2
0
0
9
A N N U A L R E P O R T
in millions, except per share data
Gross income
$ 1,346.0
183.8
17.9
201.7
$
3.43
3.76
$ 163.7
$
3.07
$3.49
$1.97
PECIALTy
ASC
OTHER
$781
$480
PORTFOLIO
PROCEEDS
$265
$68
$364
$156
MILLIONS
15%
9%
GATX CORPORATION
222 West Adams Street
Chicago, IL 60606-5314
312-621-6200
800-428-8161
NYSE:GMT
www.gatx.com
FPO
Fold Lines
G
A
T
X
C
O
R
P
O
R
A
T
O
N
I
A
N
N
U
A
L
R
E
P
O
R
T
2
0
0
9
GATX CORPORATION
222 West Adams Street
Chicago, IL 60606-5314
312-621-6200
800-428-8161
NYSE:GMT
FINANCIAL HIGHLIGHTS
in millions, except per share data
2007
2008
2009
Gross income
Income from continuing operations
Income from discontinued operations
Net income
Per diluted share income from
continuing operations
Per diluted share net income
$
$ 1,346.0
183.8
17.9
201.7
3.43
3.76
excluding tax benefits and other items(a)
Income from continuing operations
Per diluted share income from
continuing operations
$ 163.7
$
3.07
$ 1,443.1 $ 1,153.9
81.4
—
81.4
194.8
—
194.8
$
$
$
3.88
3.88
174.9
3.49
$
$
$
$
1.70
1.70
94.7
1.97
(a) The items for each year noted are referred to as “Tax Benefits and Other Items”
- Results for 2009 included unrealized losses representing the change in the fair value of certain interest rate
swaps at GATX’s European rail affiliate, AAE Cargo A.G. (“AAE”) and realized foreign tax credits.
- Results for 2008 included a benefit from the reversal of tax reserves, a gain on the sale of an office building,
the reversal of environmental reserves and unrealized losses on the AAE interest rate swaps.
- Results for 2007 included deferred tax benefits.
GATX Corporation (NYSE:GMT) provides leasing and related services to
customers operating rail, marine and other targeted assets. GATX is a
leader in leasing transportation assets and controls one of the largest
railcar fleets in the world. Applying over a century of operating experience
and strong market and asset expertise, GATX provides quality assets and
services to customers worldwide. GATX has been headquartered in
Chicago, Illinois since its founding in 1898 and has traded on the
New York Stock Exchange since 1916.
$4.00
3.00
2.00
1.00
0
$800
600
400
200
0
INCOME PER DILUTED SHARE
CONTINUING OPERATIONS
$3.07
$3.49
$1.97
2007
2008
2009
EXCLUDING TAX BENEFITS
AND OTHER ITEMS(a)
InVESTment VOLUME
CONTINUING OPERATIONS
RAIL
SPECIALTy
ASC
OTHER
$781
$634
$480
2007
2008
2009
MILLIONS
CASH FROM CONTINUING
OPERATIONS AND
PORTFOLIO PROCEEDS
CASH FROM
CONTINUING OPERATIONS
PORTFOLIO
PROCEEDS
$400
$340
$364
300
200
100
0
20%
15%
10%
5%
0
$247
$265
$156
$68
2007
2008
2009
MILLIONS
Return on Equity
CONTINUING OPERATIONS
14%
15%
9%
2007
2008
2009
EXCLUDING TAX BENEFITS
AND OTHER ITEMS(a)
“GATX CORPORATION UTILIZED OVER 110 YEARS OF EXPERIENCE
TO POSITION ITSELF TO CAPITALIZE ON OPPORTUNITIES
THAT DEVELOP DURING CHALLENGING TIMES.”
Brian A. Kenney, Chairman, President and CEO of GATX Corporation
Rail
Rail is recognized across North America and Europe as
a leader in railcar leasing, with an established base of
over 800 customers in the chemical, petroleum and
agricultural markets. Rail has a wholly-owned fleet
of 131,000 railcars, an affiliate-owned fleet of 29,000
railcars and a managed fleet of 2,700 railcars. Rail
is focused on full-service leasing, under which it
maintains railcars in its extensive maintenance
network. With over 110 years of experience, Rail is
well positioned to meet the unique and changing
needs of its customers.
While managing through a challenging environment
in 2009, Rail invested $345 million in railcars, as it
continued to strengthen its market position. By
focusing on disciplined investment during periods
of economic weakness, Rail has established the
platform for strong performance as the macro
environment improves.
Specialty
Specialty provides leasing, asset remarketing and asset
management services in the marine and industrial
equipment sectors. By focusing on long-lived, widely-
used assets that are critical to the operations of its
customers, Specialty is positioned to either manage
assets throughout their useful lives or opportunistically
sell them in the secondary market.
In addition to providing leases and loans, Specialty
extends its market reach through joint venture invest-
ments. With its partners, Specialty has an interest in 34
ocean-going vessels that serve the chemical, LPG/LNG
and bulk freight markets. These marine joint ventures
are well positioned to benefit as the global economy
strengthens. Specialty also owns 50% of one of the
largest spare aircraft engine leasing businesses in
the world, Rolls-Royce and Partners Finance. This
business has performed very well through cycles and
is capitalizing on opportunities to grow its asset base.
American Steamship Company
American Steamship Company (ASC) owns and operates
the largest fleet of U.S.-flagged vessels on the Great
Lakes, providing waterborne transportation of dry
bulk commodities for a range of industrial customers.
With over 100 years of experience, ASC utilizes its fleet
of 18 self-unloading vessels to meet its customers’
changing transportation needs in the iron ore, coal
and limestone trades.
The Great Lakes shipping industry in 2009 faced the
sharpest drop in demand in over 70 years. ASC was
well prepared for these market pressures and effectively
managed its fleet and customer needs during the year.
As underlying demand dynamics begin to improve,
ASC will continue to use its strong market position
and efficient fleet to grow its business.
NORTH AMERICAN FLEET UTILIZATION
oWNED rAilcArs
98%
99%
98%
98%
96%
2005
2006
2007
2008
2009
WORLDWIDE WHOLLY-OWNED FLEET
NumbEr of rAilcArs
127,005
128,949
131,880
132,700
130,903
108,151
18,854
110,478
18,471
112,445
19,435
112,976
19,724
110,870
20,033
FPO
Fold Lines
CORPORATE INFORMATION
Annual Meeting
Friday, April 23, 2010
9:00 a.m. Central Time
Northern Trust Company
Assembly Room, Sixth Floor
50 South LaSalle Street
Chicago, Illinois 60675
through the site, and many GATX publications may be directly viewed
or downloaded. A variety of current and historical financial
information, press releases and photographs are also available
at this site. GATX Corporation welcomes and encourages questions
and comments from its shareholders, potential investors,
financial professionals 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.
Shareholder Inquiries
Inquiries regarding dividend checks, the dividend re-investment plan,
stock certificates, replacement of lost certificates, address changes,
account consolidation, transfer procedures and year-end tax
To Request Published Financial Information
and Financial Reports
GATX Corporation
information should be addressed to GATX Corporation’s Transfer
Investor Relations Department
Agent and Registrar:
BNY Mellon Shareowner Services
480 Washington Boulevard
Jersey City, New Jersey 07310
Telephone: (866) 767-6259
TDD for Hearing Impaired: (800) 231-5469
Foreign Shareholders: (201) 680-6578
TDD Foreign Shareholders: (201) 680-6610
222 West Adams Street
Chicago, Illinois 60606-5314
Telephone: (800) 428-8161
Fax: (312) 621-6648
E-mail: ir@gatx.com
Request Line for Materials
(312) 621-6300
Internet: http://www.bnymellon.com/shareowner/isd
Investors’ Inquiries
Irma Dominguez, Investor Relations Coordinator
Information Relating to Shareholder Ownership,
Telephone: (312) 621-8799
Dividend Payments or Share Transfers
Lisa M. Ibarra, Assistant Secretary
Fax: (312) 621-6648
E-mail: irma.dominguez@gatx.com
2005
2006
2007
2008
2009
North America
Europe
Financial Information and Press Releases
A copy of the Company’s Annual Report on Form 10-K for 2009 and
selected other information are available without charge. Corporate
information and press releases may be found at GATX’s website,
www.gatx.com. Requests for information or brochures may be made
Telephone: (312) 621-6603
Fax: (312) 621-6647
E-mail: lisa.ibarra@gatx.com
Questions Regarding Sales, Service,
Lease Information or Customer Solutions
Rail: (312) 621-6200
Specialty: (415) 955-3200
American Steamship Company: (716) 635-0222
Independent registered public accounting firm
Ernst & Young LLP
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
asset mix
CONTINUING OPERATIONS
$6 .2 b illi oN NEt booK VAlu E
including on and off balance sheet assets
worldwide
wholly-owned fleet
131,000 rAilcArs
Specialty owned
portfolio of assets
ASC
Commodities Carried
$677 millioN NEt booK VAluE
21 millioN NEt toNs
rAil
spEciAlty
Asc
othEr
83%
11%
4%
2%
tANK
cArs
61%
coVErED
hoppErs
24%
opEN hoppErs
& GoNDolAs
9%
othEr
6%
mAriNE JoiNt
VENturEs
23%
mAriNE
EquipmENt
22%
iNDustriAl
EquipmENt
23%
rolls-roycE
JoiNt VENturE
19%
othEr
13%
iroN
orE
39%
coAl
48%
limEstoNE
AGGrEGAtEs
10%
othEr
3%
as of 12/31/09
as of 12/31/09
as of 12/31/09
2009
Forward-Looking Statements
This document contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform
Act of 1995. Some of these statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “project” or other
words and terms of similar meaning. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, including those described in GATX’s Annual Report on Form 10-K for the year ended December 31, 2009 and other filings with the
SEC, and that actual results or developments may differ materially from those in the forward-looking statements. Specific factors that might cause actual
results to differ from expectations include, but are not limited to: general economic, market, regulatory and political conditions in the rail, marine, industrial
and other industries served by GATX and its customers; lease rates, utilization levels and operating costs in GATX’s primary asset segments; conditions in the
capital markets; changes in GATX’s credit ratings and financing costs; regulatory rulings that may impact the economic value and operating costs of assets;
costs associated with maintenance initiatives; competitive factors in GATX’s primary markets including lease pricing and asset availability; changes in loss
provision levels within GATX’s portfolio; impaired asset charges that may result from changing market conditions or portfolio management decisions
implemented by GATX; the opportunity for remarketing income; the outcome of pending or threatened litigation; and other factors. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis, judgment,
belief or expectation only as of the date hereof. GATX has based these forward-looking statements on information currently available and disclaims any
intention or obligation to update or revise these forward-looking statements to reflect subsequent events or circumstances.
“GATX CORPORATION UTILIZED OVER 110 YEARS OF EXPERIENCE
TO POSITION ITSELF TO CAPITALIZE ON OPPORTUNITIES
THAT DEVELOP DURING CHALLENGING TIMES.”
Brian A. Kenney, Chairman, President and CEO of GATX Corporation
Rail
Rail is recognized across North America and Europe as
a leader in railcar leasing, with an established base of
over 800 customers in the chemical, petroleum and
agricultural markets. Rail has a wholly-owned fleet
of 131,000 railcars, an affiliate-owned fleet of 29,000
railcars and a managed fleet of 2,700 railcars. Rail
is focused on full-service leasing, under which it
maintains railcars in its extensive maintenance
network. With over 110 years of experience, Rail is
well positioned to meet the unique and changing
needs of its customers.
While managing through a challenging environment
in 2009, Rail invested $345 million in railcars, as it
continued to strengthen its market position. By
focusing on disciplined investment during periods
of economic weakness, Rail has established the
platform for strong performance as the macro
environment improves.
Specialty
Specialty provides leasing, asset remarketing and asset
management services in the marine and industrial
equipment sectors. By focusing on long-lived, widely-
used assets that are critical to the operations of its
customers, Specialty is positioned to either manage
assets throughout their useful lives or opportunistically
sell them in the secondary market.
In addition to providing leases and loans, Specialty
extends its market reach through joint venture invest-
ments. With its partners, Specialty has an interest in 34
ocean-going vessels that serve the chemical, LPG/LNG
and bulk freight markets. These marine joint ventures
are well positioned to benefit as the global economy
strengthens. Specialty also owns 50% of one of the
largest spare aircraft engine leasing businesses in
the world, Rolls-Royce and Partners Finance. This
business has performed very well through cycles and
is capitalizing on opportunities to grow its asset base.
American Steamship Company
American Steamship Company (ASC) owns and operates
the largest fleet of U.S.-flagged vessels on the Great
Lakes, providing waterborne transportation of dry
bulk commodities for a range of industrial customers.
With over 100 years of experience, ASC utilizes its fleet
of 18 self-unloading vessels to meet its customers’
changing transportation needs in the iron ore, coal
and limestone trades.
The Great Lakes shipping industry in 2009 faced the
sharpest drop in demand in over 70 years. ASC was
well prepared for these market pressures and effectively
managed its fleet and customer needs during the year.
As underlying demand dynamics begin to improve,
ASC will continue to use its strong market position
and efficient fleet to grow its business.
NORTH AMERICAN FLEET UTILIZATION
oWNED rAilcArs
98%
99%
98%
98%
96%
2005
2006
2007
2008
2009
WORLDWIDE WHOLLY-OWNED FLEET
NumbEr of rAilcArs
127,005
128,949
131,880
132,700
130,903
108,151
18,854
110,478
18,471
112,445
19,435
112,976
19,724
110,870
20,033
CORPORATE INFORMATION
Annual Meeting
Friday, April 23, 2010
9:00 a.m. Central Time
Northern Trust Company
Assembly Room, Sixth Floor
50 South LaSalle Street
Chicago, Illinois 60675
through the site, and many GATX publications may be directly viewed
or downloaded. A variety of current and historical financial
information, press releases and photographs are also available
at this site. GATX Corporation welcomes and encourages questions
and comments from its shareholders, potential investors,
financial professionals 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.
Shareholder Inquiries
Inquiries regarding dividend checks, the dividend re-investment plan,
stock certificates, replacement of lost certificates, address changes,
account consolidation, transfer procedures and year-end tax
To Request Published Financial Information
and Financial Reports
GATX Corporation
information should be addressed to GATX Corporation’s Transfer
Investor Relations Department
Agent and Registrar:
BNY Mellon Shareowner Services
480 Washington Boulevard
Jersey City, New Jersey 07310
Telephone: (866) 767-6259
TDD for Hearing Impaired: (800) 231-5469
Foreign Shareholders: (201) 680-6578
TDD Foreign Shareholders: (201) 680-6610
222 West Adams Street
Chicago, Illinois 60606-5314
Telephone: (800) 428-8161
Fax: (312) 621-6648
E-mail: ir@gatx.com
Request Line for Materials
(312) 621-6300
Internet: http://www.bnymellon.com/shareowner/isd
Investors’ Inquiries
Irma Dominguez, Investor Relations Coordinator
Information Relating to Shareholder Ownership,
Telephone: (312) 621-8799
Dividend Payments or Share Transfers
Lisa M. Ibarra, Assistant Secretary
Fax: (312) 621-6648
E-mail: irma.dominguez@gatx.com
2005
2006
2007
2008
2009
North America
Europe
Financial Information and Press Releases
A copy of the Company’s Annual Report on Form 10-K for 2009 and
selected other information are available without charge. Corporate
information and press releases may be found at GATX’s website,
www.gatx.com. Requests for information or brochures may be made
Telephone: (312) 621-6603
Fax: (312) 621-6647
E-mail: lisa.ibarra@gatx.com
Questions Regarding Sales, Service,
Lease Information or Customer Solutions
Rail: (312) 621-6200
Specialty: (415) 955-3200
American Steamship Company: (716) 635-0222
Independent registered public accounting firm
Ernst & Young LLP
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
asset mix
CONTINUING OPERATIONS
$6 .2 b illi oN NEt booK VAlu E
including on and off balance sheet assets
worldwide
wholly-owned fleet
131,000 rAilcArs
Specialty owned
portfolio of assets
ASC
Commodities Carried
$677 millioN NEt booK VAluE
21 millioN NEt toNs
rAil
spEciAlty
Asc
othEr
83%
11%
4%
2%
tANK
cArs
61%
coVErED
hoppErs
24%
opEN hoppErs
& GoNDolAs
9%
othEr
6%
mAriNE JoiNt
VENturEs
23%
mAriNE
EquipmENt
22%
iNDustriAl
EquipmENt
23%
rolls-roycE
JoiNt VENturE
19%
othEr
13%
iroN
orE
39%
coAl
48%
limEstoNE
AGGrEGAtEs
10%
othEr
3%
as of 12/31/09
as of 12/31/09
as of 12/31/09
2009
Forward-Looking Statements
This document contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform
Act of 1995. Some of these statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “project” or other
words and terms of similar meaning. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, including those described in GATX’s Annual Report on Form 10-K for the year ended December 31, 2009 and other filings with the
SEC, and that actual results or developments may differ materially from those in the forward-looking statements. Specific factors that might cause actual
results to differ from expectations include, but are not limited to: general economic, market, regulatory and political conditions in the rail, marine, industrial
and other industries served by GATX and its customers; lease rates, utilization levels and operating costs in GATX’s primary asset segments; conditions in the
capital markets; changes in GATX’s credit ratings and financing costs; regulatory rulings that may impact the economic value and operating costs of assets;
costs associated with maintenance initiatives; competitive factors in GATX’s primary markets including lease pricing and asset availability; changes in loss
provision levels within GATX’s portfolio; impaired asset charges that may result from changing market conditions or portfolio management decisions
implemented by GATX; the opportunity for remarketing income; the outcome of pending or threatened litigation; and other factors. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis, judgment,
belief or expectation only as of the date hereof. GATX has based these forward-looking statements on information currently available and disclaims any
intention or obligation to update or revise these forward-looking statements to reflect subsequent events or circumstances.
LETTER FROM THE CHAIRMAN
In 2009,
GATX experienced
the most difficult
business environment
in memory.
In the rail market, railcar loadings were down 20% from peak levels in 2006, and
there are hundreds of thousands of cars sitting idle in the industry. Charter rates on
ocean-going marine vessels decreased dramatically due to the worldwide economic
downturn, with some sectors experiencing rate declines of more than 80% from peak
levels. The Great Lakes shipping industry carried the lowest iron ore tonnage since
1938 as steel manufacturing capacity utilization bottomed out at 35%. The capital
market disruption, which eased as 2009 progressed, caused liquidity issues for a
number of customers, some of whom requested financial relief from lessors
such as GATX.
GATX’s employees responded admirably in this environment. During 2009,
they enabled GATX to achieve high asset utilization (96% in Rail), realize significant
cost reduction (SG&A down 24%) and maintain excellent access to the capital
markets. Our employees spent the last few years laying the groundwork to perform
in a downturn, and when the downturn came, they continued to outperform
their competitors.
Nevertheless, we ended 2009 with earnings at 56% of 2008’s level. And our markets,
while more stable, show very few signs of improvement. So what can shareholders
expect in 2010?
Unfortunately, the global rail and marine markets will continue to experience
rate and utilization pressure as competitors price aggressively to improve their fleet
utilization. This earnings pressure is expected to be partially offset by improved
tonnage carried on the Great Lakes by American Steamship and higher remarketing
income as asset prices begin to recover. The net effect is that we expect earnings per
share to decrease modestly in 2010.
Despite the continued market challenges, we are starting to see some encouraging
signs. Our rail customers have sized their fleets to the bare minimum, and if railcar
loadings continue to improve, we could quickly see more demand for our assets.
Steel industry blast furnaces are slowly coming back on-line, resulting in increased
short-term demand for iron ore shipments. Continued improvement in asset prices
could result in more remarketing opportunities. Lastly, down markets usually
produce more attractive investment opportunities and we are well positioned
and focused on growing our asset base in this environment.
GATX is a 112-year-old company with long-lived assets and a long-term orientation.
This focus steered us to use the strong market of prior years to prepare for this
inevitable down cycle. It is now steering us on a path to growth. We plan on
making excellent progress in 2010.
Brian A. Kenney, Chairman, President and CEO of GATX Corporation
2/25/10 4:12 PM
Board of Directors
Anne L. Arvia (1,3)
President of Retirement Plans,
Nationwide Financial Services, Inc.
Richard Fairbanks (3)
Chairman, Layalina Productions, Inc.
Deborah M. Fretz (2,3)
President and Chief Executive Officer,
Sunoco Logistics Partners, L.P.
Ernst A. Häberli (1)
Retired; Former President,
Commercial Operations International,
The Gillette Company
Mark G. McGrath (2,3)
Retired; Former Director,
McKinsey & Company
James B. Ream (1,2)
Senior Vice President, Maintenance
and Engineering, American Airlines
David S. Sutherland (1,2)
Retired; Former President and
Chief Executive Officer, IPSCO, Inc.
Casey J. Sylla (A)
Retired; Former Chairman
and Chief Executive Officer,
Allstate Life Insurance Company
Brian A. Kenney
Chairman, President and
Chief Executive Officer, GATX Corporation
(A) Lead Director
(1) Member, Audit Committee
(2) Member, Compensation Committee
(3) Member, Governance Committee
Officers
Brian A. Kenney
Chairman, President and
Chief Executive Officer
Robert C. Lyons
Senior Vice President and
Chief Financial Officer
James F. Earl
Executive Vice President
and Chief Operating Officer
Deborah A. Golden
Senior Vice President,
General Counsel and Secretary
Michael T. Brooks
Senior Vice President and
Chief Information Officer
William J. Hasek
Senior Vice President
and Treasurer
Curt F. Glenn
Senior Vice President,
Portfolio Management
Mary K. Lawler
Senior Vice President,
Human Resources
William M. Muckian
Senior Vice President,
Controller and
Chief Accounting Officer
Clifford J. Porzenheim
Senior Vice President,
Strategic Growth
For more information about GATX’s Corporate Governance, see www.gatx.com > Investor Relations > Corporate Governance
GATX_Direct_Offcr_09_mch.indd 1
2/24/10 2:04 PM
FPO
Fold Lines
CORPORATE INFORMATION
“GATX CORPORATION UTILIZED OVER 110 YEARS OF EXPERIENCE
TO POSITION ITSELF TO CAPITALIZE ON OPPORTUNITIES
THAT DEVELOP DURING CHALLENGING TIMES.”
Brian A. Kenney, Chairman, President and CEO of GATX Corporation
Rail
Rail is recognized across North America and Europe as
a leader in railcar leasing, with an established base of
over 800 customers in the chemical, petroleum and
agricultural markets. Rail has a wholly-owned fleet
of 131,000 railcars, an affiliate-owned fleet of 29,000
railcars and a managed fleet of 2,700 railcars. Rail
is focused on full-service leasing, under which it
maintains railcars in its extensive maintenance
network. With over 110 years of experience, Rail is
well positioned to meet the unique and changing
needs of its customers.
While managing through a challenging environment
in 2009, Rail invested $345 million in railcars, as it
continued to strengthen its market position. By
focusing on disciplined investment during periods
of economic weakness, Rail has established the
platform for strong performance as the macro
environment improves.
Specialty
Specialty provides leasing, asset remarketing and asset
management services in the marine and industrial
equipment sectors. By focusing on long-lived, widely-
used assets that are critical to the operations of its
customers, Specialty is positioned to either manage
assets throughout their useful lives or opportunistically
sell them in the secondary market.
In addition to providing leases and loans, Specialty
extends its market reach through joint venture invest-
ments. With its partners, Specialty has an interest in 34
ocean-going vessels that serve the chemical, LPG/LNG
and bulk freight markets. These marine joint ventures
are well positioned to benefit as the global economy
strengthens. Specialty also owns 50% of one of the
largest spare aircraft engine leasing businesses in
the world, Rolls-Royce and Partners Finance. This
business has performed very well through cycles and
is capitalizing on opportunities to grow its asset base.
American Steamship Company
American Steamship Company (ASC) owns and operates
the largest fleet of U.S.-flagged vessels on the Great
Lakes, providing waterborne transportation of dry
bulk commodities for a range of industrial customers.
With over 100 years of experience, ASC utilizes its fleet
of 18 self-unloading vessels to meet its customers’
changing transportation needs in the iron ore, coal
and limestone trades.
The Great Lakes shipping industry in 2009 faced the
sharpest drop in demand in over 70 years. ASC was
well prepared for these market pressures and effectively
managed its fleet and customer needs during the year.
As underlying demand dynamics begin to improve,
ASC will continue to use its strong market position
and efficient fleet to grow its business.
NORTH AMERICAN FLEET UTILIZATION
oWNED rAilcArs
98%
99%
98%
98%
96%
2005
2006
2007
2008
2009
WORLDWIDE WHOLLY-OWNED FLEET
NumbEr of rAilcArs
130,903
110,870
20,033
2005
2006
2007
2008
2009
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
asset mix
CONTINUING OPERATIONS
$6 .2 b illi oN NEt booK VAlu E
including on and off balance sheet assets
worldwide
wholly-owned fleet
131,000 rAilcArs
Specialty owned
portfolio of assets
ASC
Commodities Carried
$677 millioN NEt booK VAluE
21 millioN NEt toNs
rAil
spEciAlty
Asc
othEr
83%
11%
4%
2%
tANK
cArs
61%
coVErED
hoppErs
24%
opEN hoppErs
& GoNDolAs
9%
othEr
6%
mAriNE JoiNt
VENturEs
23%
mAriNE
EquipmENt
22%
iNDustriAl
EquipmENt
23%
rolls-roycE
JoiNt VENturE
19%
othEr
13%
iroN
orE
39%
coAl
48%
limEstoNE
AGGrEGAtEs
10%
othEr
3%
as of 12/31/09
as of 12/31/09
as of 12/31/09
2009
Annual Meeting
Friday, April 23, 2010
9:00 a.m. Central Time
Northern Trust Company
Assembly Room, Sixth Floor
50 South LaSalle Street
Chicago, Illinois 60675
through the site, and many GATX publications may be directly viewed
or downloaded. A variety of current and historical financial
information, press releases and photographs are also available
at this site. GATX Corporation welcomes and encourages questions
and comments from its shareholders, potential investors,
financial professionals 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.
Shareholder Inquiries
Inquiries regarding dividend checks, the dividend re-investment plan,
stock certificates, replacement of lost certificates, address changes,
account consolidation, transfer procedures and year-end tax
To Request Published Financial Information
and Financial Reports
GATX Corporation
information should be addressed to GATX Corporation’s Transfer
Investor Relations Department
Agent and Registrar:
BNY Mellon Shareowner Services
480 Washington Boulevard
Jersey City, New Jersey 07310
Telephone: (866) 767-6259
TDD for Hearing Impaired: (800) 231-5469
Foreign Shareholders: (201) 680-6578
TDD Foreign Shareholders: (201) 680-6610
222 West Adams Street
Chicago, Illinois 60606-5314
Telephone: (800) 428-8161
Fax: (312) 621-6648
E-mail: ir@gatx.com
Request Line for Materials
(312) 621-6300
Internet: http://www.bnymellon.com/shareowner/isd
Investors’ Inquiries
Irma Dominguez, Investor Relations Coordinator
Information Relating to Shareholder Ownership,
Telephone: (312) 621-8799
Dividend Payments or Share Transfers
Lisa M. Ibarra, Assistant Secretary
Fax: (312) 621-6648
E-mail: irma.dominguez@gatx.com
Telephone: (312) 621-6603
Fax: (312) 621-6647
E-mail: lisa.ibarra@gatx.com
Financial Information and Press Releases
A copy of the Company’s Annual Report on Form 10-K for 2009 and
selected other information are available without charge. Corporate
information and press releases may be found at GATX’s website,
www.gatx.com. Requests for information or brochures may be made
Questions Regarding Sales, Service,
Lease Information or Customer Solutions
Rail: (312) 621-6200
Specialty: (415) 955-3200
American Steamship Company: (716) 635-0222
Independent registered public accounting firm
Ernst & Young LLP
Forward-Looking Statements
This document contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform
Act of 1995. Some of these statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “project” or other
words and terms of similar meaning. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, including those described in GATX’s Annual Report on Form 10-K for the year ended December 31, 2009 and other filings with the
SEC, and that actual results or developments may differ materially from those in the forward-looking statements. Specific factors that might cause actual
results to differ from expectations include, but are not limited to: general economic, market, regulatory and political conditions in the rail, marine, industrial
and other industries served by GATX and its customers; lease rates, utilization levels and operating costs in GATX’s primary asset segments; conditions in the
capital markets; changes in GATX’s credit ratings and financing costs; regulatory rulings that may impact the economic value and operating costs of assets;
costs associated with maintenance initiatives; competitive factors in GATX’s primary markets including lease pricing and asset availability; changes in loss
provision levels within GATX’s portfolio; impaired asset charges that may result from changing market conditions or portfolio management decisions
implemented by GATX; the opportunity for remarketing income; the outcome of pending or threatened litigation; and other factors. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis, judgment,
belief or expectation only as of the date hereof. GATX has based these forward-looking statements on information currently available and disclaims any
intention or obligation to update or revise these forward-looking statements to reflect subsequent events or circumstances.
www.gatx.com
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GATX CORPORATION
222 West Adams Street
Chicago, IL 60606-5314
312-621-6200
800-428-8161
NYSE:GMT
FINANCIAL HIGHLIGHTS
in millions, except per share data
2007
2008
2009
Gross income
Income from continuing operations
Income from discontinued operations
Net income
Per diluted share income from
continuing operations
Per diluted share net income
$
$ 1,346.0
183.8
17.9
201.7
3.43
3.76
A N N U A L R E P O R T
excluding tax benefits and other items(a)
Income from continuing operations
Per diluted share income from
continuing operations
$ 163.7
$
3.07
$ 1,443.1 $ 1,153.9
81.4
—
81.4
194.8
—
194.8
$
$
$
3.88
3.88
174.9
3.49
$
$
$
$
1.70
1.70
94.7
1.97
(a) The items for each year noted are referred to as “Tax Benefits and Other Items”
- Results for 2009 included unrealized losses representing the change in the fair value of certain interest rate
swaps at GATX’s European rail affiliate, AAE Cargo A.G. (“AAE”) and realized foreign tax credits.
- Results for 2008 included a benefit from the reversal of tax reserves, a gain on the sale of an office building,
the reversal of environmental reserves and unrealized losses on the AAE interest rate swaps.
- Results for 2007 included deferred tax benefits.
GATX Corporation (NYSE:GMT) provides leasing and related services to
customers operating rail, marine and other targeted assets. GATX is a
leader in leasing transportation assets and controls one of the largest
railcar fleets in the world. Applying over a century of operating experience
and strong market and asset expertise, GATX provides quality assets and
services to customers worldwide. GATX has been headquartered in
Chicago, Illinois since its founding in 1898 and has traded on the
New York Stock Exchange since 1916.
$4.00
3.00
2.00
1.00
0
$800
600
400
200
0
INCOME PER DILUTED SHARE
CONTINUING OPERATIONS
$3.07
$3.49
$1.97
2007
2008
2009
EXCLUDING TAX BENEFITS
AND OTHER ITEMS(a)
InVESTment VOLUME
CONTINUING OPERATIONS
RAIL
SPECIALTy
ASC
OTHER
$781
$634
$480
2007
2008
2009
MILLIONS
CASH FROM CONTINUING
OPERATIONS AND
PORTFOLIO PROCEEDS
CASH FROM
CONTINUING OPERATIONS
PORTFOLIO
PROCEEDS
$400
$340
$364
300
200
100
0
20%
15%
10%
5%
0
$247
$265
$156
$68
2007
2008
2009
MILLIONS
Return on Equity
CONTINUING OPERATIONS
14%
15%
9%
2007
2008
2009
EXCLUDING TAX BENEFITS
AND OTHER ITEMS(a)