RYDER SYSTEM INC — Director's Dealing 2004

Jun 4, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-05-25

Reporting Person: Fatovic Robert D (Executive Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3967.0000	Direct
Common Stock	109.0000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$27.0313	2009-02-17	Common Stock (5000.0000)		Direct
Stock Option (right to buy)	$16.7188	2010-10-02	Common Stock (5027.0000)		Direct
Stock Option (right to buy)	$26.8300	2009-02-14	Common Stock (7500.0000)		Direct
Stock Option (right to buy)	$22.1000	2010-02-13	Common Stock (12000.0000)		Direct
Stock Option (right to buy)	$36.8800	2011-02-12	Common Stock (13000.0000)		Direct

Footnotes

F1: All stock options are currently exerciseable.

F2: 5,000 stock options are currently exerciseable and 2,500 stock options will vest on February 15, 2005.

F3: 4,000 stock options are currently exerciseable and 4,000 stock options will vest on each of February 13, 2005 and February 13, 2006.

F4: The stock options will vest in three equal installments on February 12, 2005, February 12, 2006 and February 12, 2007.