RYDER SYSTEM INC — Director's Dealing 2004

Nov 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-11-10

Reporting Person: CARSON RICHARD B (SVP-Fleet Mngt Solutions)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-10	Common Stock	M	6250	$36.0625	Acquired	10199	Direct
2004-11-10	Common Stock	S	6250	$52.6116	Disposed	3949	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-10	Stock option (right to buy)	$36.0625	M	6250	Disposed	2007-09-30	Common Stock (6250)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1148	Indirect
Common Stock	622	Indirect

Footnotes

F1: Includes 8 shares of common stock owned by the reporting person through the Ryder System, Inc. Stock Purchase Plan for Employees.

F2: 2,084 stock options vested on October 1, 1998, 2,083 stock options vested on October 1, 1999, and 2,083 stock options vested on October 1, 2000.