wells fargo securities industrial and construction conference

RYDER SYSTEM, INC.

Presented to:Wells Fargo Industrial & Construction Conference

May 11, 2011

Art GarciaEVP & CFO

05/11/11

Safe Harbor

Certain statements and information included in this presentation are "forward-looking statements" under the FederalPrivate Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluatedwith consideration given to the many risks and uncertainties inherent in our business that could cause actual resultsand events to differ materially from those in the forward-looking statements. Important factors that could cause suchdifferences include, among others, a slowdown of the economic recovery and decreases in freight demand, our abilityto obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economicconditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, decreases inmarket demand in the commercial rental market and the sale of used vehicles, competition from other serviceproviders, 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 orbankruptcy of customers, changes in financial, tax or regulatory requirements or changes in customers’ businessenvironments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increaseddebt costs resulting from volatile financial markets, inability to achieve planned synergies and customer retention levelsfrom acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, driver shortagesand increasing driver costs, adequacy of accounting estimates, reserves and accruals particularly with respect topension, 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 accountingpronouncements, rules or interpretations, changes in government regulations, adverse impacts of recently enactedregulations regarding vehicle emissions, any unanticipated or unrealized effects of the recent Japan earthquake andtsunami on our operations, customers and vehicle suppliers and the risks described in our filings with the Securities andExchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is notpossible 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 aresult of new information, future events, or otherwise.

2Proprietary and Confidential

05/11/11

Ryder Profile

Revenue (1) $5.1 BillionOperating Revenue (1) $4.2 BillionComparable Earnings Before Income Taxes (1) $189 MillionComparable Earnings (1) $117 MillionFree Cash Flow (1) $258 MillionAssets $6.7 BillionAssets Under Customer Leases $3.6 BillionVehicles Maintained 182,100Employees 25,900

Full Year 2010

Dedicated Contract Carriage

Fleet Management Solutions

Supply Chain Solutions

(1) These amounts result from continuing operations.


05/11/11

Custom vehicle specifications

State-of-the-art preventive maintenance

Comprehensive package of fleet support services

Fleet Management Solutions: Product and Services Overview

Fleet Management Solutions

Thousands of clean, mechanically-sound commercial vehicles for short-term customer needs

Lease support

CommercialRental

Full Service Lease

Insurance Fuel Safety Regulatory reporting

Fleet Support Services

Ancillary maintenance work on Ryder or customer owned vehicles not included in base contract

Contract-Related Maintenance

Flexible package of maintenance and fleet support services

Vehicles are owned by our clients or under third-party finance lease contract

Contract Maintenance


13,200 Lease/Maintenance Customers (U.S., Canada, U.K.)


05/11/11


Turnkey transportation service with drivers, vehicles, maintenance, routing & scheduling, management & administrative support

Dedicated Contract Carriage: Product and Services Overview

150 Customers (North America, U.K.)


05/11/11


Strategic consulting & decision support

Solutions engineering Network modeling & optimization Total landed cost Lean Six Sigma

Professional Services

Order fulfillment Warehouse and distribution center

operations Inbound materials management Outbound product support Reverse logistics Vendor managed inventory Kitting, packaging & assembly

Distribution Management

Freight procurement & contract management

Shipment planning and execution Freight brokerage Freight bill audit and payment Origin/destination services

Transportation Management

Supported by: IT Solutions Transportation & warehouse management systems Network optimization tools

Inventory & shipment visibility tools

Supply Chain Solutions:Product and Services Overview

470 Customers (North America, Asia)

Dedicated



05/11/11

Market Overview

The transportation and logistics markets presentsignificant growth opportunities. Current estimatedmarket sizes are as follows:

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

Market Segment Market SizeLease and rental market (outsourced) – U.S., Canada, U.K. 0.8 million vehiclesPrivate fleet market (non-outsourced) – U.S., Canada 4.2 million vehiclesDedicated contract carriage market (outsourced) – U.S. $13 billionSupply chain logistics market (outsourced) – North America and Asia $260 billion


Average Age ofUS Fleet Class 8

US Class 8Retail Sales Forecast

Age (years) (Sales 000’s Units)

Fleet Management Solutions:Macro Trends Favoring FMS

Proprietary and Confidential 8

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

Source: ACT Research Source: Global Insight

actual forecast

LimitedAccess to Capital

• Smaller companies are struggling to obtain new capital due to more stringent bank capital requirements

Re-prioritization of Capital by Large

Customers

• Larger companies are more inclined to focus investment dollars on their core business


Bank Capital Requirements

Access to Capital

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

Capital

05/11/11 9Proprietary and Confidential


Increased Vehicle Complexity and Cost

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

＄

EPA 2007

EPA 2010


05/11/11

Key Financial Statistics

First Quarter($ Millions, Except Per Share Amounts)

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.

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 52.7Tax Rate From Continuing Operations 40.7% 42.8%

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


Proprietary and Confidential 12

Key Leading Indicators

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

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

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


04/26/11 13

EPS Forecast – Continuing Operations

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

($ Earnings Per Share)

Proprietary and Confidential

(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.

► 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:

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011 ForecastLong Term Target Mi

Financial Indicators Forecast (1)

05/11/11

$1,054 $1,091

$1,381$1,179

$1,465$1,328

$1,571$1,684

$1,266 $1,252

$949$835

2000 2001 2002 2003 2004 2005 2006 2007 2008

(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.

Gross Capital Expenditures (3) ($ Millions)Total Cash Generated (2) (3)

Total Obligations to Equity Ratio (2)

$1,289

$600$725

$1,165

$657

$1,399$1,182

2000 2001 2002 2003 2004 2005

Memo: Free Cash Flow (2) (3)

$1,757

2006 2007 2008

$1,265

2009 2010 2009

$611

131 367 357 289 (208)(4) 380(242) (439) 341 614

$1,088

Total Obligations to EquityBalance Sheet Debt to Equity

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

275%

146% 129%

234%

151% 157%168%225%

183% 203%201%

275%

Long Term

Target Midpoint

2011Forecast

(265)

2011Forecast

2011

207%

Forecast

258

$1,755

Full Service Lease

PP&E/OtherCommercial Rental

2010


Significant and predictable cash generation

Invest in growth (organic, acquisitions)

Over time appropriately move financial leverage towards long term target of 250-300% Total Obligations to Equity

05/11/11

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 GarciaEVP & CFO

Appendix

Non-GAAP Financial Measures

05/11/11

► 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:

Non-GAAP Financial Measure Comparable GAAP MeasureReconciliation & Additional Information Presented on Slide Titled

Operating Revenue (1) Total Revenue Key Financial Statistics

Comparable Earnings / EPS from Continuing Operations

Earnings / EPS from Continuing Operations Appendix - Earnings and EPS from Continuing 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.

Appendix: Non-GAAP Financial Measures


05/11/11


Earnings and EPS from Continuing Operations Reconciliation (1)

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 or $ Earnings Per Share)

1Q11 - 1Q11 -Earnings EPS

Reported 25.9$ 0.50$

Restructuring Charges 0.5 0.01

Comparable 26.3$ 0.51$


05/11/11

Adjusted Return on Capital Reconciliation


(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.

($ Millions)

3/31/11 3/31/10Net Earnings (1) 131$ 68$

Restructuring and Other Charges, Net and Other Items 7 22 Income Taxes 69 52

Adjusted Earnings Before Income Taxes 207 142 Adjusted Interest Expense (2) 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%


05/11/11

Cash Flow Reconciliation

Appendix: Non-GAAP Financial Measures($ Millions)

(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.

12/31/00 (5) 12/31/01 (5) 12/31/02 (5) 12/31/03 (5) 12/31/04 (5) 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 - -

Total Cash Generated (1) 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)

Free Cash Flow (3)(4) (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$


05/11/11

($ Millions)

(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.

12/31/10Cash 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

Total Cash Generated (1) 1,328

Capital Expenditures (2) (1,070)

Free Cash Flow (3)(4) 258$

Memo:

Depreciation Expense 834$

Gains on Vehicle Sales, Net 29$

Cash Flow Reconciliation



05/11/11

Debt to Equity Reconciliation


% to % to % to % to % to % to % to % to12/31/00 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%

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.

(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.


05/11/11


Note: Amounts may not recalculate due to rounding.

% to % to % to % to % to12/31/08 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%

Debt to Equity Reconciliation


wells fargo securities industrial and construction conference

Business