W.W. GRAINGER, INC. — Director's Dealing 2005

Aug 15, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2005-08-12

Reporting Person: KEYSER RICHARD L (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-12	Common Stock	M	43060	$37.25	Acquired	292235	Direct
2005-08-12	Common Stock	F	30342	$64.07	Disposed	261893	Direct
2005-08-12	Common Stock	S	100	$63.49	Disposed	261793	Direct
2005-08-12	Common Stock	S	1018	$63.50	Disposed	260775	Direct
2005-08-12	Common Stock	S	200	$63.51	Disposed	260575	Direct
2005-08-12	Common Stock	S	100	$63.52	Disposed	260475	Direct
2005-08-12	Common Stock	S	100	$63.53	Disposed	260375	Direct
2005-08-12	Common Stock	S	100	$63.55	Disposed	260275	Direct
2005-08-12	Common Stock	S	2100	$63.56	Disposed	258175	Direct
2005-08-12	Common Stock	S	800	$63.57	Disposed	257375	Direct
2005-08-12	Common Stock	S	100	$63.58	Disposed	257275	Direct
2005-08-12	Common Stock	S	1600	$63.59	Disposed	255675	Direct
2005-08-12	Common Stock	S	300	$63.60	Disposed	255375	Direct
2005-08-12	Common Stock	S	1000	$63.61	Disposed	254375	Direct
2005-08-12	Common Stock	S	1500	$63.62	Disposed	252875	Direct
2005-08-12	Common Stock	S	900	$63.63	Disposed	251975	Direct
2005-08-12	Common Stock	S	700	$63.65	Disposed	251275	Direct
2005-08-12	Common Stock	S	100	$63.66	Disposed	251175	Direct
2005-08-12	Common Stock	S	500	$63.67	Disposed	250675	Direct
2005-08-12	Common Stock	S	100	$63.68	Disposed	250575	Direct
2005-08-12	Common Stock	S	200	$63.69	Disposed	250375	Direct
2005-08-12	Common Stock	S	300	$63.71	Disposed	250075	Direct
2005-08-12	Common Stock	S	300	$63.72	Disposed	249775	Direct
2005-08-12	Common Stock	S	600	$63.75	Disposed	249175	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-08-12	Option	$37.25	M	43060	Disposed	2007-04-29	Common Stock (43060)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$51.6875	2008-04-28	Common Stock (46000)	46000	Direct
Option	$48.625	2009-04-27	Common Stock (65160)	65160	Direct
Option	$42.8125	2010-02-28	Common Stock (20100)	20100	Direct
Option	$43.50	2010-04-25	Common Stock (80930)	80930	Direct
Option	$43.50	2010-04-25	Common Stock (12140)	12140	Direct
Option	$37.50	2011-04-24	Common Stock (175000)	175000	Direct
Option	$37.50	2011-04-24	Common Stock (8100)	8100	Direct
Option	$54.61	2012-04-23	Common Stock (175000)	175000	Direct
Option	$45.50	2013-04-29	Common Stock (174000)	174000	Direct
Option	$54.14	2014-04-27	Common Stock (81000)	81000	Direct
Option	$52.29	2015-04-26	Common Stock (90000)	90000	Direct

Footnotes

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