Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. as of Dec. 31, 2011

Portfolio Holdings for Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

                December 31, 2011


                                                      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      1,978    157,606  SH          DEFINED     1, 2                        157,606
General Motors Company          COM     37045V100     16,915    834,491  SH          DEFINED     1, 2               673917    160574
General Motors Company         W EXP    37045V118     21,140  1,802,254  SH          DEFINED     1, 2              1455623    346631
                            7/10/2016
General Motors Company         W EXP    37045V126     28,022  3,583,354  SH          DEFINED     1, 2              2894113    689241
                           7/10/2019
Franklin Resources Inc.         COM     354613101     86,051    895,805  SH          DEFINED     1, 2              895805
Kaiser Aluminum
Corporation                     COM     483007704     85,893  2,202,495  SH          DEFINED     1, 2     2202495
Kaman Corp.                     COM     483548103     16,317    597,237  SH          DEFINED     1, 2                         597237
PPG Industries Inc.             COM     693506107    150,641  1,804,305  SH          DEFINED     1, 2              1804305
Solutia Inc.                    COM     834376501     12,986    751,492  SH          DEFINED     1, 2      751492




REPORT SUMMARY         9    DATA RECORDS     $419,943        ALL OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED - 2