RYDER SYSTEM INC — Director's Dealing 2003

Sep 4, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2003-09-03

Reporting Person: O MEARA VICKI A (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-03	Common Stock	M	6903	$19.3125	Acquired	21324	Direct
2003-09-03	Common Stock	M	13000	$19.37	Acquired	34324	Direct
2003-09-03	Common Stock	S	19903	$30.35	Disposed	14421	Direct
2003-09-03	Common Stock	S	6254	$30.34	Disposed	8167	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-03	Stock Option (right to buy)	$19.3125	M	6903	Disposed	2010-02-17	Common Stock (6903)	Direct
2003-09-03	Stock Option (right to buy)	$19.37	M	13000	Disposed	2011-02-15	Common Stock (13000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9601	Indirect

Footnotes

F1: Vested on 02/18/2003.

F2: 11,166 vested on 02/16/2002 and 1,834 vested on 02/16/2003.