RYDER SYSTEM INC — Director's Dealing 2008

May 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2008-05-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-15	Common Stock	S	200	$75.15	Disposed	76269	Direct
2008-05-15	Common Stock	S	100	$75.16	Disposed	76169	Direct
2008-05-15	Common Stock	S	100	$75.20	Disposed	76069	Direct
2008-05-15	Common Stock	S	200	$75.21	Disposed	75869	Direct
2008-05-15	Common Stock	S	100	$75.22	Disposed	75769	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-15	Stock Option (right to buy)	$22.10	M	4000	Disposed	2010-02-13	Common Stock (4000)	Direct
2008-05-15	Stock option (right to buy)	$16.595	M	21000	Disposed	2010-10-10	Common Stock (21000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3728	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 May 18, 2007.