Longbow ResearchP & P k i C fPaper & Packaging Conference

November 6, 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

2

Web site at www.greif.com.

Company Profile

• Founded in 1877 as a packaging company

• Public company since 1926

• Diversified business platform

• Leading industrial packaging companywith over 30% global market share

• Approximately 210 operations in more than 40 countries

3

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

4

* 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 )(Dollars in millions)

1997 2008(1) CAGR

Net Sales $688 $3,681 17%

Operating Profit(2) $35 $398 25%

“Re earn the“Earn

Operating Profit(2) $35 $398 25%

“Re-earn theRight to Grow”

andGrow”

(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

(1)

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

5

€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.

Investment Thesis

• Diversity (geographic/segment/asset class) – a competitive advantage

• Financial flexibility and access to alternate sources of liquidity

• Rigorous enterprise risk management processg p g p

• Contingency actions to protect profits/mitigate headwinds

• GBS a catalyst for creating value and "controlling the• GBS – a catalyst for creating value and controlling the controllable"

• Balanced focus on defense and offense – execute growthBalanced focus on defense and offense execute growth strategy

Focus Discipline Passionp

6

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

7

• 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

8

g Processes

Industrial PackagingNet sales Operating profit(2)

2002 2008(1) CAGR

$1,268 $2,970 16%

2002 2008(1) CAGR

$41 $304 42%

Served markets Competitive advantages

(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

9(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%

10* Acquired by Dubai International Capital LLC in 2007.

Paper PackagingNet sales Operating profit(2)

2002 2008(1) CAGR

$324 $691 14%

2002 2008(1) CAGR

$21 $73 24%

Served markets Competitive advantages

(1) (1)

▲ Customer focus

▲ Fully-integrated containerboard networknetwork

▲ Highly efficient sheet feeder footprint

Improving fundamentalsPackaging Feed and

Seed

11

▲ 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

Box Plants4

Massillon, Ohio Mill SpecialtyCorrugated Plants

6

Riverville, Virginia Mill6 Sheet

Feeder PlantsMultiwall Bag Plants

2

600 000 tons

Production

800 000 tons

Consumption

Annual containerboard requirements >100% of production capacity

600,000 tons 800,000 tons

12

Annual containerboard requirements >100% of production capacity

TimberServed Markets

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

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

▲ 66,250 acres (22%) identified as special use properties at 7/31/08.

Competitive advantages

▲ 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

13

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

Financial Review

Financial ProfileDollars in millions

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

Net Sales $1,633 $1,916 $2,209 $2,424 $2,628 $3,322 $3,176 $3,681

O ti P fit(2)

$ 92 $ 121 $ 155 $ 171 $ 238 $ 311 $ 293 $ 398Operating Profit( )

$ 92 $ 121 $ 155 $ 171 $ 238 $ 311 $ 293 $ 398

Net Income(2)

$ 32 $ 43 $ 83 $ 96 $ 140 $ 190 $ 177 $255

(2)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 $ 164 $164

(1) Twelve months ended July 31.

(2) Before restructuring charges, debt extinguishment charges, timberland disposals, net and cumulative effect of change in accounting principle.

15

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

Strong Cash Generation(1)

(Dollars in millions)

Purchases ofPurchases of PP&E, net

$300

Operating Cash Flow

$1,279

Acquisitions$523

Di id d

Free Cash Flow

$979

Other$262

Dividends$159 Share

Repurchases$35

15% of Operating Cash Flow Returned to Shareholders

16(1) Fiscal 2002 to 2007

2007-2009: Earn and Grow Phase

Greif 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

17

(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

18

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

19

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

20

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 PassionFocus Discipline Passion

21

Appendix

GAAP to Non-GAAP ReconciliationR N AReturn on Net Assets

UNAUDITED (Dollars in millions)

2002 2003 2004 2005 2006 2007

GAAP operating profit $ 101.2 $ 65.4 $ 108.7 $ 191.9 $ 246.2 $ 289.6 Restructuring charges 2.8 60.7 54.1 35.7 33.2 21.2 Timberland disposals, net (12.1) (5.6) (7.5) (56.3) (41.3) 0.6

Non-GAAP - operating profit before restructuring charges and timberland disposals, net $ 91.9 $ 120.5 $ 155.3 $ 171.3 $ 238.1 $ 311.5

Average cash (1) $ (30.8) $ (27.2) $ (36.1) $ (67.9) $ (148.9) $ (120.4)Average short-tern borrowings(1) 19.3 21.5 16.6 17.9 24.6 34.9 Average current portion of long-term debt(1) 30.0 3.0 1.2 - - -Average long-term debt(1) 627.8 634.3 592.8 446.8 449.7 645.1 Average shareholders' equity(1) 583.7 566.9 590.0 677.9 779.6 904.0 Average net assets $ 1,230.0 $ 1,198.5 $ 1,146.5 $ 1,074.7 $ 1,105.0 $ 1,463.6

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%

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

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

Non GAAP return on net assets (non GAAP 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%

23

GAAP to Non-GAAP ReconciliationO ti P fit d R t N t A tOperating Profit and Return on Net Assets

2007 (1) 2008 (1)

UNAUDITED (Dollars in millions)

GAAP operating profit $ 270.6 364.0$ Restructuring charges 22.6 33.5Timberland disposals, net 0.1 -

Non-GAAP operating profit before restructuring charges and timberland disposals, net $ 293.3 397.5$

Average cash (2) (129.1)$ (104.9)$ Average short-term borrow ings 36.1 44.7Average long-term debt 604.6 687.6Average shareholders' equity 862.4 1,003.1Average net assets 1,374.0$ 1,630.5$ g ,$ ,$

GAAP return on net assets (GAAP operating profit divided by average net assets) 19.7% 22.3%

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

(1) Twelve months ended July 31.

timberland disposals, net divided by average net assets) 21.3% 24.4%

24

(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.

GAAP to Non-GAAP ReconciliationO ti P fitOperating Profit

UNAUDITED (Dollars in millions) 1997(Dollars in millions) 1997

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

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

25

GAAP to Non-GAAP ReconciliationO ti P fit b S tOperating 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 profit 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 profit b f t t i h 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 6Timberland disposals, net (12.1) (5.6) (7.5) (56.3) (41.3) 0.6 -

Non-GAAP - operating profit before restructuring charges and timberland disposals, net 30.1$ 20.3$ 13.9$ 8.0$ 10.6$ 14.3$ 20.3$

26

(1) Twelve months ended July 31.

GAAP to Non-GAAP ReconciliationN t 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 gaccounting 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

27

GAAP to Non-GAAP ReconciliationN t IUNAUDITED (Dollars in millions)

Net Income

2007 (1) 2008 (1)

GAAP - net income $ 143.1 $ 228.9 Restructuring charges, net of tax 16.3 25.6 Debt extinguishment charge net of tax 17 3 0 2Debt extinguishment charge, net of tax 17.3 0.2 Timberland disposals, net of tax 0.1 -

Non-GAAP - net income before restructuring charges, debt extinguishment charge and timberland disposals, net

$ 176 8 $ 254 7$ 176.8 $ 254.7

28

(1) Twelve months ended July 31.