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

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2005-04-27

Reporting Person: KEYSER RICHARD L (Chairman and CEO)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-04-27	Common Stock	A	30000	—	Acquired	249175	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-27	Option	$52.29	A	90000	Acquired	2015-04-26	Common Stock (90000)	Direct

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$37.25	2007-04-29	Common Stock (43060)	43060	Direct
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

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.