RYDER SYSTEM INC — Director's Dealing 2008

Feb 13, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2008-02-08

Reporting Person: Fatovic Robert D (EVP-Gen. Counsel & Corp. Sec.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-02-08	Common Stock	A	10000	$0.00	Acquired	13740	Direct
2008-02-10	Common Stock	F	141	$58.235	Disposed	13599	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-02-08	Stock Option (right to buy)	$58.475	A	18370	Acquired	2015-02-08	Common Stock (18370)	Direct
2008-02-08	Performance-Based Restricted Stock Rights	$0.00	A	3440	Acquired		Common Stock (3440)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	788	Indirect

Footnotes

F1: Represents shares of restricted stock granted to the reporting person by the Company. The restricted stock vests on February 8, 2011.

F2: Includes 8 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.

F3: Represents shares of common stock withheld upon the vesting of restricted stock units for the payment of the related tax liability.

F4: The stock options vest in three equal installments on February 8, 2009, February 8, 2010 and February 8, 2011.

F5: 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, 2010. Performance-based restricted stock rights that do not vest will be cancelled.