Ryder 2022 Investor Day

Impact 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.™

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