GREIF, INC — Director's Dealing 2006

Dec 15, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2006-12-14

Reporting Person: YOUNG ROBERT A (VP and Director of Taxes)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-14	Class A Common Stock	M	1000	$48.13	Acquired	1500	Direct
2006-12-14	Class A Common Stock	S	1000	$116.50	Disposed	500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-14	Class A Common Stock Options	$48.13	M	1000	Disposed	2014-12-03	Class A Common Stock (1000)	Direct

Footnotes

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