Ryder 2022 Investor Day

• 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

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