GREIF, INC — Director's Dealing 2006

Dec 5, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2006-12-04

Reporting Person: Brown Ronald L (SR VP-Global Sourcing/Sply Chn)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-04	Greif Class A Common Stock	M	3269	$30.59	Acquired	3269	Direct
2006-12-04	Greif Class A Common Stock	M	3816	$26.20	Acquired	7085	Direct
2006-12-04	Greif Class A Common Stock	M	2000	$25.43	Acquired	9085	Direct
2006-12-04	Greif Class A Common Stock	M	2077	$48.13	Acquired	11162	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-04	Greif Class A Common Stock Options	$30.59	M	3269	Disposed	2011-09-05	Class A Common Stock (3269)	Direct
2006-12-04	Greif Class A Common Stock Options	$26.20	M	3816	Disposed	2012-09-05	Class A Common Stock (3816)	Direct
2006-12-04	Greif Class A Common Stock Options	$25.43	M	2000	Disposed	2013-09-09	Class A Common Stock (2000)	Direct
2006-12-04	Greif Class A Common Stock Options	$48.13	M	2077	Disposed	2014-12-03	Class A Common Stock (2077)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Greif Class B Common Stock	700	Direct