Ryder Authorizes New Anti-Dilutive Program to Repurchase 2M Shares

Ryder System (NYSE: R), a leader in transportation and supply chainmanagement solutions, announced today that its Board of Directors hasauthorized a new share repurchase program to mitigate the dilutive impact ofshares issued under the Company's various employee stock, stock option andemployee stock purchase plans. The Company expects to begin purchasing sharesunder the program in early 2014.Under the new anti-dilutive program, Ryder management is authorized torepurchase shares of common stock in an amount not to exceed the number ofshares issued to employees under the Company's various employee stock, stockoption and employee stock purchase plans from December 1, 2013 throughDecember 31, 2015. The program limits aggregate share repurchases to no morethan two million shares of Ryder common stock. Share repurchases will be madeperiodically in open-market transactions using the Company's working capital,and are subject to market conditions, legal requirements and other factors. Inaddition, management has been granted the authority to establish a tradingplan under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of therepurchase program. As of November 30, 2013, the Company had 53.1 millionshares of common stock outstanding.Robert Sanchez, Ryder's Chairman and Chief Executive Officer, said, “At thebeginning of 2013, we temporarily ceased repurchasing shares under ouranti-dilutive repurchase program to manage our leverage and allow us tomaintain near-term balance sheet flexibility. Based on our current andexpected leverage, we believe it is appropriate to resume repurchasing sharesto address the dilution impact of shares issued under employee compensationplans.” About RyderRyder is a FORTUNE 500® commercial transportation, logistics and supply chainmanagement solutions company. Ryder's stock (NYSE: R) is a component of the DowJones Transportation Average and the Standard & Poor's 500 Index. InboundLogistics magazine has recognized Ryder as a top third party logisticsprovider and green supply chain partner. Ryder has also been ranked threeyears in a row as one of the top 250 U.S. companies in the Newsweek GreenRankings. In addition, Security Magazine has named Ryder one of the topcompanies for security practices in the transportation, logistics, supplychain, and warehousing sector. Ryder is a proud member of the American RedCross Disaster Responder Program, supporting national and local disasterpreparedness and response efforts. For more information, visit www.ryder.comand follow us on Facebook, YouTube, and Twitter.Note Regarding Forward-Looking Statements: Certain statements and informationincluded in this news release are "forward-looking statements" within themeaning of the Federal Private Securities Litigation Reform Act of 1995. Theseforward-looking statements, including those relating to the anti-dilutiveimpact of the program, are based on our current plans and expectations and aresubject to risks, uncertainties and assumptions. Accordingly, theseforward-looking statements should be evaluated with consideration given to themany risks and uncertainties that could cause actual results and events todiffer materially from those in the forward-looking statements including thoserisks set forth in our periodic filings with the Securities and ExchangeCommission. New risks emerge from time to time. It is not possible formanagement to predict all such risk factors or to assess the impact of suchrisks on our business. Accordingly, we undertake no obligation to publiclyupdate or revise any forward-looking statements, whether as a result of newinformation, future events, or otherwise.