C o m p a n y O v e r v i e w P r e s e n t a t i o n | M a r c h 2 0 1 7
2
Forward-Looking Statements
Statements in this Presentation not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known
and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These statements include
statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be
identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would”, and similar words
and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you
should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to
publicly update or revise these forward-looking statements. The following factors, in addition to those discussed in our other filings with the SEC, including our Form 10-K for the year ended December 31,
2016 and subsequent reports on Form 10-Q, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
• exposure to damages, fines, criminal and civil penalties, and reputational harm arising
from a negative outcome in litigation, including claims arising from an accident
involving our railcars
• inability to maintain our assets on lease at satisfactory rates due to oversupply of
railcars in the market or other changes in supply and demand
• weak economic conditions and other factors that may decrease demand for our assets
and services
• decreased demand for portions of our railcar fleet due to adverse changes in the price
of, or demand for, commodities that are shipped in our railcars
• higher costs associated with increased railcar assignments following non-renewal of
leases, customer defaults, and compliance maintenance programs or other
maintenance initiatives
• events having an adverse impact on assets, customers, or regions where we have a
concentrated investment exposure
• financial and operational risks associated with long-term railcar purchase commitments
• reduced opportunities to generate asset remarketing income
• operational and financial risks related to our affiliate investments, including the Rolls-
Royce & Partners Finance joint ventures
• fluctuations in foreign exchange rates
• failure to successfully negotiate collective bargaining agreements with the unions representing a substantial
portion of our employees
• improvements in railroad efficiency that could decrease demand for railcars
• the impact of regulatory requirements applicable to tank cars carrying crude, ethanol, and other flammable
liquids
• asset impairment charges we may be required to recognize
• deterioration of conditions in the capital markets, reductions in our credit ratings, or increases in our
financing costs
• competitive factors in our primary markets, including competitors with a significantly lower cost of capital
than GATX
• risks related to international operations and expansion into new geographic markets
• changes in, or failure to comply with, laws, rules, and regulations
• inability to obtain cost-effective insurance
• environmental remediation costs
• inadequate allowances to cover credit losses in our portfolio
• inability to maintain and secure our information technology infrastructure from cybersecurity threats and
related disruption of our business
HISTORY AND
BUSINESS OVERVIEW
118
4
GATX’s 118-Year History
1898
Established as railcar lessor with 28 railcars
1919
Initiated quarterly dividend
1936
Began rail investment in Canada
1994
Began rail investment in Europe & Mexico
1996
Began locomotive investment
1998
Rolls-Royce Partners and Finance (RRPF) Affiliates
1973
GATX acquired American Steamship Company (ASC)
2012 & 2013
Began rail investments in India and Russia
2017
$7.6 billion* in assets and more than
146,000 wholly-owned railcars
worldwide*Assets on- and off-balance sheet as of 12/31/2016
5
GATX Today – Business Segments
AMERICAN STEAMSHIP COMPANY
Largest US-flagged vessel operator on the Great Lakes
Operates a fleet of efficient self-unloading ships
Exceptional safety record and leader in Great Lakes
environmental matters
69%
15%
8%
4% 4%
PORTFOLIO MANAGEMENT
RRPF affiliates are the largest lessors of Rolls-Royce aircraft
spare engines worldwide
Over $1.9 billion of committed lease receipts at RRPF
RAIL NORTH AMERICA
One of the largest railcar lessors
Diversified fleet of more than 122,000 wholly owned railcars and
more than 600 locomotives
Strong customer credit quality, diversification in car types and
commodities carried
Over $3.8 billion in committed lease receipts
RAIL INTERNATIONAL
GATX Rail Europe (GRE) is one of the largest European tank car
lessors
Strong customer credit quality, diversification in car types,
geography and commodities carried
Largest railcar lessor in India
$7.6 billion NBV*
NET BOOK VALUE OF ASSETS
69% Rail North America
15% Rail International
8% Portfolio Management
4% ASC
4% Other
*Assets on- and off-balance sheet as of 12/31/2016
As of 12/31/2016
6
GATX’s Strong Global Presence
GATX owns or has an interest in more than 146,000 railcars, over 600 locomotives, 17
vessels on the Great Lakes, and more than 400 aircraft spare engines.
(Map excludes leasing footprint for RRPF)
GATX Rail Operations Footprint
GATX Headquarters
(Chicago, IL)
Major Business Office
(excludes sales offices)
Major Maintenance Facility
(excludes field repair centers, customer site locations,
& mobile units)
American Steamship Company
Headquarters (Williamsville, New York)
Rolls-Royce & Partners Finance
Headquarters (London, England)
As of 12/31/2016
7
GATX Financial Highlights
$1.59
$2.01
$2.81
$3.50
$4.48
$5.37
$5.77
2010 2011 2012 2013 2014 2015 2016
7%
9%
11%
13%
15%
18% 18%
2010 2011 2012 2013 2014 2015 2016
$585 $615
$770
$860
$1,031
$715
$621
2010 2011 2012 2013 2014 2015 2016
EPS
ROE INVESTMENT VOLUME
Graph displays Diluted EPS
Diluted EPS & ROE exclude Tax Adjustments and Other Items. See the Appendix for a reconciliation of these non-GAAP measures.
$
M
ILL
ION
S
8
DISCIPLINED
BUSINESS
APPROACH
Disciplined and Proven
We strive to be recognized as the finest railcar
leasing company in the world by our customers,
our shareholders, our employees and the
communities where we operate.
DISCIPLINED
CAPITAL
ALLOCATION
APPROACH
PROVEN
RETURNS
TO
SHAREHOLDERS
VISION
9
Straightforward and Proven Business Model
Railcar leasing is our core.
BUY
the railcar at an
economically
attractive and
competitively
advantaged price
LEASE
the railcar to a
quality customer
at an attractive
rate for a term
that reflects the
business cycle
SERVICE
the railcar in a
manner that
maximizes safety,
in-use time and
customer
satisfaction
MAXIMIZE
the value of the
railcar by selling
or scrapping at
the optimal time
10
Business Model: BUY
EXPERIENCED INTERNAL
CAPABILITIES
DISCIPLINED INVESTMENT
APPROACH
COMPETITIVE
ASSET COST OPPORTUNISTIC
INVESTMENT
GATX
ADVANTAGE
GATX achieves lower new
car cost by placing large orders
at appropriate points in the
business cycle
GATX focuses on achieving
economically attractive and
competitively advantaged new
car costs
GATX consistently identifies
attractive opportunities across the
business cycle
GATX acquires railcars in the
secondary market in North America,
Europe, and India on an
opportunistic basis
GATX’s engineering team
customizes railcar specifications
to meet customer needs
GATX’s quality team performs
car inspections and quality
control during the
manufacturing process
GATX recognizes that railcars
are long-lived assets and that
each investment is measured
over decades
GATX avoids chasing short-
term, unsustainable market
trends
$0
$100
$200
$300
$400
$500
$600
$700
$800
2012 2013 2014 2015 2016
Committed Order Secondary Market Spot
$
M
ILL
ION
S
As of 12/31/2016
GATX RAIL NORTH AMERICA RAILCAR
ACQUISITION SOURCES
11
Business Model: LEASE
GATX’s premium service to top-tier customers results in high fleet utilization, strong
lease renewal success and customer satisfaction across the globe.
CUSTOMER
VALUE
DELIVERY
Develop lease structures that fit customers’
needs
New Car Inspection Group ensures railcars
meet GATX and customers’ specifications
before acceptance
CAR AVAILABILITY
Utilize multi-year committed orders with
railcar manufacturers to maintain a steady
stream of new car deliveries
Meet customers’ demands with large,
diverse fleet
TIME-IN-SERVICE
Assure maintenance capacity for railcar
repairs
Minimize railcar issues and unexpected
downtime
Assist customers in managing complex railcar
regulatory environment
CUSTOMER SERVICE
Responsive service representatives
Reduce administrative burden of railcar
operations and handle complicated situations
for our customers
MyGATXRail.com provides customer self-service,
allowing instant access to fleet information
12
Business Model: SERVICE
GATX has built a strong market position by focusing on full-service leasing in
North America and Europe.
MAINTENANCE
Customers rely on GATX
to manage the complex
process of maintaining
railcars
Extensive maintenance
network: more than 30
maintenance locations in
North America and
Europe
In 2016, GATX performed
an aggregate of nearly
70,000 maintenance
events in its owned and
third-party maintenance
network in North America
and Europe
ENGINEERING
GATX’s engineering
team consists of
mechanical, structural,
and chemical engineers
GATX’s engineers tailor
railcar solutions to meet
customers’ needs,
taking into
consideration
commodity carried,
location, and layout of
facilities
Develop railcar
modification programs
TRAINING
GATX provides important
training to customers and
first responders
GATX offers training at its
headquarters, at
customer sites, and
through its TankTrainer™
mobile classroom
TECHNOLOGY
MyGATXRail.com
provides real-time fleet
management capability
and maintenance data
to customers
Shop Portal provides
GATX personnel with
state-of-the-art
technology for car
inspection, maintenance
instructions and
reporting in real-time
from the shop floor
REGULATORY
As a full-service railcar
lessor, GATX takes an
active leadership role
in the complex
regulatory landscape
GATX leads several
industry groups and
agencies in North
America and Europe
As of 12/31/2016
13
REMARKETING INCOME (Income from sale of owned assets)
Capitalize on market peaks
Helps to maintain a diversified, high-performing railcar fleet
Over the last 10 years, GATX Rail North America generated an average of approximately $40 million of remarketing income per year
SCRAPPING GAINS
GATX typically realizes gains when railcars are scrapped at the end of useful lives
Over the last 10 years, GATX Rail North America and Rail International generated an average of approximately $17 million of
scrapping gains per year
Business Model: MAXIMIZE VALUE
GATX’s fleet of well-maintained, modern railcars leased to quality customers allows us to realize significant remarketing income
when we decide to offer cars in the secondary market. We also generate scrapping gains at the end of a railcar’s useful life.
Rail North America and
Rail International 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Approximate # of railcars
scrapped
2,500 4,300 4,400 3,700 3,700 2,700 3,100 3,200 2,600 3,900
Scrapping gains
($ millions)
$15.4 $29.4 $9.7 $18.0 $27.0 $19.2 $20.7 $16.1 $9.5 $3.2
Rail North America 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Approximate # of railcars sold 1,600 2,800 700 1,400 1,800 2,000 3,700 2,700 3,900 2,700
Remarketing income
($ millions)
$32.2 $31.4 $13.8 $17.4 $27.4 $45.7 $54.5 $62.6 $67.4 $46.3
14
27%
26%17%
12%
7%
11%
95%
90%
99%
96%
99%
86%
88%
90%
92%
94%
96%
98%
100%
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
GATX Rail North America Overview
WHOLLY OWNED FLEET COUNT
122,000+
CAR TYPE COUNT
160
AVERAGE FLEET AGE
20 Years
LOCOMOTIVE COUNT
600+
NUMBER OF CUSTOMERS
900+
COUNTRIES OF OPERATIONS
US, Canada, & Mexico
INDUSTRIES SERVED2016 OVERVIEW UTILIZATION*
*Excludes boxcar fleet
27% Chemicals
26% Refiners
& Other
Petroleum
17% Railroads
& Other
Transports
12% Food &
Agriculture
7% Mining,
Minerals &
Aggregates
11% Other
Based on 2016 Rail North America Revenue As of 12/31/2016As of 12/31/2016
15
64 67 63
41
35
45
60 62
66
54
32
17%
14%
5% -11% -16%
7%
26%
35%
39%
32%
-20%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
10
20
30
40
50
60
70
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Renewal Lease Term (left axis) Lease Price Index (right axis)
Managing Through Cycles
GATX quickly adapts to changing market conditions. In a strong market, GATX increases lease rates and stretches
lease terms. In a weak market, GATX shortens lease terms and lowers lease rates to maintain utilization.
STRONG MARKET STRONG MARKET
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Approximate # of railcars
scheduled for renewal
20,000 20,000 17,500 15,000 17,000 21,000 20,000 21,000 20,000 17,000 12,500 15,100
Renewal Success Rate 77% 73% 60% 54% 62% 77% 82% 81% 86% 81% 67% N/A
M
ON
TH
S
WEAK MARKET
*As of 12/31/2016
LPI = Lease Price Index: The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate, weighted by GATX’s
North American fleet composition, excluding boxcars.
WEAK
MARKET
16
$230
$90
$188
$581
2012 to 2015
2008 to 2011
Secondary Market Investment Volume Remarketing Income
GATX RAIL NORTH AMERCA
Managing Through Cycles
GATX optimizes its fleet composition. In a strong market, GATX increases remarketing activity to take advantage
of railcar demand and railcar valuations. In a weak market, GATX seeks out attractive secondary market
investment opportunities.
Note: In 2014, GATX acquired 18,500 boxcars for $340 million. This acquisition was a niche opportunity outside of cyclical norms
and, therefore, was omitted from the 2012 to 2015 Secondary Market Investment Volume presented above.
($ MILLIONS)
As of 12/31
STRONG
MARKET
WEAK
MARKET
17
96%
97%
95%
97%
95%
97%
96%
93%
94%
95%
96%
97%
98%
99%
100%
2006 2008 2010 2012 2014 2016
GATX Rail International Overview
FLEET COUNT
23,000+ in Europe
750+ in India
150+ in Russia
CAR TYPE COUNT
38+
AVERAGE FLEET AGE
18 Years
NUMBER OF CUSTOMERS
220+
MAJOR COUNTRIES OF
OPERATIONS
Germany, Poland, Austria, The
Netherlands, Hungary, Czech
Republic, and Slovakia
INDUSTRIES SERVED BY GRE2016 OVERVIEW GRE FLEET UTILIZATION
58% Refiners
& Other
Petroleum
24% Mining,
Minerals &
Aggregates,
Chemistry
14% Railroads
& Other
Transports
4% Other
58%24%
14%
4%
Based on 2016 GRE Revenue
As of 12/31/2016As of 12/31/2016
18
American Steamship Company Overview
Based on 2016 ASC volume
As of 12/31/2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Total Net Tons Carried
by ASC (in millions)
37.2 37.3 35.7 21.2 28.0 28.4 29.7 28.8 30.5 26.5 25.4
ASC Vessels Operated 18 18 18 12 13 14 14 13 15 13 11
VESSEL COUNT
17
AVERAGE DIESEL POWERED
FLEET AGE
39 Years
CUSTOMER BASE
25
MAJOR COMMODITIES CARRIED
Iron Ore, Coal and Limestone
ASC COMMODITIES CARRIED2016 OVERVIEW
57%
28%
13%
2%
57% Iron Ore
28% Coal
13% Limestone
2% Other
19
Portfolio Management Overview
OWNED PORTFOLIO
$593.5 million NBV as of 12/31/2016
SPARE ENGINE COUNT
400+
AVERAGE FLEET AGE
11 Years
2016 RRPF OVERVIEW
63% Aircraft Spare Engine
Leasing Affiliates
34% Marine Equipment
3% Other
63%
34%
3%
$0
$20
$40
$60
$80
$100
RRPF JV PRE-TAX INCOME
(GATX’s SHARE)
$ M
IL
LIO
N
S
RAIL
NORTH
AMERICA
21
North America – Industry Railcar Ownership
52%
9%
19%
20%
RAILROADS (20%)
Ownership of railcars has been
declining
In 2000, 53% of railcars
were owned by railroads
Virtually no tank car ownership due
to complexities and regulations
Focus of capital investment
on infrastructure
LESSORS (52%)
Shift from railroad- and shipper- owned
railcars to lessor market share
Lessors dominate the tank car
segment due to complex services and
compliance requirements
UMLER as of January 2017
SHIPPERS (19%)
Shipper market share has been
relatively constant since 2008
at ~19%
Alternative focus of capital on
core business versus railcar
investments
TTX (9%)
Fleet is predominantly focused
on intermodal, flat cars, and
boxcars
Overall market share has remained
steady since 2008 at ~10% of the
North American fleet
NORTH AMERICAN FLEET
BY CAR TYPE
32% Covered Hopper
22% Open Top
25% Tank
9% Flat
8% Boxcar
4% Intermodal
32%
22%
25%
9%
8%
4%
Approximately 1.6 million railcars
22
North America – Industry Shipments & Carloadings
20.9
21.2
17.1
16.9
16
17
18
19
20
21
22
2004 2006 2008 2010 2012 2014 2016
19.4
Demand increased
across most major
commodity types.
Demand declined
due to difficulties
in nearly every
sector.
Demand increased as a
result of nearly all sectors.
Demand declined from 2011
to 2013 due to decreased
coal shipments.
Demand declined
due to energy-
related shipments
and a significant
oversupply of
railcars.
Association of American Railroads as of 12/31/2016
CARLOADS ORIGINATED
(United States and Canada)
(Milli
o
n
s)
Based on 2016 carloads of approximately 16.9 million
26%
5%
13%
5%
3%
14%
7%
3%
23%
26% Coal
5% Petroleum Products
13% Chemical
5% Forest & Paper Products
3% Food / Kindred
14% Farm Products
7% Auto
3% Metals
23% All Other
INDUSTRY SHIPMENT COMPOSITION
23
North America – Industry Backlogs
Cyclicality of the industry
is illustrated by the backlog
of orders at the railcar
manufacturers
The 2014 and 2015 spike in
tank car backlog was
primarily due to energy
markets
Deep backlogs are generally
positive for existing lessors’
fleets
– Customers’ alternative
of buying has long lead
times
– Access to new cars is
limited
Railway Supply Institute as of January 2017
‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16
Number of Tank Number of Freight
INDUSTRY BACKLOGS
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
24
North America – Lessor Market Share
LESSOR TANK CARS
Approximately 407,000
tank cars in North
America
– About 80% of tank cars
are owned by lessors,
with the balance
owned by shippers
GATX is the second
largest tank car lessor
UMLER as of January 2017; SMBC counts are post-ARL purchase
LESSOR FREIGHT CARS
Approximately 1.2
million freight cars in
North America
– Ownership is more
balanced across
owner types than tank
43% lessors, 26%
railroads, 18% shippers,
and 13% TTX
Based on more than 838,500
lessor-owned railcars
15%
16%
18%
12%
13%
6%
20%
NORTH AMERICAN
LEASING SHARE
15% GATX
16% Union Tank Car
18% Wells Fargo
12% Trinity
13% CIT
6% SMBC
20% Other
Based on approximately 324,000
lessor-owned tank cars
19%
38%
15%
9%
8%
11%
NORTH AMERICAN TANK
CAR LEASING SHARE
19% GATX
38% Union Tank Car
15% Trinity
9% CIT
8% SMBC
11% Other
25
GATX Rail North America
Based on more than 838,500 lessor-owned railcars
UMLER as of January 2017
Diverse fleet
with approximately
160 car types
serving over
550 commodities
Extensive maintenance
network, with
highly competitive
safety, quality, delivery
times, and
cost metrics
Broad range of
value offerings:
training, engineering
support, regulatory
assistance and other
services
Diverse customer
portfolio, with
strong credit
profiles
GATX RAIL NORTH AMERICA
15%
16%
18%
12%
13%
6%
20%
NORTH AMERICAN LEASING SHARE
15% GATX
16% Union Tank Car
18% Wells Fargo
12% Trinity
13% CIT
6% SMBC
20% Other
26
GATX Rail North America’s Diverse Customer Portfolio
12/31/2016
Customer families sometimes include more than one customer account, therefore the S&P or equivalent ratings noted generally reflect the credit quality of the rated parent entity. Lease obligations of
subsidiaries are not necessarily guaranteed by the rated parent entity.
GATX serves more
than
900 individual
customers
Top 20 customers
account for
36% of lease
revenue
Average
relationship tenure
of top ten customers
is 44 years
Largest
customer represents
less than 6.0%
of total lease
revenue
26%
36%
16%
22%
CREDIT RATINGS OF
TOP 50 CUSTOMER FAMILIES
26% AAA, AA, & A
36% BBB
16% BB or <
22% Private / Not Rated
27
CAR TYPE COMMODITIES CARRIED % OF GATX’S FLEET
16.0%
12.7%
10.5%
2.4%
8.3%
14.5%
8.6%
8.7%
7.0%
4.6%
2.6%
4.1%
TA
N
K
C
A
R
S
(49.
9
%
o
f
Fl
ee
t)
FR
EIGH
T
CA
R
S
(50.
1
%
o
f
Fl
ee
t)
GATX Rail North America’s Fleet Breakdown
General Service Tank Cars:
20k-25k gallon
General Service Tank Cars:
>25k gallon
High-Pressure Tank Cars
General Service Tank Cars:
13k-19k gallon
Other Specialty Tank Cars
Boxcars
Open-top Cars
Gravity Covered Hoppers:
>4k cubic feet
Pneumatic Covered
Hoppers
Gravity Covered Hoppers:
<4k cubic feet
Pressure Differential
Covered Hoppers
Other
Liquid fertilizers, Fuel oils, Asphalt, Food-grade oils, Chemicals (styrene, glycols, etc.)
Ethanol & methanol, Food-grade oils, Lubricating oils, Light chemicals (solvents, isopentane,
alkylates, etc.), Light petroleum products (crude oil, fuel oils, diesels, gasoline, etc.)
LPG, VCM, Propylene, Carbon dioxide
Molten sulfur, Clay slurry, Caustic soda, Corn syrup
Acids (sulfuric, hydrochloric, phosphoric, acetic, nitric, etc.), Coal tar pitch, Specialty chemicals
Paper products, Lumber, Canned goods, Food and beverages
Aggregates, Coal, Coke, Woodchips, Scrap metal, Steel coils
Grain, Sugar, Fertilizer, Potash, Lime, Soda ash, Bentonite
Plastic pellets
Sand, Cement, Roofing granules, Fly ash, Dry chemicals
Flour, Corn starch, Mineral powder, Lime, Clay, Cement
Flat cars (lumber and steel), Intermodal (containerized goods), Automotive (finished vehicles)
As of 12/31/2016
28
GATX Rail North America - Energy Markets
GATX purposely avoided investing heavily in the “Crude Oil Boom”
– Eventual pipeline developments and market dynamics warranted a cautious approach
Other lessors pursued a different approach
Collapse of “Crude Oil Boom” led to logical outcome
– Enormous oversupply of larger tank cars supposedly bound for crude oil service
– The retrofit market for legacy 30k-gallon tank cars never materialized
GATX’s exposure is minimal from a car count and net book value perspective
– < 2% of GATX’s total fleet is in crude service
– < 2% of GATX’s total fleet is in frac sand service
As of 12/31/2016
29
GATX Rail North America’s Maintenance Network
GATX is known for its integrity, safety, and quality of our operations and superior execution.
Services range from routine maintenance and regulatory programs to car modifications and rebuilds, including: All mechanical
repairs, interior cleaning, interior/exterior blasting, interior/exterior coatings, valve maintenance and qualification, and more.
EXTENSIVE MAINTENANCE NETWORK
Six major maintenance facilities
Four maintenance facilities
Seventeen locations with mobile units
Six customer site locations
Third-party maintenance facilities
CUSTOMERS RELY ON GATX MAINTENANCE
In 2016, GATX Rail North America performed an
aggregate over 62,000 maintenance events in its
owned and third-party maintenance network
Using Continuous Improvement, we constantly
identify and evaluate opportunities to increase
maintenance efficiency to minimize the time our
customers are without their railcars
As of 12/31/2016
30
GATX Rail North America’s Engineering Expertise
GATX’s engineering team, including experienced mechanical, structural, and chemical engineers,
communicates regularly with customers and tailors solutions to meet their needs.
Examples of engineering
support include:
Preventative maintenance,
Inspection plans,
Car design / specifications,
Chemical engineering,
and customer-specific
enhancements
AUTO CARRIER CONVERSION PROJECT
GATX Engineering successfully converted older flatcars to auto carriers.
Some of these flatcars were originally designed to carry over-the-road
trailers and others were designed to carry standard containers (ISO
containers). This was an extensive end-to-end engineering project that
repositioned these cars into a more attractive market while also increasing
their statutory lives from 50 years to 65 years.
INCREASED GROSS RAIL LOAD PROJECTS
These projects entail structural modifications to increase the gross rail load
for existing, low-capacity cars. Doing so allows these cars to haul heavier loads
and improves their marketability and acceptance by shippers/customers.
31
GATX Rail North America Training Programs
GATX’s commitment to provide safe, reliable assets goes beyond maintenance and engineering.
GATX PROVIDES CRITICAL TRAINING AT ITS HEADQUARTERS, CUSTOMER SITES AND THROUGH ITS
TANKTRAINER™ MOBILE CLASSROOM
GATX has offered the TankTrainer™ program since 1993, providing a unique learning experience to nearly
22,000 first responders, customers, and rail industry participants.
32
GATX Rail North America’s Technology & Custom Applications
SHOP PORTAL
Provides repair instructions to maintenance network shops
Provides car and event-specific forms to assure that required
inspection points and mandatory repair items are documented
and addressed
MyGATXRail.com
Provides real-time maintenance data and fleet-management
capability to our customers
GATX continues to innovate for our customers.
33
GATX Rail North America Participates in Regulatory Environment
GATX actively participates in or interacts with numerous committees within various
industry groups in the United States.
Participation allows GATX to stay current on
developments, guide decisions, and
communicate information to customers
GATX employees participate in 14 committees
within the Association of American Railroads
(AAR), including:
– Associates Advisory Board, Asset Health
Committee, Arbitration & Rules Committee,
Equipment Engineering Committee, Tank
Car Committee, and the UMLER Committee
GATX employees are involved with 10 Trade
and Supplier Associations, including:
– The American Chemistry Council, American
Petroleum Institute, Equipment Leasing &
Finance Association, and Railway Supply
Institute
34
GATX Rail North America’s Locomotive Leasing
96% are four-axle locomotives leased to:
Regional and short-line railroads
Industrial users
Class I railroads
$34
$32
$35
$38
$39
2012 2013 2014 2015 2016
LOCOMOTIVE LEASE REVENUEGATX OWNS, MANAGES OR HAS AN INTEREST
IN MORE THAN 600 LOCOMOTIVES
$
M
ILL
ION
S
As of 12/31/2016
RAIL
INTERNATIONAL
36
30%
70%
International – European Industry Snapshot
Approximately 705,000 railcars in
standard-gauge countries
RAILCAR OWNERSHIP Eastern European fleets
include many older,
smaller tank cars
Increasingly difficult for
smaller lessors to obtain
financing and meet
required regulatory
standards in a cost-
effective manner
GATX management estimates as of 12/31/2016
Lease rate volatility is lower
relative to North American
market
Key segments continue to
demonstrate need to replace
aging equipment for regulatory
reasons
30% Leasing
Companies
70% Other
37
26%
36%
19%
19%
THE STRUCTURE
OF THE TANK CAR
LEASING MARKET IN
EUROPE IS SIMILAR
TO NORTH
AMERICA’S
Lessors own the
majority of the tank
cars in Europe –
approximately 68%
A few large leasing
companies lead the
market
International – European Industry Snapshot
GATX management estimates as of 12/31/2016
29%
16%
31%
15%
9%
INDUSTRY CAR TYPES
Approximately 705,000 railcars in
standard-gauge countries
Approximately 77,000 tank cars
TANK CAR LEASING MARKET
26% GATX Rail Europe
36% VTG
19% Ermewa
19% Other
29% Flat Wagons
16% Tank Wagons
31% Dry Bulk
Wagons
15% Covered Wagons
9% Other
38
GATX Rail Europe
GATX management estimates as of 12/31/2016
Operations in the
major rail markets
across Europe
Broad range of value
offerings: maintenance,
training, engineering support,
regulatory assistance and
other services
Diverse customer
portfolio, with
strong credit
profiles
Approximately 77,000 tank cars
GATX RAIL EUROPETANK CAR LEASING MARKET
26% GRE
36% VTG
19% Ermewa
19% Other
26%
36%
19%
19%
39
42%
25%
11%
5%
4%
3%
2%
8%
CAR TYPE COMMODITIES CARRIED
Liquid Petroleum Products Light mineral oil (gasoline, jet fuel, diesel oils, light heating oils), Dark mineral oil (heavy heating oils,
lubricating oils, coal tar, bitumen, asphalt), crude oil
LPG Propane, Butane, Propylene, Butadiene, Light carbohydrate fractions, Cooling gas mixtures
Chemical Liquid fertilizers, Acids (Hydrochloric, Sulphur, Phosphoric, etc.), Bases (Carbohydrates, Solutions, Soda
lye, Sodium Hypochlorite, etc.), Aromatics (Benzene, Toluene, Xylenes, Phenol, etc.), Liquid sulphur,
Hydrogen peroxide, Resins and glues, Solvents
Freight/Powder Lime, Cement, Coal, Coke, Gravel, Sand, Silica sand
63%
16%
13%
8%
GRE Geographies and Fleet Structure
Approximately 23,000 railcars as of 12/31/2016Based on 2016 GRE Revenues
Nearly 80% of GRE’s revenue is generated in Germany, Poland, and Austria – strong rail freight transport economies.
GEOGRAPHIES SERVED FLEET STRUCTURE
63% Liquid
Petroleum Products
16% LPG
13% Chemical
8% Other
42% Germany
25% Poland
11% Austria
5% The Netherlands
4% Hungary
3% Czech Republic
2% Slovakia
8% Other
40
80%
10%
10%
GRE’s Customer Base
GRE’s newer and higher capacity fleet attracts top-tier customers.
Today, the average lease term for GRE is 2 years;
however, renewal success rates tend to be high
– 17 of GRE’s top 20 customers by revenue have
done business with us for at least 15 years
Top 10 customers based on 2016 revenue
GRE HAS INVESTED MORE THAN $1 BILLION
OVER THE LAST 10 YEARS, RESULTING IN A
NEWER AND HIGHER CAPACITY FLEET TO
SERVE ITS CUSTOMERS
2005 2015
GRE Car Count 18,900 23,000+
GRE Average Fleet Age
(years)
24 18
GRE Average Fleet Capacity
(million m³)
1,337 1,886
TOP 10 CUSTOMER CREDIT RATING
80% Investment Grade
10% Speculative (BB+ or lower)
10% Private/Not Rated
41
GRE’s Service Offerings
MAINTENANCE
GRE’s goal is to ensure
maximum railcar
availability
Proven track record of
extremely high safety
standards and
technical expertise
A network of owned
workshops and
certified contract
partners
GRE arranges for the
cleaning of tanks and
railcars combined with
scheduled repairs to
reduce downtime
ENGINEERING
Decades of
engineering
experience
Project Development
department can
adapt special railcars
in own workshop to
meet exact customer
needs
GRE controls the
entire process - from
conceptual design to
construction through
to the delivery of
new and modernized
railcars
ASSEMBLY
GRE’s own
production facility,
combined with
extensive
modernization
expertise, guarantees
the highest standards
in safety and quality
Tailored solutions
SUPPORT
Comprehensive
customer service
Deep industry-
specific know-how
combined with
understanding of
individual
transportation
needs
MODERNIZATION
With an average
age of 18 years,
GRE has one of the
youngest and most
modern railcar
fleets in Europe
Customer-specific
adaptations and
additional
equipment can be
implemented in
many railcar types
42
GRE’s Maintenance Network
JUNGENTHAL FACILITY (HANNOVER, GERMANY)
Main tasks are revisions, cleaning, and
sandblasting
Modern infrastructure with nearly 70 employees
OSTRÓDA FACILITY (OSTRÓDA, POLAND)
Main tasks are revisions, new railcar assembly,
and reconditioning of components
Modern infrastructure with over 350 employees
43
GATX India
GATX India Private Limited
is the market leader in
railcar leasing
– Owns fleet of
approximately 800
container flat wagons
– Actively seeks attractive
investment
opportunities to grow
the fleet
– Recognized as a key rail
industry stakeholder
Leverages GATX Rail North
America and GRE’s
engineering, services, and
fleet management
expertise to generate
competitive advantages
and premium customer
services
$0
$1
$2
$3
$4
$0
$5
$10
$15
$20
$25
$30
2012 2013 2014 2015 2016
NBV (left axis)
Lease Income (right axis)
As of 12/31/2016
GATX’s GROWTH IN INDIA
GATX OBTAINED THE FIRST
EVER WAGON LEASING
LICENSE IN 2012
$ M
IL
LIO
N
S
$ M
IL
LIO
N
S
44
GATX Russia
Russia has one of the largest privately
owned railcar fleets in the world
GATX Russia owns a fleet of approximately
200 wagons – boxcars and timber-flatcars
Actively pursuing opportunities with
multi-national companies and Russian
blue-chip companies
Continuing to develop local capabilities
Leverages GATX Rail North America and
GRE’s core strengths and relationships to
establish local competitive advantages
GATX STARTED DEVELOPING BUSINESS
OPERATIONS IN RUSSIA IN 2013
AMERICAN
STEAMSHIP
COMPANY
46
SAILING SEASON GENERALLY RUNS FROM LATE
MARCH THROUGH THE END OF DECEMBER
Weather conditions and water levels impact
operating efficiencies, especially early spring
and early winter
SHIPPING INDUSTRY ON THE GREAT LAKES IS
MATURE WITH HIGH BARRIERS TO ENTRY
US new-build vessel costs have risen sharply
Jones Act protects US flagged operators
Concentrated customer base
Great Lakes Industry Overview
0
20
40
60
80
100
120
2006 2008 2010 2012 2014 2016
US-flagged Net Tons Carried ASC Net Tons Carried
Lake Carriers’ Association as of 12/31/2016
US-FLAGGED DRY BULK CARGO CARRIAGE
GATX/ASC management estimates as of 02/10/2017
33%
24%
20%
10%
7%
7%
Total annual industry capacity 104 million net tons
CAPACITY OF US-FLAG VESSEL OPERATORS
33% ASC
24% Interlake Steamship Company
20% Great Lakes Fleet, Inc.
10% Grand River Navigation
7% Central Marine Logistics
7% Other
47
BUSINESS
OVERVIEW
ASC provides
transportation of
dry bulk
commodities
across the Great
Lakes and St.
Lawrence
Seaway
ASC joined GATX
in 1973 and has
been in
operation over
100 years
ASC operates
with significant
emphasis on
safety and
environmental
stewardship
FLEET
OVERVIEW
Fleet of 17 self-
unloading vessels
– No shore-side
assistance required
– Operates 24-hours
a day, seven days a
week (March-
January)
Fresh-water vessels
are long-lived
– ASC operates the
youngest US-
flagged fleet
Composition of fleet
meets varying levels
of demand and
operational metrics
(Range in length from
635’ to 1,000’)
CUSTOMER
OVERVIEW
ASC served 25
customers in
2016
Top five
customers
composed 83%
of ASC’s total
revenue in
2016
Excellent
customer
relationships
Innovative and
solution driven
ASC Business Overview
As of 12/31/2016
48
13%
28%
57%
2%
ASC Commodities Carried & Industries Served
Based on 2016 ASC revenue
IRON ORE
COAL
LIMESTONE
accounts for the highest volume carried by US-flag Great Lakes vessels
is transported to power generating facilities along the Lakes
is used by the steel and construction industries
8%
27%
59%
6%
6%
INDUSTRIES SERVED BY ASC
8% Construction
27% Electric Utility
COMMODITIES CARRIED BY ASC
59% Steel
6% Other
Based on 2016 ASC volume of 25.4 million net tons
13% Limestone
28% Coal
57% Iron Ore
2% Other
PORTFOLIO
MANAGEMENT
50
Aircraft Spare Engine Leasing Industry Overview
GROWTH OF SPARE
AIRCRAFT ENGINES
Demand and continued
switching to spare
engine leasing by
airlines
AIRCRAFT GROWTH
33,000
new aircraft in
the next 20 years
1%
10%
40%
50%
1990 1998 2016 2020 (Forecast)
Growth Estimates: RRPF management estimate as of 12/31/2016
PERCENT OF INDUSTRY’S SPARE ENGINES LEASED
ENGINE GROWTH
69,000
new aircraft engines
SPARE ENGINE GROWTH
4,600
new aircraft spare engines with an
estimated total value of
approximately $70 billion
AIR TRAVEL
1980 1995 2010
2X
Growth
2X
Growth
4.6%
expected annual growth
until 2035
51
Aircraft Spare Engine Leasing Industry Overview
MAINTENANCE SPARE ENGINE OVERVIEW
Engines are very attractive and reliable leasing
assets
– Robust residual value characteristics
– Retain value better over the long term compared
to aircraft
Aircraft engines need regular scheduled
maintenance (3-5 year intervals) which takes
between 90 and 120 days
– Correct level of spare engines are maintained to
ensure the fleet remains operationally
undisrupted
– Spare engine ratio to engines installed on aircraft
recommended by manufacturers
• 8% narrow body
• 10-15% wide body
Growth Estimates: RRPF management estimate as of 12/31/2016
52
RRPF Affiliates Overview
The RRPF portfolio has committed future lease receipts of more than $1.9 billion.
RRPF OVERVIEW
GATX established its first
partnership with Rolls-Royce
plc in 1998
Total NBV of engines upon
RRPF establishment was $350
million; today the NBV is
approximately $3.3 billion
RRPF affiliates contribute
meaningfully to GATX’s
financial results
Lease spare aircraft engines to
commercial airlines and Rolls-
Royce plc
– The largest Rolls-Royce
spare aircraft engine
portfolio in the industry,
with more than 400 engines
As of 12/31/2016
Based on NBV of approximately $3.3 billion;
100% of RRPF’s portfolio as of 12/31/2016
28%
15%
12%
7%
4%
21%
13%
RRPF ENGINE TYPES
28% Trent 700 (A330)
15% V2500 (A320)
12% Trent 900 (A380)
7% Trent 800 (B777)
4% Trent 1000 (B787)
21% XWB (A350)
13% Other
53
RRPF Affiliates Market Leadership
RRPF enjoys leading market position in each targeted asset type.
72%
84%
39%
73%
45%
100% 100%
24%
11%
34%
27%
21%
Trent 500 Trent 700 Trent 800 Trent 900 V2500 XWB Trent 1000
RRPF MARKET POSITION
(% OF SPARE ENGINES ON OPERATING LEASE)
RRPF 2nd Largest Spare Engine Lessor of the Asset Type
RRPF management estimates as of 4Q 2016
54
DISCIPLINED CAPITAL
ALLOCATION APPROACH
118
55
PRIORITY 2
Manage the balance sheet
Maintain a solid investment grade
rating of BBB/Baa2
Maintain capacity for opportunistic
investments
Capital Allocation Framework
$763
$634
$781
$480
$585
$615
$770
$860
$1,031
$715
$621
2006 2008 2010 2012 2014 2016
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2006 2008 2010 2012 2014 2016
Cumulative Share Repurchase
Cumulative Dividends
PRIORITY 1
Invest in value-creating assets
whereby GATX can leverage
strengths to maximize
shareholder value
$7.9 billion* of investments over
the period shown
PRIORITY 3
In lockstep with Priorities 1 and
2, return cash to shareholders
Over the period shown below,
$870 million of share repurchase
and $623 million paid to
shareholders in dividends
5.4
3.3
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
20022004200620082010201220142016
*Investment Volume and Non-cash Items
CASH RETURNED TO
SHAREHOLDERS
LEVERAGE*
(Recourse Debt/Equity)
INVESTMENT VOLUME
$ M
IL
LIO
N
S
$ M
IL
LIO
N
S
*Total Recourse Debt = On-Balance-Sheet Recourse Debt + Off Balance-
Sheet Recourse Debt + Capital Lease Obligations + Commercial Paper and
Bank Credit Facilities, Net of Unrestricted Cash
As of 12/31/2016 As of 12/31/2016 As of 12/31/2016
56
$196
$3,902
$3,068
$1,810
$7,488
$579
$871
$16 $308
Cash from
Operations
Portfolio
Proceeds
External
Debt
(Net)
Other
Investments
Buybacks
Sources and Uses of Cash (2007-2016)
As of 12/31/2016
$
M
ILL
ION
S
Beginning
Cash 2007
Dividends Other
Ending
Cash 2016
$286
FINANCIAL HIGHLIGHTS
57
118
58
2006 2008 2010 2012 2014 2016
Operating Cash Flow Portfolio Proceeds
$932
$781
$654
$521
$395
$768
Financial Highlights – Cash Flow and Lease Receipts
GATX has nearly $4.1 billion in committed future lease receipts.
GATX COMMITTED FUTURE LEASE
RECEIPTS
As of 12/31/2016
$ M
IL
LIO
N
S
$ M
IL
LIO
N
S
OPERATING CASH FLOW &
PORTFOLIO PROCEEDS
(Continuing Operations)
$
3
4
0
$
3
6
4
$
2
6
7
$
2
4
4
$
3
0
7
$
3
7
0
$
4
0
1
$
4
4
9
$
5
3
4
$
2
9
3
$
2
4
7
$
1
5
6
$
6
8
$
8
4
$
1
5
4 $
2
8
9
$
3
8
5 $
2
6
4 $
4
8
2
$
1
2
3
As of 12/31/2016
$
2
2
4
$
6
2
6
59
% of Assets that are Secured
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
2002 2004 2006 2008 2010 2012 2014 2016
As of 12/31/2016
Total Recourse Debt = On-Balance-Sheet Recourse Debt + Off-Balance-Sheet Recourse Debt +
Capital Lease Obligations + Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash
Financial Highlights – Strong Balance Sheet
GATX primarily issues unsecured debt (leaving assets largely unencumbered), manages leverage, and
balances debt maturity schedules.
Sold aircraft leasing business & reduced
leverage and secured assets
LEVERAGE & REDUCTION OF SECURED ASSETS
Recourse Debt/Equity
$303
$516 $550
$350
$558
$2,010
2017 2018 2019 2020 2021 Thereafter
$ M
IL
LIO
N
S
FUTURE DEBT OBLIGATIONS
Stable Leverage post-2006
As of 12/31/2016
60
Financial Highlights – Strong Balance Sheet
GATX has decreased borrowing costs and increased borrowing term. GATX issued more than
$500 million of public unsecured debt in 2016.
6.4%
3.7%5.0
3.3
9.0
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Effective Cost of Debt (left axis) Average Life in Years (right axis)
As of 12/31/2016
DECLINING COST OF DEBT & INCREASING BORROWING TERM
61
Financial Highlights – Access to Capital
GATX issued $3.3 billion of long-term debt in the
public market during the last 4-years (2013-2016)
GATX efficiently accessed capital in difficult
markets
– Raised $250 million of debt financing during
the depth of the financial crisis in late 2008
– Raised $300 million of debt in February 2009
– Raised $300 million of debt in September 2009
62
Financial Highlights – Results
$2.54
$3.07
$3.49
$1.97
$1.59
$2.01
$2.81
$3.50
$4.48
$5.37
$5.77
13%
14%
15%
9%
7%
9%
11%
13%
15%
18% 18%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
EPS (left axis) ROE (right axis)
Graph displays Diluted EPS
Diluted EPS and ROE exclude Tax Adjustments and Other Items. See the Appendix for a reconciliation of these non-GAAP measures.
$
P
ER
SHAR
E
RECONCILIATION OF
NON-GAAP MEASURES
63
64
Reconciliation of Non-GAAP Measures – Net Income Measures
Net Income 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
(in millions)
Net income (GAAP) 183.8$ 194.8$ 81.4$ 80.8$ 110.8$ 137.3$ 169.3$ 205.0$ 205.3$ 257.1$
Adjustments attributable to consolidated income, pretax:
Railcar impairment at Rail North America - - - - - - - - - 29.8
Net loss on wholly owned Portfolio Management marine investments - - - - - - - - 9.2 2.5
Residual sharing settlement at Portfolio Management - - - - - - - - - (49.1)
Early retirement program - - - - - - - - 9.0 -
Litigation recoveries - - - (6.5) (3.2) - - - - -
Leveraged lease adjustment - - - - (5.5) - - - - -
Gain on sale of office building - (12.0) - - - - - - - -
Environmental reserve reversal - (8.2) - - - - - - - -
Total adjustments attributable to consolidated income, pretax -$ (20.2)$ -$ (6.5)$ (8.7)$ -$ -$ -$ 18.2$ (16.8)$
Income taxes thereon, based on applicable effective tax rate -$ 3.8$ -$ 2.4$ 2.0$ -$ -$ -$ (6.9)$ 7.2$
Other income tax adjustments attributable to consolidated income:
Income tax rate changes (17.1) - - - - 0.7 - - 14.1 -
GATX income taxes on sale of AAE - - - - - - 23.2 - - -
Foreign tax credit utilization - - (7.4) - - (4.6) (3.9) - - (7.1)
Tax benefits upon close of tax audits - - - (9.5) (4.8) (15.5) - - - -
Deferred tax benefit from the expiration of the statute of limitations on a tax position taken - (6.8) - - - - - - - -
Total other income tax adjustments attributable to consolidated income (17.1)$ (6.8)$ (7.4)$ (9.5)$ (4.8)$ (19.4)$ 19.3$ -$ 14.1$ (7.1)$
Adjustments attributable to affiliates' earnings, net of taxes:
Net loss (gain) on Portfolio Management affiliate - - - - - - - - 11.9 (0.6)
Income tax rate changes (3.0) - - (1.9) (4.1) (4.6) (7.6) - (7.7) (3.9)
Pretax gain on sale of AAE - - - - - - (9.3) - - -
Interest rate swaps at AAE - 3.3 20.7 9.3 (0.2) 20.5 (6.9) - - -
Total adjustments attributable to affiliates' earnings, net of taxes (3.0)$ 3.3$ 20.7$ 7.4$ (4.3)$ 15.9$ (23.8)$ -$ 4.2$ (4.5)$
Net Income, excluding tax adjustments and other items (non-GAAP) 163.7$ 174.9$ 94.7$ 74.6$ 95.0$ 133.8$ 164.8$ 205.0$ 234.9$ 235.9$
Earnings per Share 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Diluted earnings per share (GAAP) 3.43$ 3.88$ 1.70$ 1.72$ 2.35$ 2.88$ 3.59$ 4.48$ 4.69$ 6.29$
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) 3.07$ 3.49$ 1.97$ 1.59$ 2.01$ 2.81$ 3.50$ 4.48$ 5.37$ 5.77$
65
Reconciliation of Non-GAAP Measures – Balance Sheet Measures
On- and Off-Balance Sheet Assets 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Total assets (GAAP) 4,723.2$ 5,190.5$ 5,206.4$ 5,442.4$ 5,846.0$ 6,044.7$ 6,535.5$ 6,919.9$ 6,894.2$ 7,105.4$
Off-balance sheet assets:
Rail North America 1,230.1 1,056.5 1,012.1 968.1 884.5 863.5 887.9 606.1 488.7 456.5
ASC - - - - - 21.0 16.5 11.7 6.8 2.6
Portfolio Management 5.8 4.7 4.0 3.4 2.6 - - - - -
T tal off-balance sheet assets 1,235.9$ 1,061.2$ 1,016.1$ 971.5$ 887.1$ 884.5$ 904.4$ 617.8$ 495.5$ 459.1$
Total assets, as adjusted (non-GAAP) 5,959.1$ 6,251.7$ 6,222.5$ 6,413.9$ 6,733.1$ 6,929.2$ 7,439.9$ 7,537.7$ 7,389.7$ 7,564.5$