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

Apr 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2004-04-22

Reporting Person: LOUX P OGDEN (Sr. VP, Finance and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-22	Common Stock	M	9380	$31.0625	Acquired	43446	Direct
2004-04-22	Common Stock	S	8200	$55.80	Disposed	35246	Direct
2004-04-22	Common Stock	S	500	$55.85	Disposed	34746	Direct
2004-04-22	Common Stock	S	680	$55.95	Disposed	34066	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-22	Option	$31.0625	M	9380	Disposed	2005-04-25	Common Stock (9380)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$33.75	2006-04-23	Common Stock (12340)	12340	Direct
Option	$37.25	2007-04-29	Common Stock (15900)	15900	Direct
Option	$51.6875	2008-04-28	Common Stock (13500)	13500	Direct
Option	$48.625	2009-04-27	Common Stock (24300)	24300	Direct
Option	$42.8125	2010-02-28	Common Stock (6870)	6870	Direct
Option	$43.50	2010-04-25	Common Stock (27980)	27980	Direct
Option	$43.50	2010-04-25	Common Stock (4200)	4200	Direct
Option	$37.50	2011-04-24	Common Stock (40000)	40000	Direct
Option	$37.50	2011-04-24	Common Stock (2800)	2800	Direct
Option	$54.61	2012-04-23	Common Stock (45000)	45000	Direct
Option	$45.50	2013-04-29	Common Stock (45000)	45000	Direct

Footnotes

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