We employees and shareholders of Ryder can take great pride in our Company's long heritage of following the highest standards of corporate governance and ethical business practices. This is especially true during these times when other companies are challenged with violations of laws or are struggling to put in place the types of practices that Ryder has followed for years.

Maintaining these high standards of governance is important to our continued growth and success. We all must take seriously our responsibility to ensure that our Company conducts business fairly, honestly and ethically - in good times and in bad - and at all levels of the organization. These are the values that Ryder's foundation was built on and that continue to set us apart in the marketplace.

Although it's important that we grow our business, we cannot do so at the expense of violations of the law or through unscrupulous dealings that undermine our reputation.

To that end, we are reinforcing our commitment to ethical business practices by expanding and revising Ryder's Principles of Business Conduct. The Principles apply in every location in which we do business around the world, as well as to every employee, officer, director and member of our Board of Directors. A complete text of the Principles of Business Conduct will be distributed at every location within Ryder and can also be found on the FAME intranet site or the www.ryder.com website. Country-specific codes are distributed as well, which have minor differences to account for legal requirements in our international locations.

The revised edition of our Principles sets forth enhanced reporting mechanisms and additional channels for employees, customers or vendors to confidentially report questionable business practices. It also includes Frequently Asked Questions and Integrity Inquiries designed to assist you in your daily efforts to uphold the Company's standards.

If a situation occurs that raises a question in your mind about legal or ethical compliance, you should immediately report it to any manager; to Human Resources; to Global Compliance at 1-800-62-RYDER, or ethics@ryder.com; the Law Department, or to the Vice President of Audit Services. You can make a confidential and anonymous report through the Ryder HOTLINE at 800-815-2830, 24-hours a day, seven days a week. Employees who communicate concerns will not experience any retaliation or retribution.

I am proud of Ryder's strong values and ethical foundation. We all must strive to maintain our reputation for integrity and high ethical standards. Leading with integrity creates an environment for growth and success. The Ryder reputation belongs to all of us, as does our responsibility to protect it.