#1Ryder Ever better.™ Ryder 2022 Investor Day June 3 New York City SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder Ever better#2Ryder ® Ever better.™ Ryder Welcome & Opening Remarks Bob Brunn SVP, Investor Relations & Corporate Strategy USDOT 16130 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder 810341 Cyder Ever bee#3Safe Harbor and Non-GAAP Financial Measures Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our forecasts, expectations regarding market trends and economic environment; impact of supply chain and labor challenges, infrastructure investment, disruptive technologies, and regulations on market conditions, e-Commerce trends, freight environment, expected sales and earnings, commercial rental demand and utilization, and used vehicle sales volume and pricing, among other factors; expected benefits from and timing of our strategic investments and initiatives; expected benefits of lease pricing initiatives; implementation of our asset management strategy; performance, including sales and revenue growth, in our product lines and segments; residual values and depreciation expense; used vehicle inventory; rental utilization; free cash flow; operating cash flow; capital expenditures; fleet growth; and profitability. Our forward-looking statements also include our estimates of the impact of our changes to residual value estimates on earnings and depreciation expense, which is based on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends and our outlook for the expected near and long-term used vehicle market. Our assessment is subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results related to vehicle residual values to materially differ from estimates include changes in supply and demand, competitor pricing, regulatory requirements, driver shortages, changes in customer requirements and preferences, as well as changes in underlying assumption factors. All of our forward-looking statements should be evaluated by considering 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, the effect of the COVID-19 pandemic; labor challenges; our ability to adapt to changing market conditions, lower than expected contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing and our anticipated proportion of retail versus wholesale sales; the effect of disruptive technologies; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; lower than expected benefits from our sales, marketing and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to soft economic conditions, business interruptions or expenditures due to labor disputes, severe weather or natural occurrences; competition from other service providers and new entrants; driver and technician shortages resulting in higher procurement costs and turnover rates; impact of worldwide semiconductor shortage, higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; impact of changes in our residual value estimates and accounting policies; unanticipated changes in fuel prices; ongoing conflict in Ukraine and Russia; unanticipated currency exchange rate fluctuations; our ability to manage our cost structure; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Note Regarding Non-GAAP Financial Measures: This presentation includes certain non-GAAP financial measures as defined under SEC rules, including: . Comparable Earnings Measures, including comparable earnings from continuing operations; comparable earnings per share from continuing operations; comparable earnings before income tax; and comparable earnings before interest, income tax, depreciation and amortization for Ryder and its business segments. Additionally, our adjusted ROE (ROE) measure is calculated based on adjusted earnings items. • Operating Revenue Measures, including operating revenue for Ryder and its business segments and segment EBT as a percentage of operating revenue. ⚫ Cash Flow Measures, including total cash generated and free cash flow. Refer to Appendix - Non-GAAP Financial Measures for reconciliations of the non-GAAP financial measures contained in this presentation to the nearest GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q, and our Form 8-K filed with the SEC as of the date of this presentation, which are available at http://investors.ryder.com. All amounts after January 1, 2017, have been recast to reflect the impact of the lease accounting standard, ASU 2016-02, Leases. Amounts throughout the presentation may not be additive due to rounding. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 3 Ever better.™#4Today's Agenda 8:30 am Welcome and Opening Remarks Bob Brunn SVP, Investor Relations & Corporate Strategy Balanced Growth Strategy to Drive Long-term Shareholder Value Robert Sanchez 10:15 am FMS: Optimize Portfolio While Maximizing Returns Tom Havens President, Fleet Management Solutions At the Forefront of Innovation and Industry Disruption Karen Jones EVP & CMO 9:45 am Chairman & CEO SCS: Integrated Solutions to Serve Large and Growing Market Steve Sensing President, Supply Chain Solutions & Dedicated Transportation Solutions DTS: Capturing Profitable Growth with Differentiated Business Model Steve Martin SVP, Dedicated Transportation Solutions Q&A Session + Break SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Clear Financial Strategy to Deliver Enhanced Returns John Diez EVP & CFO Closing Remarks Robert Sanchez Chairman & CEO 11:35 am Q&A Session Ryder Ever better.™ 4#5Ryder 48 Ever better.™ Balanced Growth Strategy to Drive Long-term Shareholder Value Robert Sanchez Chairman & CEO SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder Ryder better. ULINE PICKED. RYDER PACKED. FULFILLED.#6Ryder Ever better.™ Corporate Video: Our Heritage & Future#7Ryder: Behind the Scenes in Daily Life Day Begins 7:00 am Wake Up 5:00 pm Drive Home TOYOTA iFIT Keurig DrPepper 8:00 am Breakfast 55 ★macy's Kraft Heinz sodastream® TOPS SG HELLO FRESH Friendly Markets Hill's 6:00 pm Dinner General Mills gm 12:00 pm Lunch 8:30 am Drive to Work CONAGRA BRANDS. Anheuser-Busch PFG: RAD POWER BIKES Performance Food Group *APRIA 7:00 pm Evening 9:00 am at the Office WHO BUT W.B.MASON True Value Day Ends SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: General Mills, GM, Domino's, Conagra Brands, Toyota, Keurig-Dr. Pepper, Hill's Pet Nutrition, Hello Fresh, Southern Glazer's Wine & Spirits, Performance Food Group, Charter Communications, Apria Healthcare Group, and Kraft Heinz serve on our Customer Advisory Boards Ryder 7 Ever better.™#8Key Messages 1 2 3 4 Strong execution on balanced growth strategy and actions to improve returns Significant opportunity for long-term profitable growth supported by secular trends, operational expertise, and momentum from multi-year initiatives Strategic initiatives focused on increasing core earnings, outperforming prior cycles and achieving target returns Investing in the future of transportation to create shareholder value over the long-term SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 8#9Ryder Snapshot (NYSE: R) LEADING PROVIDER OF OUTSOURCED LOGISTICS AND TRANSPORTATION SOLUTIONS IN NORTH AMERICA 2021 PROFILE FY22F REVENUE BY SEGMENT 15% $11.3B 47% 1933 Founded 50,000+ Commercial Customers ~4.1B Market-cap¹ 239,000 Vehicles Managed 38% 42,800 Employees ~750 Maintenance Locations 80M+ sq. ft. Warehouse Space² FUN FACTS $7B Freight Under Management • ~30,000 monthly cross- • border freight movements between U.S., Canada, and Mexico Green Cross for Safety medal recipient - first in transportation industry to receive National Safety Council's highest honor SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Largest retail network of pre-owned commercial vehicles in North America RYDER 2022 INVESTOR DAY 1 As of 5/27/2022. 2 As of 1/2/2022 Fleet Management Solutions (FMS) Supply Chain Solutions (SCS) Dedicated Transportation Solutions (DTS) DIVERSIFIED CUSTOMER BASE Food & Beverage Transportation & Logistics Retail & Consumer Goods Automotive 21% 21% 13% 10% Industrial 9% Housing 8% Technology 5% Business & Personal Services 5% Other 8% Ryder Ever better.™ 9#10Complementary Business Segments FMS DTS SCS Vehicle Financing, Support Services, and Maintenance Drivers, Routing, Scheduling, and Administration BUSINESS SEGMENT SYNERGIES All vehicles utilized by SCS and DTS are leased and maintained by FMS 50%+ of DTS sales from FMS / SCS upsell / cross-sell 33% of DTS customers leverage brokerage services from SCS DTS and SCS leverage technology platforms and driver recruiting network Warehouse Management Transportation Management and Brokerage e-Commerce Fulfillment Last Mile Delivery (Big & Bulky) Professional Services Broad Range of Transportation and Logistics Outsourcing Services SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 10 Ever better.™#11Foundation for Business Transformation VISION To perfect the supply chains that drive our economy. MISSION We responsibly deliver innovative supply chain and transportation solutions that are reliable, safe, and efficient, enabling our customers to deliver on their promises. Trustworthy Integrity anchors us in everything we do. We live by our word and actions. We work together to perform our best and hold ourselves accountable. OUR VALUES Determined We use our expertise to ensure our customers achieve their goals every day. We develop optimal solutions for both conventional and complex problems. We are never satisfied with the status quo. Responsible Our priority on safety, sustainability, and charitable giving, makes the communities where we live and work thrive. Updated Vision and Values to Highlight Essential Nature of What We Do and the Longevity and Intimacy of our Customer Relationships SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder 11 Ever better.™ RYDER 2022 INVESTOR DAY#12$1.5T Addressable Do-It-Yourself (DIY) Market Provides Significant Opportunity SUPPLY CHAIN SOLUTIONS - SCS DEDICATED TRANSPORTATION SOLUTIONS DTS FLEET MANAGEMENT SOLUTIONS - FMS $1.3T Warehouse & Truck-based Transportation Management Market $800B Dedicated Transportation Market $225B Commercial Vehicle Market $1.1T $158B ~15% Outsourced Total Market Size $400B $20B ~5% Outsourced Addressable Non-Outsourced (DIY) - Ryder's Market Opportunity SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Sources: Polk / IHS, Armstrong & Associates, Ryder estimates $58B $14B ~25% Outsourced Currently Outsourced Ryder Ever better.™ 12#13Secular Trends Support Outsourcing Decision Regulations Labor Constraints Increasing Costs and Complexity Government Incentives/ e-Commerce Higher vehicle maintenance and purchase costs Dynamic Supply Chains Increased focus on resilient and flexible supply chains Unprecedented labor challenges further pressure driver, bette technician, and warehouse worker shortages Infrastructure investment incentives; changes to emissions standards and safety regulations Accelerated e-Commerce and final mile growth trends Disruptive Technologies Low/zero emission powertrains, autonomous trucking, technology-enabled asset sharing and data analytics Well-positioned to Address Growing Challenges Facing Large, DIY Transportation and Logistics Market SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 13 Ever better.™#14Balanced Growth Strategy to Create Shareholder Value ESTABLISHED BALANCED GROWTH STRATEGY IN 2019, IMPLEMENTED TRANSFORMATIVE ACTIONS, AND CONTINUE TO EXECUTE De-risk and Optimize the Model Enhance Returns and FCF Drive Long-term Profitable Growth tut Accelerated Growth in Higher-return SCS and DTS with Moderate Growth and Increased Returns in FMS SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 14 Ever better.™#15De-risk and Optimize the Model LOWER RESIDUAL VALUE ESTIMATES • Estimates at historically low levels ENHANCED EXTENDED WARRANTY PROGRAM • Extended coverage for exhaust system components REVISE SCS/ DTS CONTRACTS • Implemented higher and faster labor cost pass-throughs to customers EXIT SUB-PERFORMANCE BUSINESSES Reduced residual value estimates by ~30% Increased annual depreciation by $200M • FMS UK (2022) and lease insurance product line (2020) Reduced likelihood of losses on used vehicles sold or need for additional depreciation Actions Reducing Our Business Model Risk SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY PICKED AYDER PACKED. FULFILLED. Ryder Ever better.™ 15#16Improve Returns and FCF INCREASE LEASE PRICING • Spread increased from 60-100bps (pre-2019) to 100-150bps MODERATE FMS GROWTH • Annual lease fleet growth 2-4k at higher returns REDUCE MAINTENANCE COST . Multi-year initiative focused on productivity and efficiency EXPAND RETAIL USED VEHICLE SALES (VS. WHOLESALE) • Premium priced retail used vehicles sales capacity up 50% ENHANCE RENTAL TRUCK-TRACTOR MIX • More stable truck investment driven by e-Commerce growth Ryder Powered by lke 40% of portfolio has been priced at higher returns (through 2021) delivering $45M of improved annual earnings 60% of portfolio expected to be priced at higher returns and generate an incremental annual earnings benefit of $80M Actions Delivering Higher Quality Core Earnings and FCF SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY XP60655 Ryder 16 Ever better.™#17Drive Long-term Profitable Growth GROW HIGHER RETURN BUSINESS MIX • SCS / DTS revenue currently 50%+, up from 37% in 2015 MAINTAIN STRONG BALANCE SHEET • Below target leverage expected SCS / DTS % OF GROSS REVENUE 53% 48% 45% 44% 44% 42% 39% 37% INVEST IN STRATEGIC SCS/DTS ACQUISITIONS • $750M in Whiplash and Midwest Warehouse acquisitions 2015 2016 2017 2018 2019 2020 2021 2022F Actions Expected to Deliver Long-term Shareholder Value SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 17 Ever better.™#18EverBetter World Campaign Continues in 2022 Q2 National Media Campaign National print in broad publications Digital advertising NEW: TV and Print Ads ✓ e-Commerce ✓ RyderShare Supply Chain Logistics Brand Awareness Sales Leads Active Campaign Pipeline ✓ LinkedIn and Facebook Increased Up 200% >$100M ✓ 15 second online videos Forbes A NEW BETTER CAPITALISM IS EMERGING RIGHT NOW. 50 COMPANIES FOCUSED ON THE FUTURE FORTUNE SPOTIFY SAVED THE MUSIC INDUSTRY NOW WHAT? Profitears hard TV CAMPAIGN - 2021 SILVER MIAMI ADDY WINNER STEPS TO CREATE YOUR BRAND THE WALL STREET JOURNAL Entrepreneur BE YOUR OWN BOSS Marlo Scott did it. She walked away from the big office and the big salary to find weet eveng You can, too. Baseball Owners to Impose Short Season After Talks Fail SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Results since launch in 2020. MSNBC V/FOX /NEWS channel bravo CNBC CAN EY ☑ FOX BUSINESS GOLF CHANNEL Ryder Ever better.™ 18#19Expect to Deliver Record Results Reflecting Strong Demand and Structural Changes WHERE WE WERE WHERE WE ARE 2018 2022 Forecast Revenue FMS $4.7B 56% $5.4B 47% SCS $2.4B 28% $4.3B 38% + 44% + 53% DTS $1.3B 16% $1.6B 15% Operating Cash Flow $1.7B $2.3B Free Cash Flow $(936M) $550M - $650M Comparable EPS $5.95 $13.40 - $14.40 Comparable EPS (Core) $5.95 $9.00 - $9.50 ROE 12.7% 24% -26% HIGHLIGHTS ROE and EPS benefiting from structural business model improvements as well as outsized used vehicle and rental markets SCS/ DTS revenue now greater than 50% Operating Cash Flow is recurring and growing Higher FCF reflecting balanced growth strategy Improvement in Returns, Higher Cash Flow, and Revenue Shift Toward SCS and DTS SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures, such as Free Cash Flow, Comparable EPS and ROE. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. Ryder 19 Ever better.™#20Positioned for Structurally Higher Earnings GROWTH DRIVERS Ongoing Actions Expected to Increase Earnings Acquisitions/Share Repurchases Midpoint¹ $13.90 Higher Core EPS Revenue Growth/ New Products FMS Lease Pricing $4.65 Outsized Gains / Rental SCS / DTS Target Margins $9.25 2022 Comparable EPS Forecast Significantly Improved Core Earnings of the Business; Expect to Continue to Outperform Prior Cycles and Achieve Target Returns SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures such as Comparable EPS. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. 1 Midpoint of $13.40 - $14.40 2022 Comparable EPS Forecast Ryder 20 Ever better.™#21Long-term Financial Model ROE Long-term Average Over the Cycle Component drivers to achieve ROE target include: Operating Revenue Growth Total Ryder Fleet Management Supply Chain Dedicated EBT as % of Operating Revenue Fleet Management Supply Chain and Dedicated Leverage (Debt-to-Equity) TARGET High Teens (Up from 15%) High Single Digit (New) Mid Single Digit Low Double Digit (Up from High Single Digit) High Single Digit Low Double Digit (Up from High Single Digit) High Single Digit 250%-300% Business Positioned to Deliver Strong Returns through the Cycle SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 21 Ever better.™#22Sustainability Focus ENVIRONMENTAL SOCIAL GOVERNANCE Recent Achievements Achieved goal to reduce Scope 1 and Scope 2 emissions by 20% over a 2009 baseline ahead of schedule • Ongoing commitment to safety training, coaching, and technology led to 78% reduction in collisions between 2017 and 2021 > 50% of Board of Directors is diverse, by gender, race, and ethnicity 10 consecutive years as one of FORTUNE's World's Most Admired Companies and one of 2021 Newsweek America's Most Responsible Companies Commitments In 2020, established new goals to reduce emissions by 2024 over 2018 baseline - 10% reduction in Scope 1 emissions 30% reduction in Scope 2 emissions - 15% reduction in Scope 3 emissions¹ • Invest 10% of Ryder Charitable Foundation's budget in specific initiatives to expand equality and diversity for the Black community Award 75 scholarships per year for women and minority students by 2025 Robust Enterprise Risk Management program, involving oversight from management and our Board, routinely and holistically evaluates our key risks SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 Downstream leased assets only (Category 13) Ryder Ever better.™ 22#23Accountable and Engaged Board of Directors - Expertise and Experience Support our Long-term Vision SKILLS MATRIX Senior Leadership 91% Business Development & M&A 91% Public Company Operations 82% Robert Sanchez Chairman & CEO, Ryder 2013 Robert Eck Former Director & CEO, Anixter International 2011 Robert Hagemann Former SVP & CFO, Quest Diagnostics 2014 Michael Hilton Former President & CEO, Nordson Corporation Tamara Lundgren Luis Nieto President & CEO, Schnitzer Steel Industries, Inc. Former President, Consumer Foods Group, Financial & Accounting 73% 2012 2012 ConAgra Foods, Inc. 2007 Branding/Strategy 55% David Nord Former Chairman & CEO, Hubbell Incorporated 2018 Abbie Smith Boris and Irene Stern Distinguished Service Professor of Accounting and James S. Ely, III Faculty Fellow, University of Chicago Booth School of Business 2003 E. Follin Smith Former EVP, CFO & Chief Administrative Officer, Constellation Energy Group, Inc. 2005 Dmitri Stockton Former SVP & Special Advisor to the Chairman, General Electric Company 2018 Hansel Tookes Former President, Raytheon International 2002 Industry Experience 45% BOARD ATTRIBUTES ~64 Years Average Age 91% Independent Directors 64% Gender/Racial/Ethnic Diversity SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 23#24Deep and Experienced Leadership Team Driving Industry Change TODAY'S PRESENTERS Robert Sanchez Chairman & CEO Joined: 1993 Steve Sensing President, SCS & DTS 1992 Steve Martin Tom Havens Karen Jones John Diez SVP, DTS 1988 President, FMS 1993 EVP, CMO 2013 EVP, CFO 2002 ADDITIONAL EXECUTIVE LEADERSHIP Robert Fatovic Tim Fiore Frank Lopez EVP, Chief Legal Officer and Corporate Secretary SVP, Chief Procurement EVP, CHRO 1994 2002 Officer 2002 Rajeev Ravindran EVP, Chief Information Officer 220+ Years Combined Industry Experience 2018 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 24#25Ryder Ever better.™ SCS: Integrated Solutions to Serve Large and Growing Market Steve Sensing President, Supply Chain Solutions & Dedicated Transportation Solutions SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder Ever better#26Ryder Ever better. EverBetter Video TM#27SCS Key Messages 1 2 3 4 Leading provider of integrated logistics solutions from port to door across North America Differentiated approach based on deep expertise of key industry verticals to serve a large and growing market Increased utilization of data analytics and automation driven by continuous improvement mindset and LEAN principles Strategic investments in customer-facing technology that is a key market differentiator SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 27 Ever better.™#28SCS Snapshot OPERATING STATISTICS Warehouse Footprint² Freight Under Management³ Total Vehicles Employees 40% Warehouse Management ~80M+ sq. ft. $7.4B ~11,000 ~22,000 2021 PERFORMANCE Total Revenue $3.1B Operating Revenue $2.2B EBT $117M EBT as % of Operating Revenue Comparable EBITDA 5.3% $173M PORT TO DOOR INTEGRATED SUPPLY CHAIN SOLUTIONS 1 33% Dedicated Transportation 10% Transportation Management 10% e-Commerce Fulfillment/Last Mile Delivery 7% Professional Services SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures, such as Operating Revenue and Comparable EBITDA. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. 1% of 2021 SCS Revenue. 2 As of 1/2/2022. 3 Represents total for all Ryder System, Inc. Ryder Ever better.™ 28#29NEW Integrated Solutions from a Single Source (Port to Door) Across Verticals OUTSOURCED SERVICES Warehouse Management Dedicated Transportation Transportation Management Last Mile Delivery e-Commerce Fulfillment • Single customer, multi-client, and cross-docking Value-added services (kitting, packaging, retail-ready displays, labelling & tagging) Professional drivers and equipment dedicated to a single customer • Transportation department for customers buying $7.4B in services across all modes Optimize, plan, and ensure delivery Assemble big and bulky items in warehouses and deliver to room of choice Pick, pack, and ship online orders and coordinate final delivery via parcel/ground carriers to home in 2 days or less VERTICAL FOCUS 1 Automotive Industrial (12%) Consumer Packaged Goods & Retail (46%) (31%) Inbound transportation management & synchronized delivery to assembly plant, including cross-border management (Mexico, U.S., Canada) CPG Customized packaging for big-box retailers, large dedicated warehouses and multi-client facilities gm G General Mills Keurig DrPepper Kraft Heinz Retail B2B & B2C Omni-channel, e- Commerce fulfillment, big & bulky last mile to home, and cross-dock to store deliveries or direct to consumer COSTCO WHOLESALE H&M macy's RAD POWER BIKES Technology & Healthcare (11%) Automated pick, pack, and ship warehouse operations supported with robotics and integrated transportation management solutions BJC 560 Customers Served ~70% of Customers Leveraging Multiple Solutions; Up from ~60% Two Years Ago SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1% of 2021 SCS Revenue Ryder 29 Ever better.™#30Significant Market Opportunity Enabling Outsized Growth $1.3T Warehouse & Truck-based Transportation Management Market WELL-POSITIONED TO CAPTURE OPPORTUNITIES FROM SECULAR TRENDS $1.1T Addressable Non-Outsourced Market (Market Opportunity) $158B ~15% Outsourced ☑ e-Commerce Labor Shortage Omnichannel Nearshoring/Onshoring Strategic Focus on Further Penetrating Large, Non-outsourced Market SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Sources: Polk / IHS, Armstrong & Associates, Ryder estimates Ryder 30 Ever better.™#31Why We Win in SCS - Our Sustainable Competitive Advantages Integrated Supply Chain Solutions North America Focus • Deep Vertical Expertise • Design and operate an integrated suite • • • of supply chain solutions Seamless customer service across N.A. Streamlined cross-border capabilities Expertise in managing complex supply chains Differentiated knowledge and expertise across key verticals: Automotive, Industrial, Technology, Healthcare, CPG, and Retail MARKET LEADER PROVIDING VALUE-ADDED INTEGRATED SOLUTIONS ACROSS KEY VERTICALS • Visibility and IT capabilities Enabling Technologies and Continuous Improvement • LEAN expertise • Engineering and automation excellence SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 31#32SCS Strategic Initiatives: Accelerate Growth with Innovative Solutions • RyderShare visibility and collaboration tool deployment Grow the Base Business • EverBetter logistics marketing campaign Expand e-Commerce/ Ryder Last Mile Enhance Vertical Diversification . Improve Margins • Cross-sell with DTS • Network expansion • Investment in e-Commerce and Ryder Last Mile technology platforms • Focus on growing omnichannel retail, CPG, and healthcare • CPG multi-client warehouse network expansion Converted business contracts to better insulate from wage variability Implement automation and robotics to improve efficiencies SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 32 Ever better.™#33Leveraging Technology as Key Differentiator Combination of best-of-breed commercial off-the-shelf products with proprietary solutions to maximize customer value COMMERCIAL OFF-THE-SHELF D RyderConnect A one-stop-shop for categorizing, collecting, and publishing TSP provider data from multiple connected assets in one spot RYDERVIEW™ Real-time visibility into product delivery, carrier tracking, and self-scheduling of last mile deliveries Ryder Warehouse Management System Automation & Robotic Integration Warehouse execution system CUSTOMER FACING APPLICATIONS Ryder Transportation Management System RyderDrive Innovative mobile application that enables driver communication and streamlines trip management Ryder Ever better. PROPRIETARY SOLUTIONS Automation and Robotics SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY RYDERSHARE™ The ultimate digital platform for real-time visibility on all goods moving across the supply chain RYDEROPSBOX A warehouse analytics platform for labor management, daily metrics, workforce planning, and customer visibility dashboards RYDERECOMMERCE by whiplash e-Commerce fulfillment technology Ryder Ever better.™ 33#34LOCATIONS RYDERECOMMERCE by whiplash PERRY ELLIS Happy Socks macy's Ryder e-Commerce by Whiplash (Acquired 1/2/2022) OUR APPROACH . • • • Nationwide omnichannel fulfillment provider ― Ground delivery to 100% of U.S. in 2 days and 60% in 1 day Scalable solutions to accommodate emerging brands to Fortune 500 Best-in-class technology easily integrates with e-Commerce sales platforms and facilitates onboarding; streamlines order and inventory management Advanced robotics and automation to boost productivity and seamless scaling in the same footprint SERVICES Order Fulfillment Value-added Services Reverse • Scalable, fast, and flexible pick, pack, and shipping solutions National multi-mode parcel network and carrier optimization Specialized services such as kitting, label changes, and folding Returns initiation, returns processing, and repairs + ROSS DRESS FOR LESS Logistics Expanding from 7M to 8M sq. ft. of Warehouse Space During 2022 Combining Best-in-Class e-Commerce Fulfillment Platform with Industry Leading Logistics Expertise SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 34 Ever better.™#35Ryder Last Mile (RLM) OUR APPROACH • • • Nationwide last mile delivery and installation of big and bulky goods with 2-day delivery to 95% of the continental U.S. Tiered service options to provide optimal flexibility Leveraging 20+ dedicated to customer sites and 30+ multi-client hubs TIERED SERVICES 1. Over-the-Threshold Self-scheduling, 2-hr. delivery window, 2-man delivery, and returns 2. Room-of-Choice #1 services + place in any room of the house RYDERVIEW™ 2.0 maximizes network efficiency and customer experience - Recipients can self-schedule delivery and receive real-time delivery updates Offers retailer-branded customer experience 3. White-Glove-Delivery #2 services + unboxing/removal of packaging in home, assembly, installation, and haul-away 4. Deluxe Service #3 services + pre-delivery inspection, preparation, and assembly to ensure delivery of undamaged goods LOCATIONS SERENA & LILY COSTCO WHOLESALE ΤΟΝ ΛΙ Ashley HOMESTORE Existing RLM Hub(s) Expansion / New RLM Hub(s) Adding/Expanding 10 Locations in 2022/1Q 2023 Continue to Expect Double-digit Revenue Growth in RLM with EBT% In-line with SCS HSD Target Range SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 35 Ever better.™#36Long-term Targets LDD Operating Revenue Growth Raising from HSD 11011 Byder Ever better. PICKED RYDER PACKED. FULFILLED HSD EBT as % of Operating Revenue Expect to Return to HSD EBT% Target in 2H22; Well-positioned for Profitable Growth SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 36 Ever better.™#37Key Takeaways 27 SHIPPING SHIPPING 23 1 Leading provider of integrated logistics solutions from port to door across North America 25 26 2 Differentiated approach based on deep expertise of key industry verticals to serve a large and growing market 3 Increased utilization of data analytics and automation driven by continuous improvement mindset and LEAN principles 4 Strategic investments in customer-facing technology that is a key differentiator SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 37#38Ryder Ever better.™ C Ryder.com 321 322 Ryder Ever better. Transportation Services DTS: Capturing Profitable Growth with Differentiated Business Model Steve Martin SVP, Dedicated Transportation Solutions SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder.com 00 FREIGHT BROKERAGE Ever better Ryder#39DTS Key Messages 1 Capturing significant growth and improved profitability through freight cycles 2 Driving operational efficiencies with improved safety and enhanced digitization 3 4 Focusing on growth areas (e.g., building density) and promoting cross-selling opportunities across segments Differentiated business model leveraging transportation bundled solutions to capture share SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ryder 39 Ever better.™#40DTS Snapshot 2021 OPERATING STATISTICS Total Vehicles Drivers Customer Locations ~11,000 ~6,000 ~500 Choice Lease Vehicles and Maintenance 2021 PERFORMANCE Total Revenue $1.5B Operating Revenue $1.1B EBT $49M EBT as % of Operating Revenue Comparable EBITDA 4.7% $50M DEDICATED TRANSPORTATION SOLUTIONS + + AA AA Professional Drivers Routing, Scheduling, Visibility, and Supervision ။ Dedicated Transportation Solution SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures, such as Operating Revenue and Comparable EBITDA. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure Ryder 40 Ever better.™#41Strong Customer Retention and Expansion with Significant Private Fleet Opportunity 2021 CUSTOMER PROFILE 94% Customer Retention Rate¹ >50% Sales from Upselling / Cross-selling (FMS / SCS) 9% Growth in Customer Count ~50% of New Accounts were Private Fleet Conversions 2021 CUSTOMER COUNT BY INDUSTRY Industrial Retail 22% 21% CPG Metals Construction 14% 14% 11% Hi-tech & Healthcare 11% Energy 5% Other 2% SELECT CUSTOMERS True Value Del Monte Quality Hill's Diversified Portfolio Compromising 200+ Customers SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 Based on DTS 2021 Revenue. LRO Alro Steel Ryder Ever better.™ 41#42Significant Market Opportunity Enabling Outsized Growth $800B Dedicated Transportation Market TAM SECULAR TRENDS DRIVING INCREASED OUTSOURCING $400B Addressable Non-Outsourced Market (Market Opportunity) $20B ~5% Currently Outsourced B Driver Shortage Equipment Cost/Complexity Safety Regulations Significant Growth Opportunity in Large, Highly Addressable DTS Market SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Sources: Polk/IHS, Armstrong & Associates, Ryder estimates Ryder 42 Ever better.™#43Why We Win - Sustainable Competitive Advantages • Technology and Engineering • • Driver Excellence • • Operational Expertise .. • Fleet Management • RyderShare visibility and collaboration platform 100+ logistics engineers; optimized routing and scheduling Digitized workstream and business intelligence platform 100% company drivers, robust training program Favorable work/life balance: ~85% of drivers home daily Recruiting capabilities and referral programs Recognized safety programs Exceptional on-time delivery performance Deep industry knowledge Leveraging FMS scale and ability to obtain vehicles Vehicle uptime through preventative maintenance and access to Ryder rental fleet LEADER IN DEDICATED SOLUTIONS AND CAPABILITIES SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 43 Ever better.™#44Ryder Ever better.™ Drivers & Why We Win Video#45DTS Strategic Initiatives: Accelerate Growth and Expand Margins • Sell across transportation and logistics cross-divisional portfolio Accelerate • Top Line Growth RyderShare visibility and collaboration tool • Continue to organically grow brokerage Invest in Technology • Continue to enhance customer-facing technology • Digitization of workstreams - RyderDrive digital driver app Improve Margins • • • Converted business contracts to better insulate from wage variability Drive density in key regions through differentiated pricing strategy Continue to centralize and digitize work processes SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 45 Ever better.™#46Sustaining Top Line Growth Over the Cycle SELL ACROSS TRANSPORTATION & LOGISTICS PORTFOLIO • FMS / DTS private fleet conversions Training all sales teams to identify opportunities and sell across transportation modes and product lines Leveraging RyderShare Targeting customers in high density areas Benefiting from EverBetter campaign CONTINUE TO ORGANICALLY GROW BROKERAGE INITIATIVE New employees (e.g., add sales headcount, expanding offices) New carriers (e.g., leveraging Ryder assets for capacity, implement carrier loyalty program Scale Marketing initiatives (e.g., 2021 EverBetter Campaign) Density New customers from targeting shippers and private fleets in our density zones New and enhancing capabilities through investing in digitization, visibility, and automation Expanded Sales and Customer Touchpoints SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 46#47Invest in Industry-leading Technologies DEVELOPED AND LAUNCHED EFFICIENCY AND VISIBILITY TOOLS RyderDrive™ Scalable, digitized trip management and Hours-of-Service compliance RYDERSHARE™ End-to-end visibility of orders, inventory, and shipments in real-time Business Intelligence Leveraging technology to analyze data and make actionable business decisions In-Cab Video Recording Safety programs including in-cab video recorders have resulted in 78% reduction in collisions (2017-21) Continuing to Make Targeted Technology Investments to Further Strengthen Customer Value SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 47 Ever better.™#48Long-term Targets HSD Operating Revenue Growth HSD EBT as % of Operating Revenue Expect to Return to HSD EBT% Target in 2H22; Well-positioned for Profitable Growth SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 48 Ever better.™#49Key Takeaways 1 2 3 4 Capturing significant growth and improved profitability through freight cycles Driving operational efficiencies with improved safety and enhanced automation Focusing on growth areas (e.g., building density) and promoting cross- selling opportunities across segments Differentiated business model leveraging transportation bundled solutions to capture share SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 49#50Ryder Ever better.™ Q&A SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS#51Ryder Ever better.™ Break ~10 Minutes SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS#52Ryder ® Ever better.™ FMS: Optimize Portfolio While Maximizing Returns Tom Havens President, Fleet Management Solutions SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Tunpurtation Services Ryder Ever better. Ryder.com GET TRACKBAD CAPACITY DEDICATED TRANSPORTATION SOLUTIONS 223438 Ryder.com Ryder Ever better. 2900637 USED TRUCKS TRUCK RENTAL Rental Reservations: 1-800-BY-RYDER#53FMS Key Messages 1 2 3 Well-positioned to capture share from secular trends driving higher outsourcing in large, addressable market Enhancing returns through pricing initiatives and operational excellence Well prepared to manage through freight cycles Rental Reservations 1---ER SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 53 Ever better.™#54FMS Snapshot 2021 OPERATING STATISTICS Assets Vehicles Maintained Employees Technicians Maintenance Shops 2021 PERFORMANCE $5.7B $4.9B $663M Ryder $11.2B ~244,000 Total Revenue Operating Revenue ~11,500 EBT ~5,000 ~750 FLEET MANAGEMENT SOLUTIONS Providing Outsourced Transportation Services and Operational Excellence across North America (((0))) OPERATING REVENUE MIX 23% ChoiceLease Full-Service Lease SelectCare Outsourced Maintenance Commercial Rental Fleet Support Services Used Vehicle Sales 11% 65% SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures, such as Operating Revenue. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure ChoiceLease ■SelectCare Rental Other (1%) Ryder 54 Ever better.™#55Diversified Customer Base and Fleet Composition 2021 FMS CONTRACTUAL CUSTOMER BASE SAMPLE CLIENTS 21% Customers by Fleet Size 26% ■Small (1-10) Medium (11-50) ■Large (51+) 53% LEK'S WINE & SPIRITS EPFG Performance Food Group THE QUIKRETE ORGILL Worldwide Distribution & Retail Services ס 8% THE Odom CORPORATION Dias FOODS Revenue COMPANIES 2021 CONTRACTUAL FLEET COMPOSITION 20% 39% Tractor Trailers Light Duty Medium Duty 33% 14k+ Contractual Customers < 1% Largest Customer Share of Revenue Diversified Customer Base and Fleet Composition Mitigates Risk from Specific Customer or Segment SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 55 Ever better.™#56Significant Addressable Market Opportunity $225B Total Commercial Vehicle Market $58B Addressable Market Opportunity WELL-POSITIONED TO CAPTURE GROWTH FROM SECULAR OUTSOURCING TRENDS Increased Vehicle Cost and Maintenance Complexity Technician/Labor Shortages $14B ~25% Currently Outsourced бая Government/Safety Regulations Vehicles and Parts Supply Chain Challenges Secular Trends Driving Opportunity to Convert DIY Segment to Outsourced Model SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Sources: Polk/IHS, Armstrong & Associates, Ryder estimates Ryder 56 Ever better.™#57Why We Win - Sustainable Competitive Advantages • ~750 shop maintenance network Network Scale • . Deep Maintenance Expertise • Risk Mitigation Flexible Products and Service • Procurement leverage with major OEMs and partners Best-in-class maintenance processes with ~5,000 expert techs Rapid up-skill training capability for new technologies • No residual risk for customers • Guaranteed maintenance costs for customers COMPREHENSIVE CAPABILITIES SPAN FULL SPECTRUM OF FLEET TRANSPORTATION NEEDS • Custom service level options for ChoiceLease and SelectCare RyderGyde and Connected Fleet Comprehensive Value Proposition to Capture Market Opportunity SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder RYDER 2022 INVESTOR DAY 57 Ever better.™#58FMS Strategic Initiatives: Targeting Higher Value Growth while Maximizing Returns Incorporate Segmentation and Pricing Actions Enhance Asset Management Demonstrate Operational Excellence Implement Innovation • • • • • • . • Differentiate and segment lease portfolio pricing Target higher value market segments Deploy dynamic rental pricing model Execute enhanced asset management playbook over freight cycle Used vehicle sales retail expansion and digital transformation Focus growth capital on rapidly expanding, less cyclical truck segments Maintenance operating model transformation with continuous improvement focus Improve customer experience through innovation and service Execute EV/AV strategy as the market evolves • COOP growth and national rollout SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 58#59Lease Pricing and Segmentation % OF PORTFOLIO PRICED AT HIGHER RETURNS 40% 2021 Incremental $80M Annual Benefit - 100% 2025 $45M ANNUAL BENEFIT $125M • . Segmented pricing is improving returns across all vehicle types - Rolled out new lease pricing segmentation in 2018; 40% of portfolio completed by YE 2021 - Segmenting by application, risk profile, asset type, etc. - Additional ~20% of the fleet already contracted at new pricing model to be in serviced over the next 12 months Deploying growth capital on higher-growth, higher-return segments - Investing in trucks - less cyclical segments compared to tractors Capturing e-Commerce growth Price Segmentation Initiatives Expected to Deliver $125M Annual Benefit When Fully Implemented in 2025 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 59 Ever better.™#60Enhanced Asset Management Playbook in Place FREIGHT MARKET STRENGTHENING • Drive profitable lease sales PEAK • Invest growth capital in truck segments for rental fleet 介 • Incorporate cyclical forecast into residual value estimates Strengthening Demand • Manage contract expirations to limit Demand > Supply exposure in downturn • Target early replacement opportunities B Weakening Demand Supply Demand FREIGHT MARKET WEAKENING • Reduce used truck inventory as market starts to weaken Extend lease contracts Redeploy rental vehicles to lease, dedicated, and supply chain applications Leverage expanded used vehicle sales retail sales network Reduce discretionary spend Invest in rental early in the upturn TROUGH Although Earnings Will be Impacted by Freight Cycles, Executing Our Enhanced Asset Management Playbook Better Positions Ryder for Higher Earnings in Each Phase of the Cycle SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 60 Ever better.™#61Used Vehicle Sales: Retail Expansion and Digital Transformation Improves Proceeds Grow Retail Sales Locations Expand Retail Digital Sales • 63 retail centers (+12 vs. 2019) ~20% incremental retail sales capacity Inside sales team positioned to capture digital sales opportunity ⚫ ~30% incremental retail sales capacity ~50% Increase in Retail Sales Capacity¹ Retail sales proceeds are 30% higher than wholesale Expect New Capacity and Technology Investments to Result in ~8% Increase in Proceeds per Vehicle SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 Versus North America 2019 baseline Ryder 61 Ever better.™#62Maintenance Operating Model Transformation MAINTENANCE TRANSFORMATION DRIVEN BY PRODUCTIVITY GAINS Re-engineered shop operating model Focused on technician • TECHNOLOGY AND TRAINING Connected vehicle strategy Wearable and hand-held tech • Rapid up-skill wrench time training capacity Centralized administration for new technologies DATA ANALYTICS Reliability analysis Partnerships with key OEMs Stabilize costs as technology evolves PARTS PROCUREMENT Restructured supply chain Negotiated new partnerships Negotiated extended warranties INCREASE PROFITABILITY THROUGH CONTINUOUS IMPROVEMENT PROCESS Delivered $90M of Expected to surpass annual savings by initial annual savings target YE 2021 of $100M Continuous Improvement Focus to Sustain and Improve Long-term Results SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY in 2022 Ryder 62 Ever better.™#63Reliability Analytics Process: NOx Sensor Case Study IDENTIFICATION NOx Sensors: Significant component failure rate resulted in high costs and customer disruptions RESOLUTION OEM-funded repair campaign undertaken Re-engineered hardware design for future production SOLUTIONING Cross-functional team between OEM and Ryder analyzed proprietary Ryder fleet data to identify root cause of failure . • CREATING VALUE FOR ALL SHAREHOLDERS CUSTOMER Customers benefit from increased up-time OEM OEMs benefit from Ryder's post-warranty maintenance information for enhanced performance visibility and benchmarking RYDER Ryder benefits from reduced failure rate and lower annual component cost Ryder Reliability Analysis Lowers Costs and Provides Value to Both Customers and OEMs SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 63 Ever better.™#64Ryder Ever better.™ Technology Driven Fleet Maintenance Video#65Creating Customer Value through Our Technology Innovative Platform Enabling Customers to Manage All Aspects of Their Fleet Fleet Spend Trend Analysis Repair & Maintenance Trends | Rental Activity Performance Analytics Fuel Activity & Trend Analysis Real-time Consumption & Cost Management Vehicle Health & Uptime Actionable Dashboards Driver Support Preventative Maintenance Analysis | Repair Activity Fleet Management Fleet Utilization | Miles | Routing | MPG | Specifications and Applications | Replacement Planning Maintenance Support Roadside Assistance | Shop Check-in | Location Finder Operations Tools Log Fuel Receipts | Manage eDVIR¹ Driver Mani Seth Street Ryder - Sturkey Ande Fleet Manager RYDERGYDE™ Maintenance Shop Truck D Providing Value for Customer Fleet Managers and Drivers SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 Electronic driver inspection report Ryder MY VEHICLES A Ryder 65 Ever better.™#66Long-term Targets Ryder 1-400-45-47DER Ryder Ever better C Transportation Serines MSD Operating Revenue Growth LDD EBT as % of Operating Revenue Raised from HSD in Feb 2022 8800 Ryder 66 Ever better.™ 2860625 Structural Business Changes to Better Position FMS to Achieve Targets Over the Cycle SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY#67Key Takeaways 1 Well-positioned to capture share from secular trends driving higher outsourcing in large, addressable market 2 Enhancing returns through pricing initiatives and operational excellence 3 Well prepared to manage through freight cycles SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Free better Ryder Ever better.™ 67#68Ryder Ever better.™ At the Forefront of Innovation and Industry Disruption Karen Jones EVP & CMO SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS ORDER: #382934 ETA: 9:13am#69Key Messages 1 Deep expertise in transportation and logistics to remain at the forefront of industry disruption 2 3 Disciplined and strategic approach to new product development with significant opportunities where we are positioned to win Targeted investing, partnering, and acquiring in strategic growth areas with a focus on innovation and value creation SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 69 Ever better.™#70Unprecedented Level of Disruption in Logistics Industry E-COMMERCE AMAZONS COST TO DELIVER 'S HIGH MORE INVENTORY TO DISPERSE WHAT CUSTOMERS WILL BE IMPACTED? CVS NO NEED FOR SPECIALIZED DELIVERY FINAL MILE DS ## BIG DATA з T INTERNET THINGS UBERIZATION OF FREIGHT 790% COF FREIGHT DRIVER HOW SOON? IT IS real 3D PRINTING LESS STUFF DESIGN MANUFACTURE POINT OF CONSUMPTION SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Insurance CERTIFICATION PLATFORM POSITIONED TO BE MANAGERS METAL RYDER 2022 INVESTOR DAY 15 NEED STILL ASSET SHARING MIDDLE MAN (TRUCKS) CONSULT OUTSIDE E RYDER EXPERTS PREDICTIVE ANALYTICS, MANAGES NETWORK OR WE HAVE TO PLUGIN TO OTHER PLATFORM UBER COULD OPTIMIZE MARKET PLACE USING DATA ON TO OPTIMIZE INTERNALLY PROBABILITIES -PHDIN BATTERY TECHNOLOGY BIGGEST RISK AND OPPORTUNITY IS GOING to HAPPEN OPTIMIZATION OPPORTUNITY OWN PLATFORM BATTERY SWAP ALTERNATIVE FUEL TRUCKS DIESEL OUTLAWED! RANGE IS ISSUE TO Distribute + MAINTAINE BRAND RISK.... SAFETY Maintence GOESUP! .)) around the clock PRODUCTIVITY SELF DRIVING & TRUCKS NO NEED FOR PRIVATE FLEET! OUTLAW DIESEL GOVŕmNTS LOVE LESS SPECIALIZED EASIER TO FIND LABOR SERVICE Ryder Ever better.™ 70#71Strategic Focus Areas for New Product Development Strategic Approach to Disruption Investing in 4 Key Areas Built, Acquired, or Partnered Products RyderVenture Investments REMORA BATON AV Gatik tu simple TORQUE BY RYDER EMBARK WAYMO gm MXD GROUP RYDERE COMMERCE by whiplash Ohi a brightdrop ECASCADIA NAVISTAR AV/EV e-Commerce EV RYDERSHARE™ RYDERGYDE™ Asset Digital Technologies Sharing RYDERVIEW™ 43 RYDERECOMMERCE by whiplash SmartHop Ryder Ever better. Light Duty Rental COOP Midwest Warehouse BY RYDER & DISTRIBUTION SYSTEM HAUL $1.2B Strategic Investments Over Last 4 Years (includes $875M of acquisitions) SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 71#72Ryder Ever better. RyderShare Video TM#73RyderShare Provides real-time visibility, collaboration, and exception management across supply chain- Only 3rd-party logistics provider with warehousing and transportation capabilities inbound FACTORY inbound WAREHOUSE returns outbound RYDERSHARE™ DISTRIBUTION CENTER RETAILER CONSUMER Multiple data sources integrated into a single view to drive higher productivity, improved customer service, and transparent communication Connect Everyone in Your Supply Chain ⚫ Digitize and Automate Workflows • Communicate with Everyone in Real-time • Led by Real Operators • 6.2M Shipments Since 2020 82% of Ryder's Total Transportation Volume Kol 9K Users with New Users Added Everyday Key Differentiator in Winning ~35% of 2021 SCS/DTS New Sales - Momentum Expected to Continue SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 73 Ever better.™#74Customer Case Study: RyderShare Value Creation Do it Best Corp. Hardware Retailer with 3,000+ Stores 1 Request for Update on Order 2 3 Translate to Ryder Order and Request for Update 4 BEFORE 6 steps and RYDERSHARE™ 5 6 Request for Load Update hours of calling Store Employee Response Central Support Response Ryder Operator Driver Response AFTER 1 step in real time - store employee has load information at their fingertips Store Employee 1 Central Support RYDERSHARE™ SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY CUSTOMER BENEFITS • Efficiency gain for central support team • Improved labor planning • Higher service levels Ryder Operator • Reduced turnaround times & touches Ryder 74 Ever better.™#75Hill's Pet Food Success Story DISTRIBUTION FACILITY RYDER VETERINARIANS DEDICATED DELIVERY ☐ ☐ PET HOSPITALS PET CLINICS RYDERSHARE™ Hill's Kyle D. Bryant CS&L Operations Manager Hill's Pet Nutrition • Network view to over 30,000+ delivery locations . Instant access to delivery information (location, status, etc.) drives down calls GG • 100+ corporate users save time on everyday tasks better control and efficiency for Hills Return goods authorizations visibility results in Instant delivery documentation for better auditing RyderShare Provides Real-time Visibility, Proof of Delivery, and Increased Customer Satisfaction to 30,000+ Veterinarians, Pet Hospitals, and Pet Clinics リリ Hill's Pet Nutrition partnered with Ryder Transportation Solutions in 2021 to provide direct delivery of Hill's products to our customers. One important insight our customers look for is the ability to find out where their order is and when it will arrive. The RyderShare platform has allowed us to have real-time tracking and ETA for our customers' orders through easy-to-use technology. It has also provided proof of delivery documents as well as product delivery images that have been valuable in helping with issue resolution for our customers. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 75 Ever better.™#76Southern Glazer's Wine & Spirits Collaborative Supply Chain RYDERSHARE™ SGWS SUPPLIER SGWS SUPPLIER U.S. Ryder Ever better U.S. SOUTHERN GLAZER'S FACILITY • SGWS SUPPLIER Europe Ryder Ever better Ryder -Ever better Southern Glazer's Wine and Spirits (SGWS) is the largest wine and spirits distributor in North America with operations in 44 states plus the District of Columbia and Canada with 250,000+ retailers Benefits of RyderShare: GLAZER'S THERS GLAZIE SOUTHER SG & SPIRITS WINE & SGWS sees inbound moves from all suppliers worldwide Full visibility into Ryder TM carrier network Many U.S. suppliers are also Ryder customers, creating a larger network effect, collaboration, and bi-directional visibility With more accurate information about the status of inventory, SGWS improves customer service for its 250,000+ retailers Distribution teams can now improve their warehouse operations planning process and expected receipt times, driving efficiency and cost savings RyderShare Ecosystem Connecting SGWS with Suppliers and Customers Improves Fill Rate and Accuracy, and Provides Real-time Customer Service to 250,000+ Retailers SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 76 Ever better.™#77Building for the Future SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 77#78Autonomy is a New Commercialization Opportunity RYDER VALUE IS IN FOUR KEY AREAS First/Final Segment 1 Dedicated local fleets; ideal EV solution 2 Autonomous Trucks Procurement, leasing, operation of predictable capacity Hub Network 3 Yard operations and captive maintenance services 4 Center of Ecosystem via Technology RyderShare coordinate movements of all AV freight and capacity STRATEGIC AV PARTNERS tu simple W WAYMO EMBARK Gatik MANUFACTURER 1 4 3 CONTROL TOWER 3 2 1 RETAILER Ryder 78 Ever better.™ Uniquely Positioned for Leadership in Managing Autonomous Networks SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY#79EV Market Penetration and Adoption U.S. MARKET EV PENETRATION ('000) 1 Heavy Duty EV Production (Class 8) 2023 2024 ☐ 2025 Medium Duty EV Production (Class 6-7) Light Duty EV Production (Class 3-5) Ryder's U.S. Fleet Mix² 300 100 240 180 120 60 0 88820 300 240 180 120 60 0 EV Production Total Production EV Production Total Production EV Production Total Production Total EV Production 12.6k Total EV Production 8.2k Total EV Production 2023 1% 2023 1% 2023 2024 2% 2024 3% 2024 2025 2% 2025 5% 2025 • Timeline continues to elongate; market penetration expected to progress slowly 9% 33% 54% 74.4k 3% " 10% 13% • OEM pricing and government funding / mandates expected to have greatest impact on adoption rates • Significant diesel fleet expected to remain for extended period given anticipated EV production levels • Predicted to grow faster than other classes over next 5 years with more attractive TCO benefit, battery range, and charging infrastructure - opportunity for Ryder SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 EV production based on OEM conversations and publicly available data. 2 Ryder's fleet mix as of 4/1/2022 Light Duty Medium Duty Heavy Duty Ryder 79 Ever better.™#80COOP® BY RYDER COOP Video#81Solving Critical Market Need through Asset Sharing: COOP by Ryder Ⓡ COOP Creating the Largest Peer-to-Peer Truck Sharing Company in America, Without Owning a Single Asset • BY RYDER SUPPLY Aggregating excess vehicle supply from multiple sources Private Fleets Rental Companies Asset Investors DEMAND Satisfying customer demand by increasing accessibility MARKET POTENTIAL 8M commercial power vehicles in the U.S. with an average idle time of 24% Data and technology are the key to matching supply with demand RYDER BENEFITS Asset-light business for long-term rental model Supplement Ryder rental capital • • Creation of new class of asset investors Technology and innovation leadership SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS More than doubling growth in 2022 Rental days forecasted to grow from 50k (2020) to ~400k (2022F) RYDER 2022 INVESTOR DAY 1 Numbers are power units only. Does not include 5M trailers U.S. 22% is the current market penetration of the car ride sharing market Ryder Ever better.™ 81#82Key Takeaways 1 2 3 Deep expertise in transportation and logistics to remain at the forefront of industry disruption -- Disciplined and strategic approach to new product development Ever with significant Hyder opportunities where we are positioned to win Targeted investing, partnering, and acquiring in strategic Ryder growth areas with a focus on innovation and value creation Ryder SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 82 20#83Ryder Ever better.™ Clear Financial Strategy to Deliver Enhanced Returns John Diez EVP & CFO Ryder RYDER LAST MILE DELIVERY SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder#84Financial Key Messages 1 2 3 Strong execution resulting in record performance with plenty of runway ahead as a leader in attractive markets Strategic structural changes in business model leading to stronger and more resilient performance Clear capital allocation priorities to deliver balanced growth and higher returns over the cycle 4 Balance sheet flexibility to enhance shareholder value SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 84 Ever better.™#85Increasing 2022 Forecast Operating Revenue Growth Comparable EPS ROE Free Cash Flow 2022 FORECAST AS OF 1Q 221 REVISED 2022 FORECAST 2 ~14% $13.00 $14.00 Up 36% -46% YoY 23%-25% ~14% $13.40 - $14.40 Up 40%-50% YoY 24% -26% MARKET ASSUMPTIONS Robust outsourcing trends supported by increased supply chain awareness Near-term tight truck environment due to OEM constraints; Used Vehicle Sales and Rental to moderate in 2H22 Labor and supply chain disruptions expected to continue in 2022 $550M $650M $550M - $650M SCS / DTS pricing adjustments recover costs from labor shortage in 2H22 Robust Freight Environment, Balanced Growth Strategy, and Return Initiatives Driving Strong Results SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures, such as Operating Revenue, Comparable EPS, ROE and Free Cash Flow. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. 1 Announced on 1Q21 Earnings Call on April 27, 2022. 2 Announced the morning of Investor Day on June 3, 2022 Ryder 85 Ever better.™#86Compelling Financial Performance with Further Runway OPERATING REVENUE ($B) $8.9 $7.8 $7.2 $7.0 $5.9 13.7% 11% 14% 6% 8% Growth -2% Rate 0.3% ROE 1 24.0% - 26.0% 20.9% $5.45 COMPARABLE EPS 1 $13.40 - $14.40 $1.01 $9.58 2014-18 2019 Average 2020 2021 2022F -1.3% 2014-2018 2019 Average 2020 2021 2022F 2014-2018 2019 Average $(0.27) 2020 2021 2022F Positioned for Long-term Profitable Growth SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 ROE and Comparable EPS reflects $357M, $491M, and $309M of unfavorable incremental impact on depreciation expense in FY19, FY20, and FY21, respectively, due to prior residual value estimate changes. Includes Non-GAAP Financial Measures, such as Operating Revenue, ROE and Comparable EPS. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure Ryder Ever better.™ 86#87A Fundamentally Transformed Business STRUCTURAL CHANGES De-risked Model Residual value estimates at historically low levels Higher Returns Business Model Compelling FMS returns from multi-year maintenance and lease pricing initiatives Growth Acceleration BEGINNING OF TRANSFORMATION LONG-TERM TARGET Operating Revenue MSD % (3-yr CAGR) HSD % CAGR (Organic) Secular trends and market leadership present SCS/ DTS with significant growth opportunity ROE e-Commerce-Significant Opportunity 12.7% (2018) High Teens % Whiplash acquisition and Ryder Last Mile provide capabilities to participate in meaningful growth segment Enhanced Capital Discipline Balanced growth strategy allows us to invest in strategic acquisitions and share buybacks Structurally Positioned for Higher Returns Over the Cycle SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures such as Operating Revenue and ROE. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure Ryder 87 Ever better.™#88Residual Value Estimates at Historically Low Levels HISTORICAL SALES PRICE AS A % OF ORIGINAL COST 155 115 སྐ ཤྩ ཤྲཱ བྷ ཋ ཤྩ ཁྐྲ ིི ྴ ཆ e ཤྩ g 175 165 Truck Residual Index¹ 185 175 165 155 145 135 145. 135 125 Residual Estimate for Accounting 125. 115. 105 105 95 95 85 85 75 75 65 65 55 55 45 45 35 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 RESIDUAL VALUE ESTIMATE ACTIONS TAKEN Tractor Residual Index¹ Residual Estimate for Accounting Range 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Accounting Residuals: Lowered residual value estimates ~30% to address used vehicle volatility risk and incorporated a tractor downturn into estimates Pricing Residuals: Underwriting residuals used in lease pricing also set at historically conservative levels Achieve Target Returns with Reduced Reliance on Used Vehicle Proceeds SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 Illustrative for Truck and Tractor (U.S. only) fleets. Depicts Ryder's sales prices as a percent of original cost indexed to the value in 1999 to show the percent change in value each year. Excludes vehicles operated in excessively high mileage applications and sales prices adjusted to a consistent age at sale. Sales prices incorporate retail/wholesale mix at the respective time periods. Ryder 88 Ever better.™#89Impact of Prior Residual Value Estimate Changes DEPRECIATION EXPENSE ($B) $2.0 $1.9 $1.8 $1.7 $0.4 $0.5 $0.3 $1.4 $0.2 Depreciation Impact of $0.1 Prior Residual Value Estimate Changes $1.5 $1.5 $1.5 $1.5 Ongoing Depreciation • $1.3 2018 2019 2020 2021 2022F Ongoing Dep. / Avg. Unit $7,100 $7,600 $8,000 $8,000 $8,400 Prior residual value estimate changes increased depreciation expense by ~$200M in 2022F, which is expected to diminish going forward Higher depreciation is being priced into lease contracts Despite Meaningful Increase to Ongoing Depreciation, FMS EBT% Improved from Return Initiatives SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 89 Ever better.™#90Earnings Expansion Delivers Attractive Return on Equity ROE TROUGH 16.5% 14.8% 14.9% 13.2% 12.7% 11.1% 0.3% 20.9% 24.0%-26.0% High Teens ROE Target • EARNINGS LEVERS SCS/DTS margin improvement • Lease pricing opportunity on remaining 60% of portfolio 2013 2014 2015 2016 2017 2018 2019 -1.3% 2020 2021 2022F • Maintenance cost savings Tailwinds from e-Commerce and supply chain disruption • Rental fleet mix ROE Expected to Benefit from Strength in FMS Returns and SCS / DTS Growth Acceleration SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder® RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures such as ROE. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure Ever better.™ 90#91Structural Changes Have Significantly Improved Core Earnings $5.95 2018 EPS Prior Cycle Peak EARNINGS DRIVERS Actions Increasing Earnings Midpoint² $13.90 Outsized FMS Lease Pricing $4.65 Gains/ Rental FMS Maintenance Initiatives + $0.90 Profitable SCS/DTS Growth + $1.50 - $0.30 + $1.20 Used Vehicle Sales/ Depreciation Net¹ Well-positioned for Structurally Higher Quality Earnings SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 Represents Used Vehicle Sales improved performance net of Depreciation related to prior residual estimate changes. 2 Midpoint of 2022 Comparable EPS Forecast of $13.40 - $14.40. Includes Non-GAAP Financial Measures such as Comparable EPS. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure $9.25 2022 Comparable EPS Forecast Ryder Ever better.™ $9.25 Core EPS Expected to Grow 91#92Positioned for Higher Earnings Midpoint¹ $13.90 GROWTH DRIVERS Ongoing Actions Expected to Increase Earnings Revenue Growth/ New Products Acquisitions/Share Repurchases Strong Balance Sheet Provides for Both Acquisitions and Share Repurchases FMS Lease Pricing $4.65 Outsized Gains/Rental SCS / DTS Target Margins HSD Op Rev Growth Target HSD EBT as % of Op Rev $125M Full Benefit by 2025 $9.25 Higher Core EPS 2022 Comparable EPS Forecast Significantly Improved Core Earnings of the Business; Expect to Continue to Outperform Prior Cycles SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Includes Non-GAAP Financial Measures such as Comparable EPS. Please see Appendix - Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. 1 Midpoint of $13.40 - $14.40 2022 Comparable EPS Forecast Ryder 92 Ever better.™#93• Higher Cash Flow Generation 85%+ of operating revenue is contractual (lease, SCS, DTS)¹ Contractual nature of lease portfolio provides recurring, multi-year operating cash flow SCS and DTS provide solid positive FCF throughout cycle FCF is counter-cyclical with FMS fleet growth and economic conditions - Record FCF in 2020 from lower capex substantially due to COVID effects 2022 FCF of $0.6B reflective of strong earnings performance and $0.3B UK asset sales, partially offset by lease fleet growth of 4k vehicles OPERATING CASH FLOW ($B) $2.1 $2.2 $1.6 2014-18 Average 2019 2020 $2.3 $2.2 2021 2022F FREE CASH FLOW ($B) $1.6 $1.1 $0.6 $(0.3) 2014-18 Average $(1.1) 2019 2020 2021 2022F Higher capex due to higher lease growth Lower capex reflecting COVID effects, OEM delays, and balanced growth strategy Includes $0.3B UK asset sales SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 1 As % of 2021 Operating Revenue; includes Non-GAAP Financial Measures, such as Operating Revenue and Free Cash Flow. Please see Appendix - Non- GAAP Financial Measures for the reconciliation to the GAAP Financial Measure FCF SCENARIO No Lease Growth $0.8B Moderate Lease Growth $0.4B Ryder Ever better.™ 93#94Capital Allocation Focused on Shareholder Returns • Invest in Organic Growth Base fleet reinvestment Replacement capital $1.9B -$2.2B, offset by used vehicle proceeds $0.7B+ • Pursue Targeted Acquisitions/Investments New services and capabilities primarily in SCS - Higher pricing/returns • Moderate fleet growth Growth capital $0.4B - $0.7B • Accelerate growth in higher return supply chain and dedicated • Innovative technology • • Accretive tuck-in acquisitions • Disruptive trends • . Return Capital to Shareholders $2.1B+ in cash returned to shareholders (2008 - 2021) Uninterrupted quarterly dividend payments for more than 45 years; 8% annual dividend growth since 2008 Share repurchases - $300M ASR program (expect to complete by Oct 2022) 2.0M share discretionary program 2.5M share anti-dilutive program Disciplined Capital Allocation Drives Strong Value Creation SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder RYDER 2022 INVESTOR DAY 94 Ever better.™#95M&A is Transforming and Strengthening Our SCS Business MXD GROUP (Acquired 2018) Midwest Warehouse & DISTRIBUTION SYSTEM (Acquired 2021) W whiplash (Acquired 2022) PRE-TRANSACTIONS (2017) Focused on warehouse management and transportation services Automotive vertical comprised ~35% of operating revenue . POST-TRANSACTIONS (2022) Integrated port to door logistics provider Added last mile, multi-client, and e-Commerce technology platform Well-positioned to take advantage of higher growth e-Commerce services More balanced vertical mix: automotive vertical reduced to ~25% of operating revenue U.S. Customers 300 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY 700 Ryder Ever better.™ 95#96Balance Sheet Flexibility Enables Shareholder Value Creation AS OF MARCH 31, 2022 Available Liquidity Net Debt COMMENTARY • Solid Investment Grade credit ratings for 25+ years Leverage expected to decline below 250%-300% target range in 2022 Leverage allows flexibility to pursue strategic M&A opportunities and share repurchases $1.0B • . $6.6B Leverage (Debt/Equity) 256% Strong Balance Sheet Positioned for Cycle and Strategic Capital Deployment SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 96 Ever better.™#97Long-term Financial Model ROE Long-term Average Over the Cycle Component drivers to achieve ROE target include: Operating Revenue Growth Total Ryder Fleet Management Supply Chain Dedicated EBT as % of Operating Revenue Fleet Management Supply Chain and Dedicated Leverage (Debt-to-Equity) TARGET High Teens (Up from 15%) High Single Digit (New) Mid Single Digit Low Double Digit (Up from High Single Digit) High Single Digit Low Double Digit (Up from High Single Digit) High Single Digit 250%-300% Business Positioned to Deliver Strong Returns through the Cycle SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 97 Ever better.™#98Key Takeaways for Enhancing Shareholder Value 1 Strong execution resulting in record performance with plenty of runway ahead as a leader in attractive markets 2 Strategic structural changes in business model leading to stronger and more resilient performance 3 Clear capital allocation priorities to deliver balanced growth and higher returns over the cycle 4 Balance sheet flexibility to enhance shareholder value SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Rental Reservations: 1-800-BY-RYDER 53 Ryder Ever better. Byder.com Ryder Ever better.™ 98#99Ryder 48 Ever better.™ Closing Remarks Robert Sanchez Chairman & CEO SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Ryder Ryder better. ULINE PICKED. RYDER PACKED. FULFILLED.#100Why Invest in Ryder 1 2 3 4 Strong execution on balanced growth strategy and actions to improve returns Significant opportunity for long-term profitable growth supported by secular trends, operational expertise, and momentum from multi-year initiatives Strategic initiatives focused on increasing core earnings, outperforming prior cycles and achieving target returns Investing in the future of transportation to create shareholder value over the long term SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Ever better.™ 100#101Ryder Ever better.™ Q&A SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS#102Ryder Ever better.™ Appendix SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS#103Non-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 Operating Revenue Measures: Operating Revenue Operating Revenue Growth Total Revenue Total Revenue Growth Comparable GAAP Measure Reconciliation & Additional Information Presented on Slide Titled Reconciliation of Total to Operating Revenue Reconciliation of Revenue to Operating Revenue Growth FMS Operating Revenue, SCS Operating Revenue and DTS Operating Revenue SCS EBT as a % of SCS Operating Revenue, and DTS EBT as a % of DTS Operating Revenue Comparable Earnings Measures: Comparable EPS, and Comparable Core EPS Adjusted Return on Equity (ROE) FMS Total Revenue, SCS Total Revenue and DTS Total Revenue SCS EBT as a % of SCS Total Revenue, and DTS EBT as a % of DTS Total Revenue Fleet Management Solutions (FMS), Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) EPS from Continuing Operations Not Applicable. However, the 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 shareholders' equity to adjusted average equity is provided in the following reconciliations. Comparable EPS Reconciliation and Comparable Core EPS Reconciliation Adjusted Return on Equity Reconciliation SCS Comparable EBITDA, and DTS Comparable EBITDA¹ SCS Net Segment Earnings, and DTS Net Segment Earnings Cash Flow Measures: Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Comparable Segment EBITDA Cash Flow Reconciliation RYDER 2022 INVESTOR DAY 1 We believe comparable segment EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by analysts, investors and other interested parties to measure financial performance by segment. Ryder Ever better.™ 103#104Reconciliation Revenue to Operating Revenue ($M) Total Revenue Subcontracted Transportation and fuel ChoiceLease Liability Insurance Revenue¹ Operating Revenue² TOTAL 2019 2020 2021 2022F 8,926 8,420 9,663 $ 11,300 (1,701) (1,372) (1,834) (2,400) (35) (24) (1) $ 7,189 $ 7,024 $ 7,828 $ 8,900 2014-2018 2014³ 2015³ 2016³ 2017 2018 Avg. Total Revenue $ 6,638 $ Subcontracted Transportation and fuel (1,386) 6,572 $ (1,011) 6,758 $ (967) 7,280 $ 8,414 $ 7,132 (1,258) (1,716) (1,268) ChoiceLease Liability Insurance Revenue¹ Operating Revenue² (28) (9) $ 5,252 $ 5,561 $ 5,791 $ 6,023 $ 6,670 $ 5,859 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder Note: Amounts may not be additive due to rounding. 1 In the first quarter of 2020, we announced our plan to exit of the extension of our liability insurance coverage for Choice Lease customers. This was completed in the first quarter of 2021. Amounts prior to 2018 have not been revised to exclude the revenues associated with this program. 2 Non-GAAP financial measure. 3 Amounts do not reflect the impact of the retrospective adoption of the new accounting standard related to leasing Ever better.™ 104#105Reconciliation of Forecast Revenue to Operating Revenue Growth ($M) TOTAL 2022 Forecast as of 1Q22 Revised 2022 Forecast 2021 2022 Growth 2021 2022 Growth Total Revenue $ 9,663 $ 11,300 17 % $ Subcontracted Transportation and fuel (1,834) (2,400) 31 % 9,663 $ (1,834) 11,300 17 % (2,400) 31 % (100) (100) ChoiceLease Liability Insurance Revenue¹ Operating Revenue² $ (1) 7,828 % % $ 8,900 14 % $ 7,828 $ 8,900 14 % SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. 1 In the first quarter of 2020, we announced our plan to exit of the extension of our liability insurance coverage for Choice Lease customers. This was completed in the first quarter of 2021. 2 Non-GAAP financial measure. Ryder 105 Ever better.™#106Fleet Management Solutions (FMS) ($M) Revenue ChoiceLease Commercial Rental SelectCare and other FMS Operating Revenue¹ FULL YEAR Fuel Services Revenue and Choice Lease Liability Insurance Revenue² FMS Total Revenue Earnings Before Tax FMS Earnings Before Tax (EBT) 2021 $ 3,219.9 1,113.7 606.9 4,940.5 738.4 $ 5,678.9 $ 663.1 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY NM - Not meaningful. Note: Amounts may not be additive due to rounding. Non-GAAP financial measure. 2 In the first quarter of 2021, we completed the previously announced exit of the extension of our liability insurance coverage for ChoiceLease customers. Ryder Ever better.™ 106#107Supply Chain Solutions (SCS) ($M) Revenue CPG & Retail Automotive Technology & Healthcare FULL YEAR 2021 $ 692.7 240.1 1,020.3 257.4 Industrial & Other SCS Operating Revenue¹ 2,210.5 Subcontracted transportation and fuel 944.3 SCS Total Revenue $ 3,154.8 Earnings Before Tax SCS Earnings Before Tax (EBT) SCS EBT as a % of SCS Total Revenue SCS EBT as a % of SCS Operating Revenue¹ SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. 1 Non-GAAP financial measure. $ 117.4 3.7 % 5.3 % Ryder Ever better.™ 107#108Dedicated Transportation Solutions (DTS) ($M) FULL YEAR Revenue 2021 DTS Operating Revenue¹ $ 1,054.9 Subcontracted transportation and fuel 402.3 DTS Total Revenue $ 1,457.2 Earnings Before Tax DTS Earnings Before Tax (EBT) DTS EBT as a % of DTS Total Revenue DTS EBT as a % of DTS Operating Revenue¹ SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. 1 Non-GAAP financial measure. $ 49.1 3.4 % 4.7 % Ryder Ever better.™ 108#109Comparable Segment EBITDA¹ ($M) FULL YEAR FY 2021 FMS SCS DTS Net segment earnings Income taxes EBT Interest expense / (income) Depreciation¹ $ 508 $ 84 $ 36 155 33 13 663 117 49 214 3 (3) 1,736 47 Used vehicle sales, net¹ (257) - Amortization 2 6 Comparable Segment EBITDA2 $ 2,357 $ 173 $ 50 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. ¹ Excludes the impact of depreciation and gains on vehicles sold allocated to SCS and DTS. ² Non-GAAP financial measure. A reconciliation of GAAP net earnings to comparable EBITDA for each business segment (FMS, SCS and DTS) is set forth in this table. Ryder Ever better.™ 109#110Comparable EPS Reconciliation 2014-2018 2014 2015 2016 2017 2018 Average EPS from continuing operations (GAAP) Non-operating pension costs Goodwill impairment $ 4.14 $ 5.73 $ 4.95 $ 13.54 $ 5.43 $ 6.76 0.05 0.19 0.33 0.31 0.09 0.19 - 0.29 0.29 Restructuring and other charges, net 0.03 0.23 0.06 0.15 0.08 0.11 ERP Implementation Costs 0.01 0.01 Tax reform-related and other tax adjustments, net Uncertain tax provision || (9.62) 0.19 (4.72) (0.08) (0.08) Pension lump sum settlement expense 1.16 1.16 Pension-related adjustments 0.14 (0.01) 0.09 0.06 0.07 Operating tax adjustment 0.03 0.03 Gain on sale of property (0.27) (0.27) Acquisition-related tax adjustment 0.03 0.03 Acquisition transaction costs 0.01 0.01 Tax law changes (0.03) (0.04) 0.03 (0.06) (0.03) Comparable EPS from continuing operations (non-GAAP) $ 5.53 $ 6.10 $ 5.43 $ 4.23 $ 5.95 $ 5.45 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. Ryder Ever better.™ 110#111Comparable EPS Reconciliation 2019 2020 2021 2022 Forecast as of 1Q22 Revised 2022 Forecast $12.83- $13.23- EPS from continuing operations (GAAP) Non-operating pension costs Restructuring and other charges, net ERP Implementation Costs Tax adjustments, net $ (0.45) $ (2.15) $ 9.70 $13.83 14.23 0.85 0.10 (0.06) 0.12 0.12 0.51 0.84 0.34 0.50 0.50 0.30 0.49 0.18 0.06 0.42 0.01 Gain on sale of property (0.26) (0.10) (0.59) Early redemption of medium-term notes 0.13 Comparable EPS from continuing operations (non-GAAP) $ 1.01 $ (0.27) $ 9.58 $13.00- 14.00 $13.40- 14.40 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. Ryder 111 Ever better.™#112Comparable Core EPS Reconciliation 2018 2022 Forecast EPS from continuing operations (GAAP) Non-operating pension costs Restructuring and other charges, net ERP Implementation Costs Goodwill impairment $ 5.43 $13.23-14.23 0.09 0.12 0.08 0.50 0.01 0.29 Tax reform-related and other tax adjustments, net 0.19 Uncertain tax provision (0.08) Tax law changes (0.06) Pension-related adjustments Comparable EPS from continuing operations (non-GAAP) $ 5.95 $13.40 14.40 Outsized gains / rental $(4.40) - (4.90) Comparable Core EPS from continuing operations (non-GAAP) $ 5.95 $9.00 - 9.50 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. Ryder Ever better.™ 112#113Adjusted Return on Equity Reconciliation ¹ ($M) 2013 2014 2015 2016 2017 Net earnings Other items impacting comparability, net Income taxes² 238 218 305 263 720 115 18 13 24 126 118 164 142 (423) Adjusted earnings before income taxes 363 451 486 418 321 Adjusted income taxes³ (127) (162) (171) (147) (112) Adjusted net earnings [A] 236 289 S 315 $ 271 S 209 Average shareholders' equity $ 1,594 $ 1,926 $ 1,895 $ 2,053 $ 1,984 Average adjustments to shareholders' equity4 (2) 8 11 2 (99) Adjusted average shareholders' equity [B] $ 1,592 S 1,934 $ 1,906 $ 2,055 $ 1,885 Adjusted return on equity¹ [A]/[B] 14.8% 14.9% 16.5 % 13.2 % 11.1 % 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 shareholders' equity to adjusted average total equity is provided on this slide. 2 Includes income taxes on discontinued operations. 3 Represents provision for income taxes plus income taxes on other items impacting comparability. 4 Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. 5 Other items impacting comparability are comprised of the following: Restructuring and other, net Gain on sale of property Pension-related adjustments Operating tax adjustment Tax reform-related and other tax adjustments, net 2013 2014 2015 2016 2017 $ (0.5) $ 3.4 $ 18.1 $ 5.1 $ 17.3 (24.1) 2.8 12.6 (0.5) 7.7 5.5 2.2 23.3 Pension lump sum settlement expense Acquisition-related tax adjustment 97.2 1.8 Superstorm Sandy vehicle-related (recoveries) losses (0.6) Foreign currency translation benefit (1.9) Other items impacting comparability $ (0.2) $ 115.0 $ 17.6 $ 12.8 $ SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. 24.2 Ryder Ever better.™ 113#114Adjusted Return on Equity Reconciliation ¹ ($M) 2014-2018 Avg. 2018 2019 2020 2021 Net earnings $ 358 285 (24) (122) 519 Other items impacting comparability, net5 Income taxes² 38 22 38 90 (10) 21 103 (19) (18) 171 Adjusted earnings before income taxes 417 409 (5) (50) 680 Adjusted income taxes³ (139) (101) 13 21 (164) Adjusted net earnings [A] $ 278 308 8 (29) 515 0 Average shareholders' equity $ 2,070 $ 2,493 $ 2,533 $ 2,257 $ 2,453 Average adjustments to shareholders' equity4 (31) (78) 15 60 14 Adjusted average shareholders' equity [B] $ 2,039 $ 2,415 $ 2,548 $ 2,317 $ 2,467 Adjusted return on equity¹ [A]/[B] 13.7 % 12.7 % 0.3 % (1.3)% 20.9% 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 shareholders' equity to adjusted average total equity is provided on this slide. 2 Includes income taxes on discontinued operations. 3 Represents provision for income taxes plus income taxes on other items impacting comparability. 4 Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. 5 Other items impacting comparability are comprised of the following: Restructuring and other, net Gain on sale of property ERP implementation costs Early redemption of medium-term notes. Pension-related adjustments Goodwill Impairment Operating tax adjustments Tax reform-related and other tax adjustments, net Pension lump sum settlement expense Acquisition-related tax adjustment Other items impacting comparability 2014-2018 Avg. 2018 2019 2020 2021 $ 9.9 $ 5.6 $ (4.8) 0.1 0.7 35.3 $ (18.6) 21.3 52.5 $ (5.4) 18.9 (42.0) 34.3 12.7 9.0 3.1 15.5 5.0 0.4 4.7 19.4 0.4 $ 38.3 $ 21.8 $ 38.0 $ 90.4 $ SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. (10.4) Ryder Ever better.™ 114#115Adjusted Return on Equity Reconciliation ¹ ($M) 2022 Forecast as of 1Q22 Revised 2022 Forecast 705 Net earnings Other items impacting comparability, net Income taxes² 670 $ (35) (35) 295 290 Adjusted earnings before income taxes 930 960 Adjusted income taxes³ (250) (250) Adjusted net earnings [A] $ 680 710 Average shareholders' equity $ 2,840 $ Average adjustments to shareholders' equity4 5 2,840 5 Adjusted average shareholders' equity [B] 2,845 2,845 Adjusted return on equity¹ [A]/[B] 24.0 % 25.0 % 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 shareholders' equity to adjusted average total equity is provided on this slide. 2 Includes income taxes on discontinued operations. 3 Represents provision for income taxes plus income taxes on other items impacting comparability. 4 Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. 5 Other items impacting comparability are comprised of the following: 2022 Forecast as of 1Q22 Revised 2022 Forecast Restructuring and Other, Net $ 40.0 $ 40.0 Gains on sale of properties (35.0) (35.0) Gains on sale of U.K. revenue earning equipment Other items impacting comparability (40.0) (40.0) $ (35.0) $ (35.0) SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. Ryder Ever better.™ 115#116Cash Flow Reconciliation ($M) 2014- 2014 2015 2016 20174 20184 2018 Average 2019 2020 Net Cash Provided by Operating Activities from Continuing Operations $ 1,383 $ 1,442 $ 1,601 $ 1,628 $ 1,718 $ 1,554 $ 2,141 $ 2,181 Proceeds from Sales (Primarily Revenue Earning Equipment)1 497 427 421 429 396 Collections of Direct Finance Leases¹ 66 71 77 434 518 43 552 Other, net¹ (1) Total Cash Generated² 1,944 1,940 2,099 2,057 2,114 2,031 2,659 2,734 (1,147) Purchases of Property and Revenue Earning Equipment (1) Free Cash Flow 2,3 $ (2,259) (315) $ (2,668) (728) $ (1,905) 194 (1,860) 197 (3,050) (2,348) (3,735) $ (936) $ (318) $ (1,077) $ 1,587 Note: Amounts may not be additive due to rounding. Included in cash flows from investing activities. 1 Included in cash flows from investing activities. 2 Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. 3 Non-GAAP financial measure. We refer to free cash flow as the sum of net cash provided by operating activities from continuing operations and net cash provided by the sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of revenue earning equipment and property. These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Prior full year periods do not reflect the impact from the lease accounting standard. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 116 Ever better.™#117Cash Flow Reconciliation ($M) 2022 Forecast 2021 as of 1Q22 2022 Forecast Net Cash Provided by Operating Activities from Continuing Operations $ 2,175 $ 2,300 $ 2,300 Proceeds from Sales (Primarily Revenue Earning Equipment)¹ 822 1,050 1,050 Other, net¹ 1 Total Cash Generated² 2,998 3,350 3,350 Purchases of Property and Revenue Earning Equipment¹ Free Cash Flow2,3 $ (1,941) 1,056 (2,800 - 2,700) $550M - $650M (2,800 - 2,700) $550M - $650M SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Note: Amounts may not be additive due to rounding. Included in cash flows from investing activities. 1 Included in cash flows from investing activities. 2 Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. 3 Non-GAAP financial measure. We refer to free cash flow as the sum of net cash provided by operating activities from continuing operations and net cash provided by the sale of revenue earning equipment and operating property and equipment, less purchases of revenue earning equipment and property. Ryder Ever better.™ 117#118Ryder Ever better.™ Speaker Bios SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS#119Speaker Bios ROBERT SANCHEZ Chairman & Chief Executive Officer Robert Sanchez is chairman and chief executive officer of Ryder System, Inc. (NYSE: R), a leading commercial fleet management, dedicated transportation, and supply chain solutions company. He was named CEO in January 2013 and chairman of the board in May 2013. Over the course of nearly 30 years at Ryder, Mr. Sanchez has held many senior executive leadership positions including president and chief operating officer (COO), chief financial officer (CFO), president of Fleet Management Solutions (FMS), chief information officer (CIO), SVP of Transportation Management within Supply Chain Solutions (SCS), and VP of Asset Management. He has been a member of the company's Executive Leadership Team since 2003. In his earlier roles, Mr. Sanchez played a key part in implementing the strategy to centralize Ryder's asset management function and improve its cost management which drove an improvement in the return of capital and earnings of the company. Since 2012, he has led the development and execution of Ryder's growth strategy focused on the large segment of businesses that do not yet outsource their fleet management and supply chain functions. Before joining Ryder, Mr. Sanchez held engineering positions at Pratt & Whitney Aircraft and Florida Power & Light. Mr. Sanchez is on the Board of Directors of Texas Instruments and a member of the board's governance and stockholder relations committee. He also serves on the Board of Directors of the Truck Renting and Leasing Association (TRALA), United Way of Miami-Dade (Chairman of the Board), Foundation for Human Rights in Cuba, and Association of Cuban American Engineers (ACAE). He is also a member of the Board of Trustees of the University of Miami and St. Thomas University. Most recently he served on the Board of Directors of Big Brothers Big Sisters of America from July 2018 to June 2021. Mr. Sanchez earned his MBA from The Wharton School at the University of Pennsylvania with a concentration in Finance and Strategic Management and a Bachelor of Science degree in Electrical Engineering from the University of Miami. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 119 Ever better.™#120Speaker Bios STEVE SENSING President, Global Supply Chain Solutions & Dedicated Transportation Solutions Steve Sensing is President of Global Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) at Ryder System, Inc., a leading commercial fleet management, dedicated transportation, and supply chain solutions company. In this role, Mr. Sensing is responsible for the management, operations, sales, and financial performance of Ryder's SCS and DTS businesses leading a network of drivers, vehicles, distribution, transportation, e-Commerce, and warehouse operations, as well as a shared network of e-fulfillment and "big and bulky" last mile locations dedicated to specific customers. He is a member of Ryder's Executive Leadership Team. Previously, Mr. Sensing served as the Vice President and General Manager of the Technology and Healthcare industry groups for Ryder SCS. He worked with customers in the electronics, telecommunications, medical, technology, and appliance manufacturing industries, and his responsibilities included strategic planning, developing new products and services, and leading tactical execution for global operations. With a Ryder career spanning more than 27 years, Mr. Sensing joined the company in 1992 as General Manager leading the operations of Dedicated Contract Carriage solutions for regional accounts. He subsequently served in a variety of positions of increasing responsibility, including Group Manager for Ryder Dedicated; Director of Customer Logistics Distribution Management; and Group Director of Operations for Ryder Integrated Supply Chain Solutions. His experience includes overseeing the network design and operation of Ryder solutions in dedicated transportation, transportation management, network optimization, distribution management, sales, operations, engineering, LEAN, and IT. Before joining Ryder, Mr. Sensing served as Transportation Manager for Trans Fleet Enterprises / Northern Telecom, where he was responsible for managing private fleet operations in the US. Mr. Sensing earned his Bachelor of Science degree in Business Administration from University of Tennessee in Knoxville, where he majored in Logistics and Transportation. He also completed the Executive Development Program at University of Pennsylvania's Wharton School in 2013, and a strategic innovation session at Vanderbilt University's Owen Graduate School of Management. Mr. Sensing is a member of the advisory board for the Global Supply Chain Institute at the University of Tennessee's Haslam College of Business. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 120 Ever better.™#121Speaker Bios STEVE MARTIN Senior Vice President, Dedicated Transportation Solutions Steve Martin is Senior Vice President of Dedicated Transportation Solutions (DTS) for Ryder System, Inc., a leading commercial fleet management, dedicated transportation, and supply chain solutions company. In this role, Mr. Martin is responsible for leading the strategic direction, customer satisfaction, growth, and business results of Ryder's DTS business segment, which is a network of drivers, vehicles, and operations all dedicated to specific customers. He is a member of Ryder's Executive Leadership Team, reporting to Steve Sensing, president of Ryder's Global Supply Chain Solutions (SCS) business. Previously, Mr. Martin served as Vice President and General Manager of the Automotive, Aerospace & Industrials segment within Ryder's SCS business where he led teams providing supply chain management for original equipment manufacturers, their supplier and distribution base, as well as a broad range of manufacturing companies. Prior to this position, he served as Vice President of Operations for Ryder's DTS business unit where he was responsible for the growth and operational execution of customized transportation solutions for Ryder customers in the United States. He also led Ryder's Oil & Gas team, focusing on integrated transportation solutions designed to improve safety, service, and cost for customers. Mr. Martin joined Ryder in 1988 as Operations Supervisor, supporting the Automotive industry group, and later advanced through the organization to positions of increasing responsibility, both domestically and abroad, leading engineering, quality assurance, and functional teams to support Ryder's customers in the SCS and DTS business segments. Mr. Martin earned a Bachelor of Science degree in Transportation & Logistics from the University of Tennessee in Knoxville. He completed an executive leadership program at The Wharton School of the University of Pennsylvania and an executive education series on Negotiations & Decision-Making at Harvard Business School. Mr. Martin is an active member of the American Trucking Association (ATA), the largest national trade association for the trucking industry. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 121 Ever better.™#122Speaker Bios TOM HAVENS President, Fleet Management Solutions Tom Havens is president of Fleet Management Solutions (FMS) for Ryder System, Inc., a leading commercial fleet management, dedicated transportation, and supply chain solutions company, and a member of Ryder's executive leadership team. In this role, Mr. Havens is responsible for leading all areas of global business operations for the company's largest business segment, providing full-service leasing, contract maintenance, as well as commercial rental of trucks, tractors, and trailers to customers of all sizes and from across virtually every industry. A 28-year veteran of Ryder, Mr. Havens was most recently senior vice president and global chief of operations for the FMS business unit, a role he held for nearly nine years. Previously, Mr. Havens served as vice president and general manager for FMS in Canada, where he was responsible for developing the country strategy, providing leadership direction for operations, sales, rental and asset management, and financial planning and forecasting. Mr. Havens joined Ryder in 1993 as a rental representative in San Diego. Throughout his tenure with Ryder, he has held a variety of positions of increasing responsibility and various functions, including a rental manager for many locations, asset manager for the west region, general manager for San Francisco, vice president of asset management and vehicle sales, as well as head of operations for Ryder's west region. He earned his MBA in International Business from San Diego State University and a Bachelor of Arts degree in Economics from the University of Rochester. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 122 Ever better.™#123Speaker Bios KAREN JONES Executive Vice President & Chief Marketing Officer Karen Jones is executive vice president, chief marketing officer (CMO), and head of new product development for Ryder System, Inc., a leading supply chain, dedicated transportation, and commercial fleet management solutions company, and a member of Ryder's Executive Leadership Team. As CMO, she is responsible for integrating the management of all marketing and brand- related activities across Ryder to drive growth and enhance brand value. As part of her product development role, Karen leads the creation of new product innovations and RyderVentures for Ryder's three business segments that lead to revenue generation and better customer experiences. Prior to joining Ryder, Karen was CMO for NRG / Reliant Energy, Inc., where she was responsible for launching the company's new corporate brand in 2010. Prior to that, she served as senior vice president of marketing and corporate communications for DHL Express in the United States. Her marketing efforts at DHL resulted in the largest awareness increases in the company's history and within the logistics category, which were considered a major contributor to the advancement of DHL's recognition in the "Top 100 Most Valuable Brands" by BrandZ. Prior to DHL, Karen served in positions responsible for worldwide brand advertising, sponsorship, strategic alliances, and product marketing for Hewlett Packard and Compaq Computer Corporation. She was named among the "Pros to Know 2021" by Supply & Demand Chain Executive; "Influential Business Women of 2019" by South Florida Business Journal; "CMO of the Year" by South Florida Business & Wealth magazine in 2017; "Most Powerful & Influential Women in Business" by the National Diversity Council in 2014; "Marketer of the Year" by BtoB magazine in 2005; and was ranked in the annual "Best Issue" by BtoB magazine from 2006 to 2008. Karen serves on the executive boards of Jackson Memorial Health Foundation and Boothbay Harbor Memorial Library Foundation. Karen holds a B.A. in Journalism from the University of Houston. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 123 Ever better.™#124Speaker Bios JOHN DIEZ Executive Vice President & Chief Financial Officer John Diez is executive vice president and chief financial officer for Ryder System, Inc., a leading commercial fleet management, dedicated transportation, and supply chain solutions company. He is responsible for Ryder's financial management functions including finance and accounting, treasury, tax, audit, corporate strategy, and investor relations. He is a member of Ryder's executive leadership team. From 2019 to 2021, Mr. Diez was president of Ryder's Fleet Management Solutions (FMS) business unit, the company's largest business segment. He led all areas of global fleet operations which included providing full-service leasing, contract maintenance, as well as commercial rental of trucks, tractors, and trailers to customers across a variety of industries. Previously, from 2015 to 2019, Mr. Diez was president of Ryder's Dedicated Transportation Solutions (DTS) business unit where he was responsible for setting the strategic direction of DTS, which combines vehicles, drivers, and administrative services with drivers and additional value-added services, all dedicated to a specific customer. Prior to that role, Mr. Diez held the title of senior vice president of DTS. He also served as senior vice president of asset management, in which he led all aspects of strategy, operations, capital and operating planning, and corporate compliance for the commercial rental, used vehicle sales and strategic sourcing organizations. Earlier, Mr. Diez was senior vice president of global field finance, where he managed the finance functions for global operations. Earlier, he was vice president and CFO for the FMS business segment. Mr. Diez started his career in the audit practice of KPMG LLP prior to joining Ryder. He is a member of the Board of Directors for Trinity Industries, Inc. (NYSE: TRN). A licensed Certified Public Accountant (CPA) and a member of the American Institute of CPAs, Mr. Diez earned both his Bachelor of Science and Master of Science in Accounting from Florida International University. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS RYDER 2022 INVESTOR DAY Ryder 124 Ever better.™