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: MCGURN DAVID E JR (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-17	Common Stock	M	35000	$24.90	Acquired	41188	Direct
2013-05-17	Common Stock	S	35000	$45.50	Disposed	6188	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-17	Non-qualified Stock Option	$24.90	M	35000	Disposed	2013-07-16	Common Stock (35000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	61575	Indirect
Common Stock	64174	Indirect
Common Stock	56652	Indirect
Common Stock (restricted)	8655	Direct

Footnotes

F1: The price reported is an average weighted price. The shares were sold in multiple transactions at prices ranging from $45.45 to $45.70. 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: The stock option becomes exercisable 10% each year, commencing January 1 after the date of grant.