RYDER SYSTEM INC - Director's Dealing 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2006-02-14

Reporting Person: VARNEY CHRISTINE A (Director)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-14	Common Stock	M	1197	$35.0625	Acquired	10652	Direct
2006-02-14	Common Stock	M	2500	$25.50	Acquired	13152	Direct
2006-02-14	Common Stock	M	2500	$20.875	Acquired	15652	Direct
2006-02-14	Common Stock	M	2500	$20.06	Acquired	18152	Direct
2006-02-14	Common Stock	S	2400	$43.42	Disposed	15752	Direct
2006-02-14	Common Stock	S	6100	$43.38	Disposed	9652	Direct
2006-02-14	Common Stock	S	197	$43.43	Disposed	9455	Direct
2006-02-14	Common Stock	I	361	$42.55	Disposed	0	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-14	Stock Option (right to buy)	$35.0625	M	1197	Disposed	2008-04-30	Common Stock (1197)	Direct
2006-02-14	Stock Option (right to buy)	$25.50	M	2500	Disposed	2009-05-05	Common Stock (2500)	Direct
2006-02-14	Stock Option (right to buy)	$20.875	M	2500	Disposed	2010-05-03	Common Stock (2500)	Direct
2006-02-14	Stock Option (right to buy)	$20.06	M	2500	Disposed	2011-05-02	Common Stock (2500)	Direct

F1: The stock options vested in three equal installments on May 1, 1999, May 1, 2000 and May 1, 2001.

F2: The stock options vested in three equal installments on May 6, 2000, May 6, 2001 and May 6, 2002.

F3: The stock options vested in three equal installments on May 4, 2001, May 4, 2002 and May 4, 2003.

F4: The stock options vested in three equal installments on May 3, 2002, May 3, 2003 and May 3, 2004.