RYDER SYSTEM INC — Director's Dealing 2004

Feb 19, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-02-17

Reporting Person: CARSON RICHARD B (SVP-Fleet Mngt Solutions)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-17	Common Stock	M	5000.0000	$26.8300	Acquired	11617.0000	Direct
2004-02-17	Common Stock	M	4000.0000	$22.1000	Acquired	15617.0000	Direct
2004-02-17	Common Stock	S	7900.0000	$36.3500	Disposed	7717.0000	Direct
2004-02-17	Common Stock	S	1100.0000	$36.3900	Disposed	6617.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-17	Stock Option (right to buy)	$26.8300	M	5000.0000	Disposed	2009-02-14	Common Stock (5000.0000)	Direct
2004-02-17	Stock Option (right to buy)	$22.1000	M	4000.0000	Disposed	2010-02-13	Common Stock (4000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	809.0000	Indirect
Common Stock	1343.0000	Indirect

Footnotes

F1: Includes 2,042 shares of common stock owned by the reporting person through the Ryder System, Inc. Stock Purchase Plan for Employees.