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

May 4, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2007-05-03

Reporting Person: KEYSER RICHARD L (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-03	Common Stock	M	33973	$37.50	Acquired	274930	Direct
2007-05-03	Common Stock	S	200	$84.22	Disposed	274730	Direct
2007-05-03	Common Stock	S	400	$84.25	Disposed	274330	Direct
2007-05-03	Common Stock	S	200	$84.26	Disposed	274130	Direct
2007-05-03	Common Stock	S	400	$84.27	Disposed	273730	Direct
2007-05-03	Common Stock	S	600	$84.28	Disposed	273130	Direct
2007-05-03	Common Stock	S	1600	$84.29	Disposed	271530	Direct
2007-05-03	Common Stock	S	2132	$84.30	Disposed	269398	Direct
2007-05-03	Common Stock	S	700	$84.31	Disposed	268698	Direct
2007-05-03	Common Stock	S	2582	$84.32	Disposed	266116	Direct
2007-05-03	Common Stock	S	2422	$84.33	Disposed	263694	Direct
2007-05-03	Common Stock	S	3696	$84.34	Disposed	259998	Direct
2007-05-03	Common Stock	S	3346	$84.35	Disposed	256652	Direct
2007-05-03	Common Stock	S	1500	$84.36	Disposed	255152	Direct
2007-05-03	Common Stock	S	1600	$84.37	Disposed	253552	Direct
2007-05-03	Common Stock	S	768	$84.38	Disposed	252784	Direct
2007-05-03	Common Stock	S	300	$84.39	Disposed	252484	Direct
2007-05-03	Common Stock	S	900	$84.40	Disposed	251584	Direct
2007-05-03	Common Stock	S	1037	$84.41	Disposed	250547	Direct
2007-05-03	Common Stock	S	3900	$84.42	Disposed	246647	Direct
2007-05-03	Common Stock	S	1200	$84.43	Disposed	245447	Direct
2007-05-03	Common Stock	S	2400	$84.44	Disposed	243047	Direct
2007-05-03	Common Stock	S	990	$84.46	Disposed	242057	Direct
2007-05-03	Common Stock	S	500	$84.47	Disposed	241557	Direct
2007-05-03	Common Stock	S	500	$84.48	Disposed	241057	Direct
2007-05-03	Common Stock	S	100	$84.49	Disposed	240957	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-03	Option	$37.50	M	33973	Disposed	2011-04-24	Common Stock (33973)	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.