EXHIBIT 99.2
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Pension Update Ryder made $50 million contribution to U.S. pension plan in Oct. 2003 Present value of estimated required contributions over the next 5 years totals $85 million to U.S. plan and $150 million globally (assuming expected long-term rate of return realized and other assumptions remain unchanged) Global pension plan contributions for 2003 totaled $67 million U.S. plan results: Actual full year 2003 return on pension assets of 24% in U.S. plan Current U.S. plan assumptions: 8.5% expected long-term rate of return, 6.0% discount rate (vs. 6.5% at 12/31/02), 5% rate of increase in compensation, and 8.5-year amortization period for gains/losses Total global pension expense of $66 million expected in 2004, down from $82 million in 2003 Funded status of U.S. Qualified Pension Plan: ($ Thousands) |