W.W. GRAINGER, INC. — Director's Dealing 2007

May 7, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2007-05-04

Reporting Person: KEYSER RICHARD L (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-04	Common Stock	M	111075	$37.50	Acquired	352032	Direct
2007-05-04	Common Stock	S	100	$83.80	Disposed	351932	Direct
2007-05-04	Common Stock	S	200	$83.81	Disposed	351732	Direct
2007-05-04	Common Stock	S	200	$83.82	Disposed	351532	Direct
2007-05-04	Common Stock	S	600	$83.83	Disposed	350932	Direct
2007-05-04	Common Stock	S	1100	$83.84	Disposed	349832	Direct
2007-05-04	Common Stock	S	800	$83.85	Disposed	349032	Direct
2007-05-04	Common Stock	S	200	$83.86	Disposed	348832	Direct
2007-05-04	Common Stock	S	500	$83.87	Disposed	348332	Direct
2007-05-04	Common Stock	S	1400	$83.88	Disposed	346932	Direct
2007-05-04	Common Stock	S	1389	$83.89	Disposed	345543	Direct
2007-05-04	Common Stock	S	700	$83.90	Disposed	344843	Direct
2007-05-04	Common Stock	S	1694	$83.91	Disposed	343149	Direct
2007-05-04	Common Stock	S	1600	$83.92	Disposed	341549	Direct
2007-05-04	Common Stock	S	900	$83.93	Disposed	340649	Direct
2007-05-04	Common Stock	S	300	$83.94	Disposed	340349	Direct
2007-05-04	Common Stock	S	200	$83.95	Disposed	340149	Direct
2007-05-04	Common Stock	S	900	$83.96	Disposed	339249	Direct
2007-05-04	Common Stock	S	1000	$83.97	Disposed	338249	Direct
2007-05-04	Common Stock	S	1400	$83.98	Disposed	336849	Direct
2007-05-04	Common Stock	S	1400	$83.985	Disposed	335449	Direct
2007-05-04	Common Stock	S	1200	$83.99	Disposed	334249	Direct
2007-05-04	Common Stock	S	18194	$84.00	Disposed	316055	Direct
2007-05-04	Common Stock	S	4600	$84.01	Disposed	311455	Direct
2007-05-04	Common Stock	S	3065	$84.02	Disposed	308390	Direct
2007-05-04	Common Stock	S	3100	$84.03	Disposed	305290	Direct
2007-05-04	Common Stock	S	3600	$84.04	Disposed	301690	Direct
2007-05-04	Common Stock	S	2900	$84.05	Disposed	298790	Direct
2007-05-04	Common Stock	S	1406	$84.06	Disposed	297384	Direct
2007-05-04	Common Stock	S	1700	$84.07	Disposed	295684	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-04	Option	$37.50	M	111075	Disposed	2011-04-24	Common Stock (111075)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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 (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
Option	$83.08	2017-04-24	Common Stock (80000)	80000	Direct

Footnotes

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