GREIF, INC — Director's Dealing 2007

Apr 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2007-04-03

Reporting Person: GUNSETT DANIEL J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-03	Class A Common Stock	M	2000	$36.531	Acquired	3255	Direct
2007-04-03	Class A Common Stock	S	2000	$112.546	Disposed	1255	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-03	Class A Common Stock Options	$36.531	M	2000	Disposed	2008-02-23	Class A Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	1000	Direct

Footnotes

F1: 853 shares are subject to restriction until the earlier of February 27, 2009, or the reporting person's retirement from the Board; 402 shares are subject to restriction until the earlier of February 27, 2010, or the reporting person's retirement from the Board.