RYDER SYSTEM INC — Director's Dealing 2007

Feb 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2007-02-09

Reporting Person: GREENE GREGORY F (EVP and Chief HR Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-10	Common Stock	F	108	$52.24	Disposed	1856	Direct
2007-02-12	Common Stock	F	149	$52.24	Disposed	1707	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-09	Stock Option (right to buy)	$52.48	A	18965	Acquired	2014-02-09	Common Stock (18965)	Direct
2007-02-09	Performance-Based Restricted Stock Rights	$0.00	A	3600	Acquired		Common Stock (3600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1439	Indirect
Common Stock	1783	Indirect

Footnotes

F1: Represents shares of common stock withheld upon the vesting of restricted stock units for the payment of the related tax liability.

F2: Adjusted to reflect the sale of 2500 shares of Ryder common stock previously reported by the reporting person in a Form 5 filed on February 14, 2006.

F3: The stock options vest in three equal installments on February 9, 2008, February 9, 2009 and February 9, 2010.

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, 2009. Performance-based restricted stock rights that do not vest will be cancelled.