RYDER SYSTEM INC — Director's Dealing 2004

Aug 31, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-08-27

Reporting Person: Fatovic Robert D (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-27	Common Stock	M	5000	$27.0313	Acquired	10451	Direct
2004-08-27	Common Stock	M	5027	$16.7188	Acquired	15478	Direct
2004-08-27	Common Stock	M	5000	$26.83	Acquired	20478	Direct
2004-08-27	Common Stock	M	4000	$22.10	Acquired	24478	Direct
2004-08-27	Common Stock	S	19027	$43.409	Disposed	5451	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-27	Stock option (right to buy)	$27.0313	M	5000	Disposed	2009-02-17	Common Stock (5000)	Direct
2004-08-27	Stock option (right to buy)	$16.7188	M	5027	Disposed	2010-10-02	Common Stock (5027)	Direct
2004-08-27	Stock option (right to buy)	$26.83	M	5000	Disposed	2009-02-14	Common Stock (5000)	Direct
2004-08-27	Stock option (right to buy)	$22.10	M	4000	Disposed	2010-02-13	Common Stock (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	109	Indirect

Footnotes

F1: Includes 1,484 shares of common stock owned by the reporting person through the Ryder System, Inc. Stock Purchase Plan for Employees.

F2: The stock options vested in three equal installments on February 18, 2000, February 18, 2001 and February 18, 2002.

F3: The stock options vested in two equal installments on February 15, 2003 and February 15, 2004.