RYDER SYSTEM INC — Director's Dealing 2006

Feb 24, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2006-02-23

Reporting Person: GREENE GREGORY F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-23	Common Stock	M	10833	$36.88	Acquired	15297	Direct
2006-02-23	Common Stock	M	4000	$22.10	Acquired	19297	Direct
2006-02-23	Common Stock	S	14833	$44.43	Disposed	4464	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-23	Stock Option (right to buy)	$36.88	M	10833	Disposed	2011-02-12	Common Stock (10833)	Direct
2006-02-23	Stock Option (right to buy)	$22.10	M	4000	Disposed	2010-02-13	Common Stock (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1767	Indirect
Common Stock	1419	Indirect
Common Stock	1765	Indirect

Footnotes

F1: This reflects the average price at which the shares were sold. The sales prices ranged from $44.35 to $44.52.

F2: The stock options vested as follows: 5,417 stock options vested on February 12, 2005 and 5,416 stock options vested on February 12, 2006.