KeyBanc Capital Markets y pBasic Materials and Packaging Conference

September 10, 2008

Safe HarborForward-Looking Statements

This presentation contains certain forward-looking information within the meaning of the PrivateSecurities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “estimate,”“target,” and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on information currently available to management. Such forward-lookingstatements are subject to certain risks and uncertainties that could cause events and the Company’sactual results to differ materially from those expressed or implied. Please see the disclosure regardingforward-looking statements immediately preceding Part I of the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2007. The Company assumes no obligation to update anyforward-looking statements.

Regulation G

This presentation includes certain non-GAAP financial measures that exclude restructuring and otherunusual charges and gains that are volatile from period to period. Management believes the non-GAAPmeas res pro ide a better indication of operational performance and a more stable platform on hichmeasures provide a better indication of operational performance and a more stable platform on whichto compare the historical performance of the Company than the most nearly equivalent GAAP data. Allnon-GAAP data in the presentation are indicated by footnotes. Tables showing the reconciliationbetween GAAP and non-GAAP measures are available at the end of this presentation and on the GreifW b it t if

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Web site at www.greif.com.

Diversified Business Platform(Dollars in millions)(Twelve months ended July 31, 2008)

Sales $3,681

Operating Profit * $398

Industrial Packaging

Sales $2 970

Paper Packaging

S l $691

Timber

S l $20Sales $2,970

Operating Profit * $304

Sales $691

Operating Profit * $73

Sales $20

Operating Profit * $20

3

* Before restructuring charges and timberland disposals, net. See GAAP to Non-GAAP reconciliation included in the Appendix of this presentation.

Performance Trajectory(D ll i illi )

$3,681

$3,322

$3 000

$3,500

$4,000

(Dollars in millions)

1997 2008(1) CAGR

Net Sales $688 $3,681 17%

Operating Profit(2) $35 $398 25%

“Re earn the“Earn$1,456

$1,633$1,916

$2,209$2,424

$2,628

$2,000

$2,500

$3,000 Operating Profit(2) $35 $398 25%

“Re-earn theRight to Grow”

andGrow”$846 $853 $964

$688

$500

$1,000

$1,500

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008(1)

March 30, 1998Acquired Sonoco Products’ industrial packaging business f $223 illi

March 2, 2001Acquired Van Leer Industrial Packaging from Huhtamaki for

March 4, 2003Launched

Transformation toGreif Business System

September 22, 2006Acquired Delta Petroleum for $98 million

for $223 million

November 1, 1998CorrChoice joint venture formed (Greif ownership 63.24%)

$555 million

September 30, 2003Remaining interest in CorrChoice obtained

November 30, 2006Acquired steel drum and closures businesses of Blagden Packaging for €205 million

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€205 million

(1) Twelve months ended July 31, 2008.(2) Before restructuring charges and timberland disposals, net. See GAAP to

Non-GAAP reconciliation included in the Appendix of this presentation.

Our AspirationsBreak-away momentum• Organic growth: ≥ 5% (GDP + 2

points)• Operating profit margin: ≥12 5%

Preferred productivity partner• Compelling value proposition

based on what customers are willing to pay for

GrowthOperating profit margin: ≥12.5%

• SG&A/net sales: ≤ 7.5%• RONA: ≥ 25%• ROIC ≥ WACC: 5 points

willing to pay for• Low-cost provider of high-quality

products with consistent and reliable delivery

Value

People Productivity

Strong performance ethicT t

Productivity imperative• Real-cost productivity: ≥ 4% per year

• Transparent governance structure

• Performance and consequence management

• Talent and succession

• Capital productivity› OWC/net sales: ≤ 7.5%› Asset turns: ≥ 2x› World-class strategic sourcing

5

• Talent and succession management

g gcapabilities

The Framework for Achieving Aspirations

The Greif WayGreif Production System

Greif

WorkingCapital

Gl b l Greif Operating System

Operational Excellence

Commercial Excellence

Global Supply Chain

Strategy People Performance Management

Core Processes

Excellence

6

g Processes

Industrial PackagingNet sales Operating profit(2)

$2,654

$2,970

$2,425

$2,600

$2,775

$2,950

$229

$304

$200

$240

$280

$320

2002 2008(1) CAGR

$1,268 $2,970 16%

2002 2008(1) CAGR

$41 $304 42%

$1,268$1,384

$1,621$1,804

$1,993

$1,375

$1,550

$1,725

$1,900

$2,075

$2,250

$41$70

$112 $123

$167

$40

$80

$120

$160

$200

Served markets Competitive advantages

$ ,$1,200

$ ,3 5

2002 2003 2004 2005 2006 2007 2008$-

2002 2003 2004 2005 2006 2007 2008(1) (1)

▲ Leading market position

▲ Global footprint

▲ Compelling value proposition

Chemicals, paints and pigments, petroleum, industrial coatings

▲ Compelling value proposition

▲ Comprehensive product portfolio

▲ Strong customer relationships

Agriculture

Pharmaceutical

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(1) Twelve months ended July 31, 2008.(2) Before restructuring charges. See GAAP to Non-GAAP reconciliation

included in the Appendix of this presentation.

Most Comprehensive Industrial Packaging Portfolio

Plastic FibreSteelWater BottlesIBC ClosuresGlobal

Presence

#1 #1#2 #4 #1#1

Mauser*

Schutz

Greif’s global market share exceeds 30%

8* Acquired by Dubai International Capital LLC in 2007.

Emerging MarketsChi R iB il China RussiaBrazil

Market Information

Real GDP 2008* 9.5%

Market Information

Real GDP 2008* 6.3%

Market Information

Real GDP 2008* 3.7%

First Greif Plant 1994

Total Facilities 5

Products Steel drums, Closures

First Greif Plant 1993

Total Facilities 9

ProductsSteel drums, IBCs, Water

bottles

First Greif Plant 1969

Total Facilities 9

Products

Steel drums, Plastic drums

and containersLocations

Caojing, Huizhou, Ningbo, Qingdao, Taicang

bottles

Locations

Angarsk, Beloyarsk, Irkustk, Kazan, Omsk, Perm, Taganrog, Volgograd, Vologda

and containers, Closures

Locations

Aratu, Araucaria, Esteio, Fortaleza, Londrina, Manaus, Rio de Janeiro,

9

gSao Paulo (2)

* Source: International Monetary Fund (July 2008)

Paper Packaging

$654$691

$700

$800

$900

$60$68

$73

$60

$75

$90

Net sales Operating profit(2)

2002 2008(1) CAGR

$324 $691 14%

2002 2008(1) CAGR

$21 $73 24%

$324

$504$568

$608 $620$654

$400

$500

$600

$21$30 $29

$41

$15

$30

$45

Served markets Competitive advantages

$324$300

2002 2003 2004 2005 2006 2007 2008$-

2002 2003 2004 2005 2006 2007 2008(1) (1)

▲ Customer focus

▲ Fully-integrated containerboard networknetwork

▲ Highly efficient sheet feeder footprint

Improving fundamentalsPackaging Feed and

Seed

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▲ Improving fundamentals(1) Twelve months ended July 31, 2008.(2) Before restructuring charges. See GAAP to Non-GAAP reconciliation

included in the Appendix of this presentation.

Fully-integrated Paper Packaging Network

7 Box Plants

Massillon, Ohio Mill 6 SpecialtyCorrugated

Plants

Riverville, Virginia Mill6 Sheet

Feeder Plants2 Multiwall Bag Plants

600 000 tons

Production

800 000 tons

Consumption

Annual containerboard requirements >100% of production capacity

600,000 tons 800,000 tons

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Annual containerboard requirements >100% of production capacity

TimberServed Markets

Timber, timberland, special use properties.▲ Properties located in Arkansas, Alabama,▲ Properties located in Arkansas, Alabama,

Louisiana and Mississippi in the United States and the Quebec and Ontario provinces in Canada.

▲ 66,250 acres (22%) identified as special use ti t 7/31/08

Competitive advantages

properties at 7/31/08.

▲ Undervalued timberland assets (book value $199 million at 7/31/08).

▲ Opportunities to monetize special use

p g2001 Timber established as a line of

business and portfolio began to be actively managed.

2001 2007 Over $200 million of timber ▲ Opportunities to monetize special use properties.

▲ 295,400 acres in North America in attractive locations, including 267,950 acres in the United States and 27 450 acres in Canada

2001 – 2007 Over $200 million of timber assets have been monetized.

2006 Special use properties identified. Gains total $29.4

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United States and 27,450 acres in Canada.million since the beginning of 2006.

Financial Review

Financial Profile(Dollars in millions)

2002 2003 2004 2005 2006 2007 Q3 2007 Q3 2008

Net Sales $1,633 $1,916 $2,209 $2,424 $2,628 $3,322 $874 $1,034

Operating Profit(2)

$ 92 $ 121 $ 155 $ 171 $ 238 $ 311 $ 86 $ 108Operating Profit $ 92 $ 121 $ 155 $ 171 $ 238 $ 311 $ 86 $ 108

Net Income(2)

$ 32 $ 43 $ 83 $ 96 $ 140 $ 190 $ 53 $ 70

RONA(2)

7.5% 10.1% 13.3% 15.9% 21.5% 21.3% 21.3% 24.4%

Free Cash Flow $ 112 $ 52 $ 180 $ 175 $ 164 $ 296 $ 77 $ 36

(1) Before restructuring charges, debt extinguishment charges, timberland disposals, net and cumulative effect of change in accounting principle. See GAAP to Non-GAAP reconciliation included in the Appendix of this presentation.

Free Cash Flow $ 112 $ 52 $ 180 $ 175 $ 164 $ 296 $ 77 $ 36

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Strong Cash Generation(1)

$1 200

$1,400

(Dollars in millions)

Purchases of

$800

$1,000

$1,200 Purchases of PP&E, net

$300

$400

$600

$800 Operating Cash Flow

$1,279

Acquisitions$523

Di id d

Free Cash Flow

$979

$200

$400

Other$262

Dividends$159 Share

Repurchases$35

$0

Cash Sources Cash Uses

15% of Operating Cash Flow Returned to Shareholders

15(1) Fiscal 2002 to 2007

2007-2009: Earn and Grow PhaseGreif Business System Growth

I d t 2009 Goals

Value Creation+ =

Industry consolidation

Emerging

2009 GoalsOperatingProfit Margin(1) ≥ 12.5%

SG&A/

The Greif Way

Working Emerging markets

Core business

Net Sales ≤ 7.5%

OWC(2)/ Net Sales ≤ 7.5%

Performance

Operational Excellence

Commercial Excellence

CapitalGlobal Supply Chain

adjacencies Return onNet Assets(3) ≥ 25.0%

Strategy People Performance Management

(1) Operating profit margin equals operating profit, before restructuring charges and timberland disposals, net, divided by net sales.(2) Operating working capital equals accounts receivable (less allowances) plus inventories less accounts payable

Focus Discipline Passion

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(2) Operating working capital equals accounts receivable (less allowances) plus inventories less accounts payable. (3) Return on net assets equals operating profit, before restructuring charges and timberland disposals, net, divided by long-term debt plus short-term borrowings

less cash and cash equivalents, plus shareholders’ equity.

Same-Structure(1) Roadmap to 2009 Targets(D ll i illi )

$75

$60

$40 $450(Dollars in millions)

Operating Profit(2)Net Sales

$3,600

$275

$75$3,100

$ ,

+5%CAG

Greif Business System

2006 Organic 20092006 2009 Strategic Operational

CAGR

Roadmap/Agenda Workstream Target1. Organic Growth Commercial Excellence ≥ 5%

Adjusted(1)g

Growth TargetAdjusted(2) OrganicTarget

gSourcing

pExcellence

1. Organic Growth Commercial Excellence ≥ 5%

2. Low-cost Producer Operational Excellence 3 - 5% of cost of products sold

3. Leverage Global Spend Strategic Sourcing 3 - 5% of total spend

4. Scalable Infrastructure Administrative Excellence ≤ 7.5% SG&A to net sales

5 Asset Utilization Working Capital ≤ 7 5% OWC to net sales

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5. Asset Utilization Working Capital ≤ 7.5% OWC to net sales

(1) Includes the impact of Delta and Blagden acquisitions.(2) Before restructuring charges and timberland disposals, net. See GAAP to

Non-GAAP reconciliation included in the Appendix of this presentation.

(D ll i illi )

2009 Pro Forma RONA Value StreamOP Impact

(Dollars in millions)

Sales

100%3600 Volume*

GDP+2%

Price

Value > Sales/Comex

> Sales/Comex

$36

$12

x+

p1% ChangeAccountability

Labor

MaterialsOperating Profit

12.5%

COGS

76%

Depreciation450

GDP+2%

53%> Sourcing $19+

-

RONA

25%

4%

SG&A

7 5%

8%

Overhead

10%x +

+-

-

> Operations

> Operations

$3

$4

25% 7.5%

Fixed Capital

Freight

5%

A/RROIC

+

+

> Sourcing $2

Capital Turnover

2 Turns

3 Turns

Working Capital

12 Turns

1800

A/R

10 Turns

Inventories

12 Turns

18%

WACC

+

++

+

-

> Sales/Comex

> Sourcing Cash FlowBenefit

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12 Turns 12 Turns

A/P

10 Turns

8.5%

* Volume impact = sales - material - labor – freight.

- > Sourcing

Financial Targets

2007 - 2009

Annual Organic Sales Growth (average) 5%

Net Debt to Net Capitalization 30% - 40%p % %

Annual Dividend Payout 30% - 35%

Annual Capital Expenditures ($ in millions) $110 - $135

Spread Over Cost of Capital 7.5% - 10%p p

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Compelling Investment Opportunity

• Diversity: customers, products, geography and people• Leading market positions in industrial packagingLeading market positions in industrial packaging• Focused, fully-integrated paper

packaging networkThe Greif Way

• Undervalued timber portfolio• Greif Business System: proven

catalyst for unlocking value Operational

WorkingCapital

Global

Strategy People Performance Management

catalyst for unlocking value• Record of strong top-line growth and

value creation

Operational Excellence

Commercial Excellence

Supply Chain

• Experienced management team

Focus Discipline Passion20

Focus Discipline Passion

Appendix

GAAP to Non-GAAP ReconciliationO P f d R N AOperating Profit and Return on Net Assets

2002 2003 2004 2005 2006 2007 2008

GAAP operating profit $ 101.2 $ 65.4 $ 108.7 $ 191.9 $ 246.2 $ 289.6 $ 364.1

UNAUDITED (Dollars in millions) (1)

p g p $ $ $ $ $ $ $Restructuring charges 2.8 60.7 54.1 35.7 33.2 21.2 33.5 Timberland disposals, net (12.1) (5.6) (7.5) (56.3) (41.3) 0.6 (0.1)

Non-GAAP operating profit before restructuring charges and timberland disposals, net $ 91.9 $ 120.5 $ 155.3 $ 171.3 $ 238.1 $ 311.4 $ 397.5

Average cash (30.8)$ (27.2)$ (36.1)$ (67.9)$ (148.9)$ (120.4)$ (104.9)$ Average short-term borrow ings 19.3 21.5 16.6 17.9 24.6 34.9 44.7 Average current portion of long-term debt 30.0 3.0 1.2 - - - - Average long-term debt 627.8 634.3 592.8 446.8 449.7 645.1 687.6 Average shareholders' equity 583.7 566.9 590.0 677.9 779.6 904.0 1,003.1 A t t 1 230 0$ 1 198 5$ 1 164 5$ 1 074 7$ 1 105 0$ 1 463 6$ 1 630 5$

(2)

(2)(2)

(2)(2)

Average net assets 1,230.0$ 1,198.5$ 1,164.5$ 1,074.7$ 1,105.0$ 1,463.6$ 1,630.5$

GAAP return on net assets (GAAP operating profit divided by average net assets) 8.2% 5.5% 9.3% 17.9% 22.3% 19.8% 22.3%

Non-GAAP return on net assets (non-GAAP operating profit before restructuring charges and

(1) Twelve months ended July 31, 2008

operating profit before restructuring charges and timberland disposals, net divided by average net assets) 7.5% 10.1% 13.3% 15.9% 21.5% 21.3% 24.4%

(2) Amounts used in the calculation for this graph are based upon the average balances as of the beginning of the fiscal year and end of each fiscal quarter for the years presented.

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GAAP to Non-GAAP ReconciliationO P f d R N AOperating Profit and Return on Net Assets

2007

GAAP operating profit $ 270.6

UNAUDITED (Dollars in millions) (1)

p g p $Restructuring charges 22.6 Timberland disposals, net 0.1

Non-GAAP operating profit before restructuring charges and timberland disposals, net $ 293.3

Average cash (129.1)$ Average short-term borrow ings 36.1 Average current portion of long-term debt - Average long-term debt 604.6 Average shareholders' equity 862.4 Average net assets 1 374 0$

(2)

(2)(2)

(2)(2)

Average net assets 1,374.0$

GAAP return on net assets (GAAP operating profit divided by average net assets) 19.7%

Non-GAAP return on net assets (non-GAAP operating profit before restructuring charges and

(1) Twelve months ended July 31, 2007.

operating profit before restructuring charges and timberland disposals, net divided by average net assets) 21.3%

(2) Amounts used in the calculation for this graph are based upon the average balances as of the beginning of the fiscal year and end of each fiscal quarter for the years presented.

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GAAP to Non-GAAP ReconciliationO P fOperating ProfitUNAUDITED (Dollars in millions) 1997

GAAP operating profit 29.8$ Restructuring charges 6.2 Timberland disposals, net (0.8)

Non GAAP operating profit before restructuringNon-GAAP operating profit before restructuring charges and timberland disposals, net 35.2$

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GAAP to Non-GAAP ReconciliationO P f b SOperating Profit by SegmentUNAUDITED (Dollars in millions) 2002 2003 2004 2005 2006 2007 2008

(1)

Industrial PackagingGAAP - operating profit 38.9$ 21.9$ 67.0$ 91.4$ 143.4$ 213.4$ 275.0$

Restructuring charges 2.3 47.9 45.0 31.4 24.0 16.0 29.4 Non-GAAP - operating prof it before restructuring charges 41.2$ 69.8$ 112.0$ 122.8$ 167.4$ 229.4$ 304.4$

Paper PackagingGAAP - operating profit 20.2$ 17.9$ 20.5$ 36.3$ 50.8$ 62.5$ 69.0$

Restructuring charges 0.4 12.5 8.9 4.3 9.2 5.2 4.0 Non-GAAP - operating prof it before restructuring charges 20 6$ 30 4$ 29 4$ 40 6$ 60 0$ 67 7$ 73 0$before restructuring charges 20.6$ 30.4$ 29.4$ 40.6$ 60.0$ 67.7$ 73.0$

TimberGAAP - operating profit 42.1$ 25.5$ 21.2$ 64.2$ 51.9$ 13.7$ 20.2$

Restructuring charges 0.1 0.4 0.2 0.1 - - 0.1 Ti b l d di l t (12 1) (5 6) (7 5) (56 3) (41 3) 0 6

(1) T l th d d J l 31 2008

Timberland disposals, net (12.1) (5.6) (7.5) (56.3) (41.3) 0.6 - Non-GAAP - operating prof it before restructuring charges and timberland disposals, net 30.1$ 20.3$ 13.9$ 8.0$ 10.6$ 14.3$ 20.3$

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(1) Twelve months ended July 31, 2008

GAAP to Non-GAAP ReconciliationN INet IncomeUNAUDITED (Dollars in millions) 2002 2003 2004 2005 2006 2007

GAAP - net income $ 31.0 $ 9.5 $ 47.8 $ 104.7 $ 142.1 156.4$ Restructuring charges, net of tax 1.8 42.0 40.9 25.7 23.4 15.9 Debt extinguishment charge, net of tax 6.6 - - 2.0 - 17.5 Timberland disposals, net of tax (7.8) (3.9) (5.7) (36.2) (26.0) 0.5 Cumulative effect of change in Cu u at e e ect o c a geaccounting principle - (4.8) - - - -

Non-GAAP - net income before restructuring charges, debt extinguishment charge, timberland disposals, net and cumulative effect of change in accounting principle $ 31.6 $ 42.8 $ 83.0 $ 96.2 $ 139.5 $ 190.3

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GAAP to Non-GAAP ReconciliationO P f d N IUNAUDITED (Dollars in millions, except per share amounts)

Quarter ended July 31, 2008 Quarter ended July 31, 2007

Operating Profit and Net Income

Class A Class B Class A Class B

GAAP - operating profit 101.3$ 79.9$ Restructuring charges 6 6 6 1

Quarter ended July 31, 2008Diluted pershare amount

Quarter ended July 31, 2007Diluted pershare amount

Restructuring charges 6.6 6.1 Timberland disposals, net (0.2) (0.1)

Non-GAAP - operating profitbefore restructuring chargesand timberland disposals, net 107.7$ 85.9$

GAAP net income 64 6$ 1 10$ 1 67$ 48 8$ 0 82$ 1 26$GAAP - net income 64.6$ 1.10$ 1.67$ 48.8$ 0.82$ 1.26$ Restructuring charges, net of tax 5.0 0.08 0.12 4.5 0.08 0.11 Timberland disposals, net of tax (0.1) - - (0.1) - -

Non-GAAP - net income beforerestructuring charges, andtimberland disposals, net 69.5$ 1.18$ 1.79$ 53.2$ 0.90$ 1.37$ p

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