GREIF, INC — Director's Dealing 2006

Dec 28, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2006-12-27

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-27	Class B Common Stock	G	220	$0.00	Disposed	507065	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	1727	Direct
Class B Common Stock	106255	Indirect
Class B Common Stock	5375904	Indirect
Class A Common Stock	2349	Indirect
Class B Common Stock	1012	Indirect

Footnotes

F1: Gift to the Henry C. Dempsey Irrevocable Trust, Shannon Dempsey Trustee.

F2: 853 shares are subject to restriction on transfer.

F3: Michael H. Dempsey is the Trustee of the Naomi C. Dempsey Charitable Lead Annuity Trust.

F4: Michael H. Dempsey is the Trustee of the Naomi C. Dempsey Trust.

F5: These shares are held in a trust for the reporting person's son. The reporting person's spouse is the trustee of the trust. The reporting person disclaims beneficial ownership of these securities and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for the purpose of Section 16 or for any other purpose.