RYDER SYSTEM INC — Director's Dealing 2004

Dec 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-12-16

Reporting Person: THOMAS JENNIFER E (SVP-Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-16	Common Stock	A	1500	$0.00	Acquired	1500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-16	Stock option (right to buy)	$53.97	A	10000	Acquired	2011-12-16	Common Stock (10000)	Direct

Footnotes

F1: Represents shares of restricted stock granted to the reporting person by the Company. The restricted stock vests in two equal installments on December 16, 2006 and December 16, 2007.

F2: The stock options vest in three equal installments on December 16, 2005, December 16, 2006 and December 16, 2007.