Third Quarter 2020 Earnings Conference Call

● 3rd Quarter Results Overview - FMS Fleet Management Solutions (FMS) total revenue down 7% and FMS operating revenue down 3% Lower commercial rental revenue (down 16%) partially offset by higher ChoiceLease revenue (up 2%) FMS earnings before tax (EBT) increased to $16M from a loss of $(109) M in the prior year, primarily reflects a declining depreciation expense impact related to prior residual value estimate changes Declining depreciation expense impact related to prior residual value estimate changes and higher gains on used vehicle sales resulted in a $108 million year-over-year earnings benefit Earnings also benefited from higher pricing on lease vehicles reflecting pricing initiatives and lower maintenance costs partly due to cost-savings initiative - Commercial rental results negatively impacted earnings, but demand and utilization improved sequentially and throughout the quarter FMS EBT percent of FMS total revenue and FMS operating revenue were 1.2% and 1.4%, respectively FMS EBT percent of FMS operating revenue is below the company's high single- digit long-term target, reflecting depreciation from prior residual value estimate changes and lower commercial rental performance Ⓒ2020 Ryder System, Inc. All Rights Reserved FLEET LEASING & MAINTENANCE I DEDICATED TRANSPORTATION I SUPPLY CHAIN SOLUTIONS Ryder.com Ever better. | 6

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