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RYDER SYSTEM INC Director's Dealing 2004

Mar 22, 2004

30770_dirs_2004-03-22_b20944f0-218c-43e4-8c5e-0f029c150dc1.zip

Director's Dealing

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SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-03-15

Reporting Person: RENEHAN THOMAS S (SVP-Asset Management)

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 4972.0000 Direct
Common Stock 81.0000 Indirect
Common Stock 5929.0000 Indirect
Common Stock 155.0000 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Stock Option (right to buy) $37.2188 2008-02-18 Common Stock (400.0000) Direct
Stock Option (right to buy) $26.8300 2009-02-14 Common Stock (2500.0000) Direct
Stock Option (right to buy) $22.1000 2010-02-13 Common Stock (8000.0000) Direct
Stock Option (right to buy) $36.8800 2011-02-12 Common Stock (15000.0000) Direct

Footnotes

F1: Includes 4,916 shares of restricted stock as follows: (i) 1,000 shares that will vest on October 3, 2004, (ii) 2,000 shares that will vest on October 3, 2005, (iii) 333 shares that will vest on each of February 13, 2005 and February 13, 2006, (iv) 417 shares that will vest on each of February 12, 2005 and February 12, 2007 and (v) 416 shares that will vest on February 12, 2006.

F2: All stock options are currently exerciseable.

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

F4: 5,000 stock options vest on each of February 12, 2005, February 12, 2006 and February 12, 2007.