GREIF, INC — Director's Dealing 2007

Feb 28, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2007-02-26

Reporting Person: AVRIL VICKI L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-26	Class A Common Stock	A	402	$124.27	Acquired	1255	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-26	Phantom Stock Units (Cash Only Rights)	$124.28	A	40.22	Acquired	1988-08-08	Class A Common Stock (40.22)	Direct
2007-02-27	Phantom Stock Units (Cash Only Rights)	$114.74	A	5.45	Acquired	1988-08-08	Class A Common Stock (5.45)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	0	Direct

Footnotes

F1: The shares are subject to restriction until the earlier of February 27, 2010, or the reporting person retires from the Board.

F2: The reporting person does not own any Greif Class B Common Stock.

F3: The units are to be settled in cash upon the reporting person's retirement from the Board.