Appendix investor day012215_gef

2. 2015 Investor Day
The Path of Transformation
Name: Scott Griffin
Title: Vice President, Corporate Communications
www.Greif.com
January 21, 2015
2

3. 3
Safe Harbor
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. 4
Agenda
9:00 AM Welcome and Opening Comments Scott Griffin, VP Communications
9:05 AM A message on Strategy and Direction David Fischer, President and CEO
9:30 AM The Transformation Roadmap Pete Watson, COO
9:50 AM Business Unit Overviews
RIPS Europe Ivan Signorelli, Global President, EMEA
RIPS North America Darren Cherry, Division President
Break
Flexible Product and Service Dano Lister, Division President
Paper Packaging and Services Tim Bergwall, Division President
11:10 AM Transformation Metrics and Aspirations Larry Hilsheimer, CFO
11:30 AM Questions and Answers All
12:00 PM Closing Comments David Fischer, President and CEO

5. 5
Please TEXT or EMAIL us your Questions…
TEXT: 740-417-3727
Email : investorday@greif.com

7. 7
Fiscal 2014 – 2015 EBITDA Bridge
(Dollars in millions)
$44.9
395.6
462.2
499.9
$429.9
37.7 (43.2)
(26.8)
350.7
66.6
FY2014
Net Income
Interest,
Taxes
and DD&A
FY2014
EBITDA
Special
Items
FY2014
EBITDA
Excluding
Special Items
Non-Recurring
Items
FY2014
EBITDA
Excluding
Special Items &
Non-Recur. Items
Currency
Impacts
Operational
Impacts
FY2015
Forecast
EBITDA
Excluding
Special Items
1 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.
2 A summary of all special items that are included in EBITDA before special items is set forth in the Appendix to 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 to this presentation.
(1) (2)

8. 8
Fiscal 2015 Free Cash Flow Bridge
(Dollars in millions)
$430
$80 - $1202 - (8)
(150)
(82)
(80)
0 - (30)
FY2015
EBITDA
Excluding
Special
Items
Capital
Expenditures
Cash
Interest
Cash
Taxes
Change in
Operating
Working
Capital
Rounding to
Provide
Conservative
Range
FY2015
FCF
Excluding
Timberland
Transactions
1 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.
2 A summary of all special items that are included in EBITDA before special items is set forth in the Appendix to this presentation.
3 Free cash flow excluding timberland transactions is defined as net cash provided by operating activities less capital expenditures and acquisitions of companies, net of cash acquired, plus proceeds from sales of properties, plants, equipment, businesses,
and other assets.
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.
(1, 2) (3)

9. 9
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 Free cash flow after purchases of PP&E is defined as net cash provided by operating activities less purchases of properties, plants and equipment.
2 Dividends paid represents cash payments to Class A and Class B shareholders of Greif, Inc. in each fiscal year, respectively.
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.
(1)
(2)

10. 10
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
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 compiled 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.
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.

11. 2015 Investor Day
The Path of Transformation
Name: David Fischer
Title: President & CEO
www.Greif.com
January 21, 2015
11

12. 12
Quick Facts
1 Founded in 1877 as a packaging company
2 $4.24 billion in sales and ~13,500 employees
3 Initial public offering in 1926
5 Leading industrial packaging company
4 Diversified business platform

13. 13
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

14. 14
Why Customers Choose Greif ?
“the safe choice”
Global Supply Network
With nearly 250 operations
around the world, our
customers get the guarantee to
receive their orders on time
and in full from an alternative
Greif facility in case of urgency.
Production Excellence
With widely standardized
processes across the world we
strive to eliminate risk of
failure. Continuous focus on
lean manufacturing and high
quality products & services.
The Greif Way
We are fair, ethical and honest.
We keep our employees safe
and do not depart from our
quality standards. You can
trust our word.

15. 15
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/

16. 16
Greif is progressing on innovation
Innovation Fueling Growth
Innovation Fueling Growth

17. 17
One
Promise
One
Team
One
Purpose
Deliver value that meets
and exceeds our
customers’ needs
Work as one team across all geographies and businesses
The global leader in
industrial packaging
Long-term
profitable
growth
Greif Aspiration
The Safe Choice – Best at Protecting Customers’ Products

18. 18
• Rewarding our
shareholders
• Rewarding our
shareholders
• 2003-2005
• GBS Transformation
launched in 2003
• Obtained remaining
CorrChoice interest
• Average annual stock
return = 33%
• 2003-2005
• GBS Transformation
launched in 2003
• Obtained remaining
CorrChoice interest
• Average annual stock
return = 33%
• 2006-2008
• Leveraged GBS for cost
savings & capacity
increases
• Strong go to market
strategy
• Executed M&A activities
–IPS rollup
–Delta Petroleum
–Blagden Packaging
• Start of the Great
Recession
• Average annual stock
return = 13%
• 2006-2008
• Leveraged GBS for cost
savings & capacity
increases
• Strong go to market
strategy
• Executed M&A activities
–IPS rollup
–Delta Petroleum
–Blagden Packaging
• Start of the Great
Recession
• Average annual stock
return = 13%
• 2009-2011
• Launched 3 growth
platforms:
1.Flexibles
2.LifeCycle Services
(rigid drum
reconditioning)
3.IBC
• Recession in Western
Europe
• Average annual stock
return = 8%
• 2009-2011
• Launched 3 growth
platforms:
1.Flexibles
2.LifeCycle Services
(rigid drum
reconditioning)
3.IBC
• Recession in Western
Europe
• Average annual stock
return = 8%
• 2012-2014
• Increased focus on cash
and business integration
• Pursued additional
synergies across
businesses &
geographic regions
• Average annual stock
return = 2%
• 2012-2014
• Increased focus on cash
and business integration
• Pursued additional
synergies across
businesses &
geographic regions
• Average annual stock
return = 2%
Oct-17
GBS
Transformation
Earn & Grow
Growth Through
Adjacencies &
Extensions
Business
Integration
Our Future
Jan-16Jan-14Jan-12Jan-10Jan-08Jan-06Jan-04
Greif Historic Stock Returns1
1
Based on adjusted close price incorporating dividends and stock splits
Nov-02
Focused on our Customers and Rewarding our Shareholders
Cumulativepercentchange–November2002-October2014
-100
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300

19. 2015 Investor Day
The Path of Transformation
Name: Pete Watson
Title: Chief Operating Officer
www.Greif.com
January 21, 2015
19

20. 20
Greif transformation framework
Vision & aspiration
“The Greif Way”
Strategy
Performance management
Collaboration & engagement across businesses
Increase cash efficiency
• SG&A efficiency
– Businesses
– Shared services / facilities
– Corporate
• Working capital reduction
• Portfolio optimization
– Transform / fix
– Protect the core
– Invest to grow
– Potential Divest
– Resource allocation
process
Optimize the portfolio
for the future
• Best in class GBS
processes linked as one
team focused on creating
customer value
Deliver profitable
customer growth
ComEx OpEx S&SC
Talent & organizational health

21. 21
Strategic Transformation Initiatives

22. 22
Portfolio Optimization Quadrant Summary
Transform or Fix
Divest Protect the Core
62
Value Cells
Invest To Grow

23. 23
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

24. 24
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.

25. 25
Transform or Fix
Pre-Tax RONA1 6.0%
Divest
Pre-Tax RONA1 33.3%
Invest To Grow
Pre-Tax RONA1 53.8%
Protect the Core
Pre-Tax RONA1 48.7%
Portfolio Optimization Value Summary
1. Pre-tax RONA is calculated as plant-level operating profit excluding special items divided by
trailing 12 month average net assets which is defined as current assets (excluding cash) plus
PP&E, net less accounts payable less other current liabilities.

26. 26
Transform or Fix
• Top down diagnostic targets developed
• 100% bottoms up plans received
• All plans ready for execution by Feb 15th
Divest
13 Value Cells
Revenue $445M
Invest To Grow
5 Value Cells
Revenue $903M
Protect the Core
25 Value Cells
Revenue $1,947M
Portfolio Optimization Progress to Date

27. 27
Transform or Fix
16 Value Cells
Revenue $788M
Divest
• Strategic review process
• Several actions completed
• Balance divestitures with Invest to Grow
Invest To Grow
5 Value Cells
Revenue $903M
Protect the Core
25 Value Cells
Revenue $1,947M
Portfolio Optimization Progress to Date

28. 28
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
• Top down targets assigned
• Plans being developed
• Begin execution by March 31
Portfolio Optimization Progress to Date

29. 29
Transform or Fix
16 Value Cells
Revenue $788M
Divest
13 Value Cells
Revenue $445M
Invest To Grow
• Paper Mill Integration
• CorrChoice
• Innovative products and services
• Drum Plant Jubail, Saudi Arabia
Protect the Core
25 Value Cells
Revenue $1,947M
Portfolio Optimization Progress to Date

30. 30
Portfolio Optimization Quadrant Summary
Transform or Fix
Divest
Invest To Grow
Protect the Core

31. 2015 Investor Day
The Path of Transformation
Name: Ivan Signorelli
Title: Global President, EMEA
www.Greif.com
January 21, 2015
31

32. 32
Business Profile – RIPS EMEA
Lubricants, Oils and
Additives
Agriculture
Pharmaceuticals,
Mining, Others
Chemicals
EMEA LOCATIONS
= 54
Countries = 26
#2
#1
#1
#3
#1 Footprint
Steel Drums
Plastic Drums
Fiber Drums
IBC
Reconditioning
Revenues
(Euro Million)
Operating Profit
(Euro Million)
Main Customer Groups
Greif Positions
In EMEA

33. 33
Market Trends
• Slow overall economic recovery in Western
Europe
• Steady markets in automotive, agriculture and
construction
• Downward trend on raw material and energy
prices
• Euro devaluation may result in higher
competitive ability of Eurozone produced goods
against its competitors produced in US Dollar
pegged economies

34. 34
• Introduction and continuous development of
products driven on sustainability
• Conclude investment and start up of Jubail Plant in
the Kingdom of Saudi Arabia
• Strategic partnerships with key global customers
• IBC capacity redeployment and expansion
• Implementing enhanced OPEX with
Transformation
• Consolidation and restructuring of our
manufacturing footprint
• Renovating and optimizing reconditioning
• Operating Working Capital optimization
• Enhance Customer experience through Safe
Choice Program
• Value creation workshops with key customers
• Innovation at customer base with advanced
material handling systems
Strategic Priorities
Value creation
Improving asset yield
Innovation and
opportunities

35. 35
Transformation Strategy – RIPS EMEA
 Redeploy under utilized
IBC assets
 Consolidation and
optimization of
manufacturing footprint
 Enhancing GBS
Transform
or Fix
Divest
Invest To
Grow
Protect the
Core

36. 36
Summary Statement and Key Takeaways
• Greif is the leading industrial packaging supplier in
the region
• Greif RIPS EMEA steady contributor to the results
• Main customer groups showing steady projections
• New investments coming into operation
• Continuous efficiency improvement programs
• Preparing the future

37. 2015 Investor Day
The Path of Transformation
Name: Darren Cherry
Title: Division President, RIPS NA
www.Greif.com
January 21, 2015
37

38. 38
Business Profile – RIPS North America
Food & Beverage
Agricultural
Chemicals
Lubricants
Chemicals
Pharmaceutical
Total Market (USD Million)RIPS Revenue (USD Million)
Top markets servedRevenue
(USD million)
Operating Profit
(USD million)
2014
1,055
2013
1,030
2012
1,047
98
116122
201420132012
480
87
87
315
308
22452
31735
909
Products and Services
#1
#1
#2
Steel
Drums
Fibre
Drums
Plastic
Drums
Intermediate
Bulk
Containers
Chemical
Logistics
Services

39. 39
Market Trends – RIPS North America
• Softer economic conditions in Europe and China combined with
stronger currency exchange rates may adversely affect North
America’s growth.
• Declining crude oil prices will soften demand for processing
chemicals that service the US energy sector.
• The US chemical industry is expected to
expand as a result of the advantaged
feedstock economics from shale gas access.

40. 40
2015 Priorities – RIPS North America
• Improve asset utilization through
footprint consolidation.
• Streamline portfolio and eliminate
non-core products to reduce
complexity cost.
NexDRUM®
GCUBE®
Grow Products
Focused on Meeting
Customers’ Needs
Optimize Portfolio
To Reduce Cost

41. 41
Transformation Strategy – RIPS North America
Transform
or Fix
Divest
Invest To
Grow
Protect the
Core
Steel Drum Portfolio
Reposition portfolio to
maximize customer
value.
Consolidate footprint to reduce
excess capacity.
Reposition and align resources
to efficiently service customers’
current needs.
Streamline portfolio to best serve
customers’ future needs.

42. 42
Key Takeaways – RIPS North America
• Building on a good foundation, we will accelerate our
transformational activities with a laser focus on the following areas:
- Enhanced customer service
- Operational efficiency
- Footprint consolidation
• We will align our resources to partner with our customers to
achieve profitable growth in core markets.
• The US chemical industry is poised for
some strong growth in the next five-years
and Greif is ideally positioned to capitalize.

43. 2015 Investor Day
The Path of Transformation
Name: Dano Lister
Title: Division President – Flexible Products & Services
www.Greif.com
January 21, 2015
Greif FPS, A Joint Venture with:

44. 44
The global leader in flexible industrial packaging
Comprehensive Portfolio of flexible industrial packaging
We package products that are essential to life that improve the quality
of life for people everywhere.

45. 45
Pharma
Fertilizer
Food
Chemicals
Mining &
Minerals
33
29
37
86
157
162
156
502
605
788
FPS revenue (USD Million) Total Industry Segment (USD Million)
18%
23%
17%
20%
5%
Share of walletMajor industries served
The global leader in flexible industrial packaging
Serving all major industries with extensive industry know how

46. 46
2
10
0
20132012 2014
386394400
-2,0%-1,5%
201420132012
Revenues1
(USD million)
Adjusted Operating Profit2
(USD million)
The global leader in flexible industrial packaging
Revenue and Operating profit developments (2012=> 2014)
Notes:
1. Excludes sales from Multiwall packaging division.
2. Excludes Multiwall packaging division operating profit, impairments and non-recurring events.
Note: A reconciliation of the differences between Adjusted Revenues and Adjusted Operating Profit with the most directly comparable GAAP
financial measure is included in the appendix to this presentation

47. 47
Shifts in external environment necessitate updated strategic plan
Key to original
strategy
External events Strategy refresh
① Acquire leadership
position
② Competitive
advantage through
lowest cost resin
economics
③ Drive impact from
Greif Business
System (GBS)
• Two European
economic
downturns
• Shift in resin market
in Kingdom of
Saudi Arabia
• Occupation of
Hadimkoy facility
• Define competitive
basis for success
• Determine revenue
and profit potential
• Develop
implementation
plans to achieve
targets

48. 48
Three strategic priorities
Taking action to fix the business and set foundation for future
Establish base
profitability
Create customer
responsive supply
footprint
Complete strategic
plan
• Highly engaged, compliant workforce
• Reduce costs (SG&A and variable costs)
• Portfolio optimization to address loss makers
• Shorten delivery lead times
• Reduce supply risk
• Provide contingency options for key
customers
• Plan to be completed by end of March
• Determine business size and profitability
potential
• Well grounded implementation plans

49. 49
Transformation Strategy - FPS
Transform
or Fix
Divest
Invest To
Grow
Protect the
Core
 Develop local supply
source of proprietary
woven fabric
 Improve product mix
and margin
 Implement Best In
Class confection
operations (increase
efficiency 2x)
One value cell transformation plan increases EBITDA to achieve target levels in 2016

50. 50
Flexible Products and Services positioned well to lead
• Greif FPS a global leader in flexible industrial packaging
and services
• There are attractive components of the portfolio, delivering
sustainable returns
• Steps have been taken to get the business back on stable
financial base - complete business strategy review in
process

51. 2015 Investor Day
The Path of Transformation
Name: Tim Bergwall
Title: Division President, Paper Packaging
www.Greif.com
January 21, 2015

52. 52
Business Profile
ProductsRevenues
(USD million)
Operating Profit
(USD million)
20142012 2013
• Triplewall Products
• Asitrade Graphics Products
• LeaderCorr ® Signage Board
• Coated Containerboard
• Corrugated Sheets
707676
574
126124
84
20142012 2013

53. 53
Market Trends
• Liner and Medium performance
improvements
• Sheetfeeder Expansion
• Specialty Products Expansion
Changing Competitive Landscape…
Further Consolidation
Machine Conversions
New Entrants
• Medium-Centric System
• New Corrugator Technologies
Lightweighting
Trend Key Actions

54. 54
Strategic Priorities
• Efficient Frontier
• Over Integration
• Differentiated Specialty Products
• Lead the Transformation

55. 55
Transformation Strategy – Paper Packaging
Transform
or Fix
Divest
Invest To
Grow
Protect the
Core
 Business Expansions
Riverville Expansion
CorrChoice Corrugator
Asitrade Expansion
 Enhancing GBS
 Box Plant Divestiture

56. 56
Summary Statement and Key Takeaways
• High performing business that is unique in the industry
• Balanced system growth with improving integration
• Compelling Value Proposition for a growing sector

57. 2015 Investor Day
The Path of Transformation
57
Name: Larry Hilsheimer
Title: Executive Vice President, CFO
www.Greif.com
January 21, 2015

58. 58
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%
Business
Specific
Product
Diversification
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

59. 59
Financial Metrics
1 2015 net sales is forecasted at $4,154; net sales is forecasted to grow 2.0-3.0% in both 2016 and 2017
2 SG&A has been adjusted to exclude acquisition-related costs
3 Special items includes restructuring charges, acquisition-related costs, timberland gains, non-cash asset impairment charges, and gain on disposal of properties, plants, equipment and business, net
4 Operating working capital percentage is calculated using the October 31, 2014 balance of trade accounts receivable plus inventories less accounts payable
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.
(Dollars in millions) Twelve Months Ended October 31,
2017
2.0% 3.0%
2014 Growth Growth
Net Sales (1)
$4,239 $4,322 $4,407
Gross Profit 811 864 881
Margin % 19.1% 20.0% 20.0%
SG&A (2)
495 432 441
% of Net Sales 11.7% 10.0% 10.0%
Operating Profit Excluding Special Items (3)
316 432 441
% of Net Sales 7.5% 10.0% 10.0%
EBITDA Excluding Special Items 462 570 579
% of Net Sales 10.9% 13.2% 13.1%
Operating Working Capital % (4)
9.7% 7.2% 7.1%
Free Cash Flow Excluding Timberland Transactions 204 282 287

60. 60
Questions
TEXT: 740-417-3727
Email : investorday@greif.com

61. 61
Thank You