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

Mar 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2007-03-20

Reporting Person: GANTZ WILBUR H (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-20	Common Stock	M	2200	$37.25	Acquired	13540	Direct
2007-03-20	Common Stock	S	400	$76.12	Disposed	13140	Direct
2007-03-20	Common Stock	S	600	$76.13	Disposed	12540	Direct
2007-03-20	Common Stock	S	200	$76.14	Disposed	12340	Direct
2007-03-20	Common Stock	S	800	$76.15	Disposed	11540	Direct
2007-03-20	Common Stock	S	200	$76.18	Disposed	11340	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-20	Stock Option	$37.25	M	2200	Disposed	2007-04-29	Common Stock (2200)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Units	$		Common Stock (55)	14778	Direct
Stock Option	$51.6875	2008-04-28	Common Stock (1460)	1460	Direct
Stock Option	$48.625	2009-04-27	Common Stock (1860)	1860	Direct
Stock Option	$43.50	2010-04-25	Common Stock (2070)	2070	Direct
Stock Option	$37.50	2011-04-24	Common Stock (2400)	2400	Direct
Stock Option	$54.61	2012-04-23	Common Stock (1650)	1650	Direct
Stock Option	$45.50	2013-04-29	Common Stock (1980)	1980	Direct
Stock Option	$54.14	2014-04-27	Common Stock (1670)	1670	Direct

Footnotes

F1: 1-for-1

F2: The stock units are expected to settle in cash following termination of service as a director.