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<SEC-DOCUMENT>0000950137-07-015389.txt : 20071226
<SEC-HEADER>0000950137-07-015389.hdr.sgml : 20071225
<ACCEPTANCE-DATETIME>20071011184211
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950137-07-015389
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20071011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GATX CORP
		CENTRAL INDEX KEY:			0000040211
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		IRS NUMBER:				361124040
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		500 W MONROE ST
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661
		BUSINESS PHONE:		3126216200

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENERAL AMERICAN TRANSPORTATION CORP
		DATE OF NAME CHANGE:	19750722
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="c19282c1928200.gif" alt="(GATX LETTERHEAD)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;11, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>VIA OVERNIGHT MAIL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ms.&nbsp;Linda Cvrkel<BR>
Branch Chief<BR>
Office of Structured Finance, Transportation &#038; Leisure<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Re:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>GATX Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Form&nbsp;10-K for the Year-Ended December&nbsp;31, 2006</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>File No.&nbsp;001-02328</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Ms.&nbsp;Cvrkel:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are enclosing our responses to your letter dated August&nbsp;22, 2007, which includes comments and
requests for additional information resulting from the SEC&#146;s review of our Annual Report on Form
10-K for the year-ended December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our responses correspond
to the comment numbers in your letter. In all
instances &#147;GATX&#148; or the &#147;Company&#148; refers to GATX Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment No.&nbsp;1</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We note the issuance of convertible notes in August&nbsp;2003 with a conversion price that adjusts based
on various factors. We further note your 7.5% senior unsecured convertible notes outstanding with
a conversion premium associated with the notes. Please tell us, and revise future filings to fully
disclose, your accounting treatment for these notes, the conversion option, and premium including
recognition of any beneficial conversion features or derivatives and corresponding mark to market
adjustments made each period. Your response should specifically address whether these instruments
provided for beneficial conversion features or embedded derivatives that required bifurcation from
the host contract, and the basis for your conclusions. Refer to guidance outlined in SFAS 133,
EITFs 00-19, 98-5, and 00-27, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Response No.&nbsp;1</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2006, GATX had two issuances of convertible notes outstanding consisting of
$124.3&nbsp;million (initial principal amount of $175&nbsp;million) of 7.5% notes issued in February&nbsp;2002 and
maturing in 2007 (the &#147;2002 Notes&#148;) and $125.0&nbsp;million of 5% notes, issued in August&nbsp;2003 and
maturing in 2023 (the &#147;2003 Notes&#148;) (collectively the &#147;Notes&#148;). We have concluded that in the case
of each of the Notes, the conversion option qualified for equity treatment in accordance with EITF
00-19 and that bifurcation of the embedded derivative associated with this option and separate
accounting treatment was not required. In addition, we concluded that beneficial conversion
features were not present in accordance with EITF 98-5. Finally, we also concluded that all other
features of the Notes were either not derivatives requiring bifurcation and separate accounting or
had a zero value at the date of issuance and throughout the life of the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notes to date. Our analysis of the various features of each of the Notes in accordance with the
relevant accounting guidance follows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In future filings, we will provide additional disclosure in the notes to our financial statements
in the format provided in Exhibit&nbsp;1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Accounting Assessment for $175,000,000 7.5% Convertible Senior Notes due 2007</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Option to convert the 2002 Notes into GATX common stock at a fixed conversion price
of $34.09 per share at any time following the issuance of the 2002 Notes. </I>Based on our
analysis under FAS 133 and EITFs 00-19 and 01-6, the option should not be bifurcated and
accounted for separately.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per the scope exception in FAS 133 paragraph 11(a), an issuer of a conversion option should
not apply FAS 133 if the option is indexed to the issuer&#146;s own stock and would be
classified within stockholders&#146; equity. Applying this scope exception requires two steps:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i). Determine if the conversion option, if freestanding, would be
classified in stockholders&#146; equity under EITF 00-19; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(ii). Assess whether the conversion option would be defined as &#147;indexed to a
Company&#146;s own stock&#148; under EITF 01-6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EITF 00-19 paragraph 4 states &#147;the requirements of paragraphs 12-32 of this issue do
not apply if the hybrid contract is a &#147;conventional&#148; convertible debt instrument.&#148;
The 2002 Notes do not meet the definition of &#147;conventional&#148; convertible debt, as
defined in EITF 05-2<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>, as GATX has the option to settle the conversion
option in cash, shares or a combination of cash and shares. Therefore, the provisions
of EITF 00-19 paragraphs 12-32 must be assessed. Exhibit&nbsp;2 contains a matrix
summarizing GATX&#146;s assessment of the guidance contained in these paragraphs as they
relate to the applicable terms in the Offering Memorandum and GATX&#146;s conclusion that
each of the criteria has been satisfied.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Written put option permitting the holder to put the debt at par upon a fundamental
change. </I>The written put option permitting the holder to put the debt at par is clearly
and closely related to the host debt instrument based on reference to DIG Issue B16.
Specifically, the debt was issued at par, the payoff is limited to repayment of 100%
principal amount (plus any accrued and unpaid interest), and is not adjusted by an index
nor put at a substantial premium. As a result, the holders&#146; option to put the 2002 Notes
does not meet the requirements for bifurcation under FAS 133 paragraphs 12, 13 or 61(d).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bankers&#146; over-allotment</I>. The initial purchasers were granted an option to purchase
up to an additional $25&nbsp;million of principal amount of notes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This feature does not meet the definition of a derivative under FAS 133 paragraphs 6(c)
(net settlement) or 6(a) (one or more notional amounts).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>EITF 05-2 defines &#147;conventional&#148; convertible
debt as &#147;instruments that provide the holder with an option to convert into a
fixed number of shares (or equivalent amount of cash at the discretion of the
issuer) for which the ability to exercise the option is based on the passage of
time or a contingent event for purposes of applying EITF 00-19.&#148;</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Beneficial Conversion Feature. </I>The 2002 Notes do not contain a beneficial
conversion feature. There are no detachable instruments and the 2002 Notes were issued
at par with a fixed conversion price of $34.09 per share, a 16% premium over the trading
price of GATX&#146;s stock at the time of issuance of $29.39 per share. As a result, the
conversion feature has no intrinsic value to the holder at issuance.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Accounting Assessment for $125,000,000 5.0% Senior Convertible Notes due 2023</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Option to convert the 2003 Notes into GATX common stock at an initial conversion
price of $23.6915 per share and upon the resolution of any of five contingencies. </I>The
conversion price is subject to adjustment in certain events. Based on our analysis of
both the option and related contingencies under FAS 133 and EITFs 00-19 and 01-6, the
option should not be bifurcated and accounted for separately.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Assessment of conversion option</I>. Per the scope exception in FAS 133
paragraph 11(a), an issuer of a conversion option should not apply FAS 133 if the
option is indexed to the issuer&#146;s own stock and would be classified within
stockholders&#146; equity. Applying this scope exception requires two steps:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Determine if the conversion option, if freestanding, would be
classified in stockholders&#146; equity under EITF 00-19; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assess whether the conversion option would be defined as &#147;indexed
to a Company&#146;s own stock&#148; (&#147;<I>indexed</I>&#148;) under EITF 01-6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EITF 00-19 paragraph 4 states &#147;the requirements of paragraphs 12-32 of this
issue do not apply if the hybrid contract is a &#147;conventional&#148; convertible debt
instrument.&#148; The 2003 Notes do not meet the definition of &#147;conventional&#148;
convertible debt, as defined in EITF 05-2<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>, as GATX has the option
to settle the conversion option in cash, shares or a combination of cash and
shares. Therefore, the additional provisions of EITF 00-19 paragraphs 12-32
must be assessed. Exhibit&nbsp;3 contains a matrix summarizing GATX&#146;s assessment of
the guidance contained in these paragraphs as they relate to the applicable
terms in the Offering memorandum and GATX&#146;s conclusion that each of the
criteria has been satisfied.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conversion contingencies. </I>In addition to the assessment of the conversion
option, an additional assessment of each of the conversion contingencies contained in
the Notes must also be made under EITF 01-6 to determine if any require bifurcation
and separate accounting. This assessment follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conversion upon satisfaction of sale price. </I>Conversion may occur
during any applicable conversion period if the Sale Price of GATX common stock
for at least 20 trading days in a period of 30 consecutive trading days ending on
the last trading day preceding such conversion period is greater than or equal to
120% of the conversion price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This contingency is based solely on the price of GATX&#146;s common stock for a
specified period of time. The observable market is GATX&#146;s stock price and once
the contingent event has occurred, settlement is based solely on GATX&#146;s stock.
Therefore, the contingency is included in the definition of <I>indexed </I>provided by
EITF 01-6.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>EITF 05-2 defines &#147;conventional&#148; convertible
debt as &#147;instruments that provide the holder with an option to convert into a
fixed number of shares (or equivalent amount of cash at the discretion of the
issuer) for which the ability to exercise the option is based on the passage of
time or a contingent event for purposes of applying EITF 00-19.&#148;</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conversion upon credit rating event. </I>Conversion may occur during
any period that (A)&nbsp;the long term credit rating assigned to the notes by both
Moody&#146;s and S&#038;P is lower than Ba2 and BB, respectively, (B)&nbsp;both Moody&#146;s and S&#038;P
no longer rate the notes or have withdrawn their ratings with respect to the
notes, or (C)&nbsp;either Moody&#146;s or S&#038;P no longer rate the notes or have withdrawn or
suspended such rating and the remaining rating is lower than Ba2 or BB, as
applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This contingency is not based on an observable market or index and once the
contingent event has occurred, settlement is based solely on GATX&#146;s stock.
Therefore, the contingency is included in the definition of <I>indexed </I>provided by
EITF 01-6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conversion upon redemption. </I>Conversion may occur if GATX calls the
2003 Notes for redemption (the 2003 Notes are callable any time on or after August
15, 2008).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GATX&#146;s redemption of its 2003 Notes is not based on an observable market or index
as it is based on a Company decision and once the contingent event has occurred,
settlement is based solely on GATX&#146;s stock. Therefore, the contingency is
included in the definition of <I>indexed </I>provided by EITF 01-6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conversion upon satisfaction of trading price condition. </I>The 2003 Notes
are convertible during the five business day period after any five consecutive
trading day period in which the trading price of the 2003 Notes for each day within
the period is less than 95% of the Conversion Value of the 2003 Notes during that
period; provided, however, that no 2003 Notes may be converted based on the
satisfaction of this condition if on any day during such five consecutive trading
day period, the Sale Price of our common stock is between the conversion price and
120% of the conversion price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This conversion feature is known as the &#147;bond parity feature&#148;. The bond parity
feature is indexed to both the trading price of the 2003 Notes and the closing
price of GATX&#146;s common stock. Because the trading price of the 2003 Notes is an
observable index that is not linked to GATX&#146;s operations, dual indexing is
present and the conversion feature is not considered solely indexed to the
Company&#146;s stock. Therefore, it is within the scope FAS 133 and must be
bifurcated from its host contract if material.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At issuance, we ascribed no initial value to this feature based on our
expectation that the likelihood of conversion pursuant to this provision would be
remote, as well as our conclusion that investors placed little or no value on
this conversion option at issuance which was based in part on consultations with
the underwriters. Since issuance, our expectations have not changed (in part due
to the conversion premium of the Notes being &#147;in the money&#148; based on GATX&#146;s stock
price) and as a result, we have continued to value this feature at zero.
Accordingly, no adjustments have been made.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conversion upon specified corporate events. </I>The 2003 Notes are convertible if we:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distribute to all holders of our common stock certain
rights entitling them to purchase, for a period expiring within 60&nbsp;days,
shares of our common stock at less than the Sale Price at the time ;</TD>
</TR>

</TABLE>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distribute to all holders of common stock our assets,
debt securities or certain rights to purchase our securities, which
distribution has a per share value exceeding 10% of the Sale Price of our
common stock on the day preceding the declaration date for such
distribution; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are party to a consolidation, merger or binding share
exchange pursuant to which our common stock would be converted into cash,
securities or other property, a holder may surrender the 2003 Notes for
conversion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of the events described in this section are based on an observable market
or index and settlement of this feature is based solely on GATX&#146;s stock.
Therefore, each is included in the definition of <I>indexed </I>provided by EITF
01-6.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Written put option permitting the holder to put the debt at par on August&nbsp;15,
2008, August&nbsp;15, 2013, or August&nbsp;15, 2018, or upon a fundamental change. </I>The written put
option permitting the holder to put the debt at par is clearly and closely related to the
host debt instrument based on reference to DIG Issue B16. Specifically, the debt was
issued at par, the payoff is limited to repayment of 100% principal amount (plus any
accrued and unpaid interest), and is not adjusted by an index nor put at a substantial
premium. As a result, the holders&#146; option to put the 2003 Notes does not meet the
requirements for bifurcation under FAS 133 paragraphs 12, 13 or 61(d).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Contingent interest. </I>The Contingent Interest provision requires GATX, subject to
the accrual and record date provisions described in the Offering memorandum, to pay
contingent interest to the holders of 2003 Notes during any six-month interest period,
commencing with the six-month period beginning on August&nbsp;15, 2008, if the average trading
price of the 2003 Notes for the five trading days ending on the second trading day
immediately preceding the first day of the relevant six-month period equals 120% or more
of the principal amount of the 2003 Notes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with FAS 133, the contingent interest feature represents an embedded
derivative that must be bifurcated from its host instrument and accounted for separately as
a derivative instrument. However, GATX has the option and the financial capacity to redeem
the 2003 Notes beginning August&nbsp;15, 2008 and if a redemption were to occur GATX would avoid
incurring any contingent interest payments. Due to the contingent nature of this interest
and an expectation that GATX would call the 2003 Notes prior to incurring any obligation
for the contingent interest, it was our conclusion that investors placed little or no value
on this contingent interest feature which was based in part on consultations with the
underwriters. As a result, at issuance, we ascribed no initial value to it. Since
issuance, expectations have not changed and as a result, we have continued to value this
feature at zero. Accordingly, no adjustments have been made.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bankers&#146; over-allotment. </I>The initial purchasers were granted an option to
purchase up to an additional $10&nbsp;million of principal amount of 2003 Notes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This feature does not meet the definition of a derivative under FAS 133 paragraphs 6(c)
(net settlement) or 6(a) (one or more notional amounts).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Beneficial Conversion Feature. </I>The 2003 Notes do not contain a beneficial
conversion feature. There are no detachable instruments and the 2003 Notes were issued
at par with an initial conversion price of $23.6915 per share, a 22.5% premium over the
trading price of GATX&#146;s stock at the time of issuance of $19.34 per share. As a result,
the conversion feature has no intrinsic value to the holder at issuance.</TD>
</TR>

</TABLE>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment No.&nbsp;2</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In a related matter, please explain further your accounting for the conversion of these notes in
the first and second quarters of 2007. We note from your June&nbsp;30, 2007 Form 10-Q that all of the
7.5% notes and some of the 5% notes were converted, resulting in a payment of significant
conversion premiums, which were satisfied through the issuance of your common shares. Your
response and your revised disclosures should specifically explain how you valued and accounted for
the issuance of the shares in satisfaction of the conversion premium and the relevant technical
accounting literature supporting the accounting treatment used. We may have further comment upon
receipt of your response.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Response No.&nbsp;2</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the first and second quarters of 2007, we completed conversion settlements for our 2002
Notes and 2003 Notes for aggregate principal amounts of $124.3&nbsp;million and $18.2&nbsp;million,
respectively. The terms of each of our Notes provide that conversion may be settled 100% in stock,
100% in cash or a combination thereof at the discretion of the Company. In addition, any accrued
but unpaid interest at the date of conversion was forfeited by the Note holder in each of these
instances. GATX settled each of these conversions by paying cash equal to the principal amount of
each converted Note (excluding accrued interest) and issuing shares for the conversion premium.
EITF 90-19 provides guidance for the accounting of certain convertible debt instruments with an
issuer option to settle for cash upon conversion. Specifically, EITF 90-19 outlines the accounting
for convertible debt that <U>requires</U> settlement upon conversion entirely in cash (&#147;Instrument
A&#148;)<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>; convertible debt that <U>requires</U> settlement upon conversion entirely in
either stock or cash (&#147;Instrument B&#148;); or convertible debt that upon conversion <U>requires</U>
that the accreted value of the debt be settled in cash and the conversion spread in either shares
or cash (&#147;Instrument C&#148;). We believe Instrument C is most analogous to each of the 2002 and 2003
Notes under the circumstances described above. EITF 03-7 supplements EITF 90-19 by providing
guidance regarding the accounting at settlement for Instrument C upon conversion. Specifically,
EITF 03-7 provides that upon settlement of a security (other than debt extinguishments described in
EITF 05-1) with the characteristics of Instrument C in EITF 90-19, by payment of the accreted value
of the obligation in cash and settlement of the conversion spread with stock, only the cash payment
should be considered in the computation of gain or loss on the extinguishment of the recognized
liability. Any shares transferred would not be considered in the settlement of the debt component.
Finally, EITF 85-17 provides that when a convertible debt instrument is converted to equity
securities, any accrued and unpaid interest expense through the date of conversion should be
credited to capital (equity).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the conversions settled in 2007, we have followed the guidance in EITF 03-7 and
EITF 85-17. Specifically, we have considered only the cash payment made to the debt holders for
purposes of computing gain or loss on the extinguishment of the recognized liability associated
with the Notes. Any shares transferred upon conversion were not considered in the settlement of
the debt component and as a result, no value was ascribed to them. For purposes of this
computation, we compared the cash paid to the carrying value of the Notes, excluding accrued
interest, and no gain or loss was recognized. The accrued and unpaid interest on the 2002 Notes
and 2003 Notes (net of tax effects),was reclassified as an adjustment to additional paid-in
capital. The total amount of accrued interest reclassified into equity (net of tax effects) in
the first and second quarters of 2007 was $3.1&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In future filings, we will provide additional disclosure in the notes to the financial statements
with respect to the underlying details and related accounting treatment for our settlement of the
convertible notes upon conversion. See Exhibit&nbsp;1.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The guidance for Instrument A was subsequently nullified with the issuance of FAS 133.</TD>
</TR>

</TABLE>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment No.&nbsp;3</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer you to the last paragraph of this financial statement footnote. Please tell us the amount
of the remaining issue currently under appeals and ultimately litigated with regards to the
structured lease transaction. To the extent the amount under dispute is significant to your
financial statements, you should disclose the range of possible loss or exposure in compliance with
paragraph 10 of SFAS 5.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Response No.&nbsp;3</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with an audit of the Company&#146;s federal income tax returns for the years 1998-2002,
the Internal Revenue Service (IRS)&nbsp;challenged the timing of certain deductions related to a
structured lease transaction. As disclosed in Note 13 of our 2006 financial statements, we believe
our tax return position with respect to this issue was proper based on applicable statutes,
regulations and case law. At the end of 2006, we had entered the IRS appeals process with respect
to this matter. In the event the IRS prevails on this matter, we will be required to recognize
additional taxable income of up to $78.6&nbsp;million on previously filed tax returns for the years
1999-2006. Any such adjustments would be timing in nature and allowable as deductions in future
years. An adjustment for the full amount would result in a balance sheet reclassification entry
of approximately $29.9&nbsp;million from deferred income taxes to current income taxes payable. Our
income statement exposure with respect to this issue is limited to the potential interest expense
on any such tax deficiency which is approximately $1.4&nbsp;million at December&nbsp;31, 2006. This interest
amount reflects the impact of the Company&#146;s tax net operating loss and alternative minimum tax
credit carry forward positions that existed through 2006. Upon resolution, the potential
reclassification entry between current and deferred income taxes will have no material impact on
our balance sheet and any impact to cash flows will be disclosed, if material. Based on the
immaterial amount of exposure related to this issue, we believe a FAS 5 disclosure was not required
in 2006. In future filings we update the status of this matter, clarify that this issue is a
timing issue and disclose any exposure attributable to interest, if material.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment No.&nbsp;4</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please expand your disclosure in future filings to provide further information with regard to
ongoing legal disputes. We note that Item&nbsp;3. Legal Proceedings contains much more detailed
information regarding your outstanding litigation. In accordance with SFAS 5, paragraphs 9 through
12, you should provide disclosures of any accruals related to outstanding litigation or provide an
estimate of the range of loss exposure for each material pending lawsuit. If an estimate of the
loss or range of losses to which you are exposed cannot be made, a statement to this effect should
be provided in the notes to your financial statements. Refer to the guidance outlined in SAB Topic
5:Y, Question 2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Response No.&nbsp;4</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will expand our disclosures in future filings with regard to legal contingencies. We will
disclose the accrual amounts for any material outstanding litigation or provide a range of our loss
exposure, if ascertainable, for all material pending lawsuits in accordance with FAS 5. To the
extent an estimate of losses or range of losses cannot reasonably be determined, we will include a
statement to that effect in our footnotes to the financial statements. <U> </U>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment No.&nbsp;5</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With regard to the $19.2&nbsp;million adjustment to beginning retained earnings, please provide us with
the amount of expense and/or accruals that were determined in error for all annual and quarterly
periods effected in connection with the inappropriate treatment of these liabilities. As part of
your response, you should also explain how you evaluated the materiality of the misstatements with
regard to the financial statements for each of these annual and quarterly periods pursuant to the
guidance in SAB 108 and SAB 99. We may have further comment upon receipt of your response.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Response No.&nbsp;5</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our analysis of the accruals referenced in Note 20 of our 2006 financial statements for the annual
periods 2001-06 and quarterly periods 2004-06 is attached as Exhibit&nbsp;4. Based on this analysis and
the facts and circumstances described below, we believe that the $19.2&nbsp;million adjustment was
properly accounted for pursuant to SAB 108. We concluded that by applying the iron curtain method
as of January&nbsp;1, 2006, as required by SAB 108, a material error existed with respect to recorded
reserves in the amount of $30.5&nbsp;million. While the aggregate reserve balance was not material to
GATX&#146;s balance sheet, which had assets from continuing operations in excess of $3.5&nbsp;billion at
January&nbsp;1, 2006<SUP style="font-size: 85%; vertical-align: text-top">4</SUP>, correcting the error in the current year in its entirety would be
material to 2006 results. Applying the guidance in SAB 99, we have determined, in each case, the
errors were immaterial in the period they arose and in each subsequent applicable reporting period
utilizing the rollover method. As a result, we believe that SAB 108 was applicable and the
appropriate action for GATX was to reverse the Terminals OPEB and Restructuring reserves in the
manner described below. The required correction met the transition criteria in SAB 108 and as a
result an adjustment representing the cumulative effect (net of related taxes) of the change was
made to opening retained earnings for the year ended December&nbsp;31, 2006 as reported in our 2006 Form
10-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Background. </I></B>In prior years, we recorded accruals in connection with the sale of multiple business
segments reported as discontinued operations. Such accruals were initially determined to be
appropriate based on our interpretation of applicable GAAP at that time. Specifically, these
accruals were established for the estimated undiscounted portion of future periodic costs to be
incurred for postretirement employment benefits (&#147;OPEB&#148;) of severed employees and retirees of the
sold businesses, the liability of which was retained by GATX. We believed that recording these
accruals was appropriate under APB 30 then in effect. In subsequent years, the periodic expenses
and related adjustments for other postretirement employment benefits for employees of the sold
businesses were charged against the accrual. In 2006, we determined that such accruals were not
consistent with the authoritative guidance provided for OPEB liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of January&nbsp;1, 2006, the uncorrected balance of this accrual totaled $30.5&nbsp;million, and was
comprised of two components that were originally recorded as part of the gain/loss recognized on
the sale of business segments in accordance with APB 30 in prior years. The components were:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Terminals OPEB Reserve
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$20.9&nbsp;million</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Restructuring Reserve
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$9.6&nbsp;million</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Terminals OPEB Reserve (&#147;Terminals OPEB Reserve&#148;)</I></B>. The Terminals OPEB Reserve originated in 2001,
when GATX completed the sale of its terminals and pipeline business. Total sales proceeds
approximated $1.2&nbsp;billion and the pre-tax gain recognized on the sale and reported in discontinued
operations was $343.0&nbsp;million. The accrual recorded in 2001 was $26.3&nbsp;million and was based on an
actuarial estimate of total undiscounted OPEB benefits projected to be paid to Terminals&#146; employees
in excess of the recorded OPEB liabilities attributable to these employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Restructuring Reserve (&#147;Restructuring Reserve&#148;)</I></B><I>. </I>The Restructuring Reserve originated in 1983 when
GATX recorded a $179.7&nbsp;million reserve associated with the restructuring of the Company around its
service oriented businesses and the sale of all manufacturing businesses. This charge included
impairments, costs and contingencies related to this strategic restructuring of GATX&#146;s businesses.
Over time, all remaining costs and expenses related to the sold businesses were fully
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Excludes $1.7&nbsp;billion of assets associated with our air segment reported as discontinued operations.</TD>
</TR>

</TABLE>



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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">charged against the reserve and the only remaining reserve activity related to adjustments for
benefit costs for employees of the closed locations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Analysis of the SAB 108 Transition Criteria</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FAS 154, <I>Accounting Changes and Error Corrections</I>, retained the previous requirements of APB 20 for
reporting the correction of an error in previously issued financial statements. Specifically, an
error discovered subsequent to the issuance of the financial statements shall be reported as a
prior-period adjustment by restating previously issued financial statements. However, such
restatements are generally applied when the impact of the error on the previously issued financial
statements is material.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Error Origination:</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The error associated with the Terminals OPEB Reserve balance originated in 2001 when GATX completed
the sale of its terminals and pipeline business. Total sales proceeds approximated $1.2&nbsp;billion
and the pre-tax tax gain recognized on the sale was $343.0&nbsp;million. The accrual recorded was $26.3
million. On a quantitative basis, the accrual amount, on a pre-tax basis, represented
approximately 7.7% of total gain pre-tax reported on the sale of Terminals. Additionally, the
entire amount was recognized as part of the gain recorded in discontinued operations. Thus, income
reported from continuing operations was not impacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A qualitative evaluation indicates that there is no material impact on the GATX financial
statements. Specifically the impact of the misstatement was limited to the reported gain on the
sale of a discontinued business. Also, the misstatement (i)&nbsp;arises from an estimate, (ii)&nbsp;does not
mask any change in earnings or other corporate trends in the year in which the reserve was
established, (iii)&nbsp;does not hide any failure to meet analysts&#146; consensus expectations, (iv)&nbsp;does
not change a loss into income or vice versa, (v)&nbsp;does not concern a segment or other portion the
GATX&#146;s business which has been identified as playing a significant role in GATX&#146;s operations or
profitability (rather it concerns a discontinued operation), (vi)&nbsp;does not affect GATX&#146;s compliance
with regulatory requirements, (vii)&nbsp;does not affect GATX&#146;s compliance with loan covenants or other
contractual requirements, (viii)&nbsp;has no effect on management&#146;s compensation and (ix)&nbsp;does not
involve the concealment of an unlawful transaction. In addition, the error had no impact on
reported results from continuing operations or cash flows from continuing operations and a minimal
impact on our statement of financial position<SUP style="font-size: 85%; vertical-align: text-top">5</SUP>. We therefore concluded that increasing
the gain in discontinued operations would not be material to the 2001 financial statements. As a
result, upon consideration of all relevant facts and circumstances, we concluded that correcting
this amount by restating 2001 earnings was not required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The remaining balance in the Restructuring Reserve related to an accrual initially recorded in
1983. While the reserve was first recorded in 1983, the error with respect to the reserve was not
identified until 2006. The reserve balance at the end of 2005 was $9.6&nbsp;million, or 5.3% of the
pre-tax loss recorded on the restructuring. Based on the passage of time and the reliance on
judgments and assumptions during that time (by people who are no longer employed by GATX), it is
not possible to determine when all contingencies and other uncertainties were resolved. It has been
GATX&#146;s policy and practice to rely on the rollover method for purposes of assessing the materiality
of misstatements in our financial statements. As a result, we have evaluated the materiality of
this issue utilizing the rollover method for the period 2001-2005 as described below.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The balance of this reserve had no meaningful
impact on GATX&#146;s total liabilities at December&nbsp;31, 2001 which were $5.2
billion. In addition, had we not recorded the reserve, our recorded total
shareholders&#146; equity of $882&nbsp;million would have increased by approximately $17
million (net of tax effects), an immaterial amount.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Rollover Effect:</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As noted, these reserves have been adjusted each year for amounts attributable to OPEB expenses
related to employees of sold businesses. Each period, the adjustments were recorded in SGA within
our Corporate or Other segment. Based on applicable GAAP, the adjustments made to these accruals
represent errors to results as reported. GATX relied on the rollover method for assessing these
misstatements. Based on the rollover method, the run-off of the errors since 2001 is immaterial to
each applicable annual and quarterly period. Our quantitative analysis first entailed computing
the accrual adjustments recorded during each period as a percentage of pre-tax income from
continuing operations. For the years 2001, 2002 and 2004 we adjusted our pre-tax earnings for
certain non-recurring items. During each of the years under review, particularly 2001 and 2002,
several sectors and markets within the Company&#146;s portfolio mix experienced difficult conditions
resulting in significant losses (impairments, loss reserves) leading the Company to undergo a
number of strategic changes and recognize other non-recurring charges (primarily
reductions-in-force).<SUP style="font-size: 85%; vertical-align: text-top">6</SUP> Specifically, impairment losses (including impairments of
operating lease assets and joint venture investments), loss reserves (net of recoveries) and
reduction-in-force charges have been eliminated from continuing operations for purposes of this
computation in 2001 and 2002. For 2004, we eliminated one-time material gains associated with
insurance recoveries and the sale of a non-operating property. We believe this approach provides a
more representative portrayal of the impact of these reserve adjustments on GATX&#146;s operational
results when considering materiality from the viewpoint of analysts, investors and other users of
our financial statements. During the years 2001-2005, the percentage impact of these errors as a
function of our pre-tax earnings from continuing operations (or pre-tax income from continuing
operations as adjusted for years 2001, 2002 and 2004) ranged from 0.5% to 3.9%. Results of this
analysis on an annual basis are summarized in the following table and the full annual and quarterly
analysis for 2004-06 is presented in Exhibit&nbsp;4:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Terminals OPEB and Restructuring Reserve Analysis<BR>
Years 2001-2005<BR>
(In Millions)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2001</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terminals OPEB</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subtotal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pretax Income
Continuing Ops</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">172.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">133.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">202.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pct.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>From 2000 through 2006, we experienced
periods of difficult market conditions across all sectors of the business and
also took a number of strategic steps that substantially altered the
composition of the Company and consequently affected comparability of financial
results. The economic downturn that began in 2000 negatively impacted demand,
lease pricing and new investment in our rail segment. Likewise, the various
sectors within our financial services businesses were also severely impacted
resulting in significant losses in the portfolio in the form of impairments and
write-offs of our venture, telecom and steel related investments. Also, the
weak economic environment combined with the aftermath of the terrorist attacks
on September&nbsp;11, 2001 had devastating and long lasting effects on the air
industry, including our air leasing portfolio and air joint venture
investments. In response to these challenging conditions, we substantially
modified the organization and operating structure of the Company resulting in
sizeable reduction-in-workforce charges in 2001 and 2002. In addition, over
this time period we disposed of several key businesses: in 2001 we sold our
terminals and pipeline business; in 2004 we sold our technology leasing
business; and in 2005-06 we sold our air business.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Supplementing our quantitative assessment, we believe a qualitative evaluation of the misstatements
also indicates that there is no material impact on the GATX financial statements. Specifically,
the misstatement (i)&nbsp;arises from an estimate, (ii)&nbsp;does not mask any change in earnings or other
corporate trends during any of the periods in which the reserve was in existence and the periods
thereafter through December&nbsp;31, 2006<SUP style="font-size: 85%; vertical-align: text-top">7</SUP>, (iii)&nbsp;does not hide any failure to meet
analysts&#146; consensus expectations, (iv)&nbsp;does not change a loss into income or vice versa, (v)&nbsp;does
not concern a segment or other portion the GATX&#146;s business which has been identified as playing a
significant role in GATX&#146;s operations or profitability (the adjustments were recorded in our
&#147;Other&#148; of &#147;Corporate&#148; segment), (vi)&nbsp;does not affect GATX&#146;s compliance with regulatory
requirements, (vii)&nbsp;does not affect GATX&#146;s compliance with loan covenants or other contractual
requirements, (viii)&nbsp;has no effect on management&#146;s compensation and (ix)&nbsp;does not involve the
concealment of an unlawful transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe the impact of the errors attributable to the Terminals OPEB and Restructuring reserves
based on the quantitative and qualitative analyses presented above, which we applied to each of
these issues, is immaterial both individually and in the aggregate. Additionally, we evaluated the
impact of the errors for each of the quarterly periods during 2004-06 using the same quantitative
and qualitative analysis and concluded that in all periods the misstatements were likewise
immaterial.<SUP style="font-size: 85%; vertical-align: text-top">8</SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2006 Activity</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the first three quarters of 2006, GATX recognized pre-tax credits of $1.7&nbsp;million
attributable to adjustments to the Terminals OPEB and Restructuring reserves. This amount was
reversed in the fourth quarter to re-establish the reserves to their January&nbsp;1, 2006 balances in
anticipation of applying SAB 108. We believe the adjustment was immaterial to GATX&#146;s earnings from
continuing operations for the fourth quarter of 2006 from a quantitative standpoint based on the
following:
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of this analysis, we examined
the following trends that we believe are most significant to analysts,
investors and other users of our financial statements: revenues; operating
expenses; pre-tax income from continuing operations; and liquidity.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>GATX&#146;s earnings are generated by a variety of
income sources that do not occur evenly quarter to quarter. Asset remarketing
income, which comprises a significant source of our income and return on
investment is the primary driver of this variability. Gains on the sale of
assets from our owned portfolio and remarketing fees generated from asset sales
from our managed portfolios generate income on an annual basis, which can be
vary significantly between the quarters of any given year. In addition, the
timing of asset sales combined with asset acquisitions made throughout the year
affect comparability among or between quarters. Finally, one of our segments,
the American Steamship Company, operates a fleet of shipping vessels on the
Great Lakes and the sailing season typically operates from April 1st through
December&nbsp;15th. Based on these qualitative factors, we respectfully submit that
reviewing quarterly results on a stand alone basis for the purpose of this
quantitative analysis does not necessarily provide a representative indication
of what is of importance to a reasonable investor. As a result, we believe our
analysis based on annual results is more meaningful and appropriate.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Fourth Quarter 2006 Analysis</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">In Millions</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4th Quarter Reserve Adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4th Quarter Pretax Income from Continuing Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pct.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, we concluded that this adjustment was not material after consideration of qualitative
factors, since the adjustment (i)&nbsp;arises from an estimate, (ii)&nbsp;does not mask any change in
earnings or other corporate trends during 2006<SUP style="font-size: 85%; vertical-align: text-top">9</SUP>, (iii)&nbsp;does not hide any failure to
meet analysts&#146; consensus expectations, (iv)&nbsp;does not change a loss into income or vice versa, (v)
does not concern a segment or other portion the GATX&#146;s business which has been identified as
playing a significant role in GATX&#146;s operations or profitability, (vi)&nbsp;does not affect GATX&#146;s
compliance with regulatory requirements, (vii)&nbsp;does not affect GATX&#146;s compliance with loan
covenants or other contractual requirements, (viii)&nbsp;has no effect on management&#146;s compensation and
(ix)&nbsp;does not implicate the concealment of an unlawful transaction. SAB 108 requires adjustment to
the financial results for the first three quarters of 2006 to remove the effects with this
accounting change and disclose adjusted amounts in the Form 10-K. Based on the foregoing
quantitative and qualitative analysis, we concluded that any such adjustments were not material in
any quarter; as a result we did not adjust or disclose the quarterly impact in the Form 10-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Conclusion</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the facts and circumstances described above, GATX concluded that by applying the iron
curtain method as of January&nbsp;1, 2006, a material error existed with respect to recorded reserves in
the amount of $30.5&nbsp;million. While the aggregate reserve balance was not material to GATX&#146;s
balance sheet, correcting the error in the current year in its entirety would have been material to
2006 results. In each case, we have determined that the errors were immaterial in the year they
arose and in each subsequent year and quarter utilizing the rollover method. As a result, we
believe that SAB 108 was applicable and the appropriate action for GATX was to reverse the
Terminals OPEB and Restructuring reserves. The required correction met the transition criteria in
SAB 108 and as a result an adjustment representing the cumulative effect (net of related taxes) of
the change was made to opening retained earnings for the year ended December&nbsp;31, 2006, as reported
in the 2006 Form 10-K.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">9</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of this analysis, we examined
the following trends that we believe are most significant to analysts,
investors and other users of our financial statements; revenues; operating
expenses; pre-tax income from continuing operations; and liquidity.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment No.&nbsp;6</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please address our comments on your Annual Report Form 10-K in future quarterly reports on Form
10-Q, where applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Response No.&nbsp;6</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will address your comments in our future quarterly reports on Form 10-Q, as applicable.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>**********</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We hereby acknowledge that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company is responsible for the adequacy and accuracy of the disclosure in the
filing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company may not assert staff comments as a defense in any proceeding initiated by
the Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions or need additional information, please call John Huber of Latham &#038;
Watkins LLP at (202)&nbsp;637-2242.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Robert C. Lyons<BR>
RCL/vt
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosures
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deborah A. Golden</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William M. Muckian</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David J. Doyle (Ernst &#038; Young LLP-Engagement Partner)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kenneth W. Peterson (Ernst &#038; Young LLP-National Office)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John J. Huber (Latham &#038; Watkins LLP)</TD>
</TR>
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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;1</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Proposed Convertible Debt disclosure to be included in future footnotes to financial statements:</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>2002 Convertible Notes </I>- In February&nbsp;2002, GATX issued $175&nbsp;million of long-term, 7.5% senior
unsecured convertible notes (the &#147;2002 Notes&#148;). As of December&nbsp;31, 2006, $124.3&nbsp;million were
outstanding and convertible at any time into GATX Corporation common stock at a price of $34.09 per
share. Upon conversion, GATX may elect, at its option, to deliver cash, shares of GATX common
stock or any combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>2003 Convertible Notes </I>- In August&nbsp;2003, GATX issued $125.0&nbsp;million long-term, 5.0% senior
unsecured notes which are convertible into GATX common stock and mature in August&nbsp;2023 (the &#147;2003
Notes&#148;). As of December&nbsp;31, 2006, $125.0&nbsp;million were outstanding and convertible at a conversion
price of $24.54 per share. The conversion price may be adjusted due to changes in our per share
dividend rate, but may not be less than $19.34 per share. A summary of the various terms and
contingencies contained in the 2003 Notes follows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2003 Notes are convertible into GATX common stock upon the resolution of any of five
contingencies: (1)&nbsp;during any applicable conversion period in which the trading price of GATX
common stock is greater than or equal to 120% of the conversion price for 20&nbsp;days in a period of 30
consecutive trading days; (2)&nbsp;upon specified negative credit rating agency actions; (3)&nbsp;if GATX
calls the 2003 Notes for redemption; (4)&nbsp;if the trading price of the 2003 Notes is less than 95% of
the conversion value (subject to certain conditions); or (5)&nbsp;upon specified corporate events such
as certain distributions of stock rights or assets or in the event of a merger or consolidation.
Upon conversion, GATX may elect, at its option, to deliver cash, shares of GATX common stock or any
combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Holders of the 2003 Notes have the right to require all or a portion of the 2003 Notes to be
purchased at a price equal to 100% of the principal amount of the 2003 Notes plus accrued and
unpaid interest in August&nbsp;2008, August&nbsp;2013, and August&nbsp;2018. Any required purchases in August
2008, will be payable in cash, whereas any purchases in August&nbsp;2013 or August&nbsp;2018 may be paid in
cash or shares of GATX common stock or any combination thereof, at GATX&#146;s option. GATX also has
the right, beginning in August&nbsp;2008, to redeem the 2003 Notes at 100% of the principal amount plus
accrued and unpaid interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2003 Notes carry a contingent interest provision that beginning on August&nbsp;15, 2008, if the
average trading price of the 2003 Notes equals 120% or more of the principal amount of the 2003
Notes, GATX may be required to pay additional interest equal to 0.25% of the trading price of
$1,000 principal amount of the 2003 Notes for each applicable six-month period. GATX may avoid
paying this contingent interest by calling the 2003 Notes prior to the beginning of the contingent
interest period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Accounting for the Convertible Notes &#151; </I>GATX based its accounting for the conversion options
embedded in the each of the 2002 Notes and 2003 Notes in accordance with SFAS No.&nbsp;133, EITF 00-19,
<I>Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company&#146;s
Own Stock </I>and EITF 01-6, <I>The Meaning of &#147;Indexed to a Company&#146;s Own Stock,&#148; </I>concluding that the
conversion option qualified for equity treatment and that bifurcation and separate accounting
treatment of the embedded derivative was not required. In addition, GATX assessed whether either
of the 2002 Notes or 2003 Notes contained any beneficial conversion features in accordance with
EITF 98-5, <I>Accounting for Convertible Securities with Beneficial Conversion Features or
Contingently Adjustable Conversion Ratios</I>, and determined that in each case none was present.
Finally, GATX concluded that all other features of the 2002 Notes and 2003 Notes, including
conversion contingencies, were either not derivatives requiring bifurcation and separate accounting
or were derivatives, but based on our assessment were determined to have a zero value at the date
of issuance and throughout the life of the notes to date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Maturities and Conversions of Convertible Notes </I>- During 2007, the 2002 Notes matured, resulting in
a cash payment of $124.3&nbsp;million for the principal balance and the issuance of 1.0&nbsp;million shares
of GATX common stock for the conversion premium. Additionally, $18.2&nbsp;million of the 2003 Notes
converted, resulting in a cash payment of $18.2&nbsp;million for the principal balance and 0.4&nbsp;million
shares issued for the conversion premium. No gain or loss was recognized on these conversions and
$3.1&nbsp;million, representing accrued and unpaid interest forfeited upon conversion of the 2002 Notes
and 2003 Notes (net of tax effects), was reclassified as an adjustment to additional paid in
capital.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;2</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EITF 00-19 Matrix for $175,000,000 7.5% Convertible Senior Notes due 2007</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>EITF 00-19 Provisions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Contract Terms</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Conclusion</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1. The contracts
cannot include ANY
provisions that could
<u>require</u> net-cash
settlement, other than
if the cash payment is
only required upon the
final liquidation of
the Company. &#091;EITF
00-19.12-13 and 27-28&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per the Offering
Memorandum, the
&#147;Conversion&#148; section
discusses the
Company&#146;s option to
settle the conversion
with cash, shares or
the combination of
cash and shares. The
Company also has the
option to pay the
principal in cash and
settle the conversion
spread in either cash
or shares at the
Company&#146;s sole
discretion.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company retains
the choice to settle
in cash or shares of
its own common stock.
Therefore the Company
is not <u>required</u> to
net-cash settle.
Consequently, this
criterion is
satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The &#147;Conversion&#148;
section also
discusses the
holders&#146; right to
receive an adjustment
to the conversion
price for certain
events including, but
not limited to,
common stock
dividends,
subdivisions of
common stock,
liquidating dividends
and events that may
involve cash payments
to the holders of the
underlying shares.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per EITF 00-19 paragraph 27, these terms do not impact equity treatment. Therefore, this criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2. The contract
permits the Company to
settle in unregistered
shares. &#091;EITF
00-19.14-18&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per the face of the
Offering Memorandum,
the stock issued upon
conversion of the
notes has not been
registered. Per the
&#147;Registration Rights&#148;
section, the
Company&#146;s will make
its best efforts (but
no explicit
requirement) to file
an effective shelf
registration
statement.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company may
settle in either
registered or
unregistered shares.
Therefore, this
criterion is
satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;2</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EITF 00-19 Matrix for $175,000,000 7.5% Convertible Senior Notes due 2007</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>EITF 00-19 Provisions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Contract Terms</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Conclusion</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3. If the contract
includes a penalty
that could be
avoided under
alternative
settlement options,
the uneconomic
alternative should
be disregarded in
classifying the
contract. &#091;EITF
00-19.16&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per the Offering
Memorandum, the
&#147;Registration
Rights&#148; section
contains a
liquidated damages
provision, which,
in the event a
shelf registration
statement is not
filed or declared
effective, the
Company would be
required to pay
liquidated damages
of up to 50 basis
points per annum
per $1,000
principal amount.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If the Company files an
effective shelf registration
statement and delivers
registered shares, this
penalty can be avoided. It
is the Company&#146;s intent to
file an effective
registration statement and
deliver registered shares
(completed in April&nbsp;2002
)<SUP style="font-size: 85%; vertical-align: text-top">10</SUP>; therefore,
this criterion is
satisfied.<SUP style="font-size: 85%; vertical-align: text-top">11</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4. The Company must
have sufficient
authorized and
unissued shares
available to settle
the contract after
considering all
other commitments
that may require the
issuance of stock
during the maximum
period the
derivative contract
could remain
outstanding. &#091;EITF
00-19.19&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">At the issuance date, the
Company has 63&nbsp;million shares
of common stock authorized
and unissued. A maximum of
5.1&nbsp;million are issuable upon
conversion of these notes and
less than 5.0&nbsp;million are
issuable under equity
compensation plans and
conversion of preferred
stock. The Company has no
other obligations to issue
shares. Together, the 10.1
million of potentially
issuable shares is
significantly less than the
63&nbsp;million authorized and
unissued. We also note that
5.1 milion shares of common
stock are reserved for
conversion of convertible
notes referenced above. As a
result, subsequent to the
issuance date and during the
full term of the notes, we
expect to have sufficient
authorized and unissued
shares to satisfy this
requirement. Therefore, this
criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5. The contract
contains an explicit
limit on the number
of shares to be
delivered in a share
settlement. &#091;EITF
00-19.20-24&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per Offering
Memorandum, section
&#147;Conversion&#148;, the
conversion price is
fixed at $34.09 per
share.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since the conversion price is
fixed, the maximum number of
shares that could be
delivered is fixed.
Therefore, this criterion is
satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">10</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The Company is a &#147;well known seasoned issuer.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">11</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In FSP EITF No.&nbsp;00-19-2, the FASB clarified
that such registration rights arrangements, whether included in the terms of a
financial instrument or embodied in a separate arrangement, should be analyzed
separately from the instrument, and as such, do not the affect the analysis of
conversion features in accordance EITF No.&nbsp;00-19.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;2</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EITF 00-19 Matrix for $175,000,000 7.5% Convertible Senior Notes due 2007</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>EITF 00-19 Provisions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Contract Terms</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Conclusion</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6. There are no
required cash
payments to the
counterparty in the
event the Company
fails to make timely
filings with the
SEC. &#091;EITF 00-19.25&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Offering
Memorandum does not
contain any such
provision.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7. There are no
required cash
payments to the
counterparty if the
shares initially
delivered upon
settlement are
subsequently sold by
the counterparty and
the sales proceeds
are insufficient to
provide the
counterparty with
full return of the
amount due (that is,
there are no cash
settled &#147;top-off&#148; or
&#147;make-whole&#148;
provisions). &#091;EITF
00-19.26&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Offering
Memorandum does not
contain any such
provision.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8. There are no
provisions in the
contract that
indicate that the
counterparty has
rights that rank
higher than those of
a shareholder of the
stock underlying the
contract. &#091;EITF
00-19.29-31&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There are no
provisions granting
any additional
rights or
preferences to the
shares to be issued
upon conversion.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9. There is no
requirement in the
contract to post
collateral at any
point or for any
reason. &#091;EITF
00-19.32&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Offering
Memorandum states
that this debt is
unsecured and ranks
equally with any
and all senior
indebtedness
outstanding. There
are no contractual
requirements for
the Company to post
collateral.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The debt is clearly
unsecured. Therefore, this
criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;3</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EITF 00-19 Matrix for $125,000,000 5.0% Senior Convertible Notes due 2023</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>EITF 00-19 Provisions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Contract Terms</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Conclusion</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1. The contracts cannot
include ANY provisions that
could <u>require</u> net-cash
settlement, other than if
the cash payment is only
required upon the final
liquidation of the Company.
&#091;EITF 00-19.12-13 and
27-28&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per the Conversion
section of the
Offering
memorandum, the
Company has the
option to settle
the conversion with
cash, shares or the
combination of cash
and shares. The
Company also has
the option to pay
the principal in
cash and settle the
conversion spread
in either cash or
shares at the
Company&#146;s sole
discretion.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company retains
the choice to
settle in cash or
shares of its own
common stock.
Therefore the
Company is not
<u>required</u> to
net-cash settle.
Consequently, this
criterion is
satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Conversion
section also
discusses the
holders&#146; right to
receive an
adjustment to the
conversion price
for certain events
including, but not
limited to, common
stock dividends,
subdivisions of
common stock,
liquidating
dividends and
events that may
involve cash
payments to the
holders of the
underlying shares.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per EITF 00-19 paragraph 27, these terms do not impact equity treatment. Therefore, this criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2. The contract permits the
Company to settle in
unregistered shares. &#091;EITF
00-19.14-18&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per the face of the
Offering
memorandum, the
stock issued upon
conversion of the
notes has not been
registered. Per
the &#147;Registration
Rights&#148; section,
the Company&#146;s will
make its best
efforts (but no
explicit
requirement) to
file an effective
shelf registration
statement.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company may
settle in either
registered or
unregistered
shares. Therefore,
this criterion is
satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;3</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EITF 00-19 Matrix for $125,000,000 5.0% Senior Convertible Notes due 2023</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>EITF 00-19 Provisions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Contract Terms</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Conclusion</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3. If the contract
includes a penalty
that could be
avoided under
alternative
settlement options,
the uneconomic
alternative should
be disregarded in
classifying the
contract. &#091;EITF
00-19.16&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per the Offering
memorandum, the
&#147;Registration
Rights&#148; section
contains a
liquidated damages
provision, which,
in the event a
shelf registration
statement is not
filed or declared
effective, the
Company would be
required to pay
liquidated damages
of up to 50 basis
points per annum
per $1,000
principal amount.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If the Company files an
effective shelf registration
statement and delivers
registered shares, this
penalty can be avoided. It is
the Company&#146;s intent to file
an effective registration
statement and deliver
registered shares (completed
in November
2003)<SUP style="font-size: 85%; vertical-align: text-top">12</SUP>;
therefore, this criterion is
satisfied.<SUP style="font-size: 85%; vertical-align: text-top">13</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4. The Company must
have sufficient
authorized and
unissued shares
available to settle
the contract after
considering all
other commitments
that may require the
issuance of stock
during the maximum
period the
derivative contract
could remain
outstanding. &#091;EITF
00-19.19&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">At the issuance date, the
Company has 63&nbsp;million shares
of common stock authorized
and unissued. A maximum of
6.5&nbsp;million shares are
issuable upon conversion of
these notes, 5.1&nbsp;million are
issuable upon conversion of
the 7.5% notes and less than
5.0&nbsp;million are issuable
under equity compensation
plans and conversion of
preferred stock. The Company
has no other obligations to
issue shares. Together, the
16.6&nbsp;million of potentially
issuable shares is
significantly less than the
63&nbsp;million authorized and
unissued. We also note that
11.6 milion shares of common
stock are reserved for
conversion of convertible
notes as referenced above.
As a result, subsequent to be
issuance date and during the
full term of the Notes, we
expect to have sufficient
authorized and unissued
shares to satisfy the
requirement. Therefore, this
criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">12</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The Company is a &#147;well known seasoned issuer.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">13</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In FSP EITF No.&nbsp;00-19-2, the FASB clarified
that such registration rights arrangements, whether included in the terms of a
financial instrument or embodied in a separate arrangement, should be analyzed
separately from the instrument, and as such, do not the affect the analysis of
conversion features in accordance EITF No.&nbsp;00-19.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;3</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EITF 00-19 Matrix for $125,000,000 5.0% Senior Convertible Notes due 2023</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>EITF 00-19 Provisions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Contract Terms</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Conclusion</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5. The contract
contains an explicit
limit on the number
of shares to be
delivered in a share
settlement. &#091;EITF
00-19.20-24&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per the Conversion
section of the
Offering
memorandum, the
conversion price
may not be lower
than $19.34 per
share.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since there is a minimum
conversion price, the maximum
number of shares that could
be delivered is fixed and
therefore, this criterion is
satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6. There are no
required cash
payments to the
counterparty in the
event the Company
fails to make timely
filings with the
SEC. &#091;EITF 00-19.25&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Offering
memorandum does not
contain any such
provision.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7. There are no
required cash
payments to the
counterparty if the
shares initially
delivered upon
settlement are
subsequently sold by
the counterparty and
the sales proceeds
are insufficient to
provide the
counterparty with
full return of the
amount due (that is,
there are no cash
settled &#147;top-off&#148; or
&#147;make-whole&#148;
provisions). &#091;EITF
00-19.26&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Offering
memorandum does not
contain any such
provision.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8. There are no
provisions in the
contract that
indicate that the
counterparty has
rights that rank
higher than those of
a shareholder of the
stock underlying the
contract. &#091;EITF
00-19.29-31&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There are no
provisions granting
any additional
rights or
preferences to the
shares to be issued
upon conversion.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9. There is no
requirement in the
contract to post
collateral at any
point or for any
reason. &#091;EITF
00-19.32&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Offering
memorandum states
that this debt is
unsecured and ranks
equally with any
and all senior
indebtedness
outstanding. There
are no contractual
requirements for
the Company to post
collateral.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The debt is clearly
unsecured. Therefore, this
criterion is satisfied.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;4<BR>
SAB 108 Reserve Analysis<BR>
2001-2006<BR>
(Amounts in Millions)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Income from</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Continuing</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Operations</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restructr&#146;g</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Terminals OPEB</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Reserve</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restructr&#146;g</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Terminals OPEB</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Reserve</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>before Income</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left"><B>Period Ending</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reserve Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reserve Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reserve Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reserve Change</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Taxes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pct</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>12/31/00</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17.6</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>12/31/01</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26.3</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(42.8</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap><B>(A)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">202.6</TD>
    <TD nowrap><B>(C)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>0.5</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>12/31/02</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25.1</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(40.0</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">133.0</TD>
    <TD nowrap><B>(C)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>2.1</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>12/31/03</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23.9</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36.5</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>3.9</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>3/31/04</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23.3</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34.5</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>6/30/04</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23.1</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34.1</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>9/30/04</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22.7</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(33.5</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.1</TD>
    <TD nowrap><B>(C)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>12/31/04</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22.2</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32.7</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.0</TD>
    <TD nowrap><B>(C)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>

    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px"><B>2004 Subtotal</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.7</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.8</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>108.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>3.5</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>3/31/05</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21.9</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32.2</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>6/30/05</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21.6</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31.6</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>9/30/05</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21.2</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31.0</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>12/31/05</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20.9</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30.5</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>

    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px"><B>2005 Subtotal</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.3</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.2</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>172.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>1.3</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>3/31/06</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20.6</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30.0</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>6/30/06</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20.3</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29.4</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>9/30/06</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19.9</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28.8</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>12/31/06</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20.9</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30.5</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.0</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.7</TD>
    <TD nowrap>)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B>12/31/06 as Adj.(B)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>

    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px"><B>2006 Subtotal</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.0</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.0</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>226.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(A)&nbsp;Change in reserve excludes initial accrual recorded in 2001 as amount was
recorded in Discontinued Operations.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(B)&nbsp;Balance after applying SAB 108. Change in reserve balances for reclassification
entry to equity excluded from analysis.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(C)&nbsp;Pre-tax income adjusted to exclude impairments, loss provisions and
reduction-in-force charges in each of 2001 and 2002 and one-time gains in Q3 and Q4 of
2004. During each of the years under
review, particularly 2001 and 2002, several sectors and markets within the Company&#146;s portfolio mix
experienced difficult conditions resulting in significant losses (impairments, loss reserves)
leading the Company to undergo a number of strategic changes and recognize other non-recurring
charges (primarily reductions-in-force). These impairment losses, loss reserves and
reduction-in-force charges have been eliminated from continuing operations for purpose of this
computation in 2001 and 2002. Additionally, one time gains associated with insurance recoveries and
the sale of a non-operating property were excluded from Q3 and Q4 of 2004. We believe this approach
provides a more representative portrayal of the impact of these reserve adjustments on GATX&#146;s
operational results when considering materiality from the viewpoint of analysts, investors and
other users of our financial statements. Excluding these adjustments, pre-tax income from
continuing operations was $39.0&nbsp;million, $5.6&nbsp;million, $77.1&nbsp;million and $86.1&nbsp;million in 2001,
2002, Q3 and Q4 of 2004, respectively.</B>
</DIV>








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