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

Jan 15, 2004

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2003-12-31

Reporting Person: GANTZ WILBUR H (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-23	Common Stock	G	200	—	Disposed	12890	Direct
2003-12-24	Common Stock	G	2200	—	Disposed	10690	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Units	$		Common Stock (10264)	10264	Direct
Stock Option	$37.25	2007-04-29	Common Stock (2200)	2200	Direct
Stock Option	$51.6875	2008-04-28	Common Stock (1460)	1460	Direct
Stock Option	$48.6250	2009-04-27	Common Stock (1860)	1860	Direct
Stock Option	$43.50	2010-04-25	Common Stock (2070)	2070	Direct
Stock Option	$37.50	2011-04-24	Common Stock (2400)	2400	Direct
Stock Option	$54.61	2012-04-23	Common Stock (1650)	1650	Direct
Stock Option	$45.50	2013-04-29	Common Stock (1980)	1980	Direct

Footnotes

F1: Disposition by gift.

F2: 1-for-1

F3: The Stock Units are expected to settle in cash following termination of service as a director.