GREIF, INC — Director's Dealing 2006

Jul 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2006-07-24

Reporting Person: SPARKS WILLIAM B JR (Director, President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-07-24	Class A Common Stock	M	17000	$29.188	Acquired	24730	Direct
2006-07-24	Class A Common Stock	F	1428	$70.00	Disposed	23302	Direct
2006-07-24	Class A Common Stock	S	13574	$70.00	Disposed	9728	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-07-24	Class A Common Stock Options	$29.188	M	17000	Disposed	2010-09-06	Class A Common Stock (17000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	3448	Direct

Footnotes

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