Ryder Settles Trademark Infringement Lawsuit Against Budget Group

MIAMI--Nov. 22, 2002--Ryder System, Inc., a global leader in transportation and supply chain management solutions, today announced it has reached a favorable out-of-court settlement of its trademark infringement litigation against Budget Group, Inc. The settlement resolves the longstanding brand confusion in the marketplace since the 1996 sale of Ryder's consumer "yellow" truck rental business, which included limited use of the Ryder mark.

The settlement immediately terminates Budget's use of the Ryder name/trademark in advertising, location signage, the Internet, telephone communications, and on all company identifying materials. Budget also agreed to accelerate the removal of the Ryder name/trademark from all existing consumer "yellow" trucks beginning in January 2003, with conversion of the entire fleet by the end of 2004. Additionally, the settlement awards Ryder a $1.25 million cash payment.

"We are pleased with the settlement which returns the Ryder brand to our current lines of business - commercial transportation and logistics services worldwide," said Gregory T. Swienton, Ryder's Chairman, President and Chief Executive Officer. "The Ryder brand is a valuable asset that is well known for providing high-quality service and innovative solutions to commercial customers. The agreement with Budget protects the value of our brand."

Ryder operates a commercial truck rental and leasing fleet of more than 170,000 vehicles, one of the largest operations in the world. The company sold its consumer "yellow" truck rental division in 1996. Those business operations were subsequently purchased by Budget and operated under the name "Ryder TRS" pursuant to a Trademark License Agreement signed in connection with the 1996 sale.

In March 2002, Ryder terminated the Trademark License Agreement and filed suit in federal court in New York against Budget and the company operating as Ryder TRS, based on breaches of the Trademark License Agreement and violations of state and federal law.

In July 2002, Budget filed for federal bankruptcy protection. Cendant Corp. today purchased substantially all of Budget's assets out of bankruptcy. Ryder's settlement agreement with Budget and Cendant is aimed at ending the brand confusion the company has experienced in the marketplace since the 1996 sale.

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.

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. 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 fifth consecutive year, Inbound Logistics recognized Ryder in 2002 as the top third-party logistics provider.

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.