RYDER SYSTEM INC — Director's Dealing 2003

Oct 10, 2003

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2003-10-01

Reporting Person: CARSON RICHARD B (SVP-Fleet Mngt Solutions)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5233	Direct
Common Stock	806	Indirect
Common Stock	934	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$24.75	2004-05-04	Common Stock (300)		Direct
Stock Option (right to buy)	$23.375	2005-05-03	Common Stock (1800)		Direct
Stock Option (right to buy)	$28.875	2006-05-01	Common Stock (1800)		Direct
Stock Option (right to buy)	$29.6875	2006-10-01	Common Stock (3000)		Direct
Stock Option (right to buy)	$36.0625	2007-09-30	Common Stock (6250)		Direct
Stock Option (right to buy)	$27.0313	2009-02-17	Common Stock (8500)		Direct
Stock Option (right to buy)	$19.3125	2010-02-17	Common Stock (6200)		Direct
Stock Option (right to buy)	$16.7188	2010-10-02	Common Stock (15080)		Direct
Stock Option (right to buy)	$26.83	2009-02-14	Common Stock (15000)		Direct
Stock Option (right to buy)	$22.1	2010-02-13	Common Stock (12000)		Direct

Footnotes

F1: Includes 2,033 shares of common stock owned by the reporting person through the Ryder System, Inc. Stock Purchase Plan for Employees.

F2: All stock options are currently exercisable.

F3: 5,000 stock options are currently exercisable and 5,000 stock options will vest on each of February 15, 2004 and February 15, 2005.

F4: Stock options vest in three equal, annual installments commencing February 13, 2004.