RYDER SYSTEM INC — Director's Dealing 2004

May 11, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-05-07

Reporting Person: MARTIN LYNN M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-07	Common Stock	A	500.0000	—	Acquired	7916.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-07	Stock Option (right to buy)	$37.2400	A	5000.0000	Acquired	2014-05-06	Common Stock (5000.0000)	Direct

Footnotes

F1: Annual grant of restricted stock units pursuant to the Company's Board of Directors Stock Award Plan.

F2: Vests in three equal annual installments beginning on May 7, 2005.