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

Feb 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAINGER W W INC (GWW)
CIK: 0000277135
Period of Report: 2007-02-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-20	Common Stock	A	6000	—	Acquired	38704	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	400	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option	$51.6875	2008-04-28	Common Stock (13500)	13500	Direct
Option	$48.625	2009-04-27	Common Stock (24300)	24300	Direct
Option	$42.8125	2010-02-28	Common Stock (6870)	6870	Direct
Option	$43.50	2010-04-25	Common Stock (27980)	27980	Direct
Option	$43.50	2010-04-25	Common Stock (4200)	4200	Direct
Option	$37.50	2011-04-24	Common Stock (40000)	40000	Direct
Option	$37.50	2011-04-24	Common Stock (2800)	2800	Direct
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

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: Shares held by reporting person's wife. The reporting person disclaims beneficial ownership of these shares.

F3: Exercisable in four equal annual installments beginning 4/26/2001.