GREIF, INC — Director's Dealing 2007

May 1, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2007-05-01

Reporting Person: SPARKS WILLIAM B JR (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-01	Phantom Stock Units (Cash Only Rights)	$55.60	A	224.82	Acquired	1988-08-08	Class A Common Stock (224.82)	Direct

Footnotes

F1: The units are to be settled in cash upon the reporting person's retirement from the Board.

F2: Adjusted to reflect a 2 for 1 stock split paid April 11, 2007.