2004 | Press Release

Feb 23, 2004 – Mystic Capital initiates coverage on Arthur J. Gallagher & Co.

NEW YORK, NY CHARLOTTE, NC COLUMBUS, OH DENVER, CO
212-251-0972 704-366-2153 614-431-5844 303-925-0595
FOR IMMEDIATE RELEASE
February 23, 2004 9:00 am
Mystic Capital Advisors Group starts Arthur J. Gallagher at ìBuyî
Mystic Capital Advisors Group, LLC analyst Jim Bethea initiated coverage of Arthur J.
Gallagher (NYSE: AJG) at an investment opinion of ìBuyî with a twelve month price
target of $38 and with a 2004 fully diluted EPS estimate of $1.80.
We think AJG is unjustly trading ($33.27) at lower multiples to key peer averages.
Given the Companyís recent financial performance and exceptional balance sheet
strength, we are surprised that AJG is not trading at a premium to the coverage group.
Contact: Jim Bethea, Sr. Vice President
Mystic Capital Advisors Group, LLC
Tel/Fax: 614-431-5844
Email: jbethea@mysticcapital.com

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