RYDER SYSTEM INC — Director's Dealing 2008

Sep 17, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2008-09-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-09-15	Common Stock	M	25000	$16.595	Acquired	100769	Direct
2008-09-15	Common Stock	S	13800	$63.83	Disposed	86969	Direct
2008-09-15	Common Stock	S	8800	$64.86	Disposed	78169	Direct
2008-09-15	Common Stock	S	2400	$65.53	Disposed	75769	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-09-15	Stock Option (right to buy)	$16.595	M	25000	Disposed	2010-10-10	Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3749	Indirect

Footnotes

F1: The option exercise and stock sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan established by the Reporting Person on May 15, 2008.

F2: This reflects the weighted average price at which the shares were sold. The sales prices ranged from $63.27 to $64.24.

F3: The Reporting Person will provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F4: This reflects the weighted average price at which the shares were sold. The sales prices ranged from $64.37 to $65.33.

F5: This reflects the weighted average price at which the shares were sold. The sales prices ranged from $65.39 to $65.82.