GREIF, INC — Director's Dealing 2007

Jan 5, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2007-01-04

Reporting Person: MAXWELL SHARON R (Assistant Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-04	Class A Common Stock	M	1000	$30.00	Acquired	1000	Direct
2007-01-04	Class A Common Stock	S	1000	$117.34	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-04	Class A Common Stock Options	$30.00	M	1000	Disposed	2007-09-03	Class A Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	100	Direct

Footnotes

F1: The reporting person does not own any Greif Class A Common Stock.