RYDER SYSTEM INC — Director's Dealing 2004

Sep 1, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-08-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-30	Common Stock	M	5250	$25.4375	Acquired	30360	Direct
2004-08-30	Common Stock	M	30000	$27.0313	Acquired	60360	Direct
2004-08-30	Common Stock	S	35250	$43.0484	Disposed	25110	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-30	Stock option (right to buy)	$25.4375	M	5250	Disposed	2005-10-02	Common Stock (5250)	Direct
2004-08-30	Stock option (right to buy)	$27.0313	M	14720	Disposed	2006-02-17	Common Stock (14720)	Direct
2004-08-30	Stock option (right to buy)	$27.0313	M	15280	Disposed	2006-02-17	Common Stock (15280)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	500	Indirect
Common Stock	2727	Indirect
Common Stock	1630	Indirect

Footnotes

F1: Includes shares of common stock acquired by the reporting person under the Company's dividend reinvestment plan.

F2: The stock options vested in three equal installments on October 3, 1996, October 3, 1997 and October 3, 1998.

F3: The stock options vested in three equal installments on February 18, 2000, February 18, 2001 and February 18, 2002.

F4: The stock options vested in two equal installments on February 18, 2001 and February 18, 2002.