Corporate

Responsibility Report

08

3 A Message from Greg Swienton, Chairman and Chief Executive Officer 5 Company Profile

6 Financial Highlights

7 Business Segment Descriptions 10 Stakeholder Engagement

13 Environmental Leadership

19 Commitment to Safety & Security

25 Support of People and Community 31 Corporate Governance, Ethics, and Compliance 37 About This Report

A Message from Greg Swienton, Chairman and Chief Executive Officer Ryder has built a successful business over the course of

its 75-year history by delivering on promises to our customers,

investors, employees, partners, and to the communities in

which we do business. We have earned our reputation as a reliable

and responsible company by focusing on a simple philosophy –

getting the right result and doing it the right way. To us, corpo-

rate responsibility means that our core values and business

objectives are consistent and aligned.

Though Corporate Responsibility Reports have become

more common in recent years, our journey toward responsibility

and sustainability began many years ago. Ryder was founded

in 1933 when an entrepreneurial teenager named Jim Ryder

bought a single used truck to haul concrete blocks on Miami

Beach during the Great Depression. The Company’s culture

At the heart of our

approach to responsibility

is a fundamental belief

that in order to achieve

our economic objectives and preserve the

long-term value of our

business, we must remain

cognizant of our Companyʼs social impacts and position as a corporate citizen.

during its first three decades in business was reflective of our founder’s “make it happen” style. As our business has grown

and evolved over many decades, we’ve held on to that spirit and at the same time, strengthened our

platform of business controls that support an effective corporate management structure. Our formalized

policies and procedures cover all critical business functions and in many cases, go beyond what is

legally required in the areas such as safety, environmental compliance, ethics, and corporate governance.

We view our commitment in these areas as an investment in our business model that can accelerate

business performance.

At the heart of our approach to responsibility is a fundamental belief that in order to achieve

our economic objectives and preserve the long-term value of our business, we must remain

cognizant of our Company’s social impacts and position as a corporate citizen. As a leading provider

3

A Message from Greg Swienton, Chairman and Chief Executive Officer of transportation and supply chain solutions, we understand that our business and the products and

services we offer can and do have a positive impact in the communities and environment in which

we live and work. Key interests of society, such as meeting the demand for reliable, energy efficient, and safe transportation, as well as ensuring cost-effective and secure movement of goods through-

out the global supply chain, are areas that also intersect with Ryder’s leading-edge solutions.

As one of the largest transportation providers, working with many of the biggest and most

well-respected multinational companies, we play a key role in developing a more efficient global supply chain network. We often have a significant positive impact on the environment because we

provide outsourced transportation and supply chain solutions, which extend the benefits of our

environmental efficiencies, expertise, practices, and infrastructure to more than 15,000 customers who might not otherwise have access to this level of resources.

Ryder provides a benefit to society as a whole when we assume responsibility for the trans-

portation function of other companies that do not have the experience or ability to leverage and invest

in people, processes, and technologies that improve safety, reduce environmental impacts, and improve the security of transportation lanes.

In addition, Ryder’s 28,000 employees, who bring our product and service solutions to life, are

a driving force behind our commitment to giving back to the communities where we live and work.

In this Corporate Responsibility Report, our goal is to foster an ongoing dialogue with

stakeholders about the contributions Ryder is making

to provide environmental leadership, ensure safe

and efficient transportation, support our people and

the community, and advance world-class business standards and investor confidence.

Greg Swienton Chairman and Chief Executive Officer

4

C O M PA N Y

P R O F I L E

Our Mission: We deliver exceptional value by providing innovative, efficient, and safe transportation and supply chain solutions around the world. With the best people in the industry, we enable our customers to deliver on their promises.

Organizational Profile

Today, Ryder’s portfolio of services ranges from large-scale Supply Chain Solutions to Fleet Management Solutions that are highly evolved versions of many of the very same services our founder, Jim Ryder, pioneered in the 1930s.

Headquarters:

Miami, Florida, USA

Total Vehicles:

159,400

Employees:

28,000

Total Customers:

15,000

Common Stock Exchange Listings:

New York Stock Exchange

Ticker Symbol:

Component of:

R

Dow Jones Transportation Average Standard & Poor’s 500 Index

5

FinancialHighlights Ryder System,Inc.December 31, 2007

$

$

4,802

5,150

$

5,741

$

$ 6,307 6,566

2007

2006

$ 6,566

$ 6,307

4%

$ 4,637

$ 4,454

4%

Earnings before income taxes

$

405

$

393

3%

Net earnings

$

254

$

249

2%

$

252

$

246

2%

Dollars in millions

Operating Overview: Revenue Operating revenue

03

04

05

Revenue

06

07

$

(1)

Dollars in millions

Financial Data:

216 $

136

(1)

Comparable earnings

in millions

$

$

228 $

$

249 $

$

254 $

246

252

220

191

Total assets

$ 6,855

$ 6,829

–%

Total debt

$ 2,776

$ 2,817

-1 %

Shareholders’ equity

$ 1,888

$ 1,721

10%

14.2%

15.5%

-1.3 pts

7.4%

7.9%

- 0.5 pts

147%

164%

-17 pts

$ 1,317

$ 1,695

-22%

$ 4.24

$

4.04

5%

$ 4.21

$

3.99

6%

Book value

$ 32.52

$ 28.34

15%

Cash dividends

$ 0.84

$

0.72

17%

9,949

10,658

- 7%

58,041,563

60,721,528

- 4%

159,400

165,900

- 4%

28,800

28,600

1%

Return on average shareholders' equity Adjusted return on capital

03

Change

04

05

06

(1)

Debt to equity

Earnings from continuing operations 07

Capital expenditures paid

in millions Gain on sale of headquarters complex, net tax benefits, pension accounting charge, net restructuring charges and gain on sale of property.

$

3.28 $

$

$

3.53 $

$

4.04 $

3.41

$

4.24

3.99 $

Per Common Share Data: Net earnings — Diluted Comparable earnings — Diluted

4.21

2.91

Other Data:

2.1 Common shareholders of record Common shares outstanding

03

(1)

04

05

06

07

Earnings per diluted common share from continuing operations Gain on sale of headquarters complex, net tax benefits, pension accounting charge, net restructuring charges and gain on sale of property.

Number of vehicles — Owned and Leased Number of employees

1 Represents a non-GAAP financial measure – for details of this measure, please refer to “Non-GAAP

Financial Measures” discussion presented in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Annual Report.

6

BUSINESS SEGMENT DESCRIPTIONS

Fleet Management Solutions Through our Fleet Management Solutions

(FMS) business, we provide customers with flexible solutions designed to improve

their competitive positions by allowing

Full Service Lease

them to focus on their core business, lower their costs, and redirect capital to other

parts of their business. Ryder’s FMS business enables customers to improve

the uptime and reliability of their fleets, thereby minimizing fleet-related business

disruptions and risks. Our FMS product

offering is comprised primarily of contractbased full service leasing, contract

Commercial Rental

maintenance, commercial rental and fleet

support services. While Ryder’s customer base is highly diversified, key industries this business segment currently serves

include: food (groceries, food manufactur-

ing, beverage); paper products, printing, and publishing; lumber and wood prod-

ucts; home furnishings, and primary and fabricated metals.

Contract Maintenance

7

BUSINESS SEGMENT DESCRIPTIONS

Supply Chain Solutions Our Supply Chain Solutions (SCS) business offers a broad range of innovative lead

logistics management services designed to

Supply Chain Solutions

optimize a customer’s supply chain by

directing the movement of materials, funds, and information from the acquisition

of raw materials to the delivery of finished product to an end-user. The SCS product

portfolio is organized into three categories: professional services (strategy, design and engineering), distribution operations (ware-

housing), and transportation solutions. The

top industries this business segment

Warehousing Solutions

currently serves include: automotive, high-tech, and consumer products.

Transportation Solutions

8

BUSINESS SEGMENT DESCRIPTIONS

Dedicated Contract Carriage Ryder’s Dedicated Contract Carriage (DCC) business provides a turnkey trans-

portation service with drivers, vehicles, maintenance, routing and scheduling, man-

agement, and administrative support. Ryder’s DCC solution offers a high degree

of specialization to meet the needs of

customers with high service requirements such as tight delivery windows, high-value

or time-sensitive freight, closed-loop

distribution, and multi-stop shipments. While Ryder’s customer base is highly

diversified, key industries served include: retail, construction, industrial manufacturing, food, and media.

9

Stakeholder Engagement

Ryder is committed to maintaining an open and ongoing dialogue with our stakeholders. This includes our customers, investors, employees, and suppliers. An overview of our efforts to engage key stakeholders is provided here. Additional information about stakeholder relationships can be found throughout this report. Customers

Ryder continually strives to deliver on our promises to our customers. To gauge customer service, Ryder executes

multiple customer satisfaction and retention surveys to

measure satisfaction with current operations and service

levels. Surveys measure overall satisfaction, how likely the

customer would be to renew their business with Ryder, how likely customers would be to recommend Ryder, as well

as metrics against key performance indicators for multiple

Customer Forums provide a venue for cus-

tomers to share honest feedback and com-

ments about how Ryder can better serve

their businesses.

functional areas. Survey results are tracked in secure, web-based systems that allow for trend analysis and other management reporting. A follow up process ensures action plans are implemented where necessary to continually improve performance.

10

Investors

Ryder is committed to providing its shareholders and the investment community with access to information that is timely, material, accurate and complete, and which fairly presents the

Company’s financial condition and results of operations, in a manner consistent with all

applicable legal and regulatory requirements. In Investor Relations Magazine’s annual survey of buy- and sell-side analysts, Ryder rated highly in several categories for Small-to-Mid Cap

companies. In 2007, Ryder was ranked number one for Best Disclosure Policy. In both 2007

and 2008, Ryder ranked in the top ten for Best Overall Investor Relations Program and for

Best Corporate Governance. Ryder maintains an ongoing dialogue with participants in the equity markets, including stock research analysts, as

well as current and potential shareholders. Ryder participates in numerous equity investment confer-

ences during the year (eight in 2008) to communicate

the Company's strategy and operating results, and

presentations at these events are web cast and acces-

sible at www.ryder.com. Ryder also visits investors in

their offices throughout the year, hosts investors at

the Company's headquarters in Miami to interact with the manage-

Chairman and Chief Executive

understanding of our business. Ryder conducts quarterly conference

honor of Ryder's 75th Anniversary.

ment team and hosts tours of operating facilities to enhance investors'

calls that are fully accessible to the public to discuss recent operating

Officer Greg Swienton (center) rings the NYSE closing bell in

results and future business trends. Information regarding quarterly conference calls is published

via a press release and is also available on the Company's website. The Investor Relations

portion of Ryder's website contains a wide variety of information of interest to investors and can be directly accessed on the web at http://investors.ryder.com.

11

Employees

We recognize that our employees are key to Ryder’s on-

going success. Ryder regularly reaches out to employees

through a targeted communications program consisting of print, online, and broadcast media that reinforces key

messages and core values of the Company. In addition,

employees are encouraged to ask questions and share

Shareholders and employees attend Ryderʼs annual share-

holder meeting for an update on

the Companyʼs performance.

feedback about policies and initiatives through a number

of interactive feedback programs. We also provide anonymous toll-

free hotlines and e-mail systems for employees to make confidential reports or to seek guidance about legal, ethical, or compliance issues. Our Diversity and

Work/Life Climate Assessment Survey enables us to confidentially evaluate

employees’ perspectives on organizational practices related to diversity,

corporate culture, compensation and benefits, career development, ethical culture, compliance, and work/life balance.

Suppliers

Ryder actively pursues and develops partnerships with qualified small and diverse businesses

through its Supplier Management program. Suppliers interested in working with Ryder can visit

the Supplier Registration section of our website in order to have an opportunity to bid on upcoming

Ryder business. Ryder believes all of its suppliers should be committed to compliance and high

ethical standards. That is why Ryder suppliers are required to adhere to Ryder’s Supplier Code

of Conduct. The Supplier Code of Conduct is available on our website at www.ryder.com and

covers compliance with employment laws, conflicts of interest, gifts, bribery and corruption,

antitrust and fair dealing, environmental stewardship and other key policies.

12

Environmental Leadership Our Philosophy: Ryder’s industry-leading environmental management programs

have a significant positive impact on the environment. We are dedicated not only to implement-

ing world-class environmental practices that reduce risk, but also to building long-term value for

the Company and its customers as part of an overall strategy to improve transportation

efficiencies. We are committed to leveraging our industry expertise and the latest technologies to help

our customers execute environmentally sound operational practices that make them more

efficient, agile, responsible, and profitable. As a transportation industry leader, Ryder will also

continue to leverage its unique relationships with diverse leaders in business, government, and academia to influence a broader understanding of the advantages of a sustainable business agenda.

13

Our Strategy:

Ryder’s primary greenhouse gas

emission is CO2. We strive to develop sustainable trans-

Environmental Leadership

portation solutions, products, and services that will manage

these emission outputs from both mobile (vehicles) and stationary (buildings) sources. Proactively managing fuel

and energy consumption is a key element of this strategy.

Ryder has always understood the value of investing in equipment, technology and

processes that minimize reliance on our natural resources and improve operating efficiencies and we are applying this same

commitment to effectively manage and

reduce our greenhouse gas footprint today.

Programs & Results:

Emissions Tracking and Measurement

Ryder is tracking and measuring

vehicle emissions through participation

with the EPA’s SmartWay Transportation ®

Partnership. Ryder is a SmartWay® Carrier

partner for Ryder-owned vehicles and has

enrolled as a Logistics Partner (January 2008) to extend the partnership into the

Company’s supply chain operations. SmartWay® is a voluntary public/private partnership designed to improve vehicle

fuel efficiencies and thereby reduce green-

house gas emissions. Through Ryder’s as-

sociation with SmartWay , Ryder is ®

By providing the highest quality, cost effective, outsourced

transportation and supply chain management solutions, we

also extend the benefits of our environmental expertise,

practices, and infrastructure to our customers who might otherwise not have access to this level of resources.

Ryder’s environmental strategy is strengthened by an

ongoing investment in new engine technologies, energy audits

to improve building efficiencies, and transportation best

practices that can reduce overall energy demands. Ryder has the environmental resources necessary to assist our customers

in making decisions that are good for their businesses and the environment.

Ryder’s Environmental Management System (EMS)

has four main objectives: 1) Ensure compliance; 2) Manage

risk; 3) Promote business opportunity and growth; and 4)

Create a competitive advantage with environmental programs

that are consistent with the Company’s long-term business strategy.

exploring the most appropriate and best

ways to track, manage and report direct emissions from Ryder-owned and operated

fleets. Additionally, Ryder is also exploring opportunities to identify, track, and

manage indirect emissions resulting from services and vehicles provided to lease,

rental, and supply chain management customers.

14

The SmartWay® Carrier model tracks and measures vehicle performance for

Ryder-operated and leased fleets based on miles traveled, weight transported, and

Environmental Leadership

fuel consumed, by vehicle class and model year. The SmartWay® Logistics model

tracks and measures the performance of Ryder’s Transportation Management

services based on a number of alternative metrics including total miles traveled, total weight transported, total ton miles, or total spend.

Energy Conservation

Ryder has been committed to energy conservation because reducing energy

use is not only good for the environment, but it also translates into bottom-line cost savings. Ryder is currently tracking its utility use and measuring greenhouse

Our new

the U.S. and Canada utilizing energy tracking software and an external util-

foot, three-story

gas emissions from select Ryder and customer-owned/operated facilities in

150,000 square

ity specialist. In 2009, the program will be expanded to include utility monitoring

ENERGYSTAR

benchmarks in place, Ryder will be well-positioned to share more information

will result in

of all Ryder-owned/operated U.S. and Canadian facilities. With these on our progress in 2009.

Ryder’s first ENERGYSTAR building is now complete in Novi, Michigan.

ENERGYSTAR is a performance rating tool established by the U.S. Environmental Protection Agency and the

U.S. Department of Energy

office building the following

annualized

reductions: Consume

6.7 million

for assessing and tracking the

fewer kBTU’s

energy efficiency of buildings.

The minimum target score to

Cost

$139,800

obtain an ENERGYSTAR cer-

less to operate

tification is 75 (ENERGYSTAR estimates that an average of-

Result in

fice building without effi-

1,450 tons

ciency improvements is rated

less of CO2 emissions

50). Ryder’s Novi building

achieved a designation of 85.

15

Waste Reduction & Recycling

Ryder operates approximately 1,000 vehicle maintenance facilities throughout

Environmental Leadership

the U.S. and Canada. Ryder remains committed to pursuing its goal of zero land

filling for more than a decade through the use of on-site and off-site recycling and

re-use technologies. Through partnerships with vendors and the implementation of technologies designed to minimize waste generation and achieve a reduction

in emissions, Ryder has reduced operating costs, improved performance, and

gained competitive advantage in the marketplace. Customers unable to invest in state-of-the-art waste management programs can select Ryder with the assurance that most waste streams are recycled.

Ryder launched its first packaging and paper recycling program in the early

1980s before paper recycling was popular. Each year, Ryder recycles approximately

250 tons of office paper and paper products from our headquarters building alone. In 2007, Ryder recycled approximately 4,040 tons of cardboard and office paper from

U.S. Supply Chain operations. The EPA estimates that each ton of fiber recycled

Ryderʼs paper and

cardboard recycling program resulted

in a total reduction of

more than 2,800 tons

conserves 17 trees, 463 gallons of oil, 24 gallons of gasoline, 4,200 kw-hrs electricity,

of greenhouse gas

means that Ryder reduced greenhouse gas emissions by more than 2,828 tons in

conserved:

7,000 gallons of water, and 3.5 cubic yards of landfill airspace. Translated, that 2007 from the solid waste recycling alone. Fuel

As one of the largest fleet purchasers of diesel fuel in the U.S.,

managing fuel use and supplies presents a valuable business opportunity

that also positively impacts the environment. Ryder performs remote

monitoring and compliance management for more than 1,800 Ryder

and customer-operated fuel storage tanks, 24 hours a day, 365 days a

year through a wholly owned subsidiary, Ryder Fuel Compliance Services.

In 2006, despite the fact that regulatory mandates required use of Ultra

Low Sulfur Diesel (ULSD) in only a small percentage of our vehicles,

Ryder committed to a “one-fuel” policy and converted all fueling loca-

tions to ULSD. The Company is currently delivering 100 percent ULSD at

all 670 fueling locations in the U.S. Ryder is also delivering biodiesel

where mandated, as well as at all Ryder fueling locations in Illinois.

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emissions and

Customer Vehicle Technologies and Solutions

As older vehicles are retired from our fleet, they are replaced with new

lower emission vehicles equipped with the latest engine technologies. To make

Environmental Leadership

it easier for lease customers of all sizes to comply with more stringent EPA emissions

standards and to improve the fuel efficiency of their fleets, we have introduced

RydeGreenSM, a line of tractors and trailers, designed to reduce fuel consumption and greenhouse gas emissions. The tractors are equipped with special features that have earned them the EPA’s SmartWay® designation. Specifically configured

trailer packages offer aerodynamic features and weight-saving options that

further enhance fuel efficiency. Ryder is exploring opportunities for making

RydeGreenSM vehicles available to rental and dedicated contract carriage cus-

tomers in the future. The recently launched RydeGreenSM Hybrid straight truck

has the potential to provide up to 30 to 40 percent improved fuel efficiency in

standard in-city pick up and delivery applications. Diesel emissions are dramatically

reduced when the vehicle is operating in Hybrid mode on battery power.

Ryder customers also have access to our world-class, proprietary fleet man-

Participation in the EPA

SmartWay® Transportation

Partnership is one example of Ryderʼs commitment

to manage fuel consumption and vehicle greenhouse gas emissions.

agement and diagnostic technologies, such as Fleet Care and RydeSmartSM. These

technologies provide fleet operators with real-time visibility to a fleet’s performance

so they can monitor and make improvements in everything from vehicle routing,

fuel usage, speed, idle time, and driver shifting patterns. RydeSmartSM can help

fleet managers achieve a 10 to 15 percent reduction in fuel consumption through

improved routing and reduction of unauthorized idle time.

In addition, for customers who employ their own drivers, Ryder provides

online driver training programs through Ryder Pro-TREAD. Ryder Pro-TREAD

offers courses that improve driving skills and performance, and teaches drivers

simple techniques to reduce fuel consumption. Companies can access driver training through Pro-TREAD at www.rydersafetyservices.com. Carbon Disclosure Project

In 2008, Ryder voluntarily participated in the Carbon Disclosure Project

(CDP). CDP is an independent, not-for-profit organization, which acts as an inter-

mediary between shareholders and corporations on all climate change related issues, providing primary climate change data from the world’s largest corporations, to the

global market place. It represents global institutional investors with a combined

$57 trillion of assets under management. On their behalf it seeks information on the

business risks and opportunities presented by climate change and greenhouse gas

17

Ryder is one of the

largest fleet purchasers of diesel fuel in the

U.S., dispensing over 400 million gallons of fuel to thousands of

customers each year.

emissions data from the world's largest companies – 3,000 in 2008. Over eight years

CDP has become the gold standard for carbon disclosure methodology and process.

Environmental Leadership

Environmental Awards: Supply & Demand Chain Executive: 2008 Green Supply Chain Awards – Ryder was recognized for its leadership in realizing green sustainability goals.

Computerworld: Top 12 IT-green Users – In 2008, Computerworld ranked

Ryder as one of the top “green” users of IT for being energy efficient and maintaining

the environmental ethic in the corporate culture.

United States Environmental Protection Agency and South Florida

Commuter Services: Best Workplaces for Commuters – In 2006, Ryder was

recognized as an employer whose commuter benefits achieve the National Standard of Excellence.

Brazilian Association of Sales and Marketing Directors (ADVB): Top

Ambiental – In 2008, Ryder received the “Top Ambiental” award for its commitment to developing and implementing environmentally sustainable practices

in its logistics operations.

Greg Swienton, Ryder's Chairman and CEO, speaks

at the Ryder sponsored Green Supply Chain Forum at Florida International University in Miami. The Forum

brought together leading green supply chain experts from

academia, government, and a variety of business sectors to share best practices and discuss opportunities for future collaboration.

18

For information and updates

about Ryderʼs environmental programs and practices, visit us online at:

www.ryder.com/greencenter

Commitment to Safety & Security Our Philosophy: Ryder’s safety culture is founded upon on a core commitment to the

safety, health and well-being of employees, customers, and its communities. It is this com-

mitment that has made Ryder an industry leader in safety throughout its 75-year history.

Safety is an integral part of our business strategy because preventing injury improves

employee quality of life, eliminates service disruptions and increases efficiency and customer

satisfaction. The work we do puts us in potentially dangerous situations and every one of our

employees is trained to remain constantly vigilant and responsible so that they can go home

each day to their families without incident or injury. As a core value, the focus on safety at Ryder is a daily regimen, reinforced by many safety programs and continuous operational improvement

supported by the most talented and dedicated safety organization in the industry.

19

Our Strategy: Ryder bases its safety management strategy on individual accountability for safety, supported

by teamwork among colleagues and safety professionals

Commitment to Safety & Security

charged with providing the tools and resources that will

allow individuals to be successful in this charge. Our strategy has delivered consistent reductions in injuries and collisions

and overall improved safety performance across the entire

organization. In addition, Ryder is an innovator in the im-

plementation of an "Activities Based" safety and security management system (RyderStar), which allows each Ryder location to develop a set of unique pro-active monthly

safety, health and security activities designed to improve overall safety performance.

Our Safety organization focuses on ensuring the safety of all employees and

the communities in which we operate; recruiting and retaining qualified drivers, warehouse workers, maintenance technicians and all

other employees; delivering driver, technician and

management safety training; implementing a proactive safety program designed to prevent injuries and collisions

and periodic audits and reviews of that program; providing

recognition and creating incentives for drivers and tech-

nicians with good safety records; and generally raising awareness of safety issues on a Company-wide basis.

Ryder’s Global Security team identifies and imple-

employees for outstanding safety performance is a

core element of Ryderʼs

world-class safety program.

Through the commitment of all managers,

supervisors, and employees, Ryder has built

and maintained a safety, health, and security

culture that:

 minimizes or prevents personal injury,

occupational disease, vehicle collisions, and property damage;

 meets applicable federal, state, and

local regulations and exceeds those

ments proactive measures to reduce theft and losses;

improves supply chain security; develops, communicates

Recognizing and rewarding

requirements whenever the business

warrants it;

and audits security programs at Ryder facilities; com-

 reduces costs associated with injuries,

Company physical, personal, and intellectual assets;

 improves worker productivity and

municates specific guidelines for the protection of

oversees all investigations initiated by Ryder; and provides Crisis Management training, support, and response.

collisions, and theft; morale; and

 promotes a socially responsible image to the public and our customers.

20

Programs & Results: Safety

Ryder believes that every collision, injury, and security incident is preventa-

Commitment to Safety & Security

ble. That is why working safely is a condition of employment. Our Safety, Health

and Security policies require that all managers, supervisors and employees ensure

that safety, health and security processes are incorporated in all aspects of our

business. At Ryder, we empower and expect all employees to act as “Captain of the Ship” when it comes taking action to correct any potentially unsafe condition

or situation. This means that all Ryder drivers and technicians have the right

and responsibility to immediately stop any work activity when they feel that they cannot proceed safely.

Safety accountability rests within Ryder’s field operations where our people can

have the greatest impact. Every business unit or account team at Ryder is required

to execute an annual safety plan and have a functioning Safety Committee

responsible for proactively promoting safety awareness, enforcing and auditing

rules and procedures, and identifying and implementing training based on local needs.

Performance Tracking & Measurement

Monthly safety scorecards are tracked and reviewed by management for

progress toward key safety objectives. The Company’s web-based safety tracking system, RyderStar (Ryder Safety Tracking And Reporting), allows Ryder to deliver

proactive safety programs and improves Ryder’s ability to gather data and measure safety activ-

ity effectiveness. With RyderStar, safety activi-

ties can be easily customized to meet the

requirements of Ryder’s business segments

At Ryder, we empower and expect all employees to act as

“Captain of the Ship” when it comes taking action to correct any potentially unsafe condition or situation.

and can be modified at any time to address

safety concerns that arise throughout the year, providing Ryder with verifiable

and proactive safety metrics.

Driving continuous improvement in safety performance is key business

objective. In 2007, in three of the key indicators we measure for safety performance,

and numbers of collisions, we reduced our results to the lowest levels ever.

21

Safety Training

Training is a critical component of Ryder’s safety program. Employees who

are educated regarding safety, health, and security issues are more likely to avoid

Commitment to Safety & Security

collisions and injuries on the job, develop safe work habits, understand and follow

safety rules and procedures, and understand Ryder's commitment to safety.

Monthly safety training delivered by location Safety Committees comprised of operating personnel cover specific and relevant safety topics designed and

distributed by the Safety Department. Managers also receive annual safety leadership training. Regular safety behavior observations are conducted by managers

throughout the organization everyday and remedial training takes place on-the-spot and at every location following a reported injury.

Ryder Pro-TREAD is another training delivery device used at Ryder. Ryder

Pro-TREAD comprises a vast assortment of highly interactive lessons that Ryder

drivers and customer drivers take individually over the Internet. We document

the completion of Ryder Pro-TREAD training courses and managers ensure training compliance. Ryder Pro-TREAD is based on the only federally-approved driver

training program and is totally interactive so a driver learns at his/her own pace. The program is also constantly updated with all federal policy revisions. Safety Technology

Ryder continuously reviews the latest technologies designed to improve the

safety in our work environment, including those that help reduce collisions or injuries

when operating or working in or around a commercial vehicle or on material

handling equipment, in a shop or in a warehouse. We have innovated, piloted, and

deployed driver feedback technologies, lane departure warning systems, forward

sensing technology, hands free cellular devices, instant and online driver feedback

monitoring, vehicle backing systems and on-board computers. Ryder recognizes

that an investment in safety technology is essential to protect our drivers and for

continuous safety improvement. Safety Recognition

We believe in rewarding and recognizing those individuals and teams who

meet their safety goals because delivering world-class safety performance is criti-

cal to Ryder’s long-term success. Our safety awards programs are designed to

encourage hands-on involvement, teach the right behaviors, and reinforce Ryder’s safety culture.

22

Important Driver Safety Tips

1

Prevent fatigue.

Get good quality sleep before getting on the road. Pull over

2

for a 15 to 20 minute power

nap to gain extra alertness. Be a defensive driver.

Wear your seatbelt. Maintain

an adequate following distance

3

and always leave yourself a

way out.

Avoid distractions.

Turn off your cell phone or pull over in a safe place to use it. Focus on the road and keep your hands on the wheel.

The Chairman’s Safety Award recognizes employees across all business

segments that achieve the highest overall rankings based on safety metrics such as

lost work days, injury and collisions frequency, and safety expense.

In 2007, Ryder’s Driver of the Year program marked the 35th year that the

Commitment to Safety & Security

Company has recognized the tradition of driver excellence. Ryder Supply Chain Solutions drivers, as well as drivers employed by customers as part of Ryder’s Fleet

Management Solutions business, are recognized for the number of collision-free

miles they have accumulated as a professional driver, their general attitudes about safety and customer satisfaction, and for community and civic contributions.

Ryder’s Target Zero program is designed to promote the expectation of zero

injuries throughout our Fleet Management Solutions organization. The Ryder

Performance Challenge program rewards technicians and other select mainte-

nance personnel who demonstrate exceptional productivity, avoid unsafe behavior,

and ensure top-notch customer satisfaction results. Meeting safety goals is a key

qualifier for program eligibility. Rental Fleet Security

In the interest of national security and as a responsible business entity, Ryder

has initiated security programs to improve the security around our rental fleet.

The program includes regular security inspections and audits, training and communication with rental employees to recognize suspicious situations, and

screening rental customers against established lists published by the U.S. De-

partment of Treasury. In this effort, Ryder regularly meets with industry partners,

organizations and government regulators to improve overall security in the truck renting and leasing industry.

Customs and Border Security

Ryder completed its validation process in 2007 and is currently a validated

Customs Trade Partnership Against Terrorism (C-TPAT) partner. For the cus-

tomers who rely on outside providers to safely and securely transport their

products in and out of the U.S., working with a C-TPAT partner like Ryder has been beneficial. Our border crossings are faster and smoother, and our validated

status gives customers added comfort that their loads are secure. In our experience, C-TPAT has become the benchmark for doing business with importers and large

manufacturers in the U.S. Because of this, Ryder’s validated status has opened

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Ryderʼs 2007 Driver of the Year, Kathy Overbay, has driven over 1.2 million

collision- and violation-free miles over the course of

her 27-year professional driving career.

doors for new and expanded business opportunities. Ryder currently supports

more than 50 different C-TPAT importers from hundreds of locations across North

America. Ryder also participates in Canada’s voluntary Partners in Protection

Commitment to Safety & Security

(PIP) program and the Free and Secure Trade (FAST) program.

Safety & Security Awards: National Safety Council Green Cross for Safety – In 2002, we were the first transportation company to be awarded the Green

Cross for Safety Medal, the National Safety Council’s highest honor,

for our commitment to workplace safety and corporate citizenship.

Security Magazine: Security 500: In 2007, Ryder was recognized for its

leadership in security for the second consecutive year. Ryder jumped to #143 from

#263 in the second annual ranking of top security operations at business,

government, transportation, healthcare and educational enterprises.

Every employee at

Ryder contributes to

Ryderʼs safety success.

24

Support of People and Community Our Philosophy:

Ryder’s 28,000 employees are the driving force behind the

Company’s success. No matter their background or experience, one thing Ryder employees

have in common is that they are the finest at what they do when it comes to delivering on a promise and providing the best solutions for our customers.

Operating in a global business environment calls for a dynamic, diverse, multi-

disciplined workforce that embraces change, new ideas and collaborative problem solving.

This is the culture we are continually striving to instill at Ryder. A fully rich organization

is one that is capable of drawing diversity not just from its people, but also from the

communities it operates in. That is why improving our communities and the lives of our neighbors remains an ongoing passion for Ryder.

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Our Strategy: Embracing multi-cultural diversity in

the workplace – and in the global marketplace – provides us

with a competitive advantage as a strong industry leader.

Support of People and Community

Our diversity mission is to create a supportive environment which values individual differences and enables everyone to contribute to their full potential. Integrity, openness and

accountability from one’s actions, as well as responsibility

and respect for others, are core values at Ryder and have long

been the cornerstones of who we are and what we stand for.

Recruiting and retaining skilled people has become a major challenge for the

transportation and logistics industry overall. We recognize that our long-term success

hinges on our ability to continue to attract, keep and motivate the right number of

individuals who are willing to get on board with our culture of inclusion, diversity, and an unwavering commitment to ethical conduct. Therefore, we will continue to

offer competitive pay, world-class training, opportunity for growth and development, and the promise of a safe and supportive work environment.

As part of our commitment to give back to the community, The Ryder

Charitable Foundation carries on our tradition of providing cash grants to worthy

community-based programs. Our employees around the world also generously

volunteer their time and provide financial support to the neighborhoods in which

they work and live.

Programs & Results: Employee Diversity

At Ryder, we use a variety of strategies and practices to help attract, retain

and promote a diverse employee base, including: 

Balanced Scorecard program that tracks Company-wide diversity



Diversity education and training;

 

measures linked to the business strategy;

Electronic staffing processes for internal and external candidates,

capitalizing on a diverse talent pool;

Community involvement in local initiatives, awareness campaigns, cultural observances, and charitable activities and events.

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Embracing multicultural

diversity in the workplace provides us with a

competitive advantage as

a strong industry leader.

All U.S.-based employees are required to attend a workshop entitled, “The

Inclusion Journey: Delivering on the Potential of a Diverse Workforce.” The session focuses on developing individual employee skills to work more effectively with

Support of People and Community

people from different backgrounds, ethnicities and values to create an environment in which all employees will be “included” in contributing to the success of the

business. The two primary goals are 1) to foster a better understanding of why

diversity is important and why a focused effort to fully utilize the contributions

of all Ryder employees is good for the individual and good for business, and 2)

build awareness and encourage skills around how individuals create an environment that respects and values all employees.

In addition, all managers must attend additional “Continuing the Journey”

training to help them enhance people management skills and build a workplace based on open, honest communication and respect. Talent Management

Ryder strives to recruit, retain, and develop employee talent to allow us to

execute against company strategy and result in better overall returns on capital. This is reflected in multiple Talent Management activities undertaken at all stages of the employee "life cycle," including regular performance review and manage-

ment activities, succession planning tools, and multiple recognition and rewards

programs for key front-line populations.

Employee recognition

employees to grow their careers; many of our senior executives began their ca-

desired behaviors and

Working at an organization like Ryder presents many opportunities for

reers at Ryder in entry-level or trainee positions. In addition to required com-

pliance training programs, Ryder offers many other development programs that

sharpen employee skills for their current positions and enable them to master

new skills for the next level. From standardized training curricula to other activities

that support that support individual development plans, Ryder provides outstanding

classroom, independent-study, and online training opportunities. Employee Volunteerism

While we have several Ryder-sponsored programs to support our community,

we would be remiss not to mention the spirit that drives our people to volunteer on their own time and generously donate money out of their own pockets to make

a difference. This grassroots effort, coined Ryder Cares, includes everything from

donations to our troops overseas, toy and clothing drives, participation in charity walks and runs, and fundraisers for local food banks.

27

programs help drive

reward top performers.

In addition, Ryder employees also serve as board members with various

not-for-profit organizations promoting economic development, performing arts, animal welfare, education, and social service agendas. Current board

Support of People and Community

affiliations include, but are not limited to, the U.S. Chamber of Commerce, Florida Chamber of Commerce, Greater Miami Chamber of Commerce, Michigan Chamber of Commerce, Beacon Council, Junior Achievement, Human Society

of Greater Miami, Thurgood Marshall Scholarship Fund, Arscht Center for the

Performing Arts, Hands On Miami, Atlanta Union Mission, The Alma Center,

United Way of Miami Dade, Florida International University, Barry University,

St. Thomas University, and Inroads. Corporate Giving

Ryder makes contributions to non-profit organi-

zations through The Ryder Charitable Foundation. The

Foundation emphasizes support for those communities where significant numbers of employees live and work. The Foundation offers support through cash grants and coordinating volunteerism of employees. The

Foundation offers support to a wide variety of programs

and organizations that pertain to health and human needs, education, the cul-

Ryder employees volunteer their

was established in 1984 as a private foundation. The Foundation works to help ad-

charities in the community.

tural arts and other community organizations. The Ryder Charitable Foundation

dress important social needs and improve the quality of life for many people in communities in which we do business in the United States. The Foundation is gov-

erned by a board of directors, which is composed of Ryder corporate executive

management. The Foundation only makes grants to IRS certified, 501(c)(3) non-

profit organizations whose activities and programs meet its philanthropic goals

and objectives.

Human Needs, including health and civic services, account for 45 percent of

The Foundation’s donations. Education accounts for 40 percent of the Foundation’s

donations. The Foundation has supported many colleges and universities within the United States over the years through our Employee Matching Gifts to Education program, as well as through direct donations to universities/colleges. Cultural Arts

accounts for 15 percent of the Foundation’s donations.

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time to support well-deserving

The Foundation has a long-standing history of funding organizations in our

Headquarters community, such as the United Way of Miami Dade, through direct funding and employee contributions. The Foundation also provided initial con-

Support of People and Community

struction funding and continues to fund the Ryder Trauma Center, one of the leading

trauma centers in the nation and the only one chosen by the U.S. Army to train their

military surgical teams before being deployed to areas of conflict. Ryder also provided initial construction funding and continues to fund the University of Miami Convo-

cation Center, now known as the Bank United Center. In addition, the Foundation supported the American Red Cross during hurricane and tsunami relief efforts

with direct donations and by matching employee contributions.

The Ryder Disaster Relief Fund provides financial relief to eligible employees

who suffer financial hardship resulting from uninsured or underinsured disaster

losses, and who have limited financial resources. Supplier Diversity

To be successful, we recognize that

Supplier Diversity should not be guided purely by self-interest, but by fundamen-

tally adhering to a practice of inclusion

The Ryder Charitable Foundation was established in 1984 as a

private foundation. The Foundation works to help address important social needs and improve the quality of life for many people in communities in which we do business in the United States.

rather than exclusion of diverse suppliers.

Simply put, working with and forming partnerships with small businesses, and mi-

nority- and women-owned businesses makes excellent business sense. The mission

of Ryder's Small Business and Supplier Diversity Program is to actively pursue and develop partnerships with qualified small and diverse businesses that enhance

Ryder's overall commitment to delivering exceptional customer service, driving economic growth and building global market share.

Ryder supports the development of small business and diverse suppliers by

establishing partnerships with national, local and state agencies. We also recognize

and accept certifications from national, local, and state agencies.

Ryder employees volunteer

percent over the prior year to $153 million. Sixty-one percent of this spend was

hurricane relief efforts.

In 2007, Ryder increased its spend with small and diverse businesses by 32

sourced with Black enterprises, while small businesses accounted for 14.6 percent.

29

to deliver ice and water during

Support of People and Community

Awards: Black Enterprise: 40 Best Companies for Diversity – In 2008, Ryder was named, for the second consecutive year, one of the 40 Best Companies for Diver-

sity in this publication’s annual survey of corporate diversity. Ryder was once again

the only transportation and supply chain industry in the listing.

Hispanic Business: One of the Diversity Elite 60 – In 2007, Ryder was

recognized for going beyond workforce diversity initiatives and implementing strategies to reach more Hispanic consumers and increase business with minority- and Hispanic-owned suppliers.

Women Executive Leadership: Florida Census of Women Directors

and Executive Officers – In 2007, for the second consecutive year, Ryder was

recognized for women board leadership as one of four Florida companies to have four women directors.

Department of Defense Employer Support of the Guard and Reserve (ESGR): Above and Beyond Award – In 2005, Ryder was honored by the

ESGR, an agency of the Department of Defense, for its outstanding service and

continuing support to the National Guard and Reserve.

Our grassroots effort, coined Ryder Cares, includes everything

from donations to our troops overseas, toy and clothing drives,

participation in charity walks and runs, and fundraisers for local food banks.

30

Corporate Governance, Ethics, and Compliance Our Philosophy: Ryder believes that maintaining high ethical standards, good corporate

governance practices, and full compliance with the laws, rules and regulations that govern our

business are essential to maintaining world-class business standards and investor confidence.

While it’s important that we continue to grow our business, we will not do so at the expense of

violations of the law or through unscrupulous dealings that undermine our reputation.

Leading with integrity creates an environment for growth and success. Ryder’s

Principles of Business Conduct are based on a long heritage of following the highest standards

of corporate governance and ethical business practices. We take seriously our responsibility

to ensure that our Company conducts business fairly, honestly and ethically – in good times and bad – and at all levels of the organization. These are the values that Ryder’s foundation was built on and that continue to set us apart in the marketplace.

31

Our Strategy: Ryder has adopted Principles of Business Conduct, which apply to all officers, employees and

Board members and cover all areas of professional conduct

Corporate Governance, Ethics, and Compliance

including conflicts of interest, confidentiality, compliance with law, and mechanisms to report known or suspected wrongdoing.

At Ryder we expect employees to know their compliance obligations and

offer resources through our Global Compliance and Business Standards,

Human Resources, Finance, Audit, and Legal departments to provide additional

guidance. We have established numerous anonymous and confidential report-

ing and advisory mechanisms through external vendors and internal resources,

and require online training and certifications regarding various compliance top-

ics including bribery, employment law, wage and hour liability, Sarbanes-Oxley,

financial integrity, anti-trust, conflicts of interest, export controls, data privacy,

and insider trading. We also require certain employees to sign Foreign Corrupt

Practices Act certifications on an annual basis. Employees must also sign Conflicts of Interest certifications as well.

We strive to have a consistent and strong tone at the top that flows down

into the organization and to our suppliers, and demonstrates the kind of corporate body language that lets front line employees

everywhere know that it is not only accepted but

expected that they speak up if something doesn’t

seem right and encourages them to do so.

Ryder has gone beyond the requirements of

the law by, for example, requiring senior financial

managers and not just senior financial officers, to

We strive to have a consistent and strong tone at the top that

flows down into the organization, and demonstrates the kind of

corporate body language that lets front line employees everywhere

know that it is not only accepted by expected that they speak up if something doesnʼt seem right and encourages them to do so.

sign a special code of conduct. We have invested in compliance and ethics-related

employee communications campaigns, multiple anonymous complaint mechanisms

and technologies (such as our Hotline and Ethics Line), letters to employees’ homes

from the CEO, ethics poster contests, and extensive, culturally-appropriate and position-specific online and live training programs in every country in which we do

business. Our key suppliers are required to certify that they comply with our Supplier

Code of Conduct, including our data protection requirements.

With these improvements, ongoing investments, and an evolving global customer

base, Ryder’s commitment to ethical business conduct is quickly becoming a core element of our internal culture and central to the way we approach our jobs each day.

32

Programs & Results: Corporate Governance

Our commitment to good corporate governance started long before recent

Corporate Governance, Ethics, and Compliance

legislation and regulatory requirements. Our strategy has always been to implement governance practices if they add value to Ryder’s shareholders and not because

they look good on paper.

Our Board is composed of twelve Directors, eleven of whom are “inde-

pendent” as defined under the NYSE’s listing standards. Each of our Audit,

Compensation, Corporate Governance and Nominating, and Finance Committees

is comprised entirely of independent directors and has the authority to retain independent advisors and consultants, with all fees and expenses to

be paid by Ryder. Our independent Directors meet in executive ses-

sion without management present as part of each regularly-scheduled Board meeting.

Ryder’s Board of Directors is held accountable to the same Principles

of Business Conduct as all Ryder employees. In an effort to improve

and respond to feedback, at the end of each year, the Board and each

of its committees conduct a thorough self-evaluation in accordance with the Board Evaluation Policy adopted by the Board.

As a publicly traded company, Ryder is

governed by a Board of Directors. Ryder’s

Board of Directors and each of the Board’s

four Committees play vital roles in the

oversight and management of the Company. The four Board Committees are:

Audit, Compensation, Corporate Gover-

nance and Nominating, and Finance.

Disclosure Policy and Disclosure Committee

Ryder is committed to providing its shareholders and the in-

vestment community with access to information that is timely, material,

accurate and complete, and which fairly presents the Company’s financial condition and results of operations, in a manner consistent

with all applicable legal and regulatory requirements. To achieve this,

Ryder’s Board and Board Committees

held 35 meetings in 2007, and attendance by all Directors at Board and Committee meetings averaged 97 percent in 2007.

the Company has adopted a Disclosure Policy designed to document

in greater detail the Company’s existing disclosure controls and pro-

cedures, and ensure the Company’s compliance with applicable laws, rules and

regulations as they relate to disclosure of material non-public information. This

Policy applies to all Company employees and members of the Company’s Board of Directors.

Ryder has created a Disclosure Committee that is responsible for interpreting,

implementing, and periodically reviewing and updating the Disclosure Policy. The

Disclosure Committee is comprised of representatives from each of the following

functional areas: accounting, legal, treasury, internal audit, and investor relations

and does not include the CEO, CFO, or any Ryder business segment president. The Company’s Controller serves as the Chair of the Disclosure Committee.

33

Government Relations

Ryder continually monitors emerging government issues and activities, and

develops and implements government relations strategies to achieve business

Corporate Governance, Ethics, and Compliance

objectives. We view our participation in the political process, including collaborating

with governments, lobbying for solutions, and contributing funds to federal U.S.

and select state candidates through the Ryder Employees Political Action

Committee (Ryder PAC) as an important part of our responsibility to our stakeholders and in the best interests of our Company.

Each year, Ryder develops and advocates positions on important public pol-

icy issues that are core to our business, namely those that affect the way customers

use or have access to our products or services. Specific areas of activity include tax policy, civil justice reform, energy and climate change, health care and employment, transportation policy, free trade, and transportation safety and security. In order to broaden the depth and breadth

of our advocacy activities, Ryder belongs to a

wide array of trade associations that address issues important to the Company and its stake-

holders at both the federal and state levels. Key

associations include: U.S. Chamber of Com-

merce, National Association of Manufacturers,

Truck Rental and Leasing Association, American

Trucking Associations, BIPAC, American Benefits

Council, Florida Chamber of Commerce, and fifty

individual state trucking associations.

In 2008, Ryder worked closely on the Energy Bill with Congress that provides

incentives for biofuel production and studies the development of Corporate Average Fuel Economy (CAFE) standards for medium and heavy-duty trucks. Ryder Gov-

ernment Relations also helped develop and introduce legislation that would provide

tax incentives for the early adoption of truck safety and fuel-saving equipment.

In 2009, policy priorities will include the passage of safety and energy

conservation tax legislation, further work on a national energy policy, the devel-

opment of climate change legislation that makes sense for the transportation industry, and passage of key trade liberalization agreements.

34

Elected officials meet

with Ryder employees for a Government Relations

Town Hall meeting.

U.S. Political Contributions and Disclosure

We believe that public policy is best made by those that know and under-

stand our issues. As allowed under federal election finance law, Ryder sponsors

Corporate Governance, Ethics, and Compliance

the Ryder Employees Political Action Committee, an employee-member political action committee that supports political candidates whose views are consistent

with the Company’s goals.

Ryder’s PAC is governed by a Board of Directors whose members represent

Ryder’s diverse businesses and employees. The Board sets criteria for evaluation

of candidates for state and federal office from across the nation. The Board also

advises the Government Relations staff in its decisions on whom to support for

public office. The PAC supports incumbents, challengers, and candidates for open seats.

The Board has set these criteria

by which to choose candidates to re-

ceive contributions: 

  

In 2008, Ryder worked closely on the Energy Bill with Congress that

provides incentives for biofuel production and studies the development

The candidate demonstrates a

of Corporate Average Fuel Economy (CAFE) standards for medium and heavy-duty trucks.

clear understanding of the impact

of government policies on Ryder's ability to compete in the marketplace. The candidate's voting record and/or pro-business philosophy supports Ryder’s position on key legislative issues.

The candidate has a good chance to be elected, given sufficient

financial support.

The candidate represents a district which includes Ryder employees or

facilities, and/or serves on key legislative committees.

The Ryder PAC makes contributions from funds gathered from eligible

employees to federal and select state candidate campaign committees and

political party organizations. Ryder PAC disburses no corporate funds to political

candidates or committees. Disbursements to qualified candidates and organi-

zations are listed at www.fec.gov.

Ryder Government Relations activities are disclosed under the Lobby Dis-

closure Act (LDA). Semi-annual and quarterly reports are filed with the Secretary of the U.S. Senate and the Clerk of the U.S. House of Representatives reporting total

lobbying expenditures, contributions made to members of Congress, as well as the

issues and Ryder employees and contractors participating in Company advocacy

activities. These reports can be accessed at www.house.gov and www.senate.gov.

35

Corporate Governance, Ethics, and Compliance

Awards: Forbes: One of the 400 Best Big Companies in America – In 2008, for the

second consecutive year, Ryder was recognized as one of America’s best big

companies in a special report by Forbes. The publication screened over

1,000 corporations using metrics such as accounting and governance scores, long-

term earnings growth, 12-year and five-year stock market returns, sales and earning-

per-share growth, and debt-to-capital ratios.

FORTUNE: One of America’s Most Admired Companies® – For the

twelfth consecutive year, Ryder was ranked among FORTUNE® magazine’s

America’s Most Admired Companies® in the publication’s 2008 survey of corporate

reputations. Ryder has consistently ranked among the top in the Transportation

Industry category since 1997.

Calvert Social Index: Since 1990, Ryder has been included in the Index for meeting Calvert’s social criteria in the following areas: environment, workplace

issues, product safety, community relations, military weapons contracting, international operations and human rights, and respecting the rights of

indigenous peoples.

GovernanceMetrics International (GMI): Highest Global Rating – In

2007, Ryder was once again awarded GMI’s highest possible rating, a perfect 10,

for corporate governance and corporate behavior. The rating system incorporates hundreds of data points across six broad categories of analysis: board accounta-

bility, financial disclosure and internal controls, executive compensation, share-

holder rights, ownership base and takeover provisions, plus corporate behavior and environmental, health and safety issues.

KLD Research & Analytics: Domini 400 Social Index (DSI) – In 2006, Ryder was included in the DSI for its demonstrated leadership in corporate social responsibility.

36

This report focuses on key global challenges that impact the most material issues of interest to our various stakeholders. Disclosure about many of these relevant performance indicators is consistent with recommendations by the Global Reporting Initiative (GRI). We believe information presented here is accurate and fairly representative of our corporate responsibility programs and results. This report has been reviewed and approved by Ryder senior management; however, it has not been externally audited.

37