-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HAjjr454k2W2vRScFCOefEYHI7fgqxR4BZXHy1U/YgOnAfg59GzsnqR4jbZxNjg+
 aKbyNGjZcjOb/Dkmnr8Xpg==

<SEC-DOCUMENT>0000950123-10-019384.txt : 20100301
<SEC-HEADER>0000950123-10-019384.hdr.sgml : 20100301
<ACCEPTANCE-DATETIME>20100301164815
ACCESSION NUMBER:		0000950123-10-019384
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20100301
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100301
DATE AS OF CHANGE:		20100301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREIF INC
		CENTRAL INDEX KEY:			0000043920
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPERBOARD CONTAINERS & BOXES [2650]
		IRS NUMBER:				314388903
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00566
		FILM NUMBER:		10645198

	BUSINESS ADDRESS:	
		STREET 1:		425 WINTER ROAD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015
		BUSINESS PHONE:		7405496000

	MAIL ADDRESS:	
		STREET 1:		425 WINTER ROAD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREIF BROTHERS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREIF BROTHERS COOPERAGE CORP
		DATE OF NAME CHANGE:	19690820
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c97060e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 6pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B><DIV align="center"><DIV style="font-size: 6pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of<BR>
the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Date of Report (Date of earliest event reported): March&nbsp;1, 2010 (February&nbsp;24, 2010)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 6pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c97060c9706001.gif" alt="(GREIF LOGO)"></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>GREIF, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B>
<DIV align="center"><DIV style="font-size: 6pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-00566</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>31-4388903</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Commission File Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(IRS Employer</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>of incorporation)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Identification No.)</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>425 Winter Road, Delaware, Ohio</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>43015</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(Address of principal executive offices)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Zip Code)</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Registrant&#146;s telephone number, including area code: (740)&nbsp;549-6000</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Not Applicable</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(Former name or former address, if changed since last report.)</B></DIV>


<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 6pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">







<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Section&nbsp;2 &#151; Financial Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2.02. Results of Operations and Financial Condition.</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;24, 2010, Greif, Inc. (the &#147;Company&#148;) issued a press release (the &#147;Earnings Release&#148;)
announcing the financial results for its first quarter ended January&nbsp;31, 2010. The full text of the
Earnings Release is attached as Exhibit&nbsp;99.1 to this Current Report on Form 8-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Earnings Release included the following non-GAAP financial measures (the &#147;non-GAAP Measures&#148;):
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> net income before restructuring charges, restructuring-related inventory charges and
acquisition-related costs on a consolidated basis, which is equal to GAAP net income plus
restructuring charges, restructuring-related inventory charges and acquisition-related
costs, each item net of tax, on a consolidated basis;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>diluted earnings per Class&nbsp;A share and per Class&nbsp;B share before restructuring charges,
restructuring-related inventory charges and acquisition-related costs on a consolidated
basis, which is equal to GAAP diluted earnings per Class&nbsp;A share and per Class&nbsp;B share plus
restructuring charges, restructuring-related inventory charges and acquisition-related
costs, each item net of tax, on a consolidated basis;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating profit before restructuring charges, restructuring-related inventory charges
and acquisition-related costs on a consolidated basis, which is equal to GAAP operating
profit plus restructuring charges, restructuring-related inventory charges and
acquisition-related costs on a consolidated basis;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating profit before restructuring charges with respect to the Company&#146;s Paper
Packaging segment and Land Management segment, which is equal to that segment&#146;s GAAP
operating profit plus that segment&#146;s restructuring charges; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating profit before restructuring charges, restructuring-related inventory charges
and acquisition-related costs with respect to the Company&#146;s Industrial Packaging segment,
which is equal to that segment&#146;s GAAP operating profit plus that segment&#146;s restructuring
charges, restructuring-related inventory charges and acquisition-related costs.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company discloses the non-GAAP Measures described in Items (i)&nbsp;through (v), above, because
management believes that these non-GAAP Measures are a better indication of the Company&#146;s
operational performance than GAAP net income, diluted earnings per Class&nbsp;A share and per Class&nbsp;B
share and operating profit since they exclude restructuring charges, restructuring-related
inventory charges, and acquisition-related
costs, which are not representative of ongoing operations. These non-GAAP Measures provide a more stable
platform on which to compare the historical performance of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The full text of the Earnings Release is attached as Exhibit&nbsp;99.1 to this Current Report on Form
8-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Section&nbsp;7 &#151; Regulation&nbsp;FD</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On
February&nbsp;25, 2010, management of the Company held a conference
call with interested investors and financial analysts to discuss the
Company&#146;s financial
results for its first quarter ended January&nbsp;31, 2010. The file transcript is attached as Exhibit
99.2 to this Current Report on Form 8-K.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Section&nbsp;9 &#151; Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release issued by Greif, Inc. on February&nbsp;24, 2010
announcing the financial results for its first quarter ended
January&nbsp;31, 2010.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File transcript of conference call
held by management of Greif, Inc. on
February&nbsp;25, 2010.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GREIF, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: March 1, 2010&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Donald S. Huml
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Donald S. Huml,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and<BR>Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release issued by Greif, Inc. on February&nbsp;24, 2010,
announcing the financial results for its first quarter ended
January&nbsp;31, 2010.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File transcript of conference call
held by management of Greif, Inc. on February&nbsp;25, 2010.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c97060exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Greif, Inc. Reports First Quarter 2010 Results</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net sales were $709.7&nbsp;million in the first quarter of 2010 compared to $666.3&nbsp;million in
the first quarter of 2009. The 7&nbsp;percent increase was due to higher sales volumes (16&nbsp;percent
or 11&nbsp;percent excluding acquisitions) and foreign currency translation (5&nbsp;percent), partially
offset by lower selling prices (14&nbsp;percent) due to the pass-through of lower input costs.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net income before special items, as defined below, was $37.6&nbsp;million ($0.65 per diluted
Class&nbsp;A share) in the first quarter of 2010 compared to $21.7&nbsp;million ($0.38 per diluted Class
A share) in the first quarter of 2009. GAAP net income was $24.8&nbsp;million ($0.43 per diluted
Class&nbsp;A share) in the first quarter of 2010 and GAAP net loss was $2.3&nbsp;million ($0.03 loss per
diluted Class&nbsp;A share) in the first quarter of 2009.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">DELAWARE, Ohio (Feb. 24, 2010) &#151; Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial
packaging products and services, today announced results for its first fiscal quarter, which ended
Jan. 31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Michael J. Gasser, chairman and chief executive officer, said, &#147;Our sales volumes have
significantly improved across all businesses and geographic regions from the same quarter last year
with particular strength in emerging markets. The improved gross profit margins were led by
Industrial Packaging margin expansion. We continue to focus on the disciplined execution of the
Greif Business System and maintaining the permanent cost savings that were achieved during fiscal
2009.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Gasser continued, &#147;During the first quarter, we completed an industrial packaging acquisition that
expanded our footprint in Scandinavia. We continue to pursue our pipeline of consolidation and
product line extension opportunities.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Special Items and GAAP to Non-GAAP Reconciliation</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Special items are as follows: (i)&nbsp;for the first quarter of 2010, restructuring charges of $5.9
million ($4.8&nbsp;million net of tax) and acquisition-related costs of $10.1&nbsp;million ($8.0&nbsp;million net
of tax) pursuant to the adoption of SFAS No.&nbsp;141(R), as described below; and (ii)&nbsp;for the first
quarter of 2009, restructuring charges of $27.2&nbsp;million ($22.6&nbsp;million net of tax) and
restructuring-related inventory charges of $1.8&nbsp;million ($1.5&nbsp;million net of tax). A
reconciliation of the differences between all non-GAAP financial measures used in this release with
the most directly comparable GAAP financial measures is included in the financial schedules that
are a part of this release.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Recent Accounting Changes</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In the first quarter of 2010, the Company changed from using a combination of first-in, first-out
(FIFO) (approximately 80&nbsp;percent of total inventory) and last-in, first-out (LIFO) (approximately
20&nbsp;percent of total inventory) inventory accounting methods to the FIFO method for all of its
businesses. The Company believes this change is preferable because the FIFO method:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provides better matching of sales and expenses</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Better reflects the current value of inventories on hand</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Presents a uniform inventory method across all operations</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Allows for easier comparisons with peer companies</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reduces complexity in financial reporting</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Financial information in this press release for the first quarter of 2009 has been adjusted for
presentation under the FIFO accounting method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In the first quarter of 2010, the Company adopted SFAS No.&nbsp;141(R) (codified under ASC 805,
&#147;Business Combinations&#148;), which requires it to expense acquisition costs in the period incurred.
Previously, these costs were capitalized as part of the purchase price of the acquisition. Under
this new guidance, there were $10.1&nbsp;million of acquisition-related costs recognized in the first
quarter of 2010 included in selling, general and administrative expenses. This amount included
$6.1&nbsp;million for acquisition costs incurred prior to November&nbsp;1, 2009 that were previously
accumulated to the balance sheet for acquisitions not consummated by October&nbsp;31, 2009, and $4.0
million for acquisition costs incurred during the first quarter of 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Results</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net sales were $709.7&nbsp;million in the first quarter of 2010 compared to $666.3&nbsp;million in the first
quarter of 2009. The 7&nbsp;percent increase was due to higher sales volumes (16&nbsp;percent or 11&nbsp;percent
excluding acquisitions) and foreign currency translation (5&nbsp;percent), substantially offset by lower
selling prices (14&nbsp;percent) due to the pass-through of lower input costs. The $43.4&nbsp;million
increase was due to Industrial Packaging ($35.3&nbsp;million increase) and Paper Packaging ($9.1&nbsp;million
increase), slightly offset by Land Management ($1.0&nbsp;million decrease).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Operating profit before special items was $66.7&nbsp;million for the first quarter of 2010 compared to
$40.5&nbsp;million for the first quarter of 2009. The $26.2&nbsp;million increase was due to Industrial
Packaging ($38.8&nbsp;million increase), principally offset by a decrease in Paper Packaging ($12.4
million decrease). GAAP operating profit was $50.7&nbsp;million and $11.5&nbsp;million in the first quarter
of 2010 and 2009, respectively. The improvement in GAAP operating profit was partially offset by
the impact resulting from the adoption of SFAS No.&nbsp;141(R), as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net income before special items was $37.6&nbsp;million for the first quarter of 2010 compared to $21.7
million for the first quarter of 2009. Diluted earnings per share before special items were $0.65
compared to $0.38 per Class&nbsp;A share and $0.96 compared to $0.56 per Class&nbsp;B share for the first
quarter of 2010 and 2009, respectively. The Company had GAAP net income of $24.8&nbsp;million, or $0.43
per diluted Class&nbsp;A share and $0.63 per diluted Class&nbsp;B share, in the first quarter of 2010
compared to GAAP net loss of $2.3&nbsp;million, or $0.03 loss per diluted Class&nbsp;A share and $0.06 loss
per diluted Class&nbsp;B share, in the first quarter of 2009.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Business Group Results</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Industrial Packaging net sales were $564.8&nbsp;million in the first quarter of 2010 compared to $529.5
million in the first quarter of 2009. The 7&nbsp;percent increase in net sales was due to higher sales
volumes (14&nbsp;percent or 11&nbsp;percent excluding acquisitions) and foreign currency translation (6
percent), substantially offset by lower selling prices (13&nbsp;percent) due to the pass-through of
lower input costs. Operating profit before special items increased to $57.4&nbsp;million in the first
quarter of 2010 from $18.6&nbsp;million in the first quarter of 2009. The $38.8&nbsp;million increase was
primarily due to higher sales volumes, margin expansion principally due to lower input costs and
the disciplined execution of the Greif Business System, and benefits from permanent cost savings
achieved during fiscal 2009. GAAP operating profit was $41.4&nbsp;million in the first quarter of 2010
compared to GAAP operating loss of $8.3&nbsp;million in the first quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Paper Packaging net sales were $139.5&nbsp;million in the first quarter of 2010 compared to $130.4
million in the first quarter of 2009. The 7&nbsp;percent increase in net sales was due to higher sales
volumes, partially offset by lower containerboard selling prices. The Company initiated a $50 per
ton containerboard price increase at the end of the first quarter of 2010 that should be fully
implemented during the second quarter of 2010. Operating profit before special items decreased to
$6.3&nbsp;million in the first quarter of 2010 from $18.7&nbsp;million in the first quarter of 2009. This
decline was primarily due to higher raw material costs (especially old corrugated containers) and
lower selling prices, which were partially offset by higher sales volumes. GAAP operating profit
was $6.3&nbsp;million and $16.8&nbsp;million in the first quarter of 2010 and 2009, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Land Management net sales were $5.4&nbsp;million and $6.4&nbsp;million in the first quarter of 2010 and 2009,
respectively. Operating profit before special items was $3.0&nbsp;million in the first quarter of 2010
compared to $3.2&nbsp;million in the first quarter of 2009. Included in these amounts were profits from
the sale of special use properties (surplus, higher and better use, and development properties) of
$0.3&nbsp;million in the first quarters of 2010 and 2009. GAAP operating profit was $3.0&nbsp;million in the
first quarters of 2010 and 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Other Cash Flow Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In the first quarter of 2010, the Company&#146;s debt increased primarily due to seasonal factors and
cash payments related to the acquisition of an industrial packaging company, capital expenditures,
quarterly dividends and performance-based incentives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Capital expenditures were $33.7&nbsp;million, excluding timberland purchases of $0.1&nbsp;million, for the
first quarter of 2010 compared with capital expenditures of $26.8&nbsp;million, excluding timberland
purchases of $0.4&nbsp;million, for the first quarter of 2009. Capital expenditures are expected to be
approximately $125&nbsp;million, excluding timberland purchases, for fiscal 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On Feb. 22, 2010, the Board of Directors declared quarterly cash dividends of $0.38 per share of
Class&nbsp;A Common Stock and $0.57 per share of Class&nbsp;B Common Stock. These dividends are payable on
April&nbsp;1, 2010 to stockholders of record at close of business on March&nbsp;17, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Greif Business System (GBS)&nbsp;and Accelerated Initiatives</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">During fiscal 2009, the Company implemented specific plans to address the adverse impact to its
businesses resulting from the sharp decline of the global economy, which began at the end of fiscal
2008. These plans included accelerated GBS initiatives, contingency actions and active portfolio
management. An additional $30&nbsp;million, net, of savings from these plans are anticipated during
fiscal 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Company Outlook</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s management continues to anticipate a gradual improvement in sales volumes and the
full realization of the fiscal 2009 permanent cost reductions. In addition, it expects to mitigate
the impact of the temporary margin contraction for Paper Packaging with other actions including
full implementation of the
January containerboard price increase. As such, the Company reaffirms its earnings guidance before
special items of $4.00 to $4.25 per Class&nbsp;A share for fiscal 2010.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Conference Call</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company will host a conference call to discuss the first quarter of 2010 results on Feb. 25,
2010, at 10 a.m. Eastern Time (ET). To participate, domestic callers should call 877-485-3107 and
ask for the Greif conference call. The number for international callers is &#043;1 201-689-8427. Phone
lines will open at 9:50 a.m. ET. The conference call will also be available through a live webcast,
including slides, which can be accessed at www.greif.com in the Investor Center. A replay of the
conference call will be available on the Company&#146;s website approximately one hour following the
call.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>About Greif</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Greif is a world leader in industrial packaging products and services. The Company produces steel,
plastic, fibre, corrugated and multiwall containers, packaging accessories and containerboard, and
provides blending and packaging services for a wide range of industries. Greif also manages timber
properties in North America. The Company is strategically positioned in more than 45 countries to
serve global as well as regional customers. Additional information is on the Company&#146;s website at
www.greif.com.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Forward-Looking Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">All statements other than statements of historical facts included in this news release, including,
without limitation, statements regarding the Company&#146;s future financial position, business
strategy, budgets, projected costs, goals and plans and objectives of management for future
operations, are forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally can be identified by the use of
forward-looking terminology such as &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;anticipate,&#148;
&#147;project,&#148; &#147;believe,&#148; &#147;continue,&#148; &#147;on track&#148; or &#147;target&#148; or the negative thereof or variations
thereon or similar terminology. All forward-looking statements made in this news release are based
on information currently available to management. Although the Company believes that the
expectations reflected in forward-looking statements have a reasonable basis, the Company can give
no assurance that these expectations will prove to be correct. Forward-looking statements are
subject to risks and uncertainties that could cause actual events or results to differ materially
from those expressed in or implied by the statements. Such risks and uncertainties that might cause
a difference include, but are not limited to: general economic and business conditions, including a
prolonged or substantial economic downturn; the availability of the credit markets to our customers
and suppliers, as well as the Company; changing trends and demands in the industries in which the
Company competes, including industry over-capacity; industry competition; the continuing
consolidation of the Company&#146;s customer base for its industrial packaging, containerboard and
corrugated products; political instability in those foreign countries where the Company
manufactures and sells its products; foreign currency fluctuations and devaluations; availability
and costs of raw materials for the manufacture of the Company&#146;s products, particularly steel,
resin and old corrugated containers; price fluctuations in energy costs; costs associated with
litigation or claims against the Company pertaining to environmental, safety and health, product
liability and other matters; work stoppages and other labor relations matters; property loss
resulting from wars, acts of terrorism or natural disasters; the Company&#146;s ability to integrate its
newly acquired operations effectively with its existing business; the Company&#146;s ability to achieve
improved operating efficiencies and capabilities; the Company&#146;s ability to effectively embed and
realize improvements from the Greif Business System; the frequency and volume of sales of the
Company&#146;s timber, timberland and special use timberland; and the deviation of actual results from
the estimates and/or assumptions used by the Company in the application of its significant
accounting policies. These and other risks and uncertainties that could materially affect the
Company&#146;s consolidated financial results are further discussed in its filings with the Securities
and Exchange Commission, including its Form 10-K for the year ended Oct. 31, 2009. The Company
assumes no obligation to update any forward-looking statements.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GREIF, INC. AND SUBSIDIARY COMPANIES<BR>
CONSOLIDATED STATEMENTS OF OPERATIONS</B><BR>
UNAUDITED<BR>
(Dollars and shares in millions, except per share amounts)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Quarter ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>January 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(As Adjusted)<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">709.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">666.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of products sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">572.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling, general and administrative expenses<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset gains, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operating profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.8</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss)&nbsp;before income tax expense (benefit)&nbsp;and
equity earnings and minority interests, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss)&nbsp;attributable to controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;attributable to equity earnings and
minority interests, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic earnings (loss)&nbsp;per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;B Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings (loss)&nbsp;per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;B Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares used to calculate basic earnings (loss)&nbsp;per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;B Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares used to calculate diluted earnings (loss)&nbsp;per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;B Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.5</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In the first quarter of 2010, the Company changed from using a combination of first-in,
first-out (FIFO)&nbsp;and last-in, first-out (LIFO)&nbsp;inventory accounting methods to the FIFO
method for all of its businesses. Financial information in any tables included herein has
been adjusted for presentation under the FIFO accounting method.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In the first quarter of 2010, the Company adopted SFAS No.&nbsp;141(R) (codified under ASC
805, &#147;Business Combinations&#148;), which requires it to expense acquisition costs in the period
incurred. Previously, these costs were capitalized as part of the purchase price of the
acquisition. Under this new guidance, there were $10.1&nbsp;million of acquisition-related
costs recognized in the first quarter of 2010 included in selling, general and
administrative expenses. This amount included $6.1 mln for acquisition costs incurred
prior to November&nbsp;1, 2009 which were previously accumulated to the balance sheet for
acquisitions not consummated by October&nbsp;31, 2009, and $4.0&nbsp;million for acquisition costs
incurred during the first quarter of 2010.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GREIF, INC. AND SUBSIDIARY COMPANIES<BR>
GAAP TO NON-GAAP RECONCILIATION<BR>
CONSOLIDATED STATEMENTS OF OPERATIONS</B><BR>
UNAUDITED<BR>
(Dollars in millions, except per share amounts)
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Quarter ended January 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Quarter ended January 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Diluted per share amounts</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Diluted per share amounts</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Class A</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Class B</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Class A</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Class B</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(As Adjusted)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(As Adjusted)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(As Adjusted)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GAAP &#151; operating profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring-related
inventory charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisition-related costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-GAAP &#151; operating
profit before restructuring
charges,
restructuring-related
inventory charges and
acquisition-related costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">66.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GAAP &#151; net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring charges, net
of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring-related
inventory charges, net of
tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisition-related costs,
net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-GAAP &#151; net income
(loss)&nbsp;before restructuring
charges, restructuring-
related inventory charges
and acquisition-related
costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">37.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GREIF, INC. AND SUBSIDIARY COMPANIES<BR>
SEGMENT DATA</B><BR>
UNAUDITED<BR>
(Dollars in millions)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Quarter ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>January 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(As Adjusted)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Industrial Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">564.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">529.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paper Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">709.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">666.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating profit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating profit before restructuring charges,
restructuring-related inventory charges and
acquisition-related costs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Industrial Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Paper Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Land Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Operating profit before restructuring charges,
restructuring-related inventory charges and
acquisition-related costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Industrial Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Paper Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Land Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Restructuring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring-related inventory charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Industrial Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition-related costs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Industrial Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Depreciation, depletion and amortization expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Industrial Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paper Packaging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GREIF, INC. AND SUBSIDIARY COMPANIES<BR>
GEOGRAPHIC DATA</B><BR>
UNAUDITED<BR>
(Dollars in millions)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Quarter ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>January 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(As Adjusted)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">360.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">394.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Europe, Middle East and Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">709.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">666.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating profit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating profit before restructuring charges,
restructuring-related inventory charged and acquisition-
related costs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">48.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Europe, Middle East and Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operating profit before restructuring charges and
timberland disposals, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring-related inventory charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition-related costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GREIF, INC. AND SUBSIDIARY COMPANIES<BR>
GAAP TO NON-GAAP RECONCILIATION<BR>
SEGMENT DATA</B><BR>
UNAUDITED<BR>
(Dollars in millions)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Quarter ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>January 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(As Adjusted)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Industrial Packaging</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GAAP &#151; operating profit (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(8.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring-related inventory charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisition-related costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-GAAP &#151; operating profit before restructuring
charges, restructuring-related inventory charges and
acquisition-related costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Paper Packaging</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GAAP &#151; operating profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-GAAP &#151; operating profit before restructuring
charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Land Management</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GAAP &#151; operating profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-GAAP &#151; operating profit before restructuring
charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GREIF, INC. AND SUBSIDIARY COMPANIES<BR>
CONDENSED CONSOLIDATED BALANCE SHEETS</B><BR>
UNAUDITED<BR>
(Dollars in millions)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>January 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>October 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(As Adjusted)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CURRENT ASSETS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">831.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">LONG-TERM ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">592.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets held by special purpose entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">878.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">886.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PROPERTIES, PLANTS AND EQUIPMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,122.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,092.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,832.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,823.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CURRENT LIABILITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">228.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">335.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">LONG-TERM LIABILITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">879.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">721.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities held by special purpose entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,303.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,155.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SHAREHOLDERS&#146; EQUITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,075.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,106.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,832.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,823.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>c97060exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 99.2</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>FINAL TRANSCRIPT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c97060c9706002.gif" alt="(GRAPHIC)">

</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 10pt"><B>GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 10pt"><B>Event Date/Time: Feb. 25. 2010 / 3:00PM GMT</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CORPORATE PARTICIPANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Deb Strohmaier</B><BR>
<I>Greif Inc. &#151; VP of Communications</I>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike
Gasser</B><BR>
<I>Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don
Huml</B><BR>
<I>Greif Inc. &#151; EVP and CFO</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>CONFERENCE CALL PARTICIPANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun</B><BR>
<I>Deutsche Bank &#151; Analyst</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel</B><BR>
<I>KeyBanc Capital Markets &#151; Analyst</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Steve Chercover</B><BR>
<I>D.A. Davidson &#038; Co. &#151; Analyst</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Mike Worley</B><BR>
<I>Janney Montgomery Scott &#151; Analyst</I>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>PRESENTATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Operator</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Greetings and welcome to the Greif Incorporated first quarter of 2010 earnings conference call. At
this time, all participants are in a listen-only mode. A brief question-and-answer session will
follow the formal presentation. (Operator Instructions). As a reminder, this conference is being
recorded.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">It is now my pleasure to introduce your host, Deb Strohmaier for Greif Inc. Thank you. Ms.
Strohmaier, you may begin.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Deb Strohmaier </B><I>&#151; Greif Inc. &#151; VP of Communications</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thank you, Melissa, and good morning. As a reminder, you may follow this presentation on the Web at
greif.com in the Investor Center under Conference Calls. If you don&#146;t already have the earnings
release, it is also available on our website. We are on slide two.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The information provided during this morning&#146;s call contains forward-looking statements. Actual
results or outcomes may differ materially from those that may be expressed or implied. Some factors
that could cause the results or outcomes to differ are on slide two of this presentation and the
Company&#146;s 2009 Form 10-K, and in other Company SEC filings as well as the Company earnings news
releases.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As noted on slide three, this presentation uses certain non-GAAP financial measures, including
those that exclude special items, such as restructuring charges and Timberland disposals, and
acquisition-related costs. Management believes the non-GAAP measures provide a better indication of
operational performance and a more stable platform on which to compare the historical performance
of the Company than the most nearly equivalent GAAP data.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All non-GAAP data in this presentation are indicated by footnotes. Tables showing the
reconciliation between GAAP and non-GAAP measures are available at the end of this presentation and
in the first quarter 2010 earnings release.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>1</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I will now turn the call over to Chairman and CEO, Mike Gasser.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thank you, Deb. Good morning, everyone, and thank you for joining our conference call today. For
those of you following this presentation on the Web, we are on slide four.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sales volumes improved significantly across all businesses and geographic regions compared to the
first quarter last year. As our results improve, however, we remain focused on the disciplined
execution of the Greif Business System and maintaining the permanent cost savings we achieved last
year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On slide five, our organic growth was supplemented in the quarter with an Industrial Packaging
acquisition in Scandinavia. We strengthened our footprint in Sweden and expanded into Denmark,
Norway, and contiguous countries. After the quarter&#146;s end, we closed on the acquisition of the
world&#146;s largest producer of flexible intermediate bulk containers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The addition of woven polypropylene FIBCs to our product portfolio expands our offerings to our
customers. Conversely, it allows the new company to expand its Industrial Packaging product offerings
to its customers. It also enables us to diversify more deeply into stable end segments such as food
and pharmaceutical industries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We anticipate that we will close on additional Industrial and Paper Packaging acquisitions this
quarter and throughout the remainder of the year. With these and with all our acquisitions, we will
leverage our global footprint in the Greif Business System to deliver value to our customers and
shareholders. Our pipeline of consolidation and product line extension opportunities is still
robust and we continue to aggressively pursue growth through this channel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Now to slide six. During the quarter, and after meeting our first energy use reduction target, we
issued a new challenge to Greif worldwide to reduce our energy and carbon footprint on a per-unit
basis by 15% by 2015. Also of note, our Riverville and Massillon containerboard mills, and our
multiwall bags business qualified for a Sustainable Forest Initiative certification. Certification
helps their customers who are looking for more sustainable resources for their own markets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Executive Vice President and Chief Financial Officer Don Huml will now provide you with an update
of our financial results.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thank you, Mike. If you would go to slide seven. Despite some headwinds, we were able to deliver
strong first quarter results. As Mike mentioned, sales volumes were significantly improved for all
of our products and geographies. In addition, the margin expansion in Industrial Packaging more
than offset the price cost squeeze in Paper Packaging. And finally, we are on track to achieve the
$120&nbsp;million of permanent cost savings that were implemented last year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net sales for the quarter were $710&nbsp;million compared to $666&nbsp;million last year. The increase was
due to higher sales volumes of 16% or 11% excluding acquisitions, and foreign currency translation
of 5%, offset by lower selling prices of 14% due to the pass-through of lower input costs.
Industrial Packaging accounted for $35&nbsp;million and Paper Packaging for $9&nbsp;million of the increase.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Operating profit before special items was $67&nbsp;million compared to $41&nbsp;million last year. The
increase was
due to Industrial Packaging at $39&nbsp;million, primarily offset by a decrease in Paper Packaging of
$13&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The effective tax rate was 20.2%. Based on current expectations and earnings mix projections, this
is a reasonable estimate for 2010. Net income before special items was $38&nbsp;million compared to $22
million last year. Diluted earnings per share before special items were $0.65 per Class&nbsp;A share.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>2</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the first quarter of 2010, seasonal factors and cash payments related to the acquisition of an
Industrial Packaging company, capital expenditures, quarterly dividends, and performance-based
incentives caused our debts to increase.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On slide eight &#151; Industrial Packaging net sales were $565&nbsp;million in the first quarter of 2010
compared to $530&nbsp;million in the first quarter of 2009. Higher sales volumes of 14%, or 11%
excluding acquisitions, and foreign currency translation of 6%, offset by lower selling prices of
13% due to the pass-through of lower input costs, accounted for the increase.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Sales volumes were particularly strong in the emerging markets. Operating profit before special
items increased three times to $57&nbsp;million in the first quarter of 2010 from $19&nbsp;million last year.
This increase was primarily due to higher sales volumes, margin expansion, primarily from improved
value-added, and lower costs resulting from the discipline execution of the Greif Business System,
and benefits from permanent cost savings achieved during 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Now on slide nine. Paper Packaging net sales were $140&nbsp;million compared to $130&nbsp;million last year.
The increase was due to higher sales volumes, partially offset by lower selling prices. We
initiated a $50 per ton containerboard price increase at the end of the first quarter of 2010, that
should be fully implemented during the second quarter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Operating profit before special items decreased to $6&nbsp;million from $19&nbsp;million. This decline was
primarily due to higher raw material costs, especially old corrugated containers, and lower selling
prices, which were partially offset by higher sales volumes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As shown on slide 10, our Land Management business continues to perform as planned. Net sales were
$5&nbsp;million and $6&nbsp;million in the first quarter of 2010 and 2009, respectively. Operating profit
before special items was $3&nbsp;million, which was the same as last year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On slide 11, capital expenditures are expected to be approximately $125&nbsp;million for 2010. We
continue to anticipate a gradual improvement in sales volumes. In addition, we implemented specific
plans to address the adverse impact to our business resulting from a sharp decline of the global
economy during 2009. These plans included accelerated GBS initiatives, contingency actions, and
active portfolio management. We are on track to fully realize the permanent cost savings of $120
million from the 2009 initiatives and an additional $30&nbsp;million from GBS activities this year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Finally, we expect to mitigate the impact of the temporary margin contraction for Paper Packaging
with other actions, including the full implementation of the January containerboard price increase.
Therefore, we reaffirm our earnings guidance before special items of $4.00 to $4.25.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">That concludes my remarks and you should now go to slide 12. Mike and I will be pleased to answer
your questions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>QUESTIONS AND ANSWERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Operator</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(Operator Instructions). Christopher Chun, Deutsche Bank.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun </B><I>- Deutsche Bank &#151; Analyst</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Can you just give us some more information on the two acquisitions that you mentioned earlier? It
seems like especially the polywoven one may have been fairly significant in size.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>3</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes, Chris, I&#146;ll try to bracket the acquisitions. I&#146;ll start with the first one. It was the
acquisition up in the Scandinavian region. We had disclosed that in our 10-K. It&#146;s a company called
Hannells; private label company; had three locations in Sweden, Denmark and Norway. It really
complements our existing business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We had a very small interest in that region and it&#146;s an exciting opportunity for us. You could find
this out &#151; sales were around $100&nbsp;million for that business. And we don&#146;t disclose purchase prices
for any of these, but both of these were less than $100&nbsp;million apiece on the purchase price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The polywoven business that we talked about is an opportunity &#151; they are the leading producer of
polywoven FIBCs. They have about 18 facilities in North America, Asia, and Europe. It tightly fits
our growth strategy as a product line extension. We are currently a small distributor in polywoven
bags, so we do know this business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We did acquire the leading company for this product. There&#146;s significant customer overlap, and it
really does increase our participation in a much more stable end market, which would be the food
and feed market. A significantly higher percent of their business goes into those products than the
industrial &#151; the drum business does. And it&#146;s very similar customers. So, their sales would be
around $200&nbsp;million in sales. And again, purchase price would be less than $100&nbsp;million. That
hopefully will bracket what we&#146;ve done.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun </B><I>&#151; Deutsche Bank &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. Can you give us an idea of the kind of EBIT, EBITDA multiples that you take?
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We stayed in the range on both of those, which we said in the past would be five to seven times. So
both of them were in that range.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun </B><I>&#151; Deutsche Bank &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. And do you expect these deals to be accretive in the near-term? Or will that take some time?
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Well, our anticipation is that they will be slightly accretive this year. So it&#146;d be very marginal
&#151; slightly accretive for 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun </B><I>&#151; Deutsche Bank &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">And would the accretion increase in &#145;11?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes. I mean, the margin of these businesses with synergies, the FIBC business we anticipate will be
equal to or greater than the margins of the existing business after we implement all the synergies
that we&#146;re going to put into it.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>4</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun </B><I>&#151; Deutsche Bank &#151; Analyst</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. And then can you remind us what&#146;s still in the acquisition pipeline?
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes, we have &#151; well, last quarter, we talked about having eight acquisitions in the pipeline. We
closed on two of them, which we just talked about. We still have eight in the pipeline, so we added
two more. We&#146;re still looking in the range of five to seven times multiple.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Aggregate purchase price, if we did all eight &#151; and again, you know, these are just round numbers
&#151; would be less than $350&nbsp;million. And the sales for these eight would be around two times the
purchase price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The distribution would be &#151; probably one-third of these would be core consolidation plays.
One-third would be product line extension and one-third would be into new markets. So just to give
you a flavor of what direction they&#146;re looking at. And they&#146;re spread pretty evenly geographically
around the world at this point.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun </B><I>&#151; Deutsche Bank &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay, great. And if I can just switch topics. It seems like the paper side is where you&#146;re facing
some margin challenges at the moment, due to the high OCC costs. Do you have any visibility into
what those OCC costs will be going forward?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Well, you know, that &#151; you&#146;re absolutely right, and I&#146;ll let Don jump in here in a second, but
you&#146;re absolutely right. Our challenges have truly been with the headwinds of the OCC costs. And it
was compounded by the severe weather we&#146;ve experienced in the Midwest and the Northeast. That
eliminates collection quite a bit too.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Right now, OCC prices on the spot market we&#146;re hearing of 160 to 170 a ton. We anticipate that they
will come down once the weather breaks, but we really don&#146;t know for sure at this point in time.
And as we said in the prepared remarks, the price increase that we have announced in January, and
is being implemented, will help us offset those increases and allow us to get to the guidance
range that we talked about at the beginning of the year.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun </B><I>&#151; Deutsche Bank &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Right. And then in terms of your guidance range, can you tell us what average OCC level for fiscal
2010 that assumes?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes, Chris, we basically anticipated a spike in February of about $30. And then, as Mike had
mentioned, some improved availability, so that we would see some moderation of OCC, perhaps $10 a
ton in the months following, the two months following, but remaining at a fairly elevated level.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Christopher Chun </B><I>&#151; Deutsche Bank &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. I&#146;ll go ahead and turn it over. Thanks for your help, guys.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>5</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operator</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Chris Manuel, KeyBanc Capital Markets.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A couple of questions for you. Let&#146;s start &#151; if I could &#151; I know you want to be a bit cautious
with information you&#146;re talking about with some of these deals you&#146;ve completed, but just to give
us a sense of where these fall &#151; a couple hundred million of revenue from the &#151; it looks like
Storsack, and another $100&nbsp;million from the Hannells piece in Scandinavia. I mean, some of these
start to sound kind of chunky.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With respect to contribution as the year goes on, help me with how this fits. I guess, maybe I&#146;ll
come back to the question this way. As you &#151; Don, if you&#146;re building your bridge from 2009 to 2010
in your guidance, could you re-go through that bridge for us in how these components all fit in?
And then I guess I&#146;ll come back to the acquisition question.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes, I&#146;d be happy to, Chris. We provided a bridge during our last conference call, which basically
remains intact. We indicated at an operating profit level that we would have a contribution from
higher volume levels that we estimated at 9%; very consistent with what we&#146;re reporting. We
actually achieved a little bit more. And that was a $75&nbsp;million impact.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We then stated that the Paper Packaging price cost squeeze would be a step down in the bridge,
primarily based on higher OCC cost. And that was a $15&nbsp;million deduction that we have basically
seen play out.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We then talked about the Greif Business System &#151; net of the returning costs, the non-permanent
cost reduction from 2009 of $30&nbsp;million. We also discussed the pension expense step-down of $10
million, based on the lower discount rate. And then we had an offset for acquisitions, the
contribution from acquisitions at $10&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We also indicated that below the line, interest expense would be a bit higher, based on the
financing transactions and extending maturities last year. So we indicated that that would be a $15
million pretax impact &#151; negative impact. So that basically got you to the $400&nbsp;million range in
operating profit and the $4.00 to $4.25 in earnings per share.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. So as I&#146;m looking through the old bridge to &#151; well, essentially what amounts to what&#146;s going
to be a new component, it looks like the base came down from $3.30-ish to $3.00 as you adjusted
some accounting. I&#146;m just kind of trying &#151; as I look through some of the puts and takes, it sounds
like you&#146;ve done a couple more sizable acquisitions that weren&#146;t included in there before.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Are those within your new &#151; so, two components &#151; one, is that within your new bridge? It looks
like the tax rate is becoming more &#151; I guess, as I&#146;m looking, it seems as though there&#146;s a
discrepancy here that we may be missing some components. And that&#146;s what I (multiple speakers) &#151;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No, I &#151; well, I don&#146;t think so. I would say the Paper Packaging &#151; I think we highlighted a risk.
It turned out being a little bit worse than we had expected. I think, I mean, the OCC situation was
&#151; we were looking for an increase but it has been more of an impact than we had considered.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>6</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have offsets in terms of other actions that we&#146;re taking. And we would also expect, based on an
earnings mix shift, to have a bit lower effective tax rate. We had provided a broad range, 20% to
25% during our last call. It now is looking like it&#146;s going to be more toward the lower end of the
range.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In terms of the acquisition contribution, as Mike had mentioned, the initial year, our focus is
really embedding the Greif Business System and really shrinking to a profitable core. So, we are
anticipating a positive contribution and accretion, but the first year is really focused on
solidifying the platform. We would expect in the second year to get much more of a contribution,
and by the third year, to be at a targeted return of a 25% return on net assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. So is there &#151; when you embedded this into your $4.00 to $4.25 number, is there any
contribution assumed from these two new transactions? It&#146;s sounding like no.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Modest. A modest contribution.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. And then separately with the &#151; could you help us by, maybe over the next few weeks,
releasing &#151; it
looks like you&#146;re making an adjustment for accounting &#151; to give us the historical financials so
that we can make the adjustments? And for this quarter, what &#151; well, two questions &#151; one is, what
impact, if any, did that have on your &#151; what was your guidance number? And what would the quarter
have looked like, had you not done this?
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Well, starting with the second question last, we have not computed LIFO, since we have adopted
FIFO. I would say that, based on the relative stability of commodity prices, there would not likely
have been a significant impact. It will not have any effect on the guidance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">And in terms of the amendments, we will &#151; by the close of business today, we will be posting on
our website the quarterly data for 2009. I would expect by tomorrow we would have five years worth
of data. We&#146;ll then be filing an 8-K with the audited amendments, I would say, really, by the end
of the second quarter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. That&#146;s helpful. I&#146;ll turn it over. Thank you.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operator</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(Operator Instructions). Steve Chercover, D.A. Davidson &#038; Co.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>7</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Steve Chercover </B><I>&#151; D.A. Davidson &#038; Co. &#151; Analyst</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">First, I wanted just to start with timber. Some of your peers &#151; and I think timber is a much more
important component than revenue &#151; have been giving us directional information on harvest volumes
and pricing. Are you also holding back on your harvest levels? Can you give us a little color,
please?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have actually had a fairly good harvest activity. Our properties tend to be a little higher on
higher ground and more accessible during adverse weather. So we were actually able to realize full
and fair prices. And so I would characterize the harvesting activity as up slightly.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Steve Chercover </B><I>&#151; D.A. Davidson &#038; Co. &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">And skewed towards saw logs or pulp logs, given your &#151;?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Saw logs.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Steve Chercover </B><I>&#151; D.A. Davidson &#038; Co. &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay, thanks for that, Don. And switching to regional trends, can you discuss the US versus Europe,
which I assume might have some problems in Asia?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes, Steve. I&#146;ll give you some volume trends from the first quarter this year to the first quarter
last year. So, year-over-year comparison. And we&#146;ll use large steel drums as the proxy because
that&#146;s the one that we have around the world.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Asia is up over 50%. So we&#146;ll start with that, because that&#146;s by far the biggest increase. Latin
America is basically flat. And that&#146;s to be expected because Latin America really had started the
downturn later than everyone else did last year, so they really hadn&#146;t started. So they&#146;re
basically flat year-over-year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Europe is up 20 plus percent, in the higher range of that, and North America is around 20%. So, our
&#151; actually, Europe is a little bit better than North America, which is contrary to what you&#146;re
hearing, but in our case. But all regions are up on large steel drums, which we would use as the
best proxy because it is the universal product.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Steve Chercover </B><I>&#151; D.A. Davidson &#038; Co. &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">And so to have a volume across the Company up just over 9%, is that a function of pricing?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes, the volumes were up 16%; 11% on a same structure basis, if you take out the acquisitions. So,
volumes around the Company are up 11%. Steel drums &#151; we had 20 in a couple of regions; flat in one
region; 15 in other regions. And then the other products
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>8</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">were up a little bit different percentages. And when we showed total units, it&#146;s all the paper
volumes in corrugated. So 11% would be the volume increase corporate-wide.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Steve Chercover </B><I>&#151; D.A. Davidson &#038; Co. &#151; Analyst</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. And final question, just philosophically &#151; the returns, obviously, in Paper Packaging aren&#146;t
acceptable in the current quarter and I agree that OCC will probably come down when availability is
better. But would you be philosophically in favor of another price increase, just given where OCC
is today and Don&#146;s comments that it comes down to $10 a ton or so?
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Well, we constantly are evaluating our price/cost relationships and the margins that we experienced
in that business. And we did implement the increase in January. We&#146;ll analyze the costs as they go
forward and analyze them, make a decision whether we should have another increase later in the
year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Steve Chercover </B><I>&#151; D.A. Davidson &#038; Co. &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Great. Thanks, Mike.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operator</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thank you. There are no further questions at this time. I&#146;d like to turn the floor back over to
management for &#151; I&#146;m sorry. We have a follow-up from Chris Manuel, KeyBanc Capital Markets. Please
proceed with your question.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I just wanted to, if I could, follow-up on the volume question, because I&#146;m a little confused.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">So if we looked at 11% same structure across the system &#151; you went through some numbers for large
steel that, up 50 Asia, I think 20 Europe, 20 North America, flat Latin America. Were there other
components that must have been negatives to kind of help us get to industrial piece that would have
been up &#151;?
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No, not really, Chris. Other pieces were up single digits or low single digits. We didn&#146;t really
have any products that were negative year-over-year. So, on an average, if you averaged the rest of
them &#151; to get to 11%, there were some that was single digits, low single digits up.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Don Huml </B><I>&#151; Greif Inc. &#151; EVP and CFO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(multiple speakers) Yes, Chris, one of the factors is &#151; what Mike had referred to &#151; we have
several product lines, for example, fibre drums, that serve primarily food, agricultural and
pharmaceutical end markets. So those markets have been very stable. So the low single digit growth
rates are understandable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">When we&#146;re &#151; when Mike was giving you that regional review of volume changes for large steel drum,
recall that those served really the chemical and petrochemical and petroleum markets that were
impacted so significantly at the same time last year. So it&#146;s sort of illustrative. It allows you
to eliminate mix effect, but it&#146;s not necessarily representative of the portfolio.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>9</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. And have you seen any adjustments with respect to substitution across the system?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
No, Chris. We constantly are looking at that. You know, you do get customers looking at different
products at different times based upon different cost structures. But we have not seen a trend this past quarter
that makes one product a favorite at the expense of another.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. And then a couple more questions along these lines. On the blending/filling side, how have
activity levels there been?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Activity levels recently have improved quite a bit, so that&#146;s positive. We did announce that we are
opening up a blending/filling operation &#151; or starting to build one in China, so that will be an
expansion into the Asian market. So that activity level is pretty good right now. So that&#146;s a good
encouraging sign.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. And then with respect to the 11% whole Company core, I think in your &#151; either in your
prepared remarks or in the press release, you talked about seeing that gradually improve over the
course of the year through time. Can you talk maybe a little bit about the trajectory through the
quarter? Basically the 9% for the full year, is that &#151;?
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
This is a tough quarter to look at that, Chris, because we go from a holiday season in November to
a holiday &#151; a real holiday season in December to January. So, the trajectory in January is always
much better than December. So that is consistent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Our business right now is still very good; still continue to track. We haven&#146;t stated what we think
the volumes would do, but we are cautiously optimistic that they&#146;ll continue to grow and get better
as the year goes on. We haven&#146;t seen any signs yet that says that that will not be the case.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay, that&#146;s helpful. I guess as I&#146;m looking at the balance of the year, your comps obviously get
tougher as the year goes on. Or I guess, maybe said differently, that the biggest negative variance
was earlier in the year. So from a &#151; and I know it&#146;s very difficult to see into your customers,
but from a &#151; the higher activity levels we&#146;re seeing now, could you maybe comment a little on how
you feel that that may coincide with their end demand, i.e., not versus restocking or something of
that nature?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes, we have a &#151; we&#146;ve had a lot of conversations on whether the volume increase has been
inventory
build, restocking; we have no indications that that&#146;s the case today. We judge this by the
frequency of the order, the urgency of the order. And we
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>10</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">also believe that most companies probably still have a long memory of last year. And so having a
large inventory is not something most companies are probably going to want to sign up for right
now.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">So we don&#146;t think this is a restocking effort. Customers are generally positive right now &#151;
cautiously positive, I would say. And the chemical business is generally positive, cautiously. I
don&#146;t think anyone says we&#146;re completely out of the woods yet, but it&#146;s a heck of a lot better than
it was a year ago, Chris, as you know.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Chris Manuel </B><I>&#151; KeyBanc Capital Markets &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Yes. Okay, that&#146;s all I had, gentlemen. Thank you.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operator</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#091;Mike Worley&#093;, Janney Montgomery Scott.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Worley </B><I>&#151; Janney Montgomery Scott &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I was just going to ask you about the chemical end market and you just answered my question. But I
was wondering over the course in the last year, since some of these end markets have been hurt
worse than others, has the Company&#146;s exposure to various end markets changed dramatically?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Well, that&#146;s a good question, Mike. We have &#151; in the past, the way we&#146;ve described it has been
about one-third chemical, one-third lube and oil, and one-third other, which is food and
agriculture. It&#146;s pretty consistent. I would tell you our volume is probably a little bit higher in
chemical today just because the chemical business is a little bit better than it was a year ago.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The acquisition that we did on the flexible IBC is &#151; it was our intent to get into more stable end
markets, and there, have a higher concentration into the food and feed business. So we believe, in
addition to being the leading producer, that it does help stabilize the end market &#151; which has
been our objective, which we&#146;ve stated over the last year, year and a half. So we anticipate in the
future, as this becomes a part of our operation, that our end market relationship will change a
little bit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Worley </B><I>&#151; Janney Montgomery Scott &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. And just as far as looking at those acquisitions that are in the pipeline, are they more &#151;
are any of them in chemical? Or are they all in the other two?
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Gasser </B><I>&#151; Greif Inc. &#151; Chairman of the Board of Directors, CEO</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Well, in the announcements, I gave one-third consolidation, one-third new market, and one-third
product extension. The core consolidation would be normally the same relationship we had in the
Industrial business. The other two could be a mix &#151; that could be a little bit different.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mike Worley </B><I>&#151; Janney Montgomery Scott &#151; Analyst</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Okay. Thanks a lot.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>11</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FINAL TRANSCRIPT
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Feb. 25. 2010/3:00PM, GEF &#151; Q1 2010 Greif Inc. Earnings Conference Call
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operator</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thank you, gentlemen. There are no further questions in the queue. I would like to turn the floor
back over to management for closing comments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Deb Strohmaier </B><I>&#151; Greif Inc. &#151; VP of Communications</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thanks, Melissa. And thank you all again for joining us this morning. A digital replay of the
conference call will be available in approximately one hour on the Company&#146;s website at
www.greif.com. We appreciate your joining us this morning.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Operator</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thank you. This concludes today&#146;s teleconference. You may disconnect your lines at this time. Thank
you for your participation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>DISCLAIMER</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thomson Reuters reserves the right to make changes to documents, content, or other information on
this web site without obligation to notify any person of such changes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the conference calls upon which Event Transcripts are based, companies may make projections or
other forward-looking statements regarding a variety of items. Such forward-looking statements are
based upon current expectations and involve risks and uncertainties. Actual results may differ
materially from those stated in any forward-looking statement based on a number of important
factors and risks, which are more specifically identified in the companies&#146; most recent SEC
filings. Although the companies may indicate and believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions could prove inaccurate or
incorrect and, therefore, there can be no assurance that the results contemplated in the
forward-looking statements will be realized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE
COMPANY&#146;S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE
MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE
CONFERENCE CALLS. IN NO WAY DOES THOMSON REUTERS OR THE APPLICABLE COMPANY ASSUME ANY
RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON
THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY&#146;S
CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY&#146;S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR
OTHER DECISIONS.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#169;2010, Thomson Reuters. All Rights Reserved.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>12</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMSON REUTERS STREETEVENTS | www.streetevents.com |  Contact Us
</DIV></TD>
    <TD>&nbsp;</TD>

<TD rowspan="3" align="left" valign="middle"><IMG src="c97060c9706003.gif" alt="(THOMSON REUTERS LOGO)"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px; font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169;2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by
framing or similar means, is prohibited without the prior written consent of Thomson Reuters. &#145;Thomson Reuters&#146; and the
Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies.</DIV></TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>c97060c9706001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c97060c9706001.gif
M1TE&.#EAL0!!`/<``/G]^@**>Y7(Q`5^?+C7U>'^_H>YMRB$=@*$=!:&=R5R
M<?[^_TFCFOWY^?;^^?#^_@I\?/GY_1IU;/[\_@-^@JOBW2:7A0:$;:O8U09]
M@%^CGP&*=#BEDE>GGC65BO[U_O/]]8S)P]S]_@"%?8K%O?[^_,':VN/Q\GN[
MLAZ2A7_`N!=]>/3U^OS^_@R#<_[Z_F2TJ@"`A`I[@FBAGK/@W)K1RP*2>9C`
MOP&&>.GFZ66MI@)^A0N!>I>_R,OEY/W_]0*)@>W^_G#'P/G^_MSJZJ?1S0"%
M@?S^_/S[_@&!>.W\]5FTI\?AWOC^_NC^_K7OZ?GY^O;Y_=7RZTN;E#6)@YO:
MTM3K[-ST\^GQ]3F=DB>-@EB4E$.5C*#*R`""?/S\_,O]^A:*@?C^]PF)>__X
M_OC__`"!@/K^_*OQYO[[^_[]^@"!B/GU^?;^_/[^^KSIY?#]^OWV^O[Y^_SZ
M_,+IY.;M\?WV\[GOYVFZL?7Z^-7]_0"`@KWDX0""@<W;WO;]_@""?P5_<W6T
MK[/JX@N*<@-]BPU^<GS$N`EZ;?C\^\/DX?'X^A:!;O[X^P5]A`&`?O/__@R!
M@4BMH?;___;X\`6%??K[_OO\^O/^_,CQ[?WS_>WR[?7L]=/AX_WZ]T:,A_O_
M^@:`?5K-NG*GHO/U]!.3??K[_`6&>+KLZ:GHX=WN[P"$A>W]^O+Z_?SZ_@:!
M=T:VI6?"NM+R\,WLZ0:!@L;MZ[+EX>[Y^`""@VZ9G/GU_0!_>XK=VD:AC_C[
M_LGIY@*`?/7\^_GY]O[\^!-UAPV+@0.1A/O\]W#`L?SW^^KV]_[_^"V;C^GY
M^OOX_O3\_>G^^/[Q^?3]_N[[_-3Y]@2!A02/;`*`@OW^\P)_?OKR^G;"N>G\
M_0*#@`F$A_K]\MOFZ@.#>P-_@.+W]OO^]P=\A`*#?@=[B0YX@@6&@GO+P`."
M@P.$A?K[\[;BTH7/Q$>3>VVQKW"NLVW7Q+WW\0%[@*3!P([JXDVLFM+KYE6A
MEE:OH:[.SOW[\".ABO___R'Y!```````+`````"Q`$$```C_`/\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRY,(2+5HL6#!APLHF
M`(Y<4C-A#A1.?&C4($%"A0H#*DC4P&""2+`)+\B0^9+(@9B6"_ZID7.FQ(0A
M0URNW,H5ZLJ62H>EF3.A":0_2,DU<("I19,F*KG*G;NU9<L_+5Z\&.(IC1J6
M+4L<^?-"[!>]+<[075SWZID)7\I8BO,0Y1"5+<^T.7:I@:=$3C+AZ:4E`:%B
M`;S$*%2HE(U25+AHJ"!"1)0SB<B1.W9D99M$F6RA0H,&U9/CR)/?64X/C(@"
M!;A!PX1$#I2W+1W$D5*!S_$W;Y*+_Q^/_,X3XV@&$?'E1(J[08/.HW^SB"VU
M3&^(D]^/'-5P-&^D@H8M)SPT00E8M5!""65@8H<PE]3!A"`27&`-(RX0@H`7
M7NP10PP(;(#`!8P<(($.%:BR2`MJN"%&&59)XP`*"AR`B`0XYJCCCA(HH(`&
M(510RQ6W1)#&!"D-D0@;]AS@8X\*\"CEE!*4:,\MX]QPP)8FY@B/'[?<0D*7
M5);9XXU1)J```0^]L,`998#BAAMPYM$,!@PPXX(-UEB#``Y`!-K'AVLD,4(E
M8U1RR@9C&(-/#5=8DD@;;1PQC"7/Z!,(+4`8L8X1?80JJJA)G')*`*B.\<H8
M'G10Q3AY-/]"QA\/Y+4-`CQ48L0U%)@QZJ_`AAH.#L-N<``!S@2!#",7!`#$
M"'V8<4T6)T3PS"&G`+,!#EX$ZVVH,5!@Q`B+VF"!+08N`$H9<[J!TCA=4)%`
M.&,@0`@A@8XP@A&XQ+#&#AG0D@TPP%2B:"`N'&#``TV4<88;:GS@BSZ1L&,$
M.SNL\N'&'&>33:<C!!I.)>CP<$`72LA**Q(+X&$#((&NHC''--?\809F9.,%
M#A)8T8@T.B1PBC'[[K'##KVTH@D;*`!B1#KKV"SUQCLX$D,?H2!@#3.U/)22
MG`VPD4P4X'#P2@;G%)+VP.*(L\?;53M2#@6.U.U(!GAGL,$&%W3_@`$+;$`A
M3#*J9('`+GU0@$XV>3>.=SEU'WW-->(H;@X.A/1"1QY0)#-,"_AL$$XWB8OC
M^.FHHW/..3%XL4(KKCC0`8:HFH&W#/@\HTD=&OA[#C&H!]^X#!0\$DH`?1?H
MT!!G@*)&(VQ$X4<N/(1R#6O8STW!]G27X[T1J^`B/BZ\4K"!#39<\$DG+.31
M%!W^;`!M*!!P:/_]7JS!,2ZBRI!.`-;H6Z38@`TQ,&`#KQA`!B!0/_PY$'^`
M*$<,=K"&$7C`"0"`1B]<L`%4>>$1P/#"$A[P`E5,P0AK^-T#5W@_G(T@'!NP
M!@QN\9#+E$`-<VC%+[9`C!5`(`G&`,(J_]90#G3L@'L4:)LXLF&$)H;*#&;8
M`RX"<#X$&.(319A&*S"!@5($`%37"`6W5B@^40'BC(`(X0AP@`!&"$(9GE`#
M%K*P@5#((`,#2`(@6+A"I\4`%X!8`C<N`0UF+`H'([@?,AX@#1]0`875*`<?
M5S@"<9C!"%Z(H0J"X;4;3L`2?*`"$(QQ/KZY(!#`P(7&Q`=%#NF+@0I<XB.D
M%0A"G`)]UM`"/WSQ`GNL@`*KDP$$`J#$8K;-#(_(Q@"6N4Q@!``'U6`'.W!`
M!1HHP1>=8(8Q(!>#$1#3F.`$)R(7*(,0^,(.WPA#)=(1`T?(0`;BZ,,-R&`)
M$T@`&$G,0#CWJ?]$8,C`:C$P1P#F^9!+E&$.<[""/B#``V,X:P3`8.#Q`G"H
M,&2!`Y)8PCX8P(72).%/YAA`*&C!@UL"(0"&T(<LHF``%]#";AG8%P2TP(P4
MV/2FQ1A#(`+Q"D6=`@A>&$`?NI&$!`@`!%'`0`K208MK2*N)W:!?'H&A0(]9
M]:I)H.HK#%&%5E!B$^G8PSKV8#H*?*@(43`%!@S1#5HL4(S$2F`2'I',JUZ5
MJL`80:D2$(("/.08;;!$,[;A@@"<:GQ[H$4E$(:(3PC@#5:H`Q8F6P<K*`(#
M4SC`*3=PBC7(`!@X8,<:(N$!.HQC"1?@`2WZ0%8SH(,*_*@%*MY0BU__T.$7
MBJ`!"?1AHS%L(`:`&,`(`+&+4^"!%"QX1S$@D%<OF#42*Y#'#6Y``@'TH`?3
MS:YVKTN"$)``'&R(`Q'TMP>Z/L)#.^`')'RA#D-<3)BTH*(6XN%=ZVKWOM?M
M@0!N8`][L.\A:FA!'HIP`!ZP$0AOVP,@O!D&+AR"&])H!5+T`IEGW((;>JB"
M!U)@@PVL`8_AD&8D#N&$$X2N>JR-)P2VD(-G/*`548A`(J(0A6=,@QHJT((+
M2J%@X79C%P%@0!U(L8TQ,'<$CZ#`&GBP)FFX^`'/\$4;RD#E*E,9$[0J0!`T
MP0E-^&$',2CO([Q@A@^9`!,3V`</+H;':@`!_P<>X`,WN#&-*%CYSB^P!":P
M?(07Q$$3!IJ`+`J<A``4@P?9$`=H+U`*9'1"$Y8PA2D:<(QCB`$$(&@"$E[P
M@2A8@0148$0?1L#`2AB#"B9P0#XXL(%(9"/%W<"!#L9Q#`!\00Z>:`<+H,`&
M,CBC&370`B',$%SPX0((5.B$,I:0P%`DTJP;T`(-\G`,W23"%`#(MK:U?8QA
M7`(3TB"#+KAQB`^5UPP<HBL1X.*!-;-#'%XH1!_2\8E('<,3=MBVOAW@E-VT
MHQW5#G07$G!*0X<"A!\EA!"H$05-!.,,9\B#&!R@!&A``PYGX/0'(I`E!80C
M`!`HV0;TH0QA,,$"J?]]1(H!88-8B&#B"B('IC$A!F&PH0FUR`(AQCP`\,7`
M"%1@@HE?$8ET<$C)UN#`'8*AFTL[("50C[H8ED$.5L"A!7_0PQ+,W4H.`>,$
M+?A"`G@@,W@[H@^5V$(!RN"`'V`CZG`'@1A^0'>JBT$,7E-%Z'``#$"80QPG
M#0052*`,-@@#`%^QBUT<`'&HFT(8.6"&JB*1!`O<01C#(,`%-B`P7)#5')$P
M0`24HI<C.,`)%R>')Z`PBUY<8`]!'8$J`9%L*W`@'.78A1?PN087=$`5'XA#
M&MQ0AB;HY?C(S\J!U&`'9Q1`'Q1X6S>,`(2/CN$29U"&(78ALVS@(`E\TH#_
M$Z3Q@`<0!OG(!\41#O,")"3I(7_H0@HV/P`*A"H`8V!$")01#4U@@A6)IQ=*
M009RD`8ET`:0``EM\`43\`Z,D`Z[P`/J4`"7,`P8L'EMXWG9,`(KT`6Z\`%D
M@!B3<"`0TPAQ,`M98`W$)EQFL`I>P`7@H`A:D`3>`&_XA`LK(`C-\`$?@"1O
MP6]`&(1#H!<E,`QV$`=7``\#\#9.`P0(@``6L``MH`H(T()K0`LX<#[6@`+G
MIQ1!^(4).`E-,`F3``GE]Q`GH`^$8`,(D`$R0`NKL`$N,`4%X`L\&`P/<`98
ML8=[6(`!1BE-,`0`(`4Z$`9`H`5T,`V7\`("$`B<_U<-&K@**8`!4?`%?Q"(
M9O$!+W!#!4@'%O!;P04ML=8!)V`"+N`%-;A[XH`+AJ`"3C`!2#"&D#`)=%>+
MMM@$"W`$F.``#0`%=.`!`Y`-Q+9&C@@+3.$#`3!$:P!7?%,#SS"`'V"+TNA^
M<0%U2/`0!)``'00$,D`,D0`$%W``-!`!7Q`,3?`%9#`,ZK@,RP`*[@@*#]`&
M+3`!<E"/8V$'XR`)(X`'+.`,#4`&!H``-B`.ZZ"!(\`,=]`&V``*>4$&:?`"
MDQ`$0=`$?R``"1``@"1<Y@`,IW`(8E`$B!`.CE`/JH@+C$`"!=`B;K``2<$8
M:=`(PR`&`$!/&$`%^F0&^O\2`+4D"M]&``B`"VM0"&*T`T#P"O0@#2W@`)CV
M#XOA$BU`97*B!FKP$"3`"(2@*T7D"$;@`O%P`HEP!!!G"B\@E6JP(&99`I-P
M&1.0!E\``)0B#`]0`SI``W_@"XF0"(+@`F-`9F^#;AQ`#5#@"3&1!@78BZT@
M#;?`!UL0"%\$"!#P"$Y8"EU@"5U@"`'@5A[S"+N@!57`#8TP`0"@:2^@>*1I
M"HEP"94F!Q\@`"L@#H\P`(C$1H3P#I=@"47P"A2P"NN0`:\P`NFP`GH@#4S!
M;Z2I>$?2!,]P!C-Q!(GP$$N`"!>0#D>S`\)H`2;@#$-P!,M0`DA`!@F1>&MY
M"=C_]P500`I#%G7[P"S<<D9>,`*]``W.,`%_T`9(@`1_``?3P`TB4`54P)@4
ME0'HL`<GI05,D`8D8)E>@#=0!`S^@`9ZP`U.4!L%$*&U4:$56@`B$`3#<`QI
M$`$D0`C`!9MZA0`'8`)B\`(A4`F1,'T#``&<E0#.`1T6.J.UX0086@"0()5#
M,`D/P0&V9`031`'"*`G<\`)G<`3NLFG?"1AK^0)'D@8-$*4-D`94.@S[H`5:
M<%-9J@7X,`N=X`.SD`_@8`6S\`M\4`1;H`"&4`Q#8SHR@)-CP`7CX`J"8)F[
M<)-FL`NE(`FC,`JYH`$S$*@:,*B$2JB!:@)N0`[DB0R__Q548X0`!'H,+[`-
M9\.B$(`#E1`&.A"H,U"HGCJH?=JG!'`$`38$#Y$"Q0`HJ[`]L[0-TO`!V5F6
M*I$0);``0_`'N&H)KO`"B1`,=YD(V\8$)C"LQ#JL2^`!S,`!_N`!R,H,S!`&
M+F`JS_0L_V0&(55-TH`$.O`*`9`$`_`(@'`-&<"&/,`#KT`L+0I%ZKJN+L`(
M15`"9]`"BP`#'M8',=4'T\0%5G`,$X`'.)`!I*-,>F4.;?4*P)`$9+:NZWH!
M8W`*5%`$`$`34>$0Q8``@6(&K`H((=!PL1I@$WL0"S()Y?<`D``7K,`*#S`-
M";BR;>``31`%EN`+9,"#^V`AV_^B0(`0``/0FR,P!OF2#C*P!_IB"(+@!(E@
M"1TP!MWZK>&:`3B`2,_B+-$R-1O`"!4P!RJQ;`'P1QE@!'O`#N;P>XBW#_^Z
M#GTP,,#P""-@!L^B+X-B,VN`*CB0!150!A+[$`B[+[BP/7O0!QB0%)"@?&>@
M$,>`"2;0`;W``(J[N(S;N(P["K\`!QJP`C@0`/0C`V`&9JID!!@K`^CPM`&0
M`!T0*8T@!UF@M,40"/I"`3)`5[X"/C.#1+(;`"G`!W'P`JY0!PP0#E?3M?\"
M#'BP"`#@"PR``[0`9F.6:%+4+SO@/;*+1*,$#%R0"0"P#"U@J@YA2:&R!QD0
M?7U`!TG_P3#M5Q4)X0D/T`4K<`IL]`J!P$SN.P"[@`!)$`A)@`,7$&=!,`7<
M&@!_]R'3^4?A`J#HL#<NP``T$&YQ0`86@+J]:02.@`YX8U94LP-H5,%.`V>S
M$`V?J0H,,`(*YKOUD`XJ<!G*D`7&"V;$UC:30P'EX+GH8,$6W`T00(=RT@(\
MZA!6PUK<FP%]2P</&03G%R<)<0Q!<*!CH"]4I;#K^@B5,VH7P`4^$`',@`,V
MP"TA8P3;,SEMLSUX0R(=0`</P(!4&@94]`KG:@19&7U[0`%XDPT*!L-GE`0,
MH`IQ``5M8`59L+9!=3$44`PD\`5G``Y3_%([0&P)QL49<#=P_\R>W<`#&M`,
MW>86#Y$V'\+&&3!J!-`2XZ<70HP0E\`-@L`#@#!$GKM/%*`VA;`*YE`)4U`'
MFA`&.'`*$+`"X3`"Z*``'Y1HPCAJ0-`+-7`+']`(:0"6#E`)'12M%%4.Q%!&
MC[!``[`SS[L]._`*,-`,G@`"3L`'S!``NX`#/8<+WE`,-9`&`.`'%A``&5`.
M.R"TT6)>[8DJT;P]`1`./."*P^`)2/(0D5#+RW1PW-L%B?`"<-`&<D`&3=`&
M"9$,0:`#8[`.0>D(YS`"W0`,Z]`-%KT.UU,(:U`-Z1"G6*`-Z1`.IZ"7./`*
M/(`.N(!,7I`$8Z`%'8`'?``-0Q@!+_\@!Z8@!>'@!>$0"K4\`NXDMR\4"J$`
M"-TP.49]U"ZP#=,`!WD`!XJ0`JG1S$2=J340<460`DE@/4T<*$^+`^9@#OIR
MU&*-?XQ0`T'P!4=2`J>Z-^W;GGN`#BKP`&1P">0P#')@"9"0$`U0`/@01-<`
M9JLP!H)="1PR*)GK696``+T`!3F`#CAB"(1P`>H+!$<#>\4`"X.@"IO@L?\P
M"<[P`7E0`:R5L8#P"!`@`2;B(ZJ]VJQ=(_;``JQP%$Q`"!L`".)0#GM@#M&&
M`4VP".HP!J%0"1!E-:^`"(P`):W=VB6":I#`$B7@!@]A.(SR"K6,"S+0`44Z
M?&)APPF1""+_P`#%4`QAX`UA(-YA$`:!P"%&8S4[8-T?UP%JD`/Q(`_R``.2
MD`!C@`/&4#>P%P@6\`9PX`F`K!)-\-FM0`)>D`V.X)IGU,R9(*$R"AT2/N'0
MH0=PX`RWD`<38`*$$`"`P,(XB0-:8`*3H`QX<`J1D%?X%`,\H`6I`.$4'N-@
MH`<B,`V3L!(+XIR;=PJ$S;D98`'CZ)#JYQ()`04@@`$U4`-=D.1)_@Y"D`"5
MD&0M_"&K\%F$<`@3<`F^8(9PT`E3@`#.(@.X'0X(D``ZH`R?608N,03.0`:L
MT#MWXYJ)Y*VD`#%?<)9XCN=1\`'1P'A#4`//9-OEP+8(X`&*D`@G_[`/".`-
MNP!19G6_=%#7+>$7>6Z6$8`$#9`2`K$2#X$"'(2IX0`JXD`(!K`(']``5-82
M">$7F%!^9&BC$?H.$!`.228W5"X#KT`(58`$ET`&UTL&+#`*C#D"D(.3H?L)
M3/`%3WD@9>`*9#`-7&`&<:ZV>C4`PW!#-T26*MDNW/X!FJ`)#G`$K6``#?OA
M@VX$",`%^8`$JB`)BZ[B9D4(^"`%V(#/$S`,/\#M^JX)<2`'$S"53/FQ#$$`
M!\"P4=[@D%H$$6`*>^8*E($0QS>`R3`'6GX%^A"29L`_6/QS#.0"@_`%8G`)
M_-8(+V`%7%`)YO`VXX(J;D0-DW(,PG`&KO\@:!Y0-1F0#>9P4@/`#'P(=WSX
M\]>K!IC0!@^@`6,0";;M"`*:[B=`!C(X`K2@>RO.`S`P#J7K%@[S\WSH%V5Y
M!)@Q`0]!!%QP`<80C.V,`+[G!`>-"5#@G0@1%Y.^(*"@#`9P`&-P7KA`?120
M]PS$"&``!6(`"KM(F-)0`RY0":*2DZ>@!17P!Y`P$P#@"DCP!A9@\V-&+#P`
M"UH!GIL_%R+;(,&`"53@`BM*-Z.&`%.P@R9PD?6P#KMG5BM@`,\0#1^0$HR!
MX^ZHZ8#Q$'F@`J6```HT2]E@S`F``<H0#,%`TPF1EE*(=<'0!@!0!*-_"EAL
M?R.`,T#`0`<@`DW_,00-LWZ6H`@>,`919$GF@``C#0NA7X$`4)]*%2X4P"&&
MQ0.QT!B*QQA#\`#K<@G3`!`'3D$`1(%"GQ&O]$US1L`%D'KKO``3MV:%@#_1
MR+1H,8',`I`A0S89TF+!!)'_5*YDV5(7&%B(!F009V9`*!LV#ABP0RK*BY8L
M34Z8T*))&R@Y+!"R9FR5#'09@&7H`P3""@\%H#@80F8"I#9SL,"X\"@#.AD9
M@."P@<`/IF/#`"!!0B)!#+Q>O.!XM8)7&3&@!)<@7(+C8<0ORJA)(Z>3!!N[
M"A[T$DA'*TU=`@6HMF>B.%REJCCY<0P2I!<;$2,><O+%"Y1#F@2EK9)-_P%U
M+L*]"E=I0*0`"!A]*G("2C*B7XH:_?/'P9<Y+Y"T:49@%"($`8!<DR%#'"!Q
M>U8->*6!6R(`'1<,.1,%4XT#(R)!H!4N7:1*IU`L@M(HF#1G5#@%EQC$V6N#
M0%:HX`@&"PMI-<0:(<>38>:PQ9!3PNDCAG+,&,$0$J)(A@1#PF%GCPP&$*<;
M?_C`1(TO3F,,0L1`(@HDCFJC+8TA9)'`A0T"&.,5&?8`A*\#XI&%FP8F>.TU
M9R*(()EH&D'B`1'>T8(0"!XQPXQL,J!@#S,>R0L!`Q+YHZB0)AABDG%NN*"2
M2I(8(8.T`+%`$5/("*:,9%#8H`\*,O`B@."TL/\%$DP:=?112!M%P@$[EFF!
MET!PP&$/#A_YD(87Q!`$D5-&Z*,<&8#Q(HLZD#AB@N;<6$9'6FM=Z1)3'@@A
M@0`V.(6'#++I0],$)-"`ACH6\65*,G1)AHQ&YH@`"T6V8(00&\01)YM''M%6
M6S-C\`(!>YI8TR0;C0)AG#!*+64JFD8@9)0ZV'``%!;BP8'0#';IM9(L4&EN
M8((+)K@55H11(Q$87@D`!P++V0,'1C))`Q0=&$$`B'3*D<H<#GQIX9(TFBMA
M5EM3I@T$3QHY`05>$1U@%R]&L#F`4TK11Y`J]"C`"6Z"UN.-$/2A(H%3<#C%
MK&`!L7D`"+R(88='3B'_H`5?7D#WI`5:&*(,#2ZP`8A(TD((AP0$*`,;3T[H
MH+,]#!P!ATHXX*4"O//6>^^\4QE$F0F08&`,'!#8`Q=''L'A@`+2<``?(`,8
M05LS`.G`%0`<F*"))DY6^7.60#B&#4OH\."4AY/0RV8@UL+A`D:T^&0+`VXP
M()=/J#A@!1X"":22<`#)(-@19(YZ:F!.80)KK=LDJH1_!&#$AC$B08<"(Q(:
M0Q\X^NE'%0;J(9`"+XS`P9LP/$AA??;;=Y]]*KCH9`(6N!@#@4UQH<!3*I@4
M@X,+;,`8(^A6'P"!!V<D`@1>&X+G0`>Z82RC#$/X@PFVX`(;T,T([&`'7KXT
M_P(OE"D;N\@&MU2'`YMY(4PRT`[P4#>&8B!`:CL80!A\@`1?;$0D(E$%/@AQ
M"CQ=(WLX2`(A:)"'8]0B"]?`"YG,X(5=9``"3=Q#%:UX12SR0`L^:$$=LJ`I
M%?:A6^'001`:``=_!%!R(>R#&5#P`@<XX!(<*0$H'@@Z.8`"$V5X@3.8X`$$
MG`(!X?!&-7;@B'*48P>+7&0,<+&*57#+0T8P`BXL^3`$5,(0AA"%/S8PPU!8
MP`>N2`095K+#!4"A"BFH1`8<L8,^C`MUO5!%,-Z0!:EY<`_=>@0PUO!+8`93
MF,"LFQ1:``X/H'`7XC#"$\.QC3_800FEP!\.]-*'/O_L@01D<``($H&2.M[Q
M<R\H01F.D(QD+*(&GSA%((#QB#U0P!'=060BR^$(1^*")E7L@R7Q@H->&8(*
M(4A%*:PQ@A@X`@+,R(<S+&%*E:#R$E?HP"O2D5`#C:%7"0C!(GQ@`03L@(K;
M,L.&\')2E*;TI(&0Q!5:T`D+X*`;81J!&7;QBAJ(2`DX`$)OS`&(+U&@!A\`
M`0B"D9PRB%-E)YF`&M2P"=E@01*&&$#YVB@.0^D%&%M55?E6H;]RG*,[,@`2
M`O9!@R"8(`'6D-H\LV`%Z7Q$)1#Z1AH(@`@@K,)CP!!;)6S``'`PH107:&0,
M#$*!51B!JXME;&-Y@`Q6`,#_!!8(`"W2,@)`>($'%7B!)_*Q00K0`AA?0E$1
M-`$")7QS`E](JE)M92/"M"`1)AE$/+00B&KR@`>:LJ87NE6F1^)B';2`&@0B
M<8$$[.,-07@&!AAA#7Q>`P)34(4KOI"&!41TAV(X@BH.4`D<F,.XX3#&.H"0
M@BY48`PVJ`8NUB#<=:P#DMBD;WWM6]\$'.(/1R!`&&RPCD(ZHAIHXX,FH.".
M='"0'>O`IG`)$(5@R)$H17&M:YUQ`D7H@Q$)P-8%\*<=()@T!B6=6^$VL`%"
M=(`&JI".$]X10'88(0"OZ,`5+%$"->C($TAX1@B>:P,!#@]JZ-`"+PS!`P@D
M6<E+_V9RDYO,"`%(HPU%X)47#(D.""!`E'*`0PV<G&1P8"(83`U)A95*NFGH
MH0J]6`HA$!"()(2C&V;`RPXJ`83@$*(4*>"`*$3`BC\D@P5.0`8&*X$H%^A@
M'$-0`_1JTX`7)"(3^,A)3B`0BE#P8`6(\``/7/!E4(>:`ZE0P@,$D``;5((6
MM,#R!BSPBT2,0P>&^/(),)$(5)I9G'#(`Q*2`0558(`$^[!``EQPBE.H#A@#
MN(`+&'&`*1B`'U9H1AO.T(`X?($5!$`!,@R@@FT8``/3:$$PVJ"C.4!K$290
MP2$.H8)V'V(;[HXWO.U];WSG6]\AN`(+%L$$>G_;``;8QO\[3L""6Q1!W_">
M;0N^L$-=WQ$:F&C!!]@0:59(X1[S@$4IW(P`!"1!"_A0!PUFH00U?$`;TFB@
M)QI0@FD$K060"$(0(&&*+\`!#CIJP0OBD`PVP.$!#_C#>J0!"9*T(0C0V!HJ
MG?[TDP`@#M&(QAS@`&AG0&)S3GB`)J+Q`>5`726F.&4+(OY`])SA,$B8<'97
M8YCL_H,P;J#['TI"&">1@0P?(`-LVF[VVD!B"'EO1".2$0>O9)>I7H-ZXY].
ME#2HX0C-Z<C@9_X')$BG-8X_)4C.#CJ^3Z`,I['VR9:Q#,&`8C4+((Q@XMCW
M"<A=)&4H0Q/0-6$=3:()96@]*&BS[Y7"/,_LT".^W(U??.0?W_B-T+N3GO2"
M-*3![T^*??*AAY*X_Z/,GU=9\UM0AC:T@?:--@Q'F!J$!T#B#(3Y@E.;W[4A
ME*0%Z9]$_$MR$AT5A?;@;P,F'I"&HE"[&[$^Y2-``FP":4B_/P```,`$.!"S
M-I`-_Y.&V2#`[=,^HN`^#=Q`#NQ`#_Q`$`Q!$1Q!$BQ!$SQ!%$Q!%5Q!%FQ!
6%WQ!&(Q!&9Q!&JQ!&[Q!'(3!@```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>c97060c9706002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c97060c9706002.gif
M1TE&.#EAD0)!`/<```$RE?K]_;_,Y0$UBVR'R#58I?GX^0$QF>WQ]`,PHT)C
MM8:<R&%^L21*EQI$E7R6PYVPU?SZ^OWY_?'T]/W]]?O[[,O/V-OD[/G\^8BB
MV.OR[LS2YP0OF5IVJ/GZ]8FAS(*9O7J3N^'J[/G]]?SY]O;]_O3U^M+=ZOK[
M_39:G``TE3Q@J?K]\2-+HMWJ\G.+N-3BZM7<YNON]'2.PNSU^5-QL,31X[+&
MY@$QG;7&U,S:X2Q3I/S]_$1CA/;]^3U?F"Q1FJW`W0$SD4)CJT5FG0`UD=WJ
MZ[S+V[K2Y?3Y[<O;Z?SW_**\W;+#W.?K\>?R])RSR_[\_!(^G$%DH_W\\?SZ
M\@$UF9>JRO?Z^:*WS-WD\/G[\?7Y]?;Y_/S\^//UZ\'*X@DUDVB#J<34Z9"D
MS&V*OFJ$O:"YU).KTJ*VU>#FZQY&GXVBQ`L[F\O5Z/S^_)&CT_S\__;\]F2!
MNJN[VO+Z^@0QE>_Y]_[\^?GW]@DTG`PYDJJ\U&^%MO']_?[^^A$[E$IMK@,Q
MF>3C\$QQM>GN[)&DQ5]\NP4QD.OW]!0^B]7D\/7Y\)NNT^;L\?[\]]GDYD!=
MJYFMS=/@YOO\^@8WF`$TGC58BL75\T]QI_S^__[\_C)5KEQZMF)^P/'X]D5I
MHP4PG/#W\O;]\F6!LK7(WEAHID]KM+G(V_'Y^U1XLDQJHJ2WV.7R_O+UX]_M
M\-[L^J&WX<78Z(FFS>_]^./KYK+`U^;N]*"OR^'I[R%(CAL_G;O%X=C?[%MU
MM?O^]YNNQFN+LP4TD/O^^KO.T(ZKS:W&X_/]]YJOVD%HK7>4K0<OC0(XF%^`
MME-SN-;CW/K]Z$EGJP4XE`0TE6^)J[;(XO/ZYT=BIQ@^EF:'N@0TG-_H]`@U
M@BI0CY6FV"M3K^7H\P\SD/[_]P\VGL[@Y<?8W[7#YX2?P?W^_)>GR./GY>WP
MUY"GV;W0X%QXH/+[\KC(T^/P]?SX\8BPU^GLX9*HO8"@R*[(S':2S;S+RM/8
M[(RHP7^9S``SF/___P`SF2'Y!```````+`````"1`D$```C_`#?T<>*OH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F,_`1LB#2#G\N7
M,&/*G$FSILV;.'/JW,FSI\^?0(,*'4JTJ-&C2),J7<JTJ=.G0I.IW/6OJM6K
M6+-JW<JUJ]>O8,.*'4NVK-FS:-.J7<NVK=NW<./*G4NWKMVU4^_JW<NWK]^_
M@`,+'DRXL.'#7/,B7LRXL>/'D"-+GDQ9K^+*F#-KWLRYL^?/D2^#'DVZM.G3
MJ%,[%JVZM>O7L&/+/LUZMNW;N'/KWMVV-N_?P(,+'V[:-_'CR),K7[[7.//G
MT*-+G_[/.?7KV+-K;VU]N_?OX,,W_^XNOKSY\^C?DD_/OKW[]U77W^U'O[[]
M^_CSZ]_/O[___P`&*."`!!9HX($()J@@?0?T`]^#S6U`56$+5FCAA1AFJ.&&
M'':8'P<J0"AB7?+9Y>&)**:HXHHLG@CBB##&56)=+=9HXXTXYNCABS'VR-:,
M=.DHY)!$%EDDCSXF>1:0=!UP0%4'J""E"OT`\`\.``!P``XX"-%&"VM8T:"1
M.1X`@(/]J*"EDV?^HT(1:E)9I2!15K4BE5)FZ29](6KY#WUM<JFECBH(X>"?
M`TI97Y2,WH>DDI"*Q:1<.-B!B"7]+"/(-,+8$0HB_U@BC#""_/,-*?N`L8`4
M(%HA")DU_O]S`)W:A-)`#=D0T$PR+812Q`!"9-F/%79P`"*7**I`9Q%F6@&`
M'0G`><``EG!C1U59.HE#`MPD$&N:4PJQY9,"OAEBE*%,PX$PWMKW:*3P=C5I
M7&T$D\499]S+2AJLL')OOO;HPDTV"+PS`AUK1.DJK"SBD"8.VNBR@`"YB&*-
M!HO(D@$GQFZ)PS]6:`.`"G;8D:P@@HBY+0#4OGF`,-,4@R^^_<Z<A2HU3DEE
M`@ETJ8(5B1ZJ`B+$JC"-HR'&JW1B$AJV"RM++!$!"A1$($$$54L0=1!M6'+*
M$EZ@8$X+'$PC)L,K.EQ$)9%<$`$55B]!@@=55"`#%&$`(`@V1%#_`\$<E52)
MXK,'6%()$!V<PX04VA31SP'+N$`)#Q%$0((!$6!@``:^M%BHXU6VL,H+Q:Q@
MLH!8#@"S$)X*,@#22\>>U;QP27$&%A$,$X`<553AA1P^!,`#!N<(8<40<8S`
M`QB]'N`LVBO^(T0*8Z#@Q0A^P+)(/+2@0((H($@#`"+9Q+-$%R#T@RF*T@-@
M20NE=#$*+>%@^3,'(E#P"!Z48%!"`#[`0"*F4",AA"A3[+B#!RY`A%<%2`4)
M0$0WLD$(*3AC'*<H`.QDQ\'J-*TP4EC`&#!!PB=@@`*4V,8(,3&&3-A!!4,(
MP`B\P+Q0'(`99X(>BHJ`@W&`X!,DH(`<_Z`PA0+\(!ACD`,J&N`@8;`!"P;H
M0@BVE$,/66(`ROK!"2+P"QHLPQ('*`(S..`"%HQ`%#9HP@UN8`YSL`((-3J3
M)8JPC"!XX!&]^$&Y`("#/9R#&J#X!A(B<8,';+"#L:,=7*:!B$8N(P>4B"0;
MPH$((8`J`4)0``KB0`E4M$`0$;2#($+A,!4XJ5EF$D*PMB0M``@!!UL*Q9J$
M4`1AP%)-/7L6!S[6#R&$ZF<'0,0R[&!`+IDK6S@0A!"$$2PK."M+7+*$EH0@
M"%<":Y4'L$,5^:2"%MB@"H_PPB+"P8&2"8$;F4B&';21@&5``0LD2$09$E`H
M05CB8W&B$@<0D?\`H)DI2]FRA,H.$"Q+6.(?B!C``#BP)2NP#@=#N$`4>+`-
M.UAB&G`*A0L`"(,A+(-U)1.&0"LU#3/UPWYN<M+99/7/+%GA'X*`DY5@JLTX
M$5,(VB`9#HH`@&6@HG(G*(`5N@3*G_W#E>8L*)QP$(9@-,$=4\C!%73`AD,B
M4FF*=`M^<L"#-^#A`X%;U``T&0<>H&('H)A#"$(PAQ6$X5JN/$`HPM`"9YAA
M!G,@Q!J$(:5L:J,!*_#%&J20#`+,@!0[T(,VUD"(;)2A$RO0@\->>0!IM(`0
M95AK&53!B3V`2@4#*%8#`F&&,I2!$$#8`RQ="0`II*`3S1#&+E;@B3+_D&(%
MV"C9-AV$B$ALXP]>\``?1!HE50H#$19=0S3@X3U1H"$0@2A`&Z:!C0*H(AGC
MV($JRE`#/1`+$+2=01D.L0)`V,%A?A6"`Y)!BC)DPQ<%`(0T`:"`$(B`!U%P
MPBD"44$K<,`(<7@$)!2@RF!-0Q!M^$$T?%$#*;Q05@Z`;B"&``A!:&,:!?!%
M&6:0C4`T`!&AD)(0`*'=0V!#"BMH1AGF``IL:*-40E"N#O#P!RWT`;I`.&\1
MM+&'`C!@!@_@<"!:8,!_Z`$(?4#"',@P"6#4PZI7A5=6V[+5KGXUK`P:ZR8#
M8`,Z7``!!N""!F#0`42D#@#C*,,8MC$!$R`@_Q<V.$48>!B*3B!A$HZHQQF>
MX0I7:*`=T0`"$M3A"AHX@1PAX*LI$3&%=N3B$P9`@0D<<0(([,!;1;"#+]JA
MAC8C0(4/"$//!@`(-/3""?$@PI[7\04$].(!4IBO?;!4@&W@(0H16(0N>!BJ
MGB%"&%9PAA(F$($1D$`&ZE##`Z0!A#.<X!7P,(4;"C$!5N0-"&F`@0Q,8`(9
M3((/:W#=`7C6C2QHX0O<=D0OBO%%89B#'GF(@C@\,`@U+&(75AB`""2`APL0
M^!]%N)(=I'`"-3A!":#@`"UQ8`8UJ"$7WL"&$/8P!R4XX@NBT(`:2@&*+_Y#
M&+-00B$6\0((7*`07__0@!9FL8R=<L`9,?C"'X;!!2<,(@:JH"7D9G`"&3!B
M!`:8@!IL@(\VJ&`/H%!&)H9P#64000Q0CC*DILR6*GL5K/:9%EEY,`HO5(`1
M<OL##TJAB'%/8P!S2`0%JF"`/&RA"I1X!0'T8+P"'.,15[L:":9F`#7$8P1;
MJ(`$/``-)6B09$!P@=P>X8$O!)X%[>@&ZQ)P"EI0@@J40$$>Y%$%+)1!#PDH
M&3(>404/F,!J@V>!/%Q0`$M4<];3:$$[#$""6R.:"`W8`SO=)(A.O,)[(WB$
M`;8PB!K@P`%\>,2Q!\&"*BQA!AS80RD"OP1&,,(#7O#"#=8P`"N$H@4P"'[_
M!4S`!2I0H0O\V(,PQ@`-+\B;"@9@A"W"D6\C>&$8%Q@"N[@D2VG8HOFT\`!Z
M4`1%H`<V``U5H`&D$`J*``+Q0#=Y,`&!1PFR\`,X("HA,`(10`FB,`I4(`\@
MN`1^``1=$@J'<`L4,',8@`(&$`.1@"5ZT`<E\(%Y8`(&,`+0\`[G@$7;8D-[
M0H!1)W5)0G5K8757EG5:5E9;X`'/<`\YP`B;$`4GD`)\%`K=L`@>4`$(P`K\
M8`L3X`$L8`-`X$S8X`-1L`E4L`5&0`PN(`=+D`=5(`HZD`\22`$N0`@-$@9D
MP`444`$B``<$\`&HD`@O(`R9M@M-4`%XD`=TP`]H_Z`!YF=X/2,(,X`!>%`%
M)(`!1J`#3\`[!I`)8+1-3R(%AF`"7G!K*-`%"'`$YY`)>_`S*E``]J`#E$`"
M[R``'S`##I``XW`%OQ`%CU`!%Z,!@<`!'9`*\E`!1(</-K`%C_`*JG`M@-`(
M)5`%(U`*#Y`!M4`%O[`(T8`(9<`',B!O&@`'LY!PVF`'1D`);R`#9!`,!&!:
MG>``EL``=[`$HQ`$:R`EV%`'5$`"2D""R="&'I`+5_`"33`!(^`#66`'SM,!
M&A@%5#`*KZ`#&J`UHV`&H5`E!;``:D`!XB`#:9`!+X`-8+0#;C`,5.`!-A!D
MC:`#KR!Y`/`K6'10`@4T[O^2-$(8*42H%D:(=6)%5I1@`E=0`&O0`D?P"Q20
M"ZO0..&PAR1``G30`)70`%=`>Y]`#=J``^%0`L-3"&RP`@TP$)0@`0CP`D#0
M`';D!870"6G2`$A`!8_@`R``""K0!@V@"KM@86%`"AKP"!$`!@Z@!U)P!98C
M"NF`#<["`'Y`"8]P"PL0"3OP`32`!7A@!F=C'SOS`V,0/.B`!UZP!130!48`
M!4"`",R@#6$`!5T03S/0!I4P#3@P#2"P@AAP`8>@`"L@!;)G-5TP!=)0":MP
M`23`".DP#O^P`I,0E4K0`GHP#B_P"57P#ND@!6T0#1>`7[DP#FV@#5OR7SQP
M-5S_@&Z,(`JRP`D)L`-CL`054`LKX"J!X`,18`#%(`T)D`X1@`=/$`**<&3M
MX`4D@``[`$:@4`+9)P/I\`/=4)L14`'\H&.5$`9'@`=X<`(KT`9ZP%=VH`JW
M@&NI<`EA8`524`"!X)#UL5I1(BPYN9-2]D&$\9-8]CA)N#QD8T!P(`[Y50.N
M$@F]\`=_0`7)\"Q%X`Q.0`(!$`/7$@HEL`F:X`8M\"R<$`-O$`7F8$!6,`L2
M$``:X`F@M0-*P#\^P`?=,`[,Q%`-T@)-\`>:@`YE4`2R-`2I,*6Y4``,Q0`C
M$`5_P`H'!@"JX`2:P`,$D"WV44P<H`@Y\`0^,`*4L(%O_Z`)>:`$#30-`(`+
ME/`+GT``5F!*_6`'#_`+$N!Y6H(#H>`)&A`%;Z`$=N`X:V`+7A``^K`#.-`'
M-/`(6$`-`U!2W:`$/L`#,7!IR:`%<1`'(M`/KU(5D3,,?Q`%&(`!(T`!(Z`$
M*8`#E1`"M,<",S`-TX`&%>`%)M``EI``:N"CLM``X[8,($`+/H`"AF0%1+"D
M+``!4N!,0Q!)%)`!?!1P=G`$?[`))\`)0C!'_Z`-V4`#ER@'#*`+P`9+1U4?
M=K(?[\*B/=*3:0&C2$A6F\`+GX11-YJCQ-()3X"G7O"D'```R=`+$1``70`(
MWK>DFK`!+:`L43JE5:HE6*JE7/]:!+L@`%7P"RS`!3:P`+X`!&$P)2FP"'BP
MILZ@++%X`<,0!7)P"C!EIU$0!4Q04GSJIQ)``#PU)GSR2J&P#`V0#5"P#09@
M`'B`#F_@`770!&$@J;C``Y9*`'U%,@\P`A*``F5@*$S%#RS``_Z@!(2@"L[@
M"3:``L-P"RM0"0L@`5&``H:0"37@#'T``Q@0`(ZP`O^0#&J@"<(J*U1B"<=*
M`5@``[(@"TJ@`TP`!##C#"(0!7A`!X19#=<3`Z`""'5PAI/``(3@##4`!7ZP
MK!```*$P!240!>\J!3\S!%[``U20`:\4<(B@K_SJK](#1C7P"DKI`?'`!S,`
M"@Y@2XC_(CC\\;`0"R,2BQ84&Y2;1*/55`0;ZP0Z*@PS\`D4Z@5AH`T<8`4K
MT`M9&@%`\`]*RJ1."K-22J6&H@TUJP&'``!6(`P+P`41$#42P`@BX`;\H`C!
M\@.M(`Z:\`8*P`RI^@TZ@*.CX`D')K5_$`M[VJ=_&JB#<A]&$PISA0T_(`9T
MD`H!,`Q>,)0%H"5O&[=]M:F=^JD$H+=[P`X5$`7H8`+@\`JO``X3(`%_@`53
MT`;>$`<!X`5OY@3@<`M)0`44@`')<`#)<`&<.ZR"D#21PP-_D`L,T`U`$,<M
M,`XXH`)>&L&+$`K**0$L``STU`!R@`(\P`4NX`+;``X((`&/_T`!I<!/4X`!
ME'"\(3($O\"\SKM3_1"]^]JOAA*J:V`#`:`UFT,#D%`*JK`,?M)+<J(?Y%N^
M(G*^9Y&^6496FL`\[?N^\?L`<G!K48`(<E4$^[L)PK,#PLNR+FM*,6O`CY/`
M#.`\0J`(=*`&2;"M&%`%%'`,U9!C4^`#%-#!"N`J0B#"?R`!(V`&RH+"L:`E
M5ZL)6;NULR8]!&@H1\4I/^`&E"`.8E<&3X(+4>`%ESJWG&JW`5#$)R4%R,`"
M4YL\E?L+U].S4S`.R/`_'X@!7A"%I[B$4\`!0Z`%9^RY($-&$^5O'P-P*B!0
M_5`)3&`Y!E``,S`!2Y`('9```%``_O\S#/PC-[R,!XSL*=L<!Y(,`$,@=LW[
MO`@EO9RL)D]B!]=0#H50`99#`E6``:G`GZ9T5*O\(3KIRC$"RV8ARS)*5F_`
M/&;BOC@*O\0R`UR`!YNP"8`@*\#<"R@0`)3PL@'<I"]K!\E<I<N<I1K0#&XB
M!`G@`*KP`%E@`1-`T53P"<6`#9$PJQT<"`#,`=\P"5%`SIY`3>@L+NL,J():
M'WW5(%3")2]3"2TM#L)S#O8$!1+@SW*KJ9SJJ0%0!J%MQ0@=!5I`!G"0`?N`
MVV1`!BT@!6BPUA&0`[,P"^S0VV1@"(;@JQPMK,2JQBX@D9`P!'5L)EPB!!PP
M`-$0U<=`!FG_X`%+8`,M<%$M(`'X!0Y7``=P@-RS``?4`#+MN@F2?`!!;<G/
MF\E&[:\J,+)%0"Q`,`=P8`OD<`<H$`%8`(T!QTOCF]5:/2)<719>K76;5,N?
M-).XO)A/(`YO4`(-$"W2H`!:<+*)$`[%S*3'?`!Y;2@'D,"'H$PX%0H<$`8.
MT`TU,`ER0#?EL`,I0`XC$`<4H`JA%PH%8`2:$`5U0`2BFME:H@J.P,Y:^\+T
M04S;D@#24$[%$@IVT`RW\`>_\`LS`-BX8+<34`;_H%`(!0(\$``#K;?"$`)<
ML`EQ@`1[T`9ML`?2H`CC,`[:8`D/(#7'0`JP6>=S#@CA$`K_,`1J_P",(@`J
M@E`R'+`-FT`!D)`,;F(LY41-`Q`&BQ#!D*`#>9`$]E`)12`(X2`*M[8!#9#G
M<T[G=5['U^"N\$HE]=V\PJ("RW`$KAL#G)!0B+!+"34`.*`':[`##W`'P/@+
MYU`)76(E"][@$>NB@Q'A21C6+3#6%VX)!7`"%(`'?A`(H2`JAR`#F=C()6[7
M))/B>ZVES2`E(CH.%A5-ID`#<@,#W[`&?(`"IOH""<`,7N,'7!Z0^*OD!\#"
MG`WE)Y4`>T`$/S`.JD-+13`.'V`-%+`))1`);HH++$`!J5`&WUH$%P4"4:#F
MLGU2!U`#T;T)K0`(WWY0K?7M_W`(&D`"*/\`!1Q@4,DT#?$:"LR@N6\P#+!@
M42A33>#``^*0?X)0\]&$*:,>`EBP!#[0FI/N2@B5DNAP`:#`3PEP3^-0">>E
M`J\NW['>#[-NKS/%#:@PM?VZYP9D":$@!9)5QW34"#[P!P%0#&W0);[4[,YN
MOM`N&-).5@$@`!5.UAQ[`.,``2.`!UT`!0Y@!PYPE220!&:0)G5]XNB^XGS=
M##RT!V5P#M[+`8(0!@R0"EK3#BTP#2^``%0P#$V`#=RP!W!P0DE`!MAPSG>:
MPJO$Y$[NSO6A-RG@!A?P`:J@`)SP#9%``#$`#4N``NT0HH(`#"S``G7`#V$@
M"/QD!VBNY@0-2VO_T`2_@`=X6_OAL`:GP`^PB@,%H`/.%P\U@`W"(`UYN0`.
M(`@[?P%O\`>M@`W3H"D$!1#@WHB3P<;,082J5/1+D.)"!`PC2`21`@``#CML
M`N#ADB;%,D&`5O#+)`R'BFLE-K&`(&7AD#\\J&2P^._?,E11\"R*)DR0D")6
M6J#I4P`0@)!!?/"H\Z`2#B$J_O6C6M4J!ZDVM6[EVM7K5[!AQ8XE6];L6;1I
MU:YEV];MVW\"-NR"^]8JU1P\WN#Y4,GJ@0$*4,1Y`Z;%`0!%X(B+XJ2&%2$<
MNKW"(D%#$W9@"AGHTJZ%-A6A5&IRTT*%'4XQWD0Q)Z3?@5D2`F@X=(##_Y`3
MUB[80/8`S2(?)&B$V"-M%ZH*'B940\.D4!XNY0J$$B*(P8@H?V()`7!`E1--
M/`A8/&!5VP!#>>19*W3AQ(E>&@QXD:.$R(%_`!;(P2/AQ+D/#M&&`Q`HX2&`
M,A:"RHX?GN""!"?:B24(&]31X)QQ]`CC@6,,X,$(`9@P1A9'$'@`$!4XT:<*
M*I9(XP%DI/AG`(%XX.&31";044<+A,`!!RDD"8`'"D:HP8[N#K`B!274HT&)
M()A`(H8O8&C!BB)26JFEEV*:R2(`_A&&%19-:(<?$!1(H)(0-)@@AFHRX"<(
M!$BP!H855$`,@+OZQ*HN0`,5=%!""S7T4$+EHO\+4;+ZS&NOOOX*;+``!&A!
MD,06:^PQ`(00`I1%,/`"BPB\(`$+)8[L!P#1-M%D`],.2&VUUEZ+;;;:PL"'
MA@HH\`"%+E`0M8MB%+%CFC`<0H$%8;EX!(4G,A'"$@`XN"Z[[;I3Q1%-)""@
MB.ZLPF$/))XH]1$\HM`I@CA\*"<000Y0,H43`I`@`A\,:,D.$(8,@`#7H%(!
MD1GBV8("84?`H`)1&G'`#D&X02,>#TC`0(X`*-GBB7G6`$`/,ABI8HDJZOBD
M``!HM#&*7RC`HX0`ABFAG-!4L*2&7#:AX)5PK%"!@P.*$&8(&_+P@@</`I"#
M"BY@2$8%(;1DR:5^8"+_DJ::A)@#`2Z\8,$$+EX(98TT3)"`DHA&P6()$D3P
MQ8ZH@.[SKC\9M?MNO//6>V]`%>6[JSZ;\*.$.B*M"C`%!B^AFA;R4P$.'TIP
MH89^3M)F'`;:Z8(2+S"@X0A0PN@'23L4'Z,%I#A1H@0?C)E&!0!FZ<*/)YI1
MH8@=0K"!A@`P\"`"+,!)1Y=J!=%FF@YL>0(%%"CX9(P7PE!!3T&:H07F6&#W
M[I7!Q^/3*@#L`.(%6UHIH81A*#E_FRR&".,?.PZP9`]27!#6AU1:$@:$P?T`
MV*95X6`7?6A''5#@A1'481$A:$`1IJ$-8>QB!I,P`0;0U@4=D.)A*K""+G)P
M_X<N)$$.3QA"/P:PC6.<CW5=.%_D;&`%#DQK#39@71,0482?):8?TTA!$VC@
M`PP$H`2.D,0/!@"9:PSN&(UP"0"&$#DY9&!585*!+MC@@F-``PMW>$`8VA"-
M=,#`#P<<51=.8`:(34,(Y5G(W*A2M[_%48YSI&,=U^(W.O;I$CW@HRZF\1=$
M*(*//;C$'J8"@&X,\F%3^<<!I-$`=Q@"%R#H0`L049X=+F.0A40*(/9(2$2$
M+Y%\=,`4]]""#I"!%Q;@!0A6H0CN?`\`E5A#)M@``4-T``AA^%X_$*&+00(A
M?@`09!^CTB<<`&`/#B!"']`0A"8@@QH_P`8`8&<50/^D(`2&.(<NI3$`8/:1
M`_V87C\:&886,(`,$/A`!W9PE#;^#!#=$`,;)JG+J&!2&PWHP#D,08U5`,(*
MR_C!(`VZR=?T0QMA^&0WEM'+A5A"$`U8A3*`D8YI8L,...1`,7O0#6'`SJ,-
MZ.7HL)$"$$@"!.YH@!X2HX@44",+-K`!'ZB1@CV$`C%N]%-6[/A3H`95J'C#
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@7O2F5[WK96][W?M>^,97OO.E;WWM>U_\KC<9`@@(`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>c97060c9706003.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c97060c9706003.gif
M1TE&.#EAP``V`/<``/_<L_[=P_N!&?_X[&AG:/_KROV9,_[#D_[&>_S[_,7"
MQ?RK:__4A?_VZ/_IQ/ZC3/VU>O[,H_Z[A/'Q\?_CL__UY>GGZ?[ETOZ]B?^Z
M5_I[%/[!BNWL[?_QX?KZ^NKIZO_QW;RZO(%^@>SJ[/_$9?_LVI"-D/[)GOZR
M:?_;I?SY_/_V[?_2E/N-,^7DY?_IU='.T?_\^LG%R?VJ9/ZD-/_\^/ZQ<O[1
MKIF6F?VC6__IV?N:3.'>X/_PU962E<S*S?_*E/J#(O_`3?^V2>+@XO_AO?Z=
M+_[%F?_FQ9V9G=K6VJJEJ;FXN;FUN?Z]>;"ML/_^_9*0DO[9N?_Z],&^P;6Q
MM/_AR/CV^'IY>OR=4GAU>/_RY?_ES<_.S__PVHZ-CON**__BKO_TX=G8V=72
MU?_Z^+V\O7Y]?O_MW?_5K=S:W-+1T9Z<GG9U=H2!A/_*@Y:5EOVE4=;4UOZI
M6_[6M?_<OO_FR.3BY/;V]O3R]/_GO;*PLJ>EIO_3FOCX^/_NX'%N<9F9F?#N
M\/_Z]O_=K__W\'QZ?/[0IOZL4H*`@OV2%][<WO_\]:"=H/OX^__LU?_NT?_9
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M^?J82JNMJZRIK'1T=/___R'Y!```````+`````#``#8```C_`/\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*G$FSILV;.'/JA,D(DH,IW;X)W4FT:`%G(+J)82`$!)0&8<+4*TIU9HT*
M#03Z$N(`"B4]R`9\@T2"1+UZH$``K<HV90PD)!"(Z0;"@5@H,::<I52@P%-D
M&0C5:$M8)-X8,2P-R>`%RD!BZJ!,@23F;`TH8M[08%6C7@S'A4-K'("D2+T&
MJ>S4Z#:0@:\!CS*\:0!"5P5&7BQ5J,>ER(IOHH-;?&9$$0!*4!P+8P#IGYX"
M4RJP*M)@E*)A6SILJ5>$AB($,82+_Y>H"Y$15Z`J]*CA99*8?UCKK>#288HK
M)Z[2S+CUAPLB&D"$-]Z`"DV!1@DEF.))+:!0P$`#,5`2'B&$K.`*"L=<<H$5
M6VQ@"R^=7%),&@>6L`*!*!(40QUQ/)!&(?^`0@DD%$PQ10$]U(/`&QVDP<LI
MJV21PPIUW()!*4=8L<(K#\0!Q&`IHKB"!,LL@\(+7KSA`)0#^!)&(7\\XLHQ
M4M1Q0@XS!'`"':]DH<$"KVQ0Y0-;1(GB(#<8T,(!'3@P!"&4B-$#(V)LD<H&
M=-@`#`99'+#*!<!`DX45,P1APP68M&#`+3#:*5XW@_P1`"9U_+%"!78T4(-/
MC-A11!&WK/^2RPGD+$`.!+3NL(`.KYP``02E2(%))"],`9JGH=70"01SG"`-
M%[#HXMD4H#0P""&L6''$!A(,DXLIJT!P`!VKW.#.#<?L$$06TM`!S`QI3(&L
M:)>X`XT`LP1PC1&(#``6)3WH48(=C$IP0@``L`!`)4P^4XH&S;:@00L7]!*$
M`#F\,&]H*Y#3@@"3=E#,"XPXX`PC/3C0"3`2Z-#,9YXA@90G7%1R0ATKT.%.
M!!<L$$00P/QQD"Q-?/&%"4CC,,XBOZQSQ3]Y,-'("-[((D,C7Z#SA!H)X)()
M#@H\[4T>K>`P!BX<A!#%T8W(T8XJ2O!QM"CC^,$-&4GX\$$""<#_(,HB`WD@
M!QM(1[')#ZHDL`@?)JS-QAB._-*$(/]X`P,;ZY#!#-)&?R$#!V8<'84/9N0A
MAR@F9"W/#WBTXT(K/C2^23(C</-0#!=(L,`-KYR"R0KI#4!,!5N<DLL+,;`V
MT!0@"%,;(25$(`47[NQSQ"KN`%,'E`5-8$82)M`C`ASYC`&#-E7D\8\@C6C#
M@R,*B.`&-E\8XL,=*E1!#RE$<./!.%A`A0SRT`0M1$$>2<#&#Q+P@_KA(`IG
M(`49$J",-A!`$X+P@QG`T86!7"$$H7`#&^`@@EW`8`+3:,,7^+"$/?#@"B+`
M@04J9X9LM`)O4=`"*J*0A!_(`1R)$`4?__@PP!!D0QLCI$4BDJ&*6&"!&6R8
M1Q*B40W;.>0<`2#'$?X`!`/$X1%%T$4'U%."7+BB!L`A"!1`X3P`%($+#T#!
M)]PT@POH;!724!Y!$C`!"_P@&YO@`0?\T`5#5$$0*AA!(PS!`POX0!MFL,`8
M&O&.$.2/`(!@0@)&(`D"")`#C2#`.EPP`@NDXPKY"(4D+,"#*J!B"7E0QCL(
MD(@UJ$(99^B@0/#0A%`\@0/5B(46IC$"-KQ#`1S@@""N((LSR+!R1FS%!$:P
M!E*(@`PC$,0/Z,$'(B13%>T(@19$88%J4`$0>["`";2@@!&4,H-6;(@.LA`$
M:!SA"+R8@PY8X/\$!X""-`"H`$)B,`D]5,`+7AA&&KBP@1U$H!3[T(`]Y760
M!,##$.68@$`*B8XF4*$5M'"?$D30B`_\HV\B2,(5]H`*>FAC!.M(!"#>(8,)
M5`$0/@C!&-3'`4[0HAH"<4$B.&$-98C`!X#``1$4<(9D#`0/QF@#/SY@`4UD
MHQP?",0KJ:",'W!`%3&<H3=JV`H\_(,(Z'"#"[BACVU&@0E44``/$F".;."C
MG`I`Q1,$@8]0,$,&B]!H1"XPBXM=Z@;%F,(*+N$O!]C!$B<Z2`Q2D0I(A*$!
MVAG$*W*A@P-<3`/`J%-%U6"(6`AV#=H(12)62X]M\&`,B>`#!_Z!"S+_N`$'
M*QT?*LJ!`W#(PQ`*2(`%S$$*0XA@E2/@!"E,^H]J[()_9G"#`G"`A7(H(Q&Z
M_`<>S!$*9T;!$)Q0`@?80`!#N`$<.(`'#`-ATK%FHPI/0ZM:V?H#<;S##6Z@
M10@^V(9L/+"$9,`%$5K!#"S0HA\\R$,\&4*-'$"C!2<H12]L\()B#*,37@!!
M`5(Q`(34P!)%&$`#MC`*6+P``P8@1RGH">%S("0!I#6M0%#+ADRL(1/U>RTX
MV###OB'1$7O0+QQ0,4XS8$$![6C'%7B@@$``(AH?,`$M7!#41'S!!68003+(
M0(LSS",1,'@J$\1!"CZ`(Q1-N`('DM`&8Y!A_PWPR,,5P!$/H'K#B&D^:Q3F
MVU9Z-.('9""#!1(@SMBZ`9U7X$8[\'`'*G`B%$E81#L><HXZ8.`(+X"``%IP
M#"<\X!!>T$5?*G"L@<2@!$XH`0AZ4`M3$$('M[`%!EZ`O1M<(B$PQH*,_U'(
M/6B4?8RL1CRT80XB*($-6F"""J:1B!^L@0`F5$`V@CN!.UB`"$P@0#\$P0<M
M].,.\+AI+/*PP75$30OT,$1VH>H/7RM`&^SE@#S8:0$+?``/">#$&4(P@D7@
MX`SK2,!939"(.W`C'-ODPR+*.8%V,*$-?!#$.F@1!1>T@P,NJ`8/E@`(6HQC
MT@[!G>Y*$0$TO<(5A_^H61\>T8-!I?$?W:C''PZQ@0;8O`8#`$4MK#`,+D@!
M`L`(0#!P/09="[8+6-B#^@3!!BSPP`_QTX8/.(&%>[A`!>588A[XH`P.*("=
M5\B$#W``!UH<.1PP8(86?,",;4@PG&>000*(,`\"M&'=QO`'$];'AC9080+V
M$,<NYH&#32B!T/)K1`Y%X0)O#+S@W("Q".R'`QQ0019,\$<Y$L"!)Z`B!'B@
M`AS@<(]$B*`*UECP0BZ!@8_M0`IT@``Y=GZ`8E2"9A2@P%0$$@QJ;*`75K"$
M79R1`F(\PA0E^(/%@K"`$B2D'1]X0A>>]H\[V&,-3U.%`JHP6SPD8PGQ"`3_
M$^[0#ES`8`]$:,<$\.`!-3P!'AX8`Q_N$0\V*$`5W%CR$^X!AUBH01_<,`95
MP`/<H`)*T`C38`V!,PZ:(`>5,P;E8`;A0`33P`[W<`]\P#43\`-\,':M4`T"
MMS[*,#G<P`UXH`!P$`_Q@`WW)P?E``/MD``NT`]_EPSX$`_WD`\#%`ZJIQ#2
M(`%@(``[<`S`(``:X"O0``%U@`(14`F/\`;/X`ET(`%98`-UT"<]``IZ,`E3
M,`H&X`1H4"D"T`O4H!"1UPY6%(-H^`^1EP!IF`#AX`%N*!!J2!!JJ&AP&(<@
MQX8)X`%R^(8@%X,)L(=X&(A\PX?AD(@>,&EXJ`]__S@0;1A/N.`!^E");BB(
M`A&)[4")X3"($E$&5G`+O1`!?^`.8!`$-S"%)Y"*)P`,-_`,IP`$)X`!XV(*
M+"!B#6`CW5`$HU`,*[`*[[(*M;`QA=$-9;`%KR`%KK`*$F`#1U`'%W``L^`.
MK7@$O8`!-W``Q[`!AX`$EL`7DQ`CCP`"EW`)`2`%`8`&QD*,H3$(A]`"MG``
M?T`.^'(#&(`QD1`)Q[`/$-!0GW``GK!J4R`H_X`$&=`'%9`&M@`&MT!1[%@8
M4R(`RV`#E8`!03`+G]`KD0`!L[`!5G`,=1``E>`%H.``"#``H`$"+)`*#2`G
M`O``'?"0R5('<Q`':;`"+_]P!!%P`G)T"0V5"S3I!(70!PC@!6)``8QP(Y-`
M"5.`&*\P!W,`!`XIDVTQ!27P`L=W"BM`#39@)5?I"I=@!4[P)$60`@T`*C$P
M`&'@"\2P`@#P#%=I(E0I'*80!T90!!TP#'$P#*XP"EJY`I70`=U0"`U0#S5`
M`3T0*#T0`W9@'@$RE^)Q"L5!"+4`)H5@"OQB*+#@`/5@,@,P!0RPE`/1"=Z!
M`$,'F<$Q!8^@&A5@":E0`X5@!X\0`ZR0`2D0`VLY%XP0`X/P"+H``O7@!7;0
M*:@I&MT0`S60&(L!G#;R%)`P`-U`"0.0G%.Q!9J1`HQ@F*56G*)1#W!!`G-1
M%PUD@!>,``J.00Q]\11;00@"PIT#@A8=]@^^,`3"X!63\!K=0!8DP`C_4`,0
M\G+NF2)'(0;?4`B3@`SC.0"YMWL!.B_)P1K=``7UP!H2"@4`VJ`8FJ$:NJ$<
/VJ$>^J$@&J(B.B\!`0`[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
