Ryder Off UM Arena

April 19, 2002

In response to questions concerning the Ryder Convocation Center theUniversity of Miami and Ryder Inc. issued the following statement:

“Ryder’s funding commitment to the University of Miami Convocation Centerremains unchanged. The company, however, has shifted its marketing strategyaway from a consumer audience to an approach that targetsbusiness-to-business audiences. For that reason, Ryder is retuning thenaming rights to the University giving UM the opportunity to re-market thename of the convocation center without losing any of Ryder’s originalfunding commitment. This decision to return the name is consistent withchanges in the direction of the company’s marketing and promotional effortsthat followed the sale of Ryder’s consumer truck rental division in 1996.Ryder’s support for UM remains strong and will, in fact, be expanding inareas of educational programming which are more in line with the company’scurrent business strategy”