RYDER SYSTEM INC — Director's Dealing 2004

Oct 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-10-18

Reporting Person: HYLAND GREGORY E (EVP-Fleet Management Solutions)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-18	Common Stock	A	15000	$0.00	Acquired	15000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-10-18	Stock option (right to buy)	$47.965	A	42000	Acquired	2011-10-18	Common Stock (42000)	Direct

Footnotes

F1: Represents shares of restricted stock granted to the reporting person by the Company. 3,750 shares of restricted stock vest on each of October 18, 2007 and October 18, 2008, and 7,500 shares of restricted stock vest on October 18, 2009.