RYDER SYSTEM INC — Director's Dealing 2004

Feb 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2004-02-11

Reporting Person: SANCHEZ ROBERT E (Senior Vice President & CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-11	Common Stock	M	16460.0000	$16.7188	Acquired	21546.0000	Direct
2004-02-11	Common Stock	S	16460.0000	$37.0240	Disposed	5086.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-11	Stock Option (right to buy)	$16.7188	M	16460.0000	Disposed	2010-10-02	Common Stock (16460.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1853.0000	Indirect
Common Stock	2179.0000	Indirect

Footnotes

F1: The stock options vested in three equal installments on October 3, 2001, October 3, 2002 and October 3, 2003.