GATX

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GATX

Linking: People Assets Opportunities

A N N UA L R E P O R T
2 0 0 3

G AT X
A N N U A L R E P O R T 2 0 0 3

- Need -

G AT X
A N N U A L R E P O R T 2 0 0 3

- Need -

1~

Every 
customer 
has
a specific 
need

Leasing appears simple – renting equipment to a
customer for a fixed period at the right rate. But
each customer has specific needs, and understanding
this is key to our success. 

We have over 900 customers in rail – many are
leaders in the chemical, food, and petroleum indus-
tries.  While  they  share  common  traits,  each  has 
a different rail fleet, manufacturing facility, product
focus, and transportation strategy – the combina-
tion  of  which  gives  rise  to  unique  requirements.

The same concept applies to our nearly 60 air cus-
tomers and 750 technology customers. Our ability to
anticipate these particular needs, to address and sup-
port them with the right assets, sets GATX apart from
the competition. 

Our  commitment  to  treating  customers  indi-
vidually  has  led  to  relationships  that  date  back
decades. Customers place their trust in GATX, and
we take that responsibility very seriously. 

pg.1

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G AT X
A N N U A L R E P O R T 2 0 0 3

- Assets -

2~

Assets
are the
foundation
of our
business

GATX is built on hard assets: The railcars rolling 
by at a crossing; the aircraft you board on a flight;
your  laptop  computer. These  assets  may  appear
generic, but no two are alike: For example, two air-
craft may share the same age and make, but they
can  have  different  engines,  seat  configurations,
and maintenance profiles. GATX’s asset expertise
draws on these subtle complexities.

GATX’s air fleet is comprised primarily of widely
used, newer, narrowbody aircraft. Despite unprece-
dented market conditions in air, our asset strength is

evidenced by high fleet utilization. Likewise, in rail,
we  have  maintained  over  90%  utilization  on  our
North American fleet in the face of market pressures,
and in technology, we have continued to experience
strong residual realization. 

We have a deep understanding of these assets –
from the characteristics of each aircraft to the 60
different  tank  car  types  to  the  array  of  technology
equipment options. Our assets provide the flexibility
and customization necessary to meet our customers’
ever-changing needs.

pg.2

G AT X
A N N U A L R E P O R T 2 0 0 3

- Assets -

pg.3

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G AT X
A N N U A L R E P O R T 2 0 0 3

- Financing -

3~

Understanding
a customer’s 
financial objective
leads to the 
right solution

Our customers often seek both asset and financial
solutions – and that’s where GATX’s unique combi-
nation of skills provides tremendous value: We are
an asset-based company with strong financial capa-
bilities. We work with customers to understand both
their asset and financial needs, then develop a cus-
tomized solution that meets their objectives while
enabling us to grow our business. 

One  such  example  was  our  recent  purchase  of
1,200 covered hopper railcars. One of our key customers
was considering strategies for refinancing a portion 
of  its  railcar  fleet.  With  an  understanding  of  the
customer’s objectives, and a deep knowledge of this
railcar type, GATX structured a sale-leaseback under

which  GATX  purchased  the  cars  and  immediately
placed  them  on  long-term  lease  with  the  customer.
Our  customer  gained  enhanced  financial  flexibility
while we added quality railcars to our fleet. 

We benefit from drawing on financial and asset
expertise across GATX. Often this includes our corpo-
rate  finance  team,  which  provides  analytical  and
structuring  support  within  GATX  and  to  our  cus-
tomers and other financial institutions. 

Each opportunity demands a solution to meet
our  customer’s  particular  objective,  and  with  our
capabilities ranging from standard operating leases
to structured approaches, we have the expertise to
define and execute the optimal solution.

pg.4

G AT X
A N N U A L R E P O R T 2 0 0 3

- Financing -

pg.5

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G AT X
A N N U A L R E P O R T 2 0 0 3

- Maintenance -

pg.6

G AT X
A N N U A L R E P O R T 2 0 0 3

- Maintenance -

4~

An
unmatched
commitment
to service
sets us apart

GATX deals in very long-lived assets. With proper
care,  railcars  can  last  30-40  years  or  more;  an 
aircraft,  at  least  25  years.  Proper  maintenance  is 
crucial and requires specialized knowledge, experi-
ence and expertise.

We are a full service railcar lessor, and our “full
service”  is  extensive.  Railcars  undergo  scheduled
repairs, cleaning, lining, painting and inspection at
our  owned  or  designated  maintenance  facilities.  A
fleet  of  mobile  repair  units,  strategically  located
throughout North America, provides rapid mainte-
nance  whenever  and  wherever  field  repairs  are
required, helping customers keep their cars in service.

Our North American maintenance network repairs
nearly 20,000 cars per year, and mobile repair units
make an  additional  40,000  maintenance  calls. In
Europe, we also service 7,000 cars per year. That’s
67,000  railcar  touches  annually  –  handled  effi-
ciently and thoroughly.

At  GATX,  our  definition  of  full  service  goes
beyond physical maintenance. We also provide cus-
tomers with regulatory testing services and training
so they are well equipped to address railcar regulations.
We  focus  on  the  broad  spectrum  of  maintenance
services from an owner’s point of view to ensure the
safety and reliability of the assets.

pg.7

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G AT X
A N N U A L R E P O R T 2 0 0 3

- Remarketing -

pg.8

G AT X
A N N U A L R E P O R T 2 0 0 3

- Remarketing -

5~

New 
opportunities
are born from
our relationships 
and market
presence

Across each business line, we interface with customers
and other financial institutions every day. In rail, for
example,  we  renew  over  20,000  railcar  leases  each
year. This continuous interaction enhances our market
knowledge and provides a window into opportunities
that competitors often miss.

Capitalizing on these opportunities requires the
ability to fill multiple roles in the same transaction.
An  air  customer  considering  a  fleet  change  or
upgrade may need to sell existing aircraft as part of
the process. Depending on our view of the assets and
the  market,  we  can  help  the  airline  find  a  buyer,
purchase the aircraft ourselves, or assist in finding

and financing newer, replacement aircraft.

One  of  our  key  skills  is  asset  remarketing  –
whether  moving  an  asset  from  one  customer  to
another, renewing a lease with an existing customer,
or the outright sale of an asset. With 105 years of expe-
rience, we understand asset life cycles, and we use this
knowledge to maximize the value of assets. 

Additionally, whether through our business units
or our corporate finance team, our market presence
enables  us  to identify  secondary  market  portfolio
acquisitions, third-party asset management mandates,
and  other  advisory  services.  This  enhances  our  fee
base and strengthens our financial returns.

pg.9

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G AT X
A N N U A L R E P O R T 2 0 0 3

- Opportunities -

6~

We 
operate 
on a
global 
scale

In each of our markets, we leverage our experience
and expertise globally. In Europe, GATX has built a
solid platform with an interest in more than 36,000
railcars. Through our operations headquartered in
Austria, Germany, and Poland and our joint venture
in  Switzerland,  we  are  finding  opportunities  to
work with shippers and railroads, providing mod-
ern  equipment  and  leasing  solutions  similar  to
those we offer in North America.

Operating  in  28  countries,  our  air  business  is
primarily international. We have nearly 90% of our
fleet  on  lease  outside  North  America.  Our  newer

fleet of aircraft is well positioned to meet the needs
of  the  international  marketplace.  We  have  estab-
lished a number of strong international alliances in
our  technology  business.  We  are  also  building  a
number of excellent marine-related joint ventures
with  shipping  operators,  further  enhancing  our
long-standing position in this global market.

GATX has been active in international markets
since  the  1920s.  By  utilizing  this  experience  and
capitalizing  on  our  global  market  presence,  we
proactively address our customers’ growing inter-
national needs.

pg.10

G AT X
A N N U A L R E P O R T 2 0 0 3

- Opportunities -

pg.11

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G AT X
A N N U A L R E P O R T 2 0 0 3

- GATX At A Glance -

Market Position

R A I L

Largest tank car lessor in North America. Own
and  interest  in  approximately  151,000  railcars
worldwide. Full service maintenance network in
North  America  and  Europe.  Leading  service
provider to shippers in chemical, petroleum and
food industries.

Strengths

R A I L

Over 105 years of industry experience. Expertise
in  specialized  railcars.  Growing  international
presence. Leader in full service leasing. Strong
customer relationships.

A I R

A I R

One  of  the  largest  aircraft  lessors  in  the  world.
Own,  manage  and  have  an  interest  in  over  230
commercial aircraft. Own 50% interest in one of
the world’s largest aircraft engine lessors. Provide
third-party  asset  management,  advisory  and
remarketing services to investors across the globe.

Over  35  years  of  industry  experience.  Newer,
narrowbody fleet with a 5-year weighted average
age. Extensive international presence. Sizeable
customer base. Managed portfolio of 74 aircraft.

T E C H N O L O G Y

T E C H N O L O G Y

Leading  independent  information  technology
(IT) equipment lessor. Approximately 750 cus-
tomers  in  North  America.  Technology  services
provided  in  the  U.K.  and  Germany.  Service-
intensive business combining IT equipment leas-
ing with life cycle management.

Over 20 years of industry experience. Diversified
portfolio across customers and equipment types.
Vendor independent. Strong, service-based cus-
tomer relationships.

GATX  Corporation  is  a  specialized  finance  and
leasing company combining asset knowledge and
services,  structuring  expertise,  partnering,  and
capital to serve customers and partners worldwide.
GATX  primarily  focuses  on  leasing  railcars  and
locomotives,  commercial  jet  aircraft,  information
technology and marine assets.

Our  vision  is  to  be  the  premier  specialty  finance
and leasing company recognized for superior asset
expertise, market knowledge, and risk-return man-
agement.  Our  people  will  set  the  standard  for
responsive service, integrity and creativity in providing
asset and financial solutions to help our customers
and partners grow and achieve success.

pg.12

G AT X
A N N U A L R E P O R T 2 0 0 3

- GATX At A Glance -

2003 Highlights

R A I L

Improved utilization of North American fleet from
91%  to  93%.  Acquired  2,400  railcars  for  North
American  fleet,  including  committed  purchase
program and portfolio acquisitions. Streamlined
European fleet operations following acquisition of
remaining 51% of KVG in 2002.

Strategy

R A I L

Continue to improve fleet utilization and maximize
revenue  from  existing  fleet.  Pursue  core  fleet
additions through Committed Purchase Program
and fleet acquisitions. Capitalize on opportunities
in European platform.

A I R

A I R

Maintained 97% or better utilization on owned
fleet. Delivered 6 new aircraft and placed 8 owned
and  5  managed  renewals.  Scheduled  aircraft
placed  with  minimal  downtime.  Completed  11
unscheduled  aircraft  movements  and  sold  11
owned and managed aircraft.

Continue  to  maintain  high  fleet  utilization.
Effectively  manage  remarketing  and  delivery
schedule.  Expand  managed  assets  and  asset
advisory  services.  Pursue  selective  investment
opportunities with partners.

T E C H N O L O G Y

T E C H N O L O G Y

Developed  strategic  marketing  alliances  to
increase asset base and customer reach. Created
Strategic Advisory Services team to provide advi-
sory services across the technology spectrum to
our customers.

Focus  on  volume  generation.  Fully  utilize  new
marketing alliances. Improve operating efficiency.
Pursue  portfolio  acquisitions  aggressively.  Seize
sizable market opportunity.

In December 2002, GATX announced its intent to
exit its venture finance business, and curtail new
investment in its specialty portfolio. In 2003, ven-
ture and  specialty  were  consolidated  under  the
direction of one management team. GATX antici-
pates  that  the  venture  portfolio  will  substantially
liquidate by mid-2005. 

New  investment in  specialty  declined  in  2003, 
as  planned.  GATX  anticipates  selectively  pursuing
specialty investments, particularly in marine-related
assets,  as  well  as  secondary  market  portfolio 
acquisitions  and  third-party  asset  management
mandates, to complement its long-standing positions
in these markets.

pg.13

G AT X
A N N U A L R E P O R T 2 0 0 3

- Financial Highlights -

I N M I L L I O N S , E X C E P T P E R S H A R E D ATA

Gross income
Income from continuing operations

before cumulative effect of accounting change

Income from discontinued operations
Income before cumulative effect of accounting change
Net income
Per share diluted income

before cumulative effect of accounting change

Per share diluted income

2003

2002

2001

$ 1,314.5

$ 1,352.9

$ 1,529.7

76.9
–
76.9
76.9

1.56
1.56

$

29.0
6.2
35.2
0.3

7.5
165.4
172.9
172.9

$

0.72 
–

$

3.51
3.51

–

pg.14

G AT X
A N N U A L R E P O R T 2 0 0 3

- Chairman’s Letter -

D E A R S H A R E H O L D E R S ,

During the past three years, GATX faced unprecedented operating conditions: The economy weakened, we
worked through some investments that hurt our performance, September 11 negatively affected our air business
and air partnering strategy, the war in Iraq created uncertainty, and capital market volatility made funding difficult
for GATX and many other finance companies. There is no guide for dealing with these challenges. You draw on
experience and rely on instincts; fortunately, I’m surrounded by experienced associates with great instincts. 

This was evident in 2003 as we stabilized operations and positioned GATX for the long run. We managed our
balance sheet and liquidity effectively, thereby providing capacity for increased future investments. Operating
efficiency improved as we reduced costs across the company. We invested $875 million in our core markets,
planting seeds for future growth. Asset utilization improved in rail and remained high in air, a key to increasing
future lease rates. Lastly, and importantly, our funding costs decreased dramatically.

We enter 2004 more optimistic than we have been in several years. While our earnings improvement
will be gradual as we work through the process of resetting lease rates, our markets are improving and we
are positioned for the recovery. We took the right path by maintaining a conservative posture during volatile
times  and  exiting  non-core  markets,  but  now  we  will  refocus  on  aggressively  pursuing  new  investment
opportunities in our base businesses.

In rail, we are seeing an increased flow of opportunities. Our recent acquisition of 1,200 railcars in North
America is typical of the type of transaction we expect will augment new car purchases. As the air industry recovers,
we will selectively pursue asset acquisitions, on our own and with financial partners, and aircraft portfolio
management mandates. In technology, we have formed marketing alliances to expand our customer base, and
we are in the early stages of benefiting from this strategy and a recovery in demand for technology assets.

In addition to accelerating our pursuit of new investments, our drive for operational excellence continues.
This goes beyond reducing SG&A expenses, where we made significant strides in recent years. Lowering per
car maintenance expense in rail, for example, and improving back office processes can yield tangible
benefits and contribute to our progress.

In recent years we made a number of difficult decisions, always with an eye toward a stronger future for
GATX. Most visible was a recent decision to reduce our dividend. We weighed many factors, including earnings
expectations, investment opportunities, the effect on our shareholders, and a desire to improve our credit
rating. We believe the new dividend level better serves the company long term, and we thank those shareholders
who supported us during a volatile time for our stock.

We have passed through a period of turmoil, and are now focused on building for the future. We have
the people, assets, experience, and drive to seize the opportunities before us and build a stronger GATX.

Sincerely,

RONALD H. ZECH
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER

pg.15

G AT X
A N N U A L R E P O R T 2 0 0 3

- Directors and Officers -

GATX Board of Directors

GATX Officers

Rod F. Dammeyer (1,2)
President
CAC, LLC

James M. Denny (2,3)
Retired; Former Vice Chairman
Sears, Roebuck and Co.

Richard Fairbanks (3)
Counselor
Center for Strategic & International Studies

Deborah M. Fretz (1)
President and Chief Executive Officer
Sunoco Logistics Partners, L.P.

Miles L. Marsh (2,3)
Former Chairman and Chief Executive Officer
Fort James Corporation

Michael E. Murphy (1,2)
Retired; Former Vice Chairman and 
Chief Administrative Officer
Sara Lee Corporation

John W. Rogers, Jr. (1,3)
Chairman and Chief Executive Officer
Ariel Capital Management, Inc.

Ronald H. Zech
Chairman, President and Chief Executive Officer

Brian A. Kenney
Senior Vice President and Chief Financial Officer

Ronald J. Ciancio
Vice President, General Counsel and Secretary

Gail L. Duddy
Vice President, Human Resources

William M. Muckian
Vice President, Controller and Chief Accounting Officer

William J. Hasek
Vice President, Treasurer

Robert C. Lyons
Vice President, Investor Relations

GATX Business Unit Executives

David M. Edwards
President
GATX Rail

Ronald H. Zech
Chairman, President and Chief Executive Officer
GATX Corporation

Alan C. Coe
President
GATX Air

(1) Member, Audit Committee
(2) Member, Compensation Committee
(3) Member, Governance Committee

Thomas K. McGreal
President
GATX Technology Services

Curt F. Glenn
Executive Vice President
GATX Specialty Finance

pg.16

G AT X
A N N U A L R E P O R T 2 0 0 3

- Corporate Information -

A N N UA L M E E T I N G :
Friday, April 23, 2004, 9:00 a.m., Central Time
Northern Trust Company
Assembly Room, Sixth Floor
50 South LaSalle Street
Chicago, Illinois 60675

F I N A N C I A L I N F OR M AT ION A N D P R E S S R E L E A S E S :
A copy of the Company’s Annual Report on Form 10-K for 2003 and
selected other information are available without charge.

Corporate  information  and  press  releases  may  be  found  at
www.gatx.com. A variety of current and historical financial informa-
tion, press releases and photographs are available at this site.

I N Q U I R I E S :
Inquiries  regarding  dividend  checks,  the  dividend  reinvestment
plan,  stock  certificates,  replacement  of  lost  certificates,  address
changes, account consolidation, transfer procedures and year-end
tax  information  should  be  addressed  to  GATX  Corporation’s
Transfer Agent and Registrar:

Mellon Investor Services LLC
Overpeck Centre
85 Challenge Road
Ridgefield Park, New Jersey 07660

Telephone: (866) 767-6259
TDD for Hearing Impaired: (800) 231-5469
Foreign Shareholders: (201) 329-8660
TDD Foreign Shareholders: (201) 329-8354
Internet: www.melloninvestor.com

I N F OR M AT ION R E L AT I N G TO S H A R E HOL DE R OW N E R S H I P,

D I V I DE N D PAY M E N T S , OR S H A R E T R A N S F E R S :
Lisa M. Ibarra, Assistant Secretary
Telephone: (312) 621-6603
Fax: (312) 621-6647
E-mail: lisa.ibarra@gatx.com

GATX Corporation welcomes and encourages questions and com-
ments from its shareholders, potential investors, financial profes-
sionals and the public at large. To better serve interested parties, the
following GATX personnel may be contacted by letter, telephone, 
e-mail and/or fax.

Requests  for  information  or  brochures  may  be  made  through
GATX’s  website,  www.gatx.com.  Many  GATX  publications  may  be
directly viewed or downloaded from this site.

TO R E Q U E S T P U B L I S H E D F I N A N C I A L I N F OR M AT ION

A N D F I N A N C I A L R E P ORT S , C ON TAC T :
GATX Corporation 
Investor Relations Department
500 West Monroe Street
Chicago, Illinois 60661-3676
Telephone: (800) 428-8161
E-mail: ir@gatx.com

AU TOM AT E D R E Q U E S T L I N E F OR M AT E R I A L S :
(312) 621-6300

A N A LY S T S , I N S T I T U T ION A L S H A R E HOL DE R S A N D F I N A N C I A L

C OM M U N I T Y P ROF E S S ION A L S :
Robert C. Lyons, Vice President, Investor Relations
Telephone: (312) 621-6633
Fax: (312) 621-6648
E-mail: robert.lyons@gatx.com

Rhonda S. Johnson, Director, Investor Relations
Telephone: (415) 955-3211 
Fax: (415) 955-3449
E-mail: rhonda.johnson@gatx.com

I N D I V I DUA L I N V E S TOR S’ I N Q U I R I E S :
Irma Dominguez, Investor Relations Coordinator
Telephone: (312) 621-8799
Fax: (312) 621-6648
E-mail: irma.dominguez@gatx.com

Q U E S T ION S R EG A R D I N G S A L E S , S E RV I C E , L E A S E I N F OR M AT ION ,

OR C U S TOM E R S OLU T ION S :
GATX Rail: (312) 621-6200
GATX Air: (415) 955-3200
GATX Technology Services: (813) 289-7000
GATX Specialty Finance: (415) 955-3200

I N DE P E N DE N T AU D I TOR S :
Ernst & Young LLP

F ORWA R D - L O OK I N G S TAT E M E N T S :
Certain statements within this document, including but not limited to
the Chairman’s Letter, and narrative sections on pages 1-14, may consti-
tute forward-looking statements made pursuant to the safe harbor pro-
vision of the Private Securities Litigation Reform Act of 1995. These
statements are identified by words such as “anticipate,” “believe,” “esti-
mate,” “expect,” “intend,” “predict,” or “project” and similar expres-
sions.  This information may involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking state-
ments.  Although the Company believes that the expectations reflected
in such forward-looking statements are based on reasonable assump-
tions, such statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected. Risks and
uncertainties include, but are not limited to, general economic condi-
tions; aircraft and railcar lease rate and utilization levels; conditions in
the  capital  markets  and  the  potential  for  a  downgrade  in  GATX
Corporation or GATX Financial Corporation’s credit ratings, either of
which could have an effect on the Company’s borrowing costs or ability
to access the markets for commercial paper or secured and unsecured
debt; dynamics affecting customers within the chemical, petroleum
and food industries; regulatory rulings that may impact the economic
value of assets; competitors in the rail and air markets who may have
access to capital at lower costs than GATX; additional potential write-
downs  and/or  provisions  within  GATX’s  portfolio;  impaired  asset
charges; and general market conditions in the rail, air, technology, ven-
ture, and other large-ticket industries.

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G AT X C O R P O R AT I O N
5 0 0 W E S T M O N R O E S T R E E T
C H I C AG O , I L L I N O I S
6 0 6 6 1-3 6 7 6
(312) 621-6200 • (800) 428-8161

W W W. G AT X . C OM
N Y S E : G M T