RYDER SYSTEM INC — Director's Dealing 2003

Sep 8, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2003-09-04

Reporting Person: GREENE GREGORY F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-04	Common Stock	M	3333	$20.875	Acquired	13478	Direct
2003-09-04	Common Stock	M	2667	$19.3125	Acquired	16145	Direct
2003-09-04	Common Stock	S	1000	$30.33	Disposed	15145	Direct
2003-09-04	Common Stock	S	2700	$30.35	Disposed	12445	Direct
2003-09-04	Common Stock	S	100	$30.37	Disposed	12345	Direct
2003-09-04	Common Stock	S	600	$30.4	Disposed	11745	Direct
2003-09-04	Common Stock	S	600	$30.41	Disposed	11145	Direct
2003-09-04	Common Stock	S	1000	$30.42	Disposed	10145	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-04	Stock Option (right to buy)	$20.875	M	3333	Disposed	2010-05-03	Common Stock (3333)	Direct
2003-09-04	Stock Option (right to buy)	$19.3125	M	2667	Disposed	2010-02-17	Common Stock (2667)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	537	Indirect
Common Stock	496	Indirect