GREIF, INC — Director's Dealing 2006

Nov 22, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2006-11-21

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-21	Greif Class A Common Stock	M	76	$29.188	Acquired	76	Direct
2006-11-21	Greif Class A Common Stock	S	76	$100.00	Disposed	0	Direct
2006-11-21	Greif Class A Common Stock	M	3731	$30.59	Acquired	3731	Direct
2006-11-21	Greif Class A Common Stock	S	3731	$100.00	Disposed	0	Direct
2006-11-21	Class A Common Stock	M	4184	$26.20	Acquired	4184	Direct
2006-11-21	Class A Common Stock	S	4184	$100.00	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-21	Greif Class A Common Stock Options	$29.188	M	71	Disposed	2010-09-06	Class A Common Stock (71)	Direct
2006-11-21	Greif Class A Common Stock Options	$30.59	M	3731	Disposed	2011-09-05	Class A Common Stock (3731)	Direct
2006-11-21	Class A Common Stock	$26.20	M	4184	Disposed	2012-09-05	Class A Common Stock (4184)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Greif Class B Common Stock	700	Direct

Footnotes

F1: Sold per the reporting person's Rule 10b5-1 Plan.

F2: The reporting person does not own any Greif Class A Common Stock.