GREIF, INC — Director's Dealing 2009

Jan 2, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2009-01-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-01-02	Class A Common Stock	M	4000	$13.406	Acquired	9216	Direct
2009-01-02	Class A Common Stock	S	4000	$34.18	Disposed	5216	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-01-02	Class A Common Stock Options	$13.406	M	4000	Disposed	2009-02-22	Class A Common Stock (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	4698	Indirect

Footnotes

F1: 3,468 shares are subject to restriction on transfer.

F2: Shares are held in family trusts. Michael H. Dempsey is the trustee of these family trusts.