RYDER SYSTEM INC — Director's Dealing 2014

May 9, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2014-05-07

Reporting Person: GREENE GREGORY F (EVP and CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-07	Common Stock	M	2300	$53.63	Acquired	17659	Direct
2014-05-07	Common Stock	S	2300	$83.19	Disposed	15359	Direct
2014-05-08	Common Stock	M	6795	$53.63	Acquired	22154	Direct
2014-05-08	Common Stock	M	19340	$49.39	Acquired	41494	Direct
2014-05-08	Common Stock	S	26135	$83.4393	Disposed	15359	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-07	Stock Option (right to buy)	$53.63	M	2300	Disposed	2019-02-10	Common Stock (2300)	Direct
2014-05-08	Stock Option (right to buy)	$53.63	M	6795	Disposed	2019-02-10	Common Stock (6795)	Direct
2014-05-08	Stock Option (right to buy)	$49.39	M	19340	Disposed	2018-02-11	Common Stock (19340)	Direct

Footnotes

F1: This reflects the weighted average price at which the shares were sold. The sale prices ranged from $83.25 to $83.93.

F2: The Reporting Person will provide, upon request by the Commisssion staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F3: The option, representing the right to purchase 17,755 shares, vests in accordance with the following schedule: 5,919 vested on February 10, 2013, 5,918 vested on February 10, 2014 and 5,918 will vest on February 10, 2015.

F4: The option, representing the right to purchase 19,340 shares, vests in accordance with the following schedule: 6,447 vested on February 11, 2012, 6,446 vested on February 11, 2013 and 6,447 vested on February 11, 2014.