter was 5,614; up
32% compared with prior year
– Increased wholesale activity to dispose of older vehicles

– Used tractor retail sales proceeds up 8% per unit vs. prior year period; up 4% from
third quarter 2005

– Used truck retail sales proceeds down 5% per unit vs. prior year period; up 2% from
third quarter 2005

► Vehicles not yet earning revenue are 1,692; down 245 from prior year

► Vehicles no longer earning (NLE) revenue are 6,934; up 556 or 9% over
prior year driven by a larger used vehicle inventory
– NLE vehicles down 295 units or 4% vs. the third quarter 2005

– 4,742 of these units are held for sale at the used truck centers

► Commercial rental fleet down 1,900 units or 5% from prior year

Note: U.S. only
11

Free Cash Flow
($ Millions)
Full Year

2005 2004
(1)
$ 226.9 $ 215.6
Net Earnings
2.4 -
Cumulative Effect of Change in Accounting Principles
740.4 706.0
Depreciation
(47.1) (34.5)
Gains on Vehicle Sales, Net
14.4 (17.3)
Amortization and Other Non-Cash Charges/(Gains), Net
(157.9) (3.0)
Changes in Working Capital and Deferred Taxes
779.1 866.8
Cash Provided by Operating Activities
(2)
(1,399.4) (1,092.1)
(15.1) (148.8)
Acquisitions
326.8 288.7
Proceeds from Sales of Revenue Earning Equipment
7.0 42.8
Proceeds from Sales of Operating Property and Equipment
- 118.5
Proceeds from Sale and Leaseback of Assets
70.4 63.8
Collections of Direct Finance Leases
21.4 7.0
Other Investing, Net
(3)
$ (209.8) $ 146.7
Free Cash Flow

(1) Includes non-cash restructuring and other recoveries, net
(2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment
(3) Non-GAAP financial measure; refer to Appendix – Non-GAAP Financial Measures

12

Debt to Equity Ratio
($ Millions)
300% Total Obligations to Equity (1)
250%
200%
150%
Balance Sheet Debt to Equity
100%
50%
0%
12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 Long
Term
Target(2)

12/31/05 12/31/04
Balance Sheet Debt $ 2,185.4 $ 1,783.2
143% 118%
Percent To Equity
(1)
$ 2,302.4 $ 1,944.3
Total Obligations
(1)
151% 129%
Percent To Equity

Total Equity $ 1,527.5 $ 1,510.2

Note: Includes impact of accumulated net pension related equity charge of $221 million as of 12/31/05 and $189 million as of 12/31/04.

(1) Non-GAAP financial measure; refer to Appendix – Non-GAAP Financial Measures.
(2) Represents long term total obligations to equity target while maintaining a strong investment grade rating.

Strong balance sheet to support profitable growth
13

Contents

► 2006 Forecast
►Q & A

14

Key Assumptions / Drivers

► We anticipate moderate economic growth conditions during 2006
– Diesel price per gallon assumed to decrease 10%; will impact gross
revenue growth rate
► Fleet Management Solutions

– Improvement in lease/maintenance customer retention and new sales
levels due to continuing initiatives
– As expected, continued heavy lease fleet replacement cycle
– Stable rental demand with growth in rental transactions; increasing
returns due to asset management initiatives
– Flat rental fleet while continuing to increase pricing and utilization
levels
– Continued strong gains on sale of vehicles due to higher volume of
used vehicle sales; stable used vehicle pricing
– Continued execution of cost containment and process improvement
initiatives

15

Key Assumptions / Drivers

► Supply Chain Solutions and Dedicated Contract Carriage

– Conversion of strong sales pipeline and strong level of customer retention
– Continue diversification of customer base
– Management of automotive volume impacts
– Expand capabilities and volume of transportation management
– Continue focus on overhead reductions and cost containment
– Selective investments to support future growth such as building stronger
Asian presence including China operations

► Ryder System’s earnings improvement stems primarily from leverage on
revenue growth with continuing contribution through cost reductions

16

Key Financial Statistics
($ Millions, Except Per Share Amounts)
2006
Forecast 2005 % B / (W)
Revenue:
Operating (1) (2) $ 4,380 - 4,420 $ 4,211 4 - 5%
Fuel Services and Subcontracted Transportation 1,535 - 1,550 1,530 0 - 1%
Total Revenue $ 5,915 - 5,970 $ 5,741 3 - 4%

Earnings - Continuing Operations:
Earnings Before Income Taxes $ 378 - 393 $ 357 6 - 10%
Provision for Income Taxes (147) - (153) (130) (13) - (18%)
Earnings $ 231 - 240 $ 228 1 - 5%
(1)
Comparable Earnings $ 231 - 240 $ 220 5 - 9%

Earnings Per Share (EPS) - Continuing Operations:
EPS $ 3.75 - 3.90 $ 3.53 6 - 10%
(1)
Comparable EPS $ 3.75 - 3.90 $ 3.41 10 - 14%

Memo: Average Shares (millions) - Diluted 61.6 64.6
Tax Rate 38.8% 36.3%
Return on Capital (1) 7.8% - 8.0% 7.8%

Non-GAAP financial measure; refer to Appendix – Non-GAAP Financial Measures. Comparable earnings and comparable EPS exclude net tax benefit in 2005.
(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,
(2)

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.

Note: Earnings per share amount are calculated independently for each component and may not be additive due to rounding.
17

2006 Causes of EPS Change
($ Earnings Per Share)

$0.32 - 0.47 or 9 - 14% Improvement

0.34 - 0.49 $3.75 - $3.90

$3.41 (1) 0.13 (0.11) 0.09
(0.10)
(0.09) 0.08

2005 Stock Option Pension Share Count Asset Investments Cost Initiative Revenue & 2006 Forecast
Impact (2) Management/
Expense Expense Impact Other
Depreciation Improvements

(1) Excludes $0.12 benefit from Ohio tax change
(2) Includes net impact of share repurchase plan
18

Business Segment Revenue

2006 Forecast
% Growth
vs. 2005

Fleet Management Solutions:
Gross Revenue 0-2%
Operating Revenue 4-5%

Supply Chain Solutions:
Gross Revenue 8 - 10 %

Dedicated Contract Carriage:
Gross Revenue 3-4%

19

Business Segment Earnings
($ Millions)
Full Year

2006 Forecast
Midpoint 2005 B/(W)
Fleet Management Solutions:
Segment NBT as % of Total Revenue 9.7% 9.0% 70 bps.
(1)
Segment NBT as % of Operating Revenue 12.8% 12.4% 40 bps.

Supply Chain Solutions:
Segment NBT as % of Total Revenue 2.3% 2.4% (10) bps.
(1)
Segment NBT as % of Operating Revenue 3.8% 3.9% (10) bps.

Dedicated Contract Carriage:
Segment NBT as % of Total Revenue 6.7% 6.5% 20 bps.
(1)
Segment NBT as % of Operating Revenue 6.8% 6.7% 10 bps.

(1) Operating revenue excludes fuel services revenue in Fleet Management Solutions and Subcontracted Transportation in Supply
Chain Solutions and Dedicated Contract Carriage.
20

EPS Forecast
($ Earnings Per Share)

First Quarter Full Year

2006 EPS Forecast $ 0.65 - 0.70 $ 3.75 - 3.90

(1)
2005 Comparable EPS from Continuing Operations $ 0.64 $ 3.41

Note: 2006 EPS Forecast includes $0.10 impact of stock option expense starting 1/1/06.

(1) Non-GAAP financial measure. Excludes net tax benefit in 2005.

21

Capital Expenditures, Free Cash Flow & Leverage

($ Millions)
Full Year

2006
Forecast
Full Service Lease $1,230 - $1,315
Commercial Rental 220
Operating Property and Equipment 100
Gross Capital Expenditures 1,550 - 1,635
Less: Proceeds from Sales 380
Net Capital Expenditures $1,170 - $1,255

(1)
Free Cash Flow $(90) - $(170)

(1)
Total Obligations to Equity 139% - 143%

(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.

22


► Full Service Lease:
– Capital for lease vehicles is only committed after contracts are signed with
customers
– 2006 lease capital expenditures include:
• Replacement spending of $1.1 billion
• Growth spending of $120 - $205 million
– Growth capital represents an investment which results in $20 - $35 million
of incremental 2006 revenue or $40 - $75 million of annualized revenue
– 2007 lease replacement capital projected to decline due to a 30% decrease in
lease contracts scheduled to expire
► Commercial Rental:
– 2006 rental capital expenditures include:
• Replacement spending of $220 million

23

Summary

Drive growth across all product lines while continuing to
demonstrate earnings leverage

► Focus on strong customer retention and new business development

► Accelerate growth in full service lease and contract maintenance
product lines

► Continue growth in supply chain solutions, dedicated contract
carriage and commercial rental product lines

► Continue emphasis on prudent capital allocation; manage capital
over replacement cycle

► Utilize balance sheet capacity to replenish fleet and grow

► Sustain focus on cost management and process improvements,
while investing in sales and operational capabilities

24

Contents

► 2006 Forecast
►Q & A

25

Financial Objectives

2006 Longer Term
2005 Forecast Objective

Return on Equity 15% 14.5 - 15.0% 16 - 18%

(1)
7.8% 7.8 - 8.0% 8% +
Return on Capital

(1) (2) (2)
4% 4 - 5% 6 - 8%
Operating Revenue Growth

(1)
Earnings per Share Growth 17% 10 - 14% 10 - 15%

(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. 2005 earnings per share growth excludes a net tax benefit.
(2) Excludes acquisitions.

26

Appendix

Business Segment Detail

Central Support Services

Balance Sheet

Asset Management

Financial Indicators Forecast

Non-GAAP Financial Measures & Reconciliations

28

Fleet Management Solutions (FMS)
($ Millions)
Fourth Quarter

2005 2004 % B/(W)
$ 451.1 $ 447.6 1%
Full Service Lease
32.6 33.7 (3)%
Contract Maintenance
48.4 46.5 4%
Contract-related Maintenance
175.3 174.8 0%
Commercial Rental
16.2 16.7 (3)%
Other
(a)
723.6 719.3 1%
Operating Revenue
292.5 231.2 27%
Fuel Services Revenue
$ 1,016.1 $ 950.5 7%
Total Revenue

$ 92.0 $ 89.5 3%
Segment Net Before Tax Earnings (NBT)
9.1% 9.4%
Segment NBT as % of Total Revenue
(a)
12.7% 12.4%
Segment NBT as % of Operating Revenue

(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 sudden increases or decreases in market fuel prices during a short period of time as customer
pricing for fuel services is established based on market fuel costs.
29

Fleet Management Solutions (FMS)
($ Millions)
Full Year

2005 2004 % B/(W)
$ 1,785.6 $ 1,766.7 1%
Full Service Lease
134.5 136.3 (1)%
Contract Maintenance
194.7 178.1 9%
Contract-related Maintenance
686.3 649.8 6%
Commercial Rental
63.8 69.7 (9)%
Other
(a)
2,864.9 2,800.6 2%
Operating Revenue
1,056.3 802.2 32%
Fuel Services Revenue
$ 3,921.2 $ 3,602.8 9%
Total Revenue

$ 354.4 $ 312.7 13%
9.0% 8.7%
(a)
12.4% 11.2%

(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 sudden increases or decreases in market fuel prices during a short period of time as customer
pricing for fuel services is established based on market fuel costs.

30

Supply Chain Solutions (SCS)
($ Millions)
Fourth Quarter
2005 2004 % B/(W)
U.S. Operating Revenue
$ 116.5 $ 109.8 6%
Automotive, Aerospace & Industrial
69.9 60.6 15%
High Tech & Consumer Industries
6.4 5.8 9%
Transportation Management
192.8 176.2 9%
81.4 69.7 18%
International Operating Revenue
(a)
274.2 245.9 12%
Operating Revenue
208.5 121.5 72%
Subcontracted Transportation
$ 482.7 $ 367.4 31%
Total Revenue

$ 14.0 $ 11.4 22%

2.9% 3.1%
(a)
5.1% 4.6%

$ 25.5 $ 19.2 (33)%
Memo: Fuel Costs

(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 largely a pass through to customers. The Company realizes minimal changes in profitability as a result of
fluctuations in Subcontracted Transportation.

31

Supply Chain Solutions (SCS)
($ Millions)
Full Year
2005 2004 % B/(W)
$ 449.4 $ 425.1 6%
Automotive, Aerospace & Industrial
252.0 230.0 10%
High Tech & Consumer Industries
25.0 20.3 23%
Transportation Management
726.4 675.4 8%
289.4 263.3 10%
International Operating Revenue
(a)
1,015.8 938.7 8%
Operating Revenue
622.0 415.3 50%
$ 1,637.8 $ 1,354.0 21%
Total Revenue

$ 39.4 $ 37.1 6%
2.4% 2.7%
(a)
3.9% 4.0%

$ 92.0 $ 65.7 (40)%
Memo: Fuel Costs
(a)
The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment

32

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

2005 2004 % B/(W)

(a)
$ 137.8 $ 125.5 10%
Operating Revenue
4.7 3.0 57%
$ 142.5 $ 128.5 11%
Total Revenue

$ 10.4 $ 6.8 52%
7.3% 5.3%
(a)
7.5% 5.5%

$ 26.4 $ 20.2 (30)%
Memo: Fuel Costs

(a)
The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment
33

Dedicated Contract Carriage (DCC)
($ Millions)
Full Year

2005 2004 % B/(W)

(a)
$ 527.0 $ 496.5 6%
Operating Revenue
16.3 9.7 69%
$ 543.3 $ 506.2 7%
Total Revenue

$ 35.1 $ 29.5 19%
6.5% 5.8%
(a)
6.7% 5.9%

$ 94.1 $ 72.5 (30)%
Memo: Fuel Costs

(a)
The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment
34

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

2005 2004 % B/(W)

$ 44.3 $ 46.6 5%
Allocated CSS Costs
9.1 9.8 7%
Unallocated CSS Costs
$ 53.4 $ 56.4 5%
Total CSS Costs

35

Central Support Services (CSS)
($ Millions)
Full Year

2005 2004 % B/(W)

$ 171.6 $ 179.3 4%
Allocated CSS Costs
35.7 33.1 (8)%
Unallocated CSS Costs
$ 207.3 $ 212.4 2%
Total CSS Costs

36

Balance Sheet
($ Millions)
December 31, December 31,
2005 2004
Cash and Cash Equivalents $ 128.7 $ 101.0
Other Current Assets 1,035.1 951.0
Revenue Earning Equipment, Net 3,794.4 3,506.6
Operating Property and Equipment, Net 486.8 480.4
Other Assets 588.3 598.9
Total Assets $ 6,033.3 $ 5,637.9

Short-Term Debt / Current Portion Long-Term Debt $ 269.4 $ 389.5
Other Current Liabilities 984.0 1,065.3
Long-Term Debt 1,916.0 1,393.7
Other Non-Current Liabilities 1,336.4 1,279.2
Shareholders' Equity 1,527.5 1,510.2
Total Liabilities and Shareholders' Equity $ 6,033.3 $ 5,637.9

Note: We determined that the portion of the acquisition cost of revenue earning equipment and service vehicles allocated to tires in service
should be classified together with the related revenue earning equipment and service vehicles instead of as a current asset on our
Consolidated Balance Sheet. The reclassification of tires in service to revenue earning equipment and service vehicles decreased
current assets by $176 million and increased revenue earning equipment, net by $175 million and operating property and equipment,
net by $1 million at December 31, 2004.
37

(a)
Asset Management Update

FY 00 FY 01 FY 02 FY 03 FY 04 FY 05

8,000
7,012 7,229
7,000
6,253
5,650
6,000 5,543
5,313 5,008
4,750
4,938
4,596
5,000 4,167
4,496 3,980 4,170
4,095 3,042 3,815
4,000
2,850
3,000
2,143
1,589
2,000 1,584
1,416
1,094
967
1,000

0
(b)
Redeployments Extensions Early Terminations Early Replacements

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

38

Non-Revenue Earning Equipment (a)
Units No Longer Earning Revenue - quot;NLEquot;
Units Not Yet Earning Revenue - quot;NYEquot;

11,000 9,898
9,506

9,000
7,925
7,823
7,623 7,475
7,180 7,229
7,264
7,040 7,061 7,000 6,934
6,652
7,000 6,368
6,066
5,469

Units held for sale (b)
5,000
5,215 3,485 4,274 4,187 4,742

3,000 2,306 2,301
1,937 1,692
1,698
1,704 1,666
1,384
1,253 1,079
1,174 1,091 1,015 924
1,068
855 548
1,000

-1,000

Dec 2001 Mar 2002 June 2002 Sept 2002 Dec 2002 Mar 2003 Jun 2003 Sept 2003 Dec 2003 Mar 2004 Jun 2004 Sept 2004 Dec 2004 Mar 2005 June 2005 Sept 2005 Dec 2005
Total Total
Total Total Total Total Total Total Total Total Total Total Total Total Total Total Total
7,985 7,200
11,072 10,361 8,691 8,433 8,131 8,838 8,079 8,648 7,770 7,167 8,305 10,231 9,141 9,530 8,626

(a) U.S. only
(b) Excludes units for which customer deposits have been received.
39

Financial Indicators Forecast (1)
Free Cash Flow (2) ($ Millions) Gross Capital Expenditures ($ Millions)
500
$1,593
366 PPE
1500
269 $1,411
Other
$1,289
147 $1,165
Rental
126
Lease
1000
0
$725
$657
$600
(130)
500
(210)
(270)

(500) 0
2000 2001 2002 2003 2004 2005 2006
2000 2001 2002 2003 2004 2005 2006
Forecast Forecast
Midpoint Midpoint

Debt to Equity Ratio
300%
275%
250% 234%
201%
200%
Total Obligations to Equity (2)
151%
146% 141% Balance Sheet Debt to Equity
150% 129%

100%

50%

0%
2000 2001 2002 2003 2004 2005 2006
Forecast
Midpoint

Free Cash Flow and Debt to Equity include acquisitions. Gross Capital Expenditures exclude acquisitions.
(1)

Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(2)

40

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. Unless otherwise noted,
these non-GAAP financial measures are presented for the fourth quarter 2005, full year 2005 and 2006 forecast:
Reconciliation & Additional Information
Non-GAAP Financial Measure Comparable GAAP Measure Presented on Slide Titled Page

Comparable EPS / Earnings from Continuing EPS / Earnings from Continuing Operations Appendix - Earnings and EPS Reconciliation 42
Operations (which excludes Headquarters Complex
Sale and Net Tax Benefits)

Earnings Before Restructuring and Income Taxes Net Earnings Business Segment 8-9

Return on Capital (Non-GAAP) Return on Capital (GAAP) Appendix - Return on Capital Reconciliation 43

Free Cash Flow Cash Provided by Operating Activities Appendix - Free Cash Flow Reconciliation 44

Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Appendix - Debt to Equity Reconciliation 45

FMS / SCS / DCC Operating Revenue and Segment FMS / SCS / DCC Total Revenue and Segment NBT Fleet Management Solutions / Supply Chain 29 - 34
NBT as % of Operating Revenue as % of Total Revenue Solutions / Dedicated Contract Carriage

Consolidated Operating Revenue and Operating Consolidated Total Revenue and Total Revenue Key Financial Statistics 17
Revenue Growth Growth

41

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

FY05 - FY05 -
Net Earnings EPS

Earnings from Continuing Operations $ 227.6 $ 3.53

Less: Tax Benefit 7.6 0.12
Comparable Earnings from Continuing Operations $ 220.0 $ 3.41

4Q04 4Q04 FY04 - FY04 -
Net Earnings EPS Net Earnings EPS

Earnings from Continuing Operations $ 62.6 $ 0.96 $ 215.6 $ 3.28

Less: Gain on Sale of Headquarters, After Tax - - 15.4 0.23

Net Earnings from Continuing Operations Excluding
Headquarters Complex Sale 62.6 0.96 200.2 3.05
Less: Net Tax Benefit 9.2 0.14 9.2 0.14
Comparable Earnings from Continuing Operations $ 53.4 $ 0.82 $ 191.0 $ 2.91

Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding

42

Return on Capital Reconciliation
($ Millions)
Forecast
Midpoint
12/31/06 12/31/05 12/31/04
(1)
(A) Net Earnings $ 236 $ 226.9 $ 215.6
Discontinued Operations - (1.7) -
Cumulative Effect of Change in Accounting Principle - 2.4 -
Earnings from Continuing Operations 236 227.6 215.6
Restructuring - Gain on Sale of Headquarters - - (24.3)
Income Taxes 150 129.5 115.5
Earnings Before Net Restructuring and Income Taxes 386 357.1 306.8
Interest Expense 133 120.5 100.1
Implied Interest Expense from Off-Balance Sheet Debt 5 6.6 6.0
Adjusted Earnings Before Income Taxes 524 484.2 412.9
Adjusted Income Taxes (203) (185.9) (155.5)
(1)
Adjusted Earnings from Continuing Operations (Non-GAAP)
(B) $ 321 $ 298.3 $ 257.4

Average Total Debt $ 2,334 $ 2,147.8 $ 1,811.5
Average Shareholders' Equity 1,616 1,554.7 1,412.1
(C) Total Capital (GAAP) 3,950 3,702.5 3,223.6
(2)
Adjustments to Capital - (4.7) (16.4)
Average Off-Balance Sheet Debt 100 147.9 151.8
(3) (4)
Adjusted Total Capital (Non-GAAP)
(D) $ 4,050 $ 3,845.7 $ 3,359.0

(A/C) Return on Capital (GAAP) 6.0% 6.13% 6.69%
(4) (5)
(B/D) Return on Capital (Non-GAAP) 7.9% 7.76% 7.66%
Adjusted earnings calculated based on a 12-month rolling period.
(1)

Amounts represent equity adjustments made to conform with the adjustments to the earnings calculation.
(2)
(3) Average shareholders’ equity and average debt are calculated quarterly using a weighted average.
(4) Shareholders’ equity reflects impact of accumulated net pension related equity charge of $221 million as of 12/31/05 and $189 million as of 12/31/04.
(5) The Company adopted 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.
Note: Totals may not foot due to rounding differences.
43

Free Cash Flow Reconciliation
($ Millions)
Forecast
Midpoint
12/31/00 (3) 12/31/01 (3) 12/31/02 (3) 12/31/03 12/31/04 12/31/05 12/31/06

Cash Provided by Operating Activities $ 1,023 $ 357 $ 615 $ 803 $ 867 $ 779 $ 1,018

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

Collections of Direct Finance Leases 67 66 66 61 64 70 65

Proceeds from Sales of Assets 230 175 153 210 332 334 380

Capital Expenditures (1) (1,296) (704) (582) (734) (1,092) (1,399) (1,593)

Proceeds from Sale and Leaseback of Assets - - - 13 118 - -

Acquisitions (28) - - (97) (149) (15) -

Other Investing, Net 4 (3) 4 4 7 21 -

Free Cash Flow (2) $ (270) $ 126 $ 366 $ 260 $ 147 $ (210) $ (130)

Memo:

Depreciation Expense $ 580 $ 545 $ 522 $ 626 $ 706 $ 740 $ 790

Gains on Vehicle Sales, Net $ 19 $ 12 $ 14 $ 16 $ 35 $ 47 $ 53

Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(1)

The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
(2)

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.

(3) 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.

44

Debt to Equity Reconciliation
($ Millions)

Forecast Fcst
% to % to % to % to % to % to Midpoint % 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

Balance Sheet Debt $2,017 161% $1,709 139% $1,552 140% $1,816 135% $1,783 118% $2,185 143% $2,360 137%

Receivables Sold 345 110 - - - - -

PV of minimum lease
payments and
guaranteed residual
values under
operating leases for
vehicles 879 625 370 153 161 117 80

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% $2,440 141%

(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.

45

RYDERFINAL 4Q05financialinfo

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