RYDER SYSTEM INC - Director's Dealing 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-02-10

Reporting Person: TEGNELIA ANTHONY G (EVP/US Supply Chain Solutions)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-10	Common Stock	M	2834.0000	$25.4375	Acquired	12861.0000	Direct
2004-02-10	Common Stock	M	10300.0000	$29.6875	Acquired	23161.0000	Direct
2004-02-10	Common Stock	M	15380.0000	$27.0313	Acquired	38541.0000	Direct
2004-02-10	Common Stock	M	49620.0000	$27.0313	Acquired	88161.0000	Direct
2004-02-10	Common Stock	M	8333.0000	$19.3125	Acquired	96494.0000	Direct
2004-02-10	Common Stock	M	18266.0000	$16.7188	Acquired	114760.0000	Direct
2004-02-10	Common Stock	S	104733.0000	$36.2311	Disposed	10027.0000	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-10	Stock Option (right to buy)	$25.4375	M	2834.0000	Disposed	2005-10-02	Common Stock (2834.0000)	Direct
2004-02-10	Stock Option (right to buy)	$29.6875	M	10300.0000	Disposed	2006-10-01	Common Stock (10300.0000)	Direct
2004-02-10	Stock Option (right to buy)	$27.0313	M	15380.0000	Disposed	2009-02-17	Common Stock (15380.0000)	Direct
2004-02-10	Stock Option (right to buy)	$27.0313	M	49620.0000	Disposed	2009-02-17	Common Stock (49620.0000)	Direct
2004-02-10	Stock Option (right to buy)	$19.3125	M	8333.0000	Disposed	2010-02-17	Common Stock (8333.0000)	Direct
2004-02-10	Stock Option (right to buy)	$16.7188	M	18266.0000	Disposed	2010-10-02	Common Stock (18266.0000)	Direct

Security	Shares	Ownership
Common Stock	9701.0000	Indirect
Common Stock	227.0000	Indirect

F1: The stock options vested on October 3, 1998.

F2: The stock options vested in three equal installments on October 2, 1997, October 2, 1998 and October 2, 1999.

F3: The stock options vested in three equal installments on February 18, 2000, February 18, 2001 and February 18, 2002.

F4: The stock options vested on February 18, 2003.

F5: The stock options vested in two equal installments on October 3, 2001 and October 3, 2002.