W.W. GRAINGER, INC. — Director's Dealing 2006

Nov 27, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2006-11-22

Reporting Person: NOVICH NEIL S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-22	Common Stock	M	1860	$48.625	Acquired	7200	Direct
2006-11-22	Common Stock	S	1000	$73.37	Disposed	6200	Direct
2006-11-22	Common Stock	S	200	$73.38	Disposed	6000	Direct
2006-11-22	Common Stock	S	500	$73.39	Disposed	5500	Direct
2006-11-22	Common Stock	S	160	$73.40	Disposed	5340	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-22	Stock Option	$48.625	M	1860	Disposed	2009-04-27	Common Stock (1860)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Units	$		Common Stock (21)	6308	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
Stock Option	$54.14	2014-04-27	Common Stock (1670)	1670	Direct

Footnotes

F1: 1-for-1

F2: The stock units are expected to settle in cash following termination of service as a director.