GREIF, INC — Director's Dealing 2006

Dec 13, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: DIEKER JOHN K (VP and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-12	Class A Common Stock	M	2500	$26.20	Acquired	6000	Direct
2006-12-12	Class A Common Stock	S	2500	$115.29	Disposed	3500	Direct
2006-12-12	Class A Common Stock	S	2000	$115.50	Disposed	1500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-12	Class A Common Stock Options	$26.20	M	2500	Disposed	2012-09-05	Class A Common Stock (2500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	200	Direct