RYDER SYSTEM INC — Director's Dealing 2004

Feb 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-02-19

Reporting Person: GARCIA ART A (Vice President & Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-19	Common Stock	M	2500.0000	$27.0313	Acquired	4743.0000	Direct
2004-02-19	Common Stock	M	7333.0000	$26.8300	Acquired	12076.0000	Direct
2004-02-19	Common Stock	M	3000.0000	$22.1000	Acquired	15076.0000	Direct
2004-02-19	Common Stock	S	12833.0000	$36.3580	Disposed	2243.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-19	Stock Option (right to buy)	$27.0313	M	2500.0000	Disposed	2009-02-17	Common Stock (2500.0000)	Direct
2004-02-19	Stock Option (right to buy)	$26.8300	M	7333.0000	Disposed	2009-02-14	Common Stock (7333.0000)	Direct
2004-02-19	Stock Option (right to buy)	$22.1000	M	3000.0000	Disposed	2010-02-13	Common Stock (3000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	978.0000	Indirect
Common Stock	2.0000	Indirect

Footnotes

F1: The stock options vested in three equal installments on February 18, 2000, February 18, 2001 and February 18, 2002.

F2: 3,666 stock options vested on February 15, 2003 and 3,667 stock options vested on February 15, 2004.