F i x e d I n c o m e 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 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

8 GATX 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

9 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

10 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

11 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

12 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

13 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.), Aromas (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

14 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

15 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 RRPF OVERVIEW  GATX established its first partnership with Rolls-Royce plc in 1998  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  Total NBV of engines upon establishment of RRFP was $350 million; today the NBV is approximately $3.3 billion  RRPF has committed future lease receipts of more than $1.9 billion

FINANCIAL PROFILE 16 118

17 Financial Profile – Overview  Strong, stable and predictable cash flow – Market leadership in railcar leasing business – High level of committed revenues – Credit strength of customer base  Strong balance sheet – Long-lived railcar assets – Limited secured debt  Excellent liquidity through cycles – Access to capital is well diversified – $600 million committed credit facility matures in 2021 – $250 million railcar-based facility – Balanced maturity schedule  Flexible capital spending

18 2006 2008 2010 2012 2014 2016 Operating Cash Flow Portfolio Proceeds $932 $781 $654 $521 $395 $768 Financial Profile – Cash Flow 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

19 Financial Profile – Customer Base 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 GATX RAIL EUROPE ALSO HAS A STRONG CUSTOMER BASE – AMONG ITS TOP 10 CUSTOMERS, 80% HAVE INVESTMENT GRADE RATINGS GATX RAIL NORTH AMERICA

20 Financial Profile – 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

21 % 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 Profile – 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

22 Financial Profile – Diversified Access to Capital  GATX will continue to utilize its traditional sources to meet its financing needs: – Commercial paper – Unsecured debt offerings – Unsecured private placements – Unsecured bank term loans – Secured rail debt

23 Financial Profile – Financings 2016 FINANCINGS  $150 million unsecured offering of 50-year retail- targeted notes  $350 million unsecured offering of 10-year notes  $200 million unsecured 5-year term loan 2015 FINANCINGS  $650 million unsecured offering – $100 million 5-year notes (re-opening) – $300 million 10-year notes – $250 million 30-year notes 2014 FINANCINGS  $850 million unsecured offering – $300 million 3-year notes – $250 million 5+-year notes – $300 million 30-year notes  $250 million unsecured offering of 5+-year notes (1) As of 12/31/16 (2) Excludes adjustments for fair value hedges, debt discounts, and debt issuance costs RECENT NOTABLE FINANCINGS DEBT OUTSTANDING(1) ($ millions)GATX issued $2.3 billion of long-term debt in the public market during the last 3 years (2014-2016) SHORT-TERM AMOUNT Borrowings under Bank Credit Facilities (Europe) 3.8 UNSECURED 1.250% Notes due 2017 300.0 6.000% Notes due 2018 200.0 2.375% Notes due 2018 250.0 2.500% Notes due 2019 300.0 2.500% Notes due 2019 250.0 2.600% Notes due 2020 350.0 4.850% Notes due 2021 300.0 4.750% Notes due 2022 250.0 3.900% Notes due 2023 250.0 3.250% Notes due 2025 300.0 3.250% Notes due 2026 350.0 5.200% Notes due 2044 300.0 4.500% Notes due 2045 250.0 5.625% Notes due 2066 150.0 Floating Rate Debt due 2021 200.0 Floating Rate Debt due 2024 100.0 Floating Rate Debt due 2025 60.0 Fixed and Floating Rate Debt due 2017-2021 (Europe) 126.2 SECURED Capital Lease Obligations 14.9 Total Balance Sheet(2) $4,304.9 OPERATING LEASES Operating Leases – Recourse (Off-Balance-Sheet) $459.1

24 Financial Profile – Summary SOLID AND PREDICTABLE CASH FLOW  Market leader in railcar leasing business  Committed future lease receipts from strong and diversified customer base  Operational and geographic diversification  Capital spending flexibility  Solid and sustained customer relationships STRONG BALANCE SHEET  Primarily long-lived, widely used railcar assets  High market value of assets relative to book value  Limited secured debt EXCELLENT LIQUIDITY POSITION  $600 million committed availability under primary credit facility  $250 million railcar-based facility  Strong and efficient CP program  Consistent access to capital markets through cycles  Balanced debt maturity profile

APPENDIX 25 118

26 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

27 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

28 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

29 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

30 CAR TYPE COMMODITIES CARRIED % OF GATX’S FLEET 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 16.0% 12.7% 10.5% 2.4% 8.3% 14.5% 8.6% 8.7% 7.0% 4.6% 2.6% 4.1%

31 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

32 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

33 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

34 RRPF Affiliates Overview The RRPF portfolio has committed future lease receipts of more than $1.9 billion. 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 TypeBased 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

RECONCILIATION OF NON-GAAP MEASURES 35

36 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$

37 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$