GREIF, INC — Director's Dealing 2006

Dec 19, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2006-12-18

Reporting Person: GASSER MICHAEL J (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-18	Class A Common Stock	M	25000	$30.00	Acquired	36417	Direct
2006-12-18	Class A Common Stock	S	25000	$116.14	Disposed	11417	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-18	Class A Common Stock Options	$30.00	M	25000	Disposed	2007-09-03	Class A Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	11898	Direct

Footnotes

F1: The options will expire September 3, 2007.