RYDER SYSTEM INC — Director's Dealing 2004

Nov 8, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-11-05

Reporting Person: O MEARA VICKI A (EVP & Chief of Corp Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-05	Common Stock	M	22000	$19.37	Acquired	40923	Direct
2004-11-05	Common Stock	S	22000	$52.1092	Disposed	18923	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-05	Stock option (right to buy)	$19.37	M	22000	Disposed	2011-02-15	Common Stock (22000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9730	Indirect

Footnotes

F1: 10,333 stock options vested on February 16, 2003, and 11,667 stock options vested on February 16, 2004.