2Q 2016 Ryder System Inc. Earnings Presentation

Proprietary and Confidential
Second Quarter 2016 Earnings
Conference Call
July 27, 2016

@ 2016 Ryder System, Inc.
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Safe Harbor and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are "forward-looking statements" under the
Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding market conditions, earnings performance, revenue in our business
segments, fleet size, growth in our contractual product lines, demand and pricing trends in commercial rental and used vehicle sales, free cash flow, capital
expenditures, debt and continued use of our share repurchase program. 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, lower than expected lease sales, further decreases in commercial rental
demand or poor acceptance of rental pricing, our ability to right-size our commercial rental fleet in line with demand, availability of labor to maintain our fleet at
normalized levels, worsening of market demand for used vehicles impacting current pricing, residual values and our anticipated proportion of retail versus
wholesale sales, lack of customer demand for on-demand maintenance, higher than expected maintenance costs from new engine technology or lower than
expected benefits from maintenance initiatives, decreases in freight demand or volumes, poor operational execution particularly with start-ups and new product
launches, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty
and instability in the global economic market, business interruptions or expenditures due to severe weather or natural occurrences, competition from other
service providers and new entrants, customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and
turnover rates, unexpected 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, reserves and accruals particularly with respect to pension,
taxes, depreciation, insurance and revenue, 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. 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 presentation includes certain non-GAAP financial measures as defined under SEC rules, including:
Comparable Earnings Measures, which consist of comparable earnings from continuing operations, comparable earnings per share from continuing
operations (as well as forecasts), comparable earnings before income tax and comparable 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, which consist of operating revenue and operating revenue growth excluding foreign exchange for Ryder and its business
segments, and segment EBT as a percentage of operating revenue.
Cash Flow Measures, which consist of total cash generated and free cash flow.
Debt Measures, including total obligations and total obligations to equity.
Refer to Appendix - Non-GAAP Financial Measures, beginning on slide 34, 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.

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Contents
• Second Quarter 2016 Results Overview
• Asset Management Update
• EPS Forecast
• Q & A

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2nd Quarter Results Overview
• Earnings per diluted share from continuing operations were $1.38 vs.
$1.61 in 2Q15
2Q16 included non-operating pension costs of $0.09 and a pension-related
charge of $0.09
2Q15 included non-operating pension costs of $0.05 and professional fees of
$0.02, which were partially offset by tax law change benefits of $0.03
• Comparable earnings per share from continuing operations were $1.56 vs.
$1.65 in 2Q15
• Total revenue increased 2% (up 3% excluding foreign exchange) and
operating revenue increased 4% (up 5% excluding foreign exchange) vs.
prior year
Total revenue was impacted by lower fuel costs passed through to
customers

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Key Financial Statistics
Second Quarter
($ Millions, Except Per Share Amounts)
Note: Amounts throughout presentation may not be additive due to rounding.
2016 2015 %B/(W)
Total Revenue $ 1,703.7 $ 1,662.9 2%
Fuel and Subcontracted Transportation (254.0) (270.3) (6)%
Operating Revenue $ 1,449.7 $ 1,392.6 4%
Earnings Per Share from Continuing Operations $ 1.38 $ 1.61 (14)%
Comparable Earnings Per Share from Continuing Operations $ 1.56 $ 1.65 (5)%
Memo:
Average Shares (Millions) - Diluted 53.4 53.3
Tax Rate from Continuing Operations 36.6% 35.6%
Comparable Tax Rate from Continuing Operations 36.9% 37.1%

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Key Financial Statistics
Year-To-Date
($ Millions, Except Per Share Amounts)
Note: Amounts throughout presentation may not be additive due to rounding.
2016 2015 %B/(W)
Total Revenue $ 3,333.4 $ 3,230.1 3%
Fuel and Subcontracted Transportation (477.7) (537.2) (11)%
Operating Revenue $ 2,855.7 $ 2,692.9 6%
Earnings Per Share from Continuing Operations $ 2.43 $ 2.61 (7)%
Comparable Earnings Per Share from Continuing Operations $ 2.68 $ 2.72 (1)%
Memo:
Average Shares (Millions) - Diluted 53.4 53.2
Tax Rate from Continuing Operations 36.6% 36.0%
Comparable Tax Rate from Continuing Operations 37.0% 37.1%
Adjusted Return on Capital vs. Cost of Capital (Trailing 12 months) 1.2% 1.4%

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Second Quarter Results Overview – FMS
• Fleet Management Solutions (FMS) total revenue unchanged and
operating revenue up 4%
– Full service lease revenue up 9%
– Contract maintenance revenue up 4%
– Commercial rental revenue down 10%
– Contract-related maintenance revenue up 11%
• FMS earnings declined due to lower commercial rental results and
lower used vehicle pricing, partially offset by higher full service lease
performance
• FMS earnings before tax (EBT) down 9%
– EBT percent of total revenue down 100 basis points to 9.7%
– EBT percent of operating revenue down 160 basis points to 11.2%

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2nd Quarter Results Overview – DTS
• Dedicated Transportation Solutions (DTS) total revenue up 16%
and operating revenue up 10% due to new business, as well as
higher pricing and volumes
• DTS earnings increased due to lower insurance costs and higher
operating revenue
• DTS earnings before tax (EBT) up 32%
– EBT percent of total revenue up 80 basis points to 6.4%
– EBT percent of operating revenue up 150 basis points to 8.5%

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2nd Quarter Results Overview – SCS
• Supply Chain Solutions (SCS) total revenue up 1% and operating
revenue up 4%
– Total revenue increased from higher operating revenue, partially offset by lower
subcontracted transportation and reduced fuel costs passed through to customers
– Operating revenue increased due to new business, increased volumes and higher
pricing
• SCS earnings increased primarily due to new business
• SCS earnings before tax (EBT) up 2%
– EBT percent of total revenue up 10 basis points to 7.1%
– EBT percent of operating revenue down 10 basis points to 8.6%

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Capital Expenditures
Year-To-Date
($ Millions)
2016 2015
2016 $
O/(U) 2015
Full Service Lease $ 869 $ 947 $ (78)
Commercial Rental 68 453 (385)
Operating Property and Equipment 78 54 24
Gross Capital Expenditures 1,015 1,454 (439)
Less: Proceeds from Sales (Primarily Revenue Earning Equipment) (252) (212) 40
Net Capital Expenditures $ 763 $ 1,242 $ (479)
Full Year 2016 Forecast for Gross Capital Expenditures has been revised to $1.9 billion
from previous forecast of $2.0 billion

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Cash Flow from Continuing Operations
Year-To-Date
($ Millions)
(1) Reflects revised reporting of 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.
2016 2015
Earnings from Continuing Operations $ 130 $ 139
Depreciation 581 541
Gains on Used Vehicles, Net (1) (31) (57)
Amortization and Other Non-Cash Charges, Net 41 39
Pension Contributions (42) (8)
Changes in Working Capital and Deferred Taxes 84 4
Cash Provided by Operating Activities 763 659
Proceeds from Sales (Primarily Revenue Earning Equipment)(2) 252 212
Collections of Direct Finance Leases & Other(2) 44 34
Total Cash Generated 1,059 904
Capital Expenditures (2), (3) (1,120) (1,329)
Free Cash Flow (4) $ (62) $ (425)
Full Year 2016 Forecast for Free Cash Flow has been revised to $200 million
from previous forecast of $100 million

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Debt to Equity Ratio
(1) Represents debt to equity target of 225% to 275% while maintaining a solid investment grade rating.
(2) Illustrates impact of accumulated net pension related equity charge on leverage.
(3) Total Equity includes impact of accumulated net pension related equity charge of $578 million as of 6/30/2016, $577 million as of 12/31/2015 and $580 million as of 6/30/2015.
($ Millions)
6/30/2016 12/31/2015 6/30/2015
Total Debt 5,634 5,503 5,201
Total Equity (3) 2,047 1,987 1,913
Debt to Equity 275% 277% 272%
(2)
(1)
255%
Full Year 2016 Forecast for Debt to Equity has been revised to 255%
from previous forecast of 245%
45%
63% 62%

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Contents
• EPS Forecast
• Q & A

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• Units held for sale were 9,100 at quarter end, up from 5,900 units held for
sale in the prior year
– Units held for sale increased by 500 units sequentially
• The number of used vehicles sold in the second quarter was 5,100, up
9% from the prior year
– Units sold were up 9% sequentially
• Proceeds per unit were down 15% for tractors and down 4% for trucks in
the second quarter compared with prior year (excluding the FX impact)
– Proceeds per unit were down 4% for tractors and down 6% for trucks, sequentially
• Average second quarter total commercial rental fleet was down7% from
the prior year
– Average commercial rental fleet was down 3% sequentially
Global Asset Management Update

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Contents
• EPS Forecast
• Q & A

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EPS Forecast – Continuing Operations
($ Earnings Per Share)
(1) GAAP EPS Forecast is $1.57 - $1.64 for the third quarter of 2016 and $5.49 - 5.64 for the full year of 2016. Comparable EPS Forecast, a non-GAAP financial
measure, excludes $0.08 of non-operating pension costs for the third quarter of 2016. Comparable EPS Forecast for the full year of 2016 excludes $0.32 of non-
operating pension costs and $0.09 of pension-related charges.
(1) GAAP EPS was $1.70 for the third quarter of 2015 and $5.73 for the full year of 2015. Comparable EPS, a non-GAAP financial measure, for the third quarter of 2015
excluded $0.05 of non-operating pension costs offset by $0.01 of pension settlement benefits. Comparable EPS for the full year 2015 excludes $0.21 of non-operating
pension costs, $0.19 of restructuring costs, $0.04 of consulting fees, $0.04 of tax law change benefits and $0.01 of pension settlement benefits.
• Revising full year Comparable EPS forecast to $5.90 - $6.05
from $6.10 - $6.30
• Current forecast is as follows:
Third Quarter Full Year
2016 Comparable EPS Forecast (1) $ 1.65 - 1.72 $ 5.90 - 6.05
2015 Comparable EPS (2) $ 1.74 $ 6.13

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Q&A

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Appendix
Full Service Lease Vehicle Count
Business Segment Detail
Central Support Services
Balance Sheet
Capital Expenditures, Cash Flow and Leverage
Return on Capital Spread
Asset Management
Non-GAAP Financial Measures & Reconciliations

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Full Service Lease (FSL) Vehicle Count
Note: Represents end of period vehicle count.
2Q15 3Q15 4Q15 1Q16 2Q16
2Q16 O/(U)
2Q15
End of Period
FSL Vehicles (as reported) 128,700 130,600 131,800 133,300 134,300 5,600
UK FSL Trailers 4,300 4,300 3,900 3,700 3,400 (900)
FSL Vehicles - excluding UK 124,400 126,300 127,900 129,600 130,900 6,500
3Q15 O/(U)
2Q15
4Q15 O/(U)
3Q15
1Q16 O/(U)
4Q15
2Q16 O/(U)
1Q16
Sequential Change
FSL Vehicles (as reported) 1,900 1,200 1,500 1,000
UK FSL Trailers — (400) (200) (300)
FSL Vehicles - excluding UK 1,900 1,600 1,700 1,300

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Business Segments
(1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items.
($ Millions)
Second Quarter
Memo: Operating Revenue
2016 2015 % B/(W) 2016 2015 % B/(W)
Total Revenue:
Fleet Management Solutions $ 1,151.5 $ 1,149.3 —% $ 995.2 $ 959.1 4%
Dedicated Transportation Solutions 258.3 223.5 16% 194.3 176.8 10%
Supply Chain Solutions 402.1 396.9 1% 331.6 320.1 4%
Eliminations (108.1) (106.9) (1)% (71.4) (63.3) (13)%
Total $ 1,703.7 $ 1,662.9 2% $ 1,449.7 $ 1,392.6 4%
Segment Earnings Before Tax: (1)
Fleet Management Solutions $ 111.2 $ 122.5 (9)%
Dedicated Transportation Solutions 16.5 12.4 32%
Supply Chain Solutions 28.4 27.7 2%
Eliminations (12.8) (11.6) (10)%
143.3 151.0 (5)%
Central Support Services (Unallocated Share) (11.2) (10.9) (3)%
Non-operating Pension Costs (7.6) (4.7) (62)%
Other Items (7.7) (1.9) NM
Earnings Before Income Taxes $ 116.8 133.4 (12)%
Provision for Income Taxes 42.7 47.5 10%
Earnings from Continuing Operations $ 74.0 $ 85.9 (14)%
Comparable Earnings from Continuing Operations $ 83.3 $ 88.0 (5)%

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Business Segments
(1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items.
($ Millions)
Year-To-Date
Memo: Operating Revenue
2016 2015 % B/(W) 2016 2015 % B/(W)
Total Revenue:
Fleet Management Solutions $ 2,249.4 $ 2,236.5 1% $ 1,957.6 $ 1,858.2 5%
Dedicated Transportation Solutions 503.1 436.2 15% 384.6 342.6 12%
Supply Chain Solutions 790.8 768.0 3% 654.0 615.5 6%
Eliminations (209.9) (210.6) —% (140.4) (123.5) (14)%
Total $ 3,333.4 $ 3,230.1 3% $ 2,855.7 $ 2,692.9 6%
Segment Earnings Before Tax: (1)
Fleet Management Solutions $ 194.1 $ 212.2 (9)%
Dedicated Transportation Solutions 30.7 21.4 44%
Supply Chain Solutions 48.2 43.4 11%
Eliminations (24.5) (23.1) (6)%
248.5 253.8 (2)%
Central Support Services (Unallocated Share) (20.9) (22.9) 9%
Non-operating Pension Costs (14.5) (9.6) (51)%
Other Items (7.7) (3.8) NM
Earnings Before Income Taxes $ 205.5 217.6 (6)%
Provision for Income Taxes 75.3 78.4 4%
Earnings from Continuing Operations $ 130.2 $ 139.2 (6)%
Comparable Earnings from Continuing Operations $ 143.5 $ 145.2 (1)%

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Fleet Management Solutions (FMS)
Second Quarter
($ Millions)
Revenue 2016 2015 % B/(W)
Full Service Lease $ 646.3 $ 595.7 9%
Contract Maintenance 51.2 49.0 4%
Contractual Revenue 697.5 644.7 8%
Commercial Rental 214.6 239.1 (10)%
Contract-related Maintenance 62.7 56.5 11%
Other 20.4 18.8 9%
Operating Revenue 995.2 959.1 4%
Fuel Services Revenue 156.3 190.3 (18)%
Total Revenue $ 1,151.5 $ 1,149.3 —%
Earnings Before Tax
Segment Earnings Before Tax (EBT) $ 111.2 $ 122.5 (9)%
Segment EBT as a % of Total Revenue 9.7% 10.7%
Segment EBT as a % of Operating Revenue 11.2% 12.8%

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Fleet Management Solutions (FMS)
Year-To-Date
($ Millions)
Revenue 2016 2015 % B/(W)
Full Service Lease $ 1,269.2 $ 1,172.8 8%
Contract Maintenance 101.3 94.9 7%
Contractual Revenue 1,370.5 1,267.7 8%
Commercial Rental 419.4 444.1 (6)%
Contract-related Maintenance 127.0 109.7 16%
Other 40.7 36.7 11%
Operating Revenue 1,957.6 1,858.2 5%
Fuel Services Revenue 291.9 378.3 (23)%
Total Revenue $ 2,249.4 $ 2,236.5 1%
Earnings Before Tax
Segment Earnings Before Tax (EBT) $ 194.1 $ 212.2 (9)%

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Dedicated Transportation Solutions (DTS)
($ Millions)
Second Quarter
Revenue 2016 2015 % B/(W)
Operating Revenue $ 194.3 $ 176.8 10%
Subcontracted Transportation 37.9 14.5 161%
Fuel 26.0 32.2 (19)%
Total Revenue $ 258.3 $ 223.5 16%
Earnings Before Tax
Segment Earnings Before Tax (EBT) $ 16.5 $ 12.4 32%

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Dedicated Transportation Solutions (DTS)
($ Millions)
Year-To-Date
Revenue 2016 2015 % B/(W)
Operating Revenue $ 384.6 $ 342.6 12%
Subcontracted Transportation 69.2 29.2 137%
Fuel 49.4 64.4 (23)%
Total Revenue $ 503.1 $ 436.2 15%
Earnings Before Tax

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Supply Chain Solutions (SCS)
($ Millions)
Second Quarter
Revenue 2016 2015 % B/(W)
Automotive $ 137.2 $ 119.3 15%
Technology & Healthcare 58.3 64.0 (9)%
CPG & Retail 105.4 110.7 (5)%
Industrial & Other 30.7 26.0 18%
Subcontracted Transportation 54.7 59.8 (9)%
Fuel 15.8 17.0 (7)%
Total Revenue $ 402.1 $ 396.9 1%
Earnings Before Tax

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Supply Chain Solutions (SCS)
($ Millions)
Year-To-Date
Revenue 2016 2015 % B/(W)
Automotive $ 266.3 $ 228.5 17%
Technology & Healthcare 115.7 123.3 (6)%
CPG & Retail 214.0 213.4 —%
Industrial & Other 58.0 50.3 15%
Subcontracted Transportation 106.7 118.0 (10)%
Fuel 30.1 34.5 (13)%
Total Revenue $ 790.8 $ 768.0 3%
Earnings Before Tax

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Central Support Services (CSS)
Second Quarter
($ Millions)
2016 2015 % B/(W)
Allocated CSS Costs $ 49.8 $ 53.2 6%
Unallocated CSS Costs 11.2 10.9 (3)%
Total CSS Costs $ 61.0 $ 64.1 5%

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Central Support Services (CSS)
Year-To-Date
($ Millions)
2016 2015 % B/(W)
Allocated CSS Costs $ 98.5 $ 103.5 5%
Unallocated CSS Costs 20.9 22.9 9%
Total CSS Costs $ 119.4 $ 126.3 6%

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Balance Sheet
($ Millions)
June 30, 2016 December 31, 2015
Current Assets $ 1,126 $ 1,098
Revenue Earning Equipment, Net 8,300 8,185
Operating Property and Equipment, Net 741 715
Other Assets 969 955
Total Assets $ 11,136 $ 10,953
Current Liabilities $ 971 $ 1,046
Total Debt 5,634 5,503
Other Non-Current Liabilities (including Deferred Income Taxes) 2,484 2,417
Shareholders' Equity 2,047 1,987
Total Liabilities and Shareholders' Equity $ 11,136 $ 10,953

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Capital Expenditures, Cash Flow and Leverage (1)
Gross Capital Expenditures
($ Millions)
Debt to Equity / Total Obligations to Equity (2)
(1) Total Obligations to Equity includes acquisitions. Free Cash Flow and Gross Capital Expenditures 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) Represents debt to equity target of 225% to 275% while maintaining solid investment grade credit rating.
Free Cash Flow 341 614 258 (257) (488) (340) (315) (728) 200
Debt to Equity 213% 175% 196% 257% 272% 227% 260% 277% 255%
Pension Impact (3)
Lease Commercial Rental PP&E/Other
(4)

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Adjusted Return on Capital Spread
(1) Includes pension settlement charges of $69M, primarily buyouts, which impacted Return on Equity by 360 basis points.
(2) Adjusted Total Capital represents Adjusted Average Total Capital in billions.
Adj ROC O/(U) COC 1.2% 0.8% 0.8% (2.2)% (1.3)% 0.2% 0.9% 1.0% 1.1% 1.4% 1.0%
Return on Equity 15.5% 14.2% 11.2% 4.4% 8.4% 11.9% 14.9% 14.9% 11.3% 16.1% 14.9%
Adjusted Total Capital (2) $4.2 $4.8 $4.8 $4.2 $4.0 $4.6 $5.2 $5.6 $6.6 $7.1 $7.6
(1)
Adjusted Return on
Capital (ROC)
Cost of Capital
(COC)
Full Year 2016 Forecast for Adjusted ROC Spread has been revised to 100 bps
from previous forecast of 100 - 110 basis points

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Asset Management Update (US Only)
(a) Current year statistics may exclude some units due to a lag in reporting
(b) Excludes early terminations where customer purchases vehicle
(a)(b)
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.

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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:
Non-GAAP Financial Measure Comparable GAAP Measure
Reconciliation & Additional Information
Presented on Slide Titled Page
Operating Revenue Measures:
Operating Revenue Total Revenue Key Financial Statistics 5-6
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)
22-27
Operating Revenue Growth ex-Foreign Exchange Total Revenue Foreign Exchange Impact on Operating Revenue
Growth
35
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)
22-27
Comparable Earnings Measures:
Comparable Earnings and Comparable EPS Earnings and EPS from Continuing Operations Earnings and EPS from Continuing Operations
Reconciliation
36
Comparable Earnings Before Income Tax and
Comparable Tax Rate
Earnings Before Income Tax and Tax Rate Earnings and Tax Rate from Continuing Operations
Reconciliation
37
Comparable EPS Forecast EPS Forecast from Continuing Operations EPS Forecast – Continuing Operations 16
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 38-39
Cash Flow Measures:
Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Cash Flow from Continuing Operations 40-41
Debt Measures:
Total Obligations and Total Obligations to Equity Balance Sheet Debt and Debt to Equity Debt to Equity Reconciliation 42

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Foreign Exchange Impact on Revenue Growth
(1) Foreign exchange impact was calculated by dividing the results for the current and prior year periods by the exchange rates in effect on June 30, 2015, which was
the last day of the prior year period, rather than the actual exchange rates in effect as of June 30, 2016.
Second Quarter Year-To-Date
YOY Growth Fx Impact (1)
YOY Growth
excl Fx YOY Growth Fx Impact (1)
YOY Growth
excl Fx
Total Revenue 2% (1)% 3% 3% (1)% 4%
Operating Revenue 4% (1)% 5% 6% (1)% 7%
FMS Total Revenue —% (1)% 1% 1% (1)% 2%
FMS Operating Revenue 4% (1)% 5% 5% (1)% 6%
Full Service Lease Revenue 9% (1)% 10% 8% (1)% 9%
Commercial Rental Revenue (10)% (1)% (9)% (6)% (1)% (5)%
SCS Total Revenue 1% (2)% 3% 3% (2)% 5%
SCS Operating Revenue 4% (1)% 5% 6% (2)% 8%

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Earnings and EPS from Continuing Operations Reconciliation (1)
($ Millions or $ Earnings Per Share)
2Q16 2Q16 2Q15 2Q15
Earnings EPS Earnings EPS
GAAP $ 74.0 $ 1.38 $ 85.9 $ 1.61
Non-operating pension costs 4.4 0.09 2.7 0.05
Pension-related charge 4.8 0.09 — —
Professional fees — — 1.2 0.02
Tax law change — — (1.9) (0.03)
Comparable $ 83.3 $ 1.56 $ 88.0 $ 1.65
YTD16 YTD16 YTD15 YTD15
Earnings EPS Earnings EPS
GAAP $ 130.2 $ 2.43 $ 139.2 $ 2.61
Pension-related charge 4.8 0.09 — —
Professional fees — — 2.4 0.04
Tax law change — — (1.9) (0.03)
Comparable $ 143.5 $ 2.68 $ 145.2 $ 2.72
(1) The reconciliation of the EBT and Tax Rate for excluded items are provided on the next slide

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EBT and Tax Rate from Continuing Operations Reconciliation
($ Millions or $ Earnings Per Share)
2Q16 2Q16 2Q16 YTD16 YTD16 YTD16
EBT Tax Tax Rate EBT Tax Tax Rate
GAAP $ 116.8 $ 42.7 36.6% $ 205.5 $ 75.3 36.6%
Pension-related charge 7.7 2.8 7.7
Comparable $ 132.0 $ 48.7 36.9% $ 227.6 $ 84.1 37.0%
2Q15 2Q15 2Q15 YTD15 YTD15 YTD15
EBT Tax Tax Rate EBT Tax Tax Rate
GAAP $ 133.4 $ 47.5 35.6% $ 217.6 $ 78.4 36.0%
Professional fees 1.9 0.7 3.8 1.4
Tax law change — 1.9 — 1.9
Comparable $ 140.1 $ 52.1 37.1% $ 231.0 $ 85.7 37.1%

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38
Adjusted Return on Capital Reconciliation(1)
($ 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) Represents reported interest expense plus imputed interest on off-balance sheet obligations.
(4) Represents provision for income taxes plus income taxes on restructuring and other items and adjusted interest expense.
(5) The average is calculated based on the average GAAP balances.
(6) Represents the impact to equity of items to arrive at comparable earnings.
2006 2007 2008 2009 2010 2011
Net earnings (2) $ 249 $ 254 $ 200 $ 62 $ 118 $ 170
Restructuring and other charges, net and other items - 1 70 30 6 6
Income taxes 144 152 150 54 61 108
Adjusted earnings before income taxes 393 407 420 146 185 284
Adjusted interest expense (3) 149 169 165 150 133 135
Adjusted income taxes (4) (207) (220) (230) (122) (124) (157)
Adjusted net earnings [A] $ 332 $ 356 $ 355 $ 174 $ 194 $ 262
Average total debt(5) $ 2,480 $ 2,848 $ 2,882 $ 2,692 $ 2,512 $ 3,079
Average off-balance sheet debt(5) 99 150 171 142 114 78
Average total shareholders' equity(5) 1,610 1,791 1,778 1,396 1,402 1,428
Average adjustments to shareholders' equity (6)
(5) 1 10 16 2 4
Adjusted average total capital [B] $ 4,184 $ 4,789 $ 4,841 $ 4,245 $ 4,030 $ 4,588
Adjusted return on capital [A]/[B] 7.9% 7.4% 7.3% 4.1% 4.8% 5.7%
Weighted average cost of capital 6.7% 6.6% 6.5% 6.3% 6.1% 5.5%
Adjusted return on capital spread 1.2% 0.8% 0.8% (2.2)% (1.3)% 0.2%

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39
Adjusted Return on Capital Reconciliation(1)
($ 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) Represents reported interest expense plus imputed interest on off-balance sheet obligations.
(4) Represents provision for income taxes plus income taxes on restructuring and other items and adjusted interest expense.
(5) The average is calculated based on the average GAAP balances.
(6) Represents the impact to equity of items to arrive at comparable earnings.
2012 2013 2014 2015 2Q15 2Q16
2016
Forecast
Net earnings (2) $ 210 $ 238 $ 218 $ 305 $ 233 $ 297 $ 307
Restructuring and other charges, net and other
items 17 - 115 18 121 23 —
Income taxes 91 126 118 164 126 161 173
Adjusted earnings before income taxes 317 363 451 486 479 481 480
Adjusted interest expense (3) 144 141 145 151 149 150 149
Adjusted income taxes (4) (167) (177) (214) (224) (226) (223) (228)
Adjusted net earnings [A] $ 294 $ 327 $ 383 $ 413 $ 403 $ 408 $ 402
Average total debt(5) $ 3,778 $ 4,015 $ 4,653 $ 5,177 $ 4,851 $ 5,498 $ 5,546
Average off-balance sheet debt(5) 2 1 2 1 2 2 1
Average total shareholders' equity(5) 1,406 1,594 1,926 1,895 1,888 1,991 2,063
Average adjustments to shareholders' equity (6)
(3) (2) 8 11 18 3 1
Adjusted average total capital [B] $ 5,182 $ 5,608 $ 6,589 $ 7,084 $ 6,758 $ 7,494 $ 7,612
Adjusted return on capital [A]/[B] 5.7% 5.8% 5.8% 5.8% 6.0% 5.4% 5.3%
Weighted average cost of capital 4.8% 4.8% 4.7% 4.4% 4.6% 4.2% 4.3%
Adjusted return on capital spread 0.9% 1% 1.1% 1.4% 1.4% 1.2% 1.0%

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40
Cash Flow Reconciliation
(4) Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Gains on Used Vehicles, Net”.
($ Millions)
12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Provided by Operating Activities from
Continuing Operations $ 1,248 $ 985 $ 1,028 $ 1,042 $ 1,160
Proceeds from Sales (Primarily Revenue Earning
Equipment)(1) 262 216 235 337 413
Collections of Direct Finance Leases(1) 61 65 62 62 72
Other, net(1) — — 3 — —
Total Cash Generated 1,571 1,266 1,328 1,442 1,645
Capital Expenditures (1), (2) (1,230) (652) (1,070) (1,699) (2,133)
Free Cash Flow (3) $ 341 $ 614 $ 258 $ (257) $ (488)
Memo:
Depreciation Expense (4) $ 807 $ 829 $ 808 $ 863 $ 944

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41
Cash Flow Reconciliation
($ Millions)
(4) Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Gains on Used Vehicles, Net”.
12/31/2013 12/31/2014 12/31/2015 6/30/2015 6/30/2016
2016
Forecast
Cash Provided by Operating Activities from
Continuing Operations $ 1,252 $ 1,383 $ 1,383 $ 659 $ 763 $ 1,606
Proceeds from Sales (Primarily Revenue Earning
Equipment)(1) 452 497 497 212 252 465
Collections of Direct Finance Leases (1) 71 66 66 34 40 82
Other, net (1) 8 (1) (1) — 4 4
Total Cash Generated 1,783 1,944 1,944 904 1,059 2,157
Capital Expenditures (1), (2) (2,123) (2,259) (2,259) (1,329) (1,120) (1,957)
Free Cash Flow (3) $ (340) $ (315) $ (315) $ (425) $ (62) $ 200
Memo:
Depreciation Expense (4) $ 967 $ 1,047 $ 1,040 $ 541 $ 581 $ 1,200

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42
Debt to Equity Reconciliation(1)
Note: Amounts may not recalculate due to rounding.
($ Millions)
(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.
12/31/2008
% to
Equity 12/31/2009
% to
Equity 12/31/2010
% to
Equity 12/31/2011
% to
Equity
Debt $ 2,863 213% $ 2,498 175% $ 2,747 196% $ 3,382 257%
PV of minimum lease
payments and
guaranteed residual
values under operating
leases for vehicles 163 119 100 64
Total Obligations (2) $ 3,026 225% $ 2,617 183% $ 2,847 230% $ 3,446 261%

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2Q 2016 Ryder System Inc. Earnings Presentation