SEC Form 4

FORM 4
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b). UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person^* McGraw, Harold III      (Last)                      (First)                      (Middle) 1221 Avenue of the Americas
(Street) New York, NY     10020-1095 (City)                      (State)                      (Zip)
2. Issuer Name and Ticker
    or Trading Symbol
The McGraw-Hill Companies   MHP 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary) 4. Statement for
    (Month/Year)
    December 12, 2002
5. If Amendment,
    Date of Original
    (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
           X          Director                           10% Owner            X          Officer                             Other
Officer/Other Description           Chairman, President and CEO 7. Individual or Joint/Group
    Filing (Check Applicable Line)
X   Individual Filing       Joint/Group Filing

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2. Transaction Date     (Month/Day/Year)	3. Transaction     Code     and     Voluntary     Code     (Instr. 8) Code  |  V	4. Securities Acquired (A) or Disposed (D) Of     (Instr. 3, 4, and 5)         Amount      |         A/D         |         Price	5. Amount of     Securities     Beneficially     Owned at     End ofMonth     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct(D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common Stock	12/12/2002	M |	21,698.0000   |           A           |   $54.9688		D
Common Stock	12/12/2002	F |	19,846.0000   |           D           |   $60.1000		D
Common Stock	12/12/2002	F |	664.0000   |           D           |   $60.1000	453,848.2597 (1)	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

(over)
SEC 1474 (3-99)

McGraw, Harold III - December 2002

Form 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)	2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security	3. Transaction     Date     (Month/     Day/     Year)	4. Transaction     Code     and     Voluntary (V)     Code     (Instr.8) Code | V	5. Number of Derivative     Securities Acquired (A)     or Disposed (D) Of     (Instr. 3,4 and 5)	6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)   (DE)     |     (ED)	7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)	8. Price     of     Derivative     Security     (Instr.5)	9. Number of     Derivative     Securities     Beneficially     Owned     at End of     Month     (Instr.4)	10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I)	11. Nature of       Indirect       Beneficial       Ownership       (Instr.4)
Options (Right to Buy)	$54.9688	12/12/2002	M |	(D) 21,698.0000	11/04/1999 | 01/03/2003	Common Stock - 21,698.0000		0.0000	D
Options (Right to Buy)	$36.1875				01/02/1999 (2) | 01/01/2008	Common Stock - 74,400.0000		74,400.0000	D
Options (Right to Buy)	$38.0625				04/29/1999 (2) | 04/28/2008	Common Stock - 60,000.0000		60,000.0000	D
Options (Right to Buy)	$51.6250				01/04/2000 (2) | 01/03/2009	Common Stock - 110,000.0000		110,000.0000	D
Options (Right to Buy)	$59.2813				01/03/2001 (2) | 01/02/2010	Common Stock - 125,000.0000		125,000.0000	D
Options (Right to Buy)	$59.1300				04/02/2002 (2) | 04/01/2011	Common Stock - 154,000.0000		154,000.0000	D
Options (Right to Buy)	$67.7700				04/01/2003 (2) | 03/31/2012	Common Stock - 179,000.0000		179,000.0000	D

Explanation of Responses :

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. /s/ Harold III McGraw
________________________________            12-13-2002    
** Signature of Reporting Person                         Date



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SEC 1474 (3-99)

McGraw, Harold III - December 2002

Form 4 (continued)

FOOTNOTE Descriptions for The McGraw-Hill Companies MHP

Form 4 - December 2002

Harold III McGraw
1221 Avenue of the Americas

New York, NY 10020-1095

Explanation of responses:

(1)   Includes 46,999.2597 shares owned by two minor children.
(2)   The option becomes exercisable 50% on the first anniversary of the grant and 50% on the second anniversary of the grant.

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