On June 3, 2009, Greif, Inc. (the "Company") issued a press release (the "Earnings Release") announcing the financial results for its second quarter ended April 30, 2009. The full text of the Earnings Release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The Earnings Release included the following non-GAAP financial measures (the "non-GAAP Measures"): (i) net income before restructuring charges, restructuring-related inventory charges, debt extinguishment charges and timberland disposals, net on a consolidated basis; (ii) diluted earnings per Class A share and per Class B share before restructuring charges, restructuring-related inventory charges, debt extinguishment charges and timberland disposals, net on a consolidated basis; (iii) operating profit before restructuring charges, restructuring-related inventory charges and timberland disposals, net on a consolidated basis; (iv) operating profit before restructuring charges with respect to the Company's Paper Packaging segment; (v) operating profit before restructuring charges and restructuring-related inventory charges with respect to the Company's Industrial Packaging segment, and (vi), operating profit before restructuring charges and timberland disposals, net with respect to the Company's Timber segment. Net income before restructuring charges, restructuring-related inventory charges, debt extinguishment charges and timberland disposals, net on a consolidated basis is equal to GAAP net income plus restructuring charges, restructuring-related inventory charges and debt extinguishment charges less timberland disposals, net, each item net of tax, on a consolidated basis. Diluted earnings per Class A share and per Class B share before restructuring charges, restructuring-related inventory charges, debt extinguishment charges and timberland disposals, net on a consolidated basis is equal to GAAP diluted earnings per Class A share and per Class B share plus restructuring charges, restructuring-related inventory charges and debt extinguishment charges less timberland disposals, net, each item net of tax, on a consolidated basis. Operating profit before restructuring charges, restructuring-related inventory charges and timberland disposals, net on a consolidated basis is equal to GAAP operating profit plus restructuring charges and restructuring-related inventory charges less timberland disposals, net on a consolidated basis. Operating profit before restructuring charges with respect to the Company's Paper Packaging segment is equal to that segment's GAAP operating profit plus that segment's restructuring charges. Operating profit before restructuring charges and restructuring-related inventory charges with respect to the Company's Industrial Packaging segment is equal to that segment's GAAP operating profit plus that segment's restructuring charges and restructuring-related inventory charges. Operating profit before restructuring charges and timberland disposals, net with respect to the Company's Timber segment is equal to that segment's GAAP operating profit plus that segment's restructuring charges less timberland disposals, net.

The Company discloses the non-GAAP Measures described in Items (i) through (vi), above, because management believes that these non-GAAP Measures are a better indication of the Company's operational performance than GAAP net income, diluted earnings per Class A share and per Class B share and operating profit since they exclude restructuring charges, restructuring-related inventory charges and debt extinguishment charges, which are not representative of ongoing operations, and timberland disposals, net, which are volatile from period to period. These non-GAAP Measures provide a more stable platform on which to compare the historical performance of the Company.

(c) Exhibits.

Exhibit No.    Description
99.1           Press release issued by Greif, Inc. on June 3, 2009, announcing
               the financial results for its second quarter ended April
               30, 2009.