Document:

<PAGE>
                                                                   EXHIBIT 10.34

                       EXCLUSIVE PATENT LICENSE AGREEMENT

         This Agreement made as of the 12th day of March, 2001 by and between
Tonyco, Inc., a corporation duly organized and existing under the laws of the
state of Michigan, having its principal place of business at 181 West Marshall,
Ferndale, Michigan 48220 (hereinafter referred to as "Tonyco") and Build-A-Bear
Workshop, Inc., a corporation duly organized and existing under the laws of the
state of Delaware, having its principal place of business at 1954 Innerbelt
Business Center Drive, St. Louis, MO 63114 (hereinafter referred to as
"Build-A-Bear").

                                    RECITALS

         WHEREAS, Tonyco is the owner by assignment of U.S. Patent No. 6,109,196
entitled METHOD OF CLOSING A STUFFED TOY AFTER STUFFING;

         WHEREAS, Build-A-Bear is, among other things, in the business of
providing goods and services wherein a customer selects a skin/shell toy for
stuffing via a multitude of different retail venues such as in a store
environment, via catalogs, over the internet, or other related venues and the
toy is thereafter stuffed and closed in the retail environment or by the
customer at home or elsewhere;

         WHEREAS, Tonyco has charged Build-A-Bear with infringement of U.S.
Patent No. 6,109,196;

         WHEREAS, Tonyco and Build-A-Bear are desirous of settling the
infringement issue between them relating to U.S. Patent No. 6,109,196 and, as a
result thereof, Build-A-Bear is desirous of obtaining an exclusive license
within a field of use defined hereafter under U.S. Patent No. 6,109,196 and
under any other divisional, continuation, continuation-in-part, reissued, or
re-examined applications based upon U.S. Patent No. 6,109,196 and any patents
that may result therefrom, including any foreign patents corresponding thereto
and any extensions or additions thereof and Tonyco is willing to grant to
Build-A-Bear such a license on the terms and conditions set forth below;

         NOW, THEREFORE, in consideration of the mutual premises and covenants
contained herein, the parties agree as follows:

                             ARTICLE I. DEFINITIONS

         For the purposes of this Agreement, unless the context clearly or
necessarily requires otherwise, the following terms shall have the meaning set
forth below:

         1.1      "Parties" shall mean both Tonyco and Build-A-Bear, and the
                  "Party" shall mean either of them.

         1.2      "Licensed Patent" shall mean U.S. Patent No. 6,109,196
                  entitled METHOD OF CLOSING A STUFFED TOY. AFTER STUFFING" and
                  any foreign patents or foreign patent applications
                  corresponding thereto, any continuations,
                  continuations-in-part, divisionals, reissues, re-examinations,
                  extensions or additions thereof, and any improvements thereto.

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         1.3      "Licensed Method" shall mean any method or part thereof, the
                  manufacture, use, sale, offer for sale, or importation of
                  which is covered by one or more valid claims of the Licensed
                  Patent.

         1.4      "Licensed Field of Use" shall mean any use of the Licensed
                  Method in retail stores or other Retail Venues wherein the
                  consumer selects the skin/shell toy for stuffing and the toy
                  is thereafter stuffed and closed in accordance with the
                  Licensed Method in the retail environment. Licensed Field of
                  Use will also include a kit including a skin/shell toy for
                  stuffing where said kit is provided in a retail store or
                  otherwise sold or provided to a consumer. Sales of any
                  plurality of unstuffed skin/shells alone or in kit form, to a
                  single customer, in a retail store or other Retail Venue,
                  shall fall within the Licensed Field of Use. Bulk sales of
                  unstuffed skin/shells alone or in kit form to retailers,
                  jobbers and wholesalers for stuffing by those parties for
                  resale in stuffed form shall not fall within the Licensed
                  Field of Use.

         1.5      "Retail Venue(s)" shall mean, but is not limited to, any
                  location or medium for selecting a skin/shell toy for stuffing
                  including phone orders, mail order, catalogs,
                  on-line/internet/websites, kiosks, discount chains, buying
                  parties, buying clubs, direct marketing, door-to-door sales
                  and the like.

         1.6      "Territory" shall mean worldwide.

         1.7      "Improvement" shall mean any new, improved or modified method
                  or process relating to the Licensed Method.

                           ARTICLE 2. GRANT OF LICENSE

         2.1      Tonyco hereby grants to Build-A-Bear an exclusive license, for
                  an initial term of three (3) years and with an option to
                  extend this exclusive license as set forth in Article 4 below,
                  with the right to sublicense, to manufacture, have
                  manufactured on its behalf, use, sell and offer to sell under
                  the Licensed Patent the Licensed Method in the Territory
                  within the Licensed Field of Use. Tonyco shall not grant other
                  licenses under the Licensed Patent within the Licensed Field
                  of Use. Build-A-Bear shall advise Tonyco in writing of the
                  grant of any sublicense under the Licensed Patent and shall
                  provide Tonyco with a copy of any such license.

         2.2      Tonyco hereby retains the right to grant other licenses
                  outside of the Licensed Field of Use granted to Build-A-Bear.
                  However, in this regard, Tonyco further agrees that it will
                  not grant any rights to any other licensees under the Licensed
                  Patent for use outside of the Licensed Field of Use granted to
                  Build-A-Bear which will allow such licensees to directly or
                  indirectly sell or otherwise provide pre-laced unstuffed
                  skin/shell toys made in accordance with the teachings of the
                  Licensed Patent to competitors of Build-A-Bear or to anyone or
                  any entity who

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                  will complete or allow completion of the stuffing process in a
                  retail store or other Retail Venue pursuant to the Licensed
                  Method (hereinafter collectively "Retail Operator") or to
                  anyone or entity who in turn will sell or distribute such
                  products to another party or parties in the chain of
                  distribution that will ultimately result in sale or
                  distribution to a Retail Operator. Tonyco will not grant
                  rights to such licensees which would allow them to directly or
                  indirectly sell or otherwise provide pre-laced unstuffed
                  skin/shell toys in kit form for ultimate purchase by
                  consumers. Tonyco further agrees that it will not sell
                  unstuffed skin/shell toys alone or in kit form to retailers.

                             ARTICLES. CONSIDERATION

         3.1      In consideration of the rights and license granted to
                  Build-A-Bear by Tonyco under this Agreement, Build-A-Bear
                  agrees to pay Tonyco a total sum of seven-hundred
                  fifty-thousand dollars ($750,000) as follows:

                  3.1.1    Within ten (10) days from the execution of this
                           Agreement, at least two-hundred fifty-thousand
                           dollars ($250,000) of such total sum;

                  3.1.2    Within one (1) year from the execution of this
                           Agreement, at least two-hundred fifty-thousand
                           dollars ($250,000), or the remaining balance, of such
                           total sum; and

                  3.1.3    Within two (2) years from the execution of this
                           Agreement, the remaining balance of such total sum,
                           if any.

         3.2      Build-A-Bear agrees that each payment provided in paragraphs
                  3.1.2 and 3.1.3 above shall include interest on the unpaid
                  balance of the total sum due at the rate of ten percent (10%)
                  per year simple interest until the total amount of
                  seven-hundred fifty-thousand dollars ($750,000) has been paid.

         3.3      Build-A-Bear has the right to accelerate payments and pay off
                  the total amount due, including interest, at any time within
                  the payment period.

                  ARTICLE 4. OPTION TO EXTEND EXCLUSIVE LICENSE

         4.1      Subject to the terms and conditions of this agreement, Tonyco
                  hereby grants to Build-A-Bear an option to extend this
                  exclusive license subject to the conditions of Article 2 above
                  for the full life of the Licensed Patent or any improvements
                  thereof. Build-A-Bear may exercise this option by providing
                  Tonyco with written notice thereof within one (1) year from
                  the date of payment made pursuant to Article 3.1.3 (the
                  "Option Term"). Any such license shall be subject to all of
                  the terms and conditions of this Agreement except for the
                  terms and conditions set forth in Article 3.

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Exclusive Patent License Agreement
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         4.2      In consideration of the rights and license granted under the
                  option, Build-A-Bear agrees to pay Tonyco an additional sum of
                  $10,000 in exchange for such extension of this license, such
                  payment to accompany the written notice to Tonyco exercising
                  this option. The exercise of this option shall be at the sole
                  discretion of Build-A-Bear.

                             ARTICLES. IMPROVEMENTS

         5.1      Tonyco may from time to time make and/or acquire improvements
                  to the methods or processes described in the Licensed Patent,
                  Any such improvements will be disclosed to Build-A-Bear and
                  shall be included herein as pan of the license grant without
                  any other compensation on the part of Build-A-Bear.

                           ARTICLE 6. LIMITED WARRANTY

         6.1      Tonyco represents and warrants as follows:

                  6.1.1    That Tonyco is the sole and exclusive owner of the
                           entire right, title and interest in and to the
                           Licensed Patent and that Tonyco has full legal right,
                           authority and power to enter into this Agreement and
                           to grant the exclusive paid up license to
                           Build-A-Bear as set forth herein;

                  6.1.2    That Tonyco is not aware of any existing or
                           threatened litigation concerning the Licensed Patent;

                  6.1.3    That Tonyco has not granted any licenses under the
                           Licensed Patent within the Licensed Field of Use or
                           elsewhere that would be in conflict with the rights
                           granted in this Agreement; and

                  6.1.4    That to the best knowledge of Tonyco the Licensed
                           Patent is valid and enforceable.

         6.2      Build-A-Bear represents and warrants as follows:

                  6.2.1    That Builder-A-Bear has the full legal right,
                           authority and power to enter into this Agreement;

                  6.2.2    That Build-A-Bear will cooperate with Tonyco for the
                           protection of its rights in the Licensed Patent and
                           will furnish Tonyco with any information that it may
                           require, within reason, in protecting the Licensed
                           Patent.

         6.3      All warranties will survive termination of this Agreement.

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                      ARTICLE 7. INDEMNIFICATION BY TONYCO

         7.1      Tonyco shall defend, indemnify and hold harmless Build-A-Bear
                  and their respective directors, officers, employees, agents,
                  successors and assigns (each an "indemnitee") from and against
                  any and all claims, damages, losses and expenses suffered or
                  incurred by any such indemnitee arising from, relating to or
                  otherwise in respect of any breach of any representation or
                  warranty of Tonyco set forth above in Article 6.1 hereof.

         7.2      If a claim of infringement by a third party is made against an
                  Indemnitee hereunder based upon use of the Licensed Method set
                  forth in the Licensed Patent, the reasonable costs of
                  defending such infringement action shall be borne equally by
                  the Parties hereto. The parties agree to cooperate with each
                  other to bring any such third party suit to a successful
                  conclusion. The parties shall have the right to be represented
                  in any such suit by counsel of their own selection and no
                  settlement agreement will be entered into without the mutual
                  consent of the parties.

                             ARTICLES. INFRINGEMENT

         8.1      In the event that Build-A-Bear has reason to believe that a
                  third party is infringing upon the Licensed Patent,
                  Build-A-Bear will promptly notify Tonyco in writing of such
                  alleged infringement In the event that Tonyco has reason to
                  believe that a third party is infringing upon the Licensed
                  Patent and that the infringement could have an adverse impact
                  on Build-A-Bear's use of the Licensed Method in the Licensed
                  Field of Use, Tonyco will promptly notify Build-A-Bear in
                  writing of such alleged infringement. If a third party alleges
                  or asserts that one or more claims of the Licensed Patent is
                  invalid, this event shall be deemed to potentially impact
                  Build-A-Bear's use of the Licensed Method within the Licensed
                  Field of Use and Tonyco will promptly notify Build-A-Bear in
                  writing of such event.

         8.2      After notification as set forth above in Article 8.1 or after
                  Tonyco otherwise learns of a potential infringement, Tonyco
                  will investigate such third party infringement and will obtain
                  sufficient facts and information concerning the same in
                  sufficient detail to permit a complete infringement
                  determination to be made. If such third party is infringing
                  the Licensed Patent, Tonyco will, at its own expense, endeavor
                  to abate such infringement. In this regard, Tonyco will
                  provide Build-A-Bear with copies of all correspondence
                  relating to its efforts to abate such infringement.

         8.3      In the event that Tonyco is unable to terminate such
                  infringement within a reasonable period of time, Tonyco shall
                  have the right to commence a patent infringement action
                  against such infringer at its own expense and will retain any
                  recovery from such litigation. In this regard, Build-A-Bear
                  agrees to cooperate

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                  with Tonyco to bring any such suit to a successful conclusion.
                  Tonyco will consult with Build-A-Bear throughout the
                  litigation as to its course of action with respect thereto and
                  will not enter into any settlement agreement with any third
                  party without first obtaining the mutual consent of
                  Build-A-Bear to such settlement agreement. In the event that
                  Tonyco determines that such third party is infringing the
                  Licensed Patent but chooses not to commence a patent
                  infringement action against such infringer, Build-A-Bear shall
                  have the right to bring suit at its. own expense to terminate
                  such infringement. Tonyco agrees to join such suit as a party
                  plaintiff and to cooperate with Build-A-Bear, at its own
                  expense, in connection with the conduct of such litigation.
                  Build-A-Bear shall retain all recovery from such litigation.

         8.4      Build-A-Bear shall have the right to be represented in any
                  such action which will affect or impact its use of the
                  Licensed Method within the Licensed Field of Use by counsel of
                  its own selection and at its own expense.

                          ARTICLE 9. INVALIDITY FINDING

         9.1      If, during the payment period set forth above in Article 3, as
                  a result of any litigation or re-examination or reissue
                  proceeding involving the Licensed Patent, claim 1 of the
                  Licensed Patent is declared to be finally invalid, no further
                  payments of any remaining balance due on the total sum set
                  forth in Article 3 shall become due and payable to Tonyco as a
                  result of such finding of invalidity. Claim 1 will be
                  considered finally invalid at such time as no further appeal
                  is possible within the U.S. Patent and Trademark Office or the
                  U.S. Courts from the decision, judgement or decree of
                  invalidity.

                       ARTICLE 10. PATENT MAINTENANCE FEES

         10.1     Tonyco hereby agrees that it will pay all maintenance taxes
                  and fees for the Licensed Patent as they come due, throughout
                  the entire term of the Licensed Patent. If the Licensed Patent
                  is allowed to lapse due to the non-payment of a particular
                  maintenance fee, Tonyco further agrees that Build-A-Bear will
                  be entitled to reimbursement of a pro-rata share of its
                  seven-hundred fifty-thousand dollar ($750,000) payment based
                  upon the following schedule:

<TABLE>
<CAPTION>
Failure to Pay Maintenance Fee         Amount Recoverable
------------------------------         ------------------
<S>                                    <C>
(1)  3 1/2 year maintenance fee             $583,300

(2)  7 1/2 year maintenance fee             $416,700

(3) 11 1/2 year maintenance fee             $250,000
</TABLE>

<PAGE>

Exclusive Patent License Agreement
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         10.2     Payment of the reimbursable amount will be on terms and
                  conditions mutually agreeable to the Parties hereto.

                        ARTICLE 11. TERM AND TERMINATION

         11.1     Unless otherwise terminated earlier as provided herein, the
                  term of this Agreement shall commence on the effective date of
                  this Agreement and extend for a period of three years from the
                  effective date of this Agreement. Upon exercising the option
                  set forth in Article 4 above during the Option Term, the term
                  of this Agreement shall be extended for the life of the
                  Licensed Patent or any improvement thereon.

         11.2     Notwithstanding any other provisions herein to the contrary,
                  this Agreement may be terminated by either party upon written
                  notice to the other party in the event that any one of the
                  following conditions occurs:

                  11.2.1   If Build-A-Bear fails to meet its payment obligations
                           pursuant to Article 3 above and such failure to pay
                           is not remedied within a period of thirty (30) days
                           after written notice is given by Tonyco;

                  11.2.2   If the Licensed Patent lapses due to non-payment of a
                           maintenance fee pursuant to Article 10 above;

                  11.2.3   If claim 1 of the Licensed Patent is declared invalid
                           during the payment period.

                  11.2.4   At the end of three (3) years from the effective date
                           of this Agreement if the option set forth in Article
                           4 is not exercised.

                             ARTICLE 12. ASSIGNMENT

         12.1     Either party may assign this Agreement to a third party
                  acquiring substantially the entire business or substantially
                  all of the assets of a party hereto to which this Agreement
                  pertains. In such event, this Agreement will be binding upon
                  and inure to the benefit of all of the panics and their
                  respective successors and legal assigns. Tonyco agrees not to
                  assign this Agreement to any competitor of Build-A-Bear. The
                  party so assigning shall notify the other party in writing of
                  such assignment.

                            ARTICLE 13. GOVERNING LAW

         13.1     This Agreement shall be governed by and construed in
                  accordance with the laws of the State of Missouri.

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Exclusive Patent License Agreement
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                               ARTICLE 14. NOTICES

         14.1     All notices and other communications hereunder shall be in
                  writing and sent by facsimile with confirmation sent by
                  courier requiring acknowledgement of receipt by the respective
                  parties as follows:

                  14.1.1  To Tonyco:       Tonyco, Inc.
                                           181 West Marshall Ferndale, MI 48220
                                           Attention: Mr. Dennis Silber
                                           Telephone:
                                           Facsimile:

                          With a Copy To:  Allen M. Krass, Esq.
                                           Gifford, Krass, Groh, Sprinkle,
                                           Anderson & Citkowski, P.C.
                                           250 N. Old Woodward Avenue, Suite 400
                                           Birmingham, MI 48009-5394
                                           Telephone:
                                           Facsimile: (248)647-5210

                  14.1.2  To Build-A-Bear: Build-A-Bear Workshop, Inc.
                                           1954 Innerbelt Business Center Drive
                                           St. Louis, MO 63114
                                           Attention: Maxine Clark
                                           Telephone: (314)423-8000
                                           Facsimile: (314)423-8188

                          With a Copy To:  Samuel Digirolamo, Esq.
                                           Blackwell Sanders Peper Martin LLP
                                           720 Olive Street, 24th Floor
                                           St. Louis, MO 63101
                                           Telephone: (314)345-6225
                                           Facsimile: (314)345-6060

         14.2     Either party may change the registered address to which such
                  notices shall be sent by giving written notice to the other
                  party.

                            ARTICLE 15. MISCELLANEOUS

         15.1     This Agreement contains the entire agreement of the parties
                  concerning the subject matter hereof and supercedes all prior
                  written and oral agreements, understandings and negotiations
                  with regard to the subject matter contained therein.

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         15.2     This Agreement, including this provision, may not be amended
                  without a written instrument signed by duly authorized
                  representatives of both parties.

         15.3     If any of the provisions of this Agreement shall be found to
                  be invalid or unenforceable, such invalidity or
                  unenforceability shall not invalid or render unenforceable the
                  entire agreement, but rather the entire agreement shall be
                  construed as if not containing the particular invalid or
                  unenforceable provision or provisions, and the rights and
                  obligations of the party shall be construed and enforced
                  accordingly.

         15.4     IN WITNESS WHEREOF, THE PARTIES HERETO HAVE DULY EXECUTED THE
                  FOREGOING AGREEMENT AS OF THE DAY AND YEAR FIRST WRITTEN
                  ABOVE.

Build-A-Bear Workshop, Inc.                 Tonyco, Inc.

By: /s/ Maxine Clark                        By: /s/ Anthony C. Silber
   ----------------------------------          ---------------------------------

Name: Maxine Clark                          Name: Anthony C. Silber
     --------------------------------            -------------------------------
Title: President                            Title: President
      -------------------------------             ------------------------------
Date:        3/12/01                        Date:       3/15/01
     --------------------------------            -------------------------------<PAGE>
                                                                     EXHIBIT 4.2

                           GATX FINANCIAL CORPORATION

                          SUPPLEMENTAL INDENTURE NO. 1

                    $165,265,000 6.273% Senior Notes due 2011

         THIS SUPPLEMENTAL INDENTURE NO. 1, dated as of June 22, 2004 (this
"Supplemental Indenture"), between GATX FINANCIAL CORPORATION, a Delaware
corporation (the "Company"), and JPMORGAN CHASE BANK, as trustee (the
"Trustee").

                            RECITALS OF THE COMPANY:

         WHEREAS, the Company has heretofore executed and delivered to the
Trustee an Indenture (the "Base Indenture"), dated as of November 1, 2003 (as
supplemented by this Supplemental Indenture, the "Indenture"), providing for the
issuance from time to time of one or more series of Securities;

         WHEREAS, Section 9.1(e) of the Base Indenture provides that the Company
and the Trustee may, without the consent of any Holders of Securities, enter
into an indenture supplemental to the Base Indenture to establish the form or
terms of Securities of any series as permitted by Sections 2.1 and 3.1 of the
Base Indenture;

         WHEREAS, the Company has duly authorized the execution and delivery of
this Supplemental Indenture to provide for the issuance of $165,265,000
principal amount of its 6.273% Senior Notes due 2011 (the "Initial Notes" and,
together with any Exchange Notes (as defined below) issued therefor and any Add
On Notes (as defined below) (or any Exchange Notes issued therefor), in each
case as provided for herein, the "Notes"); and

         WHEREAS, the Company has requested that the Trustee execute and deliver
this Supplemental Indenture; all the conditions and requirements necessary to
make this Supplemental Indenture, when duly executed and delivered, a valid and
binding agreement in accordance with its terms and for the purposes herein
expressed, have been performed and fulfilled; and the execution and delivery of
this Supplemental Indenture have been duly authorized in all respects.

         NOW THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

         For and in consideration of the premises and the issuance of the series
of Securities provided for herein, the Company and the Trustee mutually covenant
and agree as follows:

                                   ARTICLE ONE

       RELATION TO THE BASE INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION

         SECTION 1.1 Relation to the Base Indenture. This Supplemental Indenture
constitutes an integral part of the Base Indenture.

<PAGE>

         SECTION 1.2 Definitions. For all purposes of this Supplemental
Indenture, the following terms shall have the respective meanings set forth in
this Section 1.2.

                  "Add On Notes" has the meaning set forth in Section 2.2.

                  "Adjusted Treasury Rate" has the meaning set forth in Section
         2.3(e).

                  "Base Indenture" has the meaning set forth in the recitals
         hereto.

                  "Business Day" has the meaning set forth in Section 2.3(e).

                  "Company" has the meaning set forth in the introductory
         paragraph hereof.

                  "Comparable Treasury Issue" has the meaning set forth in
         Section 2.3(e).

                  "Comparable Treasury Price" has the meaning set forth in
         Section 2.3(e).

                  "Dealer Managers" means Citigroup Global Markets Inc.,
         Deutsche Bank Securities Inc., Banc of America Securities LLC, Calyon
         Securities (USA) Inc., Harris Nesbitt Corp. and Piper Jaffray & Co.

                  "Depositary" means The Depository Trust Company, its nominees
         and their respective successors.

                  "Exchange Act" has the meaning set forth in Section 2.3(a).

                  "Exchange Notes" means the Notes issued in a Registered
         Exchange Offer for a like principal amount of Initial Notes, Add-On
         Notes and replacement Notes issued therefor in accordance with the
         Indenture.

                  "Global Notes" has the meaning set forth in Section 2.4(a).

                  "Indenture" has the meaning set forth in the recitals hereto.

                  "Initial Notes" has the meaning set forth in the recitals
         hereto.

                  "Institutional Accredited Investor" or "IAI" means an
         "accredited investor" within the meaning of Rule 501(a)(1), (2), (3) or
         (7) under the Securities Act.

                  "Issue Date" means June 22, 2004.

                  "Maturity Date" has the meaning set forth in Section 2.3(b).

                  "Non-U.S. Person" has the meaning assigned to such term in
         Regulation S.

                  "Notes" has the meaning set forth in the recitals hereto, and
         means any Notes authenticated and delivered pursuant to the Indenture.

                                        2

<PAGE>

                  "144A Global Note" means a permanent global note in registered
         form representing the Notes issued to Qualified Institutional Buyers on
         the Issue Date or transferred to Qualified Institutional Buyers in
         reliance on Rule 144A.

                  "Participant" means members of, or participants in, the
         Depositary.

                  "Physical Notes" has the meaning set forth in Section 2.4(d).

                  "Private Placement Legend" means the legend in the form set
         forth in Exhibit B initially set forth on the Notes.

                  "Qualified Institutional Buyer" or "QIB" has the meaning
         specified in Rule 144 A.

                  "Quotation Agent" has the meaning set forth in Section 2.3(e).

                  "Reference Treasury Dealer" has the meaning set forth in
         Section 2.3(e).

                  "Reference Treasury Dealer Quotations" has the meaning set
         forth in Section 2.3(e).

                  "Registered Exchange Offer" means the offer that may be made
         by the Company pursuant to the Registration Agreement to exchange Notes
         bearing the Private Placement Legend for the Exchange Notes.

                  "Registration Agreement" means the Registration Rights
         Agreement dated as of June 22, 2004, among the Company and the Dealer
         Managers.

                  "Regulation S" means Regulation S under the Securities Act.

                  "Regulation S Global Note" means a permanent global note in
         registered form representing the Notes sold in reliance on Regulation
         S.

                  "Restricted Note" means a Note that constitutes a "restricted
         security" within the meaning of Rule 144(a)(3) under the Securities
         Act; provided, however, that the Trustee shall be entitled to request
         and conclusively rely on an Opinion of Counsel with respect to whether
         any Note constitutes a Restricted Security.

                  "Rule 144A" means Rule 144A under the Securities Act.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Supplemental Indenture" has the meaning set forth in the
         introductory paragraph hereof.

                  "Trustee" has the meaning set forth in the introductory
         paragraph hereof.

         SECTION 1.3 Rules of Construction. For all purposes of this
Supplemental Indenture, except as expressly provided or unless the context
otherwise requires:

                                        3

<PAGE>

                  (a) capitalized terms used herein without definition shall
         have the meanings specified in the Base Indenture;

                  (b) all references herein to Articles and Sections, unless
         otherwise specified, refer to the corresponding Articles and Sections
         of this Supplemental Indenture;

                  (c) the words "herein", "hereof" and "hereunder" and other
         words of similar import refer to this Supplemental Indenture as a whole
         and not to any particular Article, Section or other subdivision; and

                  (d) in the event of a conflict with the definition of terms in
         the Base Indenture, the definitions in this Supplemental Indenture
         shall control.

                                   ARTICLE TWO

                                    THE NOTES

         SECTION 2.1 Title of the Notes. The title of the series of Securities
designated hereby is the "6.273% Senior Notes due 2011".

         SECTION 2.2 Limitation on Aggregate Principal Amount. The Notes are
initially limited in aggregate principal amount to $165,265,000, except for such
Notes authorized and delivered upon registration of transfer of, or in exchange
for, or in lieu of other notes, pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7
of the Base Indenture. The Company may, from time to time, without the consent
of Holders of the Notes, issue notes ("Add On Notes") under the Indenture in
addition, and with identical terms, to the $165,265,000 aggregate principal
amount of Notes (other than issue date, issue price and the amount of the first
payment of interest). Any such additional notes and the Notes will be treated as
a single series for purposes of the Indenture.

         SECTION 2.3 Terms of the Notes.

                  (a) The Global Notes may be exchanged for Notes in
         certificated form only if (i) the Depositary or any other designated
         replacement depositary is at any time unwilling or unable to continue
         as depositary or ceases to be a clearing agency registered under the
         Securities Exchange Act of 1934, as amended (the "Exchange Act"), and a
         successor depositary registered as a clearing agency under the Exchange
         Act is not appointed by the Company within 90 calendar days, (ii) at
         any time the Company in its sole discretion determines not to have the
         Notes represented by the Global Notes or (iii) an Event of Default has
         occurred and is continuing with respect to the Notes.

                  (b) The principal of the Notes is payable on June 15, 2011
         (the "Maturity Date").

                  (c) The Notes shall bear interest at an annual rate of 6.273%
         from June 22, 2004, or from the most recent date on which interest has
         been paid or provided for, payable semi-annually on June 15 and
         December 15 of each year commencing December 15, 2004, until the
         principal of such Notes is paid or made available for payment. The

                                        4

<PAGE>

         interest so payable will be paid to the person in whose name the Notes
         are registered at the close of business on the preceding June 1 or
         December 1, respectively; provided, however, that interest payable on
         the Maturity Date, or, if applicable, upon redemption, will be payable
         to the Person to whom the principal of the Notes shall be payable. If
         the date on which interest is payable is not a Business Day, the
         interest will be paid on the next following Business Day.

                  (d) Payment of the principal of (and premium, if any, on) and
         any such interest on the Notes will be made at the office or agency of
         the Company maintained for that purpose in New York, New York, in such
         coin or currency of the United States of America as at the time of
         payment is legal tender for payment of public and private debts;
         provided, however, that at the option of the Company payment of
         interest may be made by check mailed to the address of the Person
         entitled thereto as such address shall appear in the Security Register.
         JPMorgan Chase Bank is appointed as the Trustee and Paying Agent for
         the Notes to perform the functions set forth in the Indenture to be
         performed by such offices.

                  (e) The Notes are redeemable at the option of the Company, in
         whole or in part at any time and from time to time, at a Redemption
         Price equal to the greater of:

                     - 100% of the principal amount of the Notes to be redeemed;
            or

                     - the sum of the present values of the remaining scheduled
            payments of principal and interest on the Notes (exclusive of
            interest accrued to the Redemption Date) discounted to the
            Redemption Date on a semi-annual basis (assuming a 360-day year
            consisting of twelve 30-day months) at the Adjusted Treasury Rate
            plus 30 basis points,

plus, in each case, accrued and unpaid interest on the principal amount being
redeemed to the Redemption Date.

         "Adjusted Treasury Rate" means, with respect to any Redemption Date,
the rate per year equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for the Redemption Date.

         "Business Day" means any day other than a Saturday or Sunday and other
than a day on which banking institutions in Chicago, Illinois or New York, New
York, are authorized or obligated by law or executive order to close.

         "Comparable Treasury Issue" means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining
term of the Notes to be redeemed that would be used, at the time of selection
and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the
Notes.

                                        5

<PAGE>

         "Comparable Treasury Price" means, with respect to any Redemption Date,
the average of the Reference Treasury Dealer Quotations for that Redemption
Date.

         "Quotation Agent" means one of the Reference Treasury Dealers appointed
by the Company.

         "Reference Treasury Dealer" means each of Citigroup Global Markets Inc.
and Deutsche Bank Securities Inc. and their respective successors; provided,
however, that if either of the foregoing or their successors shall cease to be a
primary U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), the Company will substitute for it another nationally recognized
investment bank that is a Primary Treasury Dealer.

         "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Quotation Agent, of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Quotation Agent at 5:00 p.m., New York City time, on the third
Business Day preceding such Redemption Date.

                  (f) The Notes are not subject to a sinking fund.

                  (g) The Notes shall be issued in denominations of $1,000 and
         integral multiples of $1,000.

                  (h) The entire principal amount of the Notes shall be payable
         upon declaration of acceleration of the Maturity thereof pursuant to
         Section 5.2 of the Indenture.

                  (i) Additional Amounts will not be payable to the Holders of
         the Notes.

                  (j) The Notes shall have such other terms and provisions as
         are provided in the form thereof set forth in Exhibit A hereto, which
         terms and provisions are hereby expressly made a part of the Indenture
         and, to the extent applicable, the Company and the Trustee, by their
         execution and delivery of this Supplemental Indenture expressly agree
         to such terms and provisions and to be bound thereby. Except as
         otherwise expressly permitted by the Indenture, all Notes shall be
         identical in all respects. Notwithstanding any differences among them,
         all Notes issued under the Indenture shall vote and consent together on
         all matters as one class.

                  (k) Under certain circumstances, the Company may be obligated
         to pay additional interest to Holders of Notes, all as and to the
         extent set forth in the Registration Agreement and any registration
         rights agreement applicable to Add On Notes. The terms thereof are
         incorporated herein by reference and such additional interest is deemed
         to be interest for purposes of the Indenture.

         SECTION 2.4 Form and Dating.

         (a) The Notes shall be issued initially in the form of one or more
permanent global notes ("Global Notes") in definitive, fully registered form
without interest coupons in substantially the form of Exhibit A, which shall be
deposited on behalf of the purchasers of the

                                        6

<PAGE>

Notes represented thereby with the Trustee, at its principal corporate trust
office in New York City, as custodian for the Depositary, and registered in the
name of the Depositary or a nominee of the Depositary, duly executed by the
Company and authenticated by the Trustee as hereinafter provided. The aggregate
principal amount of the Global Notes may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary
or its nominee in the limited circumstances hereinafter provided.

         (b) The Notes may have notations, legends or endorsements required by
law, stock exchange rule, agreements to which the Company is subject, if any, or
usage (provided that any such notation, legend or endorsement is in a form
acceptable to the Company).

         (c) Each Note shall be dated the date of its authentication.

         (d) Except as provided in Section 2.3(a) or in connection with
transfers to IAIs (who must receive Physical Notes) in accordance with Section
2.5, owners of beneficial interests in Global Notes will not be entitled to
receive physical delivery of certificated Notes (the "Physical Notes").

         SECTION 2.5 Special Transfer Provisions.

         (a) Transfers to Non-QIB Institutional Accredited Investors and
Non-U.S. Persons. The following provisions shall apply with respect to the
registration of any proposed transfer of a Restricted Security to any
Institutional Accredited Investor which is not a QIB or to any Non-U.S. Person:

                  (i) the Security Registrar shall register the transfer of any
         Restricted Security, whether or not such Restricted Security bears the
         Private Placement Legend, if (x) the requested transfer is after the
         second anniversary of the Issue Date; provided, however, that neither
         the Company nor any Affiliate of the Company has held any beneficial
         interest in such Restricted Security, or portion thereof, at any time
         on or prior to the second anniversary of the Issue Date, or (y) (1) in
         the case of a transfer to an Institutional Accredited Investor which is
         not a QIB (excluding Non-U.S. Persons), the proposed transferee has
         delivered to the Security Registrar a certificate substantially in the
         form of Exhibit C hereto and any legal opinions and certifications
         required thereby and (2) in the case of a transfer to a Non-U.S.
         Person, the proposed transferor has delivered to the Security Registrar
         a certificate substantially in the form of Exhibit D hereto;

                  (ii) if the proposed transferee is a Participant and the Notes
         to be transferred consist of Physical Notes which after transfer are to
         be evidenced by an interest in the Regulation S Global Note, upon
         receipt by the Security Registrar of the Physical Security and (x)
         written instructions given in accordance with the Depositary's and the
         Security Registrar's procedures and (y) a certificate, if required,
         substantially in the form of Exhibit D hereto, the Security Registrar
         shall (A) register the transfer and reflect on its books and records
         the date and an increase in the principal amount of the Regulation S
         Global Note in an amount equal to the principal amount of Physical
         Notes to be transferred and (B) cancel the Physical Notes so
         transferred;

                  (iii) if the proposed transferee is an IAI and the Notes to be
         transferred consist of

                                        7

<PAGE>

         Physical Notes which after transfer are to be evidenced by a Physical
         Note, upon receipt by the Security Registrar of the Physical Security
         and (x) written instructions given in accordance with the Depositary's
         and the Security Registrar's procedures and (y) a certificate, if
         required, substantially in the form of Exhibit C hereto, the Security
         Registrar shall (A) register the transfer and reflect on its books and
         records the date, (B) authenticate and deliver to the transferee IAI a
         Physical Note in an amount equal to the principal amount of Physical
         Notes to be transferred and (C) cancel the Physical Notes so
         transferred;

                  (iv) if the proposed transferor is a Participant seeking to
         transfer an interest in a Global Note which after transfer is to be
         evidenced by an interest in the Regulation S Global Note, upon receipt
         by the Security Registrar of (x) written instructions given in
         accordance with the Depositary's and the Security Registrar's
         procedures and (y) a certificate, if required, substantially in the
         form of Exhibit D hereto, the Security Registrar shall register the
         transfer and reflect on its books and records the date and a decrease
         in the principal amount of the Global Note from which such interests
         are to be transferred in an amount equal to the principal amount of the
         Notes to be transferred and an increase in the principal amount of the
         Regulation S Global Note in an amount equal to the principal amount of
         the Notes to be transferred; and

                  (v) if the proposed transferor is a Participant seeking to
         transfer an interest in a Global Note which after transfer is to be
         evidenced by a Physical Note issued to an IAI, upon receipt by the
         Security Registrar of (x) written instructions given in accordance with
         the Depositary's and the Security Registrar's procedures and (y) a
         certificate, if required, substantially in the form of Exhibit C
         hereto, the Security Registrar shall (A) register the transfer and
         reflect on its books and records the date and a decrease in the
         principal amount of the Global Note from which such interests are to be
         transferred in an amount equal to the principal amount of the Notes to
         be transferred and (B) authenticate and deliver to the transferee IAI a
         Physical Note in an amount equal to the principal amount of Notes to be
         transferred.

         (b) Transfers to QIBs. The following provisions shall apply with
respect to the registration of any proposed transfer of a Restricted Security to
a QIB:

                  (i) the Security Registrar shall register the transfer of any
         Restricted Security, whether or not such Restricted Security bears the
         Private Placement Legend, if (x) the requested transfer is after the
         second anniversary of the Issue Date; provided, however, that neither
         the Company nor any Affiliate of the Company has held any beneficial
         interest in such Restricted Security, or portion thereof, at any time
         on or prior to the second anniversary of the Issue Date, or (y) such
         transfer is being made by a proposed transferor who has checked the box
         provided for on the form of the Restricted Security stating, or has
         otherwise advised the Company and the Security Registrar in writing,
         that the sale has been made in compliance with the provisions of Rule
         144A to a transferee who has signed the certification provided for on
         the form of Note stating, or has otherwise advised the Company and the
         Security Registrar in writing, that it is purchasing the Note for its
         own account or an account with respect to which it exercises sole
         investment discretion and that it and any such account is a QIB within
         the meaning of

                                        8

<PAGE>

         Rule 144A, and is aware that the sale to it is being made in reliance
         on Rule 144A and acknowledges that it has received such information
         regarding the Company as it has requested pursuant to Rule 144A or has
         determined not to request such information and that it is aware that
         the transferor is relying upon its foregoing representations in order
         to claim the exemption from registration provided by Rule 144A;

                  (ii) if the proposed transferee is a Participant and the Notes
         to be transferred consist of Physical Notes which after transfer are to
         be evidenced by an interest in the 144A Global Note, upon receipt by
         the Security Registrar of the Physical Security and written
         instructions given in accordance with the Depositary's and the Security
         Registrar's procedures, the Security Registrar shall (A) register the
         transfer and reflect on its book and records the date and an increase
         in the principal amount of the 144A Global Note in an amount equal to
         the principal amount of Physical Notes to be transferred, and (B)
         cancel the Physical Notes so transferred; and

                  (iii) if the proposed transferor is a Participant seeking to
         transfer an interest in the Regulation S Global Note, upon receipt by
         the Security Registrar of written instructions given in accordance with
         the Depositary's and the Security Registrar's procedures, the Security
         Registrar shall register the transfer and reflect on its books and
         records the date and a decrease in the principal amount of the
         Regulation S Global Note in an amount equal to the principal amount of
         the Notes to be transferred and an increase in the principal amount of
         the 144A Global Note in an amount equal to the principal amount of the
         Notes to be transferred.

         (c) Exchange Offer. Upon the occurrence of the Registered Exchange
Offer in accordance with the Registration Agreement, the Company shall issue
and, upon receipt of a Company Order in accordance with the terms of the
Indenture, the Trustee shall authenticate one or more Global Notes not bearing
the Private Placement Legend in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Global Notes tendered for
acceptance in accordance with the Registered Exchange Offer and accepted for
exchange in the Registered Exchange Offer.

         (d) Private Placement Legend. Upon the transfer, exchange or
replacement of Notes not bearing the Private Placement Legend, the Security
Registrar or co-Security Registrar shall deliver Notes that do not bear the
Private Placement Legend. Upon the transfer, exchange or replacement of Notes
bearing the Private Placement Legend, the Security Registrar or co-Security
Registrar shall deliver only Notes that bear the Private Placement Legend unless
(i) there is delivered to the Trustee an Opinion of Counsel reasonably
satisfactory to the Company and the Trustee to the effect that neither such
legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act or (ii) such
Security has been offered and sold (including pursuant to the Registered
Exchange Offer) pursuant to an effective registration statement under the
Securities Act.

         (e) General. (i) By its acceptance of any Note bearing the Private
Placement Legend, each Holder of such a Note acknowledges the restrictions on
transfer of such Note set forth in the Indenture and in the Private Placement
Legend and agrees that it will transfer such Note only as provided in the
Indenture.

                                        9

<PAGE>

                  (ii) The Security Registrar shall retain copies of all
         letters, notices and other written communications received pursuant to
         this Section 2.5(e). The Company shall have the right to inspect and
         make copies of all such letters, notices or other written
         communications at any reasonable time upon the giving of reasonable
         written notice to the Security Registrar.

                  (iii) The Trustee shall have no obligation or duty to monitor,
         determine or inquire as to compliance with any restrictions on transfer
         imposed under the Indenture or under applicable law with respect to any
         transfer of any interest in any Note (including any transfers between
         or among Participants or beneficial owners of interests in any Global
         Note) other than to require delivery of such certificates and other
         documentation or evidence as are expressly required by, and to do so if
         and when expressly required by the terms of, the Indenture, and to
         examine the same to determine substantial compliance as to form with
         the express requirements hereof.

                  (iv) The Trustee shall have no responsibility for the actions
         or omissions of the Depositary, or the accuracy of the books and
         records of the Depositary.

                                  ARTICLE THREE

                            MISCELLANEOUS PROVISIONS

         SECTION 3.1 Ratification. The Base Indenture, as supplemented by this
Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed.

         SECTION 3.2 Exchange Notes. Without the consent of any Holders of the
Notes, the Company, when authorized by a Board Resolution, and the Trustee, at
any time and from time to time, may amend or modify the Indenture to provide for
the issuance of the Exchange Notes.

         SECTION 3.3 Counterparts. This Supplemental Indenture may be executed
in any number of counterparts, each of which when so executed shall be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

         SECTION 3.4 Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE CHOICE OF LAW PRINCIPLES THEREOF.

                                       10

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed as of the day and year first above written.

                                       GATX FINANCIAL CORPORATION

                                       By:  /s/ William J. Hasek
                                          --------------------------------------
                                       Name: William J. Hasek
                                       Title: Vice President and Treasurer

                                       JPMORGAN CHASE BANK,
                                         as Trustee

                                       By:  /s/ James V. Myers
                                          --------------------------------------
                                       Name: James V. Myers
                                       Title: Vice President

                                       11

<PAGE>

                                    EXHIBIT A

                          Form of Senior Notes due 2011

         THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND
ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY THE AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST THEREIN.

         UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED
SECURITIES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED
TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

                                       A-1

<PAGE>

No. ______                                                       $______________

                                                               CUSIP ___________

                           GATX FINANCIAL CORPORATION

                           6.273% SENIOR NOTE DUE 2011

         GATX Financial Corporation, a Delaware Corporation (herein called the
"Company," which term includes any successor corporation under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay
to CEDE & CO., the principal sum of _______________________ Dollars
($____________) on June 15, 2011 (the "Maturity Date"), and to pay interest
thereon from June 22, 2004 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for semi-annually on June 15 and
December 15 in each year commencing December 15, 2004, at the rate of 6.273% per
annum until the principal hereof is paid or made available for payment.

         The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture referred to on the
reverse hereof, be paid to the Person in whose name this Security is registered
at the close of business on the June 1 or the December 1 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date;
provided, however, that interest payable on the Maturity Date, or, if
applicable, upon redemption, will be payable to the Person to whom the principal
hereof shall be payable; provided further that, if such Interest Payment Date
would fall on a day that is not a Business Day, such Interest Payment Date shall
be the following day that is a Business Day.

         Payment of the principal of (and premium, if any, on) and any such
interest on this Security will be made at the office or agency of the Company
maintained for that purpose in New York, New York, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of
the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security
Register.

         Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been manually
executed by or on behalf of the Trustee under the Indenture referred to on the
reverse hereof, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

                                       A-2

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:  June 22, 2004                          GATX Financial Corporation

        (SEAL)                                 By:________________________

Attest:

By:______________________
   Secretary

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.

                                              JPMorgan Chase Bank, as Trustee

                                              By:___________________________
                                                 Authorized Signatory

                                       A-3

<PAGE>

                           GATX FINANCIAL CORPORATION

         This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture dated as of November 1, 2003, as supplemented by a
supplemental indenture dated as of June 22, 2004 (herein called the
"Indenture"), between the Company and JPMorgan Chase Bank, as trustee (herein
called the "Trustee," which term includes any successor trustee under the
Indenture), to which the Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to
$165,265,000.

         The Securities are redeemable at the option of the Company, in whole or
in part at any time and from time to time, at a Redemption Price equal to the
greater of

         -    100% of the principal amount of such Securities to be redeemed; or

         -    the sum of the present values of the remaining scheduled payments
              of principal and interest on the Securities (exclusive of interest
              accrued to the Redemption Date) discounted to the Redemption Date
              on a semi-annual basis (assuming a 360-day year consisting of
              twelve 30-day months) at the Adjusted Treasury Rate plus 30 basis
              points,

plus, in each case, accrued and unpaid interest on the principal amount being
redeemed to the Redemption Date.

         "Adjusted Treasury Rate" means, with respect to any Redemption Date,
the rate per year equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for the Redemption Date.

         "Business Day" means any day other than a Saturday or Sunday and other
than a day on which banking institutions in Chicago, Illinois or New York, New
York, are authorized or obligated by law or executive order to close.

         "Comparable Treasury Issue" means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining
term of the Securities to be redeemed that would be used, at the time of
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of such Securities.

         "Comparable Treasury Price" means, with respect to any Redemption Date,
the average of the Reference Treasury Dealer Quotations for that Redemption
Date.

                                       A-4

<PAGE>

         "Quotation Agent" means one of the Reference Treasury Dealers appointed
by the Company.

         "Reference Treasury Dealer" means each of Citigroup Global Markets Inc.
and Deutsche Bank Securities Inc. and their respective successors; provided,
however, that if either of the foregoing or their successors shall cease to be a
primary U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), the Company will substitute for it another nationally recognized
investment bank that is a Primary Treasury Dealer.

         "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Quotation Agent, of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Quotation Agent at 5:00 p.m., New York City time, on the third
Business Day preceding such Redemption Date.

         [THE FOLLOWING TWO PARAGRAPHS SHOULD BE INCLUDED ONLY IN A RESTRICTED
SECURITY]

         The holder of this Security is entitled to the benefits of the
Registration Rights Agreement, dated as of June 22, 2004, by and among the
Company and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Banc
of America Securities LLC, Calyon Securities (USA) Inc., Harris Nesbitt Corp.
and Piper Jaffray & Co. (the "Registration Rights Agreement"). If (1) the
Exchange Offer Registration Statement (as defined in the Registration Rights
Agreement) is not filed with the Commission on or prior to the date which is 90
days following the Issue Date, (2) the Exchange Offer Registration Statement is
not declared effective by the Commission within 150 days after the Issue Date,
(3) neither the Registered Exchange Offer (as defined in the Registration Rights
Agreement) is completed nor the Shelf Registration Statement (as defined in the
Registration Rights Agreement) has been declared effective by the Commission
within 180 days after the Issue Date, (4) the Shelf Registration Statement is
not declared effective by the Commission on or prior to the date specified in
the Registration Rights Agreement, (5) the Exchange Offer Registration Statement
has been declared effective by the Commission but ceases to be effective or
usable prior to the consummation of the Registered Exchange Offer, (6) the Shelf
Registration Statement, if applicable, has been declared effective but ceases to
be effective or usable for a period of time that exceeds 60 days in the
aggregate in any 12-month period in which it is required to be effective or
usable under the Registration Rights Agreement (each such event referred to in
clauses (1) through (6), a Registration Default"), the Company shall be
obligated to pay additional interest ("Additional Interest") to each Holder of
the Securities affected thereby, during the period of one or more such
Registration Defaults, at a rate of 0.25% per annum for the 90-day period
immediately following the occurrence of a Registration Default, increased by an
additional 0.25% per annum thereafter (up to a maximum of 0.50% per annum), on
the applicable principal amount of Securities held by such holder until all
Registration Defaults have been cured. At any time that all Registration
Defaults have been cured, the accrual of Additional Interest will cease.

                                       A-5

<PAGE>

         The Company shall notify the Trustee and the Paying Agent under the
Indenture immediately upon the happening of each and every Registration Default.
The Company shall pay the Additional Interest due on the Securities by
depositing with the Paying Agent (which may not be the Company for these
purposes), in trust, for the benefit of the holders thereof, on the next
applicable Interest Payment Date specified by the Indenture and the Securities,
sums sufficient to pay the Additional Interest then due. The Additional Interest
due shall be payable on each applicable Interest Payment Date specified by the
Indenture and the Securities to the record holder entitled to receive the
interest payment to be made on such date. Each obligation to pay Additional
Interest shall be deemed to accrue from and including the date of the applicable
Registration Default.

         If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series under the
Indenture to be affected at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in aggregate principal amount
of the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding, on behalf of all the Holders of all Securities of such
series, to waive certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of (and premium, if any, on)
and interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed.

         "Global Security" and "Global Securities" means a Security or
Securities evidencing all or part of a series of Securities, issued to the
Depositary (as hereinafter defined) for such series or its nominee, and
registered in the name of such Depositary or its nominee. "Depositary" means,
with respect to the Securities of any series issuable or issued in whole or in
part in the form of one or more Global Securities, the person designated as the
Depositary by the Company.

         No holder of any beneficial interest in this Security held on its
behalf by a Depositary or a nominee of such Depositary shall have any rights
under the Indenture with respect to such Global Security, and such Depositary or
nominee may be treated by the Company, the Trustee, and any agent of the Company
or the Trustee as the owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall impair, as between a

                                       A-6

<PAGE>

Depositary and such holders of beneficial interests, the operation of customary
practices governing the exercise of the rights of the Depositary as Holder of
any Security.

         This Security is exchangeable, in whole but not in part, for Securities
registered in the names of Persons other than the Depositary or its nominee or
in the name of a successor to the Depositary or a nominee of such successor
depositary only if (i) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time such
Depositary ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, and, in either case, a successor depositary is
not appointed by the Company within 90 days, (ii) the Company in its discretion
at any time determines not to have all of the Securities of this series
represented by one or more Global Security or Securities and notifies the
Trustee thereof, or (iii) an Event of Default has occurred and is continuing
with respect to the Securities of this series. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for Securities
issuable in authorized denominations and registered in such names as the
Depositary holding this Security shall direct. Subject to the foregoing, this
Security is not exchangeable, except for a Security or Securities of the same
aggregate denominations to be registered in the name of such Depositary or its
nominee or in the name of a successor to the Depositary or a nominee of such
successor depositary.

         No recourse shall be had for the payment of the principal of (and
premium, if any, on) or interest on this Security, or for any claim based
hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.

         All capitalized terms used in this Security and not otherwise defined
herein shall have the meanings assigned to them in the Indenture.

         This Security, including without limitation the obligation of the
Company contained herein to pay the principal of (and premium, if any, on) and
interest on this Security in accordance with the terms hereof and of the
Indenture, shall be construed in accordance with and governed by the laws of the
State of New York.

                                       A-7

<PAGE>

                                 ASSIGNMENT FORM

                To assign this Security, fill in the form below:
                (I) or (we) assign and transfer this Security to

________________________________________________________________________________
               (Insert assignee's social security or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ____________________________________ agent to transfer
this Security on the books of the Company. The agent may substitute another to
act for him.

         Your Signature:  ______________________________________________________
                         (Sign exactly as your name appears on the other side of
                          this Security)

         Date:  ________________________________

         Medallion Signature Guarantee:  _____________________________________

                                       A-8

<PAGE>

[FOR INCLUSION ONLY IF THIS SECURITY BEARS A RESTRICTED SECURITIES LEGEND]

                              Transfer Certificate

         In connection with any transfer of this Security occurring prior to the
date which is the earlier of (i) the date of the declaration by the Commission
of the effectiveness of a registration statement under the Securities Act of
1933, as amended (the "Securities Act"), covering resales of this Security
(which effectiveness shall not have been suspended or terminated at the date of
the transfer) and (ii) the date following the second anniversary of the original
issuance of this Security, the undersigned confirms that it has not utilized any
general solicitation or general advertising in connection with the transfer:

                                   [Check One]

(1)  [ ] to the Company or a subsidiary thereof; or

(2)  [ ] pursuant to and in compliance with Rule 144A under the Securities Act;
         or

(3)  [ ] to an institutional "accredited investor" (as defined in Rule
         501(a)(1), (2), (3), or (7) under the Securities Act) that has
         furnished to the Trustee a signed letter containing certain
         representations and agreements (the form of which letter can be
         obtained from the Trustee); or

(4)  [ ] outside the United States to a "foreign purchaser" in compliance
         with Rule 904 of Regulation S under the Securities Act; or

(5)  [ ] pursuant to the exemption from registration provided by Rule 144 under
         the Securities Act; or

(6)  [ ] pursuant to an effective registration statement under the Securities
         Act; or

(7)  [ ] pursuant to another available exemption from the registration
         requirements of the Securities Act;

and unless the box below is checked, the undersigned confirms that such Security
is not being transferred to an "affiliate" of the Company as defined in Rule 144
under the Securities Act (an "Affiliate"):

                   [ ] The transferee is an Affiliate of the Company.

         Unless one of the boxes is checked, the Trustee will refuse to register
any of the Securities evidenced by this certificate in the name of any person
other than the registered

                                       A-9

<PAGE>

Holder thereof; provided, however, that if box (3), (4), (5) or (7) is checked,
the Company or the Trustee may require, prior to registering any such transfer
of the Securities, in their sole discretion, such written legal opinions,
certifications (including an investment letter in the case of box (3) or (4))
and other information as the Trustee or the Company has reasonably requested to
confirm that such transfer is being made pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act.

         If none of the foregoing boxes is checked, the Trustee or Registrar
shall not be obligated to register this Security in the name of any person other
than the Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Section 2.5 of Supplemental Indenture No. 1
to the Indenture dated June 22, 2004 shall have been satisfied.

Dated: ________________            Signed: _______________________
                                          (Sign exactly as name appears on the
                                          other side of this Security)

Signature
Guarantee:  ____________________________________________________________

                                      A-10

<PAGE>

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

         The undersigned represents and warrants that it is purchasing this
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

Dated:   _________________

                                _______________________________________________
                                NOTICE:  To be executed by an executive officer

                                      A-11

<PAGE>

                                    EXHIBIT B

                        FORM OF PRIVATE PLACEMENT LEGEND

Each Global Note and Physical Note that constitutes a Restricted Security or is
sold in compliance with Regulation S shall bear the following legend on the face
thereof until after the second anniversary of the Issue Date, unless otherwise
agreed by the Company and the Holder thereof:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING THIS SECURITY,
AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY NOT BE RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED (X) PRIOR TO THE SECOND ANNIVERSARY OF THE
ISSUE HEREOF (OR ANY PREDECESSOR SECURITY HEREOF) OR (Y) BY ANY HOLDER THAT WAS
AN "AFFILIATE" (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE
COMPANY AT ANY TIME DURING THE THREE MONTHS PRECEDING THE DATE OF SUCH TRANSFER,
IN EITHER CASE OTHER THAN (1) TO THE COMPANY OR A SUBSIDIARY THEREOF, (2) SO
LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A"), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (3) IN AN OFFSHORE TRANSACTION (AS DEFINED IN REGULATION
S UNDER THE SECURITIES ACT) IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 (IF APPLICABLE) UNDER THE SECURITIES ACT, (5) TO AN
INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF SUBPARAGRAPH (A) (1),
(2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS
SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER
OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
(6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
(7) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES.

                                       B-1

<PAGE>

                                    EXHIBIT C

                            Form of Certificate To Be
                          Delivered in Connection with
             Transfers to Non-QIB Institutional Accredited Investors

                                    [ ], [ ]

JPMorgan Chase Bank
560 Mission Street, 13th Floor
San Francisco, California 94105
Attention: Corporate Trust Administration

Ladies and Gentlemen:

         In connection with our proposed purchase of 6.273% Senior Notes due
2011 (the "Notes") of GATX Financial Corporation, a Delaware corporation (the
"Company"), we confirm that:

         1. We understand that any subsequent transfer of the Notes is subject
to certain restrictions and conditions set forth in the Indenture relating to
the Notes (the "Indenture") and the undersigned agrees to be bound by, and not
to resell, pledge or otherwise transfer the Notes except in compliance with,
such restrictions and conditions and the Securities Act of 1933, as amended (the
"Securities Act"), and all applicable state securities laws.

         2. We understand that the offer and sale of the Notes have not been
registered under the Securities Act, and that the Notes may not be offered or
sold except as permitted in the following sentence. We agree, on our own behalf
and on behalf of any accounts for which we are acting as hereinafter stated,
that if we should sell any Notes, we will do so only (i) to the Company or any
of its subsidiaries, (ii) inside the United States in accordance with Rule 144A
under the Securities Act to a "qualified institutional buyer" (as defined in
Rule 144A under the Securities Act), (iii) inside the United States to an
institutional "accredited investor" (as defined below) that, prior to such
transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to
the Trustee (as defined in the Indenture) a signed letter containing certain
representations and agreements relating to the restrictions on transfer of the
Notes (the form of which letter can be obtained from the Trustee), (iv) outside
the United States in accordance with Regulation S promulgated under the
Securities Act to non-U.S. persons, (v) pursuant to the exemption from
registration provided by Rule 144 under the Securities Act (if available), (vi)
in accordance with another exemption from the registration requirements of the
Securities Act (and based upon an opinion of counsel if the Company so requests)
or (vii) pursuant to an effective registration statement under the Securities
Act, and we further agree to provide to any person purchasing any of the Notes
from us a notice advising such purchaser that resales of the Notes are
restricted as stated herein.

                                       C-1

<PAGE>

         3. We understand that, on any proposed resale of any Notes, we will be
required to furnish to the Trustee and the Company such certification, legal
opinions and other information as the Trustee and the Company may reasonably
require to confirm that the proposed sale complies with the foregoing
restrictions. We further understand that the Notes purchased by us will bear a
legend to the foregoing effect.

         4. We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we and
any accounts for which we are acting are each able to bear the economic risk of
our or their investment, as the case may be.

         5. We are acquiring the Notes purchased by us for our account or for
one or more accounts (each of which is an institutional "accredited investor")
as to each of which we exercise sole investment discretion.

         You, the Company, the Trustee and others are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof to
any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby.

                              Very truly yours,
                              [Name of Transferor]

                              By: _____________________________________________
                              Authorized Signature

                                       C-2

<PAGE>

                                    EXHIBIT D

                     Form of Certificate To Be Delivered in
               Connection with Transfers Pursuant to Regulation S

                                    [ ], [ ]

JPMorgan Chase Bank
560 Mission Street, 13th Floor
San Francisco, California  94105
Attention:  Corporate Trust Administration

Re:  GATX Financial Corporation (the "Company") 6.273% Senior Notes due 2011
     (the "Notes")

Ladies and Gentlemen:

         In connection with our proposed sale of $[ ] aggregate principal amount
of the Notes, we confirm that such sale has been effected pursuant to and in
accordance with Regulation S under the U.S. Securities Act of 1933, as amended
(the "Securities Act"), and, accordingly, we represent that:

         (1) the offer of the Notes was not made to a person in the United
States;

         (2) either (a) at the time the buy offer was originated, the transferee
was outside the United States or we and any person acting on our behalf
reasonably believed that the transferee was outside the United States, or (b)
the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither we nor any person acting on our behalf
knows that the transaction has been prearranged with a buyer in the United
States;

         (3) no directed selling efforts have been made in the United States in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S,
as applicable;

         (4) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act; and

         (5) we have advised the transferee of the transfer restrictions
applicable to the Notes.

                                       D-1

<PAGE>

         You, the Company and counsel for the Company are entitled to rely upon
this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

                              Very truly yours,
                              [Name of Transferor]

                              By: _____________________________________________
                              Authorized Signature

                                      D-2

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