GREIF, INC — Director's Dealing 2004

Dec 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2004-12-27

Reporting Person: GUNSETT DANIEL J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-27	Class A Common Stock	M	2000	$30.00	Acquired	2000	Direct
2004-12-27	Class A Common Stock	M	2000	$30.50	Acquired	4000	Direct
2004-12-27	Class A Common Stock	S	4000	$54.09	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-27	Class A Common Stock	$30.00	M	2000	Disposed	2006-09-05	Class A Common Stock (2000)	Direct
2004-12-27	Class A Common Stock	$30.50	M	2000	Disposed	2007-02-24	Class A Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	1000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Options (Right to Buy)	$0.00	1988-08-08	Class A Common Stock (11558.88)	11558.88	Direct

Footnotes

F1: The reporting person does not own any Greif Class A Common Stock.

F2: The Phantom Stock Options range in price from $17.30 - $47.30.

F3: The units are to be settled in cash upon the reporting person's retirement from the board.

F4: This is the total amount of Phantom Stock Options currently owned by the Reporting Person.