RYDER SYSTEM INC — Director's Dealing 2006

May 9, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2006-05-08

Reporting Person: GRIFFIN BOBBY J (President, Int'l Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-08	Common Stock	M	8333	$26.83	Acquired	32126	Direct
2006-05-08	Common Stock	M	13333	$22.10	Acquired	45459	Direct
2006-05-08	Common Stock	M	13333	$36.88	Acquired	58792	Direct
2006-05-08	Common Stock	S	34999	$55.3237	Disposed	23793	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-08	Stock Option (right to buy)	$26.83	M	8333	Disposed	2009-02-14	Common Stock (8333)	Direct
2006-05-08	Stock Option (right to buy)	$22.10	M	13333	Disposed	2010-02-13	Common Stock (13333)	Direct
2006-05-08	Stock Option (right to buy)	$36.88	M	13333	Disposed	2011-02-12	Common Stock (13333)	Direct

Footnotes

F1: This reflects the average price at which the shares were sold. The sales prices ranged from $55.11 to $55.50.

F2: 6,666 stock options vested on February 13, 2005 and 6,667 stock options vested on February 13, 2006.

F3: 6,667 stock options vested on February 12, 2005 and 6,666 stock options vested on February 12, 2006.