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

Apr 26, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2007-04-25

Reporting Person: KEYSER RICHARD L (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-25	Common Stock	A	20000	—	Acquired	240957	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-25	Option	$83.08	A	80000	Acquired	2017-04-24	Common Stock (80000)	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 (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: Award of restricted stock units to be settled after vesting by the delivery of unrestricted shares of common stock on a one-for-one basis.

F2: Exercisable in four equal annual installments beginning 4/26/2001.