RYDER SYSTEM INC — Director's Dealing 2004

Mar 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-03-02

Reporting Person: LOWE CHALLIS M (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-02	Common Stock	M	25000.0000	$20.8750	Acquired	37289.0000	Direct
2004-03-02	Common Stock	M	16666.0000	$21.2500	Acquired	53955.0000	Direct
2004-03-02	Common Stock	M	11667.0000	$19.3700	Acquired	65622.0000	Direct
2004-03-02	Common Stock	M	16667.0000	$26.8300	Acquired	82289.0000	Direct
2004-03-02	Common Stock	M	6667.0000	$22.1000	Acquired	88956.0000	Direct
2004-03-02	Common Stock	S	63367.0000	$37.0700	Disposed	25589.0000	Direct
2004-03-03	Common Stock	S	13300.0000	$37.0000	Disposed	12289.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-02	Stock Option (right to buy)	$20.8750	M	25000.0000	Disposed	2010-05-03	Common Stock (25000.0000)	Direct
2004-03-02	Stock Option (right to buy)	$21.2500	M	16666.0000	Disposed	2010-07-26	Common Stock (16666.0000)	Direct
2004-03-02	Stock Option (right to buy)	$19.3700	M	11667.0000	Disposed	2011-02-15	Common Stock (11667.0000)	Direct
2004-03-02	Stock Option (right to buy)	$26.8300	M	16667.0000	Disposed	2009-02-14	Common Stock (16667.0000)	Direct
2004-03-02	Stock Option (right to buy)	$22.1000	M	6667.0000	Disposed	2010-02-13	Common Stock (6667.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9747.0000	Indirect
Common Stock	1843.0000	Indirect

Footnotes

F1: 8,334 stock options vested on May 4, 2001 and 8,333 stock options vested on each of May 4, 2002 and May 4, 2003.

F2: 8,334 stock options vested on February 15, 2003 and 8,333 stock options vested on February 15, 2004.