Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. as of June 30, 2012

Portfolio Holdings for Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. holds 0 positions in its portfolio as reported in the June 2012 quarterly 13F filing

                June 30, 2012


                                                      FORM 13F INFORMATION TABLE

                                                                                               Voting Authority
                                                                                               ----------------
                                Title
                                 of                Value   Shares/    Sh/ Put/  Investment  Other
      Name of Issuer            Class    CUSIP    (x$1000) Prn Amt    Prn Call  Discretion  Managers Sole    Shared    None
      --------------            -----    -----    -------- -------    --- ----  ----------- --------  ----    ------    ----
{S}                                     {C}       {C}      {C}        {C}       {C}                  {C}     {C}      {C}
Clear Channel Outdoor
  Holdings                     CL A     18451C109     1,488   247,199  SH       DEFINED     1, 2                        247,199
General Motors Company         COM      37045V100     7,596   385,191  SH       DEFINED     1, 2             311,047     74,144
General Motors Company        W EXP     37045V118    13,855 1,257,254  SH       DEFINED     1, 2           1,015,453    241,801
                            7/10/2016
General Motors Company        W EXP     37045V126    23,206 3,421,154  SH       DEFINED     1, 2           2,763,123    658,031
                            7/10/2019
Franklin Resources Inc.        COM      354613101    96,770   871,876  SH       DEFINED     1, 2             871,876
Kaiser Aluminum
   Corporation                 COM      483007704    39,278   881,010  SH       DEFINED     1, 2     881,010
Kaman Corp.                    COM      483548103     5,700   184,210  SH       DEFINED     1, 2                        184,210
PPG Industries Inc.            COM      693506107   191,473 1,804,305  SH       DEFINED     1, 2           1,804,305







REPORT SUMMARY         8    DATA RECORDS     $379,366        ALL OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED - 2