RYDERFINAL 881F2721-61D0-41D9-90DD-BC4D3287E1AB_newryder4Q08Earnings_final

Fourth Quarter 2008 & 2009 ForecastEarnings Conference Call

February 4, 2009

2

Safe Harbor

Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, customer acceptance or competition, customer retention levels, unexpected volume declines, automotive plant shutdowns and shift eliminations, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, the timing and impact of the restructuring activities announced in Q4 2008, changes in financial, tax or regulatory requirements or changes in customers’business environments that will limit their ability to commit to long-term vehicle leases, changes in economic and market conditions affecting the commercial rental market or the sale of used vehicles, a decrease in credit ratings, increased debt costs resulting from volatile financial markets, lack of accretive acquisition opportunities, inability to achieve planned synergies and customer retention levels from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, changes in general economic conditions, further decline in pension plan returns, sudden or unusual changes in fuel prices, availability of qualified drivers, our ability to manage our cost structure, new accounting pronouncements, rules or interpretations, changes in government regulations including regulations regarding vehicle emissions and the risks described in our filings with the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

3

Contents

► Fourth Quarter 2008 Results Overview► Asset Management Update► 2009 Forecast► Q & A

4

4th Quarter Results Overview

► Earnings per diluted share were $0.19 versus $1.24 in 4Q07– 4Q08 included a $0.90 charge related to restructuring and other items– 4Q07 included a $0.06 benefit related primarily to Canada tax law changes

► Comparable earnings per share were $1.09 versus $1.18 in 4Q07

► Revenue declined 18% vs. prior year, reflecting a change from gross to net revenue reporting for a supply chain subcontracted transportation customer, lower fuel services revenue and unfavorable foreign exchange rate movements

► Operating revenue down 7% vs. prior year driven by unfavorable foreign exchange rates of 5%, lower commercial rental revenue, lower automotive volumes and lower fuel pass throughs, partially offset by contractual revenue growth including acquisitions

5


► Fleet Management Solutions (FMS) total revenue down 10% (and operating revenue down 4%) vs. prior year

– Contractual revenue remained flat; up 4% excluding foreign exchange– Full service lease revenue including acquisitions flat; up 4% excluding foreign exchange– Contract maintenance revenue grew 2% organically; up 4% excluding foreign exchange

– Commercial rental revenue down 15%; down 11% excluding foreign exchange– Fuel revenue down 25% due to both price and volume declines

► FMS net before tax earnings (NBT) down 15%– FMS NBT down 12% excluding foreign exchange– FMS NBT percent of operating revenue down 170 basis points to 11.7%

► FMS earnings negatively impacted by commercial rental results and foreign exchange, partially offset by contractual business performance including accretive acquisitions

6


► Supply Chain Solutions (SCS) total revenue down 35% vs. prior year due largely to change from gross to net revenue reporting for a supply chain subcontracted transportation customer

► SCS operating revenue down 13% vs. prior year due to lower automotive volumes and an unfavorable foreign exchange impact of 7%

► SCS net before tax earnings (NBT) down 21%

– SCS NBT percent of operating revenue down 50 basis points to 5.1%

► SCS earnings negatively impacted by lower international operating results and, to a lesser extent, lower automotive revenue partially offset by lower compensation costs

► Dedicated Contract Carriage (DCC) total revenue down 13% (and operating revenue down 12%) vs. prior year due to non-renewed contracts, lower volumes and lower passed through fuel costs

► DCC net before tax earnings (NBT) up 4%

– DCC NBT percent of operating revenue up 160 basis points to 10.3%

► DCC earnings positively impacted by improved operating margins and efficiencies

7

Key Financial Statistics

2008 2007 % B/(W)

Operating Revenue (1)(2) 1,109.5$ 1,189.6$ (7%)

Fuel Services and Subcontracted Transportation Revenue (3) 264.3 476.6 (45%)

Total Revenue (3)1,373.8$ 1,666.2$ (18%)

Earnings Per Share 0.19$ 1.24$ (85%)

Comparable Earnings Per Share (1)1.09$ 1.18$ (8%)

Memo:Average Shares (Millions) - Diluted 55.5 58.1

Tax Rate 67.9% 35.6%

Fourth Quarter

(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See page 43 for reconciliation.

(2) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel servicesrevenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.

(3) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.

(4) Tax rate includes the impact of non-deductible restructuring charges partially offset by reversal of tax reserves. Comparable tax rate would be 37.9% in 2008 vs. 38.7% in 2007, excluding these items. See page 44 for reconciliation.

($ Millions, Except Per Share Amounts)

(4)

8


Full Year

(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See page 43 for reconciliation.

(2) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel servicesrevenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.

(3) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.

(4) Tax rate includes the impact of non-deductible restructuring charges, tax law changes and the reversal of tax reserves in 2008, and tax law changes in 2007. Comparable tax rate would be 39.4% in 2008 vs. 38.1% in 2007. See page 44 for reconciliation.


2008 2007 % B/(W)

Operating Revenue (1)(2) 4,704.5$ 4,636.6$ 1%

Fuel Services and Subcontracted Transportation Revenue (3) 1,499.2 1,929.4 (22%)

Total Revenue (3)6,203.7$ 6,566.0$ (6%)

Earnings Per Share 3.52$ 4.24$ (17%)

Comparable Earnings Per Share (1)4.49$ 4.21$ 7%

Memo:Average Shares (Millions) - Diluted 56.8 59.8

Tax Rate 42.9% 37.4%Adjusted Return on Capital (Trailing 12 Month) (1) 7.3% 7.4%

(4)

9

Business Segment

2008 2007 % B/(W) 2008 2007 % B/(W)Operating Revenue (1):

Fleet Management Solutions 736.7$ 764.8$ (4)% 976.3$ 1,085.4$ (10)%Supply Chain Solutions (2) 294.8 337.2 (13)% 357.2 545.8 (35)%Dedicated Contract Carriage 123.6 140.3 (12)% 126.2 144.3 (13)%Eliminations (45.6) (52.7) 13% (85.9) (109.3) 21% Total (2) 1,109.5$ 1,189.6$ (7)% 1,373.8$ 1,666.2$ (18)%

Segment Net Before Tax Earnings:Fleet Management Solutions 86.6$ 102.3$ (15)%Supply Chain Solutions 15.0 18.9 (21)%Dedicated Contract Carriage 12.7 12.3 4%Eliminations (8.4) (8.1) (5)%

105.9 125.4 (16)%

Central Support Services (Unallocated Share) (8.7) (14.0) 38%Earnings Before Restructuring and Income Taxes (1) 97.2 111.4 (13)%Restructuring and Other Charges, Net and Other Items (3) (64.0) 0.4 NMEarnings Before Income Taxes 33.2 111.8 (70)%Provision for Income Taxes (22.6) (39.9) 43%

Net Earnings 10.6$ 71.9$ (85)%

Comparable Net Earnings (1) 60.3$ 68.3$ (12)%

Memo: Total Revenue

Fourth Quarter

(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See page 43 for reconciliation(2) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.(3) Our primary measure of segment financial performance excludes restructuring and other charges, net and other items. The applicable portion of the restructuring and

other charges, net that related to each segment was as follows: FMS – ($16.7), SCS – ($45.3), DCC – ($0.5) and CSS – ($1.5) in 2008; FMS – $0.3 and SCS –$0.1 in 2007.

($ Millions)

10

Business Segment

2008 2007 % B/(W) 2008 2007 % B/(W)Operating Revenue (1):

Fleet Management Solutions 3,034.7$ 2,979.4$ 2% 4,450.0$ 4,162.6$ 7%Supply Chain Solutions (2) 1,330.7 1,314.5 1% 1,643.1 2,250.3 (27)%Dedicated Contract Carriage 536.8 552.9 (3)% 547.8 567.6 (4)%Eliminations (197.7) (210.2) 6% (437.2) (414.5) (5)% Total (2) 4,704.5$ 4,636.6$ 1% 6,203.7$ 6,566.0$ (6)%

Segment Net Before Tax Earnings:Fleet Management Solutions 398.5$ 373.7$ 7%Supply Chain Solutions 42.7 63.2 (32)%Dedicated Contract Carriage 49.6 47.4 5%Eliminations (31.8) (31.2) (2)%

459.0 453.1 1%

Central Support Services (Unallocated Share) (38.7) (44.4) 13%Earnings Before Restructuring and Income Taxes (1) 420.3 408.7 3%Restructuring and Other Charges, Net and Other Items (3) (70.4) (3.2) NMEarnings Before Income Taxes 349.9 405.5 (14)%Provision for Income Taxes (150.0) (151.6) 1%

Net Earnings 199.9$ 253.9$ (21)%

Comparable Net Earnings (1) 254.8$ 251.9$ 1%

Memo: Total Revenue

Full Year

(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. See page 43 for reconciliation.(2) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.(3) Our primary measure of segment financial performance excludes restructuring and other charges, net and other items. The applicable portion of the restructuring and

other charges, net that related to each segment was as follows: FMS – ($16.7), SCS – ($51.7), DCC – ($0.5) and CSS – ($1.5) in 2008; FMS – $4.5, SCS – ($5.6), DCC –($1.1) and CSS –($1.0) in 2007.

($ Millions)

11

Capital Expenditures

2008 $2008 2007 O/(U) 2007

Full Service Lease 986$ 900$ 86$

Commercial Rental 171 219 (48)

Operating Property and Equipment 112 76 36 Gross Capital Expenditures 1,269 1,195 74

Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 265 374 (109)

Less: Proceeds from Sale and Leaseback of Revenue Earning Equipment - 150 (150)

Net Capital Expenditures 1,004$ 671$ 333$

Memo: Acquisitions 247$ 75$ 172$

Full Year

($ Millions)

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Cash Flow

2008 2007 Net Earnings 200$ 254$ Depreciation 843 816 Gains on Vehicle Sales, Net (39) (44) Amortization and Other Non-Cash Charges, Net 63 32

Changes in Working Capital and Deferred Taxes 189 45 Cash Provided by Operating Activities 1,256 1,103

Proceeds from Sales (Primarily Revenue Earning Equipment) 265 374 Sale and Leaseback of Revenue Earning Equipment - 150 Collections of Direct Finance Leases 62 63 Other, Net - 2

Total Cash Generated (1) 1,583 1,692

Capital Expenditures (2) (1,234) (1,317)

Free Cash Flow (1)(3) 349$ 375$

(1) Non-GAAP financial measure; refer to Appendix – Non-GAAP Financial Measures(2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment(3) Free Cash Flow excludes acquisitions and changes in restricted cash

Full Year ($ Millions)

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275%

225%

157%168%151%129%146%

201%

234%275%

0%50%

100%150%200%250%300%

12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 LongTerm

TargetMidpoint

TotalObligationsto Equity

BalanceSheet Debtto Equity

Debt to Equity Ratio

12/31/08 12/31/07 Balance Sheet Debt 2,863$ 2,776$ Percent To Equity 213% 147%

Total Obligations (1) 3,026$ 2,954$ Percent To Equity (1) 225% 157%

Total Equity 1,345$ 1,888$

Note: Includes impact of accumulated net pension related equity charge of $480 million as of 12/31/08 and $148 million as of 12/31/07.

(1) Non-GAAP financial measure. Total obligations include the present value of minimum lease payments and guaranteed residual values under operating leases of $163 million as of 12/31/08 and $178 million at 12/31/07.

(2) Represents long term total obligations to equity target of 250 - 300% while maintaining a strong investment grade rating.

(1)

(2)

($ Millions)

14

Contents


15

Asset Management Update (1)

(1) All information presented on this page only is for the U.S. fleet and excludes Canadian and U.K. operations (units rounded to nearest hundred).(2) Vehicles no longer earning revenue definition revised in 1Q08 to include all units held for sale and all units that have not earned revenue in 30 days.

► Units held for sale were 6,300 at quarter end; down 2% from 6,400 units held for sale in the prior year

– Units held for sale were up 35% from 4,600 at the end of prior quarter

► The number of used vehicles sold in the fourth quarter was 3,200, down 42% compared with prior year

► Proceeds per unit were up 5% for tractors and flat for trucks in the fourth quarter compared with prior year

► Vehicles no longer earning revenue were 7,600 at quarter end; up 200 from the prior year(2)

– Vehicles no longer earning revenue were up 2,000 vs. the end of the prior quarter predominantly due to an increase in units held for sale

► Average fourth quarter total commercial rental fleet was down 5% year-over-year

16

Contents


17

2009 Overall Environment

+ Resume share repurchase program

● No share repurchase

+ Pension and tax law revisions− Additional pension contribution

● Positive free cash flow

− U.S. dollar strengthening(primarily impacts revenue)

● Assumes current unfavorableFX rates

+ Long term rates decline as credit crisis eases

− Further rate volatility

● Interest rates remain at current level

− Deeper economic decline● No 2009 economic recovery anticipated

● Continuing very weak economy - additional contraction- unfavorable comparisons vs. prior year

Opportunities (+) / Risks (-)Baseline Assumptions

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− Further price and demand weakening

● Lower rental demand with additional pricing decline

+ Additional cost initiatives● Maintenance and overhead cost reduction initiatives

− Additional decline in used vehicle pricing and/or volume

● Stable volume of used vehicle sales with lower pricing

● Inventory levels modestly up

− Further fleet downsizing

+ Additional acquisitions

● Slowing contractual net sales


FMS Assumptions

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● No significant risks or opportunities

● Exit underperforming international markets and contracts

− Negative impacts of potential large customer bankruptcies

● Increased impact from customer bankruptcies

+ Acquisitions● Increase penetration of non-automotive segments

− Potential for customer contraction and lost business

+ Weak economy drives increased outsourcing

● Focus on customer retention and business development

− Potential for further volume declines and automotive plant shutdowns

● Lower volumes with existing customers, especially in automotive


SCS / DCC Assumptions

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2008 % B / (W)Revenue:

Operating (1) (2) $ 4,210 - 4,470 4,705$ (5 - 11)%Fuel Services and Subcontracted Transportation 1,020 - 1,090 1,499 (27 - 32)%Total Revenue $ 5,230 - 5,560 6,204$ (10 - 16)%

Earnings: Earnings Before Income Taxes $ 246 - 312 350$ (11 - 30)%Earnings $ 145 - 184 200$ (8 - 28)%Comparable Earnings Before Income Taxes $ 253 - 319 420$ (24 - 40)%Comparable Earnings (1) $ 151 - 190 255$ (25 - 41)%

Earnings Per Share (EPS):EPS $ 2.60 - 3.30 3.52$ (6 - 26)%Comparable EPS (1) $ 2.70 - 3.40 4.49$ (24 - 40)%

Memo: Average Shares (Millions) - Diluted 55.9 56.8 Tax Rate 41.0% 42.9%Adjusted Return on Capital (1) 5.8 - 6.8% 7.3%

2009Forecast

(1) Non-GAAP financial measure; refer to Appendix – Non-GAAP Financial Measures. See page 43 for 2008 reconciliation. 2009 comparable earnings, comparable earnings before income taxes, and EPS excludes $5.5 million, $7 million, and $0.10 restructuring charges related to 2008 initiatives.

(2) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as prior to 2008 it was largely a pass through to customers and the Company realized minimal changes in profitability as a result of fluctuations in subcontracted transportation.

(3) 2008 tax rate includes the impact of non-deductible restructuring charges, tax law changes and the reversal of tax reserves.

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


(3)

21

Business Segment Revenue 2009 Forecast Midpoint Change % vs. 2008

As Reported w/o FXFleet Management Solutions:

Gross Revenue (1) (11)% (10)%Contractual Revenue (2) 1% 4%Commercial Rental Revenue (15)% (12)%

Operating Revenue (2)% 1%

As Reported w/o FX & FuelSupply Chain Solutions:

Gross Revenue (3) (22)% (15)%Operating Revenue (20)% (13)%

Dedicated Contract Carriage:Gross Revenue (3) (8)% (2)%Operating Revenue (10)% (4)%

(1) Includes fuel revenue.(2) Includes full service lease and contract maintenance.(3) Includes subcontracted transportation revenue.

22

2008Comparable

EPS

CommercialRental

Used VehicleSales

Automotive 2009 HeadcountReductions

Share Repurchases &Acquisitions to

Date

Revenue &Operational

Improvements

2009Comparable

EPS Forecastbefore Pension,

FX & Tax

2009 PensionExpenseIncrease

2009 FX Impact 2009 Tax Impact 2009Comparable

EPS Forecast

(0.50 – 0.60) 0.40

(0.50 – 0.60)(0.25 – 0.35)

(0.11)

$4.49 (1)

(0.69)

0.08

2009 Causes of EPS Change

(1) 2008 Comparable EPS is a non-GAAP financial measure; refer to Appendix – Non-GAAP Financial Measures. See page 43 for reconciliation. 2009 Comparable EPS excludes $0.10 restructuring charges related to 2008 initiatives.

($ Earnings Per Share)

0.13 - 0.53

$2.70 - $3.40

$3.55 - $4.25

(0.05)

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Pension Expense

2008 Pension Expense 3$

Lower than Assumed Return on Assets in 2008 71 Change in Discount Rate (15) Change in Expected Return Assumption 5 Benefit of Pension Contributions (4) 2008 Canadian Curtailment Benefit 4 Other 3

2009 Estimated Pension Expense Excluding FX Benefit 67

FX Benefit (2) 2009 Estimated Pension Expense 65$

($ Millions)

Drivers of the Change in 2009 Consolidated Pension Expense

24

Business Segment Earnings

Full Year

7.39.0

5.9 6.7 6.0 8.79.0 9.0 9.0

9.7

13.112.512.612.411.2

7.58.27.3

5

7

9

11

13

15

2001 2002 2003 2004 2005 2006 2007 2008 2009 ForecastMidpoint

FleetManagement

Solutions

Supply ChainSolutions

DedicatedContractCarriage

2.72.8 3.12.42.72.9

(0.4)(0.6)

2.6

3.2

(0.6)(0.8)

4.8 5.33.94.04.2 3.2

-1

1

3

5


9.39.18.4

7.56.5

5.86.8

6.06.2

9.69.28.6

7.86.7

5.96.9

6.16.3

5

7

9


Segment NBT as % of Total Revenue

Segment NBT as % of Operating Revenue (1)

(1) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as prior to 2008 it was largely a pass through to customers and the Company realized minimal changes in profitability as a result of fluctuations in subcontracted transportation.

25

Capital Expenditures

Full Service Lease:► Capital for lease vehicles is committed after contracts are signed

with customers

► 2009 lease capital expenditures include:

● Replacement spending of $780 - $855 million

● Growth spending of $20 million

Growth capital represents an investment which results in $8 million of annual revenue

Commercial Rental:► No 2009 rental capital expenditures

26

Capital Expenditures, Cash Flow & Leverage

2009Forecast 2008

Full Service Lease - Replacement $ 780 - 855 Full Service Lease - Growth 20

Full Service Lease 800 - 875 986$ Commercial Rental - 171 Operating Property and Equipment 100 112

Gross Capital Expenditures 900 - 975 1,269 Less: Proceeds from Sales 255 265

Net Capital Expenditures 645 - 720 1,004$

Cash Provided by Operating Activities $ 925 - 1,035 1,256$

Total Cash Generated (1) $ 1,245 - 1,355 1,583$ Free Cash Flow (1)(2) $ 325 - 400 349$ Total Obligations to Equity (1) 178 - 188% 225%

Full Year

(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.(2) Free Cash Flow excludes acquisitions. Acquisitions totaled $247 million in full year 2008 and $81 million in 2009 year-to-date.

($ Millions)

27

EPS Forecast

First Quarter Full Year

2009 Comparable EPS Forecast $ 0.40 - 0.50 $ 2.70 - 3.40

2008 Comparable EPS 0.96$ 4.49$

(1) Non-GAAP financial measure. Refer to page 43 for 2008 reconciliation. First quarter and full year 2009 comparable EPS excludes $0.03 and $0.10 restructuring charges related to 2008 initiatives.

($ Earnings Per Share)

(1)

(1)

28

Summary

► Manage through adverse impacts of pension plan performance and cyclical impacts in commercial rental and used vehicle sales

► Utilize cost management and restructuring opportunities

► Focus on strong customer retention, new business development andsales/marketing initiatives

► Continue growth (excluding FX) in full service lease and contract maintenance organically and through acquisitions

► Partially offset impact of lower automotive volumes on supply chain solutions through industry diversification

► Renew focus on dedicated contract carriage growth opportunities

► Appropriately manage capital spending and fleet size resulting in strong free cash flow

Manage through cyclical impacts of prolonged recession and market downturn, while driving growth from customer outsourcing in contractual product lines

29

Q&A

30

Appendix

Business Segment Detail

Central Support Services

Balance Sheet

Asset Management

Financial Indicators Forecast

Non-GAAP Financial Measures & Reconciliations

31

Fleet Management Solutions (FMS)

2008 2007 % B/(W) Full Service Lease 505.4$ 503.9$ 0%Contract Maintenance 42.2 41.6 2%

Contractual Revenue 547.6 545.5 0%

Contract-related Maintenance 43.7 48.5 (10)%Commercial Rental 128.7 152.0 (15)%Other 16.7 18.8 (11)%Operating Revenue (a) 736.7 764.8 (4)%Fuel Services Revenue 239.6 320.6 (25)%

Total Revenue 976.3$ 1,085.4$ (10)%

Segment Net Before Tax Earnings (NBT) 86.6$ 102.3$ (15)%Segment NBT as % of Total Revenue 8.9% 9.4%Segment NBT as % of Operating Revenue (a) 11.7% 13.4%

Fourth Quarter($ Millions)

(a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass-through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time as customer pricing for fuel services is established based on market fuel costs.

32

Fleet Management Solutions (FMS)

2008 2007 % B/(W)Full Service Lease 2,042.1$ 1,965.3$ 4%Contract Maintenance 168.1 159.6 5%

Contractual Revenue 2,210.2 2,124.9 4%

Contract-related Maintenance 193.9 198.8 (2)%Commercial Rental 557.5 583.3 (4)%Other 73.1 72.4 1%Operating Revenue (a) 3,034.7 2,979.4 2%Fuel Services Revenue 1,415.3 1,183.2 20%

Total Revenue 4,450.0$ 4,162.6$ 7%

Segment Net Before Tax Earnings (NBT) 398.5$ 373.7$ 7%Segment NBT as % of Total Revenue 9.0% 9.0%Segment NBT as % of Operating Revenue (a) 13.1% 12.5%

Full Year($ Millions)

(a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass-through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time as customer pricing for fuel services is established based on market fuel costs.

33

Supply Chain Solutions (SCS)

2008 2007 % B/(W)U.S. Operating Revenue Automotive & Industrial 117.4$ 141.3$ (17)% High Tech & Consumer Industries 78.2 69.4 13% Transportation Management 9.8 8.2 18%U.S. Operating Revenue (a) 205.4 218.9 (6)%International Operating Revenue (a) 89.4 118.3 (24)%Operating Revenue (a) 294.8 337.2 (13)%Subcontracted Transportation 62.4 208.6 (70)%Total Revenue 357.2$ 545.8$ (35)%


Memo: Fuel Costs 22.7$ 35.6$ 36%

Fourth Quarter

(a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.

($ Millions)

34

Supply Chain Solutions (SCS)

2008 2007 % B/(W)U.S. Operating Revenue Automotive & Industrial 547.8$ 551.7$ (1)% High Tech & Consumer Industries 310.5 288.9 7% Transportation Management 38.5 32.6 18%U.S. Operating Revenue (a) 896.8 873.2 3%International Operating Revenue (a) 433.9 441.3 (2)%Operating Revenue (a) 1,330.7 1,314.5 1%Subcontracted Transportation 312.4 935.8 (67)%Total Revenue 1,643.1$ 2,250.3$ (27)%


Memo: Fuel Costs 147.4$ 124.5$ (18)%

Full Year

(a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.

($ Millions)

35

Dedicated Contract Carriage (DCC)

2008 2007 % B/(W)

Operating Revenue (a) 123.6$ 140.3$ (12)%Subcontracted Transportation 2.6 4.0 (35)%Total Revenue 126.2$ 144.3$ (13)%


Memo: Fuel Costs 22.4$ 29.3$ 24%

Fourth Quarter

(a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.

($ Millions)

36

Dedicated Contract Carriage (DCC)

2008 2007 % B/(W)

Operating Revenue (a) 536.8$ 552.9$ (3)%Subcontracted Transportation 11.0 14.7 (25)%Total Revenue 547.8$ 567.6$ (4)%


Memo: Fuel Costs 123.0$ 107.1$ (15)%

Full Year

(a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.

($ Millions)

37

Central Support Services (CSS)

2008 2007 % B/(W)

Allocated CSS Costs 36.6$ 37.3$ 2%Unallocated CSS Costs 8.7 14.0 38%Total CSS Costs 45.3$ 51.3$ 12%

Fourth Quarter($ Millions)

38

Central Support Services (CSS)

2008 2007 % B/(W)

Allocated CSS Costs 146.8$ 146.1$ 0%Unallocated CSS Costs 38.7 44.4 13%Total CSS Costs 185.5$ 190.5$ 3%

Full Year($ Millions)

39

Balance Sheet

December 31, December 31,2008 2007

Cash and Cash Equivalents 120$ 116$

Other Current Assets 831 1,106

Revenue Earning Equipment, Net 4,565 4,501

Operating Property and Equipment, Net 547 519

Other Assets 627 613

Total Assets 6,690$ 6,855$

Short-Term Debt / Current Portion Long-Term Debt 384$ 223$

Other Current Liabilities 727 797

Long-Term Debt 2,479 2,553

Other Non-Current Liabilities 1,755 1,394

Shareholders' Equity 1,345 1,888

Total Liabilities and Shareholders' Equity 6,690$ 6,855$

($ Millions)

40

Asset Management Update (a)

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

(b)

967

4,938

4,167

4,750

1,584

5,008

3,042

4,596

3,996

1,646

4,539

4,1044,360

3,572

3,839

1,890

4,2614,195

1,938

4,843

1,561

4,571

3,868

5,180

0

1,000

2,000

3,000

4,000

5,000

6,000

Redeployments Extensions Early Terminations Early Replacements

FY03 FY04 FY05 FY06 FY07 FY08Number of Units

41

2000 2001 2002 2003 2004 2006 2009ForecastMidpoint

275%

201%

146% 129%

234%

151% 157%

EquityTotal Obligations (2)

2005

168%

2007

225%

2008

Financial Indicators Forecast (1)

(1) Obligations to Equity include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions.(2) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.(3) Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters.

Significant and predictable cash generation

Invest in growth (organic, acquisitions)

Increase financial leverage towards long term target of 250-300% Total Obligations to Equity

Gross Capital Expenditures($ Millions)

Total Cash Generated (2)

$1,054$835

$949$1,091

$1,381$1,183 $1,255 $1,300

$1,692 $1,583


2006 2007 2008

Total Obligations to Equity Ratio (2)

$1,289

$600$725

$1,165

$657

$1,411$1,195


Memo: Free Cash Flow (2)

131 367 357 289 (216)(3) 375(242)

Revenue Earning EquipmentPP&E/Other

$1,760

2006

(440)

2007

365

2008

349

$1,269

183%

$940

42

Non-GAAP Financial Measures► This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC

rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure and an explanation why management believes that presentation of the non-GAAP financial measure provides useful information to investors. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP.

► Specifically, the following non-GAAP financial measures are included in this presentation:

20Key Financial StatisticsTotal Revenue ForecastOperating Revenue Forecast

44Tax Rate ReconciliationNBT / Tax RateComparable NBT / Tax Rate

27EPS ForecastEPS ForecastComparable / Earnings EPS Forecast

43EPS and Net Earnings ReconciliationNet Earnings / EPSComparable Net Earnings / EPS

45Adjusted Return on Capital ReconciliationNet Earnings / Forecast Adjusted Return on Capital / Forecast

46 - 47Cash Flow ReconciliationCash Provided by Operating Activities / ForecastTotal Cash Generated / Free Cash Flow / Forecast

1348 - 49

Debt to Equity RatioDebt to Equity Reconciliation

Balance Sheet Debt / Debt to EquityTotal Obligations / Total Obligations to Equity

31 - 36Fleet Management Solutions / Supply Chain Solutions / Dedicated Contract Carriage

FMS / SCS / DCC Total Revenue and Segment NBT as % of Total Revenue

FMS / SCS / DCC Operating Revenue and Segment NBT as % of Operating Revenue

9 - 10Business SegmentNet EarningsEarnings Before Restructuring and Income Taxes

7 - 8Key Financial StatisticsTotal RevenueOperating Revenue

PageReconciliation & Additional Information Presented on Slide TitledComparable GAAP MeasureNon-GAAP Financial Measure

43

4Q07 - 4Q07 - FY07 - FY07 -Net Earnings EPS Net Earnings EPS

Net Earnings $ 71.9 $ 1.24 $ 253.9 $ 4.24

3Q07 and 4Q07 Restructuring (Recoveries)/ Charges (0.3) - 7.5 0.13

Gain on Sale of Property - - (6.2) (0.10)

Tax Law Changes (3.3) (0.06) (3.3) (0.06)

Comparable Net Earnings $ 68.3 $ 1.18 $ 251.9 $ 4.21

EPS and Net Earnings Reconciliation

4Q08 - 4Q08 - FY08 - FY08 -Net Earnings EPS Net Earnings EPS

Net Earnings / EPS 10.6$ 0.19$ 199.9$ 3.52$

Tax Law Changes - - (1.6) (0.03)

Reversal of Tax Reserve (7.9) (0.14) (7.9) (0.14)

Brazil Charges - - 6.8 0.12

4Q08 Restructuring Charges 53.2 0.96 53.2 0.94

International Asset Impairments/Write Offs 4.4 0.08 4.4 0.08

Comparable Net Earnings / EPS 60.3$ 1.09$ 254.8$ 4.49$

($ Millions or $ Earnings Per Share)

Note: Amounts may not recalculate due to rounding.

44

Tax Rate Reconciliation

4Q08 - 4Q08 - 4Q08 - FY08 FY08 FY08NBT Tax Tax Rate NBT Tax Tax Rate

Reported 33.2$ 22.6$ 67.9% 349.9$ 150.0 42.9%

Tax Law Changes - - - 1.6

Reversal of Tax Reserve - 7.9 - 7.9

Brazil Charges - - 6.5 (0.3)

4Q08 Restructuring Charges 58.4 5.3 58.4 5.3

International Asset Impairments/Write Offs 5.5 1.1 5.5 1.1

Comparable NBT / Tax Rate 97.2$ 36.9$ 37.9% 420.3$ 165.6 39.4%

4Q07 - 4Q07 - 4Q07 - FY07 - FY07 - FY07 -NBT Tax Tax Rate NBT Tax Tax Rate

Reported 111.8$ 39.9$ 35.6% 405.5$ 151.6 37.4%

3Q07 and 4Q07 Restructuring Charges (0.3) (0.1) 11.6 4.0

Gain on Sale of Property (0.1) - (10.1) (3.9)

Tax Law Changes - 3.3 - 3.3

Comparable NBT / Tax Rate 111.4$ 43.1 38.7% 407.0$ 155.0 38.1%

Note: NBT represents net before tax earningsAmounts are calculated independently for each component and may not be additive due to rounding.

45

Adjusted Return on Capital Reconciliation

Forecast Midpoint12/31/09 12/31/08 12/31/07

Net Earnings (1) 165$ 200$ 254$

Restructuring and Other Charges, Net and Other Items 7 70 1

Income Taxes 115 150 152

Adjusted Earnings Before Income Taxes 287 420 407

Adjusted Interest Expense (2) 170 165 169

Adjusted Income Taxes (3) (184) (230) (220) Adjusted Net Earnings 273$ 355$ 356$

Average Total Debt 2,766$ 2,882$ 2,848$ Average Off-Balance Sheet Debt 141 171 150

Average Adjusted Total Shareholders' Equity (4) 1,412 1,788 1,792 Adjusted Average Total Capital 4,319$ 4,841$ 4,790$

Adjusted Return on Capital (5) 6.3% 7.3% 7.4%

(1) Earnings calculated based on a 12-month rolling period excluding comparable earnings items during the period.(2) Interest expense includes implied interest on off-balance sheet vehicle obligations.(3) Income taxes were calculated using the effective income tax rate for the period exclusive of comparable earnings items.(4) Represents shareholders’ equity excluding comparable earnings items for those periods.(5) The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (including off-balance sheet debt) and equity

should be included in evaluating how effectively capital is utilized across the business.

($ Millions)

46

Cash Flow Reconciliation

(1) The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.

(2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.(3) The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management

believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited.

(4) Amounts have not been recasted to give effect for the impact of foreign exchange movements on cash for which the impact is not expected to be significant.(5) Free Cash Flow excludes acquisitions and changes in restricted cash.

12/31/00 (4) 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08

Cash Provided by Operating Activities 1,023$ 365$ 617$ 803$ 867$ 779$ 854$ 1,103$ 1,256$

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

Collections of Direct Finance Leases 67 66 66 61 64 70 66 63 62

Proceeds from Sales (Primarily Revenue Earning Equipment) 230 173 152 210 331 334 333 374 265

Proceeds from Sale and Leaseback of Assets - - - 13 118 - - 150 -

Other Investing, Net 4 (4) 4 4 1 - 2 2 -

Total Cash Generated (1) 1,054 835 949 1,091 1,381 1,183 1,255 1,692 1,583

Capital Expenditures (2) (1,296) (704) (582) (734) (1,092) (1,399) (1,695) (1,317) (1,234) Free Cash Flow (3)(5) (242)$ 131$ 367$ 357$ 289$ (216)$ (440)$ 375$ 349$

Memo:

Depreciation Expense 580$ 545$ 552$ 625$ 706$ 740$ 743$ 816$ 843$

Gains on Vehicle Sales, Net 19$ 12$ 14$ 16$ 35$ 47$ 51$ 44$ 39$

($ Millions)

47

Cash Flow Reconciliation

(1) The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.

(2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.(3) The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management

believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited.

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

Forecast Midpoint12/31/09

Cash Provided by Operating Activities 980$

Collections of Direct Finance Leases 65

Proceeds from Sales (Primarily Revenue Earning Equipment) 255

Total Cash Generated (1) 1,300

Capital Expenditures (2) (935)

Free Cash Flow (3)(4) 365$

($ Millions)

48

Debt to Equity Reconciliation

% to % to % to % to % to % to % to % to12/31/00 Equity 12/31/01 Equity 12/31/02 Equity 12/31/03 Equity 12/31/04 Equity 12/31/05 Equity 12/31/06 Equity 12/31/07 Equity

Balance Sheet Debt $2,017 161% $1,709 139% $1,552 140% $1,816 135% $1,783 118% $2,185 143% $2,817 164% $2,776 147%

Receivables Sold 345 110 - - - - - -

PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 879 625 370 153 161 117 78 178

PV of contingent rentals under securitizations 209 441 311 - - - - -

Total Obligations (1) $3,450 275% $2,885 234% $2,233 201% $1,969 146% $1,944 129% $2,302 151% $2,895 168% $2,954 157%

Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt.

(1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors as they are more complete measures of the Company’s existing financial obligations and help investors better assess the Company’s overall leverage position.

($ Millions)

49

Debt to Equity Reconciliation

Forecast% to Midpoint % to

12/31/08 Equity 12/31/09 Equity

Balance Sheet Debt $2,863 213% $2,620 175%

Receivables Sold - -

PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 163 120

Total Obligations (1) $3,026 225% $2,740 183%

(1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors as they are more complete measures of the Company’s existing financial obligations and help investors better assess the Company’s overall leverage position.

($ Millions)

RYDERFINAL 881F2721-61D0-41D9-90DD-BC4D3287E1AB_newryder4Q08Earnings_final

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