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COMPANY OVERVIEW

November 2019

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@ 2019 Ryder System, Inc.

All Rights Reserved

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 forecast, outlook, expectations regarding market trends and economic environment; our financial condition; our fleet growth; performance in our product lines and segments; the

strength of our contractual sales pipeline; projections related to customer retention; demand, utilization and pricing in our commercial rental business; demand, sales and pricing in used

vehicle sales; used vehicle inventory levels; residual values and depreciation expense; our ability to meet our expectations of wholesale and retail sales mix; return on capital spread;

operating cash flow; free cash flow; capital expenditures; leverage; our ability to make investments in and obtain our projected benefits from sales, marketing, IT, e-commerce and new

product initiatives; costs of implementing our ERP system; the impact and adequacy of steps we have taken to address our cost structure; our ability to implement our asset

management strategy to right size the rental fleet; our ability to successfully implement our maintenance cost-savings initiatives; our ability to gain market acceptance of our new

products and services; and the impact of adoption of the lease accounting standard on our earnings, financial position, cash flow, leverage and the demand for our products and

services. Our forward-looking statements also include our estimates of the impact of our changes to residual value estimates on earnings and depreciation expense. The expected

impact of the change in residual value estimates is based on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends

and our outlook for the expected near-term used vehicle market. Our assessment is subject to risks, uncertainties, and assumptions as to future events that may not prove to be

accurate. Factors that could cause actual results related to vehicle residual values to materially differ from estimates include, but are not limited to, changes in supply and demand,

competitor pricing, regulatory requirements, driver shortages, requirements and preferences, as well as changes in underlying assumption factors.

All of our 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 contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, worsening of market demand for or

excess supply of used vehicles impacting current and/or estimated pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for our services,

higher than expected maintenance costs, lower than expected benefits from our cost-savings initiatives, lower than expected benefits from our sales, marketing and new product

initiatives, higher than expected costs related to our ERP implementation, setbacks or uncertainty in the economic market, or in our ability to grow and retain profitable customer

accounts, implementation or enforcement of regulations, decreases in freight demand or volumes, poor operational execution including with respect to new accounts and product

launches, our difficulty in obtaining adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, business interruptions or

expenditures due to labor disputes, severe weather or natural occurrences, competition from other service providers and new entrants, lower than anticipated customer retention levels,

loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, higher than expected bad debt reserves or write-offs, 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, adequacy of accounting estimates,

higher than expected reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, impact of changes in our residual value estimates and

accounting policies, including our depreciation policy, the sudden or unusual changes in fuel prices, unanticipated currency exchange rate fluctuations, our ability to manage our cost

structure, and the risks described in our filings with the Securities and Exchange Commission (SEC). 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 news release includes certain non-GAAP financial measures as defined under SEC rules, including:

Comparable Earnings Measures, including comparable earnings from continuing operations, comparable earnings per share from continuing operations, comparable earnings

before income tax, comparable earnings before interest, income tax, depreciation and amortization, and comparable effective income 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, including operating revenue for Ryder and its business segments, and segment EBT as a percentage of operating revenue.

Cash Flow Measures, including total cash generated and free cash flow.

Debt Measures, including total obligations and total obligations to equity.

Refer to Appendix - Non-GAAP Financial Measures 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.

All amounts subsequent to January 1, 2018 amounts have been recast to reflect the impact of the lease accounting standard, ASU 2016-02, Leases.

Amounts throughout the presentation may not be additive due to rounding.

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Key Themes

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All Rights Reserved

Key Themes Summary

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1

2

3

4

5

6

Leader in transportation and logistics outsourcing with significant

growth opportunity

$1.3 trillion addressable market with ability to further penetrate given

secular outsourcing trends

Large contractual revenue base supports long-term value creation

through earnings and operating cash flow growth

Industry leader in new product innovation to drive future earnings

potential

Increasing operating cash flow and counter-cyclical free cash flow

supports strong balance sheet, strategic optionality, and increasing

shareholder returns

Executing on our strategy with focus on achieving ROC target


All Rights Reserved

Leader in Transportation and Logistics Outsourcing

Solutions

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RYDER IS A FORTUNE 500 COMPANY WITH

1

More than 90% of revenue is generated in North America

8.4 BillionAnnual Revenue(1,2)

316 MillionComparable Earnings(1,2)

800+Maintenance Locations

272,100Vehicles(3)

55 MillionSq. Ft. Warehouse Space

39,600Employees

$ $

REVENUE BY SEGMENT (4)

61%

13%

26%

Fleet Management Solutions (FMS)

Supply Chain Solutions (SCS)

Dedicated Transportation Solutions (DTS)

(1) These amounts result from continuing operations, (2) Recast to reflect the impact of the lease accounting standard. Net Earnings from Continuing Operations are $288 million,

(3) 2018 Average Vehicle Count, (4) as % of 2018 Operating Revenue, (5) as a % of 2018 Total Revenue

6%

4%

2%

88% ◼ U.K.

(since 1971)

◼ Canada

(since 1957)

◼ Mexico

(since 1994)

◼ U.S.

REVENUE BY COUNTRY (5)


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Complementary Business Segments Provide Broad

Range of Value-added Solutions

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1

Diversified customer base representing most industry segments

FMS DTS SCS

Vehicle Maintenance, Financing and Support Services

Drivers, Routing, Scheduling and Administration

Management of Outside Carriers

Warehousing

Integrated Logistics Solutions

E-fulfillment / Last Mile Delivery

Solutions comprising two or more services:


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$1.3 Trillion Addressable Market Provides Significant

Growth Opportunities

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2

Growth opportunity to penetrate large, non-outsourced (“DIY”) market

FMS DTS SCS

Total Market Size Addressable DIY Market (Market Opportunity) Currently Outsourced

$200BCommercial

Vehicle Market

$800BDedicated

Transportation Market

$1.1TWarehouse & Truck-

Based Transportat ion

Management Market

$50B

$12B $16B

$400B $900B

$127B

Sources: Polk/HIS, Armstrong & Associates, Ryder estimates.

24%

outsourced 4%

outsourced 14%

outsourced


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DIY Transportation and Logistics Market Faces Increasing

Challenges from Secular Trends that Favor Outsourcing

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2

SECULAR TRENDS THAT SUPPORT OUTSOURCING DECISION

Increased Vehicle Cost

and Complexity; More

Stringent Regulations

Driver and Technician

Shortage

Dynamic Supply

Chains

Disruptive

Technologies

Purchase costs up

50-65%(1)

Maintenance cost up

25-100%(1)

Safety regulations may

reduce freight capacity /

productivity

Current driver shortfall is

50k…expected to be 175k

by 2026(2)

Technician shortage…

140k needed by 2022(2)

Growth in e-commerce

and omni-channel

More nearshoring /

onshoring activity

Low / zero-emission

electrified powertrains

Semi-autonomous control

systems

Asset sharing

opportunities supported by

technology platforms

Ryder is well positioned to address challenges facing DIY transportation and logistics

market

(1) Compared with power vehicles with pre-2007 technology(2) American Trucking Association and U.S. Department of Labor


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Majority of Revenue Comes from a Growing Base of

Contractual Revenue

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3

Growth in contractual revenue supports long term value creation(1) CAGR is operating revenue ex-acquisitions.

14%

86%

% of 2018 Operating Revenue Contractual Revenue Growth(1)

• Record contractual sales in 2017 and 2018

• 7 years of organic lease fleet growth

• Contractual revenue growth accelerated following

implementation of Growth Strategy

FMS: ChoiceLease

FMS: SelectCare

DTS

SCS

Supported by 3-7 year

customer contracts

FMS: Commercial Rental

Transactional revenue

1%

5%

10%

0%

9%

11%

1%

6%5%

PRE-GROWTHSTRATEGY(2000-11)

POST-GROWTHSTRATEGY(2011-18)

2019 FORECAST

FMS DTS SCS


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Contractual Revenue Provides More Stable Operating

Cash Flow

10

3

Future Revenue

Contracted as of Year-end ($B)

% of Earnings before Tax from

Contractual Revenues (1)

• ChoiceLease locks in future revenue and cash flow over

average 6-year life

• DTS & SCS - multi-year contracts with long-term customer

retention

• Contractual revenue growth accelerated following

implementation of strategy

49% 51%

78%85%

78%

2014 2015 2016 2017 2018

$15.3

$16.6

2017 2018

(1) ChoiceLease, SelectCare, DTS and SCS

Growth in contractual revenue improves operating cash flow stability and visibility


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Overcoming Used Vehicle Downturn and Maintenance

Headwinds Through Growth and Cost Management

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3

Comparable EPS

• Weak used vehicle

pricing due to market

downturn that began

in mid-2015

• Elevated

maintenance costs

on certain older

model year vehicles

that are expected to

exit the fleet in 2020

Negative Impact on

Comparable EPS

$6.10

$5.43

$4.53

$5.97

$1.05

2015 2016 2017 2018 2019F

• Beginning in 2018,

earnings from

revenue growth and

cost management

partially offset

headwinds from used

vehicle sales and

elevated

maintenance costs

Positive Impact on

Comparable EPS

Earnings improved from 2017 level as earnings from growth and cost management

more than offset used vehicle and maintenance headwinds

Used vehicle pricing declines that began in June 2019 triggered a re-evaluation of residual value

estimates – a reduction in these estimates negatively impacted 2019 earnings (1) Recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard.

(2) Represents midpoint of forecast range of $1.00 - $1.10 and includes $3.96 impact from residual value estimate change

(2)

(1)


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Actions to Further Reduce Future Earnings Variability

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3

Taking action on transactional businesses and maintenance costs to

further reduce earnings variability

(1) Power vehicles

USED VEHICLE SALES

✓ Reduced priced residual assumptions

for new leases beginning in late 2017

(resulting in higher lease rates)

✓ Reduced accounting residual estimates

using accelerated depreciation and policy

depreciation since 2016; further lowered

residual value estimates effective 7/1/19 to

reflect near-term used vehicle downturn

and reduced long-term view of expected

residuals

✓ Expanded used truck retail capacity

through additional locations and increased

inside sales to reduce use of wholesale

channel; increased direct marketing efforts

and enhanced website functionality and

user experience

✓ Grow rental fleet commensurate with

lease fleet growth

• Y/E 2018 rental fleet = 24% of total

fleet(1) vs. target of ~25%

✓ De-fleet excess rental capacity into

lease during cyclical downturn

• Fulfill lease contracts with mid-life

rental vehicles

COMMERCIAL RENTAL

✓ Initiated a $75M multi-year effort to

reduce maintenance costs – on track for

more than $20M benefit in 2019

✓ Exit of model year 2012 vehicles expected

to reduce 2019 maintenance cost

headwind to $11M vs. $30M headwind in

2018

MAINTENANCE COSTS


All Rights Reserved

Industry Leader in New Product Innovation to Drive

Future Earnings Potential

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4

Description Environment Ryder’s Approach

Advanced

Vehicle

Technology

• Low/zero emission electrified

powertrains

• Semi- and fully autonomous

control systems

• Speed of adoption and

regulations uncertain

• Likely initial use cases: • Electrified → light-duty vehicles

• Autonomous → drayage and

long-haul applications

• Partnerships for deployment of

new technologies• Chanje, Workhorse and Nikola

• Signed customer deal for

largest EV order in market (1k

vehicles)

• Establish EV/AV maintenance

standards with OEMs

Asset

Sharing

• Monetize underutilized trucks

or freight capacity by providing

access to another party with

need

• Early stages of platform and

marketplace

• Gain capacity visibility• Launched COOP by RyderTM, a

peer-to-peer digital platform for

commercial vehicle sharing

• Ongoing enhancements to

RyderShareTM platform for

freight visibility

e-Commerce

• Movement of goods through

parallel supply chains direct to

customers – B2B or B2C

• E-commerce growth

accelerating, but only ~10% of

market

• Big & bulky e-commerce is a

growing category

• Provide omni-channel solutions

addressing e-commerce needs• MXD acquisition significantly

expanded capabilities in e-

commerce fulfillment and last

mile delivery of big and bulky

goods

• Ryder’s new e-commerce

fulfillment solution for large to

small parcels direct to consumer


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Understanding Ryder’s Cash Flow Profile

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5

• Contractual nature of business portfolio provides reliable, multi-year operating

cash flow

• ChoiceLease growth requires upfront capital expenditure; not committed until a

lease contract is signed with customer, while cash returns are generated over

typical 5-7 year contract period

• Ryder’s free cash flow is counter-cyclical with growth

• Lumpy replacement cycles can also drive uneven replacement capital for lease

and rental

• Dedicated Transportation Solutions and Supply Chain Solutions provide solid

positive Free Cash Flow throughout cycle

Contractual growth drives higher, reliable, multi-year operating cash flow. Free cash flow

will be negative during periods of rapid growth and positive during period of slower growth.


All Rights Reserved

Impact of Growth Capital

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5

Growth Capital Total Cash Generated

Free Cash Flow is impacted by growth capital in

the period of initial vehicle investment and by

variability in the timing of replacement capital

Total Cash Generated increases following periods

of growth as capital is priced into lease contracts

and recovered over the contract term

Growth capital investment positions Ryder for long term value creation

1,292

585 582

1,700

1,587

2015 2016 2017 2018 2019F

1,9402,099 2,050 2,117

2,580

2015 2016 2017 2018 2019F

($M)

Free Cash Flow:

(728) 194 190 (933) (1,120)

($M)

(1) These amounts have been recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard.

(1)

(1)


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Balanced Capital Allocation Philosophy Leads to

Attractive Shareholder Returns

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5

Capital

Expenditures

Dividend

GrowthAcquisitions

Share

Repurchases

Organic growth: primarily

vehicle capex for

contractual lease fleet

Growth reflects long-term

earnings growth; 10%

CAGR since 2005

FMS: tuck-ins drive

operating leverage

SCS/DTS: expand

capabilities, industries

served

Anti-dilutive: offset

dilution creep

Discretionary: driven by

balance sheet leverage

Over $1.6B in Cash Returned to Shareholders

Over The Last Decade (2008 – 2018)

Dividends Share Repurchases

$803 $838

200

8-2

018 $1.6BMM


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Progress Toward Three-year Financial Targets

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(1) Three-year targets provided on 2/16/18 and assumed stable rental environment and used vehicle pricing levels. Market conditions changed in June 2019, and, as such,

the timing of achieving targets is under review

(2) 2019 forecast provided on10/29/2019; includes impact from residual value estimate change

(3) Reflects impact from lease accounting change

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Target (1)

2018

Results

2019

Forecast(2)

Operating Revenue Growth

• FMS

• DTS

• SCS

6 – 7%

9 – 10%

7 – 8%

●

●

●

●

●

●

EBT as % of Op. Revenue

• FMS

• DTS

• SCS

10 – 12%

8 – 9%

8 – 9%

●

●

●

●

●

●

ROC Spread 100 – 150 bps● ●

Leverage (Debt-to-Equity) (3) 250 – 300%● ●

● Meet / Beat ● Modestly Below ● Below


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Summary of Key Themes

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Leader in

transportation and

logistics

Large addressable

market

Increasing market

penetration given

secular trends

Contractual

revenue base

providing stable

earnings growth

Industry leader in

product innovation

Counter-cyclical

cash generation

Balance sheet

strength

Returning cash to

shareholders

Residual Value

Estimate Change

19

(effective 7/1/19)


All Rights Reserved

Overview

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• Ryder’s value proposition remains strong and is driven by long-term

outsourcing trends in the large transportation and logistics markets

• 2019-20 earnings expected to be negatively impacted by used vehicle

market downturn and residual value estimate change

• Returns expected to organically improve as:

• depreciation impact from accounting residual value estimate change

declines for the power vehicle fleet as of 3Q19

• majority of remaining underperforming leases exit the fleet

• Focused on accelerating initiatives to improve ROC through continued

higher ChoiceLease pricing, cost reduction actions, used vehicle sales

initiatives, addressing lower returning accounts/assets, and reinvesting in

higher return business

Ryder remains a market leader with a strong financial position


All Rights Reserved

Used Tractor Sales Price History: 1999 - 2018

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Ryder Used Sale Price % of

Original Cost Index

Note: Illustrative for Class 8 Tractors. Depicts Ryder’s sales prices as percent of original cost indexed to the value in 1999 to show the percent change in value each year.

Excludes vehicles operated in excessively high mileage applications and sale prices adjusted to a consistent age at sale.

Lack of supply in

market and engine

technology change

Supply entered

market as freight

environment

slowed

50

60

70

80

90

100

110

120

130

140

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Used tractor sales prices increased above historical levels during 2012-15,

declined sharply through 2017, and began to recover in 2018


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Used Tractor Market Conditions Began To Soften In June 2019 -

Conditions Worsened In 3Q19 With Expectations For Further

Near-Term Decline

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3Q19


Original Cost Index

50

60

70

80

90

100

110

120

130

140

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

70

80

90

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19



Most recent decline in used vehicle prices triggered re-evaluation of residual value estimates


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Residual Value Estimates and Depreciation

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• Residual values and useful lives of revenue earning equipment are reviewed

at least annually

• Three components of Ryder’s depreciation:

• Policy Depreciation – estimated residuals established on each vehicle

to set depreciation expense over the vehicles useful life – long-term view

• Accelerated Depreciation – additional depreciation may be recorded as

a vehicle nears the end of its useful life if its anticipated market value is

below the estimated residual value (established through policy

depreciation) at disposition – near-term view

• Valuation Adjustments – additional negative adjustments recorded

upon a vehicle reaching our used truck centers, only if its anticipated

market value is below the estimated residual value


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3Q19 Residual Value Estimate Changes

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1) Policy Depreciation: For vehicles expected to be sold

starting in late 2021, reduced long-term estimate of residual

values to reflect more recent multi-year trends (which exclude

2015 peak) and include outlook

2) Accelerated Depreciation: For vehicles expected to be sold

by late 2021, reduced estimated residual values below policy

depreciation residual level to reflect expected near-term used

vehicle market downturn and increased wholesaling activity

See Appendix: Vehicle Depreciation for more information on our depreciation policies

Reduced accounting residuals for tractors and, to a lesser extent, trucks

to reflect recent market conditions and updated outlook


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Estimated Tractor Residuals For Policy Depreciation Reduced To Reflect

More Recent Multi-Year Trends And Include Outlook

25

50

60

70

80

90

100

110

120

130

140

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

New Residual

Estimate

For Policy

Depreciation *


Original Cost Index



* Represents a reduction of approximately 18% from prior residual estimate

For vehicles expected to be sold by late 2021, reduced estimated residual values for

accelerated depreciation to below policy depreciation residual level


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$106

$180$125

$183$70

$-

$50

$100

$150

$200

$250

$300

$350

2H19 2020 2021 2022 2023 2024-25

Policy Impact Accelerated Impact

$125

(3)

$52 $54 $45 $45 $45 $45

$125

$58 $35 $20 $10 $5

$-

$50

$100

$150

$200

3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020

Policy Impact Accelerated Impact

Residual Value Estimates On All Power Vehicles Reduced To Better Align

With Updated Outlook - Negative Earnings Impact From Estimate

Changes Declines Each Quarter

26

Results in earlier recognition of depreciation in 2019 and 2020

$(M

illio

ns)

$(M

illio

ns)

Impact of Change in Residual Estimates on Policy

Depreciation and Accelerated Depreciation (1)

$80$65 $55 $50

$112

$177

$250

$289• Residual value estimate change impact on policy depreciation represents ~5% of

original vehicle investment

• Cumulative impact of reduced residual estimates of ~$844M

Quarterly

Annual

Total ~$180M

(1) These estimates are based on management’s view of market conditions and reflect the impact of this current change on residual values on the current fleet of power vehicles.

Management reviews our residual values periodically based on current and expected market conditions, and, if management’s view of market conditions changes, we may adjust,

positively or negatively, our residual value estimates for the fleet at such time.

(2) Includes $8M of valuation adjustments in 3Q19

(3) Under our historical assumptions, approximately $100M of the $180M would have been recognized as depreciation expense during 2020. We estimate that the approximately $80M

remaining would have been recognized as either policy or accelerated depreciation in 2021 or years thereafter under our historical estimation assumptions.

(2)

(2)


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Key ROC Improvement Actions

27

Improve returns through pricing actions: Increased lease rates

on all power vehicles by reducing priced residual assumptions

beginning in late 2017 – tractor priced residuals are now at

historically low levels; pricing optimization continues

1


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Pricing Actions Taken To Improve ChoiceLease

Returns

28

Drives majority of

accelerated depreciation

- impacts P&L through 2020

Projected Performance by Year (reflects updated residual value estimates)

For leases signed prior to 2014, we expect returns

below our target levels due to higher than priced

maintenance costs on new engine technology and now

lower than priced residual assumptions

For leases signed in 2014-17, we expect returns at or

above our target levels due to better than priced

maintenance costs more than offsetting lower than

priced residual assumptions

For leases signed after 2017, we expect returns above our target levels due to better than priced maintenance and overhead costs, and reduced pricing residual assumptions

Tractor priced

residuals are now at

historically low levels;

pricing optimization

continues

2012

2013

2014

2015

2016

2017

2018

2019

Above Target

Above Target

Above Target

At Target

Below Target

Above Target

Above Target

Below Target

Pricing and cost actions have improved actual and expected returns for leases signed beginning in 2014.

Returns are expected to organically improve as the lease portfolio turns over and

underperforming leases (signed prior to 2014) exit the fleet.


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Key ROC Improvement Actions

29

Expand retail used vehicle capacity (additional locations,

inside sales, website enhancements) and explore residual risk

sharing arrangements (partnerships, capital markets)

Improve returns through pricing actions 1

2

Accelerate significant cost-savings initiatives (maintenance

cost initiative, zero-based budgeting)3

Prune lower return accounts / assets 4

5

Intense focus on improving ROC spread

Accelerate growth in higher return business (SCS / DTS)

Strategy

Overview

30


All Rights Reserved

Our rich history provides a solid foundation for growth

1

JIM RYDER MAKES A

$35DOWN PAYMENT ON

ONE TRUCK

1933 85 Years

⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫

Company

Founded

1930s

Ryder Goes

Public

1950s

Fueling

Growth

1970s

Sharpening

Our Focus

1990s

Growth in a

Time of Turmoil

1940s

Establishing

Our Brand

1960s

New

Horizons

1980s

Driving

Forward

2000s

Grew rapidly by focusing on transportation solutions

Trucking deregulation; diversified into non-core businesses

Divested non-core businesses

Improved performance through process changes

Focus on Growth

1930 - 60’s

1970 - 80’s

1990’s

2000’s

2010’s

Focus on

Growth

TODAY

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All Rights Reserved

Guided by our vision, mission and values

We are “cracking the code” on fleet and supply chain outsourcing

by bringing compelling value to our customers

MISSION

Ryder provides

innovative supply chain

and fleet solutions that

are reliable, safe and

efficient, enabling our

customers to deliver

on their promises

VISION

To bring compelling value

through outsourcing

VALUES

Trust

Innovation

Collaboration

Expertise

Safety

32


All Rights Reserved

Talent & Culture

Information Systems

Strategy

Profitably grow fleet management and supply

chain outsourcing services by targeting private

fleets (FMS/DTS) and key verticals (SCS) with

innovative solutions, operational excellence,

customer focus, best in class talent and

information technology

Focused on our strategy and strategic priorities

1. Operational Excellence - Continuous

productivity and process improvement to

solve customer problems, increase cost

effectiveness and drive safety

2. Innovation - Develop new services

connected to the core business that deliver

value to targeted customer segments

3. Customer Focus - Accelerate growth rate

through increased sales & marketing

effectiveness and new product innovation

4. Talent & Culture – Attract, develop and

retain the best talent in an environment

where leaders engage their people to

innovate, pursue the vision and build on

our values

5. Information Technology – Deploy

technology to enable growth while

improving operational efficiencies

Strategic Priorities

Operational

ExcellenceInnovation

Customer

Focus

GROWTH

EPS

ROC Spread

Operating Revenue

Talent & Culture

Information Technology

33


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1

2

4

3

5

Operational

Excellence

Innovation

Customer

Focus

Talent

& Culture

IT

Overcome Outsourcing

Barriers

Progress on

Strategy Initiative Result

• LEAN roll out in SCS

• Uptime initiative

• All major accounts

• Record-low breakdowns

• Launch new products

• Flexible maintenance

options (FMS)

• COOP by RyderTM

• RyderShareTM

• Ryder Last Mile

• Upsell FMS to DTS

• Total Cost of

Ownership (TCO)

sales tool

• Customer Satisfaction

Index (CSI)

• Customer Advisory

Boards

• Majority of new DTS

sales

• 1/3 of lease growth from

“do-it-yourselfers”

• CSI scores up – across

all segments

• Formalized customer

feedback

• 2 employee

engagement surveys

• Restructured recruiting

process

• America’s Best

Employers list (Forbes)

for 4 years

• Employee count up 20%

since 2015 to 40k –

supports growth

• IT Transformation

• Foundational changes +

customer facing

technology

Initiatives and progress overcoming barriers to outsourcing

34

Demonstrate

industry specific

expertise to build

relationships and

trust

Flexibility

around value-

added services

and continuous

improvement

Provide on-

ramps and

transactional

services

Enhance

operational

excellence and

be known for

best execution


All Rights Reserved

Driving growth with new products and capabilities

Advanced Vehicle Technologies Leveraging our

role as a transportation thought leader and world-class

maintenance provider, Ryder is leading the way with

electric and autonomous vehicles through strategic

partnerships and targeted investments

Digital Platform for Commercial Vehicle Sharing

First of its kind, peer-to-peer asset-sharing platform to list

and rent underutilized commercial vehicles

Last Mile Delivery Capabilities expanded following MXD acquisition

Leading provider of last mile delivery services for big and bulky goods; national network of warehouses

and agent facilities provide two-day delivery to 95% of the US and Canada

E-commerce Fulfillment Solution for small to large parcels

Order fulfillment solution for manufacturer products direct to consumers; provides manufacturers with an

alternative to third-party marketplaces

RyderShare™ Supply Chain Visibility Tool

Cloud-based, neutral integration platform that drives operating efficiencies and optimizes supply chain

performance by providing real-time views across all transportation modes

Flexible Maintenance Solutions

Introduced a broader range of flexible, maintenance options through ChoiceLease Preventive and

ChoiceLease On Demand and SelectCare On Demand

35

Launched

March 2018

Closed

April 2018

2Q19

Launch


All Rights Reserved

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

Demonstrated lease fleet growth(1)

2013 2014 2015

Sustainable lease fleet growth results from ongoing macro trends that favor

outsourcing and company specific initiatives to penetrate the private fleet market

2012

1,7001,200

6,800

2016

36

• 2019 will represent our 8th consecutive year of organic lease fleet growth

• This sustained growth represents a significant improvement versus the prior decade when the lease fleet declined organically in 8 out of 10 years (2001-2010)

5,200

3,200

2017

4,100

9,600

2019

Forecast(2)

10,500

2018

(1) Represents lease fleet growth excluding UK trailers; 2016 excludes a higher number of vehicles being prepared for sale (approximately 1,200)

(2) Forecast provided 7/30/19

Business

Segment

Overview

37


All Rights Reserved

Comprehensive product and service offerings

Segment /

Product

Operating

Revenue

Margin

(Earnings before Tax

% Operating

Revenue)

AssetsNumber of

Vehicles

Adjusted

Return on

Capital(4)

FY2018 FY2018 FY2018 3Q2019 FY2018

FMS:

ChoiceLease$2.9B 160,200

FMS: Commercial

Rental$1.0B

7.7% (1)

(FMS Segment)

$11.9B(FMS Segment)

44,8004.8%

(FMS Segment)

FMS: SelectCare $0.5B 56,800

FMS: SelectCare

On-DemandNA 8,300(2)

Dedicated

Transportation

Solutions (DTS)

$0.9B 7.0%(1) $0.3B 9,600(3) 14.2%

Supply Chain

Solutions (SCS)$1.8B 7.4%(1) $1.1B 9,700(3) 15.4%

Ryder System,

Inc.$6.7B 5.8% $13.4B 279,300(5) 5.2%

(1) Segment earnings before tax excluded non-operating pension costs.

(2) Represents number of vehicles serviced under SelectCare On Demand agreements. Units included in count may have been serviced more than once during the period.

(3) Vehicles supporting DTS and SCS are provided by FMS and are also included in the FMS fleet count.

(4) Rolling 12 months; does not reflect the impact of the lease accounting standard. (5) 3Q19 Average Vehicle Count

38


All Rights Reserved

• Comprehensive, preventive

maintenance services

• Vehicles are owned by our

clients or under third-party

finance lease contracts

SelectCare Comprehensive

SelectCare Preventive

SelectCare OnDemand

FMS - Maximizing uptime for over 15,000 contractual customers

• Commercial vehicles

for short-term

customer needs

• Used by both lease

and non-lease

customers

• Complementary

service offering for

ChoiceLease

customers

Commercial Rental(22% FMS revenue)

SelectCare(11% FMS revenue)

• Ancillary maintenance

work on Ryder or

customer owned

vehicles not included

in base contract

• Fuel

• Insurance

• Safety

• Regulatory reporting

• Technology

• Long-term contractual

agreement

• Includes vehicle

procurement, flexible

levels of maintenance

services and used vehicle

disposition

• Comprehensive package

of fleet support services

available

ChoiceLease Full Service

ChoiceLease Preventive

ChoiceLease On Demand

Sample Clients:

Note: Revenue percents based on segment operating revenue (excludes fuel).

Fleet Management

Solutions

ChoiceLease(65% FMS revenue)

Fleet Support Services(2% FMS revenue)

39

(61% of RSI Operating Revenue)

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCOTegOrhzsgCFYEWPgodoVAMXQ&url=https://en.wikipedia.org/wiki/Saia&psig=AFQjCNHcuaVtGBCxaiA0OxZaPXXm_a0zjw&ust=1445351969276117

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiD99-Sw8XMAhXCbD4KHaI7DkQQjRwIBw&url=https://www.truthinadvertising.org/busch-beer/&psig=AFQjCNFdqQxf3jSwUBb0cRmJ4gR2COv1LQ&ust=1462626389768799

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjqy7Law8XMAhULej4KHeYzCVUQjRwIBw&url=http://www.freightcaptain.com/Home/Resource/The-Horizon-Family-of-Services.aspx&psig=AFQjCNErc0qY0cFurlkREg_R1jsoRvjm9g&ust=1462626831064714

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi15NHmndnSAhWQdSYKHcJNB2wQjRwIBw&url=http://www.brewbound.com/news/southern-wine-spirits-glazers-inc-complete-merger&psig=AFQjCNGzQ4l-nGQDhjpvJVSAjqemIgvE6A&ust=1489692081864988


All Rights Reserved

FMS – Operating in large, diverse market segments

Market Opportunity

Most vehicles in the large, highly

addressable truck leasing,

maintenance and rental market are

owned and managed by customers

themselves – represents a significant

growth opportunity for FMS

Diversified customer base represents a

broad range of industries

8%

4%

4%

4%

5%

7%

11%

24%

33%

Other

Energy, Chemical & Plastic…

Automotive

Retail Stores & Apparel

Industrial

Business & Personal Services

Construction & Housing

Food & Beverage

Transportation, Logistics &…Transportation, Logistics & Warehousing

Food & Beverage

Construction & Housing

Business & Personal Services

Industrials

Retail Stores & Apparel

Automotive

Energy, Chemicals & Plastics

Other

(% of 2018 U.S. Lease & Rental Revenue)

40

Customer Profile

• Successful services large and small private fleets

• 15,300 ChoiceLease/ SelectCare contractual customers

• 36,200 commercial rental customers

Operating Locations

• 800+ operating locations (operates in U.S., Canada, U.K., Germany)

• Opportunity to leverage maintenance infrastructure with fleet growth

8M vehicles

2M

vehicles

Sources of Growth

Private Fleet & For-Hire Conversions

• Largest opportunity for growth

Customer / Economic Expansion

• Fleet additions with existing customers by expanding geographies

served and/or resulting from customer growth

Share Gain

• Ability to leverage maintenance infrastructure enhances competitive

position in existing outsourced rental/lease market in U.S., Canada

and U.K.

Acquisitions

• Supplement to organic growth where mutual interest exists

• Focused on accretive deals in core rental/leasing business to

leverage existing facility infrastructure

Highly

Addressable

DIY Market

Outsourced

~500k

vehicles

Total

Market


All Rights Reserved

FMS - Technology investments support growth

RydeSmart ® Telematics

Full-featured cloud-based software which

integrates GPS technology with on-vehicle

computers to lower operating costs and

improve customer service by:

• Reducing fuel usage up to 10-15% through

improved routing and driver management

• Saving an average of 60 hours per year per

driver through improved routing and time

management

• Reducing administrative overhead by automating

DOT Hours of Service and trip records/fuel tax

reporting

• Improving safety by monitoring and adjusting

driver behavior, and linking to Ryder Customer

Response Call Center

• Mobile application for iPhone® and iPad® devices

• Deployed on ~33,000 Ryder vehicles

Customer Web Portal

Web based fleet management tool that

provides customers with 24/7 access to

key operational and maintenance

management information about their fleet.

Increasing fleet management efficiencies via

self-serve features:

• Customized notifications

• Roadside assistance cases (RCRC)

• Odometer entry

• Vehicle transfers

• Schedule maintenance

• Location finder

• Reporting (integrated with FleetCare)

• Mobile access to key functionality

41

RyderGyde

New, comprehensive fleet management

app that can be used by customers as

well as non-customers to:

• Schedule maintenance appointments in 60

seconds

• Check Ryder and market real-time fuel rates

• Contact roadside assistance

• Locate any of our 800 maintenance facilities

instantly

TM


All Rights Reserved

Lease

SignedTerm Begins

~90-120 Days

Illustrative cash flows for a ChoiceLease unit:

Financial

Impact

Cash Flow

Capital

Expenditure

(avg. $90K)

Negative Positive

Sales

Proceeds

(25 –35%)

Positive

Fixed Revenue: ~85% based on fixed rate per month

Variable Revenue: Remainder (~15%) based on rate per mile driven

Maintenance, Depreciation and Interest Expense incurred

Fuel costs passed through to customer

Note: Revenue escalates during contract life based on CPI index

Vehicle placed

into service

Lease Term

(Avg. Term: 5 – 7 years) • Lease contract pricing based on

DCF approach

• Pricing targeted at 80-120 bps

above product line cost of

capital (on a fully-costed basis)

• Sales compensation driven by

deal profitability

• Higher vehicle investment and

maintenance costs recovered in

lease rate

Lease

Expires

Customer

contract

signed

Used vehicle

sold

FMS - Timing of revenue and cash flow for ChoiceLease

Time 0 Years 1-6 YE 6

Vehicle

ordered

from OEM

42


All Rights Reserved

19

12 1410

2733

27

2

10

-40

2

54

71

80

116

100

1

-17-22

-40

-20

0

20

40

60

80

100

120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

UVS, net*($M)

1Q00 – 2Q02

9 Quarters

✓ Above average OEM production

• 1995, 1998 to 2000

✓ 2001 recession + OEM engine issue

✓ Proceeds/unit declined 45%


• 2004 to 2006

✓ Great recession


3Q08 – 1Q10

6 Quarters

3Q15 – 4Q17

9 Quarters


• 2012 to 2016

✓ Industrial recession

+ weak export market

+ less desirable MY10-12 tractors


Used Vehicle Sales Overview

Historical view: Most recent multi-year used vehicle sales downturns

These multi-year downturns were driven in part by a soft demand environment and an over supply of tractors

entering the used market 4 to 6 years after production

(*) UVS, net is reported as gains on vehicle sales, net, plus losses from fair value adjustmentsUVS, net for 2000-2002 does not reflect impact from fair value adjustments

Note: Proceeds/unit percent change reflects US tractors

43


All Rights Reserved

Used Vehicle Sales Overview

44

Fleet profile: Used Vehicle Inventory (2) Operating Fleet (2)

6%

35%

59%

1%3%

96%

Pre-2011

MY 2011-12

Post-2012

Majority of model year 2011-12 vehicles expected to be out of the operating fleet by end of 2019 and sold by mid-2020.Better maintenance performance experienced on post-2012 vintages.

Power vehicles in US & Canada

(1) Number sold 3Q19 YTD

(2) Vehicle count as of 9/30/2019

Used Vehicles Sold YTD (1)

10%

42%48%

Ryder’s Used Vehicle Buyer: Initiatives To Maximize Proceeds & Derisk Portfolio:

Primary industries represented

51%13%

36%

Business &

Personal Services Transportation

Other

Expand Retail

Sales Channels

Enhance Website

Experience &

Analytics

Lease Pricing

Launched Inside Sales team - centralized group

generating leads and selling remotely - results favorable

with 80% of sales to new customers at attractive prices

Improved online used vehicle sales presence resulting

in a better online customer experience

Lower accounting residuals are being used for new

lease pricing in order to mitigate future residual exposure

• 85% operate fleets of 1 – 3 vehicles

• 15% of retail buyers are Repeat buyers,

buying 23% of the assets


All Rights Reserved

45

FMS CUSTOMER CASE STUDY | W.B. Mason

Ryder’s relationship with W.B. Mason began in 1981. Over time, W.B. Mason

has depended on Ryder to help fuel its growth to become a billion dollar

company, most of which has happened in the past 20 years. Ryder’s

ChoiceLease solution combines several models of uniquely customized and

branded trucks – including tractors, trailers, refrigerated vehicles and supply

trucks - with comprehensive maintenance to keep W.B. Mason moving products

efficiently, while expanding its operations.

Partnership:

• More than 1,030 customized tractors,

trailers, refrigerated vehicles, and

supply trucks

- first electric vehicle lease

customer

• 2,000 preventive maintenance

inspections per year

• Procurement of replacement vehicles

if a truck goes out of service

• Adding custom features to the truck to

facilitate the delivery of product while

maintaining a unique branded look

• 13+ million miles traveled annually

Results:

• 99% on-time deliveries on same

day and next day orders

• Expanded operations to over 60

locations in 24 states

• Eight unique designs of trucks to

accommodate varying types and

volumes of products

ChoiceLease

vehicles

reflect the

customer’s

branding

with the

Ryder logo

and vehicle #

displayed

near the cab

door


All Rights Reserved

Dedicated Transportation

Solutions

• Procure and execute over $1.3B in freight

moves as customer’s agent

• Shipment planning and execution

• Freight brokerage

• Freight bill audit and payment

• Origin/destination services

Network optimization tools that efficiently allocate freight between

a dedicated fleet and third-party common carriers

DTS - Providing dedicated fleets and drivers

Sample Clients:

• Turnkey transportation service

• Professional drivers

• Vehicles

• Routing & scheduling

• Management & administrative support

Supported by: IT and Engineering Solutions

Dedicated

Transportation

(97% of DTS Revenue)

Transportation

Management

(3% of DTS Revenue)

46


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCOL86vDTl8kCFYViJgod7PYCTw&url=http://deperetruevalue.com/&psig=AFQjCNGkx78np4ivuYhheZFixzjFwKjmdw&ust=1447856491565512

http://windmillfarms.com/


All Rights Reserved

DTS – Driving customer value with flexible solutions

Ryder’s Dedicated Offering

• Focused on developing flexible

solutions for customers with

unique needs

• Customer characteristics include

closed-loop, multi-stop

shipments; tight delivery

windows; high-value, time

sensitive freight; dedicated /

uniformed driver; logo’d vehicle

Safety Focus• Safety is one of Ryder’s core values

• DriveCam® technology is installed on all DTS and

SCS vehicles and is aimed at improving safety,

while also providing a cost-benefit to Ryder and

its customers

(Based on 2018 DTS Customer Count)

47

15%

4%

5%

5%

9%

9%

11%

11%

16%

Other

Chemicals

Energy

Utilities

Construction

Hi-tech & Healthcare

Metals

Retail

CPG

Industrial 18%

Diversified portfolio compromising

200+ customers

Driver Recruiting • DTS and SCS employ over

9,500 professional drivers and

~25 dedicated recruiters

• A key source for drivers has been

former military personnel

Integration• 9,700 vehicles from FMS are

utilized to support DTS customers

• DTS and SCS share engineering

and IT resources

Market Opportunity

Most services in the large, highly

addressable dedicated transportation

services market are provided by

customers themselves – represents a

significant growth opportunity for DTS$16B

$400B

Growth Opportunities

• Leverage secular outsourcing trends such as driver shortage,

increased safety regulations and equipment cost/complexity

• Utilize Total Cost of Ownership tool to articulate savings

Conversions from FMS and Private Fleets

Upsell targeted FMS customers to a dedicated solution - increases

revenue 4-5x with increased margin, return on capital and customer

retention – significant source of growth

Continued Penetration of Target Markets

Ryder’s dedicated offering differentiates itself from truckload carriers

by providing highly specialized services for customers across

industries

Highly AddressableDIY

Outsourced


All Rights Reserved

DTS CUSTOMER CASE STUDY | Apria Healthcare

48

Ryder provides a dedicated fleet of 29 drivers, 23 tractors, and 34 trailers to Apria

Healthcare, one of America’s leading providers of home respiratory services and

medical equipment. Ryder handles approximately 325 shipments, which amounts

to approximately 90 truckloads per week for Apria.

Partnership:

• Dry-van truckload transportation

services for specialized respiratory

products moving from distribution

centers and cross docks to

branches

• Value-added services such as

hazardous materials compliance,

product segregations, and vendor

backhauls

• Route planning and optimization for

outbound customer deliveries and

inbound material flows, including

expedited shipments

• Inbound shipment consolidation

into full truckload

• Driver recruitment and training

Results:

• $1 million in annual savings from

supply chain optimization and

process improvements

• Fully optimized network by filling

backhaul lanes with inbound

shipments from suppliers to DCs

• Achieved fuel savings through access

to competitively priced fuel at Ryder’s

400+ full-service fueling stations

• Reduced carbon footprint from fewer

shipments


All Rights Reserved

Supply Chain Solutions

• Strategic consulting &

decision support

• Solutions engineering

• Network modeling &

optimization

• Total landed cost

• Lean Six Sigma

• Warehouse/distribution center

operations (55M sq. ft.)

• Inbound materials

management

• Outbound product support

• Kitting, packaging &

refurbishment

• Just-in-time replenishment

• Reverse logistics

• E-commerce network support

• Procure and execute over

$5.4B in freight moves as

customer’s agent

• Shipment planning and

execution

• Freight brokerage

• Freight bill audit and

payment

• Origin/destination services

• Transportation & warehouse management systems

• Network optimization tools

• Inventory & shipment visibility tools

SCS – Design and execute optimized logistics solutions

Sample Clients:

Professional

Services(6% SCS revenue)

Transportation

Management(13% SCS revenue)

Dedicated(34% SCS revenue)

• Transportation

component of

integrated logistics

solution

• Includes drivers,

vehicles, routing &

scheduling and

management &

administrative support

Supported by: IT Solutions

Distribution

Management(40% SCS revenue)

49


Ryder Last Mile(7% SCS revenue)

• E-commerce fulfillment

provider

• Last mile delivery

provider of big & bulky

goods

• National network able to

reach 95% of US and

Canada in 2-days

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjjlaXCxMXMAhVF2D4KHQf2CqAQjRwIBw&url=http://thenewswheel.com/behind-badge-what-logo-hyundai-use-genesis-luxury-brand/&psig=AFQjCNHT2xH9dOWHoKc7pN22ylUIzWS4aw&ust=1462627054845833

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiNr5HmxMXMAhWBCj4KHfigD38QjRwIBw&url=http://www.famouslogos.us/bendix-logo/&psig=AFQjCNExUdqfO5IC3O0zeXVaF93sOnOOwA&ust=1462627130112294

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiYr-mWxcXMAhUGLB4KHTAxDPoQjRwIAw&url=http://pilotpen.us/&psig=AFQjCNF9c5UD2huilyulxzg9vfWPX03qaA&ust=1462627233592061


All Rights Reserved

SCS – Industry and execution focus driving growth

CPG & Retail36%

Technology & Healthcare

18%

Automotive36%

Industrial & Other10%

Industry Vertical Focus

% of FY18

Operating

Revenue

Current Customers

• Comprehensive solutions for over 500

customers

• Lease and operate 55 million square feet of

warehouse space (operates in North America

and Asia)

• Manage 21,000+ border crossings per month

between the U.S, Mexico and Canada

• 9,500 vehicles from FMS are utilized to

support SCS customers

• Focus is on customers with sophisticated

logistics requirements - many require an

integrated solution that combines two or

more service offerings

Market Size

• Outsourced supply chain logistics market in

the U.S. is estimated to be $127 billion (1) and

is growing faster than the overall economy.

50

(1) Source: Armstrong & Associates

• Known for best execution

− Ranked among the top five

companies by Inbound

Logistics

• Specialized capabilities and

proactive solutions based on

deep expertise

Differentiated functional execution

and deep industry expertise will

result in higher growth

Companies continue to increase logistics

outsourcing to reduce costs and focus on

core competencies


All Rights Reserved

SCS – New products and capabilities to drive growth

51

Smart Warehouse

Significantly expanded Ryder’s capabilities in last mile

delivery of big and bulky goods

Ryder’s smart warehouse incorporates a

strategic mix of innovative technologies to

create efficiencies

RyderShareCloud-based integration platform drives

operating efficiencies

E-Commerce Fulfillment 2Q19 Launch

TM

Ryder Last Mile Acquisit ion of MXD Group (April 2018)

Ryder’s entry into the e-fulfillment space for parcels


All Rights Reserved

Ryder’s e-Commerce and last mile capabilities

Ryder Last Mile(Big & Bulky)

Two distinct services that can be used to meet customers’ parcel and big & bulky final mile delivery requirements

CA

TX

PA

Ryder E-Commerce Fulfillment(Parcel)

• e-Fulfillment centers hold limited quantities of unsold

items (high turnover inventory)

• Pick, pack and ship conveyable products for final

delivery using labor and automation

• Parcel carrier selection based on delivery requirements

and cost

• Items are received in facility after purchase and are

delivered shortly thereafter

• Automated delivery appointment scheduling

• Prep items for delivery (uncrate, assemble, repair)

• Time per delivery varies with service selected (white

glove installation, haul away of old items, etc.)

52

Dedicated single customer facility


All Rights Reserved

Results:

• LEAN practices and

incentives have increased

productivity by 33%, while

order accuracy has

remained high at 99.7%

• $1.2M reduction in

inventory from packaging

material

• Consolidated four

packaging facilities and a

parts distribution facility to

yield significant savings &

service improvements

• Zero customer disruption

from packaging operation

SCS CUSTOMER CASE STUDY | Whirlpool

53

Since 2001, Whirlpool has partnered with Ryder to operate two

warehouse facilities in Plainfield, Indiana, which includes using LEAN

methods to eliminate waste and increase employee productivity. With

more than 1.2M square feet of warehouse space managed and 650

employees, the operation packages, and distributes 19M time-

sensitive service parts each year.

Partnership:

• Complex warehouse

operation requires

management of 53k active

SKUs in 400k product

locations

• Sophisticated technology

provides fast, accurate

order processing with as

many as 150k parts

handled daily and over 95%

of them piece-picked

• Value-added services

include kitting of 19M

pieces per year


All Rights Reserved

Supplementing organic growth through acquisitions

• LogiCorp (Logistics)

• Lend Lease

• International

Truck Leasing

• Northern

NationaLease

• Case Leasing

& Rental

• Ascent Logistics

• Vertex Services

• General Car and

Truck Leasing

System

• Ruan Leasing

Company

• 4 G’s Truck

Renting

• Pollack National

Lease

• Lily Truck Leasing

• Gator Leasing

• Gordon Truck Leasing

• Transpacific / CRSA

Logistics

• Edart Leasing

• Total Logistic Control

• Carmenita Leasing

• The Scully Companies

• B.I.T. Leasing

• Hill Hire plc

1994

1997

1998

1999

2000

2003

2004

2005

2007

2008

2009

2010

2011

2012 • Euroway

2014 • Bullwell

Focus on Contractual Core in

FMS, DTS and SCS

1994 - 1999

2000 - 2007

2008 - 2018

54

2017 • Dallas Service Center

2018• MXD Group

• Metro Truck & Tractor Leasing

Financials &

Governance

55


All Rights Reserved

Comparable Earnings History(1)

369 338469

406 314 391

90

100

200

300

400

500

2013 2014 2015 2016 2017 2018 2019

$ M

illi

on

s

449

370420

29

49

Comparable

Earnings

Before

Income Taxes

Comparable

EPS

459

◼ Earnings Before Tax

◼ Adjustments to Earnings Before Tax

4.63 4.14

5.734.95

14.90

5.44

0

1

2

3

4

5

6

2013 2014 2015 2016 2017 2018 2019

$ P

er

Sh

are

0.485.43

4.530.51

0.80

5.970.53

0.25

1.05

391

4.85

22

0.22

121

5.53

1.39

Forecast

Midpoint

Forecast

Midpoint

50536

6.100.37

43

◼ EPS

◼ Adjustments to EPS (1) Earnings Before Income Taxes, Comparable Earnings Before Income Taxes, EPS and Comparable EPS are all from continuing operations

(2) 2017 EPS includes significant benefit from tax reform that is excluded from Comparable EPS

(3) These amounts have been recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard

(4) 2019 EPS forecast includes impact from residual value estimate change

56

56

(2)

58

(3)

(3)

(4)

(4)


All Rights Reserved

Key Financial Statistics

Full Year($ Millions, Except Per Share Amounts)

57

2018 (1) 2017 %B/(W)

Total Revenue $ 8,414.2 $ 7,297.1 15%

Fuel and Subcontracted Transportation 1,715.8 1,256.7 37%

Operating Revenue $ 6,698.4 $ 6,040.4 11%

Earnings Per Share from Continuing Operations $ 5.44 $ 14.90 (64)%

Comparable Earnings Per Share from Continuing Operations $ 5.97 $ 4.53 32%

Memo:

Earnings from Continuing Operations $ 287.6 $ 792.3

Comparable EBITDA $ 2,042.9 $ 1,829.9 12%

Average Shares (Millions) - Diluted 52.7 53.0

Tax Rate from Continuing Operations 26.3% (151.9)%

Comparable Tax Rate from Continuing Operations 24.8% 34.9%

Adjusted Return on Capital vs. Cost of Capital (Trailing 12 Months) 0.4% (0.2)%

(1) These amounts have been recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard


All Rights Reserved

Key Financial Statistics

2019 2018 %B/(W)

Total Revenue $ 6,649.3 $ 6,153.8 8 %

Fuel and Subcontracted Transportation (1,273.4) (1,251.7) 2 %

Operating Revenue $ 5,375.9 $ 4,902.1 10 %

Earnings Per Share from Continuing Operations 0.56 $ 3.31 (83) %

Comparable Earnings Per Share from Continuing Operations 1.03 $ 4.08 (75) %

Memo:

Earnings from Continuing Operations $ 29.8 $ 175.1 (83) %

Comparable EBITDA $ 1,704.3 $ 1,489.5 14 %

Average Shares (Millions) - Diluted 52.6 52.7

Tax Rate from Continuing Operations 62.7 % 36.0 %

Comparable Tax Rate from Continuing Operations 50.2 % 26.5 %

Adjusted Return on Capital vs. Cost of Capital (1) (1.4) % 0.4 %

Return on Equity (1) 5.5 % 34.2 %

(1) Trailing 12 months; ROE for the prior year period reflects one-time benefit from revaluation of net deferred income tax liability due to Tax Reform.

*Includes increase in non-cash depreciation expense of $3.01 per share due to change in residual value estimates

($Millions, Except Per Share Amounts)

58

*

*

September Year-To-Date


All Rights Reserved

Business Segments($ Millions)

Full Year

(1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items.(2) These amounts have been recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard.

59

Memo: Operating Revenue

2018(2) 2017 % B/(W) 2018 2017 % B/(W)

Total Revenue:

Fleet Management Solutions $ 5,259.0 $ 4,733.6 11% $ 4,411.3 $ 4,043.8 9%

Dedicated Transportation Solutions 1,333.3 1,095.6 22% 870.5 789.3 10%

Supply Chain Solutions 2,398.1 1,937.4 24% 1,765.3 1,507.5 17%

Eliminations (576.2) (469.5) (23)% (348.7) (300.2) (16)%

Total $ 8,414.2 $ 7,297.1 15% $ 6,698.4 $ 6,040.4 11%

Segment Earnings Before Tax: (1)

Fleet Management Solutions $ 341.0 $ 313.0 9%

Dedicated Transportation Solutions 61.2 55.3 11%

Supply Chain Solutions 130.3 103.6 26%

Eliminations (63.6) (53.3) (19)%

468.9 418.6 12%

Central Support Services (Unallocated Share) (49.0) (48.1) (2)%

Non-operating Pension Costs (7.5) (27.7) NM

Restructuring and Other Items (21.9) (28.2) NM

Earnings Before Income Taxes $ 390.5 $ 314.5 24%

Provision for Income Taxes (102.8) 477.7 NM

Earnings from Continuing Operations $ 287.7 $ 792.3 (64)%

Comparable Earnings from Continuing Operations $ 315.5 $ 241.1 27%


All Rights Reserved

Business Segments

Memo: Operating Revenue

2019 2018 % B/(W) 2019 2018 % B/(W)

Total Revenue:

Fleet Management Solutions $ 4,139.9 $ 3,876.6 7 % $ 3,520.9 $ 3,243.0 9 %

Supply Chain Solutions 1,902.6 1,727.8 10 % 1,413.6 1,275.7 11 %

Dedicated Transportation Services 1,071.1 970.2 10 % 731.4 637.5 15 %

Eliminations (464.3) (420.7) (10) % (290.0) (254.0) (14) %

Total $ 6,649.3 $ 6,153.8 8 % $ 5,375.9 $ 4,902.1 10 %

Segment Earnings (Loss) Before Tax: (1)

Fleet Management Solutions $ 10.1 228.7 (96) %

Supply Chain Solutions 112.7 98.9 14 %

Dedicated Transportation Services 63.0 45.4 39 %

Eliminations (42.6) (44.6) 5 %

143.2 328.4 (56) %

Central Support Services (Unallocated Share) (34.5) (34.3) — %

Non-operating Pension Costs (20.1) (3.2) NM

Restructuring and Other Items, net (8.8) (17.3) 50 %

Earnings Before Income Taxes $ 80.0 $ 273.5 (71) %

Provision for Income Taxes 50.2 98.4 49 %

Earnings from Continuing Operations $ 29.8 $ 175.1 (83) %

Comparable Earnings (Loss) from Continuing Operations $ 54.2 $ 216.1 (75) %

NM - Not meaningfulNote: Amounts may not be additive due to rounding.(1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs and restructuring and other items, net.

($ Millions)

60



All Rights Reserved

Capital Expenditures

Full Year($ Millions)

61

2018 20172018 $

O/(U) 2017

ChoiceLease $ 2,207 $ 1,457 $ 750

Commercial Rental 797 352 445

Operating Property and Equipment 162 133 29

Gross Capital Expenditures 3,165 1,941 1,224

Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 396 429 (33)

Net Capital Expenditures $ 2,769 $ 1,512 $ 1,257

Memo: Acquisitions $ 167 $ 7 $ 160


All Rights Reserved

Capital Expenditures

($ Millions)

2019 2018

2019 $

O/(U) 2018

ChoiceLease $ 2,311 $ 1,419 $ 892

Commercial Rental 551 758 (207)

Operating Property and Equipment 136 120 16

Gross Capital Expenditures 2,999 2,296 703

Less: Proceeds from Sales (Primarily Revenue Earning Equipment)(1)(403) (292) (111)

Net Capital Expenditures $ 2,596 $ 2,005 $ 591

(1) Includes proceeds of $43 million related to the sale of SCS properties during the second quarter of 2019.

Note: Amounts may not be additive due to rounding.

62



All Rights Reserved

Cash Flow from Continuing Operations

Full Year($ Millions)

63

2018 (5) 2017

Earnings from Continuing Operations $ 285 $ 792

Depreciation 1,382 1,255

Used Vehicles Sales, Net (1) 22 17

Amortization and Other Non-Cash Charges, Net 176 55

Pension Contributions (28) (41)

Collections from Sales-type Leases 83 0

Tax Reform Benefit 15 (587)

Changes in Working Capital and Deferred Taxes (214) 56

Cash Provided by Operating Activities 1,721 1,548

Proceeds from Sales (Primarily Revenue Earning Equipment)(2) 396 429

Collections of Direct Finance Leases & Other(2) 0 73

Total Cash Generated 2,117 2,050

Capital Expenditures (2), (3) (3,050) (1,860)

Free Cash Flow (4) $ (933) $ 190

Debt to Equity 262% 191%

(1) Reflects vehicle gains on sale, net of vehicle valuation adjustments.

(2) Included in cash flows from investing activities.

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

(4) Free Cash Flow excludes acquisitions and changes in restricted cash.

(5) These amounts have been recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard..


All Rights Reserved

Full Year ($ Millions)

Capital Expenditures, Cash Flow & Leverage

64

2019 Forecast 2018(1)

ChoiceLease

Replacement $ 1,342 $ 1,044

Growth 1,393 1,163

Total ChoiceLease 2,735 2,207

Commercial Rental

Replacement 436 259

Growth 194 538

Total Commercial Rental 630 797

Operating Property and Equipment 270 162

Gross Capital Expenditures 3,635 3,165

Less: Proceeds from Sales 450 396

Net Capital Expenditures $ 3,185 $ 2,769

Cash Provided by Operating Activities(1) $ 2,130 $ 1,721

Total Cash Generated $ 2,580 $ 2,117

Free Cash Flow $ (1,120) $ (933)

Debt to Equity 330% 262%

(1) These amounts have been recast to reflect the impact of the lease accounting standard.


All Rights Reserved

Growth Capital Expenditures

Free Cash

Flow$258 (257) (488) (340) (315) (728) 194 190 (933)(1) (1,120)

Total Cash

Generated$1,328 1,442 1,645 1,783 1,944 1,940 2,099 2,050 2,117(1) 2,580

Comparable

EBITDA$1,183 1,318 1,439 1,523 1,668 1,802 1,858 1,830 2,043(1) 2,338

($ Millions)

1,022 1,393

460

177

216

0.0

0.5

1.0

1.5

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Forecast

270

691

1,022

2010 2011 2012 2013 20182014

263

723 733

907

Growth Capital Expenditures – Lease & Rental

303

1,090Rental

Lease$180 382

556

585566

184

1,292

2015

65

2016 2017

582 1,162

538

1,700

2019

Forecast

1,587

194

Total Cash Generated and

Comparable EBITDA increase

following periods of growth as

capital is priced into lease

contracts and recovered over the

contract term

Free Cash Flow is impacted by

growth capital in the period of

initial vehicle investment and by

variability in the timing of

replacement capital



All Rights Reserved

Comparable EPS and Share Count History

Non-Operating Pension

Costs (2) 0.50 0.31 0.22 0.37 0.28 0.10 0.20 0.33 0.31 0.09 0.36

Other Adjustments(3) 0.08 (0.15) 0.18 0.13 (0.06) 1.29 0.17 0.15 (10.68) 0.44 0.44

Comparable EPS 2.20 2.53 3.71 4.40 4.85 5.53 6.10 5.43 4.53 5.97 1.05

Average Diluted Common

Share Outstanding

(in Thousands)55,094 51,884 50,878 50,740 52,071 53,036 53,260 53,361 52,988 52,696 53,000

$ Comparable

Earnings Per Share

GAAP EPS 1.62 2.37 3.31 3.90 4.63 4.14 5.73 4.95 14.90 5.44 0.25


(2) Non-operating pension costs primarily represent interest cost, expected return on plan assets and recognized net actuarial gains/losses.

(3) Reconciliation provided in Appendix.

$2.20 $2.53

$3.71

$4.40 $4.85

$5.53 $6.10

$5.43 $4.53

$5.97

$1.05

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F2019

Forecast

Midpoint

(1)

66


All Rights Reserved

Segment – Revenue

Full Year

Total Revenue

Operating Revenue

4.3 4.5 4.6 4.1 4.2 4.8 5.1 5.0 5.3 5.6 5.8 6.0 6.7

6.1 6.4 6.04.9 5.1

6.1 6.3 6.4 6.6 6.6 6.8 7.38.4

2

4

6

8

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Ryder

System

Fleet

Management

Solutions 2.9 3.0 3.0 2.8 2.8 3.1 3.3 3.43.6 3.8 3.9 4.0 4.4

4.1 4.2 4.5

3.6 3.74.2 4.4 4.5 4.7 4.6 4.6 4.7

5.3

2

4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

($ Billions)

Dedicated Transportation Solutions Supply Chain Solutions

0.5 0.6 0.7 0.7 0.8 0.8 0.90.7

0.8 0.9 0.9 1.01.1

1.3

0

1

2012 2013 2014 2015 2016 2017 2018

67

1.1 1.2 1.2 1.3 1.4 1.51.8

1.5 1.6 1.6 1.6 1.6 1.92.4

-1

1

2

3

2012 2013 2014 2015 2016 2017 2018


All Rights Reserved

6.6 6.8 6.7 6.48.2 7.0 7.0

7.1 8.6

4.7 4.9 5.0 5.1 6.2 5.1 4.6 4.75.9

1

3

5

7

9

2012 2013 2014 2015 2016 2017 2018 YTD18 YTD19

6.4 6.3 6.8

2.93.6

4.6 4.8 5.7 5.1

7.16.0

4.3 4.6

1.2

5.6

9.0 8.9 8.9

3.54.5

5.8 6.07.0 6.1

8.47.0

5.2 5.8

1.54.4

0

2

4

6

8

10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD18 YTD19

Segment – Earnings Before Tax (EBT)

Fleet

Management

Solutions

EBT as % of Total Revenue

EBT as % of Operating Revenue

(1) Includes pension lump-sum settlement charges of $97.2 million or 1.8% of operating revenue in 2014.(2) Includes pension lump-sum settlement charges of $97.2 million or 1.5% of total revenue in 2014.(3) Amounts reflect the impact of the lease accounting standard.(4) Amounts reflect the impact from residual value estimate change and lease accounting standard.

Full Year

Ryder

System

Dedicated Transportation Solutions Supply Chain Solutions

(1)

(2)

68

7.2 7.7 6.5 7.4 7.9 6.9 7.4 7.8 8.0

5.2 5.7 5.06.1 6.6 5.3 5.4 5.7 5.9

1

3

5

7

2012 2013 2014 2015 2016 2017 2018 YTD18 YTD19

9.4 8.6 8.4

5.1 5.36.3 7.0 7.7

9.3 10.18.1

6.6 6.5 5.90.2

13.1 12.0 12.3

6.5 6.88.5 9.3 10.1

11.9 12.0

9.47.7 7.7 7.1

0.30

2

4

6

8

10

12

14

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD18 YTD19

(3)

(3)

(4)

(4)

(3) (4) (3) (4)


All Rights Reserved

(5)(4)

Financial Indicators Forecast

Gross Capital Expenditures ($ Millions)

Debt to Equity / Total Obligations to Equity (2)

(1) Free Cash Flow exclude 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) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Prior year periods do not reflect the impact from the lease.

accounting standard.(5) Represents debt to equity target of 250% to 300% while maintaining solid investment grade credit rating.

Free Cash

Flow 258 (257) (488) (340) (315) (728) 194 190 (933) (1,120)

Debt to

Equity 196% 257% 272% 227% 260% 277% 263% 191% 262% 330% 275%

Pension Impact (3)

Lease Commercial Rental PP&E/Other

(1)

69


All Rights Reserved

Adjusted Return on Capital Spread

(1) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Prior year periods do not reflect the impact from the lease

accounting standard.

(2) Includes pension settlement charges of $69M, primarily buyouts, which impacted Return on Equity by 360 basis points

(3) Reflects one-time benefit from revaluation of net deferred income tax liability due to Tax Reform

(4) Adjusted Total Capital represents Adjusted Average Total Capital in billions

Adj ROC O/(U) COC (1.3) % 0.2 % 0.9 % 1.0 % 1.1 % 1.4 % 0.5 % (0.2) % 0.4 % (2.5) %

Return on Equity 8.4 % 11.9 % 14.9 % 14.9 % 11.3 % 16.1 % 12.8 % 35.9 % 11.4 % 0.6 %

Adjusted Total Capital (4) $4.0 $4.6 $5.2 $5.6 $6.6 $7.1 $7.6 $7.5 $8.5 $10.0

(3)(2)

(1)

70


All Rights Reserved

Dividend History

$0.10

$0.60

$1.10

$1.60

$2.10

$2.60

0.46

* Dividend unchanged at $0.15 per quarter from 1989 through 2004

0.160.18

0.210.23 0.25

0.270.29

0.340.31

0.37

QUARTERLY

DIVIDEND

0.41

0.44

71

0.56

*

Dividend growth reflects long term earnings growth

0.54


All Rights Reserved

Covenant Compliance & Debt Ratings

Maximum

9/30/19 Allowable

Covenant / Limitations

Debt to Net Worth (1)

219% 300%

Secured Indebtedness $1,126 $4,181

Receivables Indebtedness $0 $425

Asset Backed Indebtedness $0 $1,250

($ Millions)

(1) Calculated per the facility agreement as amended in September 2018. Net worth represents shareholder equity excluding any accumulated other

comprehensive income or loss associated with our pension and other post-retirement plans. Debt represents total balance sheet debt.

2023 Global Revolving Credit Facility

Ryder continues to operate well within the limitations

of its committed primary lending facility

72

Fitch Moody's Standard & Poor's DBRS

Short Term Rating F2 P2 A2 R1 (Low)

Long Term Rating A- Baa1 BBB A (Low)

Outlook Stable Stable Stable Stable

Debt Ratings


All Rights Reserved

Corporate Governance Best Practices

• 10 of 11 Directors are independent; all Committee members are independent

• Strong Lead Independent Director with significant oversight and authority; oversees Board’s annual evaluation process, CEO succession planning and search process for new directors

• Average director tenure is approximately 8.5 years; 27% of directors on Board less than 6 years

• 7 of 11 directors diverse by race, gender or ethnicity

• Board includes three current CEOs of other companies; two former CFOs; several former Presidents and COOs and an academic expert in accounting/governance transparency

• No related party transactions; strict conflict of interest practices

• No stockholder rights plan

• Governance actions taken in recent years:

- Commenced annual elections for all directors in 2018

- Adopted an amendment to our Articles and By-laws to provide shareholders with the right to act by written consent

- Adopted proxy access, with terms in line with prevailing standards

- Eliminated eight of nine supermajority voting requirements

- Adopted double trigger vesting upon a change of control in Ryder’s equity plan

- Adopted a clawback policy

- Increased stock ownership guidelines (6x base salary for CEO and 3x for other officers)

73


All Rights Reserved

Performance Measurement

Performance goals align with creating shareholder value

Performance

Measures Focus on

Top Line and Bottom

Line Growth, Capital

Management and

Shareholder Value

Short Term Incentive

Plan Measures:

• Comparable EPS

• Operating Revenue

Long Term Incentive

Plan Measures (1) :

• Strategic Revenue

Growth

• ROC/COC Spread

(1) TSR modifier where Ryder’s performance is measured against a TSR performance peer group and payouts will be modified upward or

downward up to 15%.

• Over 85% of CEO’s compensation and over 75% for other senior executives

is at risk and subject to these performance measures

74


All Rights Reserved

Key Points

• Businesses operate in very large markets

• Market trends encourage long-term outsourcing decisions

− increasing complexity/cost of vehicle technology, emissions standards,

driver shortage, credit availability, complex global supply chains, regulatory

issues

• Continued revenue and fleet growth with strong operating leverage

• Sales and marketing initiatives including new products designed to drive growth

• Leveraging technology for long-term growth

• Continued cost savings through ongoing process improvements

• Balance sheet and liquidity position solid

Ryder is well positioned for success with a lower cost structure, well-aligned fleet, solid balance sheet, strong market position and competitive posture,

solid value proposition and significant growth opportunities

75

Appendix

76


All Rights Reserved

($ Millions)

September 30, 2019 December 31, 2018

Current Assets $ 1,572 $ 1,568

Revenue Earning Equipment, Net 10,428 9,416

Operating Property and Equipment, Net 892 862

Other Assets 1,591 1,502

Total Assets $ 14,483 $ 13,348

Current Liabilities $ 1,591 $ 1,580

Total Debt 7,747 6,649

Other Non-Current Liabilities (including Deferred Income Taxes) 2,667 2,582

Shareholders' Equity 2,477 2,537

Total Liabilities and Shareholders' Equity $ 14,483 $ 13,348

Note: Amounts may not be additive due to rounding.

77

Appendix: Balance Sheet


All Rights Reserved

(1) Includes impact of accumulated net pension related equity charge of $702 million as of 9/30/19, $712 million as of 12/31/18

and $567 million as of 12/31/17.

Appendix: Key Leverage Statistics

($ Millions)

Book Value of Revenue Earning Equipment = 1.35x Debt Balance

September 30, December 31, December 31,

2019 2018 2017

Total Debt 7,747$ 6,649$ 5,410$

Equity (1)

2,411$ 2,537$ 2,842$

Debt to Equity 313% 262% 191%

78


All Rights Reserved

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.

79

Appendix: Asset Management YTD Update (US Only)


All Rights Reserved

Appendix: US Retail Sales Forecast

0

50

100

150

200

250

300

350

actual forecast

Sources: ACT Research and IHS Markit

Lower 2020 forecast for Class 8 Vehicles

Class 8 Vehicles

(Heavy Duty Tractors & Trucks)

(000’s Units)

80

Average Production 1997 - 2018


All Rights Reserved

Appendix: Comparable EPS and Share Count History

($ Earnings Per Share)

* These amounts have been recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard.

Note: Amounts may not recalculate due to rounding.

81

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

GAAP EPS $ 1.62 $ 2.37 $ 3.31 $ 3.90 $ 4.63 $ 4.14 $ 5.73 $ 4.95 $ 14.90 $ 5.44

Non-operating pension costs 0.50 0.31 0.22 0.37 0.25 0.05 0.19 0.33 0.31 0.09

Goodwill impairment - - - - - - - - - 0.29

Restructuring and other charges, net0.07 - 0.05 0.11

(0.01) 0.03 0.23 0.06 0.25 0.10

Tax reform-related and other tax adjustments, net - - - - - - - - (10.78) 0.19

Uncertain tax provision- - - -

- - - - - (0.08)

Pension lump sum settlement expense - - - - - 1.16 - - - -

Pension-related adjustments- - - -

0.03 0.14 (0.01) 0.09 0.06 -

Operating tax adjustment - - - - - - - - 0.03 -

Gain on sale of property0.12 (0.02) - -

- - - - (0.27) -

Acquisition-related tax adjustment - - - - - 0.03 - - - -

Acquisition transaction costs - 0.08 0.04 - - 0.01 - - - -

Tax law changes(0.11) (0.21) 0.09 (0.08)

- (0.03) (0.04) - 0.03 (0.06)

Superstorm Sandy vehicle-related recoveries- - - 0.10

(0.01) - - - - -

Foreign currency translation benefit- - - -

(0.04) - - - - -

Comparable EPS 2.20 2.53 3.71 4.40 $ 4.85 $ 5.53 $ 6.10 $ 5.43 $ 4.53 $ 5.97

Average Diluted Common Shares Outstanding 55,094 51,884 50,878 50,740 52,071 53,036 53,260 53,361 52,988 52,696


All Rights Reserved

Appendix: Earnings & EPS from Continuing Operations

2010 includes a $1 million gain on sale of an international asset or $0.02 per diluted share, $4 million of acquisition costs or $0.08 per diluted share, a $0.21 net tax benefit and $27 million of non-operating pension costs or $0.31 per diluted share.

2011 includes $0.09 tax charge, $4 million of acquisition-related severance and other restructuring costs or $0.05 per diluted share, $2 million of transaction costs or $0.04 per diluted share and $19 million of non-operating pension costs or $0.22 per diluted share.

2012 includes an $0.08 tax benefit partially offset by a $8 million charge related to restructuring or $0.11 per diluted share, a $8 million charge related to Superstorm Sandy or $0.10 per diluted share and $31 million in non-operating pension costs or $0.37 per diluted share.

2013 includes a $2 million benefit from foreign currency translation or $0.04 per diluted share, $24 million in non-operating pension costs or $0.28 per diluted share, a $3 million pension settlement charge or $0.03 per diluted share and other net charges of $1 million or $0.02 per diluted share.

2014 includes $10 million in non-operating pension costs or $0.05 per diluted share, $13 million in pension settlement charges or $0.14 per diluted share, $97 million from a one-time pension lump sum settlement or $1.16 per diluted share, $2 million from acquisition-related costs or $0.04 per diluted share, $2 million charge related to restructuring or $0.03 per diluted share, partially offset by a tax law change benefit of $2 million or $0.03 per diluted share.

2015 includes $4 million benefit from tax law change or $0.04 per diluted share, $1 million benefit from pension settlement adjustments or ($0.01) per diluted share, $18 million in restructuring costs or $0.23 per diluted share, and $19 million in non-operating pension costs or $0.21 per diluted share.

2016 includes $8 million in pension-related charges or $0.09 per share, $5 million in restructuring and other charges or $0.06 per share and $30 million in non-operating pension costs or $0.33 per diluted share.

2017 includes a $.03 tax law benefit, a $24 million gain on sale of property or $0.27 per diluted share, an operating tax adjustment of $2 million or $0.3 per diluted share, a $5 million pension related adjustment or $0.06 per diluted share, a $21 million charge related to restructuring or $0.25 per diluted share, a net tax reform related benefit of $10.75 per diluted share, and $27 million of non-operating pension costs or $0.31 per diluted share.

2018 includes $4.7 million of non-operating pension costs or $0.09 per diluted share, a $5.1 million charge related to restructuring or $0.10 per diluted share, a $15.5 million charge related to goodwill impairment or $0.29 per diluted share, a $10.0 million charge due to tax reform-related and other tax adjustments, net or $0.19 per diluted share, a benefit of $3.0 million or $0.06 per diluted share related to a tax law change and a benefit of $4.4 million or $0.08 million related to an uncertain tax position.

82


All Rights Reserved

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:

83

Non-GAAP Financial Measure Comparable GAAP MeasureReconciliation & Additional Information

Presented on Slide Titled

Operating Revenue Measures:

Operating Revenue Total Revenue Key Financial Statistics

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)

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)

Comparable Earnings Measures:

Comparable Earnings and Comparable EPS Earnings and EPS from Continuing Operations Earnings and EPS from Continuing Operations Reconciliation

Comparable EPS Forecast EPS Forecast from Continuing Operations EPS Forecast – Continuing Operations

Comparable Earnings Before Income Tax and Comparable Tax Rate

Earnings Before Income Tax and Tax Rate Earnings and Tax Rate from Continuing Operations Reconciliation

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

Comparable Earnings Before Interest, Taxes, Depreciation and Amortization and Comparable Earnings Before Interest, Taxes, Depreciation and Amortization Forecast

Earnings from Continuing Operations Comparable EBITDA Reconciliation

Cash Flow Measures:

Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation

Debt Measures:

Total Obligations and Total Obligations to Equity Balance Sheet Debt and Debt to Equity Debt to Equity Reconciliation


All Rights Reserved

Appendix: Non-GAAP Financial Measures

($ Millions or $ Earnings Per Share)

(1) The reconciliation of the EBT and Tax Rate for these items are included on next slide. Th The

(2) These amounts have been recast to reflect the impact of the lease accounting standard. Prior year period does not reflect the impact from the lease accounting

standard

Earnings and EPS from Continuing Operations Reconciliation (1)

84

FY18 FY18 FY17 FY17

Earnings (2) EPS (2) Earnings EPS

GAAP $ 287.6 $ 5.44 $ 792.3 $ 14.90

Non-operating pension costs 4.7 0.09 16.0 0.31

Pension-related adjustments — — 3.3 0.06

Gain on sale of property — — (14.8) (0.27)

Restructuring and other charges, net 5.1 0.10 13.4 0.25

Goodwill impairment 15.5 0.29 — —

Tax law changes (3.0) (0.06) 1.8 0.03

Tax reform-related and other tax adjustments, net 10.0 0.19 (572.6) (10.78)

Uncertain tax position (4.4) (0.08) — —

Operating tax adjustment — — 1.7 0.03

Comparable $ 315.5 $ 5.97 $ 241.1 $ 4.53


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(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.

(2) These amounts have been recast to reflect the impact of the lease accounting standard. Prior year period does not reflect the impact from the lease accounting standard

EBT and Tax Rate from Continuing Operations Reconciliation

85

FY18 FY18 FY18

EBT(2) Tax(2) Tax Rate (2)

GAAP $ 390.4 $ 102.8 26.3%

Non-operating pension costs 7.5 2.9

Pension-related adjustments — —

Restructuring and other charges, net 6.4 1.2

Goodwill impairment 15.5 —

Tax law changes — 3.0

Tax reform-related and other tax adjustments, net — (10.0)

Uncertain tax position — 4.4

Comparable (1) $ 419.8 $ 104.3 24.8%

FY17 FY17 FY17

EBT Tax Tax Rate

GAAP $ 314.5 $ (477.7) (151.9)%


Pension-related adjustments 5.5 2.2

Gain on sale of property (24.1) (9.4)

Restructuring and other charges, net 21.4 8.0

Tax law changes — (1.8)

Tax reform-related and other tax adjustments, net 23.3 595.9

Operating tax adjustment 2.2 0.5

Comparable (1) $ 370.5 $ 129.4 34.9%


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EPS Forecast - Continuing Operations



86

Full Year 2019

EPS forecast $0.20 to $0.30

Non-operating pension costs, net of tax 0.36

ERP implementation costs 0.30

Restructuring and other, net 0.34

Gain on sale of property (0.26)

Tax adjustments 0.06

Comparable EPS forecast $1.00 to $1.10


All Rights Reserved

($ 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.

(7) Represents the adjusted return on capital vs. cost of capital (trailing 12 months)

2010 2011 2012 2013

Net earnings (2) $ 118 $ 170 $ 210 $ 238

Restructuring and other charges, net and other items 6 6 17 -

Income taxes 61 108 91 126

Adjusted earnings before income taxes 185 284 317 363

Adjusted interest expense (3) 133 135 144 141

Adjusted income taxes (4) (124) (157) (167) (177)

Adjusted net earnings [A] $ 194 $ 262 $ 294 $ 327

Average total debt(5) $ 2,512 $ 3,079 $ 3,778 $ 4,015

Average off-balance sheet debt(5) 114 78 2 1

Average total shareholders' equity(5) 1,402 1,428 1,406 1,594

Average adjustments to shareholders' equity (6) 2 4 (3) (2)

Adjusted average total capital [B] $ 4,030 $ 4,588 $ 5,182 $ 5,608

Adjusted return on capital [A]/[B] 4.8% 5.7% 5.7% 5.8%

Weighted average cost of capital 6.1% 5.5% 4.8% 4.8%

Adjusted return on capital spread (7) (1.3)% 0.2% 0.9% 1.0%


Adjusted Return on Capital Reconciliation (1)

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($ 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.






(7) Represents the adjusted return on capital vs. cost of capital (trailing 12 months). Amounts for 2018 and 2019 reflect impact from lease accounting change.

(8) These amounts have been recast to reflect the impact of the lease accounting standard. Prior full year periods do not reflect the impact from the lease accounting standard

2014 2015 2016 2017 2018 3Q18 3Q19

2019

Forecast

Net earnings (2) $ 218 $ 305 $ 263 $ 792 $ 285 $ 817 $ 142 $ 15

Restructuring and other charges, net and

other items 115 18 13 28 22 36 13 25

Income taxes 118 164 142 (477) 103 (466) 55 (5)

Adjusted earnings before income taxes 451 486 418 343 410 387 210 35

Adjusted interest expense (3) 145 151 148 141 181 165 230 240

Adjusted income taxes (4) (214) (224) (199) (168) (147) (150) (131) (60)

Adjusted net earnings [A] $ 383 $ 413 $ 367 $ 316 $ 444 $ 402 $ 309 $ 215

Average total debt (5) $ 4,653 $ 5,177 $ 5,549 $ 5,360 $ 6,000 $ 5,746 $ 7,124 $ 7,460

Average off-balance sheet debt (5) 2 1 1 2 — — —

Average total shareholders' equity (5) 1,926 1,895 2,053 2,207 2,494 2,391 2,555 2,530

Average adjustments to shareholders' equity (6)

8 11 2 (68) (44) (122) 14 10

Adjusted average total capital [B] $ 6,589 $ 7,084 $ 7,606 $ 7,501 $ 8,449 $ 8,015 $ 9,693 $ 10,000

Adjusted return on capital [A]/[B] 5.8 % 5.8 % 4.8 % 4.2 % 5.2 % 5.0 % 3.2 % 2.2 %

Weighted average cost of capital 4.7 % 4.4 % 4.3 % 4.4 % 4.8 % 4.6 % 4.6 % 4.7 %

Adjusted return on capital spread (7) 1.1 % 1.4 % 0.5 % (0.2) % 0.4 % 0.4 % (1.4) % (2.5) %

(8)

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($ Millions)

2017 2018 (8)

FMS DTS SCS FMS DTS SCS

Net earnings (2) $ 780 $ 38 $ 72 $ 247 $ 45 $ 98

Restructuring and other charges, net and other items (25) — — (5) — —

Income taxes (467) 17 31 78 16 35

Adjusted earnings before income taxes 288 55 103 319 61 134

Adjusted interest expense (3) 144 8 3 183 15 11

Adjusted income taxes (4) (166) (20) (32) (112) (20) (39)

Adjusted net earnings [A] $ 266 $ 44 $ 74 $ 390 $ 56 $ 106

Average total debt(5) $ 5,530 $ (77) $ (84) $ 6,087 $ (90) $ 10

Average off-balance sheet debt(5) 2 330 196 4 364 215

Average total shareholders' equity(5) 1,592 108 416 2,270 117 464

Average adjustments to shareholders' equity (6) (140) — — (153) — —

Adjusted average total capital [B] $ 6,984 $ 362 $ 528 $ 8,206 $ 391 $ 689

Adjusted return on capital [A]/[B] 3.8% 12.1% 14.0% 4.8% 14.2% 15.4%

(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.






(7) Represents the adjusted return on capital vs. cost of capital (trailing 12 months)

(8) These amounts have not been recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard



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($ Millions)Comparable EBITDA Reconciliation(1)

(1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from

continuing operations to comparable earnings before income taxes from continuing operations is provided on this slide.


Twelve months ended December 31,

2010 2011 2012 2013

Earnings from continuing operations 124.6 171.4 200.7 243.3

Provision for income taxes 61.7 108.0 102.1 125.7

Earnings before income taxes from continuing operations 186.3 279.4 302.8 369.0

Non-operating pension costs 26.6 18.7 31.4 22.2

Restructuring and other charges, net — 3.7 8.1 (0.5)

Pension lump sum settlement expense — — — —

Pension-related adjustments — — — 2.8

Acquisition-related tax adjustment — — — —

Superstorm Sandy vehicle-related (recoveries) losses — — 8.2 (0.6)

Foreign currency translation benefit — — — (1.9)

Acquisition transaction costs 4.1 2.1 0.4 —

International gain on sale (0.9) — — —

Comparable earnings before income taxes 216.0 303.8 350.9 391.1

Interest expense 130.0 133.2 140.6 140.5

Depreciation 833.8 872.3 939.7 967.2

Losses from used vehicle fair value adjustments 16.4

Amortization 3.6 8.8 8.4 7.9

Comparable EBITDA 1,183.4 1,318.0 1,439.5 1,523.1

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2014 2015 2016

Earnings from continuing operations 220.2 306.0 265.2

Provision for income taxes 118.0 163.2 142.0

Earnings before income taxes from continuing operations 338.3 469.2 407.3

Non-operating pension costs 5.5 17.8 29.9

Restructuring and other charges, net 3.4 18.1 5.1

Pension lump sum settlement expense 97.2 — —

Pension-related adjustments 12.6 (0.5) 7.7

Acquisition-related tax adjustment 1.8 — —

Superstorm Sandy vehicle-related (recoveries) losses — — —

Foreign currency translation benefit — — —

Acquisition transaction costs — — —

International gain on sale — — —

Comparable earnings before income taxes 458.7 504.6 449.9

Interest expense 144.7 150.4 147.8

Depreciation 1,047.0 1,122.0 1,187.1

Losses from used vehicle fair value adjustments 10.8 18.0 67.4

Amortization 6.9 6.8 5.8

Comparable EBITDA 1,668.2 1,801.7 1,858.1

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All Rights Reserved






2019Forecast 2018(2) 2017

Earnings from continuing operations $ 15.0 $ 287.6 $ 792.3

Provision for income taxes (5.0) 102.8 (477.7)



ERP implementation 20.0 — —


Goodwill impairment — 15.5 —

Pension-related adjustments — — 5.5

Operating tax adjustment — — 2.2

Tax reform-related and other tax adjustments, net — — 23.3

Gain on sale of property (19.0) — (24.1)



Depreciation 1,880.0 1,381.6 1,255.2



Comparable EBITDA $ 2,259.0 $ 2,042.9 $ 1,829.9


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2019Forecast 2018(2) 2017

Earnings from continuing operations $ 270.0 $ 287.6 $ 792.3

Provision for income taxes 90.0 102.8 (477.7)



ERP implementation 20.0 — —


Goodwill impairment — 15.5 —

Pension-related adjustments — — 5.5

Operating tax adjustment — — 2.2

Tax reform-related and other tax adjustments, net — — 23.3

Gain on sale of property (19.0) — (24.1)



Depreciation 1,600.0 1,381.6 1,255.2



Comparable EBITDA $ 2,338.0 $ 2,042.9 $ 1,829.9


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($ Millions)

Nine months ended September30,

2019 2018

Earnings from continuing operations $ 29.8 $ 175.1

Provision for income taxes 50.2 98.4

Earnings before income taxes from continuing operations 80.0 273.5


ERP implementation costs 13.6 —

Restructuring and other, net 13.8 1.8

Gain on sale of property (18.6) —

Goodwill impairment — 15.5

Comparable earnings before income taxes 108.8 294.0

Interest expense 178.6 128.8

Depreciation 1,342.7 1,022.0

Losses from used vehicle fair value adjustments 67.9 39.1

Amortization 6.3 5.6

Comparable EBITDA $ 1,704.3 $ 1,489.5

Comparable EBITDA Reconciliation(1)


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($ 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) 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”.

Cash Flow Reconciliation

95

12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015

Cash Provided by Operating Activities from Continuing Operations $ 1,028 $ 1,042 $ 1,160 $ 1,252 $ 1,383 $ 1,442

Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 235 337 413 452 497 427

Collections of Direct Finance Leases(1) 62 62 72 71 66 71

Other, net(1) 3 — — 8 (1) —

Total Cash Generated 1,328 1,442 1,645 1,783 1,944 1,940

Capital Expenditures (1), (2) (1,070) (1,699) (2,133) (2,123) (2,259) (2,668)

Free Cash Flow (3) $ 258 $ (257) $ (488) $ (340) $ (315) $ (728)

Memo:

Depreciation Expense (4) $ 808 $ 863 $ 944 $ 967 $ 1,047 $ 1,122

Net cash used in financing activities 78 504 438 347 312 731

Net cash used in investing activities (982) (1,657) (1,635) (1,604) (1,705) (2,161)


All Rights Reserved

($ Millions)

12/31/2016 12/31/2017 12/31/2018 9/30/2018 9/30/20192019

Forecast

Cash Provided by Operating Activities from Continuing Operations $ 1,601 $ 1,548 $ 1,721 $ 1,276 $ 1,589 $ 2,130

Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 421 429 396 292 403 450

Collections of Direct Finance Leases (1) 77 73 N/A N/A N/A N/A

Total Cash Generated 2,099 2,050 2,117 1,567 1,993 2,580

Capital Expenditures (1), (2) (1,905) (1,860) (3,050) (2,200) (2,957) (3,700)

Free Cash Flow (3) $ 194 $ 190 $ (933) $ (633) $ (965) $ (1,120)

Memo:

Depreciation Expense (4) $ 1,187 $ 1,255 $ 1,382 $ 1,022 $ 1,343 1,880

Net cash provided by (used in) financing activities (186) (155) 1,083 779 977 1,100

Net cash used in investing activities (1,406) (1,366) (2,821) (2,076) (2,554) $ (3,250)

(5)


Cash Flow Reconciliation

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($ Millions)

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%

(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.

Note: Amounts may not recalculate due to rounding.

Debt to Equity Reconciliation(1)


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Contact Information

Bob Brunn

VP – Investor Relations, Corporate Strategy & Product Strategy

305-500-4210

[email protected]

Calene Candela

Group Director – Investor Relations

305-500-4764

[email protected]

Investor Website:

http://investors.ryder.com

mailto:[email protected]

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