GREIF, INC — Director's Dealing 2004

Dec 21, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2004-12-21

Reporting Person: Brown Ronald L (SR VP-Global Sourcing/Sply Chn)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-21	Class A Common Stock	M	10000	$30.00	Acquired	10000	Direct
2004-12-21	Class A Common Stock	S	10000	$54.67	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-21	Class A Common Stock	$30.00	M	10000	Disposed	2007-09-03	Class A Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	700	Direct

Footnotes

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