RYDER SYSTEM INC — Director's Dealing 2003

Oct 1, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2003-09-30

Reporting Person: LEINBACH TRACY A (EVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-30	Common Stock	A	10000	—	Acquired	19500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-30	Stock Option (right to buy)	$29.14	A	15000	Acquired	2010-09-30	Common Stock (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	500	Indirect
Common Stock	2695	Indirect
Common Stock	1604	Indirect

Footnotes

F1: Vests in three equal, annual installments commencing September 30, 2004.