RYDER SYSTEM INC — Director's Dealing 2003

Dec 22, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2003-12-19

Reporting Person: MARTIN LYNN M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-19	Common Stock	A	30.0000	—	Acquired	7388.0000	Direct

Footnotes

F1: Grant of restricted stock units pursuant to the dividend reinvestment feature of the Issuer's Board of Directors Stock Award Plan.