RYDER SYSTEM INC — Director's Dealing 2008

May 1, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2008-04-28

Reporting Person: Fatovic Robert D (EVP, CLO & Corp. Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-28	Common Stock	M	4333	$36.88	Acquired	17941	Direct
2008-04-28	Common Stock	S	833	$69.07	Disposed	17108	Direct
2008-04-28	Common Stock	S	100	$69.10	Disposed	17008	Direct
2008-04-28	Common Stock	S	200	$69.12	Disposed	16808	Direct
2008-04-28	Common Stock	S	200	$69.11	Disposed	16608	Direct
2008-04-28	Common Stock	S	300	$69.14	Disposed	16308	Direct
2008-04-28	Common Stock	S	600	$69.15	Disposed	15708	Direct
2008-04-28	Common Stock	S	300	$69.16	Disposed	15408	Direct
2008-04-28	Common Stock	S	100	$69.19	Disposed	15308	Direct
2008-04-28	Common Stock	S	100	$69.17	Disposed	15208	Direct
2008-04-28	Common Stock	S	100	$69.18	Disposed	15108	Direct
2008-04-28	Common Stock	S	300	$69.25	Disposed	14808	Direct
2008-04-28	Common Stock	S	1200	$69.29	Disposed	13608	Direct
2008-04-28	Common Stock	S	517	$69.45	Disposed	13091	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-04-28	Stock Option (right to buy)	$36.88	M	4333	Disposed	2011-02-12	Common Stock (4333)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	800	Indirect

Footnotes

F1: Includes 9 shares of common stock acquired by the reporting person under the Company's dividend reinvestment plan since the date of the reporting person's last Section 16 filing.