Exhibit 99.3

Arthur J. Gallagher & Co.

Information Regarding Non-GAAP Measures

In addition to reporting financial results in accordance with GAAP, this presentation, including these exhibits, 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, adjusted pretax profit margin, adjusted compensation expense ratio, adjusted operating expense ratio and cash generation. These measures are not in accordance with, or an alternative to, the GAAP information provided in this press release. 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 historical presentation. Gallagher believes that the adjusted historical presentation of 2008, 2009 and 2010 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 historical operating results as they develop a future earnings outlook for Gallagher. The after tax amounts relate to the adjustments were computed using a 40% marginal tax rate.

• Adjusted revenues - Gallagher defines this measure as revenues from continuing operations adjusted to exclude gains realized from sales of books of business and supplemental commission timing amounts.

• Adjusted ratios - Pretax profit margin, compensation expense ratio, and operating expense ratio are defined as adjusted pretax earnings from continuing operations, 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, 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 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 revenue growth that is associated with the operations that were a part of Gallagher in both the current and prior year. In addition, organic growth excludes 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 2010 foreign exchange rates to the same periods in 2009.

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 2011 and beyond. Gallagher has historically viewed organic revenue growth 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.

Cash generation. Gallagher defines this measure as adjusted EBITDAC further adjusted to add back stock compensation expense (a non-cash charge) and to deduct capital expenditures, interest paid on corporate debt, corporate overhead expenses and income taxes paid. Gallagher considers cash generation as a way to measure net cash generated from its operations on an ongoing basis.

Reconciliation of Non-GAAP Information Presented to GAAP Measure. These exhibits include tabular reconciliations to the most comparable GAAP measures for EBITDAC, Adjusted EBITDAC, Adjusted EBITDAC margin and Diluted Net Earnings Per Share (As Adjusted) for the Brokerage and Risk Management segments and cash generation. 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 2010 quarterly reports on Form 10-Q.

1

Arthur J. Gallagher & Co.

2008 Adjusted Brokerage Segment Statement of Earnings

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

Brokerage Segment	1st Q 08									2nd Q 08									3rd Q 08									4th Q 08									YTD 08
Statement of Earnings	Reported			Adjust-ments			Adjusted			Reported			Adjust-ments			Adjusted			Reported			Adjust-ments			Adjusted			Reported			Adjust-ments			Adjusted			Reported			Adjust-ments			Adjusted
Commissions	$	183.4		$	—		$	183.4		$	232.6		$	—		$	232.6		$	226.8		$	—		$	226.8		$	211.4		$	—		$	211.4		$	854.2		$	—		$	854.2
Fees		50.4			—			50.4			63.5			—			63.5			66.0			—			66.0			70.3			—			70.3			250.2			—			250.2
Supplemental and contingent commissions		17.9			(1.6	)		16.3			8.3			3.0			11.3			12.3			2.4			14.7			7.2			2.3			9.5			45.7			6.1			51.8
Investment income		4.6			—			4.6			4.3			—			4.3			3.6			—			3.6			1.4			—			1.4			13.9			—			13.9
Gains realized on books of business sales		1.7			(1.7	)		—			3.5			(3.5	)		—			5.7			(5.7	)		—			12.9			(12.9	)		—			23.8			(23.8	)		—
Revenues		258.0			(3.3	)		254.7			312.2			(0.5	)		311.7			314.4			(3.3	)		311.1			303.2			(10.6	)		292.6			1,187.8			(17.7	)		1,170.1
Compensation		167.1			(0.1	)		167.0			175.8			(0.9	)		174.9			179.6			—			179.6			184.9			(2.9	)		182.0			707.4			(3.9	)		703.5
Operating		58.7			—			58.7			56.0			—			56.0			60.5			(1.3	)		59.2			72.2			(2.3	)		69.9			247.4			(3.6	)		243.8
Depreciation		3.9			—			3.9			4.7			—			4.7			4.7			—			4.7			4.9			—			4.9			18.2			—			18.2
Amortization		8.8			—			8.8			10.1			—			10.1			10.1			—			10.1			14.2			(2.7	)		11.5			43.2			(2.7	)		40.5
Change in estimated acquisition earnout payables		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Expenses		238.5			(0.1	)		238.4			246.6			(0.9	)		245.7			254.9			(1.3	)		253.6			276.2			(7.9	)		268.3			1,016.2			(10.2	)		1,006.0
Earnings from continuing operations before income taxes		19.5			(3.2	)		16.3			65.6			0.4			66.0			59.5			(2.0	)		57.5			27.0			(2.7	)		24.3			171.6			(7.5	)		164.1
Provision for income taxes		7.6			(1.3	)		6.3			26.4			0.2			26.6			23.4			(0.8	)		22.6			10.0			(1.1	)		8.9			67.4			(3.0	)		64.4
Earnings from continuing operations	$	11.9		$	(1.9	)	$	10.0		$	39.2		$	0.2		$	39.4		$	36.1		$	(1.2	)	$	34.9		$	17.0		$	(1.6	)	$	15.4		$	104.2		$	(4.5	)	$	99.7
Diluted earnings from continuing operations per share	$	0.13		$	(0.02	)	$	0.11		$	0.42		$	0.00		$	0.42		$	0.38		$	(0.01	)	$	0.37		$	0.18		$	(0.02	)	$	0.16		$	1.11		$	(0.05	)	$	1.06
Growth (decline) - revenues		11	%					9	%		6	%					6	%		8	%					7	%		2	%					-1	%		7	%					5	%
Organic growth (decline) in commissions, fees and supplemental commissions		2	%					2	%		0	%					0	%		1	%					1	%		-4	%					-4	%		0	%					0	%
Compensation expense ratio		65	%					66	%		56	%					56	%		57	%					58	%		61	%					62	%		60	%					60	%
Operating expense ratio		23	%					23	%		18	%					18	%		19	%					19	%		24	%					24	%		21	%					21	%
Pretax profit margin		8	%					6	%		21	%					21	%		19	%					18	%		9	%					8	%		14	%					14	%
EBITDAC margin		12	%					11	%		26	%					26	%		24	%					23	%		15	%					14	%		20	%					19	%
Effective tax rate		39	%					39	%		40	%					40	%		39	%					39	%		37	%					37	%		39	%					39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898						92,898			93,545						93,545			94,556						94,556			95,900						95,900			94,179						94,179
EBITDAC
Earnings from continuing operations	$	11.9		$	(1.9	)	$	10.0		$	39.2		$	0.2		$	39.4		$	36.1		$	(1.2	)	$	34.9		$	17.0		$	(1.6	)	$	15.4		$	104.2		$	(4.5	)	$	99.7
Provision for income taxes		7.6			(1.3	)		6.3			26.4			0.2			26.6			23.4			(0.8	)		22.6			10.0			(1.1	)		8.9			67.4			(3.0	)		64.4
Depreciation		3.9			—			3.9			4.7			—			4.7			4.7			—			4.7			4.9			—			4.9			18.2			—			18.2
Amortization		8.8			—			8.8			10.1			—			10.1			10.1			—			10.1			14.2			(2.7	)		11.5			43.2			(2.7	)		40.5
Change in estimated acquisition earnout payables		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
EBITDAC	$	32.2		$	(3.2	)	$	29.0		$	80.4		$	0.4		$	80.8		$	74.3		$	(2.0	)	$	72.3		$	46.1		$	(5.4	)	$	40.7		$	233.0		$	(10.2	)	$	222.8

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

2

Arthur J. Gallagher & Co.

2008 Adjusted Risk Management Segment Statement of Earnings

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

Risk Management Segment	1st Q 08								2nd Q 08								3rd Q 08								4th Q 08									YTD 08
Statement of Earnings	Reported			Adjust- ments		Adjusted			Reported			Adjust- ments		Adjusted			Reported			Adjust- ments		Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted
Fees	$	115.1		$	—	$	115.1		$	114.1		$	—	$	114.1		$	117.6		$	—	$	117.6		$	114.3		$	—		$	114.3		$	461.1		$	—		$	461.1
Investment income		1.1			—		1.1			1.1			—		1.1			1.0			—		1.0			0.6			—			0.6			3.8			—			3.8
Revenues		116.2			—		116.2			115.2			—		115.2			118.6			—		118.6			114.9			—			114.9			464.9			—			464.9
Compensation		70.1			—		70.1			70.4			—		70.4			70.4			—		70.4			69.7			—			69.7			280.6			—			280.6
Operating		29.2			—		29.2			29.2			—		29.2			33.8			—		33.8			34.1			(0.6	)		33.5			126.3			(0.6	)		125.7
Depreciation		3.0			—		3.0			3.2			—		3.2			3.2			—		3.2			2.2			—			2.2			11.6			—			11.6
Amortization		0.1			—		0.1			0.2			—		0.2			0.1			—		0.1			0.1			—			0.1			0.5			—			0.5
Expenses		102.4			—		102.4			103.0			—		103.0			107.5			—		107.5			106.1			(0.6	)		105.5			419.0			(0.6	)		418.4
Earnings from continuing operations before income taxes		13.8			—		13.8			12.2			—		12.2			11.1			—		11.1			8.8			0.6			9.4			45.9			0.6			46.5
Provision for income taxes		5.3			—		5.3			4.8			—		4.8			4.1			—		4.1			3.5			0.2			3.7			17.7			0.2			17.9
Earnings from continuing operations	$	8.5		$	—	$	8.5		$	7.4		$	—	$	7.4		$	7.0		$	—	$	7.0		$	5.3		$	0.4		$	5.7		$	28.2		$	0.4		$	28.6
Diluted earnings from continuing operations per share	$	0.09		$	—	$	0.09		$	0.08		$	—	$	0.08		$	0.08		$	—	$	0.07		$	0.06		$	0.00		$	0.06		$	0.30		$	0.00		$	0.30
Growth (decline) - revenues		9	%				9	%		7	%				7	%		8	%				8	%		-3	%					-3	%		5	%					5	%
Organic growth (decline) in commissions, fees and supplemental commissions		7	%				7	%		5	%				5	%		8	%				8	%		2	%					2	%		5	%					5	%
Compensation expense ratio		60	%				60	%		61	%				61	%		59	%				59	%		61	%					61	%		60	%					60	%
Operating expense ratio		25	%				25	%		25	%				25	%		29	%				29	%		30	%					29	%		27	%					27	%
Pretax profit margin		12	%				12	%		11	%				11	%		9	%				9	%		8	%					8	%		10	%					10	%
EBITDAC margin		15	%				15	%		14	%				14	%		12	%				12	%		10	%					10	%		12	%					13	%
Effective tax rate		39	%				38	%		39	%				39	%		37	%				37	%		40	%					39	%		39	%					38	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898					92,898			93,545					93,545			94,556					94,556			95,900						95,900			94,179						94,179
EBITDAC
Earnings from continuing operations	$	8.5		$	—	$	8.5		$	7.4		$	—	$	7.4		$	7.0		$	—	$	7.0		$	5.3		$	0.4		$	5.7		$	28.2		$	0.4		$	28.6
Provision for income taxes		5.3			—		5.3			4.8			—		4.8			4.1			—		4.1			3.5			0.2			3.7			17.7			0.2			17.9
Depreciation		3.0			—		3.0			3.2			—		3.2			3.2			—		3.2			2.2			—			2.2			11.6			—			11.6
Amortization		0.1			—		0.1			0.2			—		0.2			0.1			—		0.1			0.1			—			0.1			0.5			—			0.5
EBITDAC	$	16.9		$	—	$	16.9		$	15.6		$	—	$	15.6		$	14.4		$	—	$	14.4		$	11.1		$	0.6		$	11.7		$	58.0		$	0.6		$	58.6

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

3

Arthur J. Gallagher & Co.

2008 Adjusted Brokerage & Risk Management Segments Combined Statement of Earnings

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

Brokerage & Risk Management Segments Combined	1st Q 08									2nd Q 08									3rd Q 08									4th Q 08									YTD 08
Statement of Earnings	Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted
Commissions	$	183.4		$	—		$	183.4		$	232.6		$	—		$	232.6		$	226.8		$	—		$	226.8		$	211.4		$	—		$	211.4		$	854.2		$	—		$	854.2
Fees		165.5			—			165.5			177.6			—			177.6			183.6			—			183.6			184.6			—			184.6			711.3			—			711.3
Supplemental and contingent commissions		17.9			(1.6	)		16.3			8.3			3.0			11.3			12.3			2.4			14.7			7.2			2.3			9.5			45.7			6.1			51.8
Investment income		5.7			—			5.7			5.4			—			5.4			4.6			—			4.6			2.0			—			2.0			17.7			—			17.7
Gains realized on books of business sales		1.7			(1.7	)		—			3.5			(3.5	)		—			5.7			(5.7	)		—			12.9			(12.9	)		—			23.8			(23.8	)		—
Revenues		374.2			(3.3	)		370.9			427.4			(0.5	)		426.9			433.0			(3.3	)		429.7			418.1			(10.6	)		407.5			1,652.7			(17.7	)		1,635.0
Compensation		237.2			(0.1	)		237.1			246.2			(0.9	)		245.3			250.0			—			250.0			254.6			(2.9	)		251.7			988.0			(3.9	)		984.1
Operating		87.9			—			87.9			85.2			—			85.2			94.3			(1.3	)		93.0			106.3			(2.9	)		103.4			373.7			(4.2	)		369.5
Depreciation		6.9			—			6.9			7.9			—			7.9			7.9			—			7.9			7.1			—			7.1			29.8			—			29.8
Amortization		8.9			—			8.9			10.3			—			10.3			10.2			—			10.2			14.3			(2.7	)		11.6			43.7			(2.7	)		41.0
Change in estimated acquisition earnout payables		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Expenses		340.9			(0.1	)		340.8			349.6			(0.9	)		348.7			362.4			(1.3	)		361.1			382.3			(8.5	)		373.8			1,435.2			(10.8	)		1,424.4
Earnings from continuing operations before income taxes		33.3			(3.2	)		30.1			77.8			0.4			78.2			70.6			(2.0	)		68.6			35.8			(2.1	)		33.7			217.5			(6.9	)		210.6
Provision for income taxes		12.9			(1.3	)		11.6			31.2			0.2			31.4			27.5			(0.8	)		26.7			13.5			(0.9	)		12.6			85.1			(2.8	)		82.3
Earnings from continuing operations	$	20.4		$	(1.9	)	$	18.5		$	46.6		$	0.2		$	46.8		$	43.1		$	(1.2	)	$	41.9		$	22.3		$	(1.2	)	$	21.1		$	132.4		$	(4.1	)	$	128.3
Diluted earnings from continuing operations per share	$	0.22		$	(0.02	)	$	0.20		$	0.50		$	0.00		$	0.50		$	0.46		$	(0.01	)	$	0.44		$	0.23		$	(0.01	)	$	0.22		$	1.41		$	(0.04	)	$	1.36
Growth (decline) - revenues		10	%					9	%		6	%					6	%		8	%					7	%		1	%					-2	%		6	%					5	%
Organic growth (decline) in commissions, fees and supplemental commissions		3	%					3	%		2	%					2	%		3	%					3	%		-2	%					-2	%		1	%					1	%
Compensation expense ratio		63	%					64	%		58	%					57	%		58	%					58	%		61	%					62	%		60	%					60	%
Operating expense ratio		23	%					24	%		20	%					20	%		22	%					22	%		25	%					25	%		23	%					23	%
Pretax profit margin		9	%					8	%		18	%					18	%		16	%					16	%		9	%					8	%		13	%					13	%
EBITDAC margin		13	%					12	%		22	%					23	%		20	%					20	%		14	%					13	%		18	%					17	%
Effective tax rate		39	%					39	%		40	%					40	%		39	%					39	%		38	%					37	%		39	%					39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898						92,898			93,545						93,545			94,556						94,556			95,900						95,900			94,179						94,179
EBITDAC
Earnings from continuing operations	$	20.4		$	(1.9	)	$	18.5		$	46.6		$	0.2		$	46.8		$	43.1		$	(1.2	)	$	41.9		$	22.3		$	(1.2	)	$	21.1		$	132.4		$	(4.1	)	$	128.3
Provision for income taxes		12.9			(1.3	)		11.6			31.2			0.2			31.4			27.5			(0.8	)		26.7			13.5			(0.9	)		12.6			85.1			(2.8	)		82.3
Depreciation		6.9			—			6.9			7.9			—			7.9			7.9			—			7.9			7.1			—			7.1			29.8			—			29.8
Amortization		8.9			—			8.9			10.3			—			10.3			10.2			—			10.2			14.3			(2.7	)		11.6			43.7			(2.7	)		41.0
Change in estimated acquisition earnout payables		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
EBITDAC	$	49.1		$	(3.2	)	$	45.9		$	96.0		$	0.4		$	96.4		$	88.7		$	(2.0	)	$	86.7		$	57.2		$	(4.8	)	$	52.4		$	291.0		$	(9.6	)	$	281.4

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

4

Arthur J. Gallagher & Co.

2009 Adjusted Brokerage Segment Statement of Earnings

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

Brokerage Segment	1st Q 09									2nd Q 09									3rd Q 09									4th Q 09									YTD 09
Statement of Earnings	Reported			Adjust-ments			Adjusted			Reported			Adjust-ments			Adjusted			Reported			Adjust-ments			Adjusted			Reported			Adjust-ments			Adjusted			Reported			Adjust-ments			Adjusted
Commissions	$	198.0		$	—		$	198.0		$	249.7		$	—		$	249.7		$	237.0		$	—		$	237.0		$	228.2		$	—		$	228.2		$	912.9		$	—		$	912.9
Fees		54.8			—			54.8			73.9			—			73.9			75.8			—			75.8			77.6			—			77.6			282.1			—			282.1
Supplemental and contingent commissions		29.5			(8.2	)		21.3			11.8			4.4			16.2			10.3			5.3			15.6			13.4			(0.1	)		13.3			65.0			1.4			66.4
Investment income		1.1			—			1.1			1.4			—			1.4			1.0			—			1.0			1.1			—			1.1			4.6			—			4.6
Gains realized on books of business sales		6.1			(6.1	)		—			3.3			(3.3	)		—			1.7			(1.7	)		—			0.5			(0.5	)		—			11.6			(11.6	)		—
Revenues		289.5			(14.3	)		275.2			340.1			1.1			341.2			325.8			3.6			329.4			320.8			(0.6	)		320.2			1,276.2			(10.2	)		1,266.0
Compensation		182.3			(0.1	)		182.2			199.5			(0.6	)		198.9			190.3			(0.8	)		189.5			206.6			(4.0	)		202.6			778.7			(5.5	)		773.2
Operating		51.1			—			51.1			51.1			(0.3	)		50.8			54.5			(0.8	)		53.7			61.3			(2.5	)		58.8			218.0			(3.6	)		214.4
Depreciation		4.7			—			4.7			4.7			—			4.7			4.7			—			4.7			4.7			—			4.7			18.8			—			18.8
Amortization		12.2			—			12.2			13.9			—			13.9			13.7			—			13.7			14.5			—			14.5			54.3			—			54.3
Change in estimated acquisition earnout payables		—			—			—			1.4			—			1.4			1.2			—			1.2			1.5			—			1.5			4.1			—			4.1
Expenses		250.3			(0.1	)		250.2			270.6			(0.9	)		269.7			264.4			(1.6	)		262.8			288.6			(6.5	)		282.1			1,073.9			(9.1	)		1,064.8
Earnings from continuing operations before income taxes		39.2			(14.2	)		25.0			69.5			2.0			71.5			61.4			5.2			66.6			32.2			5.9			38.1			202.3			(1.1	)		201.2
Provision for income taxes		15.1			(5.7	)		9.4			28.0			0.8			28.8			24.5			2.1			26.6			11.0			2.4			13.4			78.6			(0.4	)		78.2
Earnings from continuing operations	$	24.1		$	(8.5	)	$	15.6		$	41.5		$	1.2		$	42.7		$	36.9		$	3.1		$	40.0		$	21.2		$	3.5		$	24.7		$	123.7		$	(0.7	)	$	123.0
Diluted earnings from continuing operations per share	$	0.25		$	(0.09	)	$	0.16		$	0.41		$	0.01		$	0.42		$	0.36		$	0.03		$	0.39		$	0.21		$	0.03		$	0.24		$	1.23		$	(0.01	)	$	1.22
Growth (decline) - revenues		12	%					8	%		9	%					9	%		4	%					6	%		6	%					9	%		7	%					8	%
Organic growth (decline) in commissions, fees and supplemental commissions		-4	%					-4	%		-1	%					-1	%		-4	%					-4	%		0	%					0	%		-2	%					-2	%
Compensation expense ratio		63	%					66	%		59	%					58	%		58	%					58	%		64	%					63	%		61	%					61	%
Operating expense ratio		18	%					19	%		15	%					15	%		17	%					16	%		19	%					18	%		17	%					17	%
Pretax profit margin		14	%					9	%		20	%					21	%		19	%					20	%		10	%					12	%		16	%					16	%
EBITDAC margin		19	%					15	%		26	%					27	%		25	%					26	%		16	%					18	%		22	%					22	%
Effective tax rate		39	%					38	%		40	%					40	%		40	%					40	%		34	%					35	%		39	%					39	%
Other Information
Diluted weighted average shares outstanding (000s)		98,084						98,084			100,717						100,717			101,550						101,550			102,213						102,213			100,625						100,625
EBITDAC
Earnings from continuing operations	$	24.1		$	(8.5	)	$	15.6		$	41.5		$	1.2		$	42.7		$	36.9		$	3.1		$	40.0		$	21.2		$	3.5		$	24.7		$	123.7		$	(0.7	)	$	123.0
Provision for income taxes		15.1			(5.7	)		9.4			28.0			0.8			28.8			24.5			2.1			26.6			11.0			2.4			13.4			78.6			(0.4	)		78.2
Depreciation		4.7			—			4.7			4.7			—			4.7			4.7			—			4.7			4.7			—			4.7			18.8			—			18.8
Amortization		12.2			—			12.2			13.9			—			13.9			13.7			—			13.7			14.5			—			14.5			54.3			—			54.3
Change in estimated acquisition earnout payables		—			—			—			1.4			—			1.4			1.2			—			1.2			1.5			—			1.5			4.1			—			4.1
EBITDAC	$	56.1		$	(14.2	)	$	41.9		$	89.5		$	2.0		$	91.5		$	81.0		$	5.2		$	86.2		$	52.9		$	5.9		$	58.8		$	279.5		$	(1.1	)	$	278.4

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

5

Arthur J. Gallagher & Co.

2009 Adjusted Risk Management Segment Statement of Earnings

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

Risk Management Segment	1st Q 09									2nd Q 09								3rd Q 09								4th Q 09									YTD 09
Statement of Earnings	Reported			Adjust- ments			Adjusted			Reported			Adjust- ments		Adjusted			Reported			Adjust- ments		Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted
Fees	$	111.8		$	—		$	111.8		$	113.0		$	—	$	113.0		$	113.1		$	—	$	113.1		$	113.8		$	—		$	113.8		$	451.7		$	—		$	451.7
Investment income		0.4			—			0.4			0.3			—		0.3			0.4			—		0.4			0.4			—			0.4			1.5			—			1.5
Revenues		112.2			—			112.2			113.3			—		113.3			113.5			—		113.5			114.2			—			114.2			453.2			—			453.2
Compensation		68.1			(0.3	)		67.8			69.9			—		69.9			69.9			—		69.9			74.4			(6.2	)		68.2			282.3			(6.5	)		275.8
Operating		26.6			(0.6	)		26.0			27.0			—		27.0			26.2			—		26.2			30.1			(0.7	)		29.4			109.9			(1.3	)		108.6
Depreciation		3.0			—			3.0			2.8			—		2.8			3.0			—		3.0			2.9			—			2.9			11.7			—			11.7
Amortization		0.2			—			0.2			0.2			—		0.2			0.1			—		0.1			0.2			—			0.2			0.7			—			0.7
Expenses		97.9			(0.9	)		97.0			99.9			—		99.9			99.2			—		99.2			107.6			(6.9	)		100.7			404.6			(7.8	)		396.8
Earnings from continuing operations before income taxes		14.3			0.9			15.2			13.4			—		13.4			14.3			—		14.3			6.6			6.9			13.5			48.6			7.8			56.4
Provision for income taxes		5.6			0.4			6.0			5.5			—		5.5			5.6			—		5.6			1.2			2.8			4.0			17.9			3.2			21.1
Earnings from continuing operations	$	8.7		$	0.5		$	9.2		$	7.9		$	—	$	7.9		$	8.7		$	—	$	8.7		$	5.4		$	4.1		$	9.5		$	30.7		$	4.6		$	35.3
Diluted earnings from continuing operations per share	$	0.09		$	0.00		$	0.09		$	0.08		$	—	$	0.08		$	0.09		$	—	$	0.09		$	0.05		$	0.04		$	0.09		$	0.30		$	0.05		$	0.35
Growth (decline) - revenues		-3	%					-3	%		-2	%				-2	%		-4	%				-4	%		-1	%					-1	%		-3	%					-3	%
Organic growth (decline) in commissions, fees and supplemental commissions		1	%					1	%		2	%				2	%		-3	%				-3	%		-4	%					-4	%		-1	%					-1	%
Compensation expense ratio		61	%					60	%		62	%				62	%		62	%				62	%		65	%					60	%		62	%					61	%
Operating expense ratio		24	%					23	%		24	%				24	%		23	%				23	%		26	%					26	%		24	%					24	%
Pretax profit margin		13	%					14	%		12	%				12	%		13	%				13	%		6	%					12	%		11	%					12	%
EBITDAC margin		16	%					16	%		14	%				14	%		15	%				15	%		8	%					15	%		13	%					15	%
Effective tax rate		39	%					39	%		41	%				41	%		39	%				39	%		18	%					30	%		37	%					37	%
Other Information
Diluted weighted average shares outstanding (000s)		98,084						98,084			100,717					100,717			101,550					101,550			102,213						102,213			100,625						100,625
EBITDAC
Earnings from continuing operations	$	8.7		$	0.5		$	9.2		$	7.9		$	—	$	7.9		$	8.7		$	—	$	8.7		$	5.4		$	4.1		$	9.5		$	30.7		$	4.6		$	35.3
Provision for income taxes		5.6			0.4			6.0			5.5			—		5.5			5.6			—		5.6			1.2			2.8			4.0			17.9			3.2			21.1
Depreciation		3.0			—			3.0			2.8			—		2.8			3.0			—		3.0			2.9			—			2.9			11.7			—			11.7
Amortization		0.2			—			0.2			0.2			—		0.2			0.1			—		0.1			0.2			—			0.2			0.7			—			0.7
EBITDAC	$	17.5		$	0.9		$	18.4		$	16.4		$	—	$	16.4		$	17.4		$	—	$	17.4		$	9.7		$	6.9		$	16.6		$	61.0		$	7.8		$	68.8

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

6

Arthur J. Gallagher & Co.

2009 Adjusted Brokerage & Risk Management Segments Combined Statement of Earnings

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

Brokerage & Risk Management Segments Combined	1st Q 09									2nd Q 09									3rd Q 09									4th Q 09									YTD 09
Statement of Earnings	Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted
Commissions	$	198.0		$	—		$	198.0		$	249.7		$	—		$	249.7		$	237.0		$	—		$	237.0		$	228.2		$	—		$	228.2		$	912.9		$	—		$	912.9
Fees		166.6			—			166.6			186.9			—			186.9			188.9			—			188.9			191.4			—			191.4			733.8			—			733.8
Supplemental and contingent commissions		29.5			(8.2	)		21.3			11.8			4.4			16.2			10.3			5.3			15.6			13.4			(0.1	)		13.3			65.0			1.4			66.4
Investment income		1.5			—			1.5			1.7			—			1.7			1.4			—			1.4			1.5			—			1.5			6.1			—			6.1
Gains realized on books of business sales		6.1			(6.1	)		—			3.3			(3.3	)		—			1.7			(1.7	)		—			0.5			(0.5	)		—			11.6			(11.6	)		—
Revenues		401.7			(14.3	)		387.4			453.4			1.1			454.5			439.3			3.6			442.9			435.0			(0.6	)		434.4			1,729.4			(10.2	)		1,719.2
Compensation		250.4			(0.4	)		250.0			269.4			(0.6	)		268.8			260.2			(0.8	)		259.4			281.0			(10.2	)		270.8			1,061.0			(12.0	)		1,049.0
Operating		77.7			(0.6	)		77.1			78.1			(0.3	)		77.8			80.7			(0.8	)		79.9			91.4			(3.2	)		88.2			327.9			(4.9	)		323.0
Depreciation		7.7			—			7.7			7.5			—			7.5			7.7			—			7.7			7.6			—			7.6			30.5			—			30.5
Amortization		12.4			—			12.4			14.1			—			14.1			13.8			—			13.8			14.7			—			14.7			55.0			—			55.0
Change in estimated acquisition earnout payables		—			—			—			1.4			—			1.4			1.2			—			1.2			1.5			—			1.5			4.1			—			4.1
Expenses		348.2			(1.0	)		347.2			370.5			(0.9	)		369.6			363.6			(1.6	)		362.0			396.2			(13.4	)		382.8			1,478.5			(16.9	)		1,461.6
Earnings from continuing operations before income taxes		53.5			(13.3	)		40.2			82.9			2.0			84.9			75.7			5.2			80.9			38.8			12.8			51.6			250.9			6.7			257.6
Provision for income taxes		20.7			(5.3	)		15.4			33.5			0.8			34.3			30.1			2.1			32.2			12.2			5.2			17.4			96.5			2.8			99.3
Earnings from continuing operations	$	32.8		$	(8.0	)	$	24.8		$	49.4		$	1.2		$	50.6		$	45.6		$	3.1		$	48.7		$	26.6		$	7.6		$	34.2		$	154.4		$	3.9		$	158.3
Diluted earnings from continuing operations per share	$	0.34		$	(0.08	)	$	0.25		$	0.49		$	0.01		$	0.50		$	0.45		$	0.03		$	0.48		$	0.26		$	0.07		$	0.33		$	1.53		$	0.04		$	1.57
Growth (decline) - revenues		7	%					4	%		6	%					6	%		1	%					3	%		4	%					7	%		5	%					5	%
Organic growth (decline) in commissions, fees and supplemental commissions		-2	%					-2	%		0	%					0	%		-4	%					-4	%		-1	%					-1	%		-2	%					-2	%
Compensation expense ratio		62	%					65	%		59	%					59	%		59	%					59	%		65	%					62	%		61	%					61	%
Operating expense ratio		19	%					20	%		17	%					17	%		18	%					18	%		21	%					20	%		19	%					19	%
Pretax profit margin		13	%					10	%		18	%					19	%		17	%					18	%		9	%					12	%		15	%					15	%
EBITDAC margin		18	%					16	%		23	%					24	%		22	%					23	%		14	%					17	%		20	%					20	%
Effective tax rate		39	%					38	%		40	%					40	%		40	%					40	%		31	%					34	%		38	%					39	%
Other Information
Diluted weighted average shares outstanding (000s)		98,084						98,084			100,717						100,717			101,550						101,550			102,213						102,213			100,625						100,625
EBITDAC
Earnings from continuing operations	$	32.8		$	(8.0	)	$	24.8		$	49.4		$	1.2		$	50.6		$	45.6		$	3.1		$	48.7		$	26.6		$	7.6		$	34.2		$	154.4		$	3.9		$	158.3
Provision for income taxes		20.7			(5.3	)		15.4			33.5			0.8			34.3			30.1			2.1			32.2			12.2			5.2			17.4			96.5			2.8			99.3
Depreciation		7.7			—			7.7			7.5			—			7.5			7.7			—			7.7			7.6			—			7.6			30.5			—			30.5
Amortization		12.4			—			12.4			14.1			—			14.1			13.8			—			13.8			14.7			—			14.7			55.0			—			55.0
Change in estimated acquisition earnout payables		—			—			—			1.4			—			1.4			1.2			—			1.2			1.5			—			1.5			4.1			—			4.1
EBITDAC	$	73.6		$	(13.3	)	$	60.3		$	105.9		$	2.0		$	107.9		$	98.4		$	5.2		$	103.6		$	62.6		$	12.8		$	75.4		$	340.5		$	6.7		$	347.2

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

7

Arthur J. Gallagher & Co.

2010 Adjusted Brokerage Segment Statement of Earnings

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

Brokerage Segment	1st Q 10									2nd Q 10									3rd Q 10									4th Q 10									YTD 10
Statement of Earnings	Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted
Commissions	$	204.2		$	—		$	204.2		$	257.0		$	—		$	257.0		$	251.9		$	—		$	251.9		$	244.2		$	—		$	244.2		$	957.3		$	—		$	957.3
Fees		54.9			—			54.9			68.5			—			68.5			74.8			—			74.8			76.7			—			76.7			274.9			—			274.9
Supplemental and contingent commissions		43.4			(14.7	)		28.7			19.3			—			19.3			19.7			—			19.7			15.2			—			15.2			97.6			(14.7	)		82.9
Investment income		1.0			—			1.0			1.6			—			1.6			1.1			—			1.1			1.2			—			1.2			4.9			—			4.9
Gains realized on books of business sales		0.9			(0.9	)		—			0.6			(0.6	)		—			3.8			(3.8	)		—			0.6			(0.6	)		—			5.9			(5.9	)		—
Revenues		304.4			(15.6	)		288.8			347.0			(0.6	)		346.4			351.3			(3.8	)		347.5			337.9			(0.6	)		337.3			1,340.6			(20.6	)		1,320.0
Compensation		191.5			(0.4	)		191.1			206.7			(3.2	)		203.5			205.0			(1.2	)		203.8			213.9			(1.5	)		212.4			817.1			(6.3	)		810.8
Operating		53.3			(0.1	)		53.2			57.0			(4.0	)		53.0			57.1			—			57.1			56.2			—			56.2			223.6			(4.1	)		219.5
Depreciation		4.6			—			4.6			4.9			—			4.9			5.1			—			5.1			4.9			—			4.9			19.5			—			19.5
Amortization		13.7			—			13.7			16.5			(2.3	)		14.2			14.4			—			14.4			15.2			—			15.2			59.8			(2.3	)		57.5
Change in estimated acquisition earnout payables		1.9			(0.5	)		1.4			(0.9	)		2.5			1.6			(3.9	)		5.6			1.7			0.3			1.2			1.5			(2.6	)		8.8			6.2
Expenses		265.0			(1.0	)		264.0			284.2			(7.0	)		277.2			277.7			4.4			282.1			290.5			(0.3	)		290.2			1,117.4			(3.9	)		1,113.5
Earnings from continuing operations before income taxes		39.4			(14.6	)		24.8			62.8			6.4			69.2			73.6			(8.2	)		65.4			47.4			(0.3	)		47.1			223.2			(16.7	)		206.5
Provision for income taxes		15.9			(5.8	)		10.1			25.4			2.6			28.0			29.4			(3.3	)		26.1			17.0			(0.1	)		16.9			87.7			(6.6	)		81.1
Earnings from continuing operations	$	23.5		$	(8.8	)	$	14.7		$	37.4		$	3.8		$	41.2		$	44.2		$	(4.9	)	$	39.3		$	30.4		$	(0.2	)	$	30.2		$	135.5		$	(10.1	)	$	125.4
Diluted earnings from continuing operations per share	$	0.23		$	(0.09	)	$	0.14		$	0.36		$	0.04		$	0.39		$	0.42		$	(0.05	)	$	0.37		$	0.28		$	(0.00	)	$	0.28		$	1.29		$	(0.10	)	$	1.19
Growth (decline) - revenues		5	%					5	%		2	%					2	%		3	%					5	%		5	%					5	%		5	%					4	%
Organic growth (decline) in commissions, fees and supplemental commissions		-3	%					-3	%		-3	%					-3	%		0	%					0	%		0	%					0	%		-2	%					-2	%
Compensation expense ratio		63	%					66	%		60	%					59	%		58	%					59	%		63	%					63	%		61	%					61	%
Operating expense ratio		18	%					18	%		16	%					15	%		16	%					16	%		17	%					17	%		17	%					17	%
Pretax profit margin		13	%					9	%		18	%					20	%		21	%					19	%		14	%					14	%		17	%					16	%
EBITDAC margin		20	%					15	%		24	%					26	%		25	%					25	%		20	%					20	%		22	%					22	%
Effective tax rate		40	%					41	%		40	%					40	%		40	%					40	%		36	%					36	%		39	%					39	%
Other Information
Diluted weighted average shares outstanding (000s)		102,936						102,936			104,648						104,648			105,736						105,736			107,327						107,327			105,099						105,099
EBITDAC
Earnings from continuing operations	$	23.5		$	(8.8	)	$	14.7		$	37.4		$	3.8		$	41.2		$	44.2		$	(4.9	)	$	39.3		$	30.4		$	(0.2	)	$	30.2		$	135.5		$	(10.1	)	$	125.4
Provision for income taxes		15.9			(5.8	)		10.1			25.4			2.6			28.0			29.4			(3.3	)		26.1			17.0			(0.1	)		16.9			87.7			(6.6	)		81.1
Depreciation		4.6			—			4.6			4.9			—			4.9			5.1			—			5.1			4.9			—			4.9			19.5			—			19.5
Amortization		13.7			—			13.7			16.5			(2.3	)		14.2			14.4			—			14.4			15.2			—			15.2			59.8			(2.3	)		57.5
Change in estimated acquisition earnout payables		1.9			(0.5	)		1.4			(0.9	)		2.5			1.6			(3.9	)		5.6			1.7			0.3			1.2			1.5			(2.6	)		8.8			6.2
EBITDAC	$	59.6		$	(15.1	)	$	44.5		$	83.3		$	6.6		$	89.9		$	89.2		$	(2.6	)	$	86.6		$	67.8		$	0.9		$	68.7		$	299.9		$	(10.2	)	$	289.7

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

8

Arthur J. Gallagher & Co.

2010 Adjusted Risk Management Statement of Earnings

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

Risk Management Segment	1st Q 10								2nd Q 10									3rd Q 10									4th Q 10									YTD 10
Statement of Earnings	Reported			Adjust- ments		Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted
Fees	$	110.1		$	—	$	110.1		$	110.9		$	—		$	110.9		$	110.9		$	—		$	110.9		$	128.2		$	—		$	128.2		$	460.1		$	—		$	460.1
Investment income		0.4			—		0.4			0.5			—			0.5			0.5			—			0.5			0.6			—			0.6			2.0			—			2.0
Revenues		110.5			—		110.5			111.4			—			111.4			111.4			—			111.4			128.8			—			128.8			462.1			—			462.1
Compensation		67.7			—		67.7			66.7			(0.2	)		66.5			72.5			(3.6	)		68.9			81.1			(2.9	)		78.2			288.0			(6.7	)		281.3
Operating		24.2			—		24.2			28.2			(0.2	)		28.0			24.9			0.7			25.6			31.8			(0.8	)		31.0			109.1			(0.3	)		108.8
Depreciation		3.0			—		3.0			3.0			—			3.0			3.1			—			3.1			3.3			—			3.3			12.4			—			12.4
Amortization		0.2			—		0.2			0.1			—			0.1			0.1			—			0.1			0.6			—			0.6			1.0			—			1.0
Expenses		95.1			—		95.1			98.0			(0.4	)		97.6			100.6			(2.9	)		97.7			116.8			(3.7	)		113.1			410.5			(7.0	)		403.5
Earnings from continuing operations before income taxes		15.4			—		15.4			13.4			0.4			13.8			10.8			2.9			13.7			12.0			3.7			15.7			51.6			7.0			58.6
Provision for income taxes		6.2			—		6.2			5.3			0.2			5.5			4.4			1.2			5.6			4.4			1.5			5.9			20.3			2.9			23.2
Earnings from continuing operations	$	9.2		$	—	$	9.2		$	8.1		$	0.2		$	8.3		$	6.4		$	1.7		$	8.1		$	7.6		$	2.2		$	9.8		$	31.3		$	4.1		$	35.4
Diluted earnings from continuing operations per share	$	0.09		$	—	$	0.09		$	0.08		$	0.00		$	0.08		$	0.06		$	0.02		$	0.08		$	0.07		$	0.02		$	0.09		$	0.30		$	0.04		$	0.34
Growth (decline) - revenues		-2	%				-2	%		-2	%					-2	%		-2	%					-2	%		13	%					13	%		2	%					2	%
Organic growth (decline) in commissions, fees and supplemental commissions		-5	%				-5	%		-3	%					-3	%		-3	%					-3	%		0	%					0	%		-3	%					-3	%
Compensation expense ratio		61	%				61	%		60	%					60	%		65	%					62	%		63	%					61	%		62	%					61	%
Operating expense ratio		22	%				22	%		25	%					25	%		22	%					23	%		25	%					24	%		24	%					24	%
Pretax profit margin		14	%				14	%		12	%					12	%		10	%					12	%		9	%					12	%		11	%					13	%
EBITDAC margin		17	%				17	%		15	%					15	%		13	%					15	%		12	%					15	%		14	%					16	%
Effective tax rate		40	%				40	%		40	%					40	%		41	%					41	%		37	%					38	%		39	%					40	%
Other Information
Diluted weighted average shares outstanding (000s)		102,936					102,936			104,648						104,648			105,736						105,736			107,327						107,327			105,099						105,099
EBITDAC
Earnings from continuing operations	$	9.2		$	—	$	9.2		$	8.1		$	0.2		$	8.3		$	6.4		$	1.7		$	8.1		$	7.6		$	2.2		$	9.8		$	31.3		$	4.1		$	35.4
Provision for income taxes		6.2			—		6.2			5.3			0.2			5.5			4.4			1.2			5.6			4.4			1.5			5.9			20.3			2.9			23.2
Depreciation		3.0			—		3.0			3.0			—			3.0			3.1			—			3.1			3.3			—			3.3			12.4			—			12.4
Amortization		0.2			—		0.2			0.1			—			0.1			0.1			—			0.1			0.6			—			0.6			1.0			—			1.0
EBITDAC	$	18.6		$	—	$	18.6		$	16.5		$	0.4		$	16.9		$	14.0		$	2.9		$	16.9		$	15.9		$	3.7		$	19.6		$	65.0		$	7.0		$	72.0

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

9

Arthur J. Gallagher & Co.

2010 Adjusted Brokerage & Risk Management Segments Combined Statement of Earnings

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

Brokerage & Risk Management Segments Combined	1st Q 10									2nd Q 10									3rd Q 10									4th Q 10									YTD 10
Statement of Earnings	Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted			Reported			Adjust- ments			Adjusted
Commissions	$	204.2		$	—		$	204.2		$	257.0		$	—		$	257.0		$	251.9		$	—		$	251.9		$	244.2		$	—		$	244.2		$	957.3		$	—		$	957.3
Fees		165.0			—			165.0			179.4			—			179.4			185.7			—			185.7			204.9			—			204.9			735.0			—			735.0
Supplemental and contingent commissions		43.4			(14.7	)		28.7			19.3			—			19.3			19.7			—			19.7			15.2			—			15.2			97.6			(14.7	)		82.9
Investment income		1.4			—			1.4			2.1			—			2.1			1.6			—			1.6			1.8			—			1.8			6.9			—			6.9
Gains realized on books of business sales		0.9			(0.9	)		—			0.6			(0.6	)		—			3.8			(3.8	)		—			0.6			(0.6	)		—			5.9			(5.9	)		—
Revenues		414.9			(15.6	)		399.3			458.4			(0.6	)		457.8			462.7			(3.8	)		458.9			466.7			(0.6	)		466.1			1,802.7			(20.6	)		1,782.1
Compensation		259.2			(0.4	)		258.8			273.4			(3.4	)		270.0			277.5			(4.8	)		272.7			295.0			(4.4	)		290.6			1,105.1			(13.0	)		1,092.1
Operating		77.5			(0.1	)		77.4			85.2			(4.2	)		81.0			82.0			0.7			82.7			88.0			(0.8	)		87.2			332.7			(4.4	)		328.3
Depreciation		7.6			—			7.6			7.9			—			7.9			8.2			—			8.2			8.2			—			8.2			31.9			—			31.9
Amortization		13.9			—			13.9			16.6			(2.3	)		14.3			14.5			—			14.5			15.8			—			15.8			60.8			(2.3	)		58.5
Change in estimated acquisition earnout payables		1.9			(0.5	)		1.4			(0.9	)		2.5			1.6			(3.9	)		5.6			1.7			0.3			1.2			1.5			(2.6	)		8.8			6.2
Expenses		360.1			(1.0	)		359.1			382.2			(7.4	)		374.8			378.3			1.5			379.8			407.3			(4.0	)		403.3			1,527.9			(10.9	)		1,517.0
Earnings from continuing operations before income taxes		54.8			(14.6	)		40.2			76.2			6.8			83.0			84.4			(5.3	)		79.1			59.4			3.4			62.8			274.8			(9.7	)		265.1
Provision for income taxes		22.1			(5.8	)		16.3			30.7			2.8			33.5			33.8			(2.1	)		31.7			21.4			1.4			22.8			108.0			(3.7	)		104.3
Earnings from continuing operations	$	32.7		$	(8.8	)	$	23.9		$	45.5		$	4.0		$	49.5		$	50.6		$	(3.2	)	$	47.4		$	38.0		$	2.0		$	40.0		$	166.8		$	(6.0	)	$	160.8
Diluted earnings from continuing operations per share	$	0.32		$	(0.09	)	$	0.23		$	0.44		$	0.04		$	0.47		$	0.48		$	(0.03	)	$	0.45		$	0.35		$	0.02		$	0.37		$	1.59		$	(0.06	)	$	1.53
Growth (decline) - revenues		3	%					3	%		1	%					1	%		2	%					4	%		6	%					7	%		4	%					4	%
Organic growth (decline) in commissions, fees and supplemental commissions		-4	%					-4	%		-3	%					-3	%		-1	%					-1	%		0	%					0	%		-2	%					-2	%
Compensation expense ratio		62	%					65	%		60	%					59	%		60	%					59	%		63	%					62	%		61	%					61	%
Operating expense ratio		19	%					19	%		19	%					18	%		18	%					18	%		19	%					19	%		18	%					18	%
Pretax profit margin		13	%					10	%		17	%					18	%		18	%					17	%		13	%					13	%		15	%					15	%
EBITDAC margin		19	%					16	%		22	%					23	%		22	%					23	%		18	%					19	%		20	%					20	%
Effective tax rate		40	%					41	%		40	%					40	%		40	%					40	%		36	%					36	%		39	%					39	%
Other Information
Diluted weighted average shares outstanding (000s)		102,936						102,936			104,648						104,648			105,736						105,736			107,327						107,327			105,099						105,099
EBITDAC
Earnings from continuing operations	$	32.7		$	(8.8	)	$	23.9		$	45.5		$	4.0		$	49.5		$	50.6		$	(3.2	)	$	47.4		$	38.0		$	2.0		$	40.0		$	166.8		$	(6.0	)	$	160.8
Provision for income taxes		22.1			(5.8	)		16.3			30.7			2.8			33.5			33.8			(2.1	)		31.7			21.4			1.4			22.8			108.0			(3.7	)		104.3
Depreciation		7.6			—			7.6			7.9			—			7.9			8.2			—			8.2			8.2			—			8.2			31.9			—			31.9
Amortization		13.9			—			13.9			16.6			(2.3	)		14.3			14.5			—			14.5			15.8			—			15.8			60.8			(2.3	)		58.5
Change in estimated acquisition earnout payables		1.9			(0.5	)		1.4			(0.9	)		2.5			1.6			(3.9	)		5.6			1.7			0.3			1.2			1.5			(2.6	)		8.8			6.2
EBITDAC	$	78.2		$	(15.1	)	$	63.1		$	99.8		$	7.0		$	106.8		$	103.2		$	0.3		$	103.5		$	83.7		$	4.6		$	88.3		$	364.9		$	(3.2	)	$	361.7

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

10

Arthur J. Gallagher & Co.

Reported Brokerage Segment Statement of Earnings - Quarter over Quarter for 2008 to 2010

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

Brokerage Segment	Q1 Reported									Q2 Reported									Q3 Reported									Q4 Reported									Full Year Reported
Statement of Earnings	2008			2009			2010			2008			2009			2010			2008			2009			2010			2008			2009			2010			2008			2009			2010
Commissions	$	183.4		$	198.0		$	204.2		$	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			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 and contingent commissions		17.9			29.5			43.4			8.3			11.8			19.3			12.3			10.3			19.7			7.2			13.4			15.2			45.7			65.0			97.6
Investment income		4.6			1.1			1.0			4.3			1.4			1.6			3.6			1.0			1.1			1.4			1.1			1.2			13.9			4.6			4.9
Gains realized on books of business sales		1.7			6.1			0.9			3.5			3.3			0.6			5.7			1.7			3.8			12.9			0.5			0.6			23.8			11.6			5.9
Revenues		258.0			289.5			304.4			312.2			340.1			347.0			314.4			325.8			351.3			303.2			320.8			337.9			1,187.8			1,276.2			1,340.6
Compensation		167.1			182.3			191.5			175.8			199.5			206.7			179.6			190.3			205.0			184.9			206.6			213.9			707.4			778.7			817.1
Operating		58.7			51.1			53.3			56.0			51.1			57.0			60.5			54.5			57.1			72.2			61.3			56.2			247.4			218.0			223.6
Depreciation		3.9			4.7			4.6			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			10.1			13.9			16.5			10.1			13.7			14.4			14.2			14.5			15.2			43.2			54.3			59.8
Change in estimated acquisition earnout payables		—			—			1.9			—			1.4			(0.9	)		—			1.2			(3.9	)		—			1.5			0.3			—			4.1			(2.6	)
Expenses		238.5			250.3			265.0			246.6			270.6			284.2			254.9			264.4			277.7			276.2			288.6			290.5			1,016.2			1,073.9			1,117.4
Earnings from continuing operations before income taxes		19.5			39.2			39.4			65.6			69.5			62.8			59.5			61.4			73.6			27.0			32.2			47.4			171.6			202.3			223.2
Provision for income taxes		7.6			15.1			15.9			26.4			28.0			25.4			23.4			24.5			29.4			10.0			11.0			17.0			67.4			78.6			87.7
Earnings from continuing operations	$	11.9		$	24.1		$	23.5		$	39.2		$	41.5		$	37.4		$	36.1		$	36.9		$	44.2		$	17.0		$	21.2		$	30.4		$	104.2		$	123.7		$	135.5
Diluted earnings from continuing operations per share	$	0.13		$	0.25		$	0.23		$	0.42		$	0.41		$	0.36		$	0.38		$	0.36		$	0.42		$	0.18		$	0.21		$	0.28		$	1.11		$	1.23		$	1.29
Growth (decline) - revenues		11	%		12	%		5	%		6	%		9	%		2	%		8	%		4	%		3	%		2	%		6	%		5	%		7	%		7	%		5	%
Organic growth (decline) in commissions, fees and supplemental commissions		2	%		-4	%		-3	%		0	%		-1	%		-3	%		1	%		-4	%		0	%		-4	%		0	%		0	%		0	%		-2	%		-2	%
Compensation expense ratio		65	%		63	%		63	%		56	%		59	%		60	%		57	%		58	%		58	%		61	%		64	%		63	%		60	%		61	%		61	%
Operating expense ratio		23	%		18	%		18	%		18	%		15	%		16	%		19	%		17	%		16	%		24	%		19	%		17	%		21	%		17	%		17	%
Pretax profit margin		8	%		14	%		13	%		21	%		20	%		18	%		19	%		19	%		21	%		9	%		10	%		14	%		14	%		16	%		17	%
EBITDAC margin		12	%		19	%		20	%		26	%		26	%		24	%		24	%		25	%		25	%		15	%		16	%		20	%		20	%		22	%		22	%
Effective tax rate		39	%		39	%		40	%		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			93,545			100,717			104,648			94,556			101,550			105,736			95,900			102,213			107,327			94,179			100,625			105,099
EBITDAC
Earnings from continuing operations	$	11.9		$	24.1		$	23.5		$	39.2		$	41.5		$	37.4		$	36.1		$	36.9		$	44.2		$	17.0		$	21.2		$	30.4		$	104.2		$	123.7		$	135.5
Provision for income taxes		7.6			15.1			15.9			26.4			28.0			25.4			23.4			24.5			29.4			10.0			11.0			17.0			67.4			78.6			87.7
Depreciation		3.9			4.7			4.6			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			10.1			13.9			16.5			10.1			13.7			14.4			14.2			14.5			15.2			43.2			54.3			59.8
Change in estimated acquisition earnout payables		—			—			1.9			—			1.4			(0.9	)		—			1.2			(3.9	)		—			1.5			0.3			—			4.1			(2.6	)
EBITDAC	$	32.2		$	56.1		$	59.6		$	80.4		$	89.5		$	83.3		$	74.3		$	81.0		$	89.2		$	46.1		$	52.9		$	67.8		$	233.0		$	279.5		$	299.9

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

The information on this page is being presented to highlight the seasonality of the operating results of the Brokerage segment.

11

Arthur J. Gallagher & Co.

Adjusted Brokerage Segment Statement of Earnings - Quarter over Quarter for 2008 to 2010

(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			2008			2009			2010			2008			2009			2010			2008			2009			2010			2008			2009			2010
Commissions	$	183.4		$	198.0		$	204.2		$	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			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 and contingent commissions		16.3			21.3			28.7			11.3			16.2			19.3			14.7			15.6			19.7			9.5			13.3			15.2			51.8			66.4			82.9
Investment income		4.6			1.1			1.0			4.3			1.4			1.6			3.6			1.0			1.1			1.4			1.1			1.2			13.9			4.6			4.9
Gains realized on books of business sales		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Revenues		254.7			275.2			288.8			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			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			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			4.9			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			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			—			1.4			1.6			—			1.2			1.7			—			1.5			1.5			—			4.1			6.2
Expenses		238.4			250.2			264.0			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			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		6.3			9.4			10.1			26.6			28.8			28.0			22.6			26.6			26.1			8.9			13.4			16.9			64.4			78.2			81.1
Earnings from continuing operations	$	10.0		$	15.6		$	14.7		$	39.4		$	42.7		$	41.2		$	34.9		$	40.0		$	39.3		$	15.4		$	24.7		$	30.2		$	99.7		$	123.0		$	125.4
Diluted earnings from continuing operations per share	$	0.11		$	0.16		$	0.14		$	0.42		$	0.42		$	0.39		$	0.37		$	0.39		$	0.37		$	0.16		$	0.24		$	0.28		$	1.06		$	1.22		$	1.19
Growth (decline) - revenues		9	%		8	%		5	%		6	%		9	%		2	%		7	%		6	%		5	%		-1	%		9	%		5	%		5	%		8	%		4	%
Organic growth (decline) in commissions, fees and supplemental commissions		2	%		-4	%		-3	%		0	%		-1	%		-3	%		1	%		-4	%		0	%		-4	%		0	%		0	%		0	%		-2	%		-2	%
Compensation expense ratio		66	%		66	%		66	%		56	%		58	%		59	%		58	%		58	%		59	%		62	%		63	%		63	%		60	%		61	%		61	%
Operating expense ratio		23	%		19	%		18	%		18	%		15	%		15	%		19	%		16	%		16	%		24	%		18	%		17	%		21	%		17	%		17	%
Pretax profit margin		6	%		9	%		9	%		21	%		21	%		20	%		18	%		20	%		19	%		8	%		12	%		14	%		14	%		16	%		16	%
EBITDAC margin		11	%		15	%		15	%		26	%		27	%		26	%		23	%		26	%		25	%		14	%		18	%		20	%		19	%		22	%		22	%
Effective tax rate		39	%		38	%		41	%		40	%		40	%		40	%		39	%		40	%		40	%		37	%		35	%		36	%		39	%		39	%		39	%
Other Information
Diluted weighted average shares outstanding (000s)		92,898			98,084			102,936			93,545			100,717			104,648			94,556			101,550			105,736			95,900			102,213			107,327			94,179			100,625			105,099
EBITDAC
Earnings from continuing operations	$	10.0		$	15.6		$	14.7		$	39.4		$	42.7		$	41.2		$	34.9		$	40.0		$	39.3		$	15.4		$	24.7		$	30.2		$	99.7		$	123.0		$	125.4
Provision for income taxes		6.3			9.4			10.1			26.6			28.8			28.0			22.6			26.6			26.1			8.9			13.4			16.9			64.4			78.2			81.1
Depreciation		3.9			4.7			4.6			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			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			—			1.4			1.6			—			1.2			1.7			—			1.5			1.5			—			4.1			6.2
EBITDAC	$	29.0		$	41.9		$	44.5		$	80.8		$	91.5		$	89.9		$	72.3		$	86.2		$	86.6		$	40.7		$	58.8		$	68.7		$	222.8		$	278.4		$	289.7

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

Gallagher does not intend to present this adjusted information in the future.

The information on this page is being presented to highlight the seasonality of the operating results of the Brokerage segment.

12

Arthur J. Gallagher & Co.

Cash Generation for 2008 to 2010

(Unaudited - in millions)

	2008			2009			2010
Earnings from continuing operations - Brokerage & Risk Management Segments Combined	$	132.4		$	154.4		$	166.8
Provision for income taxes		85.1			96.5			108.0
Depreciation		29.8			30.5			31.9
Amortization		43.7			55.0			60.8
Change in estimated acquisition earnout payables		—			4.1			(2.6	)
EBITDAC - Brokerage & Risk Management Segments Combined		291.0			340.5			364.9
Gains from books of business sales and other		(23.8	)		(11.6	)		(5.9	)
Net supplemental commission timing		6.1			1.4			(14.7	)
Workforce related charges		3.9			12.0			6.8
Lease termination related charges		4.2			2.7			0.7
Litigation settlements		—			2.2			6.3
GAB Robins integration costs		—			—			3.6
Adjusted EBITDAC - Brokerage & Risk Management Segments Combined		281.4			347.2			361.7
Stock compensation expense		18.3			16.1			15.6
Capital expenditures		(32.0	)		(23.5	)		(25.4	)
Interest and banking costs		(28.9	)		(29.5	)		(36.4	)
Corporate and acquisition costs		(5.4	)		(6.2	)		(6.9	)
Income taxes paid		(40.1	)		(27.7	)		(37.6	)
Cash generation	$	193.3		$	276.4		$	271.0

See information regarding Non-GAAP Financial Measures on the first page of these exhibits.

13