GREIF, INC — Director's Dealing 2006

Sep 6, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2006-09-01

Reporting Person: MAXWELL SHARON R (Assistant Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-01	Class A Common Stock	M	650	$29.625	Acquired	650	Direct
2006-09-01	Class A Common Stock	S	650	$72.49	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-01	Class A Common Stock Options	$29.625	M	650	Disposed	2006-09-05	Class A Common Stock (650)	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.