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: LOUX P OGDEN (Sr. VP, Finance and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-03	Common Stock	M	6870	$42.8125	Acquired	49574	Direct
2007-05-03	Common Stock	M	27980	$43.50	Acquired	77554	Direct
2007-05-03	Common Stock	M	800	$43.50	Acquired	78354	Direct
2007-05-03	Common Stock	M	40000	$37.50	Acquired	118354	Direct
2007-05-03	Common Stock	M	2800	$37.50	Acquired	121154	Direct
2007-05-03	Common Stock	S	10108	$84.35	Disposed	111046	Direct
2007-05-03	Common Stock	S	3500	$84.36	Disposed	107546	Direct
2007-05-03	Common Stock	S	4400	$84.37	Disposed	103146	Direct
2007-05-03	Common Stock	S	900	$84.38	Disposed	102246	Direct
2007-05-03	Common Stock	S	2533	$84.39	Disposed	99713	Direct
2007-05-03	Common Stock	S	2300	$84.40	Disposed	97413	Direct
2007-05-03	Common Stock	S	1867	$84.41	Disposed	95546	Direct
2007-05-03	Common Stock	S	7000	$84.42	Disposed	88546	Direct
2007-05-03	Common Stock	S	3811	$84.43	Disposed	84735	Direct
2007-05-03	Common Stock	S	3984	$84.44	Disposed	80751	Direct
2007-05-03	Common Stock	S	1200	$84.45	Disposed	79551	Direct
2007-05-03	Common Stock	S	1200	$84.46	Disposed	78351	Direct
2007-05-03	Common Stock	S	2300	$84.47	Disposed	76051	Direct
2007-05-03	Common Stock	S	400	$84.48	Disposed	75651	Direct
2007-05-03	Common Stock	S	200	$84.49	Disposed	75451	Direct
2007-05-03	Common Stock	S	1400	$84.50	Disposed	74051	Direct
2007-05-03	Common Stock	S	100	$84.51	Disposed	73951	Direct
2007-05-03	Common Stock	S	800	$84.53	Disposed	73151	Direct
2007-05-03	Common Stock	S	500	$84.54	Disposed	72651	Direct
2007-05-03	Common Stock	S	3300	$84.55	Disposed	69351	Direct
2007-05-03	Common Stock	S	2597	$84.56	Disposed	66754	Direct
2007-05-03	Common Stock	S	2400	$84.57	Disposed	64354	Direct
2007-05-03	Common Stock	S	1700	$84.58	Disposed	62654	Direct
2007-05-03	Common Stock	S	1900	$84.59	Disposed	60754	Direct
2007-05-03	Common Stock	S	300	$84.595	Disposed	60454	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-03	Option	$42.8125	M	6870	Disposed	2010-02-28	Common Stock (6870)	Direct
2007-05-03	Option	$43.50	M	27980	Disposed	2010-04-25	Common Stock (27980)	Direct
2007-05-03	Option	$43.50	M	800	Disposed	2010-04-25	Common Stock (800)	Direct
2007-05-03	Option	$37.50	M	40000	Disposed	2011-04-24	Common Stock (40000)	Direct
2007-05-03	Option	$37.50	M	2800	Disposed	2011-04-24	Common Stock (2800)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$54.61	2012-04-23	Common Stock (45000)	45000	Direct
Option	$45.50	2013-04-29	Common Stock (45000)	45000	Direct
Option	$54.14	2014-04-27	Common Stock (20000)	20000	Direct
Option	$52.29	2015-04-26	Common Stock (19000)	19000	Direct
Option	$76.61	2016-04-25	Common Stock (15000)	15000	Direct
Option	$83.08	2017-04-24	Common Stock (16000)	16000	Direct

Footnotes

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