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

Apr 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2006-04-20

Reporting Person: HOBOR NANCY A (Sr VP-Communications & Inv Rel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-20	Common Stock	M	20000	$37.50	Acquired	49400	Direct
2006-04-20	Common Stock	S	12300	$79.50	Disposed	37100	Direct
2006-04-20	Common Stock	S	4600	$79.51	Disposed	32500	Direct
2006-04-20	Common Stock	S	2700	$79.52	Disposed	29800	Direct
2006-04-20	Common Stock	S	100	$79.54	Disposed	29700	Direct
2006-04-20	Common Stock	S	300	$79.55	Disposed	29400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-20	Option	$37.50	M	20000	Disposed	2011-04-24	Common Stock (20000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$37.50	2011-04-24	Common Stock (710)	710	Direct
Option	$54.61	2012-04-23	Common Stock (15000)	15000	Direct
Option	$45.50	2013-04-29	Common Stock (15000)	15000	Direct
Option	$54.14	2014-04-27	Common Stock (9000)	9000	Direct
Option	$52.29	2015-04-26	Common Stock (8000)	8000	Direct