RYDER SYSTEM INC — Director's Dealing 2004

Aug 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-08-05

Reporting Person: TEGNELIA ANTHONY G (EVP/US Supply Chain Solutions)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-05	Common Stock	I	4648	$43.49	Disposed	0	Indirect
2004-08-05	Common Stock	M	6667	$26.83	Acquired	18312	Direct
2004-08-05	Common Stock	M	20000	$36.0625	Acquired	38312	Direct
2004-08-05	Common Stock	M	6667	$22.10	Acquired	44979	Direct
2004-08-05	Common Stock	S	33334	$44.0105	Disposed	11645	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-05	Stock option (right to buy)	$26.83	M	6667	Disposed	2009-02-14	Common Stock (6667)	Direct
2004-08-05	Stock option (right to buy)	$22.10	M	6667	Disposed	2010-02-13	Common Stock (6667)	Direct
2004-08-05	Stock option (right to buy)	$36.0625	M	20000	Disposed	2007-09-30	Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	229	Indirect

Footnotes

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

F2: The stock options vested in three equal installments on October 1, 1998, October 1, 1999 and October 1, 2000.