Arthur J. Gallagher & Co.

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

Portfolio Holdings for Arthur J. Gallagher & Co.

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

                September 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     1,486    242,799  SH       DEFINED     1, 2                          242,799
General Motors
   Company             W EXP 7/10/2016  37045V118    10,952    794,783  SH       DEFINED     1, 2        N/A        N/A        N/A
General Motors
   Company             W EXP 7/10/2019  37045V126    22,443  2,717,083  SH       DEFINED     1, 2        N/A        N/A        N/A
Franklin Resources
   Inc.                         COM     354613101   107,093    856,267  SH       DEFINED     1, 2                856,267
Kaiser Aluminum
   Corporation                  COM     483007704    37,989    650,606  SH       DEFINED     1, 2    650,606
PPG Industries Inc.             COM     693506107   207,206  1,804,305  SH       DEFINED     1, 2              1,804,305
USEC Inc.                       COM     90333E108     1,637  2,099,078  SH       DEFINED     1, 2                         2,099,078


REPORT SUMMARY         7    DATA RECORDS     $388,806        ALL OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED - 2