Fannie Mae Vice Chairman & COO, Daniel H. Mudd, Elected to Ryder System, Inc. Board of Directors

    MIAMI--Aug. 2, 2002--Ryder System, Inc. , a global leader in transportation and supply chain management solutions, announced that Daniel H. Mudd, Vice Chairman & Chief Operating Officer of Fannie Mae, has been elected to serve as a member of its Board of Directors. Fannie Mae is a federally-chartered, shareholder-owned corporation, and the largest non-bank financial services company in the world. It purchases residential mortgages from lending institutions and guarantees mortgage-backed securities sold to capital market investors by lenders.
    "Dan brings strong financial and analytical expertise to Ryder and we look forward to his leadership as Ryder accelerates development of products and solutions that contribute to the Company's long-term financial and customer success," said Gregory T. Swienton, Ryder's Chairman, President and Chief Executive Officer.
    "Ryder is an industry leader and innovator in transportation and supply chain management and continues to demonstrate its strong commitment to taking the necessary actions to ensure its business is positioned to provide customers and shareholders long-term value," said Mudd. "I look forward to being a part of this distinguished Board."
    In his role as Chief Operating Officer, Mudd is responsible for management of single-family and multi-family lender origination, credit, housing initiatives, systems, e-commerce, human resources, budgeting and principal investment decisions for Fannie Mae.
    Prior to joining Fannie Mae in 2000, he was President and Chief Executive Officer of GE Capital, Japan, GE's largest operation outside the U.S. Mudd had an extensive, nine-year career at GE Capital where he began as Vice President for Business Development, was Managing Director for International Financing from 1993-1995, and became President and CEO for European Fleet Services in 1995. He was president of GE Capital Asia-Pacific from 1996-1999 and managed the operation through the Asian financial crisis. Prior to GE, Mudd held positions in management consulting and financial services with Xerox, KPMG and the World Bank.
    Mudd holds a master of public administration degree concentrating in economics and international affairs from the John F. Kennedy School at Harvard University and a bachelor of arts degree in American History from the University of Virginia. He was an officer in the U.S. Marines and was decorated for combat service in Beirut, Lebanon. In 1989, he was awarded a Robert Bosch Foundation Fellowship to work with the German government during the reunification of East and West Germany.
    In addition to Fannie Mae, Mudd serves on the boards of Oriental and General Fund, Ltd., the Fannie Mae Foundation, the National Building Museum, Hampton University and St. Patrick's School. He is a member of the Council on Foreign Relations.

    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.
    Ryder's stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. With 2001 revenue of $5 billion, Ryder ranks 341st on the Fortune 500 and 326th on Barron's 500.
    For more information on Ryder System, Inc., visit http://www.ryder.com.