RYDER SYSTEM INC — Director's Dealing 2004

Feb 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-02-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-12	Common Stock	A	1375.0000	—	Acquired	6617.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-12	Stock Option (right to buy)	$36.8800	A	16250.0000	Acquired	2011-02-12	Common Stock (16250.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	809.0000	Indirect
Common Stock	1343.0000	Indirect

Footnotes

F1: Represents shares of restricted stock granted to the reporting person by the Company. The restricted stock vests in three equal installments on February 12, 2005, February 12, 2006 and February 12, 2007.

F2: Includes 2,042 shares of common stock owned by the reporting person through the Ryder System, Inc. Stock Purchase Plan for Employees.

F3: The stock options vest in three equal installments on February 12, 2005, February 12, 2006 and February 12, 2007.