[GATX LOGO]                                                         NEWS RELEASE

FOR RELEASE: IMMEDIATELY

GATX CORPORATION ANNOUNCES PLAN FOR ISSUANCE OF CONVERTIBLE NOTES

         CHICAGO, August 11 - GATX Corporation (NYSE:GMT) announced today that
it plans to offer, subject to market and other conditions, $115 million of
contingent convertible senior unsecured notes due 2023. The notes are callable
at par after five years and have put options at various dates. The notes may be
converted into shares of common stock of GATX Corporation under certain
conditions.

         The net proceeds of the offering will be used by GATX Financial
Corporation, a wholly owned subsidiary of GATX Corporation, for general
corporate purposes.

         This notice does not constitute an offer to sell or the solicitation of
an offer to buy securities. The notes have not been registered under the
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act of 1933.

COMPANY DESCRIPTION

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

FOR FURTHER INFORMATION CONTACT:

ANALYSTS & INVESTORS:
Robert C. Lyons
GATX Corporation
312-621-6633



(8/11/03)