Ryder System (R) 8-K Regulation FD Disclosure

Exhibit 99.1

Free Cash Flow Reconciliation Revised for 2010 Through 2014

	12/31/2010			12/31/2011			12/31/2012			12/31/2013			12/31/2014
	($ Millions)
Cash provided by operating activities from continuing operations	$	1,028		$	1,042		$	1,160		$	1,252		$	1,383
Proceeds from sales (primarily revenue earning equipment)	235			337			413			452			497
Collections of direct finance leases	62			62			72			71			66
Other, net	3			—			—			8			(1		)
Total cash generated	1,328			1,441			1,645			1,783			1,944
Capital expenditures (1)	(1,070		)	(1,699		)	(2,133		)	(2,123		)	(2,259		)
Free cash flow (2)	$	258		$	(257	)	$	(488	)	$	(340	)	$	(315	)
Memo:
Depreciation expense	$	834		$	872		$	962		$	984		$	1,058

(1) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.

(2) Free Cash Flow excludes acquisitions and changes in restricted cash.

Note: Amounts may not be additive due to rounding