RYDER SYSTEM, INC.

Presented to:

Stephens Fall Investment Conference

November 16, 2011

Art GarciaEVP & CFO

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Safe Harbor

Certain statements and information included in this presentation

are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, a slowdown of the economic recovery and decreases in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, decreases in market demand in the commercial rental market and the sale of used vehicles, competition from other service providers, customer retention levels, unexpected volatility or declines in automotive or high-tech volume, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in financial, tax or regulatory requirements or changes in customers’

business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs resulting from volatile financial markets, inability to achieve planned synergies and customer retention levels or anticipate costs and liabilities from acquisitions, labor strikes or work stoppages affecting our or our customers’

business operations, driver shortages and increasing driver costs, adequacy of accounting estimates, reserves and accruals particularly with

respect to pension, taxes, insurance and revenue, a decline in pension plan returns, changes in obligations relating

to multi-employer plans, sudden or unusual changes in fuel prices, our ability to manage our cost structure, new accounting pronouncements, rules or interpretations, changes in government regulations, adverse impacts of recently enacted regulations regarding vehicle emissions, the inability to prevent a data privacy breach, unanticipated outcomes in legal proceedings 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.

Our Mission

Ryder is committed to being the leading provider of outsourced

transportation and logistics solutions in our target markets.

We strive to provide exceptional service to our customers and achieve superior results for our shareholders through our guiding principles and

core values.

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► Be recognized by customers as the premier provider of outsourced transportation and supply chain solutions in our target markets by performing these functions more efficiently and cost effectively than they could themselves

► Accelerate profitable growth through exceptional operational execution, introduction of new products/services and targeted acquisitions

► Develop an enhanced innovation culture to further capture long-term, profitable growth opportunities

► Attract, develop and retain the most capable talent, allowing employees to maximize their potential

Our Corporate Strategies

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Ryder Profile

Revenue (1)

$5.1 BillionOperating Revenue (1)

$4.2 BillionComparable Earnings Before Income Taxes (1)

$189 MillionComparable Earnings (1)

$117 MillionFree Cash Flow (1)

$258 MillionAssets $6.7 BillionAssets Under Customer Leases

$3.6 BillionVehicles Maintained

182,100Employees 25,900

Full Year 2010

Dedicated Contract Carriage

Fleet Management Solutions

Supply Chain Solutions

(1) These amounts result from continuing operations.

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Custom vehicle specifications

State-of-the-art preventive maintenance

Comprehensive package of fleet support services

Fleet Management Solutions:

Product and Services Overview

Fleet Management Fleet Management SolutionsSolutions

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

Lease support

CommercialRental

Full Service Lease

Insurance

Fuel

Safety

Regulatory reporting

Fleet Support Services

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

Contract-Related Maintenance

Flexible package of maintenance and fleet support services

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

Contract Maintenance

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

Supply Chain Solutions

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Dedicated Contract Dedicated Contract CarriageCarriage

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

Dedicated Contract Carriage: Product and Services Overview

150 Customers (North America, U.K.)

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Supply Chain SolutionsSupply Chain Solutions

Strategic consulting & decision support

Solutions engineering

Network modeling & optimization

Total landed cost

Lean Six Sigma

Professional Services

Order fulfillment

Warehouse and distribution center operations

Inbound materials management

Outbound product support

Reverse logistics

Vendor managed inventory

Kitting, packaging & assembly

Distribution Management

Freight procurement & contract management

Shipment planning and execution

Freight brokerage

Freight bill audit and payment

Origin/destination services

Transportation Management

Supported by: IT Solutions

Transportation & warehouse management systems

Network optimization tools

Inventory & shipment visibility tools

Supply Chain Solutions: Product and Services Overview

Dedicated

Dedicated Contract Carriage

470 Customers (North America, Asia)

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Market Overview

The transportation and logistics markets present significant growth opportunities. Current estimated market sizes are as follows:

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

Market Segment Market SizeLease and rental market (outsourced) –

U.S., Canada, U.K. 0.8 million vehiclesPrivate fleet market (non-outsourced) –

U.S., Canada 4.2 million vehiclesDedicated contract carriage market (outsourced) –

U.S. $14 billionSupply chain logistics market (outsourced) –

North America and Asia $310 billion

Deferred replacements resulted in record fleet aging which should lead to increased truck sales in the coming years

0

50

100

150

200

250

300

350

400

450

2005 2006 2007 2008 2009 2010 2011F2012F2013F2014F2015F2016F

actual forecast

Source: ACT Research Source: Global Insight

actual forecast

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Fleet Management Solutions:

Macro Trends Favoring FMS

Fleet Management Solutions:

Macro Trends Favoring FMS

Bank Capital Requirements

Access to Capital

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

Capital

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Fleet Management Solutions:

Macro Trends Favoring FMS

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

＄

EPA 2007

EPA 2010

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Key Financial Statistics

3Q Year-To-Date($ Millions, Except Per Share Amounts)

(1)

Non-GAAP financial measure; refer to Appendix -

Non-GAAP Financial Measures. (2)

Includes discontinued operations and restructuring charges and other items.

2011 2010 % B/(W)

Operating Revenue (1) 3,577.6$ 3,096.3$ 16%

Fuel Services and Subcontracted Transportation Revenue 931.9 726.7 28%

Total Revenue 4,509.4$ 3,823.0$ 18%

Earnings Per Share From Continuing Operations 2.39$ 1.57$ 52%

Comparable Earnings Per Share From Continuing Operations(1) 2.52$ 1.57$ 61%

Earnings Per Share (2) 2.35$ 1.53$ 54%

Memo:Average Shares (Millions ) - Diluted 50.9 52.2Tax Rate From Continuing Operations 40.0% 39.2% Comparable Tax Rate From Continuing Operations(1) 37.5% 39.2% Adjusted Return on Capital (Trailing 12 month )(1) 5.5% 4.5%

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14

Key Leading Indicators

The key leading indicators for Ryder’s business are strong. Third quarter results included:

(a)

Global power units(b)

U.S. power units(c)

U.S.

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Commercial Rental:

Utilization (a)

79.3%, up 10 bps vs. prior year

Pricing (a)

up 11% from prior year

Fleet Count (Average)

up 30% over prior year

Used Vehicle Pricing:

Tractors

up 39% over prior year; up 6% over 2Q11

Trucks

up 20% over prior year; up 5% over 2Q11

Lease:

Miles per Unit (b)

down 1.5% from prior year

Early Lease Terminations (c)

down 22% from prior year

Dedicated/Supply Chain Solutions:

Volumes

overall volumes higher

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Forecast

Long Term

Target Mispoint

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$1,054 $1,091

$1,381$1,179

$1,500$1,328

$1,571$1,684

$1,266 $1,252

$949$835

2000 2001 2002 2003 2004 2005 2006 2007 2008

Financial Indicators Forecast (1)

(1)

Obligations to Equity include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions. Forecast provided on 10/25//11 and has not subsequently been confirmed or revised

(2)

Non-GAAP financial measure; refer to Appendix -

Non-GAAP Financial Measures.(3)

2000-2004 not restated for operations discontinued in 2009.(4)

Includes $176 million payment to the IRS related to full resolution of 1998 -

2000 tax period matters.(5)

2011 Forecast range is ($190-240) million. Forecast provided on 10/25/11 and has not subsequently been confirmed or revised

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

Total Obligations to Equity Ratio (2)

$1,289

$600$725

$1,165

$657

$1,399$1,182

2000 2001 2002 2003 2004 2005

Memo: Free Cash Flow (2) (3)

$1,757

2006 2007 2008

$1,265

2009 2010 2010 2009

$611

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

$1,088

Total Obligations to EquityBalance Sheet Debt to Equity

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

275%

146% 129%

234%

151% 157%168%225%

183% 203%201%

Significant and predictable cash generation

Invest in growth (organic, acquisitions)

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

275%

Long Term Target

Midpoint

2011Forecast

(215)(5)

2011Forecast

2011

220%

Forecast

258

$1,755

Full Service Lease

PP&E/OtherCommercial Rental

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Summary

►

Benefiting from strong performance in transactional businesses and accretive acquisitions

►

Anticipate lease fleet growth through replacement cycle - managing through impact of fleet aging

►

Focus on driving long-term contractual revenue growth in all segments through strong customer retention and new business development, growth initiatives and strategic investments

►

Continuing to drive process improvement and cost savings

►

Each of Ryder’s businesses operate in very large markets

►

Market trends play favorably into long-term outsourcing decisions (aging fleets, increasing complexity/cost of vehicle technology, emissions standards, CSA, complex and changing global supply chains, etc.)

►

Strong balance sheet, cash flow and liquidity position

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

posture, solid value proposition and significant growth opportunities

Questions & Answers

Art GarciaEVP & CFO

Appendix

Non-GAAP Financial Measures

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►

This presentation includes “non-GAAP financial measures”

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

►

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

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

Operating Revenue (1) Total Revenue Key Financial Statistics

Comparable Earnings / EPS from Continuing Operations

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

Adjusted Return on Capital Net Earnings Appendix - Adjusted Return on Capital Reconciliation

Total Cash Generated/Free Cash Flow Cash Provided by Operating Activities Appendix - Cash Flow Reconciliation

Total Obligations to Equity Debt to Equity Appendix - Debt to Equity Reconciliation

(1)

The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of

the business and as a measure of sales activity. Fuel services revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of

steady market fuel prices. Subcontracted transportation revenue is excluded from the operating revenue computation as it is largely a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations in subcontracted transportation.

Appendix: Non-GAAP Financial Measures

Appendix: Non-GAAP Financial Measures($ Millions or $ Earnings Per Share)

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Earnings and EPS from Continuing Operations Reconciliation (1)

3Q11 - 3Q11 -Earnings EPS

Reported 56.9$ 1.10$

Tax Benefits (0.6) (0.01)

Comparable 56.4$ 1.09$

YTD 11 - YTD 11 -Earnings EPS

Reported 123.7$ 2.39$

Tax Law Changes / Benefits 4.8 0.09

Acquisition Related Transaction Costs 1.5 0.03

Restructuring Charges 0.5 0.01

Comparable 130.5$ 2.52$

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Appendix: Non-GAAP Financial Measures

(1)

Earnings calculated based on a 12-month rolling period.(2)

Interest expense includes implied interest on off-balance sheet vehicle obligations.(3)

Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.(4)

Represents comparable earnings items for those periods.(5)

The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (including off-balance sheet debt) and equity should be included in evaluating how effectively capital is utilized across the business.

($ Millions)Adjusted Return on Capital Reconciliation

9/30/11 9/30/10Net Earnings (1) 159$ 89$

Restructuring and Other Charges, Net and Other Items 9 16 Income Taxes 90 62

Adjusted Earnings Before Income Taxes 257 167 Adjusted Interest Expense (2) 136 133 Adjusted Income Taxes (3) (148) (118)

Adjusted Net Earnings 245$ 182$

Average Total Debt 2,916$ 2,480$ Average Off-Balance Sheet Debt 86 120 Average Adjusted Total Shareholders' Equity 1,433 1,410 Average Adjustments to Shareholders' Equity (4) 1 7 Adjusted Average Total Capital 4,437$ 4,017$

Adjusted Return on Capital (5) 5.5% 4.5%

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Cash Flow Reconciliation

Appendix: Non-GAAP Financial Measures($ Millions)

(1)

The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an

important measure of comparative operating performance. Management believes total cash generated provides investors with

an important measure of total cash inflows generated from our on-going business activities which include sales of revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.

(2)

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

The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an

important measure of comparative operating performance. Management believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support ongoing business operations. The calculation

of free cash flow may be different from the calculation used by

other companies and therefore comparability may be limited.

(4)

Free Cash Flow excludes acquisitions and changes in restricted cash.(5)

Amounts have not been recasted

for operations discontinued in 2009.

12/31/00 (5) 12/31/01 (5) 12/31/02 (5) 12/31/03 (5) 12/31/04 (5) 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09

Cash Provided by Operating Activities 1,023$ 365$ 617$ 803$ 867$ 776$ 852$ 1,097$ 1,248$ 985$

Less: Changes in Bal. of Trade Rec. Sold (270) 235 110 - - - - - - -

Collections of Direct Finance Leases 67 66 66 61 64 69 65 62 61 65

Proceeds from Sale (Prim. Rev. Earn. Equip.) 230 173 152 210 331 333 332 373 262 216

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

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

Total Cash Generated (1) 1,054 835 949 1,091 1,381 1,179 1,252 1,684 1,571 1,266

Capital Expenditures (2) (1,296) (704) (582) (734) (1,092) (1,387) (1,691) (1,304) (1,230) (652)

Free Cash Flow (3)(4) (242)$ 131$ 367$ 357$ 289$ (208)$ (439)$ 380$ 341$ 614$

Memo:

Depreciation Expense 580$ 545$ 552$ 625$ 706$ 735$ 739$ 811$ 836$ 881$

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

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($ Millions)

Appendix: Non-GAAP Financial Measures

(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 flows.

(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.

Cash Flow Reconciliation

12/31/10 9/30/10 9/30/11Cash Provided by Operating Activities from Continuing Operations 1,028$ 804$ 782$

Proceeds from Sales (Primarily Revenue Earning Equipment) 235 162 224

Collections of Direct Finance Leases 62 46 46

Other, Net 3 2 -

Total Cash Generated (1) 1,328 1,014 1,052

Capital Expenditures (2) (1,070) (861) (1,165)

Free Cash Flow (3)(4) 258$ 153$ (113)$

Memo:

Depreciation Expense 834$ 628$ 645$

Gains on Vehicle Sales, Net 29$ (18)$ (46)$

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Debt to Equity Reconciliation

Appendix: Non-GAAP Financial Measures($ Millions)

% 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.

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Appendix: Non-GAAP Financial Measures($ Millions)Debt to Equity Reconciliation

% to % to % to % to % to12/31/08 Equity 12/31/09 Equity 12/31/10 Equity 9/30/10 Equity 9/30/11 Equity

Balance Sheet Debt $2,863 213% $2,498 175% $2,747 196% $2,530 180% $3,199 220%

Receivables Sold - - - - -

PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 163 119 100 114 65

Total Obligations $3,026 225% $2,617 183% $2,847 203% $2,644 188% $3,263 225%