GREIF, INC — Director's Dealing 2007

Dec 13, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2007-12-13

Reporting Person: DEMPSEY MICHAEL H (Director, 10% Owner)
Reporting Person: NAOMI C DEMPSEY TRUST (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-15	Class B Common Stock	G	450	$0.00	Disposed	953680	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	4258	Direct
Class B Common Stock	211860	Indirect
Class B Common Stock	2474	Indirect
Class B Common Stock	60000	Indirect
Class A Common Stock	4698	Indirect
Class B. Common Stock	10751808	Indirect

Footnotes

F1: All share information reflects 2 for 1 stock split distributed by Greif, Inc. in April, 2007.

F2: Gift to a family trust. The reporting person's spouse is the trustee of the trust. The reporting person disclaims beneficial ownership of these securities and the filing of this report is not an admission that the reporting person is the beneficial owner for the purpose of Section 16 or for any other purpose.

F3: Michael H. Dempsey is the trustee of a charitable lead annuity trust.

F4: Family trust. The reporting person's spouse is the trustee of the trust. The reporting person disclaims beneficial ownership of these securities and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for the purpose of Section 16 or for any other purpose.

F5: By grantor retained annuity trust of which Michael H. Dempsey is the Trustee.

F6: The Naomi C. Dempsey Trust has been divided in 10 separate trusts, and the shares previously owned by the Naomi C. Dempsey Trust have been transferred into and among these family trusts. Michael H. Dempsey is the trustee of these family trusts.