RYDER SYSTEM INC — Director's Dealing 2005

Feb 28, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2005-02-24

Reporting Person: LEINBACH TRACY A (Exec. Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-24	Common Stock	M	10000	$20.53	Acquired	33421	Direct
2005-02-24	Common Stock	M	16667	$26.83	Acquired	50088	Direct
2005-02-24	Common Stock	M	13333	$22.10	Acquired	63421	Direct
2005-02-24	Common Stock	S	40000	$42.6411	Disposed	23421	Direct
2005-02-28	Common Stock	I	5120	$42.37	Acquired	5120	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-24	Stock option (right to buy)	$20.53	M	10000	Disposed	2011-02-28	Common Stock (10000)	Direct
2005-02-24	Stock option (right to buy)	$26.83	M	16667	Disposed	2009-02-14	Common Stock (16667)	Direct
2005-02-24	Stock option (right to buy)	$22.10	M	13333	Disposed	2010-02-13	Common Stock (13333)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3846	Indirect
Common Stock	2745	Indirect
Common Stock	1641	Indirect

Footnotes

F1: The stock options vested in three equal installments on March 1, 2002, March 1, 2003 and March 1, 2004.

F2: The stock options vested in two equal installments on February 15, 2003 and February 15, 2004.

F3: The stock options vested in two equal installments on February 13, 2004 and February 13, 2005.