RYDER SYSTEM INC — Director's Dealing 2004

Nov 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-11-03

Reporting Person: RENEHAN THOMAS S (SVP-Asset Mgmt, Sales and Mktg)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-03	Common Stock	S	736	$50.20	Disposed	3972	Direct
2004-11-04	Common Stock	M	400	$37.2188	Acquired	4372	Direct
2004-11-04	Common Stock	S	300	$51.05	Disposed	4072	Direct
2004-11-04	Common Stock	S	100	$51.04	Disposed	3972	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-04	Stock option (right to buy)	$37.2188	M	400	Disposed	2008-02-18	Common Stock (400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	81	Indirect
Common Stock	5985	Indirect
Common Stock	156	Indirect

Footnotes

F1: The stock options vested in three equal installments on February 19, 1999, February 19, 2000 and February 19, 2001.