National Express financing news.

[Mark Bau <markbau@altavista.com>]

GATX Capital Corporation to Provide $411 Million in Financing for National
Express 

SAN FRANCISCO, May 12 /PRNewswire/ -- GATX Capital Corporation today
announced that they have provided financing for $411 million (A$709 million)
of new-build passenger rail vehicles on lease to National Express Group
Australia Pty, Ltd in the State of Victoria, Australia.  GATX Capital,
headquartered in San Francisco, is a subsidiary of GATX Corporation (NYSE:
GMT).  The financing announced today was provided for two of three rail
franchises awarded to National Express, the Swanston Trams and Bayside
Trains 
franchises.  GATX and National Express are continuing to work on the
financing for a third franchise, the V/Line passenger train service for an
additional 29 trains.  GATX will finance 59 state-of-the-art COMBINO light
rail vehicles (trams) and 62 three-car electric multiple unit (EMU) suburban
trains.  There will be two versions of the COMBINO trams for use on routes
in 
Melbourne with differing traffic densities.  Siemens AG, a world-class
provider of passenger rail vehicles, will provide the equipment in these
first two financings.  The vehicles will be built in Germany and Austria.

Jesse Crews, president and CEO of GATX Capital said, "This transaction is a
significant success for GATX's' efforts in the international rail arena. The
complex and ground-breaking Victoria rail privatization process provided
another opportunity for us to combine our finance and structuring skills
with 
solid rail asset and industry expertise in an innovative way."  He added,
"The knowledge and experience GATX has gained from 23 years of operations in
Australia was a key ingredient in recognizing this opportunity and
appropriately applying the lessons learned from our participation in rail
privatizations elsewhere in the world.  We are confident that similar
opportunities will arise in other markets."

James Earl, senior vice president and head of the GATX Capital Rail Group
commented, "This transaction is representative of our continuing objective
to 
finance high quality, long-lived rail assets in both the freight and
passenger 
markets.  Privatization of government-owned operations is the catalyst for
our involvement.  We are pleased to work in partnership with Siemens and
National Express." 

In the 1990s, the State of Victoria authorized the franchise of most of its
government-controlled assets, including the entire freight and passenger
rail 
network, which was divided into six franchises, five for passenger service
and one for freight service.  Through a competitive bidding process,
National 
Express won three of the five passenger rail franchises:  one of two tram
franchises, one of two suburban train franchises, and the country service.

GATX Capital Corporation is a diversified global financial services company
that provides financing for transportation, industrial and high technology
assets.  GATX Capital owns or manages such assets with an original cost of
approximately $10 billion.  GATX Capital is a subsidiary of GATX Corporation
that solves financing, equipment and logistics challenges for customers and
partners worldwide.  Further information on GATX Capital Corporation can be
found at www.gatxcapital.com .  For further information on GATX Corporation
please visit www.gatx.com .

Investor, corporate information and press releases may be found at
http://www.gatx.com .  A variety of current financial information,
historical 
financial information, press releases and photographs are available at this
site.  GATX press releases may be obtained by automated PR News Company News
On-Call's automated fax service at 800-758-5804.  The company identification
number for GATX is 105121.

SOURCE  GATX Capital Corporation