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GATX Corporation Comments on Delta and Northwest Leased Aircraft.

CHICAGO -- GATX Corporation (NYSE:GMT) today provided a summary of its exposure to Delta Air Lines Inc. and Northwest Airlines Corp., due to the unusual circumstance of two major U.S. air carriers filing for bankruptcy on the same day.

GATX currently has a 50% interest in three Boeing 737-300 aircraft on lease to Delta and a 50% interest in one Boeing 757-200 on lease to Northwest, through its participation in two joint venture investments. These aircraft range in age from 14 to 19 years and represent a combined net book value, net of nonrecourse debt, of $13 million, or .7% of GATX Air's total aircraft portfolio. GATX's share of pre-tax lease income from these aircraft is approximately $5 million annually.

The impact on the air industry of this or future actions by these air carriers is unknown at this time.


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


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, and other large-ticket industries.

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Publication:Business Wire
Geographic Code:1USA
Date:Sep 15, 2005
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