Arthur J. Gallagher & Co. (AJG) 8-K First Quarter 2011 Financial Results

Exhibit 99.2

Arthur J. Gallagher & Co.

Supplemental Quarterly Financial Information

1st Quarter Ended March 31, 2011

Arthur J. Gallagher & Co.

Supplemental Quarterly Financial Information

1st Quarter Ended March 31, 2011

Index		Page
Information on Non-GAAP Measures		1
Brokerage Segment		2 - 5
Risk Management Segment		6 - 9
Combined Brokerage & Risk Management		10 -13
Corporate Segment		14
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Index

Arthur J. Gallagher & Co.

Information Regarding Non-GAAP Measures

1st Quarter Ended March 31, 2011

In addition to reporting financial results in accordance with GAAP, these spreadsheets provide information regarding EBITDAC, EBITDAC margin, Adjusted EBITDAC, Adjusted EBITDAC margin, Diluted Net Earnings Per Share (As Adjusted) for the Brokerage and Risk Management segments, organic change in commission, fee and supplemental commission revenues, adjusted revenues, expenses and earnings from continuing operations, adjusted compensation expense ratio and adjusted operating expense ratio. These measures are not in accordance with, or an alternative to, the GAAP information provided herein. Gallagher’s management believes that these presentations provide useful information to management, analysts and investors regarding financial and business trends relating to Gallagher’s results of operations and financial condition. Gallagher’s industry peers provide similar supplemental non-GAAP information, although they may not use the same or comparable terminology and may not make identical adjustments. The non-GAAP information provided by Gallagher should be used in addition to, but not as a substitute for, the GAAP information provided.

Adjusted presentation - Gallagher believes that the adjusted presentation of 2008, 2009, 2010 and 2011 statements of earnings, presented on the following pages, provides stockholders and other interested persons with useful information regarding certain financial metrics of Gallagher’s Brokerage and Risk Management segments that will assist such persons in analyzing Gallagher’s operating results as they develop a future earnings outlook for Gallagher. The after tax amounts related to the adjustments were computed using the effective tax rate for each respective period.

• Adjusted revenues, expenses and earnings from continuing operations - Gallagher defines these measures as revenues, expenses and earnings from continuing operations, respectively, each adjusted to exclude gains realized from sales of books of business and supplemental commission timing amounts, workforce related charges, lease termination related charges and litigation settlement amounts, as applicable.

• Adjusted ratios - Compensation expense ratio, and operating expense ratio are defined as adjusted compensation expense and adjusted operating expense, respectively, each divided by adjusted revenues from continuing operations.

Earnings Measures - Gallagher believes that each of EBITDAC, EBITDAC margin, Adjusted EBITDAC, Adjusted EBITDAC margin, and Diluted Net Earnings Per Share (As Adjusted) for the Brokerage and Risk Management segments, as defined below, provide a meaningful representation of its operating performance. Gallagher considers EBITDAC and EBITDAC margin as a way to measure financial performance on an ongoing basis. Adjusted EBITDAC, Adjusted EBITDAC margin and Diluted Net Earnings Per Share (As Adjusted) for the Brokerage and Risk Management segments are meant to reflect the true operating performance of Gallagher’s brokerage business; consequently, they exclude items that could be considered “non-operating” or “non-core” in nature.

• EBITDAC - Gallagher defines this measure as earnings from continuing operations before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables.

• EBITDAC margin - Gallagher defines this measure as EBITDAC divided by total revenues.

• Adjusted EBITDAC - Gallagher defines this measure as EBITDAC adjusted to exclude gains realized from sales of books of business, supplemental commission timing amounts, workforce related charges, lease termination related charges and litigation settlement amounts.

• Adjusted EBITDAC margin - Gallagher defines this measure as Adjusted EBITDAC divided by adjusted revenues.

• Diluted Net Earnings Per Share (As Adjusted) for the Brokerage and Risk Management segments - Gallagher defines this measure as earnings from continuing operations adjusted to exclude the after-tax impact of gains realized from sales of books of business, workforce related charges, lease termination related charges, litigation settlement amounts and the change in estimated acquisition earnout payables, divided by diluted weighted average shares outstanding.

Organic Revenues - Organic change in commission, fee and supplemental commission revenues (change in organic revenues) in excludes the first twelve months of net commission, fee and supplemental commission revenues generated from acquisitions accounted for as purchases and the net commission and fee revenues related to operations disposed of in each year presented. These commissions and fees are excluded from organic revenues in order to determine the change in organic revenues that is associated with the operations that were a part of Gallagher in both the current and prior year. In addition, change in organic revenues exclude the impact of contingent commission revenues and the period-over-period impact of foreign currency translation. The amounts excluded with respect to foreign currency translation are calculated by applying current period foreign exchange rates to the same periods in prior years.

These revenue items are excluded from organic revenues in order to determine a comparable measurement of revenue growth that is associated with the revenue sources that will be continuing in future periods. Gallagher has historically viewed change in organic revenues as an important indicator when assessing and evaluating the performance of its Brokerage and Risk Management segments. Gallagher also believes that using this measure allows financial statement users to measure, analyze and compare the growth from its Brokerage and Risk Management segments in a meaningful and consistent manner.

Reconciliation of Non-GAAP Information Presented to GAAP Measure - These spreadsheets include tabular reconciliations to the most comparable GAAP measures for adjusted revenues, expenses and earnings from continuing operations, EBITDAC, Adjusted EBITDAC, Adjusted EBITDAC margin and Diluted Net Earnings Per Share (As Adjusted) for the Brokerage and Risk Management segments. For organic change in commission, fee and supplemental commission revenues for the Brokerage and Risk Management segments, please see reconciliations in Gallagher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and in its 2011 and 2010 quarterly reports on Form 10-Q.

Information on Non-GAAP Measures

Page 1

Arthur J. Gallagher & Co.

Brokerage Segment Statement of Earnings - As Reported

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

BROKERAGE SEGMENT	2008 Reported															2009 Reported															2010 Reported															2011 Reported
Statement of Earnings	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1
Commissions	$	183.4		$	232.6		$	226.8		$	211.4		$	854.2		$	198.0		$	249.7		$	237.0		$	228.2		$	912.9		$	204.2		$	257.0		$	251.9		$	244.2		$	957.3		$	225.7
Fees		50.4			63.5			66.0			70.3			250.2			54.8			73.9			75.8			77.6			282.1			54.9			68.5			74.8			76.7			274.9			59.1
Supplemental commissions		6.4			3.3			5.1			5.6			20.4			15.7			5.8			4.5			11.4			37.4			27.9			10.6			10.2			12.1			60.8			13.5
Contingent commissions		11.5			5.0			7.2			1.6			25.3			13.8			6.0			5.8			2.0			27.6			15.5			8.7			9.5			3.1			36.8			16.8
Investment income and realized book gains		6.3			7.8			9.3			14.3			37.7			7.2			4.7			2.7			1.6			16.2			1.9			2.2			4.9			1.8			10.8			2.3
Revenues		258.0			312.2			314.4			303.2			1,187.8			289.5			340.1			325.8			320.8			1,276.2			304.4			347.0			351.3			337.9			1,340.6			317.4
Compensation		167.1			175.8			179.6			184.9			707.4			182.3			199.5			190.3			206.6			778.7			191.5			206.7			205.0			213.9			817.1			210.0
Operating		58.7			56.0			60.5			72.2			247.4			51.1			51.1			54.5			61.3			218.0			53.3			57.0			57.1			56.2			223.6			57.0
Depreciation		3.9			4.7			4.7			4.9			18.2			4.7			4.7			4.7			4.7			18.8			4.6			4.9			5.1			4.9			19.5			4.7
Amortization		8.8			10.1			10.1			14.2			43.2			12.2			13.9			13.7			14.5			54.3			13.7			16.5			14.4			15.2			59.8			15.8
Change in estimated acquisition earnout payables		—			—			—			—			—			—			1.4			1.2			1.5			4.1			1.9			(0.9	)		(3.9	)		0.3			(2.6	)		0.8
Expenses		238.5			246.6			254.9			276.2			1,016.2			250.3			270.6			264.4			288.6			1,073.9			265.0			284.2			277.7			290.5			1,117.4			288.3
Earnings from continuing operations before income taxes		19.5			65.6			59.5			27.0			171.6			39.2			69.5			61.4			32.2			202.3			39.4			62.8			73.6			47.4			223.2			29.1
Provision for income taxes		7.6			26.4			23.4			10.0			67.4			15.1			28.0			24.5			11.0			78.6			15.9			25.4			29.4			17.0			87.7			11.4
Earnings from continuing operations	$	11.9		$	39.2		$	36.1		$	17.0		$	104.2		$	24.1		$	41.5		$	36.9		$	21.2		$	123.7		$	23.5		$	37.4		$	44.2		$	30.4		$	135.5		$	17.7
Diluted earnings from continuing operations per share	$	0.13		$	0.42		$	0.38		$	0.18		$	1.11		$	0.25		$	0.41		$	0.36		$	0.21		$	1.23		$	0.23		$	0.36		$	0.42		$	0.28		$	1.29		$	0.16
Change in diluted earnings from continuing ops per share		30	%		11	%		9	%		-44	%		-3	%		92	%		-2	%		-5	%		17	%		11	%		-8	%		-12	%		17	%		33	%		5	%		-30	%
Change in revenues		11	%		6	%		8	%		2	%		7	%		12	%		9	%		4	%		6	%		7	%		5	%		2	%		8	%		5	%		5	%		4	%
Organic change in commissions and fees		0	%		-1	%		0	%		-5	%		-2	%		-4	%		-2	%		-5	%		-1	%		-3	%		-5	%		-3	%		0	%		0	%		-2	%		2	%
Compensation expense ratio		65	%		56	%		57	%		61	%		60	%		63	%		59	%		58	%		64	%		61	%		63	%		60	%		58	%		63	%		61	%		66	%
Operating expense ratio		23	%		18	%		19	%		24	%		21	%		18	%		15	%		17	%		19	%		17	%		18	%		16	%		16	%		17	%		17	%		18	%
Effective tax rate		39	%		40	%		39	%		37	%		39	%		39	%		40	%		40	%		34	%		39	%		40	%		40	%		40	%		36	%		39	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			93,545			94,556			95,900			94,179			98,084			100,717			101,550			102,213			100,625			102,936			104,648			105,736			107,327			105,099			110,315
Common shares issued for acquisitions and earnouts (000s)		280			203			1,061			1,279			2,823			3,650			833			463			632			5,578			521			1,011			679			1,937			4,148			902
Number of acquisitions closed		11			9			8			9			37			3			6			2			4			15			3			5			4			6			18			4
Annualized revenues acquired (in millions)	$	31.0		$	26.5		$	41.5		$	66.6		$	165.6		$	69.7		$	11.1		$	2.9		$	14.8		$	98.5		$	5.6		$	38.6		$	12.5		$	38.4		$	95.1		$	27.2
Headcount (000’s)		5,277			5,282			5,461			5,748						5,914			6,076			5,965			5,890						5,857			6,186			6,068			6,275						6,324
EBITDAC
Earnings from continuing operations	$	11.9		$	39.2		$	36.1		$	17.0		$	104.2		$	24.1		$	41.5		$	36.9		$	21.2		$	123.7		$	23.5		$	37.4		$	44.2		$	30.4		$	135.5		$	17.7
Provision for income taxes		7.6			26.4			23.4			10.0			67.4			15.1			28.0			24.5			11.0			78.6			15.9			25.4			29.4			17.0			87.7			11.4
Depreciation		3.9			4.7			4.7			4.9			18.2			4.7			4.7			4.7			4.7			18.8			4.6			4.9			5.1			4.9			19.5			4.7
Amortization		8.8			10.1			10.1			14.2			43.2			12.2			13.9			13.7			14.5			54.3			13.7			16.5			14.4			15.2			59.8			15.8
Change in estimated acquisition earnout payables		—			—			—			—			—			—			1.4			1.2			1.5			4.1			1.9			(0.9	)		(3.9	)		0.3			(2.6	)		0.8
EBITDAC	$	32.2		$	80.4		$	74.3		$	46.1		$	233.0		$	56.1		$	89.5		$	81.0		$	52.9		$	279.5		$	59.6		$	83.3		$	89.2		$	67.8		$	299.9		$	50.4
EBITDAC margin (3)		12	%		26	%		24	%		15	%		20	%		19	%		26	%		25	%		16	%		22	%		20	%		24	%		25	%		20	%		22	%		16	%
EBITDAC growth (decline)		13	%		11	%		11	%		-24	%		2	%		74	%		11	%		9	%		15	%		20	%		6	%		-7	%		10	%		28	%		7	%		-15	%

Brokerage - As Reported

Page 2

Arthur J. Gallagher & Co.

Non-GAAP Adjustments to Brokerage Segment Statement of Earnings

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

BROKERAGE SEGMENT	2008 Adjustments															2009 Adjustments															2010 Adjustments															2011 Adjust- ments
Statement of Earnings	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1
Commissions	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Fees		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Supplemental commissions (1)		(1.6	)		3.0			2.4			2.3			6.1			(8.2	)		4.4			5.3			(0.1	)		1.4			(14.7	)		—			—			—			(14.7	)		—
Contingent commissions		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Investment income and realized book gains (2)		(1.7	)		(3.5	)		(5.7	)		(12.9	)		(23.8	)		(6.1	)		(3.3	)		(1.7	)		(0.5	)		(11.6	)		(0.9	)		(0.6	)		(3.8	)		(0.6	)		(5.9	)		(1.1	)
Revenues		(3.3	)		(0.5	)		(3.3	)		(10.6	)		(17.7	)		(14.3	)		1.1			3.6			(0.6	)		(10.2	)		(15.6	)		(0.6	)		(3.8	)		(0.6	)		(20.6	)		(1.1	)
Compensation (3)		(0.1	)		(0.9	)		—			(2.9	)		(3.9	)		(0.1	)		(0.6	)		(0.8	)		(4.0	)		(5.5	)		(0.4	)		(3.2	)		(1.2	)		(1.5	)		(6.3	)		(1.5	)
Operating (4)		—			—			(1.3	)		(2.3	)		(3.6	)		—			(0.3	)		(0.8	)		(2.5	)		(3.6	)		(0.1	)		(4.0	)		—			—			(4.1	)		—
Depreciation		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Amortization		—			—			—			(2.7	)		(2.7	)		—			—			—			—			—			—			(2.3	)		—			—			(2.3	)		—
Change in estimated acquisition earnout payables (5)		—			—			—			—			—			—			—			—			—			—			(0.5	)		2.5			5.6			1.2			8.8			1.2
Expenses		(0.1	)		(0.9	)		(1.3	)		(7.9	)		(10.2	)		(0.1	)		(0.9	)		(1.6	)		(6.5	)		(9.1	)		(1.0	)		(7.0	)		4.4			(0.3	)		(3.9	)		(0.3	)
Earnings from continuing operations before income taxes		(3.2	)		0.4			(2.0	)		(2.7	)		(7.5	)		(14.2	)		2.0			5.2			5.9			(1.1	)		(14.6	)		6.4			(8.2	)		(0.3	)		(16.7	)		(0.8	)
Provision for income taxes		(1.2	)		0.2			(0.8	)		(1.0	)		(2.8	)		(5.5	)		0.8			2.1			2.0			(0.6	)		(5.9	)		2.6			(3.3	)		(0.1	)		(6.7	)		(0.3	)
Earnings from continuing operations	$	(2.0	)	$	0.2		$	(1.2	)	$	(1.7	)	$	(4.7	)	$	(8.7	)	$	1.2		$	3.1		$	3.9		$	(0.5	)	$	(8.7	)	$	3.8		$	(4.9	)	$	(0.2	)	$	(10.0	)	$	(0.5	)
Diluted earnings from continuing operations per share	$	(0.02	)	$	—		$	(0.01	)	$	(0.02	)	$	(0.05	)	$	(0.09	)	$	0.01		$	0.03		$	0.04		$	(0.01	)	$	(0.09	)	$	0.04		$	(0.05	)	$	—		$	(0.10	)	$	—
EBITDAC
Earnings from continuing operations	$	(2.0	)	$	0.2		$	(1.2	)	$	(1.7	)	$	(4.7	)	$	(8.7	)	$	1.2		$	3.1		$	3.9		$	(0.5	)	$	(8.7	)	$	3.8		$	(4.9	)	$	(0.2	)	$	(10.0	)	$	(0.5	)
Provision for income taxes		(1.2	)		0.2			(0.8	)		(1.0	)		(2.8	)		(5.5	)		0.8			2.1			2.0			(0.6	)		(5.9	)		2.6			(3.3	)		(0.1	)		(6.7	)		(0.3	)
Depreciation		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Amortization		—			—			—			(2.7	)		(2.7	)		—			—			—			—			—			—			(2.3	)		—			—			(2.3	)		—
Change in estimated acquisition earnout payables		—			—			—			—			—			—			—			—			—			—			(0.5	)		2.5			5.6			1.2			8.8			1.2
EBITDAC	$	(3.2	)	$	0.4		$	(2.0	)	$	(5.4	)	$	(10.2	)	$	(14.2	)	$	2.0		$	5.2		$	5.9		$	(1.1	)	$	(15.1	)	$	6.6		$	(2.6	)	$	0.9		$	(10.2	)	$	0.4

(1) As previously disclosed, many insurance carriers now provide sufficient information for Gallagher to recognize supplemental commission revenues on a quarterly basis for a majority of its 2011 and 2010 supplemental commission arrangements. However, in 2009 and prior years, most carriers only provided this information on an annual basis after the end of the contract period. Accordingly, the 2010 amounts reported in the table include both a full year of 2009 supplemental commission revenues and 2010 supplemental commission revenues that were recognized by Gallagher on a quarterly basis. This situation should not occur again in 2011 and later years as Gallagher anticipates that most of the carriers will continue to provide information on a quarterly basis sufficient to allow recognition of revenues in a similar manner in future quarters.

(2) To remove realized gains from sales of books of business.

(3) To eliminate severance charges.

(4) To eliminate lease termination and abandonment charges.

(5) To remove adjustments to the estimated acquisition earnout payables.

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Brokerage - Adjustments

Page 3

Arthur J. Gallagher & Co.

Non-GAAP Brokerage Segment Statement of Earnings - As Adjusted

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

BROKERAGE SEGMENT	2008 Adjusted															2009 Adjusted															2010 Adjusted															2011 Adjusted
Statement of Earnings	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1
Commissions	$	183.4		$	232.6		$	226.8		$	211.4		$	854.2		$	198.0		$	249.7		$	237.0		$	228.2		$	912.9		$	204.2		$	257.0		$	251.9		$	244.2		$	957.3		$	225.7
Fees		50.4			63.5			66.0			70.3			250.2			54.8			73.9			75.8			77.6			282.1			54.9			68.5			74.8			76.7			274.9			59.1
Supplemental commissions		4.8			6.3			7.5			7.9			26.5			7.5			10.2			9.8			11.3			38.8			13.2			10.6			10.2			12.1			46.1			13.5
Contingent commissions		11.5			5.0			7.2			1.6			25.3			13.8			6.0			5.8			2.0			27.6			15.5			8.7			9.5			3.1			36.8			16.8
Investment income and realized book gains		4.6			4.3			3.6			1.4			13.9			1.1			1.4			1.0			1.1			4.6			1.0			1.6			1.1			1.2			4.9			1.2
Revenues		254.7			311.7			311.1			292.6			1,170.1			275.2			341.2			329.4			320.2			1,266.0			288.8			346.4			347.5			337.3			1,320.0			316.3
Compensation		167.0			174.9			179.6			182.0			703.5			182.2			198.9			189.5			202.6			773.2			191.1			203.5			203.8			212.4			810.8			208.5
Operating		58.7			56.0			59.2			69.9			243.8			51.1			50.8			53.7			58.8			214.4			53.2			53.0			57.1			56.2			219.5			57.0
Depreciation		3.9			4.7			4.7			4.9			18.2			4.7			4.7			4.7			4.7			18.8			4.6			4.9			5.1			4.9			19.5			4.7
Amortization		8.8			10.1			10.1			11.5			40.5			12.2			13.9			13.7			14.5			54.3			13.7			14.2			14.4			15.2			57.5			15.8
Change in estimated acquisition earnout payables		—			—			—			—			—			—			1.4			1.2			1.5			4.1			1.4			1.6			1.7			1.5			6.2			2.0
Expenses		238.4			245.7			253.6			268.3			1,006.0			250.2			269.7			262.8			282.1			1,064.8			264.0			277.2			282.1			290.2			1,113.5			288.0
Earnings from continuing operations before income taxes		16.3			66.0			57.5			24.3			164.1			25.0			71.5			66.6			38.1			201.2			24.8			69.2			65.4			47.1			206.5			28.3
Provision for income taxes		6.4			26.6			22.6			9.0			64.6			9.6			28.8			26.6			13.0			78.0			10.0			28.0			26.1			16.9			81.0			11.1
Earnings from continuing operations	$	9.9		$	39.4		$	34.9		$	15.3		$	99.5		$	15.4		$	42.7		$	40.0		$	25.1		$	123.2		$	14.8		$	41.2		$	39.3		$	30.2		$	125.5		$	17.2
Diluted earnings from continuing operations per share	$	0.11		$	0.42		$	0.37		$	0.16		$	1.06		$	0.16		$	0.42		$	0.39		$	0.25		$	1.22		$	0.14		$	0.39		$	0.37		$	0.28		$	1.19		$	0.16
Change in diluted earnings from continuing ops per share		10	%		14	%		3	%		-47	%		-6	%		45	%		0	%		5	%		56	%		15	%		-13	%		-7	%		-5	%		12	%		-2	%		14	%
Change in revenues		9	%		6	%		7	%		-1	%		5	%		8	%		9	%		6	%		9	%		8	%		5	%		2	%		5	%		5	%		4	%		10	%
Organic change in commissions and fees		0	%		-1	%		0	%		-5	%		-2	%		-4	%		-2	%		-5	%		-1	%		-3	%		-5	%		-3	%		0	%		0	%		-2	%		2	%
Compensation expense ratio		66	%		56	%		58	%		62	%		60	%		66	%		58	%		58	%		63	%		61	%		66	%		59	%		59	%		63	%		61	%		66	%
Operating expense ratio		23	%		18	%		19	%		24	%		21	%		19	%		15	%		16	%		18	%		17	%		18	%		15	%		16	%		17	%		17	%		18	%
Effective tax rate		39	%		40	%		39	%		37	%		39	%		38	%		40	%		40	%		34	%		39	%		40	%		40	%		40	%		36	%		39	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			93,545			94,556			95,900			94,179			98,084			100,717			101,550			102,213			100,625			102,936			104,648			105,736			107,327			105,099			110,315
Common shares issued for acquisitions and earnouts (000s)		280			203			1,061			1,279			2,823			3,650			833			463			632			5,578			521			1,011			679			1,937			4,148			902
Number of acquisitions closed		11			9			8			9			37			3			6			2			4			15			3			5			4			6			18			4
Annualized revenues acquired (in millions)	$	31.0		$	26.5		$	41.5		$	66.6		$	165.6		$	69.7		$	11.1		$	2.9		$	14.8		$	98.5		$	5.6		$	38.6		$	12.5		$	38.4		$	95.1		$	27.2
Headcount (000’s)		5,277			5,282			5,461			5,748						5,914			6,076			5,965			5,890						5,857			6,186			6,068			6,275						6,324
EBITDAC
Earnings from continuing operations	$	9.9		$	39.4		$	34.9		$	15.3		$	99.5		$	15.4		$	42.7		$	40.0		$	25.1		$	123.2		$	14.8		$	41.2		$	39.3		$	30.2		$	125.5		$	17.2
Provision for income taxes		6.4			26.6			22.6			9.0			64.6			9.6			28.8			26.6			13.0			78.0			10.0			28.0			26.1			16.9			81.0			11.1
Depreciation		3.9			4.7			4.7			4.9			18.2			4.7			4.7			4.7			4.7			18.8			4.6			4.9			5.1			4.9			19.5			4.7
Amortization		8.8			10.1			10.1			11.5			40.5			12.2			13.9			13.7			14.5			54.3			13.7			14.2			14.4			15.2			57.5			15.8
Change in estimated acquisition earnout payables		—			—			—			—			—			—			1.4			1.2			1.5			4.1			1.4			1.6			1.7			1.5			6.2			2.0
EBITDAC	$	29.0		$	80.8		$	72.3		$	40.7		$	222.8		$	41.9		$	91.5		$	86.2		$	58.8		$	278.4		$	44.5		$	89.9		$	86.6		$	68.7		$	289.7		$	50.8
EBITDAC margin (3)		11	%		26	%		23	%		14	%		19	%		15	%		27	%		26	%		18	%		22	%		15	%		26	%		25	%		20	%		22	%		16	%
EBITDAC growth (decline)		6	%		13	%		5	%		-28	%		0	%		44	%		13	%		19	%		44	%		25	%		6	%		-2	%		0	%		17	%		4	%		14	%

Note: This page is the result of subtracting the Adjustments Page 3 from As Reported on Page 2.

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Brokerage - Adjusted

Page 4

Arthur J. Gallagher & Co.

Non-GAAP Brokerage Segment Statement of Earnings - As Adjusted

Quarter over Quarter - 2008 to 2011

(Unaudited - in millions except share and per share data)

BROKERAGE SEGMENT	Q1 Adjusted												Q2 Adjusted									Q3 Adjusted									Q4 Adjusted									Full Year Adjusted
Statement of Earnings	2008			2009			2010			2011			2008			2009			2010			2008			2009			2010			2008			2009			2010			2008			2009			2010
Commissions	$	183.4		$	198.0		$	204.2		$	225.7		$	232.6		$	249.7		$	257.0		$	226.8		$	237.0		$	251.9		$	211.4		$	228.2		$	244.2		$	854.2		$	912.9		$	957.3
Fees		50.4			54.8			54.9			59.1			63.5			73.9			68.5			66.0			75.8			74.8			70.3			77.6			76.7			250.2			282.1			274.9
Supplemental commissions		4.8			7.5			13.2			13.5			6.3			10.2			10.6			7.5			9.8			10.2			7.9			11.3			12.1			26.5			38.8			46.1
Contingent commissions		11.5			13.8			15.5			16.8			5.0			6.0			8.7			7.2			5.8			9.5			1.6			2.0			3.1			25.3			27.6			36.8
Investment income		4.6			1.1			1.0			1.2			4.3			1.4			1.6			3.6			1.0			1.1			1.4			1.1			1.2			13.9			4.6			4.9
Revenues		254.7			275.2			288.8			316.3			311.7			341.2			346.4			311.1			329.4			347.5			292.6			320.2			337.3			1,170.1			1,266.0			1,320.0
Compensation		167.0			182.2			191.1			208.5			174.9			198.9			203.5			179.6			189.5			203.8			182.0			202.6			212.4			703.5			773.2			810.8
Operating		58.7			51.1			53.2			57.0			56.0			50.8			53.0			59.2			53.7			57.1			69.9			58.8			56.2			243.8			214.4			219.5
Depreciation		3.9			4.7			4.6			4.7			4.7			4.7			4.9			4.7			4.7			5.1			4.9			4.7			4.9			18.2			18.8			19.5
Amortization		8.8			12.2			13.7			15.8			10.1			13.9			14.2			10.1			13.7			14.4			11.5			14.5			15.2			40.5			54.3			57.5
Change in estimated acquisition earnout payables		—			—			1.4			2.0			—			1.4			1.6			—			1.2			1.7			—			1.5			1.5			—			4.1			6.2
Expenses		238.4			250.2			264.0	��		288.0			245.7			269.7			277.2			253.6			262.8			282.1			268.3			282.1			290.2			1,006.0			1,064.8			1,113.5
Earnings from continuing operations before income taxes		16.3			25.0			24.8			28.3			66.0			71.5			69.2			57.5			66.6			65.4			24.3			38.1			47.1			164.1			201.2			206.5
Provision for income taxes		6.4			9.6			10.0			11.1			26.6			28.8			28.0			22.6			26.6			26.1			9.0			13.0			16.9			64.6			78.0			81.0
Earnings from continuing operations	$	9.9		$	15.4		$	14.8		$	17.2		$	39.4		$	42.7		$	41.2		$	34.9		$	40.0		$	39.3		$	15.3		$	25.1		$	30.2		$	99.5		$	123.2		$	125.5
Diluted earnings from continuing operations per share	$	0.11		$	0.16		$	0.14		$	0.16		$	0.42		$	0.42		$	0.39		$	0.37		$	0.39		$	0.37		$	0.16		$	0.25		$	0.28		$	1.06		$	1.22		$	1.19
Change in diluted earnings from continuing ops per share		10	%		45	%		-13	%		14	%		14	%		0	%		-7	%		3	%		5	%		-5	%		-47	%		56	%		12	%		-6	%		15	%		-2	%
Change in revenues		9	%		8	%		5	%		10	%		6	%		9	%		2	%		7	%		6	%		5	%		-1	%		9	%		5	%		5	%		8	%		4	%
Organic change in commissions and fees		0	%		-4	%		-5	%		2	%		-1	%		-2	%		-3	%		0	%		-5	%		0	%		-5	%		-1	%		0	%		-2	%		-3	%		-2	%
Compensation expense ratio		66	%		66	%		66	%		66	%		56	%		58	%		59	%		58	%		58	%		59	%		62	%		63	%		63	%		60	%		61	%		61	%
Operating expense ratio		23	%		19	%		18	%		18	%		18	%		15	%		15	%		19	%		16	%		16	%		24	%		18	%		17	%		21	%		17	%		17	%
Effective tax rate		39	%		38	%		40	%		39	%		40	%		40	%		40	%		39	%		40	%		40	%		37	%		34	%		36	%		39	%		39	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			98,084			102,936			110,315			93,545			100,717			104,648			94,556			101,550			105,736			95,900			102,213			107,327			94,179			100,625			105,099
Headcount (000’s)		5,277			5,914			5,857			6,324			5,282			6,076			6,186			5,461			5,965			6,068			5,748			5,890			6,275			—			—			—
EBITDAC
Earnings from continuing operations	$	9.9		$	15.4		$	14.8		$	17.2		$	39.4		$	42.7		$	41.2		$	34.9		$	40.0		$	39.3		$	15.3		$	25.1		$	30.2		$	99.5		$	123.2		$	125.5
Provision for income taxes		6.4			9.6			10.0			11.1			26.6			28.8			28.0			22.6			26.6			26.1			9.0			13.0			16.9			64.6			78.0			81.0
Depreciation		3.9			4.7			4.6			4.7			4.7			4.7			4.9			4.7			4.7			5.1			4.9			4.7			4.9			18.2			18.8			19.5
Amortization		8.8			12.2			13.7			15.8			10.1			13.9			14.2			10.1			13.7			14.4			11.5			14.5			15.2			40.5			54.3			57.5
Change in estimated acquisition earnout payables		—			—			1.4			2.0			—			1.4			1.6			—			1.2			1.7			—			1.5			1.5			—			4.1			6.2
EBITDAC	$	29.0		$	41.9		$	44.5		$	50.8		$	80.8		$	91.5		$	89.9		$	72.3		$	86.2		$	86.6		$	40.7		$	58.8		$	68.7		$	222.8		$	278.4		$	289.7
EBITDAC margin		11	%		15	%		15	%		16	%		26	%		27	%		26	%		23	%		26	%		25	%		14	%		18	%		20	%		19	%		22	%		22	%
EBITDAC growth (decline)		6	%		44	%		6	%		14	%		13	%		13	%		-2	%		5	%		19	%		0	%		-28	%		44	%		17	%		0	%		25	%		4	%

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Brokerage Adjusted - Quarter over Quarter

Page 5

Arthur J. Gallagher & Co.

Risk Management Segment Statement of Earnings - As Reported

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

RISK MANAGEMENT SEGMENT	2008 Reported															2009 Reported															2010 Reported															2011 Reported
Statement of Earnings	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1
Fees	$	115.1		$	114.1		$	117.6		$	114.3		$	461.1		$	111.8		$	113.0		$	113.1		$	113.8		$	451.7		$	110.1		$	110.9		$	110.9		$	128.2		$	460.1		$	129.9
Investment income		1.1			1.1			1.0			0.6			3.8			0.4			0.3			0.4			0.4			1.5			0.4			0.5			0.5			0.6			2.0			0.7
Revenues		116.2			115.2			118.6			114.9			464.9			112.2			113.3			113.5			114.2			453.2			110.5			111.4			111.4			128.8			462.1			130.6
Compensation		70.1			70.4			70.4			69.7			280.6			68.1			69.9			69.9			74.4			282.3			67.7			66.7			72.5			81.1			288.0			82.7
Operating		29.2			29.2			33.8			34.1			126.3			26.6			27.0			26.2			30.1			109.9			24.2			28.2			24.9			31.8			109.1			32.7
Depreciation		3.0			3.2			3.2			2.2			11.6			3.0			2.8			3.0			2.9			11.7			3.0			3.0			3.1			3.3			12.4			3.3
Amortization		0.1			0.2			0.1			0.1			0.5			0.2			0.2			0.1			0.2			0.7			0.2			0.1			0.1			0.6			1.0			0.6
Expenses		102.4			103.0			107.5			106.1			419.0			97.9			99.9			99.2			107.6			404.6			95.1			98.0			100.6			116.8			410.5			119.3
Earnings from continuing operations before income taxes		13.8			12.2			11.1			8.8			45.9			14.3			13.4			14.3			6.6			48.6			15.4			13.4			10.8			12.0			51.6			11.3
Provision for income taxes		5.3			4.8			4.1			3.5			17.7			5.6			5.5			5.6			1.2			17.9			6.2			5.3			4.4			4.4			20.3			4.4
Earnings from continuing operations	$	8.5		$	7.4		$	7.0		$	5.3		$	28.2		$	8.7		$	7.9		$	8.7		$	5.4		$	30.7		$	9.2		$	8.1		$	6.4		$	7.6		$	31.3		$	6.9
Diluted earnings from continuing operations per share	$	0.09		$	0.08		$	0.08		$	0.05		$	0.30		$	0.09		$	0.08		$	0.09		$	0.05		$	0.31		$	0.09		$	0.08		$	0.06		$	0.07		$	0.30		$	0.06
Change in diluted earnings from continuing ops per share		-10	%		0	%		-20	%		-62	%		-27	%		0	%		0	%		13	%		0	%		3	%		0	%		0	%		-33	%		40	%		-3	%		-33	%
Change in revenues		9	%		7	%		8	%		-3	%		5	%		-3	%		-2	%		-4	%		-1	%		-3	%		-2	%		-2	%		-2	%		13	%		2	%		18	%
Organic change in commissions and fees		7	%		5	%		8	%		2	%		5	%		1	%		2	%		-3	%		-4	%		-1	%		-5	%		-3	%		-3	%		0	%		-3	%		6	%
Compensation expense ratio		60	%		61	%		59	%		61	%		60	%		61	%		62	%		62	%		65	%		62	%		61	%		60	%		65	%		63	%		62	%		63	%
Operating expense ratio		25	%		25	%		29	%		30	%		27	%		24	%		24	%		23	%		26	%		24	%		22	%		25	%		22	%		25	%		24	%		25	%
Effective tax rate		38	%		39	%		37	%		40	%		39	%		39	%		41	%		39	%		18	%		37	%		40	%		40	%		41	%		37	%		39	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			93,545			94,556			95,900			94,179			98,084			100,717			101,550			102,213			100,625			102,936			104,648			105,736			107,327			105,099			110,315
Headcount (000’s)		3,848			3,892			3,903			3,901						3,865			3,862			3,835			3,741						3,637			3,605			3,660			4,227						4,281
EBITDAC
Earnings from continuing operations	$	8.5		$	7.4		$	7.0		$	5.3		$	28.2		$	8.7		$	7.9		$	8.7		$	5.4		$	30.7		$	9.2		$	8.1		$	6.4		$	7.6		$	31.3		$	6.9
Provision for income taxes		5.3			4.8			4.1			3.5			17.7			5.6			5.5			5.6			1.2			17.9			6.2			5.3			4.4			4.4			20.3			4.4
Depreciation		3.0			3.2			3.2			2.2			11.6			3.0			2.8			3.0			2.9			11.7			3.0			3.0			3.1			3.3			12.4			3.3
Amortization		0.1			0.2			0.1			0.1			0.5			0.2			0.2			0.1			0.2			0.7			0.2			0.1			0.1			0.6			1.0			0.6
EBITDAC	$	16.9		$	15.6		$	14.4		$	11.1		$	58.0		$	17.5		$	16.4		$	17.4		$	9.7		$	61.0		$	18.6		$	16.5		$	14.0		$	15.9		$	65.0		$	15.2
EBITDAC margin (3)		15	%		14	%		12	%		10	%		12	%		16	%		14	%		15	%		8	%		13	%		17	%		15	%		13	%		12	%		14	%		12	%
EBITDAC growth (decline)		-14	%		-7	%		-22	%		-47	%		-23	%		4	%		5	%		21	%		-13	%		5	%		6	%		1	%		-20	%		64	%		7	%		-18	%

Risk Management - As Reported

Page 6

Arthur J. Gallagher & Co.

Non-GAAP Adjustments to Risk Management Segment Statement of Earnings

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

RISK MANAGEMENT SEGMENT	2008 Adjustments												2009 Adjustments													2010 Adjustments														2011 Adjust- ments
Statement of Earnings	Q1		Q2		Q3		Q4			FY			Q1			Q2		Q3		Q4			FY			Q1		Q2			Q3			Q4			FY			Q1
Fees	$	—	$	—	$	—	$	—		$	—		$	—		$	—	$	—	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Investment income		—		—		—		—			—			—			—		—		—			—			—		—			—			—			—			—
Revenues		—		—		—		—			—			—			—		—		—			—			—		—			—			—			—			—
Compensation (1)		—		—		—		—			—			(0.3	)		—		—		(6.2	)		(6.5	)		—		(0.2	)		(3.6	)		(2.9	)		(6.7	)		(4.0	)
Operating (2)		—		—		—		(0.6	)		(0.6	)		(0.6	)		—		—		(0.7	)		(1.3	)		—		(0.2	)		0.7			(0.8	)		(0.3	)		(1.3	)
Depreciation		—		—		—		—			—			—			—		—		—			—			—		—			—			—			—			—
Amortization		—		—		—		—			—			—			—		—		—			—			—		—			—			—			—			—
Expenses		—		—		—		(0.6	)		(0.6	)		(0.9	)		—		—		(6.9	)		(7.8	)		—		(0.4	)		(2.9	)		(3.7	)		(7.0	)		(5.3	)
Earnings from continuing operations before income taxes		—		—		—		0.6			0.6			0.9			—		—		6.9			7.8			—		0.4			2.9			3.7			7.0			5.3
Provision for income taxes		—		—		—		0.2			0.2			0.4			—		—		2.8			3.2			—		0.2			1.2			1.4			2.8			2.1
Earnings from continuing operations	$	—	$	—	$	—	$	0.4		$	0.4		$	0.5		$	—	$	—	$	4.1		$	4.6		$	—	$	0.2		$	1.7		$	2.3		$	4.2		$	3.2
Diluted earnings from continuing operations per share	$	—	$	—	$	—	$	—		$	—		$	—		$	—	$	—	$	0.04		$	0.05		$	—	$	—		$	0.02		$	0.02		$	0.04		$	0.03
Diluted weighted average shares outstanding (000s)		92,898		93,545		94,556		95,900			94,179			98,084			100,717		101,550		102,213			100,625			102,936		104,648			105,736			107,327			105,099			110,315
EBITDAC
Earnings from continuing operations	$	—	$	—	$	—	$	0.4		$	0.4		$	0.5		$	—	$	—	$	4.1		$	4.6		$	—	$	0.2		$	1.7		$	2.3		$	4.2		$	3.2
Provision for income taxes		—		—		—		0.2			0.2			0.4			—		—		2.8			3.2			—		0.2			1.2			1.4			2.8			2.1
Depreciation		—		—		—		—			—			—			—		—		—			—			—		—			—			—			—			—
Amortization		—		—		—		—			—			—			—		—		—			—			—		—			—			—			—			—
EBITDAC	$	—	$	—	$	—	$	0.6		$	0.6		$	0.9		$	—	$	—	$	6.9		$	7.8		$	—	$	0.4		$	2.9		$	3.7		$	7.0		$	5.3

(1) To eliminate severance, GAB integration costs and other workforce charges.

(2) To eliminate lease termination and abandonment charges and GAB integration costs.

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Risk Management - Adjustments

Page 7

Arthur J. Gallagher & Co.

Non-GAAP Risk Management Statement of Earnings - As Adjusted

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

RISK MANAGEMENT SEGMENT	2008 Adjusted															2009 Adjusted															2010 Adjusted															2011 Adjusted
Statement of Earnings	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1
Fees	$	115.1		$	114.1		$	117.6		$	114.3		$	461.1		$	111.8		$	113.0		$	113.1		$	113.8		$	451.7		$	110.1		$	110.9		$	110.9		$	128.2		$	460.1		$	129.9
Investment income		1.1			1.1			1.0			0.6			3.8			0.4			0.3			0.4			0.4			1.5			0.4			0.5			0.5			0.6			2.0			0.7
Revenues		116.2			115.2			118.6			114.9			464.9			112.2			113.3			113.5			114.2			453.2			110.5			111.4			111.4			128.8			462.1			130.6
Compensation		70.1			70.4			70.4			69.7			280.6			67.8			69.9			69.9			68.2			275.8			67.7			66.5			68.9			78.2			281.3			78.7
Operating		29.2			29.2			33.8			33.5			125.7			26.0			27.0			26.2			29.4			108.6			24.2			28.0			25.6			31.0			108.8			31.4
Depreciation		3.0			3.2			3.2			2.2			11.6			3.0			2.8			3.0			2.9			11.7			3.0			3.0			3.1			3.3			12.4			3.3
Amortization		0.1			0.2			0.1			0.1			0.5			0.2			0.2			0.1			0.2			0.7			0.2			0.1			0.1			0.6			1.0			0.6
Expenses		102.4			103.0			107.5			105.5			418.4			97.0			99.9			99.2			100.7			396.8			95.1			97.6			97.7			113.1			403.5			114.0
Earnings from continuing operations before income taxes		13.8			12.2			11.1			9.4			46.5			15.2			13.4			14.3			13.5			56.4			15.4			13.8			13.7			15.7			58.6			16.6
Provision for income taxes		5.3			4.8			4.1			3.7			17.9			6.0			5.5			5.6			4.0			21.1			6.2			5.5			5.6			5.8			23.1			6.5
Earnings from continuing operations	$	8.5		$	7.4		$	7.0		$	5.7		$	28.6		$	9.2		$	7.9		$	8.7		$	9.5		$	35.3		$	9.2		$	8.3		$	8.1		$	9.9		$	35.5		$	10.1
Diluted earnings from continuing operations per share	$	0.09		$	0.08		$	0.07		$	0.06		$	0.30		$	0.09		$	0.08		$	0.09		$	0.09		$	0.35		$	0.09		$	0.08		$	0.08		$	0.09		$	0.34		$	0.09
Change in diluted earnings from continuing ops per share		-10	%		0	%		-30	%		-54	%		-27	%		0	%		0	%		29	%		50	%		17	%		0	%		0	%		-11	%		0	%		-3	%		0	%
Change in revenues		9	%		7	%		8	%		-3	%		5	%		-3	%		-2	%		-4	%		-1	%		-3	%		-2	%		-2	%		-2	%		13	%		2	%		18	%
Organic change in commissions and fees		7	%		5	%		8	%		2	%		5	%		1	%		2	%		-3	%		-4	%		-1	%		-5	%		-3	%		-3	%		0	%		-3	%		6	%
Compensation expense ratio		60	%		61	%		59	%		61	%		60	%		60	%		62	%		62	%		60	%		61	%		61	%		60	%		62	%		61	%		61	%		60	%
Operating expense ratio		25	%		25	%		29	%		29	%		27	%		23	%		24	%		23	%		26	%		24	%		22	%		25	%		23	%		24	%		24	%		24	%
Effective tax rate		38	%		39	%		37	%		39	%		38	%		39	%		41	%		39	%		30	%		37	%		40	%		40	%		41	%		37	%		39	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			93,545			94,556			95,900			94,179			98,084			100,717			101,550			102,213			100,625			102,936			104,648			105,736			107,327			105,099			110,315
Headcount (000’s)		3,848			3,892			3,903			3,901						3,865			3,862			3,835			3,741						3,637			3,605			3,660			4,227						4,281
EBITDAC
Earnings from continuing operations	$	8.5		$	7.4		$	7.0		$	5.7		$	28.6		$	9.2		$	7.9		$	8.7		$	9.5		$	35.3		$	9.2		$	8.3		$	8.1		$	9.9		$	35.5		$	10.1
Provision for income taxes		5.3			4.8			4.1			3.7			17.9			6.0			5.5			5.6			4.0			21.1			6.2			5.5			5.6			5.8			23.1			6.5
Depreciation		3.0			3.2			3.2			2.2			11.6			3.0			2.8			3.0			2.9			11.7			3.0			3.0			3.1			3.3			12.4			3.3
Amortization		0.1			0.2			0.1			0.1			0.5			0.2			0.2			0.1			0.2			0.7			0.2			0.1			0.1			0.6			1.0			0.6
EBITDAC	$	16.9		$	15.6		$	14.4		$	11.7		$	58.6		$	18.4		$	16.4		$	17.4		$	16.6		$	68.8		$	18.6		$	16.9		$	16.9		$	19.6		$	72.0		$	20.5
EBITDAC margin (3)		15	%		14	%		12	%		10	%		13	%		16	%		14	%		15	%		15	%		15	%		17	%		15	%		15	%		15	%		16	%		16	%
EBITDAC growth (decline)		-14	%		-7	%		-22	%		-47	%		-23	%		9	%		5	%		21	%		42	%		17	%		1	%		3	%		-3	%		18	%		5	%		10	%

Note: This page is the result of subtracting the Adjustments on Page 7 from As Reported on Page 6.

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Risk Management - Adjusted

Page 8

Arthur J. Gallagher & Co.

Non-GAAP Risk Management Segment Statement of Earnings - As Adjusted

Quarter over Quarter - 2008 to 2011

(Unaudited - in millions except share and per share data)

RISK MANAGEMENT SEGMENT	Q1 Adjusted												Q2 Adjusted									Q3 Adjusted									Q4 Adjusted									Full Year Adjusted
Statement of Earnings	2008			2009			2010			2011			2008			2009			2010			2008			2009			2010			2008			2009			2010			2008			2009			2010
Fees	$	115.1		$	111.8		$	110.1		$	129.9		$	114.1		$	113.0		$	110.9		$	117.6		$	113.1		$	110.9		$	114.3		$	113.8		$	128.2		$	461.1		$	451.7		$	460.1
Investment income		1.1			0.4			0.4			0.7			1.1			0.3			0.5			1.0			0.4			0.5			0.6			0.4			0.6			3.8			1.5			2.0
Revenues		116.2			112.2			110.5			130.6			115.2			113.3			111.4			118.6			113.5			111.4			114.9			114.2			128.8			464.9			453.2			462.1
Compensation		70.1			67.8			67.7			78.7			70.4			69.9			66.5			70.4			69.9			68.9			69.7			68.2			78.2			280.6			275.8			281.3
Operating		29.2			26.0			24.2			31.4			29.2			27.0			28.0			33.8			26.2			25.6			33.5			29.4			31.0			125.7			108.6			108.8
Depreciation		3.0			3.0			3.0			3.3			3.2			2.8			3.0			3.2			3.0			3.1			2.2			2.9			3.3			11.6			11.7			12.4
Amortization		0.1			0.2			0.2			0.6			0.2			0.2			0.1			0.1			0.1			0.1			0.1			0.2			0.6			0.5			0.7			1.0
Expenses		102.4			97.0			95.1			114.0			103.0			99.9			97.6			107.5			99.2			97.7			105.5			100.7			113.1			418.4			396.8			403.5
Earnings from continuing operations before income taxes		13.8			15.2			15.4			16.6			12.2			13.4			13.8			11.1			14.3			13.7			9.4			13.5			15.7			46.5			56.4			58.6
Provision for income taxes		5.3			6.0			6.2			6.5			4.8			5.5			5.5			4.1			5.6			5.6			3.7			4.0			5.8			17.9			21.1			23.1
Earnings from continuing operations	$	8.5		$	9.2		$	9.2		$	10.1		$	7.4		$	7.9		$	8.3		$	7.0		$	8.7		$	8.1		$	5.7		$	9.5		$	9.9		$	28.6		$	35.3		$	35.5
Diluted earnings from continuing operations per share	$	0.09		$	0.09		$	0.09		$	0.09		$	0.08		$	0.08		$	0.08		$	0.07		$	0.09		$	0.08		$	0.06		$	0.09		$	0.09		$	0.30		$	0.35		$	0.34
Change in diluted earnings from continuing ops per share		-10	%		0	%		0	%		0	%		0	%		0	%		0	%		-30	%		29	%		-11	%		-54	%		50	%		0	%		-27	%		17	%		-3	%
Change in revenues		9	%		-3	%		-2	%		18	%		7	%		-2	%		-2	%		8	%		-4	%		-2	%		-3	%		-1	%		13	%		5	%		-3	%		2	%
Organic change in commissions and fees		7	%		1	%		-5	%		6	%		5	%		2	%		-3	%		8	%		-3	%		-3	%		2	%		-4	%		0	%		5	%		-1	%		-3	%
Compensation expense ratio		60	%		60	%		61	%		60	%		61	%		62	%		60	%		59	%		62	%		62	%		61	%		60	%		61	%		60	%		61	%		61	%
Operating expense ratio		25	%		23	%		22	%		24	%		25	%		24	%		25	%		29	%		23	%		23	%		29	%		26	%		24	%		27	%		24	%		24	%
Effective tax rate		38	%		39	%		40	%		39	%		39	%		41	%		40	%		37	%		39	%		41	%		39	%		30	%		37	%		38	%		37	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			98,084			102,936			110,315			93,545			100,717			104,648			94,556			101,550			105,736			95,900			102,213			107,327			94,179			100,625			105,099
Headcount (000’s)		3,848			3,865			3,637			4,281			3,892			3,862			3,605			3,903			3,835			3,660			3,901			3,741			4,227			—			—			—
EBITDAC
Earnings from continuing operations	$	8.5		$	9.2		$	9.2		$	10.1		$	7.4		$	7.9		$	8.3		$	7.0		$	8.7		$	8.1		$	5.7		$	9.5		$	9.9		$	28.6		$	35.3		$	35.5
Provision for income taxes		5.3			6.0			6.2			6.5			4.8			5.5			5.5			4.1			5.6			5.6			3.7			4.0			5.8			17.9			21.1			23.1
Depreciation		3.0			3.0			3.0			3.3			3.2			2.8			3.0			3.2			3.0			3.1			2.2			2.9			3.3			11.6			11.7			12.4
Amortization		0.1			0.2			0.2			0.6			0.2			0.2			0.1			0.1			0.1			0.1			0.1			0.2			0.6			0.5			0.7			1.0
EBITDAC	$	16.9		$	18.4		$	18.6		$	20.5		$	15.6		$	16.4		$	16.9		$	14.4		$	17.4		$	16.9		$	11.7		$	16.6		$	19.6		$	58.6		$	68.8		$	72.0
EBITDAC margin (3)		15	%		16	%		17	%		16	%		14	%		14	%		15	%		12	%		15	%		15	%		10	%		15	%		15	%		13	%		15	%		16	%
EBITDAC growth (decline)		-14	%		9	%		1	%		10	%		7	%		5	%		3	%		-22	%		21	%		-3	%		-44	%		42	%		18	%		-23	%		17	%		5	%

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Risk Management - Adjusted - Quarter over Quarter

Page 9

Arthur J. Gallagher & Co.

Combined Brokerage and Risk Management Segments Statement of Earnings - As Reported

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

BROKERAGE AND RISK MANAGEMENT SEGMENTS COMBINED	2008 Reported															2009 Reported															2010 Reported															2011 Reported
Statement of Earnings	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1
Commissions	$	183.4		$	232.6		$	226.8		$	211.4		$	854.2		$	198.0		$	249.7		$	237.0		$	228.2		$	912.9		$	204.2		$	257.0		$	251.9		$	244.2		$	957.3		$	225.7
Fees		165.5			177.6			183.6			184.6			711.3			166.6			186.9			188.9			191.4			733.8			165.0			179.4			185.7			204.9			735.0			189.0
Supplemental commissions		6.4			3.3			5.1			5.6			20.4			15.7			5.8			4.5			11.4			37.4			27.9			10.6			10.2			12.1			60.8			13.5
Contingent commissions		11.5			5.0			7.2			1.6			25.3			13.8			6.0			5.8			2.0			27.6			15.5			8.7			9.5			3.1			36.8			16.8
Investment income and realized book gains		7.4			8.9			10.3			14.9			41.5			7.6			5.0			3.1			2.0			17.7			2.3			2.7			5.4			2.4			12.8			3.0
Revenues		374.2			427.4			433.0			418.1			1,652.7			401.7			453.4			439.3			435.0			1,729.4			414.9			458.4			462.7			466.7			1,802.7			448.0
Compensation		237.2			246.2			250.0			254.6			988.0			250.4			269.4			260.2			281.0			1,061.0			259.2			273.4			277.5			295.0			1,105.1			292.7
Operating		87.9			85.2			94.3			106.3			373.7			77.7			78.1			80.7			91.4			327.9			77.5			85.2			82.0			88.0			332.7			89.7
Depreciation		6.9			7.9			7.9			7.1			29.8			7.7			7.5			7.7			7.6			30.5			7.6			7.9			8.2			8.2			31.9			8.0
Amortization		8.9			10.3			10.2			14.3			43.7			12.4			14.1			13.8			14.7			55.0			13.9			16.6			14.5			15.8			60.8			16.4
Change in estimated acquisition earnout payables		—			—			—			—			—			—			1.4			1.2			1.5			4.1			1.9			(0.9	)		(3.9	)		0.3			(2.6	)		0.8
Expenses		340.9			349.6			362.4			382.3			1,435.2			348.2			370.5			363.6			396.2			1,478.5			360.1			382.2			378.3			407.3			1,527.9			407.6
Earnings from continuing operations before income taxes		33.3			77.8			70.6			35.8			217.5			53.5			82.9			75.7			38.8			250.9			54.8			76.2			84.4			59.4			274.8			40.4
Provision for income taxes		12.9			31.2			27.5			13.5			85.1			20.7			33.5			30.1			12.2			96.5			22.1			30.7			33.8			21.4			108.0			15.8
Earnings from continuing operations	$	20.4		$	46.6		$	43.1		$	22.3		$	132.4		$	32.8		$	49.4		$	45.6		$	26.6		$	154.4		$	32.7		$	45.5		$	50.6		$	38.0		$	166.8		$	24.6
Diluted earnings from continuing operations per share	$	0.22		$	0.50		$	0.46		$	0.23		$	1.41		$	0.34		$	0.49		$	0.45		$	0.26		$	1.53		$	0.32		$	0.43		$	0.48		$	0.35		$	1.59		$	0.22
Change in diluted earnings from continuing ops per share		10	%		9	%		2	%		-49	%		-10	%		55	%		-2	%		-2	%		13	%		9	%		-6	%		-12	%		7	%		35	%		4	%		-31	%
Change in revenues		10	%		6	%		8	%		1	%		6	%		7	%		6	%		1	%		4	%		5	%		3	%		1	%		5	%		7	%		4	%		8	%
Organic change in commissions and fees		3	%		1	%		2	%		-3	%		0	%		-2	%		-1	%		5	%		-2	%		-2	%		-5	%		-3	%		-1	%		0	%		-2	%		2	%
Compensation expense ratio		63	%		58	%		58	%		61	%		60	%		62	%		59	%		59	%		65	%		61	%		62	%		60	%		60	%		63	%		61	%		65	%
Operating expense ratio		23	%		20	%		22	%		25	%		23	%		19	%		17	%		18	%		21	%		19	%		19	%		19	%		18	%		19	%		18	%		20	%
Effective tax rate		39	%		40	%		39	%		38	%		39	%		39	%		40	%		40	%		31	%		38	%		40	%		40	%		40	%		36	%		39	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			93,545			94,556			95,900			94,179			98,084			100,717			101,550			102,213			100,625			102,936			104,648			105,736			107,327			105,099			110,315
Common shares issued for acquisitions and earnouts (000s)		280			203			1,061			1,279			2,823			3,650			833			463			632			5,578			521			1,011			679			1,937			4,148			902
Number of acquisitions closed		11			9			8			9			37			3			6			2			4			15			3			5			4			7			19			4
Annualized revenues acquired (in millions)	$	31.0		$	26.5		$	41.5		$	66.6		$	165.6		$	69.7		$	11.1		$	2.9		$	14.8		$	98.5		$	5.6		$	38.6		$	12.5		$	88.4		$	145.1		$	27.2
Headcount (000’s)		9,125			9,174			9,364			9,649						9,778			9,938			9,800			9,630						9,494			9,790			9,727			10,501						10,605
EBITDAC
Earnings from continuing operations	$	20.4		$	46.6		$	43.1		$	22.3		$	132.4		$	32.8		$	49.4		$	45.6		$	26.6		$	154.4		$	32.7		$	45.5		$	50.6		$	38.0		$	166.8		$	24.6
Provision for income taxes		12.9			31.2			27.5			13.5			85.1			20.7			33.5			30.1			12.2			96.5			22.1			30.7			33.8			21.4			108.0			15.8
Depreciation		6.9			7.9			7.9			7.1			29.8			7.7			7.5			7.7			7.6			30.5			7.6			7.9			8.2			8.2			31.9			8.0
Amortization		8.9			10.3			10.2			14.3			43.7			12.4			14.1			13.8			14.7			55.0			13.9			16.6			14.5			15.8			60.8			16.4
Change in estimated acquisition earnout payables		—			—			—			—			—			—			1.4			1.2			1.5			4.1			1.9			(0.9	)		(3.9	)		0.3			(2.6	)		0.8
EBITDAC	$	49.1		$	96.0		$	88.7		$	57.2		$	291.0		$	73.6		$	105.9		$	98.4		$	62.6		$	340.5		$	78.2		$	99.8		$	103.2		$	83.7		$	364.9		$	65.6
EBITDAC margin (3)		13	%		22	%		20	%		14	%		18	%		18	%		23	%		22	%		14	%		20	%		19	%		22	%		22	%		18	%		20	%		15	%
EBITDAC growth (decline)		2	%		8	%		4	%		-29	%		-4	%		50	%		10	%		11	%		9	%		17	%		6	%		-6	%		5	%		34	%		7	%		-16	%

Combined - As Reported

Page 10

Arthur J. Gallagher & Co.

Non-GAAP Adjustments to Combined Brokerage and Risk Management Segments Segment Statement of Earnings

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

BROKERAGE AND RISK MANAGEMENT SEGMENTS COMBINED	2008 Adjustments															2009 Adjustments															2010 Adjustments															2011 Adjust- ments
Statement of Earnings	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1
Commissions	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Fees		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Supplemental commissions (1)		(1.6	)		3.0			2.4			2.3			6.1			(8.2	)		4.4			5.3			(0.1	)		1.4			(14.7	)		—			—			—			(14.7	)		—
Contingent commissions		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Investment income and realized book gains (2)		(1.7	)		(3.5	)		(5.7	)		(12.9	)		(23.8	)		(6.1	)		(3.3	)		(1.7	)		(0.5	)		(11.6	)		(0.9	)		(0.6	)		(3.8	)		(0.6	)		(5.9	)		(1.1	)
Revenues		(3.3	)		(0.5	)		(3.3	)		(10.6	)		(17.7	)		(14.3	)		1.1			3.6			(0.6	)		(10.2	)		(15.6	)		(0.6	)		(3.8	)		(0.6	)		(20.6	)		(1.1	)
Compensation (3)		(0.1	)		(0.9	)		—			(2.9	)		(3.9	)		(0.4	)		(0.6	)		(0.8	)		(10.2	)		(12.0	)		(0.4	)		(3.4	)		(4.8	)		(4.4	)		(13.0	)		(5.5	)
Operating (4)		—			—			(1.3	)		(2.9	)		(4.2	)		(0.6	)		(0.3	)		(0.8	)		(3.2	)		(4.9	)		(0.1	)		(4.2	)		0.7			(0.8	)		(4.4	)		(1.3	)
Depreciation		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Amortization		—			—			—			(2.7	)		(2.7	)		—			—			—			—			—			—			(2.3	)		—			—			(2.3	)		—
Change in estimated acquisition earnout payables (5)		—			—			—			—			—			—			—			—			—			—			(0.5	)		2.5			5.6			1.2			8.8			1.2
Expenses		(0.1	)		(0.9	)		(1.3	)		(8.5	)		(10.8	)		(1.0	)		(0.9	)		(1.6	)		(13.4	)		(16.9	)		(1.0	)		(7.4	)		1.5			(4.0	)		(10.9	)		(5.6	)
Earnings from continuing operations before income taxes		(3.2	)		0.4			(2.0	)		(2.1	)		(6.9	)		(13.3	)		2.0			5.2			12.8			6.7			(14.6	)		6.8			(5.3	)		3.4			(9.7	)		4.5
Provision for income taxes		(1.2	)		0.2			(0.8	)		(0.8	)		(2.6	)		(5.1	)		0.8			2.1			4.8			2.6			(5.9	)		2.8			(2.1	)		1.3			(3.9	)		1.8
Earnings from continuing operations	$	(2.0	)	$	0.2		$	(1.2	)	$	(1.3	)	$	(4.3	)	$	(8.2	)	$	1.2		$	3.1		$	8.0		$	4.1		$	(8.7	)	$	4.0		$	(3.2	)	$	2.1		$	(5.8	)	$	2.7
Diluted earnings from continuing operations per share	$	(0.02	)	$	—		$	(0.01	)	$	(0.01	)	$	(0.04	)	$	(0.08	)	$	0.01		$	0.03		$	0.08		$	0.04		$	(0.08	)	$	0.04		$	(0.03	)	$	0.02		$	(0.06	)	$	0.01
EBITDAC
Earnings from continuing operations	$	(2.0	)	$	0.2		$	(1.2	)	$	(1.3	)	$	(4.3	)	$	(8.2	)	$	1.2		$	3.1		$	8.0		$	4.1		$	(8.7	)	$	4.0		$	(3.2	)	$	2.1		$	(5.8	)	$	2.7
Provision for income taxes		(1.2	)		0.2			(0.8	)		(0.8	)		(2.6	)		(5.1	)		0.8			2.1			4.8			2.6			(5.9	)		2.8			(2.1	)		1.3			(3.9	)		1.8
Depreciation		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Amortization		—			—			—			(2.7	)		(2.7	)		—			—			—			—			—			—			(2.3	)		—			—			(2.3	)		—
Change in estimated acquisition earnout payables		—			—			—			—			—			—			—			—			—			—			(0.5	)		2.5			5.6			1.2			8.8			1.2
EBITDAC	$	(3.2	)	$	0.4		$	(2.0	)	$	(4.8	)	$	(9.6	)	$	(13.3	)	$	2.0		$	5.2		$	12.8		$	6.7		$	(15.1	)	$	7.0		$	0.3		$	4.6		$	(3.2	)	$	5.7

(1) As previously disclosed, many insurance carriers now provide sufficient information for Gallagher to recognize supplemental commission revenues on a quarterly basis for a majority of its 2011 and 2010 supplemental commission arrangements. However, in 2009 and prior years, most carriers only provided this information on an annual basis after the end of the contract period. Accordingly, the 2010 amounts reported in the table include both a full year of 2009 supplemental commission revenues and 2010 supplemental commission revenues that were recognized by Gallagher on a quarterly basis. This situation should not occur again in 2011 and later years as Gallagher anticipates that most of the carriers will continue to provide information on a quarterly basis sufficient to allow recognition of revenues in a similar manner in future quarters.

(2) To remove realized gains from sales of books of business.

(3) To eliminate severance charges, GAB integration costs and other workforce charges.

(4) To eliminate lease termination, abandonment charges and GAB integration costs.

(5) To remove adjustments to the estimated acquisition earnout payables.

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Combined Adjustments

Page 11

Arthur J. Gallagher & Co.

Non-GAAP Combined Brokerage and Risk Management Segments Statement of Earnings - As Adjusted

Quarterly Trend - 2008 to 2011

(Unaudited - in millions except share and per share data)

BROKERAGE AND RISK MANAGEMENT SEGMENTS COMBINED	2008 Adjusted															2009 Adjusted															2010 Adjusted															2011 Adjusted
Statement of Earnings	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4			FY			Q1
Commissions	$	183.4		$	232.6		$	226.8		$	211.4		$	854.2		$	198.0		$	249.7		$	237.0		$	228.2		$	912.9		$	204.2		$	257.0		$	251.9		$	244.2		$	957.3		$	225.7
Fees		165.5			177.6			183.6			184.6			711.3			166.6			186.9			188.9			191.4			733.8			165.0			179.4			185.7			204.9			735.0			189.0
Supplemental commissions		4.8			6.3			7.5			7.9			26.5			7.5			10.2			9.8			11.3			38.8			13.2			10.6			10.2			12.1			46.1			13.5
Contingent commissions		11.5			5.0			7.2			1.6			25.3			13.8			6.0			5.8			2.0			27.6			15.5			8.7			9.5			3.1			36.8			16.8
Investment income and realized book gains		5.7			5.4			4.6			2.0			17.7			1.5			1.7			1.4			1.5			6.1			1.4			2.1			1.6			1.8			6.9			1.9
Revenues		370.9			426.9			429.7			407.5			1,635.0			387.4			454.5			442.9			434.4			1,719.2			399.3			457.8			458.9			466.1			1,782.1			446.9
Compensation		237.1			245.3			250.0			251.7			984.1			250.0			268.8			259.4			270.8			1,049.0			258.8			270.0			272.7			290.6			1,092.1			287.2
Operating		87.9			85.2			93.0			103.4			369.5			77.1			77.8			79.9			88.2			323.0			77.4			81.0			82.7			87.2			328.3			88.4
Depreciation		6.9			7.9			7.9			7.1			29.8			7.7			7.5			7.7			7.6			30.5			7.6			7.9			8.2			8.2			31.9			8.0
Amortization		8.9			10.3			10.2			11.6			41.0			12.4			14.1			13.8			14.7			55.0			13.9			14.3			14.5			15.8			58.5			16.4
Change in estimated acquisition earnout payables		—			—			—			—			—			—			1.4			1.2			1.5			4.1			1.4			1.6			1.7			1.5			6.2			2.0
Expenses		340.8			348.7			361.1			373.8			1,424.4			347.2			369.6			362.0			382.8			1,461.6			359.1			374.8			379.8			403.3			1,517.0			402.0
Earnings from continuing operations before income taxes		30.1			78.2			68.6			33.7			210.6			40.2			84.9			80.9			51.6			257.6			40.2			83.0			79.1			62.8			265.1			44.9
Provision for income taxes		11.7			31.4			26.7			12.7			82.5			15.6			34.3			32.2			17.0			99.1			16.2			33.5			31.7			22.7			104.1			17.6
Earnings from continuing operations	$	18.4		$	46.8		$	41.9		$	21.0		$	128.1		$	24.6		$	50.6		$	48.7		$	34.6		$	158.5		$	24.0		$	49.5		$	47.4		$	40.1		$	161.0		$	27.3
Diluted earnings from continuing operations per share	$	0.20		$	0.50		$	0.44		$	0.22		$	1.36		$	0.25		$	0.50		$	0.48		$	0.34		$	1.58		$	0.23		$	0.47		$	0.45		$	0.37		$	1.53		$	0.25
Change in diluted earnings from continuing ops per share		0	%		9	%		-4	%		-46	%		-12	%		25	%		0	%		9	%		55	%		16	%		-8	%		-6	%		-6	%		9	%		-3	%		9	%
Change in revenues		9	%		8	%		10	%		-2	%		5	%		4	%		6	%		3	%		7	%		5	%		3	%		1	%		4	%		7	%		4	%		12	%
Organic change in commissions and fees		3	%		1	%		2	%		-3	%		0	%		-2	%		-1	%		-5	%		-2	%		-2	%		-5	%		-3	%		-1	%		0	%		-2	%		2	%
Compensation expense ratio		64	%		57	%		58	%		62	%		60	%		65	%		59	%		59	%		62	%		61	%		65	%		59	%		59	%		62	%		61	%		64	%
Operating expense ratio		24	%		20	%		22	%		25	%		23	%		20	%		17	%		18	%		20	%		19	%		19	%		18	%		18	%		19	%		18	%		20	%
Effective tax rate		39	%		40	%		39	%		38	%		39	%		39	%		40	%		40	%		33	%		38	%		40	%		40	%		40	%		36	%		39	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			93,545			94,556			95,900			94,179			98,084			100,717			101,550			102,213			100,625			102,936			104,648			105,736			107,327			105,099			110,315
Common shares issued for acquisitions and earnouts (000s)		280			203			1,061			1,279			2,823		��	3,650			833			463			632			5,578			521			1,011			679			1,937			4,148			902
Number of acquisitions closed		11			9			8			9			37			3			6			2			4			15			3			5			4			7			19			4
Annualized revenues acquired (in millions)	$	31.0		$	26.5		$	41.5		$	66.6		$	165.6		$	69.7		$	11.1		$	2.9		$	14.8		$	98.5		$	5.6		$	38.6		$	12.5		$	88.4		$	145.1		$	27.2
Headcount (000’s)		9,125			9,174			9,364			9,649						9,778			9,938			9,800			9,630						9,494			9,790			9,727			10,501						10,605
EBITDAC
Earnings from continuing operations	$	18.4		$	46.8		$	41.9		$	21.0		$	128.1		$	24.6		$	50.6		$	48.7		$	34.6		$	158.5		$	24.0		$	49.5		$	47.4		$	40.1		$	161.0		$	27.3
Provision for income taxes		11.7			31.4			26.7			12.7			82.5			15.6			34.3			32.2			17.0			99.1			16.2			33.5			31.7			22.7			104.1			17.6
Depreciation		6.9			7.9			7.9			7.1			29.8			7.7			7.5			7.7			7.6			30.5			7.6			7.9			8.2			8.2			31.9			8.0
Amortization		8.9			10.3			10.2			11.6			41.0			12.4			14.1			13.8			14.7			55.0			13.9			14.3			14.5			15.8			58.5			16.4
Change in estimated acquisition earnout payables		—			—			—			—			—			—			1.4			1.2			1.5			4.1			1.4			1.6			1.7			1.5			6.2			2.0
EBITDAC	$	45.9		$	96.4		$	86.7		$	52.4		$	281.4		$	60.3		$	107.9		$	103.6		$	75.4		$	347.2		$	63.1		$	106.8		$	103.5		$	88.3		$	361.7		$	71.3
EBITDAC margin (3)		12	%		23	%		20	%		13	%		17	%		16	%		24	%		23	%		17	%		20	%		16	%		23	%		23	%		19	%		20	%		16	%
EBITDAC growth (decline)		-2	%		9	%		-1	%		-32	%		-6	%		31	%		12	%		19	%		44	%		23	%		5	%		-1	%		0	%		17	%		4	%		13	%

Note: This page is the result of subtracting the Adjustments Page 11 from As Reported on Page 10.

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Combined Adjusted

Page 12

Arthur J. Gallagher & Co.

Non-GAAP Combined Brokerage and Risk Management Segments Segment Statement of Earnings - As Adjusted

Quarter over Quarter - 2008 to 2011

(Unaudited - in millions except share and per share data)

BROKERAGE AND RISK MANAGEMENT SEGMENTS COMBINED	Q1 Adjusted												Q2 Adjusted									Q3 Adjusted									Q4 Adjusted									Full Year Adjusted
Statement of Earnings	2008			2009			2010			2011			2008			2009			2010			2008			2009			2010			2008			2009			2010			2008			2009			2010
Commissions	$	183.4		$	198.0		$	204.2		$	225.7		$	232.6		$	249.7		$	257.0		$	226.8		$	237.0		$	251.9		$	211.4		$	228.2		$	244.2		$	854.2		$	912.9		$	957.3
Fees		165.5			166.6			165.0			189.0			177.6			186.9			179.4			183.6			188.9			185.7			184.6			191.4			204.9			711.3			733.8			735.0
Supplemental commissions		4.8			7.5			13.2			13.5			6.3			10.2			10.6			7.5			9.8			10.2			7.9			11.3			12.1			26.5			38.8			46.1
Contingent commissions		11.5			13.8			15.5			16.8			5.0			6.0			8.7			7.2			5.8			9.5			1.6			2.0			3.1			25.3			27.6			36.8
Investment income		5.7			1.5			1.4			1.9			5.4			1.7			2.1			4.6			1.4			1.6			2.0			1.5			1.8			17.7			6.1			6.9
Revenues		370.9			387.4			399.3			446.9			426.9			454.5			457.8			429.7			442.9			458.9			407.5			434.4			466.1			1,635.0			1,719.2			1,782.1
Compensation		237.1			250.0			258.8			287.2			245.3			268.8			270.0			250.0			259.4			272.7			251.7			270.8			290.6			984.1			1,049.0			1,092.1
Operating		87.9			77.1			77.4			88.4			85.2			77.8			81.0			93.0			79.9			82.7			103.4			88.2			87.2			369.5			323.0			328.3
Depreciation		6.9			7.7			7.6			8.0			7.9			7.5	��		7.9			7.9			7.7			8.2			7.1			7.6			8.2			29.8			30.5			31.9
Amortization		8.9			12.4			13.9			16.4			10.3			14.1			14.3			10.2			13.8			14.5			11.6			14.7			15.8			41.0			55.0			58.5
Change in estimated acquisition earnout payables		—			—			1.4			2.0			—			1.4			1.6			—			1.2			1.7			—			1.5			1.5			—			4.1			6.2
Expenses		340.8			347.2			359.1			402.0			348.7			369.6			374.8			361.1			362.0			379.8			373.8			382.8			403.3			1,424.4			1,461.6			1,517.0
Earnings from continuing operations before income taxes		30.1			40.2			40.2			44.9			78.2			84.9			83.0			68.6			80.9			79.1			33.7			51.6			62.8			210.6			257.6			265.1
Provision for income taxes		11.7			15.6			16.2			17.6			31.4			34.3			33.5			26.7			32.2			31.7			12.7			17.0			22.7			82.5			99.1			104.1
Earnings from continuing operations	$	18.4		$	24.6		$	24.0		$	27.3		$	46.8		$	50.6		$	49.5		$	41.9		$	48.7		$	47.4		$	21.0		$	34.6		$	40.1		$	128.1		$	158.5		$	161.0
Diluted earnings from continuing operations per share	$	0.20		$	0.25		$	0.23		$	0.25		$	0.50		$	0.50		$	0.47		$	0.44		$	0.48		$	0.45		$	0.22		$	0.34		$	0.37		$	1.36		$	1.58		$	1.53
Change in diluted earnings from continuing ops per share		0	%		25	%		-8	%		9	%		9	%		0	%		-6	%		-4	%		9	%		-6	%		-46	%		55	%		9	%		-12	%		16	%		-3	%
Change in revenues		9	%		4	%		3	%		12	%		8	%		6	%		1	%		10	%		3	%		4	%		-2	%		7	%		7	%		5	%		5	%		4	%
Organic change in commissions and fees		3	%		-2	%		-5	%		2	%		1	%		-1	%		-3	%		2	%		-5	%		-1	%		-3	%		-2	%		0	%		0	%		-2	%		-2	%
Compensation expense ratio		64	%		65	%		65	%		64	%		57	%		59	%		59	%		58	%		59	%		59	%		62	%		62	%		62	%		60	%		61	%		61	%
Operating expense ratio		24	%		20	%		19	%		20	%		20	%		17	%		18	%		22	%		18	%		18	%		25	%		20	%		19	%		23	%		19	%		18	%
Effective tax rate		39	%		39	%		40	%		39	%		40	%		40	%		40	%		39	%		40	%		40	%		38	%		33	%		36	%		39	%		38	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			98,084			102,936			110,315			93,545			100,717			104,648			94,556			101,550			105,736			95,900			102,213			107,327			94,179			100,625			105,099
Headcount (000’s)		9,125			9,778			9,494			10,605			9,174			9,938			9,790			9,364			9,800			9,727			9,649			9,630			10,501			—			—			—
EBITDAC
Earnings from continuing operations	$	18.4		$	24.6		$	24.0		$	27.3		$	46.8		$	50.6		$	49.5		$	41.9		$	48.7		$	47.4		$	21.0		$	34.6		$	40.1		$	128.1		$	158.5		$	161.0
Provision for income taxes		11.7			15.6			16.2			17.6			31.4			34.3			33.5			26.7			32.2			31.7			12.7			17.0			22.7			82.5			99.1			104.1
Depreciation		6.9			7.7			7.6			8.0			7.9			7.5			7.9			7.9			7.7			8.2			7.1			7.6			8.2			29.8			30.5			31.9
Amortization		8.9			12.4			13.9			16.4			10.3			14.1			14.3			10.2			13.8			14.5			11.6			14.7			15.8			41.0			55.0			58.5
Change in estimated acquisition earnout payables		—			—			1.4			2.0			—			1.4			1.6			—			1.2			1.7			—			1.5			1.5			—			4.1			6.2
EBITDAC	$	45.9		$	60.3		$	63.1		$	71.3		$	96.4		$	107.9		$	106.8		$	86.7		$	103.6		$	103.5		$	52.4		$	75.4		$	88.3		$	281.4		$	347.2		$	361.7
EBITDAC margin		12	%		16	%		16	%		16	%		23	%		24	%		23	%		20	%		23	%		23	%		13	%		17	%		19	%		17	%		20	%		20	%
EBITDAC growth (decline)		-2	%		31	%		5	%		13	%		9	%		12	%		-1	%		-1	%		19	%		0	%		-32	%		44	%		17	%		-6	%		23	%		4	%

See information regarding Non-GAAP Financial Measures on Page 1 of these exhibits.

Combined Adjusted - Quarter over Quarter

Page 13

Arthur J. Gallagher & Co.

Corporate Segment - Summary of Operating Results

Quarterly Trend - 2009 to 2011

(Unaudited - in millions except per share data)

	2009 Reported									2010 Reported									2011 Reported
	Pretax Earnings (Loss)			Taxes Benefit (Expense)			Net Earnings (Loss)			Pretax Earnings (Loss)			Taxes Benefit (Expense)			Net Earnings (Loss)			Pretax Earnings (Loss)			Taxes Benefit (Expense)		Net Earnings (Loss)
1st Quarter
Interest and banking costs	$	(7.3	)	$	2.9		$	(4.4	)	$	(8.8	)	$	3.5		$	(5.3	)	$	(10.3	)	$	4.1	$	(6.2	)
Clean-energy related		(0.5	)		0.2			(0.3	)		(0.4	)		4.0			3.6			(2.6	)		2.2		(0.4	)
Acquisition costs		(0.5	)		0.2			(0.3	)		(1.5	)		0.6			(0.9	)		(1.7	)		0.5		(1.2	)
Corporate		(1.3	)		2.0			0.7			(1.2	)		0.3			(0.9	)		(2.3	)		0.7		(1.6	)
Legacy investments		(0.4	)		0.2			(0.2	)		—			—			—			—			—		—
Total	$	(10.0	)	$	5.5		$	(4.5	)	$	(11.9	)	$	8.4		$	(3.5	)	$	(16.9	)	$	7.5	$	(9.4	)
Diluted earnings (loss) per share							$	(0.05	)							$	(0.04	)						$	(0.08	)
2nd Quarter
Interest and banking costs	$	(7.0	)	$	2.8		$	(4.2	)	$	(8.9	)	$	3.6		$	(5.3	)
Clean-energy related		(0.9	)		0.4			(0.5	)		(1.8	)		4.7			2.9
Acquisition costs		—			—			—			(0.6	)		0.2			(0.4	)
Corporate		(1.4	)		(0.2	)		(1.6	)		(1.3	)		0.3			(1.0	)
Legacy investments		0.5			0.2			0.7			0.3			(0.1	)		0.2
Total	$	(8.8	)	$	3.2		$	(5.6	)	$	(12.3	)	$	8.7		$	(3.6	)
Diluted earnings (loss) per share							$	(0.05	)							$	(0.04	)
3rd Quarter
Interest and banking costs	$	(7.4	)	$	3.0		$	(4.4	)	$	(9.3	)	$	3.7		$	(5.6	)
Clean-energy related		(3.6	)		1.4			(2.2	)		(2.4	)		5.1			2.7
Acquisition costs		—			—			—			(0.6	)		0.2			(0.4	)
Corporate		(2.1	)		1.3			(0.8	)		(1.2	)		0.4			(0.8	)
Legacy investments		0.5			2.9			3.4			(0.5	)		0.2			(0.3	)
Total	$	(12.6	)	$	8.6		$	(4.0	)	$	(14.0	)	$	9.6		$	(4.4	)
Diluted earnings (loss) per share							$	(0.04	)							$	(0.04	)
4th Quarter
Interest and banking costs	$	(7.8	)	$	3.1		$	(4.7	)	$	(9.4	)	$	3.8		$	(5.6	)
Clean-energy related		(3.3	)		1.5			(1.8	)		(2.3	)		0.6			(1.7	)
Acquisition costs		—			—			—			(0.2	)		—			(0.2	)
State sales tax matter		3.6			(1.4	)		2.2			—			—			—
Corporate		(0.9	)		(2.0	)		(2.9	)		(5.5	)		1.7			(3.8	)
Legacy investments		—			—			—			(16.2	)		35.5			19.3
Total	$	(8.4	)	$	1.2		$	(7.2	)	$	(33.6	)	$	41.6		$	8.0
Diluted earnings (loss) per share							$	(0.07	)							$	0.08
YTD
Interest and banking costs	$	(29.5	)	$	11.8		$	(17.7	)	$	(36.4	)	$	14.6		$	(21.8	)	$	(10.3	)	$	4.1	$	(6.2	)
Clean-energy related		(8.3	)		3.5			(4.8	)		(6.9	)		14.4			7.5			(2.6	)		2.2		(0.4	)
Acquisition costs		(0.5	)		0.2			(0.3	)		(2.9	)		1.0			(1.9	)		(1.7	)		0.5		(1.2	)
State sales tax matter		3.6			(1.4	)		2.2			—			—			—			—			—		—
Corporate		(5.7	)		1.1			(4.6	)		(9.2	)		2.7			(6.5	)		(2.3	)		0.7		(1.6	)
Legacy investments		0.6			3.3			3.9			(16.4	)		35.6			19.2			—			—		—
Total	$	(39.8	)	$	18.5		$	(21.3	)	$	(71.8	)	$	68.3		$	(3.5	)	$	(16.9	)	$	7.5	$	(9.4	)
Diluted earnings (loss) per share							$	(0.21	)							$	(0.03	)						$	(0.08	)

Corporate - As Reported

Page 14