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Thursday, January 27^th

11:00 AM Eastern Time

Domestic Dial-In:
International Dial-In:

1-800-706-6082
1-706-634-7421

Replay: 1-800-642-1687 / Access Code: 3520528

Exhibit 99.1


		NEWS RELEASE

FOR RELEASE: IMMEDIATELY

GATX CORPORATION REPORTS 2004 FOURTH QUARTER AND FULL-YEAR RESULTS

CHICAGO, January 27 - GATX Corporation (NYSE:GMT) today announced its 2004 fourth quarter and full-year results. Per share results for the fourth quarter and full year ending December 31 are summarized below:


	Three Months Ended				Twelve Months Ended
	December 31				December 31
Per Diluted Share	2004		2003		2004		2003
Income from Continuing Operations	$	1.23	$	.42	$	2.86	$	1.24
Income from Discontinued Operations		.01		.10		.18		.29

Total	$	1.24	$	.52	$	3.04	$	1.53

The 2004 fourth quarter income from continuing operations included an after-tax gain of $.63 per diluted share from the sale of GATX’s Staten Island property and after-tax benefits of $.25 per diluted share from a tax refund. The 2003 fourth quarter income from continuing operations included $.22 per diluted share of favorable tax adjustments.

Income from continuing operations for the full year ended December 31, 2004 included the after-tax gain of $.63 per diluted share from the aforementioned property sale, $.53 per diluted share of income from insurance recoveries and $.29 per diluted share of tax benefits including the abovementioned refund and other favorable adjustments. Income from continuing operations for the full year 2003 included income of $.20 per diluted share related to insurance recoveries and income of $.24 per diluted share from tax adjustments, offset by air impairments and charges totaling $.19 per diluted share.

In the second quarter of 2004, GATX completed the sale of substantially all of its technology leasing assets. Therefore, the technology leasing segment is reported as a discontinued operation and prior periods have been restated to conform to the current presentation. Additionally, diluted earnings per share amounts in each year reflect adoption of EITF Issue 04-8, The Effect of Contingently Convertible Instruments on Diluted Earnings per Share, which requires that contingently convertible securities be included in the computation of diluted earnings per share as if these securities were

Page 2

converted into common stock. The only effect of this adoption is a reduction of income per diluted share from continuing operations of $.20 in 2004 and $.01 in 2003.

Ronald H. Zech, chairman and chief executive officer of GATX, stated, “At the start of 2004, we expected a gradual improvement in our underlying markets. As the year progressed, the recovery strengthened, particularly in rail. This was reflected in increased utilization and rising rail lease rates, and across our businesses we experienced improved credit quality, increased new investment, and solid remarketing gains. With the improvement in 2004, we are optimistic as we look forward into 2005 and beyond.

“This was a strong year for investment in rail; we invested $490 million in 2004, nearly double our investment in 2003, and acquired over 6,200 cars. Lease renewal rates continued to improve in the fourth quarter and demand for railcars remained strong. Utilization of the North American fleet was 97%, up significantly from 93% at the start of 2004. Additionally, our European rail operations strengthened and contributed to the year-over-year earnings improvement. In 2005, we expect our rail business will maintain its positive momentum as leases continue to renew into a higher lease rate environment. Thus, we expect Rail’s 2005 net income to improve over the prior year.

“The air market remained volatile in 2004, with airlines continuing to struggle. Lease rates have strengthened, particularly on newer aircraft, with utilization remaining at high levels. We have no new aircraft scheduled for delivery in 2005 and we anticipate continued modest strengthening in lease rates. However, remarketing activity in 2005 may not be as strong as 2004. Therefore, we expect the 2005 earnings contribution from Air to remain relatively flat with 2004. This outlook assumes no significant impairments, but as we have noted previously, air carrier weakness is likely to continue to create uncertainty in the market and the risk of aircraft impairments remains.

“Specialty Finance experienced strong credit performance, solid remarketing opportunities, and substantially reduced SG&A in 2004. We continued to pursue new investments in the shipping and marine sector, although the strength in these markets made finding attractive investments more challenging. Asset levels in the Specialty portfolio continue to decline, although the pace of decline is expected to slow. In 2005, we expect Specialty’s net income to be more spread oriented, with

Page 3

remarketing gains and the income contribution from the improved credit profile retreating from the robust levels achieved in 2004. As such, we expect Specialty’s net income to decline in 2005.

“Considering all the factors outlined above, we expect 2005 net income from continuing operations to be in the range of $1.60 — $1.70 per diluted share, which includes approximately $.10 per diluted share of income from non-operating items. This outlook assumes no material change in operating trends in our major end markets, no costs associated with liability management, and no material asset impairments.”

Mr. Zech concluded, “For 2005, we are focused on moving the company forward–capitalizing on investment opportunities, continuing to improve our credit profile, and strengthening our earnings.”

GATX RAIL

GATX Rail reported net income of $15.8 million in the 2004 fourth quarter compared to $13.9 million in the prior year period. For the full year 2004, net income was $60.4 million compared to $54.9 million in the prior year. The 2004 results included a $2.3 million deferred tax benefit from a reduction in statutory foreign tax rates at GATX Rail’s European operations.

GATX Rail’s North American fleet totaled 107,000 cars at the end of 2004 up from 105,000 at year end 2003. Utilization of this fleet was 97% at the end of the fourth quarter, up slightly from the end of the third quarter and up from 93% at the end of 2003. The increase in utilization reflects the addition of active cars to the fleet through new deliveries and fleet acquisitions in the secondary market, 1,300 cars moving from idle to active service, and car scrapping. Results in GATX’s European rail operations also improved during the course of the year and total fleet count was approximately 37,000 cars at year end.

GATX Rail acquired more than 6,200 railcars in North America through new car and secondary market purchases, compared to 2,400 cars acquired during 2003. In addition, GATX purchased the remaining 50% interest in its locomotive leasing partnership, Locomotive Leasing Partners (LLP). Investment volume at GATX Rail reached $490 million in 2004 versus $250 million in the prior year, reflecting increasingly attractive investment opportunities.

Page 4

Maintenance expenses in 2004 were higher than 2003 levels, due primarily to costs associated with removing cars from idle inventory and preparing them for active service. Effectively managing maintenance costs is a focal point at GATX Rail as cars are shopped for mandated regulatory inspections and required maintenance.

Order backlogs at railcar manufacturers, an industry indicator of demand for new railcars, remained high at 59,000 at year end. North American manufacturing capacity utilization, as reported by the Federal Reserve, was 79%, up from 78% in the prior quarter and 77% in 2003. Rail industry carloadings, excluding intermodal, were up nearly 3% year over year and industry-wide chemical shipments increased 4.3% in 2004 versus the prior year.

GATX AIR

GATX Air reported fourth quarter net income of $.2 million compared to net income of $1.1 million in the prior year period. The 2004 fourth quarter was negatively affected by $2.7 million of after-tax impairments on two older aircraft held for sale at the Pembroke joint venture, and costs associated with the repossession of five jointly-owned aircraft from a bankrupt carrier. For the full year 2004, net income was $9.8 million compared to $2.1 million in the prior year. The 2003 results included $9.5 million after-tax of air-related impairments and charges.

During 2004, GATX took delivery of three new aircraft and took advantage of select opportunities to purchase four aircraft in the secondary market. All three 2004 scheduled new deliveries were placed with customers and there are no new deliveries scheduled for 2005. All of GATX Air’s originally scheduled aircraft renewals in 2004 were renewed or assigned to new customers. However, GATX Air did not find as many aircraft management opportunities as had been expected.

Utilization of the owned fleet was at 98.4% at year end and lease rates on certain aircraft types continued to show signs of a gradual recovery. GATX continues to monitor air carrier performance through the more challenging winter season and for the impact of high jet fuel prices.

Regarding the air sector, an updated slide presentation outlining portfolio data is available at www.gatx.com.

Page 5

GATX SPECIALTY FINANCE

GATX Specialty Finance reported net income of $9.2 million in the 2004 fourth quarter compared to $11.4 million in the prior year period. For the full year 2004, net income was $40.6 million compared to $38.1 million in the prior year. The full-year 2004 results were driven primarily by an improved credit environment, lower SG&A expenses, continued strong performance of shipping and marine joint ventures, and solid remarketing gains.

The Specialty portfolio currently consists of $469 million of owned assets and third-party managed portfolios totaling $729 million. The venture assets continue to run off as planned, with approximately $52 million of assets remaining at the end of 2004, down from $104 million at the start of the year. Following the venture asset run-off, the majority of which should occur in 2005, the pace of asset decline in the overall Specialty portfolio is expected to slow. GATX is selectively pursuing new investments in Specialty, particularly in the marine area.

DISCONTINUED OPERATIONS

In the second quarter of 2004, GATX completed the sale of substantially all its technology leasing assets. The technology leasing segment is accounted for as a discontinued operation in all periods presented.

CREDIT STATISTICS

Credit statistics from prior periods have been restated to exclude GATX’s technology segment, due to the reclassification of this segment as a discontinued operation.

Net charge-offs and impairments totaled $13.4 million during 2004 or 0.2% of average total assets, compared to $55.4 million or 0.8% in 2003. Non-performing leases and loans at the end of the 2004 fourth quarter totaled $57.2 million, compared to $76.1 million at the end of 2003. The credit statistics reflect the overall improvement in credit quality in the portfolio.

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COMPANY DESCRIPTION

GATX Corporation (NYSE: GMT) is a specialized finance and leasing company combining asset knowledge and services, structuring expertise, partnering, and capital to provide business solutions to customers and partners worldwide. GATX specializes in railcar, locomotive, and aircraft operating leasing.

TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2004 fourth quarter and full-year results. Teleconference details are as follows:

Call in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. Following the call, a replay will be available on the same site.

UPDATE ON AIR PORTFOLIO

GATX Corporation has updated its Air portfolio presentation, and the slides are currently available at www.gatx.com or by calling the GATX Investor Relations Department.

FORWARD-LOOKING STATEMENTS

Certain statements within this document may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” or “project” and similar expressions. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Risks and uncertainties include, but are not limited to, general economic conditions; aircraft and railcar lease rate and utilization levels; conditions in the capital markets and the potential for a downgrade in GATX’s or GATX Financial Corp.’s credit rating, either of which could have an effect on the Company’s borrowing costs or ability to access the markets for commercial paper or secured and unsecured debt; dynamics affecting customers within the chemical, petroleum and food industries; regulatory rulings that may impact the economic value of assets; competitors in the rail and air markets who may have access to capital at lower costs than GATX; additional potential write-downs and/or provisions within GATX’s portfolio; impaired asset charges; and general market conditions in the rail, air, technology, venture, and other large-ticket industries.

FOR FURTHER INFORMATION CONTACT:
GATX Corporation: Rhonda S. Johnson 312-621-6262

Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.

—Tabular Follows—

Page 7

GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)


	Three Months Ended						Twelve Months Ended
	December 31						December 31
	2004			2003			2004			2003
Gross Income
Lease income	$	220.3		$	190.2		$	798.2		$	762.2
Marine operating revenue		35.6			28.0			111.8			85.0
Interest income		2.5			10.8			17.8			41.4
Asset remarketing income		4.3			14.0			36.5			37.9
Gain on sale of securities		.7			1.0			4.1			7.3
Fees		5.2			3.3			19.8			18.0
Other		91.3			17.4			186.7			81.8

Revenues		359.9			264.7			1,174.9			1,033.6
Share of affiliates’ earnings		14.0			11.2			65.2			66.8

Total Gross Income		373.9			275.9			1,240.1			1,100.4

Ownership Costs
Depreciation		52.3			48.4			194.6			188.0
Interest, net		42.5			40.8			162.4			175.4
Operating lease expense		49.9			43.4			180.4			176.0

Total Ownership Costs		144.7			132.6			537.4			539.4

Other Costs and Expenses
Maintenance expense		51.8			42.4			191.1			166.0
Marine operating expenses		28.5			23.0			87.7			68.9
Other operating expenses		8.8			9.2			41.5			43.4
Selling, general and administrative		43.9			48.7			163.3			163.6
(Reversal) provision for possible losses		(4.0	)		(5.4	)		(13.7	)		4.7
Asset impairment charges		2.0			9.8			3.4			32.4
Fair value adjustments for derivatives		2.6			1.5			2.7			4.1

Total Other Costs and Expenses		133.6			129.2			476.0			483.1


Income from Continuing Operations before Income Taxes		95.6			14.1			226.7			77.9
Income Tax Provision (Benefit)		24.7			(7.9	)		68.2			16.2

Income from Continuing Operations		70.9			22.0			158.5			61.7

Discontinued Operations
Operating results, net of taxes		(.2	)		5.6			18.3			15.2
Gain (loss) on sale of segment, net of taxes		.5			—			(7.2	)		—

Total Discontinued Operations		.3			5.6			11.1			15.2

Net Income	$	71.2		$	27.6		$	169.6		$	76.9

Page 8

GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
(Continued)


	Three Months Ended				Twelve Months Ended
	December 31				December 31
	2004		2003		2004		2003
Per Share Data
Basic:
Income from continuing operations	$	1.43	$	.45	$	3.21	$	1.26
Income from discontinued operations		.01		.11		.23		.31

Total	$	1.44	$	.56	$	3.44	$	1.57


Average number of common shares (in thousands)		49,464		49,179		49,348		49,107

Diluted:
Income from continuing operations	$	1.23	$	.42	$	2.86	$	1.24
Income from discontinued operations		.01		.10		.18		.29

Total	$	1.24	$	.52	$	3.04	$	1.53


Average number of common shares and common share equivalents (in thousands)		60,221		54,661		59,960		51,203

Dividends declared per common share	$	.20	$	.32	$	.80	$	1.28

Page 9

GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)


	December 31			December 31
	2004			2003
Assets

Cash and Cash Equivalents	$	63.4		$	211.5
Restricted Cash		60.0			60.9

Receivables
Rent and other receivables		77.8			91.6
Finance leases		285.9			289.2
Loans		89.2			183.5
Less — allowance for possible losses		(22.9	)		(45.6	)

		430.0			518.7

Operating Lease Assets, Facilities and Other
Rail		3,847.9			3,374.6
Air		1,704.1			1,501.0
Specialty		65.4			71.4
Other		212.3			231.8
Less — allowance for depreciation		(1,924.1	)		(1,831.5	)

		3,905.6			3,347.3
Progress payments for aircraft and other equipment		20.0			53.6

		3,925.6			3,400.9

Investments in Affiliated Companies		718.6			847.6
Recoverable Income Taxes		—			53.8
Goodwill, Net		93.9			87.2
Other Investments		79.0			101.6
Other Assets		221.2			238.3
Assets of Discontinued Operations		11.4			560.1

	$	5,603.1		$	6,080.6


Liabilities and Shareholders’ Equity

Accounts Payable and Accrued Expenses	$	378.2		$	354.8

Debt
Commercial paper and bank credit facilities		72.1			15.9
Recourse		2,887.1			3,255.9
Nonrecourse		93.5			99.3
Capital lease obligations		79.4			122.4

		3,132.1			3,493.5

Deferred Income Taxes		721.0			671.7
Other Liabilities		290.9			325.4
Liabilities of Discontinued Operations		—			346.3

Total Liabilities		4,522.2			5,191.7
Total Shareholders’ Equity		1,080.9			888.9

	$	5,603.1		$	6,080.6

Page 10

GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In Millions)


	Three Months Ended						Twelve Months Ended
	December 31						December 31
	2004			2003			2004			2003
Operating Activities
Net Income, including discontinued operations	$	71.2		$	27.6		$	169.6		$	76.9
Adjustments to reconcile net income to net cash provided by operating activities:
Realized gains on remarketing of leased equipment		(3.8	)		(15.9	)		(21.9	)		(42.0	)
Gain on sale of securities		(.7	)		(1.0	)		(4.1	)		(7.3	)
Gain on sale of other assets		(72.1	)		(1.1	)		(81.8	)		(3.7	)
Pre-tax loss on sale of segment		(.7	)		—			12.0			—
Depreciation		55.3			75.7			240.4			321.8
(Reversal) provision for possible losses		(4.4	)		(5.8	)		(14.0	)		3.0
Asset impairment charges		2.0			10.8			5.7			36.4
Deferred income taxes		9.9			(11.8	)		39.4			41.2
Share of affiliates’ earnings, net of dividends		(2.0	)		(3.4	)		(36.2	)		(49.0	)
Other		70.0			8.1			16.2			31.0

Net cash provided by operating activities		124.7			83.2			325.3			408.3

Investing Activities
Additions to equipment on lease, net of nonrecourse financing for leveraged leases, operating lease assets and facilities		(236.4	)		(178.3	)		(833.7	)		(642.2	)
Loans extended		—			(.9	)		(14.2	)		(49.5	)
Investments in affiliated companies		(4.7	)		(51.8	)		(7.8	)		(100.8	)
Progress payments		(.4	)		(6.1	)		(2.4	)		(32.2	)
Investments in securities		—			(23.7	)		—			(23.7	)
Other investments		(1.7	)		(1.4	)		(30.5	)		(26.6	)

Portfolio investments and capital additions		(243.2	)		(262.2	)		(888.6	)		(875.0	)
Portfolio proceeds		69.8			191.3			450.2			759.5
Net proceeds from sale of segment		44.3			—			268.0			—
Proceeds from other asset sales		105.4			3.9			130.1			23.0
Net (increase) decrease in restricted cash		(2.1	)		47.7			.9			(28.4	)
Effect of exchange rate changes on restricted cash		—			—			—			17.7

Net cash used in investing activities		(25.8	)		(19.3	)		(39.4	)		(103.2	)

Financing Activities
Net proceeds from issuance of debt		1.8			262.4			204.3			836.9
Repayment of debt		(233.1	)		(235.3	)		(638.0	)		(1,082.0	)
Net increase (decrease) in commercial paper and bank credit facilities		59.9			(17.5	)		57.8			(.7	)
Net decrease in capital lease obligations		(1.7	)		(1.3	)		(27.4	)		(21.3	)
Issuance of common stock and other		2.5			2.1			5.8			3.8
Cash dividends		(9.9	)		(15.7	)		(39.4	)		(62.8	)

Net cash used in financing activities		(180.5	)		(5.3	)		(436.9	)		(326.1	)
Effect of Exchange Rates on Cash and Cash Equivalents		1.8			.8			2.9			1.4

Net (Decrease) Increase in Cash and Cash Equivalents	$	(79.8	)	$	59.4		$	(148.1	)	$	(19.6	)

Page 11

GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended December 31, 2004
(In Millions)


													Discontinued			GATX
	Rail			Air			Specialty			Other			Operations			Consolidated
Gross Income
Lease income	$	182.2		$	29.9		$	8.2		$	—		$	—		$	220.3
Marine operating revenue		—			—			—			35.6			—			35.6
Interest income		—			.1			2.3			.1			—			2.5
Asset remarketing income		1.3			1.9			1.0			.1			—			4.3
Gain on sale of securities		—			—			.7			—			—			.7
Fees		—			2.0			3.2			—			—			5.2
Other		18.7			.9			2.1			69.6			—			91.3

Revenues		202.2			34.8			17.5			105.4			—			359.9
Share of affiliates’ earnings		3.7			2.3			8.0			—			—			14.0

Total Gross Income		205.9			37.1			25.5			105.4			—			373.9

Ownership Costs
Depreciation		33.1			16.1			1.0			2.1			—			52.3
Interest, net		22.4			13.1			5.9			1.1			—			42.5
Operating lease expense		48.0			.9			1.0			—			—			49.9

Total Ownership Costs		103.5			30.1			7.9			3.2			—			144.7

Other Costs and Expenses
Maintenance expense		51.8			—			—			—			—			51.8
Marine operating expenses		—			—			—			28.5			—			28.5
Other operating expenses		6.7			1.0			1.7			(.6	)		—			8.8
Selling, general and administrative		19.6			5.7			1.5			17.1			—			43.9
Reversal of provision for possible losses		(1.5	)		(.1	)		(1.7	)		(.7	)		—			(4.0	)
Asset impairment charges		1.2			.4			.5			(.1	)		—			2.0
Fair value adjustments for derivatives		—			—			1.4			1.2			—			2.6

Total Other Costs and Expenses		77.8			7.0			3.4			45.4			—			133.6


Income from Continuing Operations before Income Taxes		24.6			—			14.2			56.8			—			95.6
Income Tax Provision (Benefit)		8.8			(.2	)		5.0			11.1			—			24.7

Income from Continuing Operations		15.8			.2			9.2			45.7			—			70.9

Discontinued Operations
Operations, net of taxes		—			—			—			—			(.2	)		(.2	)
Gain on sale of Segment, net of taxes		—			—			—			—			.5			.5

Total Discontinued Operations		—			—			—			—			.3			.3

Net Income	$	15.8		$	.2		$	9.2		$	45.7		$	.3		$	71.2

Page 12

GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended December 31, 2003
(In Millions)


													Discontinued		GATX
	Rail			Air			Specialty			Other			Operations		Consolidated
Gross Income
Lease income	$	158.1		$	23.3		$	8.8		$	—		$	—	$	190.2
Marine operating revenue		—			—			—			28.0			—		28.0
Interest income		—			.2			10.4			.2			—		10.8
Asset remarketing income		.3			.2			14.2			(.7	)		—		14.0
Gain on sale of securities		—			.6			.4			—			—		1.0
Fees		.4			1.7			1.2			—			—		3.3
Other		10.9			2.8			4.7			(1.0	)		—		17.4

Revenues		169.7			28.8			39.7			26.5			—		264.7
Share of affiliates’ earnings		3.8			5.5			1.9			—			—		11.2

Total Gross Income		173.5			34.3			41.6			26.5			—		275.9

Ownership Costs
Depreciation		30.5			14.1			2.4			1.4			—		48.4
Interest, net		15.2			10.2			9.2			6.2			—		40.8
Operating lease expense		41.7			1.0			1.0			(.3	)		—		43.4

Total Ownership Costs		87.4			25.3			12.6			7.3			—		132.6

Other Costs and Expenses
Maintenance expense		42.1			—			.3			—			—		42.4
Marine operating expenses		—			—			—			23.0			—		23.0
Other operating expenses		7.3			.1			1.9			(.1	)		—		9.2
Selling, general and administrative		20.3			5.9			3.5			19.0			—		48.7
(Reversal) provision for possible losses		(.9	)		(1.5	)		(3.3	)		.3			—		(5.4	)
Asset impairment charges		—			3.1			7.1			(.4	)		—		9.8
Fair value adjustments for derivatives		(.1	)		—			1.6			—			—		1.5

Total Other Costs and Expenses		68.7			7.6			11.1			41.8			—		129.2


Income (Loss) from Continuing Operations before Income Taxes		17.4			1.4			17.9			(22.6	)		—		14.1
Income Tax Provision (Benefit)		3.5			.3			6.5			(18.2	)		—		(7.9	)

Income (Loss) from Continuing Operations		13.9			1.1			11.4			(4.4	)		—		22.0

Discontinued Operations
Operating results, net of taxes		—			—			—			—			5.6		5.6
Gain on sale of portion of segment, net of taxes		—			—			—			—			—		—

Total Discontinued Operations		—			—			—			—			5.6		5.6

Net Income (Loss)	$	13.9		$	1.1		$	11.4		$	(4.4	)	$	5.6	$	27.6

Page 13

GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Twelve Months Ended December 31, 2004
(In Millions)


													Discontinued			GATX
	Rail			Air			Specialty			Other			Operations			Consolidated
Gross Income
Lease income	$	667.4		$	101.0		$	29.8		$	—		$	—		$	798.2
Marine operating revenue		—			—			—			111.8			—			111.8
Interest income		—			.3			17.4			.1			—			17.8
Asset remarketing income		8.1			5.5			22.8			.1			—			36.5
Gain on sale of securities		—			—			4.1			—			—			4.1
Fees		2.9			9.3			7.6			—			—			19.8
Other		60.2			2.6			4.6			119.3			—			186.7

Revenues		738.6			118.7			86.3			231.3			—			1,174.9
Share of affiliates’ earnings		16.6			26.2			22.4			—			—			65.2

Total Gross Income		755.2			144.9			108.7			231.3			—			1,240.1

Ownership Costs
Depreciation		124.2			59.5			4.2			6.7			—			194.6
Interest, net		77.7			42.0			26.2			16.5			—			162.4
Operating lease expense		172.8			3.8			4.1			(.3	)		—			180.4

Total Ownership Costs		374.7			105.3			34.5			22.9			—			537.4

Other Costs and Expenses
Maintenance expense		188.7			1.6			.8			—			—			191.1
Marine operating expenses		—			—			—			87.7			—			87.7
Other operating expenses		34.1			2.4			5.6			(.6	)		—			41.5
Selling, general and administrative		70.7			21.5			8.7			62.4			—			163.3
Reversal of provision for possible losses		(2.3	)		(.6	)		(9.4	)		(1.4	)		—			(13.7	)
Asset impairment charges		1.2			.4			1.6			.2			—			3.4
Fair value adjustments for derivatives		—			—			1.5			1.2			—			2.7

Total Other Costs and Expenses		292.4			25.3			8.8			149.5			—			476.0


Income from Continuing Operations before Income Taxes		88.1			14.3			65.4			58.9			—			226.7
Income Tax Provision		27.7			4.5			24.8			11.2			—			68.2

Income from Continuing Operations		60.4			9.8			40.6			47.7			—			158.5

Discontinued Operations
Operations, net of taxes		—			—			—						18.3			18.3
Loss on sale of segment, net of taxes		—			—			—						(7.2	)		(7.2	)

Total Discontinued Operations		—			—			—						11.1			11.1

Net Income	$	60.4		$	9.8		$	40.6		$	47.7		$	11.1		$	169.6

Page 14

GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Twelve Months Ended December 31, 2003
(In Millions)


													Discontinued		GATX
		Rail			Air		Specialty			Other			Operations		Consolidated
Gross Income
Lease income		$	628.5		$	90.8	$	42.9		$	—		$	—	$	762.2
Marine operating revenue			—			—		—			85.0			—		85.0
Interest income			—			.1		41.1			.2			—		41.4
Asset remarketing income			4.7			.8		33.1			(.7	)		—		37.9
Gain on sale of securities			—			.6		6.7			—			—		7.3
Fees			3.6			7.4		7.0			—			—		18.0
Other			44.5			10.5		10.6			16.2			—		81.8

Revenues			681.3			110.2		141.4			100.7			—		1,033.6
Share of affiliates’ earnings			12.5			31.6		22.7			—			—		66.8

Total Gross Income			693.8			141.8		164.1			100.7			—		1,100.4

Ownership Costs
Depreciation			117.0			55.1		10.3			5.6			—		188.0
Interest, net			64.3			41.2		43.5			26.4			—		175.4
Operating lease expense			167.6			3.9		4.4			.1			—		176.0

Total Ownership Costs			348.9			100.2		58.2			32.1			—		539.4

Other Costs and Expenses
Maintenance expense			163.4			1.5		1.1			—			—		166.0
Marine operating expenses			—			—		—			68.9			—		68.9
Other operating expenses			33.9			.6		7.9			1.0			—		43.4
Selling, general and administrative			69.0			18.1		17.3			59.2			—		163.6
(Reversal) provision for possible losses			(2.6	)		8.2		(2.9	)		2.0			—		4.7
Asset impairment charges			—			10.2		16.2			6.0			—		32.4
Fair value adjustments for derivatives			—			—		4.1			—			—		4.1

Total Other Costs and Expenses			263.7			38.6		43.7			137.1			—		483.1


Income (Loss) from Continuing Operations before Income Taxes			81.2			3.0		62.2			(68.5	)		—		77.9
Income Tax Provision (Benefit)			26.3			.9		24.1			(35.1	)		—		16.2

Income (Loss) from Continuing Operations			54.9			2.1		38.1			(33.4	)		—		61.7

Discontinued Operations
Operating results, net of taxes			—			—		—			—			15.2		15.2
Gain on sale of portion of segment, net of taxes	—					—		—			—			—		—

Total Discontinued Operations			—			—		—			—			15.2		15.2

Net Income (Loss)		$	54.9		$	2.1	$	38.1		$	(33.4	)	$	15.2	$	76.9

Page 15

GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Railcar Data)


	12/31/2004			12/31/2003

Total Continuing Assets, Excluding Cash (a)	$	6,712.0		$	6,531.3
Reservable Assets		452.9			564.3

Allowance for Losses		22.9			45.6
Allowance for Losses as a Percentage of Reservable Assets		5.1	%		8.1	%

Net Charge-Offs and Asset Impairments and Write-Downs		13.4			55.4
Net Charge-Offs/Impairments/Write-Downs as a Percentage of Average Total Assets		.2	%		.8	%

Non-performing Investments		57.2			76.1

Capital Structure
Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash		8.7			(195.6	)
Debt:
On Balance Sheet
Recourse		2,887.1			3,255.9
Nonrecourse		93.5			99.3

Off Balance Sheet
Recourse		932.3			970.2
Nonrecourse		311.4			313.0

Capital Lease Obligations		79.4			122.4

Total Net Debt Obligations		4,312.4			4,565.2
Total Recourse Debt		3,907.5			4,152.9
Shareholders’ Equity and Allowance for Losses		1,103.8			934.5

Recourse Leverage		3.5			4.4

Asset Remarketing Income
Disposition gains on owned assets		25.3			31.3
Residual sharing fees		11.2			6.6

		36.5			37.9

Railcar Data
North American Fleet Utilization		97	%		93	%

Beginning Fleet Size		105,248			107,150
Additions		6,235			2,388
Scrapped/Sold		(4,436	)		(4,290	)

Ending Fleet Size		107,047			105,248

(a) Includes Off Balance Sheet Assets


Exhibit No.	Description	Method of Filing
99.1	Press Release of GATX Corporation, dated January 27, 2005 reporting GATX Corporation’s financial results for the three month period ended December 31, 2004 and the full year ended December 31, 2004.	Filed Electronically


New York (State or other jurisdiction of incorporation)		1-2328 (Commission File) Number)		36-1124040 (IRS Employer Identification No.)


500 West Monroe Street Chicago, Illinois (Address of principal executive offices)		60661-3676 (Zip Code)


o	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



	/s/ Robert C. Lyons
	Robert C. Lyons
	Vice-President, Chief Financial Officer (Duly Authorized Officer)