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: 2004-03-03

Reporting Person: GRIFFIN BOBBY J (EVP/Int Supply Chain Solutions)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-03	Common Stock	M	4700.0000	$25.4375	Acquired	21740.0000	Direct
2004-03-03	Common Stock	M	15030.0000	$16.7188	Acquired	36770.0000	Direct
2004-03-03	Common Stock	M	6667.0000	$22.1000	Acquired	43437.0000	Direct
2004-03-03	Common Stock	M	12500.0000	$27.0313	Acquired	55937.0000	Direct
2004-03-03	Common Stock	M	5200.0000	$29.6875	Acquired	61137.0000	Direct
2004-03-03	Common Stock	S	44097.0000	$37.0000	Disposed	17040.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-03	Stock Option (right to buy)	$25.4375	M	4700.0000	Disposed	2005-10-02	Common Stock (4700.0000)	Direct
2004-03-03	Stock Option (right to buy)	$16.7188	M	15030.0000	Disposed	2010-10-02	Common Stock (15030.0000)	Direct
2004-03-03	Stock Option (right to buy)	$22.1000	M	6667.0000	Disposed	2010-02-13	Common Stock (6667.0000)	Direct
2004-03-03	Stock Option (right to buy)	$27.0313	M	12500.0000	Disposed	2009-02-17	Common Stock (12500.0000)	Direct
2004-03-03	Stock Option (right to buy)	$29.6875	M	5200.0000	Disposed	2006-10-01	Common Stock (5200.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1818.0000	Indirect

Footnotes

F1: 1,367 stock options vested on October 3, 1996, 1,666 stock options vested on October 3, 1997, and 1,667 stock options vested on October 3, 1998.

F2: 2,957 stock options vested on February 18, 2000, 4,771 stock options vested on February 18, 2001, and 4,772 stock options vested on February 18, 2002.

F3: 1,733 stock options vested on October 2, 1997, 1,734 stock options vested on October 2, 1998, and 1,733 stock options vested on October 2, 1999.