RYDER SYSTEM INC — Director's Dealing 2007

Apr 4, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2007-04-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-02	Common Stock	D	4238	$0.00	Disposed	18318	Direct
2007-04-02	Common Stock	F	333	$49.545	Disposed	17985	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-02	Performance-Based Restricted Stock Right	$0.00	D	2401	Disposed		Common Stock (2401)	Direct

Footnotes

F1: The Reporting Person retired from the Company on March 31, 2007. Pursuant to the Company's equity compensation plans, upon retirement, a pro-rata portion of all outstanding time-vested restricted stock rights will vest and the balance is cancelled. A pro-rata portion of all performance-based restricted stock rights will remain outstanding but will not vest unless and until the performance conditions are met. The remaining performance-based restricted stock rights are cancelled.

F2: Represents the restricted stock rights cancelled by the Company as a result of the Reporting Person's retirement from the Company.

F3: Represents shares of common stock withheld to pay taxes owed by the Reporting Person as a result of the vesting of restricted stock rights upon the Reporting Person's retirement from the Company.

F4: Each performance-based restricted stock right represents a contingent right to receive one share of Ryder common stock based on the Company achieving a financial performance goal for the three-year performance period ending December 31, 2008. Performance-based restricted stock rights that do not vest on December 31, 2008 will be cancelled.