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

Mar 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2007-03-22

Reporting Person: KEYSER RICHARD L (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-22	Common Stock	M	65160	$48.625	Acquired	286117	Direct
2007-03-22	Common Stock	S	51560	$78.00	Disposed	234557	Direct
2007-03-22	Common Stock	S	4200	$78.03	Disposed	230357	Direct
2007-03-22	Common Stock	S	2100	$78.04	Disposed	228257	Direct
2007-03-22	Common Stock	S	100	$78.05	Disposed	228157	Direct
2007-03-22	Common Stock	S	200	$78.06	Disposed	227957	Direct
2007-03-22	Common Stock	S	100	$78.07	Disposed	227857	Direct
2007-03-22	Common Stock	S	100	$78.08	Disposed	227757	Direct
2007-03-22	Common Stock	S	300	$78.09	Disposed	227457	Direct
2007-03-22	Common Stock	S	1400	$78.20	Disposed	226057	Direct
2007-03-22	Common Stock	S	4700	$78.25	Disposed	221357	Direct
2007-03-22	Common Stock	S	400	$78.26	Disposed	220957	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-22	Option	$48.625	M	65160	Disposed	2009-04-27	Common Stock (65160)	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: Exercisable in four equal annual installments beginning 4/26/2001.