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: GARCIA ART A (Vice President & Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-11	Common Stock	M	587.0000	$19.3125	Acquired	2237.0000	Direct
2004-02-11	Common Stock	M	2066.0000	$20.6200	Acquired	4303.0000	Direct
2004-02-11	Common Stock	S	2653.0000	$36.8600	Disposed	1650.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-11	Stock Option (right to buy)	$19.3125	M	587.0000	Disposed	2010-02-17	Common Stock (587.0000)	Direct
2004-02-11	Stock Option (right to buy)	$20.6200	M	2066.0000	Disposed	2011-03-01	Common Stock (2066.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	974.0000	Indirect
Common Stock	2.0000	Indirect