Penske Logistics Names New Chief Financial Officer in South America

READING, Pa., August 4, 2008 - Penske Logistics announced today that Ivanyra Correia has been named Chief Financial Officer for Penske Logistics South America. She will report to Bill Scroggie, Managing Director - South America, Penske Logistics.

Correia will operate from São Paulo, Brazil, and brings a wealth of international financial management experience. She will have oversight of the following areas: accounting, administration, payroll, risk management, legal, pricing, reporting and procurement.

She has over 15 years of work experience, serving as General Manager at Votorantim Group, Vice President of Banc of America Securities, and most recently as Latin American Finance Superintendent of Amanco Group.

"Ivanyra brings to Penske strong management skills, and has experience directing multicultural and multifunctional teams," Scroggie stated. "These skills sets will be of paramount importance when working with Penske's international customer base."

Correia earned an MBA from the Wharton School, and holds a Bachelor of Science degree in production engineering from the Federal University of Rio de Janeiro, and is fluent in three languages: English, Spanish and Portuguese.

Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing. With operations in North America, South America, Europe and Asia, Penske Logistics provides supply chain management and logistics services to leading companies throughout the world. Penske Logistics delivers value through design, planning and execution in transportation, warehousing, international freight forwarding and carrier management. Visit www.PenskeLogistics.com to learn more.