RYDER SYSTEM INC - Director's Dealing 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-08-16

Reporting Person: O MEARA VICKI A (Executive Vice President)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-16	Common Stock	M	16667	$26.83	Acquired	25571	Direct
2004-08-16	Common Stock	M	33333	$21.25	Acquired	58904	Direct
2004-08-16	Common Stock	M	35000	$27.0313	Acquired	93904	Direct
2004-08-16	Common Stock	M	6667	$22.10	Acquired	100571	Direct
2004-08-16	Common Stock	S	91667	$43.0019	Disposed	8904	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-16	Stock Option (right to buy)	$26.83	M	16667	Disposed	2009-02-14	Common Stock (16667)	Direct
2004-08-16	Stock option (right to buy)	$21.25	M	33333	Disposed	2010-07-26	Common Stock (33333)	Direct
2004-08-16	Stock option (right to buy)	$27.0313	M	35000	Disposed	2009-02-17	Common Stock (35000)	Direct
2004-08-16	Stock option (right to buy)	$22.10	M	6667	Disposed	2010-02-13	Common Stock (6667)	Direct

Security	Shares	Ownership
Common Stock	9726	Indirect

F1: The stock options vested in two equal installments on February 15, 2003 and February 15, 2004.

F2: The stock options vested in two equal installments on July 27, 2003 and July 27, 2004.

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