RYDER SYSTEM INC — Director's Dealing 2005

Feb 15, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2005-02-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-10	Common Stock	A	2500	$0.00	Acquired	23751	Direct
2005-02-12	Common Stock	F	198	$44.475	Disposed	23553	Direct
2005-02-13	Common Stock	F	132	$44.475	Disposed	23421	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-10	Stock Option (right to buy)	$44.885	A	30000	Acquired	2012-02-10	Common Stock (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3846	Indirect
Common Stock	1634	Indirect
Common Stock	2734	Indirect

Footnotes

F1: Represents shares of restricted stock granted to the reporting person by the Company. The restricted stock vests in three equal installments on February 10, 2006, February 10, 2007 and February 10, 2008.

F2: Represents shares of common stock withheld upon the vesting of restricted stock units for the payment of the related tax liability.

F3: Reflects the transfer of 3,346 shares of common stock transfered from the reporting person to a trust for the benefit of the reporting person since October 3, 2004, the date of the reporting person's last Section 16 filing.

F4: Includes 10 shares of common stock acquired by the reporting person under the Company's dividend reinvestment account since October 3, 2004, the date of the reporting person's last Section 16 filing.

F5: The stock options vest in three equal installments on February 10, 2006, February 10, 2007 and February 10, 2008.