GREIF, INC — Director's Dealing 2008

Jan 3, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2008-01-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-02	Class A Common Stock	M	4000	$18.2655	Acquired	8258	Direct
2008-01-02	Class A Common Stock	S	4000	$64.07	Disposed	4258	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-02	Class A Common Stock Options	$18.2655	M	4000	Disposed	2008-02-23	Class A Common Stock (4000)	Direct

Footnotes

F1: This stock option grant expires 2/23/08.