SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* DEMPSEY MICHAEL H (Last) (First) (Middle) 425 WINTER ROAD (Street) DELAWARE OH 43015 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol GREIF INC [ GEF,GEF.B ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 02/23/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	02/23/2004		M		2,000	A	$30	2,000	I	See Footnote.(3)
Class A Common Stock	02/23/2004		M		2,000	A	$30.5	4,000	I	See footnote.(3)
Class A Common Stock	02/23/2004		M		2,000	A	$26.8125	6,000	I	See footnote.(3)
Class A Common Stock	02/23/2004		M		2,000	A	$29.875	8,000	I	See footnote.(3)
Class A Common Stock	02/23/2004		M		2,000	A	$27.375	10,000	I	See footnote.(3)
Class A Common Stock	02/23/2004		M		2,000	A	$33.95	12,000	I	See footnote.(3)
Class A Common Stock	02/23/2004		M		2,000	A	$18.7	14,000	I	See footnote.(3)
Class A Common Stock	02/23/2004		F		9,689	D	$33.7	4,311	I	See footnote.(3)
Class A Common Stock	02/23/2004		F		1,962	D	$34.6	2,349	I	See footnote.(3)
Class A Common Stock								874	D
Class B Common Stock								508,077	D
Class B Common Stock								113,525	I	See footnote(2)
Class B Common Stock								5,375,904	I	See footnote.(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class A Common Stock	$30	02/23/2004		M			2,000	09/05/1996	09/05/2006	Class A Common Stock	2,000	$30	14,000	I	See footnote(1)
Class A Common Stock	$30.5	02/23/2004		M			2,000	02/24/1997	02/24/2007	Class A Common Stock	2,000	$30.5	12,000	I	See footnote(1)
Class A Common Stock	$26.8125	02/23/2004		M			2,000	02/22/1999	02/22/2009	Class A Common Stock	2,000	$26.8125	10,000	I	See footnote(1)
Class A Common Stock	$29.875	02/23/2004		M			2,000	02/28/2000	02/28/2010	Class A Common Stock	2,000	$29.875	8,000	I	See footnote.(1)
Class A Common Stock	$27.375	02/23/2004		M			2,000	02/26/2001	02/26/2011	Class A Common Stock	2,000	$27.375	6,000	I	See footnote.(1)
Class A Common Stock	$33.95	02/23/2004		M			2,000	02/25/2002	02/25/2012	Class A Common Stock	2,000	$33.95	4,000	I	See footnote.(1)
Class A Common Stock	$18.7	02/23/2004		M			2,000	02/24/2003	02/24/2013	Class A Common Stock	2,000	$18.7	0(4)	I	See footnote(1)

Explanation of Responses:

1. These stock options belonged to Naomi C. Dempsey. Upon her death, they became part of the Naomi C. Dempsey Trust. Michael Dempsey is the trustee of the Naomi C. Dempsey Trust.

2. Michael Dempsey is the trustee of the Naomi C. Dempsey Charitable Lead Annuity Trust.

3. Michael Dempsey is the trustee of the Naomi C. Dempsey Trust.

4. The remaining 2000 stock options expired without being exercised due to the exercise price being greater than the current stock price.

	Michael H. Dempsey by John K. Dieker pursuant to a Power of Attorney filed with the Commission	02/24/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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