GREIF, INC — Director's Dealing 2006

Nov 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2006-11-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-15	Greif Class A Common Stock	M	600	$29.188	Acquired	600	Direct
2006-11-15	Greif Class A Common Stock	S	600	$100.00	Disposed	0	Direct
2006-11-16	Greif Class A Common Stock	M	900	$29.188	Acquired	900	Direct
2006-11-16	Greif Class A Common Stock	S	900	$100.00	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-15	Greif Class A Common Stock Options	$29.188	M	600	Disposed	2010-09-06	Class A Common Stock (600)	Direct
2006-11-16	Greif Class A Common Stock Options	$29.188	M	900	Disposed	2010-09-06	Class A Common Stock (900)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Greif Class B Common Stock	700	Direct

Footnotes

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