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

Apr 22, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2004-04-21

Reporting Person: FERRARELL TIMOTHY M (Sr. VP, Enterprise Systems)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-21	Common Stock	M	2240	$30.75	Acquired	26855	Direct
2004-04-21	Common Stock	M	3540	$31.0625	Acquired	30395	Direct
2004-04-21	Common Stock	S	5780	$55.00	Disposed	24615	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-21	Option	$30.75	M	2240	Disposed	2004-04-26	Common Stock (2240)	Direct
2004-04-21	Option	$31.0625	M	3540	Disposed	2005-04-25	Common Stock (3540)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$33.75	2006-04-23	Common Stock (5940)	5940	Direct
Option	$37.25	2007-04-29	Common Stock (5520)	5520	Direct
Option	$51.6875	2008-04-28	Common Stock (5120)	5120	Direct
Option	$48.625	2009-04-27	Common Stock (6170)	6170	Direct
Option	$42.8125	2010-02-28	Common Stock (2080)	2080	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 (10000)	10000	Direct
Option	$37.50	2011-04-24	Common Stock (710)	710	Direct
Option	$54.61	2012-04-23	Common Stock (15000)	15000	Direct
Option	$45.50	2013-04-29	Common Stock (20000)	20000	Direct

Footnotes

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