RYDER SYSTEM INC — Director's Dealing 2003

Dec 24, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2003-12-23

Reporting Person: LEINBACH TRACY A (Exec. Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-23	Common Stock	M	4000.0000	$26.2500	Acquired	22971.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-23	Stock Option (right to buy)	$26.2500	M	4000.0000	Disposed	2003-12-28	Common Stock (4000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	500.0000	Indirect
Common Stock	1613.9400	Indirect
Common Stock	2702.2700	Indirect

Footnotes

F1: These options vested in two equal installments on 12/29/1994 and 12/29/1995.