GREIF, INC — Director's Dealing 2007

Jan 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2007-01-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-12	Class A Common Stock	M	2000	$30.50	Acquired	3727	Direct
2007-01-12	Class A Common Stock	S	2000	$115.10	Disposed	1727	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-12	Class A Common Stock Options	$30.50	M	2000	Disposed	2007-02-24	Class A Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	507065	Direct
Class A Common Stock	2349	Indirect
Class B Common Stock	5375904	Indirect
Class B Common Stock	106070	Indirect
Class B Common Stock	1012	Indirect

Footnotes

F1: 853 shares are subject to restriction on transfer.

F2: THIS STOCK OPTION GRANT EXPIRES 2/24/07.

F3: Michael H. Dempsey is the Trustee of the Naomi C. Dempsey Trust.

F4: Michael H. Dempsey is the Trustee of the Naomi C. Dempsey Charitable Lead Annuity Trust.

F5: These shares are held in a trust for the reporting person's son. 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.