2Q 2015 Conference Call Slide Presentation

Q2 2015 Earnings
Conference Call
Please submit questions to Investors@greif.com
Investors@greif.com
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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 forwardlooking statements are subject to certain risks and uncertainties that could cause events and the Companys actual results to
differ materially from those expressed or implied. Please see the disclosure regarding forward-looking statements
immediately preceding Part I of the Companys 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 nonGAAP 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.
3
Agenda
Q2 2015 Overview
Transformation
Closing Comments
Q2 2015 Results
Net sales flat compared to prior year after adjusting for the effect of
divestitures and currency fluctuations
Improved Operating Profit Before Special Items (OPBSI) 1 to $72.6M from
$71.9M
Gross profit margin improvement of 60 bps vs prior year
Sequential quarter gross profit margin improvement of 271 bps
OPBSI margins increased by 118 bps vs prior year
Class A EPS Before Special Items1 of $0.53
Early Transformation Benefits

Offsetting Volatile Global Market Conditions
A summary of all special items that are included in the operating profit before special items and Class A EPS before special items is set forth in the appendix of this presentation.
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 of this presentation.
Q2 2015 Highlights of Transformation Strategy

Highly experienced top talent additions:
DeeAnne Marlow Senior VP of Human Resources
Michael Cronin President of RIPS EMEA
Ole Rosgaard President of RIPS North America1
Began implementation of SG&A reductions, plant closures, divestitures and

network consolidation of our underperforming assets
Additional growth and transformation activities on-going
6
1
Ole Rosgaard will start on August 1, 2015.
Rigid Industrial Packaging & Services (RIPS)

Executed transformation initiatives including plant closures, network
consolidation and SG&A savings
Q2 15 Sales: $666.6M, down 15.0% vs. PY
Q2 15 OPBSI: $47.7M, down 6.5% vs. PY
RIPS North America

Volumes slightly lower year over year
Competitive pressures driven by softer demand such as lower oil and gas drilling activities
Deflationary pressure on input costs
Through headcount reductions, facility closures and network consolidations, significant costs have been taken out
of the business
RIPS Latin America

Gross profit improvement despite the negative impact of foreign currency
Delayed agricultural season impacted Q2 results
Divested plastic drum and IBC business in Brazil
Rigid Industrial Packaging & Services (RIPS cont.)

Executed transformation initiatives including plant closures, network
consolidation and SG&A savings
Q2 15 OPBSI: $47.7M, down 6.5% vs. PY
RIPS Europe, Middle East, and Africa

Net sales decreased mainly due to the negative impact of foreign currency, fiscal 2014 divestitures and
deflationary pressure on input costs
Volumes increased over prior year
Sequential quarter improvement in Eastern Europe due to improving market environment in Russia
Transformation initiatives underway: plant consolidation and SG&A cost reductions
RIPS Asia Pacific

Higher margins on steady volumes
OPBSI remained flat due to the negative impact of foreign currency and significant competition in Asia more than
offset by lower raw material cost
Divested Taiwan steel drum business
Paper Packaging
Solid performance against competitive headwinds
Q2 15 OPBSI: $28.0M, up 5.7% vs. PY
Net sales decrease attributable to lower prices for containerboard and slightly lower volumes in our
corrugated sheet business
Gross profit margin improvement of 31 bps vs prior year
New market entrants pressuring volume and margins
OPBSI increased due to lower freight, maintenance and utility costs, partially offset by lower net
sales
Growth projects on schedule. This includes the modernization of the Riverville containerboard mill in
Virginia and the installation of a second corrugator in North Carolina. Both expected to contribute
incremental benefits later this year
9
Flexible Products & Services (FPS)

OPBSI increase driven by transformation and SG&A initiatives
Q2 15 OPBSI: ($5.7M), up 21.9% vs. PY
Net sales decreased over prior year as a result of the fiscal 2014 sale of the multiwall business and
the negative impact of foreign currency
Operating loss improvement compared to prior year, which included fixed costs associated with the
occupation of our Hadimkoy facility
The shift to an in-house labor model was largely completed in Q2 which is starting to show
productivity benefits
Strategic plans finalized and transformation initiatives underway: commercial improvement; plant
rationalization; and SG&A reductions
10
Land Management
Results driven by increased timber sales
Q215 Sales: $6.9M, up 13.1% vs. PY
Q215 OPBSI: $2.6M, up 52.9% vs. PY
Higher timber sales in Q2 2015 compared to Q2 2014

OPBSI increased due to higher net sales and lower transportation costs
Timberland gains were immaterial in Q2 2015 versus $8.7M of timberland gains in Q2 2014
11
Q2 2015 Financial Performance

(Dollars in Millions, except per share amounts)
Q2 15
Q2 14
YTD 15
YTD 14
Net Sales
915.9
1,065.5
1,818.2
2,067.0
Operating Profit
51.1
79.1
116.5
150.5
Operating Profit Before Special Items1
72.6
71.9
114.9
137.2
Net Income Attributable to Greif, Inc.
20.8
38.4
50.9
69.1
Net Income Attributable to Greif, Inc. Before Special Items1
31.5
33.6
48.2
60.4
Class A Earnings Per Share
0.35
0.65
0.87
1.18
Class A Earnings Per Share Before Special Items1
0.53
0.58
0.82
1.03
A summary of all special items that are included in the operating profit before special items, net income attributable to Greif, Inc. before special items and Class A earnings per share before special items is set forth in the
appendix of this presentation.
12
Q2 2015 Cash Flow

Net debt1 decreased $150.1M from $1,298.8M at Q2 2014 to $1,148.7M at Q2
2015
Paper Packaging Q2 capital expenditure payments were approximately $11.0M
Net debt represents long-term debt plus the current portion of long-term debt plus short-term borrowings less cash and cash equivalents.
13
Shifts In Foreign Currency Continue to Impact Results

(Dollars in Millions)
Significant currency headwinds vs prior year end and Q2 14

1.40
1.20
1.00
0.80
April 2014
0.60
October 2014
0.40
April 2015
0.20
0.00
Argentina Brazil (Real)
(Peso)
Euro
Russia
(Ruble)
Singapore Turkey (Lira)

(Dollar)
Negative FX translation impact on Q2 net sales of (97.6M) and YTD net sales of (155.1M) vs prior year
Currency
APR 15
vs OCT 14
APR 15
vs APR 14
Region
Q2 15
YTD 15
Europe (Euro)
(48.9)
(71.2)
Argentina (Peso)
-4.2%
-9.6%
Europe (Various)
(26.5)
(43.5)
Brazil (Real)
-20.3%
-27.3%
Americas
(12.6)
(24.2)
Euro
-15.1%
-21.9%
Middle East & Africa
(6.0)
(9.8)
Russia (Ruble)
-24.0%
-32.1%
Asia Pacific
(3.7)
(6.3)
Singapore (Dollar)
-6.0%
-7.3%
Consolidated
(97.6)
(155.1)
Turkey (Lira)
-14.5%
-19.4%
14
Macro Factors
Volatile global energy conditions impacting our products and industries served
Multiple indicators of a slumping U.S. industrial economy
U.S. industrial production has fallen for five straight months

Railcar shipments for the first 19 weeks of 2015 are down vs. prior year
Congestion backlog of U.S. exports and ocean-going freight due to the West Coast port strike
U.S. economy contracted 0.7% in calendar first quarter
Positive trends in Europe point to a stabilizing overall economy which is creating

optimism about the regions longer-term prospects
Containerboard inventories at box plants and mills are higher than historical averages
Chinese economy growth slowing according to the IMF
15
Full Year Outlook Update

Positive demand and gross margin trends have emerged in our international
operations in Q2 and are expected to continue throughout the balance of the
year
Anticipate that foreign currencies remain a headwind based on April rates
Forecasted results for our North American businesses are expected to be below
previous forecasts due to lower volumes and competitive pressures in the second
half
16
17
Focused on Rewarding Our Shareholders

Q2 2015
The Safe Choice Best at Protecting Customers Products

Growth with customers
ONE
PROMISE
Deliver value that meets

or exceeds our
customers needs
ONE
TEAM
Long-term
profitable
growth
World-class efficiencies
Lower structural and

operational costs
ONE
PURPOSE
Work as one team
A safe work environment - zero accidents

Based on The Greif Way
REWARDING SHAREHOLDERS
18
Financial Metrics
2014A
2017
IMPACT
Gross Profit %
19.1%
20.0%
$50M Operating Margin
SG&A %
11.7%
10.0%
Operating Profit1 %
7.5%
10.0%
30% Improvement
Operating Working Capital2 %
9.7%
<7.5%
$100M Cash
Value (%)
Operating Profit excluding special items. Special items include restructuring charges,
acquisition-related costs, timberland gains, non-cash asset impairment charges and gain
on disposal of properties, plants, equipment and businesses, net. Operating profit % is the
operating profit excluding special items for fiscal 2014 as a percentage of net sales for
fiscal 2014.
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.
2 Operating
Working Capital percentage is calculated using the October 31, 2014 balances
of trade accounts receivable, plus inventories less accounts payable as a percentage of net
sales for fiscal 2014.
19
The Portfolio Optimization Analysis

Transform or Fix
16 Value Cells
Net Sales $788M
Invest to Grow
5 Value Cells
Net Sales $903M
Net Sales
$4,083M1
Divest
13 Value Cells
Net Sales $445M
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.
Protect the Core

25 Value Cells
Net Sales $1,947M
20
Adjusted 2014 revenue (2014 revenue minus impact of divestitures and
Land Management segment)
1
2014 Consolidated Enterprise Net Sales and Operating Profit

L
A
N
D
M
A
N
A
G
E
M
E
N
T
Net Sales
2
0
1
4
D
I
V
E
S
T
I
T
U
R
E
S
Net
Sales
$4,239M
Operating
Profit1
$316M
$4,083M2
Operating Profit excluding special items. Special items include restructuring charges, acquisition-related costs,
timberland gains, non-cash asset impairment charges and gain on disposal of properties, plants, equipment and
businesses, net.
2 Adjusted 2014 revenue (2014 revenue minus impact of divestitures and Land Management segment)
1
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.
21
2017 Greif Commitments

0
2014A
BASELINE 3
2017P4
4,239,100
3,447,000
3,831,000
Gross Profit
811,000
697,000
760,000-770,000
SG&A
494,800
427,000
375,000-385,000
Operating Profit1
315,900
269,000
375,000-395,000
Free Cash Flow2
123,900
68,000
225,000-235,000
Consolidated $Ks
Net Sales
1 Operating
Profit excluding special items. Special items include restructuring charges, acquisition-related
costs, timberland gains, non-cash asset impairment charges and gain on disposal of properties, plants,
equipment and businesses, net.
2 Free cash flow is defined as net cash provided by operating activities less purchases of properties, plants
and equipment.
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.
3 Actual results
from fiscal 2014 adjusted to reflect the impact of anticipated sales

of businesses during fiscal 2015 through fiscal 2017 and adjusted to reflect the
impact of foreign currency translation using rates in effect on April 30, 2015
4See key assumptions in appendix.
22
Significant Growth and Transformation Activities Through May 31

Targeted Growth with Customers
o
o
o
o
Successfully doubled North Carolina Corrugator capacity 45 days earlier than scheduled
Modernization and capacity expansion (55K tons/yr) of Riverville Mill completed on time and on
budget; lowered variable processing costs and increased effective capacity
Sadara, Jubail KSA steel drum plant on track for Nov 2015 startup. (Multiyear 1M/yr drum contract)
Expanded IBCGCUBE footprint and capacity from 500K units/year to 2M units/yr
World-class Efficiencies
o
o
o
o
o
o
Reduced SG&A FTE by 170, 48% of reductions planned by year end 2016
Total headcount reduction of 494 including manufacturing roles
Implemented mandatory 30% T&E spending reductions and more stringent controls governing SGA
spend
Divested / Consolidated 10 production facilities
Signed agreement to exit Canadian Timberland holdings
Enterprise Revenue Processed on LN - ERP system surpassed 60% in Q2 2015
23
Planned 15% of Total SG&A Headcount Reductions

TOTAL
350 FTE
Process &
System
Reducing Cost of Complexity

Consolidated back office activities
COMPLETED
Increased cross business integration
170 FTE
Elimination of redundant in-country roles

Control &
Sustainability
2015
2016
LN-ERP Implementation
24
2014 Profile by Segment

BASELINE SEGMENT METRICS2
2014A SEGMENT METRICS
Net Sales
OP1
$3,077M
$203M
Net Sales
OP1
RIGID
INDUSTRIAL
PACKAGING &
SERVICES
Net Sales
OP1
$2,459M
$160M
$707M
$121M
Net Sales
OP1
$687M
$120M
PAPER
PACKAGING
Net Sales
OP1
$426M
($18M)
Net Sales
OP1
$272M
($20M)
FLEXIBLE
PRODUCTS &
SERVICES
Net Sales
OP1
$29M
$10M
Net Sales
OP1
$29M
$9M
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.
Adjusted for
estimated
currency impact
Adjusted for
impact of
completed and
contemplated
divestitures
LAND
MANAGEMENT
1 Operating Profit excluding special items. Special items include restructuring charges, acquisition-related costs,
businesses, net.
2 Actual results from fiscal 2014 adjusted to reflect the impact of anticipated sales of businesses during fiscal 2015
through fiscal 2017 and adjusted to reflect the impact of foreign currency translation using rates in effect on April 30,
2015
25
Rigid Industrial Packaging & Services:
The Trusted Global Leader Focused on Improving Both Customer Satisfaction and Shareholder Returns
Commitments
2014A
Baseline2
2017P3
3,077M
2,459M
2,605M
GP
553M
467M
495-505M
SG&A
350M
307M
280-285M
OP1
203M
160M
215-220M
RIPS
Net Sales
Highlights
Growth With Customers

o
o
Lower Structural and Operational Costs Via Consolidation

o
o
Jubail KSA steel drum operation with Sadara 1M drum contract

IBC footprint expansion in EMEA,APAC, North America
Reduce North America steel drum capacity by 30%
Reduce SG&A costs in excess of $22M by FY2017
Fix or Close Underperforming Business Units

o
Divest or close 8 operations through May 2015
1 Operating
Profit excluding special items. Special items include restructuring charges, acquisition-related costs, timberland gains, noncash asset impairment charges and gain on disposal of properties, plants, equipment and businesses, net.
2 Actual results from fiscal 2014 adjusted to reflect the impact of anticipated sales of businesses during fiscal 2015 through
fiscal 2017 and adjusted to reflect the impact of foreign currency translation using rates in effect on April 30, 2015
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.
3See
key assumptions in appendix
26
Paper Packaging:
Creating Value Through Differentiation

Commitments
PP
2014A
Baseline2
2017P3
Net Sales
707M
687M
887M
GP
183M
180M
195-205M
SG&A
62M
60M
50-55M
OP1
121M
120M
145-150M
Highlights
EBITDA4 growth of $34M

Increase internal integration to > 90%
o
o
Semi chem medium expansion & modernization at Riverville, Virginia mill

Expand unique CorrChoice sheet feeding model in target markets
Grow specialty product portfolio from 10% to 18% of revenue

Innovate on product performance
o
Higher performance medium, light weight corrugated sheets, coatings
1 Operating
2 Actual results from fiscal 2014 adjusted to reflect the impact of anticipated sales of businesses during fiscal 2015 through
fiscal 2017 and adjusted to reflect the impact of foreign currency translation using rates in effect on April 30, 20153
. 3 See
4EBITDA
is defined as net income, plus interest expense, net, plus income tax expense, less equity earnings of
unconsolidated affiliates, net of tax, plus depreciation, depletion and amortization
27
There Remains a Strong Strategic Rationale to be in FPS

Market rationale
Growth
and Stability
Structure
Greif rationale
FIBC product market growing 4-5% annually
Portfolio
FIBCs complement Greifs industrial packaging

portfolio
Valued by global customers
In fragmented market, Greif is the only company

with a global presence
Common global customers (40%)
Segments
Strong growth in niche markets, such as food,

pharma and high hygiene applications
Evaluated all options: divest, fix, grow
Customers
Broadest product offering
Decision to fix, stabilize and grow to 2020

28
Flexible Products & Services:
The Industrys Supply Chain Productivity Partner Positioning for Profitable Growth
Commitments
FPS
2014A
Baseline2
2017P3
Net Sales
426M
272M
315M
GP
62M
38M
55-65M
SG&A
80M
58M
45-50M
(18)M
(20)M
10-15M
OP1
Highlights
Balance manufacturing footprint across 3 global regions

Intent to grow over 15% by focusing on targeted markets and regions
Deliver Operating Profit improvement of $30M by 2017
o
o
o
Pricing initiatives to rationalize lower margin products

Reduce SGA cost structure by $10M
Fix, close or divest underperforming operations
Closed/divested 2 operations in 2015
1 Operating Profit excluding special items. Special items include restructuring charges, acquisition-related costs, timberland gains, non-
cash asset impairment charges and gain on disposal of properties, plants, equipment and businesses, net.
2015
3See
key assumptions in appendix.
29
Land Management:
Legacy Assets Providing Strategic Financial Security and Flexibility

Commitments
LAND
2014A
Baseline2
2017P3
Net Sales
29M
29M
24M
GP
12M
12M
5-15M
SG&A
2M
2M
0-5M
OP1
10M
9M
5-10M
Highlights
Maintain a sustainable timber harvest cycle
Continue to develop multiple revenue streams through consulting activities and special use
properties
Focus on the development of surface and deep mineral opportunities
Signed agreement to exit Canadian timberland holdings
2015
3See
1 Operating
30
Financial Metrics
2014A
2017
IMPACT
Gross Profit %
19.1%
20.0%
SG&A %
11.7%
10.0%
Operating Profit1 %
7.5%
10.0%
30% Improvement
Operating Working Capital2 %
9.7%
<7.5%
$100M Cash
Value (%)
1 Operating
Profit excluding special items. Special items include restructuring charges, acquisition-related costs,
businesses, net.
2 Operating Working Capital percentage is calculated using the October 31, 2014 balances of trade accounts
receivable, plus inventories less accounts payable as a percentage of net sales for fiscal 2014.
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.
31
Summary of Critical Activities

We Have:
Begun implementation phase of an enterprise wide agenda to transformation
Focused a high powered team on execution necessary to reward our shareholders
Prioritized our activities and investments based on returns and customer needs
Reduced SG&A FTE by 170, 48% of reductions planned by year end 2016
Implemented mandatory 30% T&E spending reduction
Divested / Consolidated 10 production facilities through May 2015
Developed and started implementation of a plan to improve FPS
We Will:
Scale up Jubail steel drum plant (1M Drums/yr) in KSA
Accelerate actions to further reduce structural costs
Exit all underperforming assets by 2016 year end and redeploy capital against strategic priorities
Communicate our progress simply and transparently
32
Appendix
Key Assumptions
Assumed market growth rate of 1.5-2% (1)
Raw material costs assumed flat against our baseline indices
Major raw material price increases are passed to customers through Price Adjustment Mechanisms in
contracts or otherwise with customary delay
The FX impact was calculated using actual year to date FX rates in 2015 through April and the assumption that
the rates remain constant at the April rates through the remainder of the year.
Salary/wage increase assumed at historical rates (3.5% overall)
For purposes of calculation of free cash flow in 2017, we have assumed an effective tax rate range of 34-37%
Cap-Ex at $150M for FY2015, $130M there after.
$75-85M restructuring costs estimated for 2015-17 period
All divestitures completed by the end of FY2016; no material acquisitions.
34
(1): Excludes high growth and approved projects such as Jubail and Paper Packaging modernization
Estimated Sensitivity Net Sales Revenue

Foreign Currency Exchange
Estimated Annual / Impact on Net Sales Revenue

Raw Materials
$10/ton Cost Change
Currency
1% Change Relative to US Dollar*
Steel
$10.3M
Euro
10.5M
Resin
$2.0M
CNY
1.5M
OCC
6.5M
BRL
1.5M
GBP
1.5M
RUB
1.0M
SGB
1.0M
* Estimated translation impact only on external customer sales. Does not address discrete transactions related currency impacts nor the impact of shifting global supply chain raw materials
sourcing changes.
44
Special Items by Segment

(Dollars in millions)
36
GAAP to Non-GAAP Reconciliation of Segment and Consolidated Operating Profit (Loss) Before
Special Items
37
GAAP to Non-GAAP Reconciliation of Net Income and Class A Earnings Per Share Excluding
Special Items
(Dollars in millions, except for per share amounts)
38
GAAP to Non-GAAP Reconciliation of Net Working Capital and Net Debt

39
Analysis of Consolidated 2014 Operating Profit Before Special Items

Twelve Months Ended

October 31, 2014
Operating profit
$ 249.3
Restructuring charges
16.1
Acquisition-related costs
1.6
Timberland gains
(17.1)
Non-cash asset impairment charges
85.8
Gain on disposal of properties, plants, equipment and

businesses, net
(19.8)
Operating profit before special items
$ 315.9
40
Analysis of Fiscal 2014 Net Sales Excluding Divestitures and Land Management
Greif, Inc.
As Reported
Net Sales
4,239.1
Greif, Inc.
Excluding
Divestitures
Divestitures
$
(126.6)
4,112.5
Land Management
Greif, Inc. Excluding

Divestitures and
Land Management
(29.5)
4,083.0
41
GAAP to Non-GAAP Reconciliation of Segment and Consolidated 2014 Operating Profit (Loss)
Before Special Items
Yea r Ended October 3 1 , 2 0 1 4

O perating profit (loss)
Rigid Industrial Pacakaging & Services
Paper Packaging
Flexible Products & Services
Land Management
Total operating profit (loss)
Restruc turing c harges

170.1
125.8
(78.6)
32.0
249.3
9.6
6.5
16.1
Ac quisition-related c osts
1.6
1.6
Timberland gains
Land Management
(17.1)
(17.1)
Non-c ash asset impairment c harges

11.6
74.2
85.8
(Gain) loss on dispoal of properties, plants, equipments and businesses, net

10.3
Paper Packaging
(5.1)
(19.6)
Land Management
(5.4)
(19.8)
O perating profit (loss) before spec ial items
Paper Packaging
Land Management
Consolidated Total
203.1
120.7
(17.5)
9.6
315.9
42
Reconciliation of Free Cash Flow

Year Ended
October 31, 2014
Net cash provided by operating activities
Purchases of properties, plants and equipment
Free cash flow
$
$
261.8
(137.9)
123.9
43
GAAP TO Non-GAAP Reconciliation of 2014 Baseline Segment Net Sales, Gross Profit, SG&A , Operating Profit
(Loss) Before Special Items and Consolidated Free Cash Flow
GREIF, INC. AND SUBSIDIARY COMPANIES

GAAP TO NON-GAAP RECONCILIATION
BASELINE SELECTED FINANCIAL INFORMATION
UNAUDITED
Year Ended
October 31,
2014
Net Sales:
Rigid Industrial Packaging & Services
Paper Packaging
Flexible Products and Services
Land Management
Impact of Actual and

Planned Divestitures
$ 3,077.0
706.8
425.8
29.5
$ 4,239.1
553.4
182.8
62.7
12.1
811.0
350.0
62.1
80.2
2.5
494.8
Consolidated
203.1
120.7
(17.5)
9.6
$ 315.9
Consolidated Free Cash Flow
Consolidated
Gross Profit:
Paper Packaging
Land Management
Consolidated
SG&A
Paper Packaging
Land Management
Consolidated
Operating profit (loss) before special items
Paper Packaging
Land Management
123.9
Excluding the Impact of

Actual and Planned
Divestitures
(329.6)
(20.0)
(100.4)
(450.0)
(29.2)
(3.1)
(16.8)
(49.1)
(11.1)
(2.2)
(12.5)
(25.8)
(17.8)
(0.9)
(4.3)
(23.0)
(28.7)
Impact of Foreign Currency

Translation
2,747.4
686.8
325.4
29.5
3,789.1
524.2
179.7
45.9
12.1
761.9
338.9
59.9
67.7
2.5
469.0
185.3
119.8
(21.8)
9.6
292.9
95.2
Excluding the Impact

of Foreign Currency
Changes and Actual
and Planned
Divestitures 2015
(288.5)
(53.3)
(0.2)
(342.0)
(57.1)
(8.1)
(0.1)
(65.3)
(31.7)
(10.0)
(41.7)
(25.4)
1.9
(0.1)
(23.6)
159.9
119.8
(19.9)
9.5
269.3
(27.3)
67.9
2,458.9
686.8
272.1
29.3
3,447.1
467.1
179.7
37.8
12.0
696.6
307.2
59.9
57.7
2.5
427.3
44

2Q 2015 Conference Call Slide Presentation

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Q2 2015 Earnings

Please submit questions to Investors@greif.com

Early Transformation Benefits

Q2 2015 Highlights of Transformation Strategy

Began implementation of SG&A reductions, plant closures, divestitures and

Ole Rosgaard will start on August 1, 2015.

Rigid Industrial Packaging & Services (RIPS)

Q2 15 OPBSI: $47.7M, down 6.5% vs. PY

RIPS North America

RIPS Latin America

Rigid Industrial Packaging & Services (RIPS cont.)

Q2 15 OPBSI: $47.7M, down 6.5% vs. PY

RIPS Europe, Middle East, and Africa

RIPS Asia Pacific

Q2 15 OPBSI: $28.0M, up 5.7% vs. PY

Flexible Products & Services (FPS)

Q2 15 OPBSI: ($5.7M), up 21.9% vs. PY

Q215 OPBSI: $2.6M, up 52.9% vs. PY

Higher timber sales in Q2 2015 compared to Q2 2014

Q2 2015 Financial Performance

Operating Profit Before Special Items1

Net Income Attributable to Greif, Inc.

Net Income Attributable to Greif, Inc. Before Special Items1

Class A Earnings Per Share

Class A Earnings Per Share Before Special Items1

Q2 2015 Cash Flow

Shifts In Foreign Currency Continue to Impact Results

Significant currency headwinds vs prior year end and Q2 14

Singapore Turkey (Lira)

Middle East & Africa

U.S. industrial production has fallen for five straight months

Positive trends in Europe point to a stabilizing overall economy which is creating

Full Year Outlook Update

Focused on Rewarding Our Shareholders

The Safe Choice Best at Protecting Customers Products

Deliver value that meets

Lower structural and

Work as one team

A safe work environment - zero accidents

$50M Operating Margin

$50M Operating Margin

Operating Working Capital2 %

Note: A reconciliation of the differences between all non-GAAP financial

The Portfolio Optimization Analysis

Protect the Core

2014 Consolidated Enterprise Net Sales and Operating Profit

2017 Greif Commitments

Free Cash Flow2

from fiscal 2014 adjusted to reflect the impact of anticipated sales

Significant Growth and Transformation Activities Through May 31

Planned 15% of Total SG&A Headcount Reductions

Reducing Cost of Complexity

Increased cross business integration

Elimination of redundant in-country roles

2014 Profile by Segment

2014A SEGMENT METRICS

Rigid Industrial Packaging & Services:

Growth With Customers

Lower Structural and Operational Costs Via Consolidation

Jubail KSA steel drum operation with Sadara 1M drum contract

Fix or Close Underperforming Business Units

Divest or close 8 operations through May 2015

key assumptions in appendix

Creating Value Through Differentiation