Annual Meeting of Stockholders

March 3, 2015

3

Safe Harbor Statement

Forward-Looking Statements

All presentations contain certain forward-looking information within the meaning of the Private Securities Litigation Reform Act of

1995. The words “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,” “objective,” “project,” “believe,” “continue,” “on

track” or “target” or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward-

looking statements are based on information currently available to management. Such forward-looking statements are subject to

certain risks and uncertainties that could cause events and the Company’s actual results to differ materially from those expressed or

implied. Please see the disclosure regarding forward-looking statements immediately preceding Part I of the Company’s Annual

Report on the most recently filed Form 10-K. The company assumes no obligation to update any forward-looking statements.

Regulation G

These presentations may include certain non-GAAP financial measures like EBITDA and other measures that exclude special items

such as restructuring and other unusual charges and gains that are volatile from period to period. Management of the company uses

the non-GAAP measures to evaluate ongoing operations and believes that these non-GAAP measures are useful to enable investors

to perform meaningful comparisons of current and historical performance of the company. All non-GAAP data in the presentation are

indicated by footnotes. Tables showing the reconciliation between GAAP and non-GAAP measures are available at the end of this

presentation and on the Greif website at www.greif.com.

4

Board of Directors

Vicki L. Avril Former Chief Executive

Officer and President, TMK

IPSCO

Bruce A. Edwards Former Global Chief

Executive Officer,

DHL Supply Chain

Mark A. Emkes Former Commissioner

Finance and Administration,

State of Tennessee

John F. Finn Chairman & Chief

Executive Officer,

Gardner, Inc.

Michael J. Gasser Chairman

Daniel J. Gunsett Partner, Baker Hostetler LLP

Columbus, Ohio

Judith D. Hook Investor

John W. McNamara President & Owner,

Corporate Visions

Limited, LLC

Patrick J. Norton Former Executive Vice President

& Chief Financial Officer, The

Scotts Miracle-Gro Company

David B. Fischer President and Chief

Executive Officer

5

Executive Officers

David B. Fischer President and Chief Executive Officer

Peter G. Watson Chief Operating Officer

Lawrence A. Hilsheimer Executive Vice President, Chief Financial Officer

Gary R. Martz Executive Vice President, General Counsel and Secretary

Ivan Signorelli Group President, Rigid Industrial Packaging & Services – Europe, Middle East, Africa

Addison P. Kilibarda Senior Vice President, Global Strategy

Karen P. Lane Senior Vice President, People Services & Talent Development

Timothy L. Bergwall Division President, Paper Packaging

Daniel R. Lister Division President, Flexible Products & Services

Nadeem Ali Vice President, Treasurer

Douglas W. Lingrel Vice President, Chief Information Officer

David C. Lloyd Vice President, Corporate Financial Controller

Christopher E. Luffler Vice President, Business Managerial Controller

Sharon R. Maxwell Assistant Secretary

6

Deloitte & Touche LLP

Greg Coy Global Lead Client Service Partner

Jamey Halsey Global Lead Audit Partner

John Brown Lead Audit Senior Manager

7

Greif serves diverse end markets such as chemicals, paints and

pigments, food and beverage, petroleum, adhesives, industrial

coatings, agricultural, pharmaceutical, minerals and building products

$4.241

Rigid

Industrial

Packaging

& Services

$3.0771

Flexible

Products

& Services

Paper

Packaging Land

Management

$4261

$7071

$331

$4.24 Billion

Net sales for 12 months ended

October 31, 2014

250 Nearly 250 operations

>50 Operations in more than

50 countries

13,500 Approximate number of

employees worldwide

Diversified Business Platform and Global Footprint

1 Twelve months ended October 31, 2014

World’s Leading Industrial Packaging Company

8

Fiscal 2014 Priorities

2014 Priorities

Continuing to emphasize safety in all facilities and work-

related activities;

Making further progress on reducing operating working

capital and increasing cash flow;

Addressing capacity utilization issues in Flexible

Products & Services;

Increasing integration levels, capacity and product

differentiation efforts in Paper Packaging;

Implementing more Greif Business System initiatives to

improve performance; and

Restructuring selected geographies and assets that

persist with unacceptable results

Achievements Included

Medical Case Rate decreased to 1.45 from 1.47 in

fiscal 2013

Initiated project to increase mill capacity and

announced sixth corrugator in response to market

demand

Initial reductions in targeted SG&A expenses, portfolio

optimization and increased operating efficiencies

Restructuring actions in all regions with particular

emphasis on underperforming RIPS and FPS

operations

Free cash flow increased to $204 million from $130

million the prior year

Closed KSA fabric hub and revised the FPS business

strategy

9

You can trust us…

Greif picked for Forbes magazine’s

“America’s 100 Most Trustworthy Companies”

http://www.forbes.com/sites/kathryndill/2014/03/18/americas-100-most-trustworthy-companies/

10

Together for Sustainability Members

11

Greif Awarded Silver Recognition Level

12

Michael J. Gasser Global Sustainability Award

Recognizes the environmentally focused activities of Greif associates

and superior effort and achievement in furthering the improvement of

the environment and the company.

2014 Winner

Ivan Signorelli - Life Cycle Analysis

The Greif Green Tool Team

Project

Under the leadership of Ivan Signorelli, The Greif Green Tool

was developed to enable our customers to choose the right

packaging products that will keep their products safe

while helping them meet their sustainability goals.

Award Winners

Ivan Signorelli, James King, Greg Layer, Nick Sheets, Aysu Katun, Randy Stacy,

Gustavo Melo, Philippe Marty, Peter Wittocx and Virginia Hu.

13

2015 Goals

• Safety – reduce medical case rate by 10%

• Execute enterprise-wide transformation process

• Actively pursue portfolio optimization

• Increase financial strength and flexibility

• Continue to abide by The Greif Way

The Path of Transformation

14

15

Greif Transformation Video

Greif Transformation Video

16

17

Portfolio Optimization Quadrant Summary

Transform or Fix

16 Value Cells

Divest 13 Value Cells

Invest To Grow 5 Value Cells

Protect the Core 25 Value Cells

59

Value Cells

18

Portfolio Optimization Quadrant Summary

Transform or Fix

16 Value Cells

Revenue $788M

Divest 13 Value Cells

Revenue $445M

Invest To Grow 5 Value Cells

Revenue $903M

Protect the Core 25 Value Cells

Revenue $1,947M

Revenue *

$4,083

* Adjusted revenue (minus divestitures and land management). Note: A reconciliation of the

differences between all non-GAAP financial measures used in this presentation with the most directly

comparable GAAP financial measures is included in the Appendix to this presentation.

19

Transform or Fix

• Top down diagnostic targets developed

• 100% bottoms up plans received

• All plans ready for execution by Feb 15th

Portfolio Optimization Progress to Date

Invest To Grow • Paper Mill Integration

• CorrChoice

• Innovative products and services

• Drum Plant Jubail, Saudi Arabia

Protect the Core

• Top down targets assigned

• Plans being developed

• Begin execution by March 31

Divest

• Strategic review process

• Several actions completed

• Balance divestitures with Invest to Grow

20

Transformation Initiatives’ Work Streams • Master plan

• Work stream coordination

• Track activities & impact

• Manage communications

PMO

0

• Talent & skills development

• Performance management

• Reward & recognition

• Organizational health / employee

engagement

Talent & Org

Health

1

• Top-down enterprise strategy

• Segment level strategy

• Bottoms-up financial plans

• Contingencies

• Strategic planning process

• 3 year holistic strategic plan

Strategy

2

• Transform / fix

• Protect the core

• Invest to grow

• Potential divest1

• Resource allocation process

Portfolio

Optimiz-ation

3

• Quick wins

• Corporate / business benchmarking

• Work process redesign

SG&A

Efficiency

4

• Quick win enablers

• Customer centricity

• Sales effectiveness

• Capabilities

• Supporting the change

GBS

Com-Ex

5

• People development

• Safety

• Quality

• Stability

• Elimination of waste

GBS

Op-Ex

6

• Network optimization

• Inventory management

• Strategic sourcing

• Sales & operations planning

• Standardization

• Logistics

GBS Sourcing

& Supply Chain

7

• Diagnostics

• Accounts receivable

• Accounts payable

• Inventory

• IT

Working Capital

Reduction

8

1 – Pending strategic review

21

Free Cash Flow and Dividends Paid (Dollars in millions)

2009 2010 2011 2012 2013 2014

Free Cash Flow After Purchases of PP&E $141.8 $34.0 $9.8 $307.3 $113.9 $123.9

Dividends Paid 88.0 93.1 97.8 97.7 98.3 98.6

Free Cash Flow After Purchases of PP&E / Dividends Paid 1.6x 0.4x 0.1x 3.1x 1.2x 1.3x

(1)

(2)

22

Greif Debt Ratios vs. Industry Peer Group Averages

Industry

Peer Group

Average(1)

Greif

Fiscal 2013(1)

Greif

Fiscal 2014

Greif

Forecast 2015

Net Debt(2)

/EBITDA (3)

2.5X 2.4X 2.3X 2.5X

Total Debt/Capital 58% 48% 49% 48%

1 Provided from a respected industry analyst’s report, permission granted to use the information without attribution, the data was comp iled under CFA guidelines from publicly available information.

2 Net debt represents long-term debt plus the current portion of long-term debt plus short-term borrowings less cash and cash equivalents.

3 EBITDA is defined as net income plus interest expense, net, plus income tax expense, less equity earnings of unconsolidated subsidiaries, net of tax plus depreciation, depletion and amortization

23

Financial Metrics

Value (%)

• Operating Profit %

Gross Profit %

SG&A %

• Operating Working Capital %

Drivers of Value

• Targeted Growth by Business

• Innovation Revenue Mix

From 2014

7.5%

19.1%

11.7%

9.7%

Business

Specific

To 2017

10.0%

20.0%

10.0%

<7.5%

Impact

30%+ Improvement

$50M+ Operating Margin

$50M+ Operating Margin

$100M Cash

2-3% Net Sales Growth

in 2016 & 2017

Product

Diversification 2-3% Net Sales Growth

in 2016 & 2017

Product

Diversification

Business

Specific

24

Industry Debt Loads

AptarGroup Inc

Avery Dennison Corp Ball Corp

Bemis Company, Inc.

Berry Plastics Group, Inc.

Crown Holdings, Inc.

Graphic Packaging Holding

Greif Inc

MeadWestvaco Corp

Multi-Color Corp

Owens-Illinois Inc

Rexam PLC

Sealed Air Corp

Silgan Holdings Inc

Sonoco Products Co

0%

20%

40%

60%

80%

100%

120%

140%

160%

- 1.0 2.0 3.0 4.0 5.0 6.0

To

tal

Deb

t/T

ota

l C

ap

ital

Total Debt/LTM EBITDA

Source: Baird Research, December 2014

25

Questions

26

Appendix

27

Analysis of Fiscal 2014 Net Sales Excluding Divestitures

and Land Management

Greif, Inc.

As Reported Divestitures

Greif, Inc.

Excluding

Divestitures Land Management

Greif, Inc. Excluding

Divestitures and

Land Management

Net Sales 4,239.1$ (126.6)$ 4,112.5$ (29.5)$ 4,083.0$

(Dollars in millions)

28

Free Cash Flow and Dividends Paid

2015

2009 2010 2011 2012 2013 (1) 2014 (1) Forecast

Net cash provided by operating activities $266.5 $178.1 $172.2 $473.3 $250.3 $261.8 $225.0 - 261.0

Purchases of properties, plants and equipment (124.7) (144.1) (162.4) (166.0) (136.4) (137.9) (150.0)

Free cash flow after purchases of PP&E 141.8 34.0 9.8 307.3 113.9 123.9 75.0 - 111.0

Acquisitions of companies, net of cash acquired (90.8) (179.5) (344.9) - - (53.5) -

Proceeds from the sale of properties, plants, equipment, 50.3 17.3 31.0 13.9 15.6 133.2 5.0 - 9.0

businesses and other assets

Free cash flow excluding timberland transactions 101.3 (128.2) (304.1) 321.2 129.5 203.6 80.0 - 120.0

Purchases of timber properties (1.0) (21.0) (3.4) (3.7) (9.0) (56.8) (34.0)

Proceeds from the sale of timber properties - - - 0.0 25.9 31.7 34.0

Free cash flow including timberland transactions 100.3 (149.2) (307.5) 317.5 146.4 178.5 80.0 - 120.0

Class A dividends 37.0 39.5 42.3 42.2 42.8 42.8

Class B dividends 51.0 53.6 55.5 55.5 55.5 55.8

Dividends paid 88.0 93.1 97.8 97.7 98.3 98.6

FCF after purchases of PP&E / dividends paid 1.6x 0.4x 0.1x 3.1x 1.2x 1.3x

(Dollars in millions)