Ryder System, Inc. Announces Voluntary Actions by Budget Group in Trademark Infringement Suit

    MIAMI--March 6, 2002--Ryder System, Inc. , a global leader in logistics and transportation management solutions, announced today that, just before a hearing on a motion for a temporary restraining order in a trademark lawsuit commenced by Ryder on March 1, Budget Group, Inc. agreed to discontinue advertising that Ryder complains about in the suit.
    The two companies will commence negotiations in an effort to resolve their dispute. All of the claims in Ryder's lawsuit remain pending. The suit was filed in the United States District Court for the Southern District of New York.
    Budget Group operates a consumer truck rental business in the United States under the name "Ryder TRS." Budget acquired Ryder's former consumer truck rental business from Questor Partners (Questor) in 1998. Questor purchased the consumer business unit of Ryder in 1996.
    "We are pleased with Budget's decision," said Ryder's General Counsel, Vicki A. O'Meara. "Our trademark is very valuable and we will continue to take any necessary action to protect it."
    Due to the status of the suit, Ryder will refrain from commenting on pending litigation until further notice.

    About Ryder

    Ryder provides leading-edge logistics, supply chain and transportation management solutions worldwide. Ryder's product offerings range from full-service leasing, commercial rental and programmed maintenance of vehicles to integrated services such as dedicated contract carriage and carrier management. Additionally, Ryder offers comprehensive supply chain solutions, consulting, lead logistics management services and e-Business solutions that support customers' entire supply chains, from inbound raw materials and parts through distribution and delivery of finished goods. Ryder serves customer needs throughout North America, in Latin America, Europe and Asia.
    For the fifth consecutive year, Ryder was featured in the 2001 Fortune Most Admired Companies survey of corporate reputations and has ranked among the top five in its industry category since 1997. Forbes named Ryder to its "Magnetic 40" as "Best in Transportation and Logistics" for creating a "network of partnerships that can spur growth, innovation and most important, serve customers better." InternetWeek named Ryder as one of the top 100 U.S. companies for effectiveness in using the Internet to achieve tangible business benefits. For the fourth consecutive year, Inbound Logistics recognized Ryder in 2001 as the top third-party logistics provider. The National Safety Council selected Ryder to receive the 2002 Green Cross for Safety Medal - its highest honor - for exemplary commitment to workplace safety and corporate citizenship.
    Ryder's stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Ryder's revenue in 2001 was $5.01 billion.
    For more information on Ryder System, Inc., visit http://www.ryder.com.