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: 2004-02-10

Reporting Person: GREENE GREGORY F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-10	Common Stock	M	1100.0000	$29.6875	Acquired	10948.0000	Direct
2004-02-10	Common Stock	M	8480.0000	$16.7188	Acquired	19428.0000	Direct
2004-02-10	Common Stock	M	5000.0000	$26.8300	Acquired	24428.0000	Direct
2004-02-10	Common Stock	S	14580.0000	$36.0000	Disposed	9848.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-10	Stock Option (right to buy)	$29.6875	M	1100.0000	Disposed	2006-10-01	Common Stock (1100.0000)	Direct
2004-02-10	Stock Option (right to buy)	$16.7188	M	8480.0000	Disposed	2010-10-02	Common Stock (8480.0000)	Direct
2004-02-10	Stock Option (right to buy)	$26.8300	M	5000.0000	Disposed	2009-02-14	Common Stock (5000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	538.0000	Indirect
Common Stock	436.0000	Indirect

Footnotes

F1: The stock options vested in three equal installments on October 2, 1997, October 2, 1998 and October 2, 1999.

F2: The stock options vested on October 3, 2003.

F3: The stock options vested on February 15, 2003.