RYDER SYSTEM INC — Director's Dealing 2003

Aug 15, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2003-08-13

Reporting Person: GRIFFIN BOBBY J (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-13	Common Stock	M	15030	$16.7188	Acquired	31231	Direct
2003-08-13	Common Stock	M	7000	$19.3125	Acquired	38231	Direct
2003-08-13	Common Stock	M	5000	$20.53	Acquired	43231	Direct
2003-08-13	Common Stock	S	27030	$28.2272	Disposed	16201	Direct
2003-08-14	Common Stock	I	3508	$28.57	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-13	Stock Option (right to buy)	$16.7188	M	15030	Disposed	2010-10-02	Common Stock (15030)	Direct
2003-08-13	Stock Option (right to buy)	$19.3125	M	7000	Disposed	2010-02-17	Common Stock (7000)	Direct
2003-08-13	Stock Option (right to buy)	$20.53	M	5000	Disposed	2011-02-28	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1794	Indirect

Footnotes

F1: Vests in three equal installments on 10/03/2001, 10/03/2002 and 10/03/2003.

F2: Vests in three equal installments on 02/18/2001, 02/18/2002 and 02/18/2003.

F3: Vests in three equal installments on 03/01/2002, 03/01/2003 and 03/01/2004.