APPLIED INDUSTRIAL TECHNOLOGIES INC — Director's Dealing 2006

Jan 24, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: APPLIED INDUSTRIAL TECHNOLOGIES INC (AIT)
CIK: 0000109563
Period of Report: 2006-01-20

Reporting Person: PUGH DAVID L (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-20	Common Stock	M	90000	$9.479	Acquired	181763.00	Direct
2006-01-20	Common Stock	M	90000	$11.146	Acquired	271763.00	Direct
2006-01-20	Common Stock	M	195000	$12.896	Acquired	466763.00	Direct
2006-01-20	Common Stock	F	216365	$40.940	Disposed	250398.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-20	Employee Stock Option (Right to Buy)	$9.479	M	90000	Disposed	2009-01-04	Common Stock (90000)	Direct
2006-01-20	Employee Stock Option (Right to Buy)	$11.146	M	90000	Disposed	2010-01-20	Common Stock (90000)	Direct
2006-01-20	Employee Stock Option (Right To Buy)	$12.896	M	195000	Disposed	2011-01-18	Common Stock (195000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	87364.50	Indirect
Common Stock	1960.16	Indirect

Footnotes

F1: These options become exercisable in annual increments of 25% commencing one year after the date of grant.