RYDER SYSTEM INC — Director's Dealing 2004

Aug 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-08-24

Reporting Person: GRIFFIN BOBBY J (EVP/International Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-24	Common Stock	M	7900	$36.0625	Acquired	24940	Direct
2004-08-24	Common Stock	M	2500	$20.53	Acquired	27440	Direct
2004-08-24	Common Stock	M	16667	$26.83	Acquired	44107	Direct
2004-08-24	Common Stock	S	27067	$43.28	Disposed	17040	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-24	Stock Option (right to buy)	$36.0625	M	7900	Disposed	2007-09-30	Common Stock (7900)	Direct
2004-08-24	Stock Option (right to buy)	$20.53	M	2500	Disposed	2011-02-28	Common Stock (2500)	Direct
2004-08-24	Stock Option (right to buy)	$26.83	M	16667	Disposed	2009-02-14	Common Stock (16667)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1832	Indirect

Footnotes

F1: The stock options vested in three equal installments on October 1, 1998, October 1, 1999 and October 1, 2000.

F2: The stock options vested in two equal installments on February 15, 2003 and February 15, 2004.