<SEC-DOCUMENT>0001104659-18-021832.txt : 20180402
<SEC-HEADER>0001104659-18-021832.hdr.sgml : 20180402
<ACCEPTANCE-DATETIME>20180402165053
ACCESSION NUMBER:		0001104659-18-021832
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180402
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180402
DATE AS OF CHANGE:		20180402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAINGER W W INC
		CENTRAL INDEX KEY:			0000277135
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-DURABLE GOODS [5000]
		IRS NUMBER:				361150280
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05684
		FILM NUMBER:		18729676

	BUSINESS ADDRESS:	
		STREET 1:		100 GRAINGER PARKWAY
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045-5201
		BUSINESS PHONE:		847-535-1000

	MAIL ADDRESS:	
		STREET 1:		100 GRAINGER PARKWAY
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a18-9445_18k.htm
<DESCRIPTION>8-K
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 OR 15(d)&nbsp;of The Securities Exchange Act of 1934</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported): <b><font style="font-weight:bold;">April&nbsp;2</font>, 2018</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">W.W. GRAINGER,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Illinois</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-5684</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">36-1150280</font></b></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other   jurisdiction<br>   of incorporation)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File   Number)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer   Identification No.)</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">100   Grainger Parkway, Lake Forest,&nbsp;Illinois</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">60045-5201</font></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal   executive offices)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code:<b> (847) 535-1000</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not Applicable</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed since last report.)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&nbsp;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:5.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emerging growth company </font><font face="Wingdings">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act. &#168;</font><font face="Wingdings">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109920\18-9445-1\task8817222\9445-1-ba.htm',USER='109920',CD='Apr  3 01:40 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:2.25pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02&#160;&#160; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;2, 2018, W.W. Grainger,&nbsp;Inc. (the &#147;Company&#148;) announced that, effective May&nbsp;2, 2018, Thomas B. Okray will become the Company&#146;s new Senior Vice President and Chief Financial Officer, and principal financial officer, succeeding Ronald L. Jadin, who will retire from the Company effective May&nbsp;2, 2018. To execute a smooth transition of the Chief Financial Officer role, Mr.&nbsp;Okray will become an employee of the Company effective April&nbsp;16, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Previously, Mr.&nbsp;Okray, age 55, had served as Executive Vice President and Chief Financial Officer of Advance Auto Parts,&nbsp;Inc., an auto parts sourcing and distribution company in North America, since October&nbsp;2016. From January&nbsp;2016 to September&nbsp;2016, he served as Vice President Finance, Global Customer Fulfillment of Amazon.com,&nbsp;Inc. (&#147;Amazon&#148;), an internet retailer, and as Vice President Finance, North and South American Operations of Amazon from July&nbsp;2015 to December&nbsp;2015. Prior to joining Amazon, Mr.&nbsp;Okray was employed by General Motors Company, a global automotive company, from July&nbsp;1989 to June&nbsp;2015, in a variety of finance and supply chain related roles, culminating in his position as Chief Financial Officer, Global Product Development, Purchasing&nbsp;&amp; Supply Chain, from January&nbsp;2010 to June&nbsp;2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with Mr.&nbsp;Okray&#146;s employment, he will receive an annual base salary of $700,000, and a target annual incentive (bonus) opportunity equal to 90 percent of his base salary under the Company&#146;s Management Incentive Plan, in each case, subject to proration in 2018. Starting in 2019, Mr.&nbsp;Okray will be eligible to receive an annual equity grant under the Company&#146;s 2015 Incentive Plan consistent with the terms of awards made to other executive officers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Okray will also receive a one-time cash sign-on award of $800,000, less applicable tax withholding. This award is subject to repayment should Mr.&nbsp;Okray voluntarily terminate his employment with the Company within two years of his employment date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, on May&nbsp;2, 2018, Mr.&nbsp;Okray will receive a one-time grant of restricted stock units (the &#147;RSUs&#148;) with an intended grant date fair value of $2.45 million. The RSUs will vest, subject to Mr.&nbsp;Okray&#146;s continued employment, in increments of 33.3% on each of the first three anniversaries of the grant date. To receive the RSUs, Mr.&nbsp;Okray must sign and deliver to the Company an Unfair Competition Agreement based on the Company&#146;s standard form for equity award recipients, pursuant to which Mr.&nbsp;Okray will be subject to certain restrictive covenants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Okray and the Company also expect to enter into a Change in Control Employment Agreement, effective May&nbsp;2, 2018, in substantially the form of Exhibit&nbsp;10(b)(xxvii)&nbsp;to the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2010 filed with the Securities and Exchange Commission (&#147;SEC&#148;) on February&nbsp;28, 2011. Under the terms of the Change in Control Employment Agreement, Mr.&nbsp;Okray will be generally entitled to receive certain payments and benefits from the Company if the Company terminates his employment without &#147;cause&#148; or if he resigns for &#147;good reason&#148;, in either case, generally within the period of 24 months following a &#147;change in control&#148; (as such terms are defined in the Change in Control Employment Agreement).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Okray will also be entitled to be indemnified and advanced expenses by the Company in accordance with its standard form of indemnification agreement for its directors and officers. The Company&#146;s form of indemnification agreement was filed with the SEC on May&nbsp;4, 2009 as Exhibit&nbsp;10(b)(i)&nbsp;to the Company&#146;s Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2009.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_213401_8015"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\109920\18-9445-1\task8817222\9445-1-ba.htm',USER='109920',CD='Apr  3 01:40 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective upon Mr.&nbsp;Jadin&#146;s retirement from the Company on May&nbsp;2, 2018, the Company will enter into a Separation Agreement and General Release (the &#147;Separation Agreement&#148;) with Mr.&nbsp;Jadin. The Separation Agreement provides for, among other things, in exchange for Mr.&nbsp;Jadin&#146;s agreement to comply with certain restrictive covenants, the payment to Mr.&nbsp;Jadin of eighteen months&#146; annual base salary and his pro-rata cash incentive bonus for 2018, and continuation of group health, dental and vision benefits and life insurance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;2, 2018, the Company also announced that Joseph C. High, the Company&#146;s Senior Vice President and Chief People Officer, will retire.&#160; Mr.&nbsp;High will resign as an executive officer but will </font>continue as an employee providing advisory services through August&nbsp;31, 2018 to assist in the leadership transition.&#160; The Company will enter into a Separation Agreement and General Release with Mr.&nbsp;High that provides for, among other things, in exchange for Mr.&nbsp;High&#146;s agreement to comply with certain restrictive covenants, the payment to Mr.&nbsp;High of eighteen months&#146; annual base salary and his pro-rata cash incentive bonus for 2018, and continuation of group health, dental and vision benefits and life insurance.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01&#160;&#160; Financial Statements and Exhibits.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Exhibits</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:87.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description&nbsp;of&nbsp;Exhibit</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press release dated   April&nbsp;2, 2018</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_213644_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\109920\18-9445-1\task8817222\9445-1-ba.htm',USER='109920',CD='Apr  3 01:40 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:87.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description&nbsp;of&nbsp;Exhibit</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-9445_1ex99d1.htm#Exhibit99_1_093110" title="Click to goto ">Press   release dated April&nbsp;2, 2018</a></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_213732_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\109920\18-9445-1\task8817222\9445-1-ba.htm',USER='109920',CD='Apr  3 01:40 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: April&nbsp;2,   2018</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">W.W.   GRAINGER,&nbsp;INC.</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Hugo Dubovoy,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Hugo   Dubovoy,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: &nbsp;&nbsp;Vice   President, Corporate Secretary</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_213828_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\109920\18-9445-1\task8817222\9445-1-ba.htm',USER='109920',CD='Apr  3 01:40 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a18-9445_1ex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>


<html>
<head>



  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1<a name="Exhibit99_1_093110"></a></font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="257" height="50" src="g94451mmi001.jpg"></font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in .75in .0001pt 0in;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">News Release</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Grainger Names Thomas Okray CFO</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ron Jadin to Retire as CFO, as Announced Previously</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Joseph High to Retire as Chief People Officer</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHICAGO, APRIL 2, 2018</font></b> &#151; Grainger (NYSE: GWW), the leading broad line supplier of maintenance, repair and operating (MRO) products serving businesses and institutions, today announced it has appointed Thomas Okray as Senior Vice President and Chief Financial Officer (CFO), effective May&nbsp;2, 2018.&#160; Okray will succeed Ron Jadin who, as previously announced, will retire from Grainger after 20 years with the company, 10 of which as Senior Vice President and CFO.&#160; In addition, Joseph High has decided to retire as Grainger&#146;s Senior Vice President and Chief People Officer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Okray, 55, has nearly 30 years of experience focusing on finance, operations and various aspects of supply chain.&#160; Most recently, he served as Executive Vice President and CFO for Advance Auto Parts.&#160; Prior to that, Okray was Vice President Finance, Global Customer Fulfillment at Amazon, where he led a team responsible for the optimization of key elements of the company&#146;s global fulfillment network.&#160; Okray spent the majority of his career at General Motors in finance and supply chain related roles.&#160; This included responsibility for overseeing more than $120 billion in annual expenses and $8 billion in capital expenditures as CFO, Global Product Development, Purchasing&nbsp;&amp; Supply Chain.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;We are excited to welcome Tom to Grainger,&#148; said DG Macpherson, Chairman and CEO.&#160; &#147;He brings the ideal combination of exceptional financial acumen, along with significant business experience.&#160; In addition, he has a great appreciation for our industry and customer base, and understands the importance of a sound digital strategy.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;I&#146;ve known Grainger my entire professional career,&#148; said Okray.&#160; &#147;It&#146;s a strong customer-focused organization that prides itself on exceptional service and innovative solutions.&#160; This is an exciting time to be a part of Grainger.&#160; I believe the company is focused on the right things that will drive growth and enhance customer value in new and unique ways.&#160; I look forward to working with DG and the entire Grainger team to continue to implement the corporate strategy.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\C902558\18-9445-1\task8817238\9445-1-mm.htm',USER='C902558',CD='Apr  3 01:46 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page </font>2<a name="PB_2_221428_1454"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Okray earned a bachelor&#146;s degree in chemical engineering from Michigan State University, and received an MBA from the University of Chicago&#146;s Booth School of Business.&#160; He also participated in a Transformational Leadership Program through Stanford University&#146;s Graduate School of Business.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;I would like to thank Ron for his years of service and numerous contributions to Grainger,&#148; said Macpherson.&#160; &#147;He was a valuable member of our leadership team and the company in general.&#160; We wish him well in retirement.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph High also retires from Grainger after nearly seven years with the company, all as Senior Vice President and Chief People Officer.&#160; During that time, High worked to align people initiatives with the business strategy by creating and implementing key team member programs, policies and practices. High has been a key member of the Grainger Leadership team responsible for driving business results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Macpherson continued, &#147;Joseph has been a valuable member of Grainger, helping us enhance our talent management strategy and overall culture.&#160; He played a lead role in both the CFO search and my CEO transition.&#160; We wish him all the best in retirement.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">High will transition over the next few months and assist in the process of identifying his successor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"># # #</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Grainger<br>  </font></u></b>W.W. Grainger,&nbsp;Inc., with 2017 sales of $10.4 billion, is North America&#146;s leading broad line supplier of maintenance, repair and operating products, (MRO) with operations also in Europe, Asia and Latin America.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Safe Harbor Statement</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All statements in this communication, other than those relating to historical facts, are &#147;forward-looking statements.&#148; These forward-looking statements are not guarantees of future performance or results and are subject to a number of assumptions, risks and uncertainties, which could cause actual results to differ materially from such statements. These statements include, but are not limited to, statements about future strategic plans and future financial and operating results. Important factors that could cause actual results to differ materially from our expectations include, among others: higher product costs or other expenses; a major loss of customers; loss or disruption of source of supply; increased competitive pricing pressures; failure to develop or implement new technologies; the implementation, timing and success of our strategic pricing initiatives; the outcome of pending and future litigation or governmental or regulatory proceedings, including with respect to wage and hour; anti-bribery and corruption, environmental, advertising, privacy and cybersecurity matters; investigations, inquiries, audits and changes in laws</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='Page 2',FILE='C:\jms\C902558\18-9445-1\task8817238\9445-1-mm.htm',USER='C902558',CD='Apr  3 01:46 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page </font>3<a name="PB_3_221518_7056"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and regulations; disruption of information technology or data security systems; general industry or market conditions; general global economic conditions; currency exchange rate fluctuations; market volatility; commodity price volatility; labor shortages; facilities disruptions or shutdowns; higher fuel costs or disruptions in transportation services; natural and other catastrophes; unanticipated weather conditions; loss of key members of management; our ability to operate, integrate and leverage acquired businesses; changes in credit ratings; changes in effective tax rates and other factors which can be found in our filings with the Securities and Exchange Commission, including our most recent periodic report filed on Form&nbsp;10-K for the year ended December&nbsp;31, 2017, which also is available on the Investor Relations page&nbsp;of our website. Forward-looking statements are given only as of the date of this communication and we disclaim any obligation to update or revise any forward-looking statement, except as required by law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Contacts:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Media:</font></b></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investors:</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph Micucci</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Laura Brown</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Director,   External Affairs</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SVP,   Communications&nbsp;&amp; Investor Relations</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">O: 847-535-0879</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">O: 847-535-0409</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M: 847-830-5328</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M: 847-804-1383</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Grainger Media   Relations Hotline</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Irene Holman</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">847-535-5678</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior   Director,&nbsp;Investor Relations</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">O: 847-535-0809</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M: 847-217-8679</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael Ferreter</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior   Manager,&nbsp;Investor Relations</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">O: 847-535-1439</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M: 847-271-6357</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='Page 3',FILE='C:\jms\C902558\18-9445-1\task8817238\9445-1-mm.htm',USER='C902558',CD='Apr  3 01:46 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g94451mmi001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g94451mmi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  R 0$# 2(  A$! Q$!_\0
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MH?GD#2L!Q'&#EF/T']* /K#.*^7-;\5>)(]<O1)JNK6I:=V$)N)$V G(&W/
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ML?\ H'7/_?2TG_"UK'_H'7/_ 'TM<AK^HPWD=A#)<K?3P,YGN8TVAE8C"+D
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"_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
