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

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2004-04-28

Reporting Person: CHEN YC (Sr. Vice Pres., Supply Chain)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-28	Common Stock	A	4300	—	Acquired	32925	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-28	Option	$54.14	A	13100	Acquired	2014-04-27	Common Stock (13100)	Direct

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$38.75	2006-06-30	Common Stock (5180)	5180	Direct
Option	$37.25	2007-04-29	Common Stock (5280)	5280	Direct
Option	$51.6875	2008-04-28	Common Stock (4900)	4900	Direct
Option	$48.625	2009-04-27	Common Stock (5750)	5750	Direct
Option	$42.8125	2010-02-28	Common Stock (1950)	1950	Direct
Option	$43.50	2010-04-25	Common Stock (7100)	7100	Direct
Option	$43.50	2010-04-25	Common Stock (1070)	1070	Direct
Option	$37.50	2011-04-24	Common Stock (710)	710	Direct
Option	$37.50	2011-04-24	Common Stock (10000)	10000	Direct
Option	$54.61	2012-04-23	Common Stock (10000)	10000	Direct
Option	$45.50	2013-04-29	Common Stock (20000)	20000	Direct

F1: Award of restricted stock units to be settled after vesting by the delivery of unrestricted shares of common stock on a one-for-one basis.

F2: Exercisable in four equal annual installments beginning 4/26/2001.