SOURCE: Ryder System, Inc.

December 19, 2007 17:05 ET

Ryder Agrees to Acquire Truck Leasing Business of Lily Transportation Corp.

MIAMI, FL--(Marketwire - December 19, 2007) - Ryder System, Inc. (NYSE: R), a global leader in transportation and supply chain management solutions, today announced it has reached agreement to acquire substantially all the assets of the Full Service Truck Leasing, Commercial Truck Rental and Contract Truck Maintenance businesses of Lily Transportation Corp., a Northeast U.S. regional transportation services company based in Needham, Mass. The acquisition is expected to be finalized in January 2008 and is subject to customary closing conditions. Lily Dedicated Logistics Systems, including its Dedicated Contract Carriage operations, will continue to be owned and operated by Lily.

Per the terms of the transaction, Ryder will acquire Lily's truck fleet, including approximately 1,560 full service lease units and over 240 contract customers served by Lily from its 15 locations in Mass., N.J., Maine, Penn., N.H., and R.I.

"Lily is a well-known and respected, family-owned transportation provider in the Northeast recognized for their strong customer relationships and high levels of personalized service," said Ryder Chairman and Chief Executive Officer Greg Swienton. "Because of our shared values, this acquisition allows us to build on our strong customer foundation and expand our service network to further our value to customers of both companies."

"Ryder has always been a high quality competitor for us in the Northeast and we chose to sell to them because of our shared values and strong commitment to serving the needs of customers. We are confident that the combined resources will further strengthen the quality of service and product offerings to customers," said John Simourian II, President and COO of Lily.

Lily was represented by the investment banking firm of Covington Associates LLC and the Law Firm of Posternak Blankstein & Lund LLP.

                                 About Lily

Lily Transportation Corp., based in Needham, Massachusetts, is a diversified transportation services company providing Full Service Leasing, specialized Maintenance, and Dedicated Distribution Services to companies shipping products throughout the United States. Since its beginnings in 1958, Lily has been committed to providing quality products and delivering personalized service to its customers located throughout the Northeast region.

                                 About Ryder

Ryder provides leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Ryder ranks 362nd on the Fortune 500 and 1,458th on the Forbes Global 2000. For more information on Ryder System, Inc., visit

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning the terms and timing of the acquisition and statements concerning integration plans, customers and services. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements, including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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