1. RYDER SYSTEM, INC.
Presented to:
Wolfe Trahan Global
Transportation Conference
May 25, 2011
Art Garcia
EVP & CFO

2. Safe Harbor
Certain statements and information included in this presentation are "forward-looking statements" under the Federal
Private Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluated
with consideration given to the many risks and uncertainties inherent in our business that could cause actual results
and events to differ materially from those in the forward-looking statements. Important factors that could cause such
differences include, among others, a slowdown of the economic recovery and decreases in freight demand, our ability
to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic
conditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, decreases in
market demand in the commercial rental market and the sale of used vehicles, competition from other service
providers, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions
(SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or
bankruptcy of customers, changes in financial, tax or regulatory requirements or changes in customers’ business
environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased
debt costs resulting from volatile financial markets, inability to achieve planned synergies and customer retention levels
from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, driver shortages
and increasing driver costs, adequacy of accounting estimates, reserves and accruals particularly with respect to
pension, taxes, insurance and revenue, a decline in pension plan returns, changes in obligations relating to multi-
employer plans, sudden or unusual changes in fuel prices, our ability to manage our cost structure, new accounting
pronouncements, rules or interpretations, changes in government regulations, adverse impacts of recently enacted
regulations regarding vehicle emissions, any unanticipated or unrealized effects of the recent Japan earthquake and
tsunami on our operations, customers and vehicle suppliers and the risks described in our filings with the Securities and
Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not
possible for management to predict all such risk factors or to assess the impact of such risks on our business.
Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
05/11/11 Proprietary and Confidential 2

3. Ryder Profile
Fleet Management Dedicated Contract Supply Chain
Solutions Carriage Solutions
Full Year 2010
Revenue (1) $5.1 Billion
Operating Revenue (1) $4.2 Billion
Comparable Earnings Before Income Taxes (1) $189 Million
Comparable Earnings (1) $117 Million
Free Cash Flow (1) $258 Million
Assets $6.7 Billion
Assets Under Customer Leases $3.6 Billion
Vehicles Maintained 182,100
Employees 25,900
(1) These amounts result from continuing operations.
05/11/11 Proprietary and Confidential 3

4. Fleet Management Solutions: Product and Services Overview
Fleet Management
Solutions
Commercial Contract Full Service
Rental Maintenance Lease
 Thousands of clean,  Flexible package of  Custom vehicle Fleet Support Contract-Related
mechanically-sound maintenance and specifications Services Maintenance
commercial vehicles fleet support  State-of-the-art
for short-term services preventive  Insurance  Ancillary
customer needs  Vehicles are owned maintenance  Fuel maintenance work
 Lease support by our clients or  Comprehensive  Safety on Ryder or
under third-party package of fleet  Regulatory reporting customer owned
finance lease support services vehicles not
contract included in base
contract
13,200 Lease/Maintenance Customers (U.S., Canada, U.K.)
Supply Chain Solutions
05/11/11 Proprietary and Confidential 4

5. Dedicated Contract Carriage: Product and Services Overview
Dedicated Contract
Carriage
 Turnkey transportation
service with drivers, vehicles,
maintenance, routing &
scheduling, management &
administrative support
150 Customers (North America, U.K.)
05/11/11 Proprietary and Confidential 5

6. Supply Chain Solutions:
Product and Services Overview
Supply Chain Solutions
Professional Services Distribution Management Dedicated Transportation Management
 Strategic consulting & decision  Order fulfillment  Dedicated  Freight procurement & contract
support  Warehouse and distribution center Contract Carriage management
 Solutions engineering operations  Shipment planning and execution
 Network modeling & optimization  Inbound materials management  Freight brokerage
 Total landed cost  Outbound product support  Freight bill audit and payment
 Lean Six Sigma  Reverse logistics  Origin/destination services
 Vendor managed inventory
 Kitting, packaging & assembly
Supported by: IT Solutions
 Transportation & warehouse management systems  Inventory & shipment visibility tools
 Network optimization tools
470 Customers (North America, Asia)
05/11/11 Proprietary and Confidential 6

7. Market Overview
The transportation and logistics markets present
significant growth opportunities. Current estimated
market sizes are as follows:
Market Segment Market Size
Lease and rental market (outsourced) – U.S., Canada, U.K. 0.8 million vehicles
Private fleet market (non-outsourced) – U.S., Canada 4.2 million vehicles
Dedicated contract carriage market (outsourced) – U.S. $13 billion
Supply chain logistics market (outsourced) – North America and Asia $260 billion
Note: Vehicle market shown is class 3-8
Sources: Truck Rental and Leasing Association, R.L. Polk, Monitor Group, A.T. Kearney
05/11/11 Proprietary and Confidential 7

8. Fleet Management Solutions:
Macro Trends Favoring FMS
actual forecast
11.3%
CAGR
Source: ACT Research Source: Global Insight
Deferred replacements have lead to record fleet aging which
should lead to increases in truck sales and leasing in the coming years
05/11/11 Proprietary and Confidential 8

9. Fleet Management Solutions:
Macro Trends Favoring FMS
Access to
Capital
Bank Capital
Requirements
Capital
Customers likely to utilize alternative financing sources
(e.g., OEM captive finance, Full Service Lease and Fleet Management)
05/11/11 Proprietary and Confidential 9

10. Fleet Management Solutions:
Macro Trends Favoring FMS
EPA 2007
EPA 2010
＄
Increasing complexity and costs are expected to
favor outsourcing vehicle financing and maintenance
05/11/11 Proprietary and Confidential 10

11. Key Leading Indicators
The key leading indicators for Ryder’s business are improving.
First quarter results included:
Commercial Rental:
Utilization (a) 72.5%, up 390 bps vs. prior year
Pricing (a) up 12% from prior year
Fleet Count (Average) up 11% over prior year
Used Vehicle Pricing:
Tractors up 42% over prior year; up 9% over 4Q10
Trucks up 44% over prior year; up 7% over 4Q10
Lease:
Miles per Unit (b) up 3% from prior year
Early Lease Terminations (c) down 33% from prior year
Dedicated/Supply Chain Solutions:
Volumes overall volumes improving
(a) Global power units
(b) U.S. power units
(c) U.S.
05/11/11 Proprietary and Confidential 11

12. 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
05/11/11 Proprietary and Confidential 12

13. Questions & Answers
Art Garcia
EVP & CFO