W.W. GRAINGER, INC. — Director's Dealing 2004

Nov 24, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2004-11-23

Reporting Person: RYAN JAMES T (Group President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-23	Common Stock	M	8060	$37.25	Acquired	57446	Direct
2004-11-23	Common Stock	F	5814	$61.57	Disposed	51632	Direct
2004-11-23	Common Stock	S	2246	$61.60	Disposed	49386	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-23	Option	$37.25	M	8060	Disposed	2007-04-29	Common Stock (8060)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$51.6875	2008-04-28	Common Stock (7180)	7180	Direct
Option	$48.625	2009-04-27	Common Stock (8790)	8790	Direct
Option	$42.8125	2010-02-28	Common Stock (3240)	3240	Direct
Option	$43.50	2010-04-25	Common Stock (20000)	20000	Direct
Option	$37.50	2011-04-24	Common Stock (50000)	50000	Direct
Option	$54.61	2012-04-23	Common Stock (30000)	30000	Direct
Option	$45.50	2013-04-29	Common Stock (30000)	30000	Direct
Option	$54.14	2014-04-27	Common Stock (20000)	20000	Direct

Footnotes

F1: Exercisable in four equal annual installments beginning 4/26/2001.