RYDER SYSTEM INC — Director's Dealing 2004

Aug 13, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-08-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-11	Common Stock	M	21000	$34.1875	Acquired	29904	Direct
2004-08-11	Common Stock	M	26570	$36.0625	Acquired	56474	Direct
2004-08-11	Common Stock	M	20600	$37.2188	Acquired	77074	Direct
2004-08-11	Common Stock	S	500	$43.14	Disposed	76574	Direct
2004-08-11	Common Stock	S	4700	$43.08	Disposed	71874	Direct
2004-08-11	Common Stock	S	100	$43.26	Disposed	71774	Direct
2004-08-11	Common Stock	S	1000	$43.21	Disposed	70774	Direct
2004-08-11	Common Stock	S	1200	$43.20	Disposed	69574	Direct
2004-08-11	Common Stock	S	500	$43.09	Disposed	69074	Direct
2004-08-11	Common Stock	S	200	$43.22	Disposed	68874	Direct
2004-08-11	Common Stock	S	4700	$43.13	Disposed	64174	Direct
2004-08-11	Common Stock	S	13400	$43.19	Disposed	50774	Direct
2004-08-11	Common Stock	S	5800	$43.15	Disposed	44974	Direct
2004-08-11	Common Stock	S	2870	$43.16	Disposed	42104	Direct
2004-08-11	Common Stock	S	1000	$43.04	Disposed	41104	Direct
2004-08-11	Common Stock	S	3700	$43.00	Disposed	37404	Direct
2004-08-11	Common Stock	S	900	$43.06	Disposed	36504	Direct
2004-08-11	Common Stock	S	2100	$43.03	Disposed	34404	Direct
2004-08-11	Common Stock	S	200	$43.01	Disposed	34204	Direct
2004-08-11	Common Stock	S	2000	$43.18	Disposed	32204	Direct
2004-08-11	Common Stock	S	3500	$43.25	Disposed	28704	Direct
2004-08-11	Common Stock	S	300	$43.23	Disposed	28404	Direct
2004-08-11	Common Stock	S	100	$43.07	Disposed	28304	Direct
2004-08-11	Common Stock	S	2700	$43.11	Disposed	25604	Direct
2004-08-11	Common Stock	S	1700	$43.02	Disposed	23904	Direct
2004-08-11	Common Stock	S	2000	$43.17	Disposed	21904	Direct
2004-08-11	Common Stock	S	300	$43.27	Disposed	21604	Direct
2004-08-11	Common Stock	S	10100	$43.12	Disposed	11504	Direct
2004-08-11	Common Stock	S	2600	$43.10	Disposed	8904	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-11	Stock Option (right to buy)	$34.1875	M	21000	Disposed	2007-06-17	Common Stock (21000)	Direct
2004-08-11	Stock option (right to buy)	$36.0625	M	26570	Disposed	2007-09-30	Common Stock (26570)	Direct
2004-08-11	Stock option (right to buy)	$37.2188	M	20600	Disposed	2008-02-19	Common Stock (20600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9723	Indirect

Footnotes

F1: The stock options vested in three equal installments on June 18, 1998, June 18, 1999 and June 18, 2000.

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

F3: The stock options vested in five equal installments on February 19, 1999, February 19, 2000, February 19, 2001, February 19, 2002 and February 19, 2003.