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

Nov 22, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2006-11-21

Reporting Person: KEYSER RICHARD L (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-21	Common Stock	M	46000	$51.6875	Acquired	266957	Direct
2006-11-21	Common Stock	S	200	$73.01	Disposed	266757	Direct
2006-11-21	Common Stock	S	100	$73.02	Disposed	266657	Direct
2006-11-21	Common Stock	S	900	$73.03	Disposed	265757	Direct
2006-11-21	Common Stock	S	3500	$73.04	Disposed	262257	Direct
2006-11-21	Common Stock	S	1800	$73.05	Disposed	260457	Direct
2006-11-21	Common Stock	S	1200	$73.06	Disposed	259257	Direct
2006-11-21	Common Stock	S	800	$73.07	Disposed	258457	Direct
2006-11-21	Common Stock	S	1700	$73.08	Disposed	256757	Direct
2006-11-21	Common Stock	S	2700	$73.09	Disposed	254057	Direct
2006-11-21	Common Stock	S	12800	$73.10	Disposed	241257	Direct
2006-11-21	Common Stock	S	4000	$73.11	Disposed	237257	Direct
2006-11-21	Common Stock	S	5400	$73.12	Disposed	231857	Direct
2006-11-21	Common Stock	S	1900	$73.13	Disposed	229957	Direct
2006-11-21	Common Stock	S	1300	$73.14	Disposed	228657	Direct
2006-11-21	Common Stock	S	5000	$73.15	Disposed	223657	Direct
2006-11-21	Common Stock	S	200	$73.16	Disposed	223457	Direct
2006-11-21	Common Stock	S	200	$73.17	Disposed	223257	Direct
2006-11-21	Common Stock	S	1400	$73.18	Disposed	221857	Direct
2006-11-21	Common Stock	S	400	$73.19	Disposed	221457	Direct
2006-11-21	Common Stock	S	500	$73.2	Disposed	220957	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-21	Option	$51.6875	M	46000	Disposed	2008-04-28	Common Stock (46000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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
Option	$76.61	2016-04-25	Common Stock (80000)	80000	Direct

Footnotes

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