Ryder System, Inc. Recaps May 3, 2002 Annual Meeting of Shareholders

    MIAMI--May 3, 2002--Ryder System, Inc. , a global leader in transportation and supply chain management solutions, held its annual meeting of shareholders today in Miami. At the meeting Gregory T. Swienton, who has been President and Chief Executive Officer since November 2000, assumed the additional role of Chairman of the Company's Board of Directors. Swienton, who has served as a member of the board since June 1999, succeeds M. Anthony Burns who, after 28 years of service with Ryder, retired to become Chairman Emeritus at the conclusion of the meeting held here today.
    Also joining Ryder's Board of Directors, with service on the Company's Audit and Finance Committees, was John H. Dasburg, Chairman, Chief Executive Officer and President of Burger King Corp. He replaces David T. Kearns, Chairman Emeritus of New American Schools and retired Chairman and Chief Executive Officer of Xerox Corporation, who retired after more than 10 years of service on Ryder's board.
    In other business items at the meeting, KPMG LLP was selected as the Company's independent certified accountant. Additionally, a shareholder proposal requesting a vote on the Company's preferred share purchase rights plan also passed.

    About Ryder

    Ryder provides leading-edge transportation, logistics and supply chain 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 sixth consecutive year, Ryder was featured in the 2002 Fortune Most Admired Companies survey of corporate reputations. 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. With 2001 revenue of $5.01 billion, Ryder ranks 341st on the Fortune 500 and 326th on the Barron's 500.
    For more information on Ryder System, Inc., visit http://www.ryder.com.