GREIF, INC — Director's Dealing 2005

Apr 4, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2005-04-01

Reporting Person: OLDERMAN DAVID J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-04-01	Class A Common Stock	M	2000	$30.00	Acquired	2000	Direct
2005-04-01	Class A Common Stock	M	2000	$30.50	Acquired	4000	Direct
2005-04-01	Class A Common Stock	M	2000	$36.531	Acquired	6000	Direct
2005-04-01	Class A Common Stock	M	2000	$33.95	Acquired	8000	Direct
2005-04-01	Class A Common Stock	M	2000	$36.99	Acquired	10000	Direct
2005-04-01	Class A Common Stock	S	10000	$69.883	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-01	Class A Common Stock Options	$30.00	M	2000	Disposed	2006-09-05	Class A Common Stock (2000)	Direct
2005-04-01	Class A Common Stock Options	$30.50	M	2000	Disposed	2007-02-24	Class A Common Stock (2000)	Direct
2005-04-01	Class A Common Stock Options	$36.531	M	2000	Disposed	2008-02-23	Class A Common Stock (2000)	Direct
2005-04-01	Class A Common Stock Options	$33.95	M	2000	Disposed	2012-02-25	Class A Common Stock (2000)	Direct
2005-04-01	Class A Common Stock Options	$36.99	M	2000	Disposed	2014-02-23	Class A Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	15414	Direct
Class A Common Stock	1000	Indirect
Class B Common Stock	6060	Indirect

Footnotes

F1: The reporting person does not have any direct ownership of Greif Class A Common Stock.

F2: These shares are owned by the reporting person's self-directed profit sharing plan.

F3: 800 shares are owned by the reporting person's spouse; 2,260 shares are owned by the reporting person's self-directed profit sharing plan; 1,000 shares are owned by the Jean Olderman Trust; 1,000 shares are owned by the Jill Olderman Trust and 1,000 shares are owned by the David Olderman Trust.