Arthur J. Gallagher & Co. — Director's Dealing 2017

May 31, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2017-05-30

Reporting Person: Cavaness Joel D (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-30	Common Stock	M	7400	$30.95	Acquired	113586	Direct
2017-05-30	Common Stock	M	4440	$23.76	Acquired	118026	Direct
2017-05-30	Common Stock	M	11840	$56.96	Disposed	106186	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-30	Non-qualified Stock Option	$30.95	M	7400	Disposed	2018-03-08	Common Stock (7400)	Direct
2017-05-30	Non-qualified Stock Option	$23.76	M	4440	Disposed	2018-03-05	Common Stock (4440)	Direct

Footnotes

F1: The price reported is an average weighted price. The shares were sold in multiple transactions at prices ranging from $56.94 to $56.98. 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 20% each year on the anniversary of the grant date.