GREIF, INC — Director's Dealing 2011

Dec 21, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2011-12-21

Reporting Person: GUNSETT DANIEL J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-21	Class A Common Stock	M	18529.05	$36.68	Acquired	25565.05	Direct
2011-12-21	Class A Common Stock	D	18529.05	$44.53	Disposed	7036	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-21	Phantom Stock Units	$36.68	M	18529.05	Disposed	1988-08-08	Class A Common Stock (18529.05)	Direct

Footnotes

F1: Price reflects the actual weighted average price per share taking into consideration the stock split which occurred in April 2007.

F2: The units are to be settled in cash upon the earlier of (i) a future fixed date designated by the Reporting Person made at the time of the deferral electon, or (ii) the Reportng Person's termination from the Board due to his retirement, death, disability or other reason.

F3: Each Phantom Stock Unit was the economic equivalent of one share of GEF Class A Common Stock.

F4: Following the reported transaction, the Reporting Person does not own any Phantom Stock Units.

F5: 5,274 shares are subject to restriction on transfer.