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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940

o	Check this box if no longer
subject to Section 16.
Form 4 or Form 5
obligations may continue.
See Instruction 1(b)	
	
1.	Name and Address of Reporting
Person* (Last, First, Middle)	2.	Issuer Name and Ticker or
Trading Symbol	3.	I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)	
 	Martin, Lynn M.
	 	Ryder System, Inc. (R)
	 		
 	3600 N.W. 82nd Avenue
	4.	Statement for (Month/Day/Year)	5.	If Amendment, Date of Original (Month/Day/Year)	
 		 	3/21/2003
	 		
 	(Street)	6.	Relationship of Reporting Person(s) to Issuer (Check All Applicable)	7.	Individual or Joint/Group Filing
(Check Applicable Line)	
 	Miami, FL 33166

(City)                (State)           (Zip)	 	x	 Director	o	 10% Owner	 	x	Form filed by One Reporting Person	
 		 	o	 Officer (give title below)	 	o	Form filed by More than One Reporting Person	
 		 	o	 Other (specify below)	 			

	
Reminder:	 	Report on a separate line for each class of securities beneficially owned directly or indirectly.	
 	
*	 	If the form is filed by more than one reporting person, see instruction 4(b)(v).	

  

 

	
Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
	
1.	Title of Security
(Instr. 3)	2.	Transaction Date
(Month/Day/Year)	2a.	Deemed Execution
Date, if any.
(Month/Day/Year)	3.	Transaction Code
(Instr. 8)	4.	Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)	5.	Amount of Securities
Beneficially Owned
Following Reported
Transactions(s)
(Instr. 3 and 4)	6.	Ownership
Form:
Direct (D) or
Indirect (I)
(Instr. 4)	7.	Nature of
Indirect
Beneficial
Ownership
(Instr. 4)	
	
 	 	 	 	 	 	 	Code	V	 	Amount	(A)
or
(D)	Price	 	 	 	 	 	 	
	
 	Common Stock	 	3/21/2003			 	A(1)		 		41	 	A				 	 	6,785	 	 	D	 		

	

 		 		 		 			 			 					 	 		 	 		 		

	

 		 		 		 			 			 					 	 		 	 		 		

	

 		 				 			 			 					 	 		 	 		 		
	
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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
  ( e.g. , puts, calls, warrants, options, convertible securities)	
	
1.	Title of Derivative
Security
(Instr. 3)	2.	Conversion or Exercise
Price of Derivative
Security	3.	Transaction
Date
(Month/Day/Year)	3a.	Deemed Execution
Date, if any
(Month/Day/Year)	4.	Transaction
Code
(Instr. 8)	5.	Number of Derivative Securities
Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	
	
 	 	 	 	 	 	 	 	 	 	 	Code	V	 	(A)	(D)	

	

 		 			 	 		 		 			 			

	

 		 			 	 		 		 			 			

	

 		 			 	 		 		 			 			

	
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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued
( e.g. , puts, calls, warrants, options, convertible securities)	
	
6.	Date Exercisable and
Expiration Date
(Month/Day/Year)	7.	Title and Amount
of Underlying Securities
(Instr. 3 and 4)	8.	Price of Derivative
Security
(Instr. 5)	9.	Number of Derivative
Securities Beneficially Owned
Following Reported Transaction(s)
(Instr. 4)	10.	Ownership Form of
Derivative Security:
Direct (D) or Indirect (I)
(Instr. 4)	11.	Nature of
Indirect
Beneficial
Ownership
(Instr. 4)	
	
 	Date
Exercisable	Expiration
Date	 	Title	Amount or
Number of
Shares	 	 	 	 	 	 	 	 	 	 	 	 	

	

 			 			 			 	 	 		 	 		 		

	

 			 			 			 	 	 		 	 		 		

	

 			 			 			 	 	 		 	 		 		

	
Explanation of Responses:
(1) Grant of restricted stock units pursuant to the dividend reinvestment feature of the Company's Directors Stock Award Plan.
(2) Pursuant to a Power of Attorney previously filed with the SEC.

/s/ Richard H. Siegel (2)	 	March 25, 2003	

**Signature of Reporting Person	 	
Date	

**	 	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
 	
Note:	 	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
 	
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