GREIF, INC — Director's Dealing 2003

Dec 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2003-12-17

Reporting Person: OLDERMAN DAVID J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-17	Class A Common Stock	M	2000	$26.8125	Acquired	2000	Direct
2003-12-17	Class A Common Stock	M	2000	$29.875	Acquired	4000	Direct
2003-12-17	Class A Common Stock	M	2000	$27.375	Acquired	6000	Direct
2003-12-17	Class A Common Stock	M	2000	$18.70	Acquired	8000	Direct
2003-12-17	Class A Common Stock	S	8000	$36.7883	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-17	Class A Common Stock Options	$26.8125	M	2000	Disposed	2009-02-22	Class A Common Stock (2000)	Direct
2003-12-17	Class A Common Stock Options	$29.875	M	2000	Disposed	2010-02-28	Class A Common Stock (2000)	Direct
2003-12-17	Class A Common Stock Options	$27.375	M	2000	Disposed	2011-02-26	Class A Common Stock (2000)	Direct
2003-12-17	Class A Common Stock Options	$18.70	M	2000	Disposed	2013-02-24	Class A Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	40014	Direct
Class A Common Stock	1000	Indirect
Class B Common Stock	6060	Indirect

Footnotes

F1: These shares are owned by the reporting person's self-directed profit sharing plan.

F2: 800 shares are owned by the reporting persons spouse; 2,260 shares are owned by the reporting person's self directed profit sharing plan; 1000 shares by the Jean Olderman Trust; 1000 shares by the Jill Olderman Trust and 1000 shares by the David Olderman Trust.