RYDER SYSTEM INC — Director's Dealing 2004

May 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-05-04

Reporting Person: GREENE GREGORY F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	F	330.0000	—	Acquired	10830.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	437.0000	Indirect
Common Stock	540.0000	Indirect

Footnotes

F1: Represents shares of common stock withheld upon the vesting of restricted stock units for the payment of the related tax liability.

F2: Includes 25 shares of common stock acquired by the reporting person under the Company's dividend reinvestment plan.