RYDER SYSTEM INC — Director's Dealing 2004

Oct 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-10-08

Reporting Person: Fatovic Robert D (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-08	Common Stock	A	2500	$0.00	Acquired	7809	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-10-08	Stock option (right to buy)	$48.54	A	5000	Acquired	2011-10-08	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	109	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 October 8, 2005, October 8, 2006 and October 8, 2007.

F2: The stock options vest in three equal installments on October 8, 2005, October 8, 2006 and October 8, 2007.