Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. as of March 31, 2012

Portfolio Holdings for Arthur J. Gallagher & Co.

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

                March 31, 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     2,071   259,499  SH       DEFINED     1, 2                        259,499
General Motors Company         COM      37045V100    10,606   413,491  SH       DEFINED     1, 2               333,907   79,584
General Motors Company        W EXP     37045V118    21,705 1,305,154  SH       DEFINED     1, 2             1,054,143  251,011
                            7/10/2016
General Motors Company       W EXP      37045V126    38,317 3,421,154  SH       DEFINED     1, 2             2,763,123  658,031
                            7/10/2019
Franklin Resources Inc.        COM      354613101   110,308   889,365  SH       DEFINED     1, 2               889,365
Kaiser Aluminum Corporation    COM      483007704    87,584 2,154,919  SH       DEFINED     1, 2    2,154,919
Kaman Corp.                    COM      483548103    10,470   308,393  SH       DEFINED     1, 2                        308,393
PPG Industries Inc.            COM      693506107   172,852 1,804,305  SH       DEFINED     1, 2             1,804,305







REPORT SUMMARY         8    DATA RECORDS     $453,913        ALL OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED - 2