GREIF, INC — Director's Dealing 2003

Oct 23, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2003-10-22

Reporting Person: DEMPSEY MICHAEL H (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-23	Class A Common Stock	G	5240	—	Disposed	0	Indirect
2003-10-23	Class A Common Stock	G	874	—	Acquired	874	Direct
2003-10-22	Class B Common Stock	G	62500	—	Disposed	5988339	Indirect
2003-10-22	Class B Common Stock	G	10417	—	Acquired	5998756	Indirect

Footnotes

F1: Liquidating distribution by the John C. Dempsey Trust (the "JCD Trust") to all beneficiaries. Mr. Dempsey is the trustee of the JCD Trust.

F2: Receipt of distribution from the JCD Trust as beneficiary.

F3: The number of shares is owned as follows: (a) 5,375,904 shares are owned by the Naomi C. Dempsey Trust (the "NCD Trust") and (b) 114,775 shares are owned by the Naomi C Dempsey Charitable Lead Annuity Trust (the "NCDCLA Trust"). Mr. Dempsey is the trustee of these trusts. Mr. Dempsey also owns 497,660 shares directly.

F4: The number of shares is owned as follows: (a) 5,375,904 shares are owned by the NCD Trust; and (b) 114,775 shares are owned by the NCDCLA Trust. Mr. Dempsey is the trustee of these trusts. Mr. Dempsey also owns 508,077 shares directly.

F5: There is no direct or indirect ownership since there are no shares left in the trust.