Arthur J. Gallagher & Co. — Director's Dealing 2013

May 21, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2013-05-17

Reporting Person: GALLAGHER J PATRICK JR (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-17	Common Stock	M	5000	$24.90	Acquired	77059.328	Direct
2013-05-17	Common Stock	S	5000	$45.50	Disposed	72059.328	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-17	Non-qualified Stock Option	$24.90	M	5000	Disposed	2013-07-16	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	150000	Indirect
Common Stock	105248	Indirect
Common Stock	188972	Indirect
Common Stock	108086	Indirect
Common Stock (restricted)	27740	Direct

Footnotes

F1: The price reported is an average weighted price. The shares were sold in multiple transactions at prices ranging from $45.49 to $45.52. The reporting person will provide to the Securities and Exchange Commission staff, the issuer, or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F2: Shares held in revocable trust of which my spouse is sole Trustee and as to which I disclaim beneficial ownership.

F3: Held in trust for benefit of children.

F4: The stock option becomes exercisable 10% each year, commencing January 1 after the date of grant.