Page 2

number of cars on lease, higher average lease rates and improved contributions from European operations.

     At March 31, 2006, Rail’s North American fleet totaled approximately 108,000 cars. North American fleet utilization was 99%, up from 98% at year end 2005. Rail acquired 785 cars for its fleet during the first quarter of 2006.

     During the first quarter, lease renewal pricing on a basket of Rail’s most common car types increased approximately 14% over expiring lease rates. This compares to increases of 9% in the first quarter of 2005 and 14% in the fourth quarter of 2005. Rail also extended the term on renewals from approximately 40 months during the 2005 first quarter to approximately 60 months in the first quarter 2006. This action of increasing lease term is expected to enable Rail to temper future earnings volatility.

     In macroeconomic data related to Rail’s business, North American manufacturing capacity utilization, as reported by the Federal Reserve, was 81% in March 2006, up from 80% in the same period 2005. Backlogs at the railcar manufacturers, as reported by the Railway Supply Institute (RSI), increased to nearly 87,000 cars at the end of the first quarter 2006, up from approximately 59,000 during the same period 2005 and up from 69,000 at year end. Carloadings on the U.S. rails, excluding intermodal, as reported by the Association of American Railroads (AAR), increased 0.7% over 2005. Chemical shipments were down 2.8% in the first quarter of 2006 versus the prior year, a result partially attributable to the lingering effect of last year’s hurricanes on chemical production in the Gulf Coast and Southeast regions.

GATX AIR

     Air reported net income of $11.3 million in the first quarter of 2006 compared to net income of $4.8 million in the prior year period. The 2006 first quarter results include approximately $3.4 million of after-tax benefit from lower depreciation on air assets targeted for sale.

     Utilization of the owned fleet was 97% at March 31, 2006 and lease rates on certain aircraft types continued to improve. Fee income in the first quarter 2006 increased more than $2 million over the same period in 2005 due to higher management fees from third party aircraft remarketing engagements.

     An updated slide presentation summarizing the GATX Air portfolio and market data is available at www.gatx.com.

Page 3

GATX SPECIALTY

     Specialty reported net income of $18.4 million in the first quarter of 2006 compared to $10.0 million in the prior year period. The first quarter 2006 results reflect strong remarketing income, including $14 million of pre-tax income from a transaction in the managed portfolio. While generating remarketing income from both its owned and managed portfolios is core to Specialty’s business, the magnitude of this specific gain is unusual.

     Specialty also experienced improved investment opportunities, investing approximately $40 million in the quarter, adding new industrial equipment finance assets and growing its owned portfolio. The Specialty portfolio currently consists of approximately $470 million of owned assets (including on and off balance sheet assets) and third-party managed portfolios totaling approximately $528 million.

COMPANY DESCRIPTION

GATX Corporation (NYSE:GMT) provides lease financing and related services to customers operating rail, air, marine and other targeted assets. GATX is a leader in leasing transportation assets and controls one of the largest railcar fleets in the world. Applying over a century of operating experience and strong market and asset expertise, GATX provides quality assets and services to customers worldwide. GATX has been headquartered in Chicago, IL since its founding in 1898 and has traded on the New York Stock Exchange since 1916. For more information, visit the Company’s website at www.gatx.com.

TELECONFERENCE INFORMATION

GATX Corporation will host a teleconference to discuss 2006 first quarter results. Teleconference details are as follows:

Thursday, April 27^th
11:00 A.M. Eastern Time
Domestic Dial-In:              1-800-706-6082
International Dial-In:         1-706-634-7421
Replay: 1-800-642-1687 / Access Code: 8027871

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.

Page 4

FORWARD-LOOKING STATEMENTS

Certain statements 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; lease rates, utilization levels and operating costs in GATX’s primary asset segments; conditions in the capital markets; changes in GATX’s or GATX Financial Corporation’s credit ratings; dynamics affecting companies within the markets served by GATX; regulatory rulings that may impact the economic value and operating costs of assets; competitive factors in GATX’s primary markets including lease pricing and asset availability; changes in loss provision levels within GATX’s portfolio; impaired asset charges that may result from changing market conditions or implementation of portfolio management initiatives by GATX; the outcome of pending or threatened litigation and general market conditions in the rail, air, marine and other large-ticket industries. Other factors and unanticipated events could adversely affect our business operations and financial performance. We discuss certain of these matters more fully, as well as certain risk factors that may affect our business operations, financial condition and results of operations, in other of our filings with the SEC, including our Annual Report on Form 10-K. These risks, uncertainties and other factors should be carefully considered in evaluating the forward-looking statements. The forward-looking statements included in this press release are made only as of the date of this release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

FOR FURTHER INFORMATION CONTACT:
GATX Corporation
Rhonda S. Johnson
312-621-6262
rhonda.johnson@gatx.com

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

(04/27/06)

—Tabular Follows—

Page 5

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

		Three Months Ended March 31
		2006				2005
Gross Income
Lease income		$	230.4			$	215.7
Marine operating revenue			9.5				5.9
Interest income on loans			0.9				3.4
Asset remarketing income			25.7				10.4
Fees			6.5				3.6
Other			16.5				20.4
Revenues			289.5				259.4
Share of affiliates’ earnings			27.3				22.9
Total Gross Income			316.8				282.3
Ownership Costs
Depreciation			46.5				51.8
Interest expense, net			42.2				41.7
Operating lease expense			46.7				43.5
Total Ownership Costs			135.4				137.0
Other Costs and Expenses
Maintenance expense			51.6				49.1
Marine operating expense			7.0				4.9
Selling, general and administrative			38.9				38.7
Asset impairment losses, net			2.2				2.1
Other			6.9				7.3
Total Other Costs and Expenses			106.6				102.1
Income before Income Taxes			74.8				43.2
Income Taxes			26.9				14.8
Net Income		$	47.9			$	28.4

Page 6

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

		Three Months Ended
		March 31
		2006				2005
Per Share Data
Basic		$	0.95			$	0.57
Average number of common shares (in thousands)			50,566				49,637
Diluted		$	0.83			$	0.52
Average number of common shares and common share equivalents (in thousands)			61,629				60,598
Dividends declared per common share		$	0.21			$	0.20

Page 7

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

		March 31				December 31
		2006				2005
Assets
Cash and Cash Equivalents		$	79.4			$	106.0
Restricted Cash			53.9				53.1
Receivables
Rent and other receivables			67.3				87.2
Finance leases			361.1				336.5
Loans			34.4				38.7
Less: Allowance for possible losses			(12.8	)			(13.1	)
			450.0				449.3
Operating Lease Assets, Facilities and Other
Rail			3,930.4				3,728.1
Air			1,300.4				1,298.9
Specialty			91.7				90.8
Other			237.6				234.9
Less: Allowance for depreciation			(1,911.9	)			(1,891.1	)
			3,648.2				3,461.6
Investments in Affiliated Companies			655.1				667.3
Goodwill			87.2				86.0
Other Assets			429.3				421.1
Total Assets		$	5,403.1			$	5,244.4
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses		$	154.8				177.4
Debt
Commercial paper and bank credit facilities			69.7				57.0
Recourse			2,841.3				2,715.4
Nonrecourse			36.1				37.7
Capital lease obligations			57.8				62.5
			3,004.9				2,872.6
Deferred Income Taxes			703.5				683.4
Other Liabilities			462.2				488.7
Total Liabilities			4,325.4				4,222.1
Total Shareholders’ Equity			1,077.7				1,022.3
Total Liabilities and Shareholders’ Equity		$	5,403.1			$	5,244.4

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
First Quarter 2006
(In Millions)

																		GATX
		Rail				Air				Specialty				Other				Consolidated
Gross Income
Lease income		$	190.4			$	30.8			$	9.2			$	—			$	230.4
Marine operating revenue			—				—				—				9.5				9.5
Interest income			—				0.1				0.8				—				0.9
Asset remarketing income			6.0				—				19.7				—				25.7
Fees			0.4				4.5				1.6				—				6.5
Other			14.3				0.2				1.2				0.8				16.5
Revenues			211.1				35.6				32.5				10.3				289.5
Share of affiliates’ earnings			3.6				13.8				9.9				—				27.3
Total Gross Income			214.7				49.4				42.4				10.3				316.8
Ownership Costs
Depreciation			33.9				11.0				1.6				—				46.5
Interest expense, net			20.9				14.2				4.6				2.5				42.2
Operating lease expense			45.2				0.6				1.0				(0.1	)			46.7
Total Ownership Costs			100.0				25.8				7.2				2.4				135.4
Other Costs and Expenses
Maintenance expense			51.1				0.5				—				—				51.6
Marine operating expense			—				—				—				7.0				7.0
Selling, general and administrative			19.6				5.9				2.2				11.2				38.9
Asset impairment losses, net			0.2				(0.9	)			2.9				—				2.2
Other			6.2				0.4				0.2				0.1				6.9
Total Other Costs and Expenses			77.1				5.9				5.3				18.3				106.6
Income (Loss) before Income Taxes			37.6				17.7				29.9				(10.4	)			74.8
Income Tax Provision (Benefit)			12.8				6.4				11.5				(3.8	)			26.9
Net Income (Loss)		$	24.8			$	11.3			$	18.4			$	(6.6	)		$	47.9

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
First Quarter 2005
(In Millions)

																		GATX
		Rail				Air				Specialty				Other				Consolidated
Gross Income
Lease income		$	178.3			$	29.8			$	7.6			$	—			$	215.7
Marine operating revenue			—				—				—				5.9				5.9
Interest income			—				0.1				1.8				1.5				3.4
Asset remarketing income			6.9				1.0				2.5				—				10.4
Fees			0.5				2.2				0.9				—				3.6
Other			15.2				0.2				5.1				(0.1	)			20.4
Revenues			200.9				33.3				17.9				7.3				259.4
Share of affiliates’ earnings			3.1				10.4				9.4				—				22.9
Total Gross Income			204.0				43.7				27.3				7.3				282.3
Ownership Costs
Depreciation			35.1				15.7				1.0				—				51.8
Interest, net			22.6				13.3				4.9				0.9				41.7
Operating lease expense			42.0				0.5				1.1				(0.1	)			43.5
Total Ownership Costs			99.7				29.5				7.0				0.8				137.0
Other Costs and Expenses
Maintenance expense			48.2				0.4				0.5				—				49.1
Marine operating expense			—				—				—				4.9				4.9
Selling, general and administrative			18.0				6.7				1.9				12.1				38.7
Asset impairment losses, net			1.0				—				1.1				—				2.1
Other			7.3				0.1				0.6				(0.7	)			7.3
Total Other Costs and Expenses			74.5				7.2				4.1				16.3				102.1
Income (Loss) before Income Taxes			29.8				7.0				16.2				(9.8	)			43.2
Income Tax Provision (Benefit)			9.8				2.2				6.2				(3.4	)			14.8
Net Income (Loss)		$	20.0			$	4.8			$	10.0			$	(6.4	)		$	28.4

Page 10

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

		3/31/2006				12/31/2005				3/31/2005
Asset by Segment
Rail		$	4,201.5			$	4,076.8			$	3,952.8
Air			1,730.0				1,770.6				2,054.8
Specialty			468.6				436.8				491.2
Other			293.4				290.6				269.2
Total Continuing Assets, Excluding Cash (a)		$	6,693.5			$	6,574.8			$	6,768.0
Investment Volume (year-to-date)			116.3				520.5				94.3
Non-performing Investments			42.7				42.0				49.4
Capital Structure
Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash			(9.7	)			(49.0	)			(38.9	)
Debt:
On Balance Sheet
Recourse			2,841.3				2,715.4				2,730.7
Nonrecourse			36.1				37.7				92.0
Off Balance Sheet
Recourse			1,068.4				1,129.7				1,144.6
Nonrecourse			355.3				359.8				370.4
Capital Lease Obligations			57.8				62.5				72.5
Total Borrowings, Net of Unrestricted Cash		$	4,349.2			$	4,256.1			$	4,371.3
Total Recourse Debt (b)			3,957.8				3,858.6				3,908.9
Shareholders’ Equity and Allowance for Losses			1,090.5				1,035.4				1,105.9
Recourse Leverage			3.6				3.7				3.5
Asset Remarketing Income
Disposition Gains on Owned Assets			6.0								8.0
Residual Sharing Income			19.7								2.4
Asset Remarketing Income			25.7								10.4
North American Railcar Data						Full Year
Fleet Utilization			99	%			98	%			98	%
Beginning Fleet Size			108,151				106,819				106,819
Additions			785				5,400				914
Scrapped/Sold			(690	)			(4,068	)			(1,027	)
Ending Fleet Size			108,246				108,151				106,706