RYDER SYSTEM INC — Director's Dealing 2007

May 17, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2007-05-15

Reporting Person: SWIENTON GREGORY T (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-15	Common Stock	M	11000	$26.83	Acquired	88973	Direct
2007-05-15	Common Stock	M	16000	$22.10	Acquired	104973	Direct
2007-05-15	Common Stock	S	27000	$52.94	Disposed	77973	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-15	Stock Option (right to buy)	$26.83	M	11000	Disposed	2009-02-14	Common Stock (11000)	Direct
2007-05-15	Stock Optios (right to buy)	$22.10	M	16000	Disposed	2010-02-13	Common Stock (16000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3401	Indirect

Footnotes

F1: The option exercises and stock sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan established by the Reporting Person on August 2, 2006.

F2: This reflects the average price at which the shares were sold. The sales prices ranged from $52.51 to $53.38.