annual meeting of stockholders...annual meeting of stockholders, february 25, 2013 | 8 2012...

Annual Meeting of Stockholders

February 25, 2013

Annual Meeting of Stockholders, February 25, 2013 | 2

Forward-Looking Statements

Forward-Looking Statements

This presentation contains 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 Form 10-K for the fiscal year ended Oct. 31, 2012. The company

assumes no obligation to update any forward-looking statements.

Regulation G

This presentation includes 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.


Board of Directors

Vicki L. Avril Chief Executive Officer

and President of TMK

IPSCO

Bruce A. Edwards Global Chief Executive

Officer of DHL Supply

Chain

Mark A. Emkes Commissioner of

Finance and

Administration, State

of Tennessee

John F. Finn President & Chief

Executive Officer

of Gardner, Inc.

Michael J. Gasser

Chairman

Daniel J. Gunsett

Senior Partner

Baker Hostetler LLP

Columbus, Ohio

Judith D. Hook

Investor

John W. McNamara President & Owner of

Corporate Visions

Limited, LLC

Patrick J. Norton Former Executive Vice

President & Chief

Financial Officer of The

Scotts Miracle-Gro

Company

David B. Fischer President and Chief

Executive Officer


Executive Officers

David B. Fischer President and Chief Executive Officer

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

Robert M. McNutt Senior Vice President & Chief Financial Officer

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

Ivan Signorelli Senior Vice President and Group President, Rigid Industrial Packaging & Services – Europe, Middle East and Africa, Asia, Fustiplast & Earthminded LCS

Kenneth B. Andre, III Vice President, Corporate Controller

Nadeem Ali Vice President, Treasurer

Addison P. Kilibarda Vice President and Group President, Rigid Industrial Packaging & Services - Americas, CLCM, Delta and Greif Packaging Accessories

Douglas W. Lingrel Vice President, Chief Information Officer

Michael S. Mapes Vice President and Divisional President, Flexible Products & Services

Peter G. Watson Vice President and Group President, Paper Packaging, Global Sourcing & Supply Chain Services and Greif Business System

Sharon R. Maxwell Assistant Secretary


Ernst & Young LLP

Brenda McAuliffe Coordinating Partner

Jeff Harden Senior Manager


Safety

34 million man hours

8.5 million man hours worked on

facilities with one or zero medical cases

47 fewer injuries in 2012 versus 2011 on same man hour basis

269 medical cases globally versus 820 just in North America 15 years ago

3.51

3.18

2.68 2.56

1.86

1.56

2007 2008 2009 2010 2011 2012

Medical Case Rate(1)

(1) Medical Case Rate is calculated using the number of recordable injuries (other than first aid) and illnesses occurring among full-time employees over a given period of time and is generally measured annually.


2012 Highlights

Improved safety performance

Streamlined structure to better enable collaboration across:

Businesses

Geographies

Achieved record:

Consolidated net sales of $4.3 billion

Results in Paper Packaging

Net sales of $714 million

Operating profit of $84 million

Free cash flow of $304 million

Reduced long-term debt outstanding by $196 million

Amended $1 billion of Senior Secured Credit Facilities


2012 Priorities Dollars in millions

Oct. 31, 2012 Oct. 31, 2011 Change

Increasing Free Cash Flow(1) $303.7 $6.5 $297.2

Improving Working Capital(2) $202.0 $353.1 $(151.1)

Integrating Acquisitions Realizing synergies from bolt-on acquisitions Executing strategies for 3 global growth platforms Continuing to seek additional cost savings

(1) Free cash flow is defined as cash provided by operating activities less capital expenditures and timberland purchases (2) Working capital represents current assets less current liabilities 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


2013 Priorities

Focus on generating cash

Continue to integrate and promote global growth strategies

Seek additional synergies across businesses and geographic regions

Conform manufacturing footprint to customer demand trends

Move closer to achievement of long-term sustainability goals

Enhance position in North America


Innovation

Rigid Industrial Packaging & Services

NexDRUM™ provides excellent durability maximizing consistency in diameter, wall thickness and weight using less resin. It is lighter in weight, but sturdier and handles the rigors of stacking better than traditional plastic drums. Flexible Products & Services

PackH2O is designed for the human transport of water in distressed regions and disaster zones. It is intended to replace the use of jerry cans and other potentially contaminated containers. PackH2O also includes buckles and a spigot made by Greif’s Packaging Accessories business.


Innovation

Paper Packaging

LeaderCorr™ is a 100 percent sustainable and recyclable substrate with excellent print performance. It is an ideal replacement for foam board products often used for high quality retail signage and display in stores. At the end of its useful life LeaderCorr™ products are placed directly into the recycle stream with other corrugated material. Land Management

The purpose of the Pollinator Habitat Improvement project is to determine if modified land management practices will reduce costs associated with timber management while at the same time provide ecological and environmental benefits to pollinator species, local wildlife and ecosystems.


Strategy Drivers: Next 3-5 Years

Population growth

Urban expansion

Scarcity of resources

Environmental challenges

North American energy revolution

Cross-business, cross-geography integration


Portrait of a Sustainability-Driven Innovator – Greif

Four keys to Greif’s sustainability agenda: Top management attention to sustainability

Collaboration with customers and nongovernmental

organizations on sustainability-related issues

Business model innovation – working with customers

New internal organization structures

Source: MIT Sloan Management Review Winter 2013


Michael J. Gasser Global Sustainability Award

2012 Award Winner: CorrChoice

LeaderCorr™:

Replaces traditional foam board that is not recyclable

Put into each store’s OCC stream

Becomes an income source when recycled

Enables retailers move closer to a zero waste goal

FINANCIAL REVIEW


Select Financial Measures

$473 million of net cash provided by operating activities

Capital expenditures of $166 million, excluding $3.7 million of timberland purchases

Record $304 million of free cash flow

$1.2 billion at fiscal year-end 2012

Debt outstanding declined approximately $200 million during fiscal 2012

Amended $1 billion Senior Secured Credit facility in December 2012

Implemented more favorable terms for accounts payable

Improved inventory planning

Installing better processes

Exceeded objective of $25 million source of capital

Dollars in millions

349.6 353.1

202.0

2010 2011 2012

Working Capital(1)

13.0 6.5

303.7

2010 2011 2012

Free Cash Flow(2)

953.1

1371.4

1175.3

2010 2011 2012

Long-Term Debt

(1) Working capital represents current assets less current liabilities (2) Free cash flow is defined as cash provided by operating activities less capital expenditures and timberland purchases 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


Financial Profile Dollars in millions

* CAGR: Compounded Annual Growth Rate

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

(2) Special items include restructuring charges, restructuring-related inventory charges, acquisition-related costs, non-cash asset impairment charges and debt extinguishment charges. See GAAP to non-GAAP reconciliation included in the Appendix of this presentation

(3) Working capital represents current assets less current liabilities (4) Free cash flow is defined as cash provided by operating activities less capital expenditures and timberland purchases (5) Net debt represents long-term debt plus the current portion of long-term debt plus short-term borrowings less cash and cash equivalents

Note: 2009 amounts presented as originally reported; 2010 to 2012 amounts presented as reported in the Form 10-K for the year ended October 31, 2012

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

2009

2010

2011

2012

CAGR* 2009-2012

Net sales $ 2,792 $ 3,462 $ 4,248 $ 4,270 15%

EBITDA(1) $ 327 $ 430 $ 461 $ 432 10%

Net income attributable to Greif, Inc. $ 132 $ 203 $ 178 $ 126 (2%)

Net income attributable to Greif, Inc. before special items(2) $ 194 $ 248 $ 221 $ 155 (7%)

Working capital(3) $ 272 $ 350 $ 353 $ 202 (9%)

Net cash provided by operating activities $ 267 $ 178 $ 172 $ 474 21%

Free cash flow(4) $ 141 $ 13 $ 7 $ 304 29%

Net debt(5) $ 646 $ 920 $ 1,394 $ 1,186 22%


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GEF IP PKG SON

Ten-Year Performance

Stock Appreciation

Cash Dividends

$0.27 $0.28 $0.28 $0.30

$0.40

$0.60

$0.92

$1.32 $1.56 $1.60 $1.68

0.41 0.41 0.44 0.59

0.89

1.37

1.97

2.27 2.39

2.51 2.51


2013 Outlook

Factors impacting global economy expected to continue

Slight increase in volumes assuming no shock to the economy and relatively stable markets

Margin improvement based on stable raw material costs, acquisition integration benefits, improved operating performance

Full realization of $50 per ton containerboard increase

EBITDA(1) between $450 million and $500 million

Capital expenditures, less timberland purchases, between $140 million and $150 million

Lower net interest expense

Effective tax rate between 31 percent and 34 percent

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

APPENDIX


(Dollars in millions)

2009 2010 2011 2012

GAAP net income attributable to Greif, Inc. 132.4$ 202.8$ 177.5$ 126.1$

Restructuring charges, net of tax 52.1 22.4 22.3 23.2 Restructuring-related inventory charges, net of tax 8.5 0.1 - -

Acquisition-related costs, net of tax - 22.8 17.8 5.7

Non-cash asset impairment charges - - 3.3 -

Debt extinguishment charges, net of tax 0.6 - - -

Timberland disposals, net of tax - - - -

Net income attributable to Greif, Inc.

before special items 193.6$ 248.1$ 220.9$ 155.0$

GAAP to Non-GAAP Reconciliation Net Income Before Special Items



2009 2010 2011 2012

Net income 132.4$ 208.5$ 180.4$ 131.6$

Plus: interest expense, net 53.6 65.5 76.0 89.9

Plus: income tax expense 37.8 43.5 65.0 56.8

Less: equity earnings of unconsolidated affiliates, net of tax (0.4) 3.6 4.8 1.3

Plus: depreciation, depletion and amortization expense 102.7 116.0 144.2 154.7

EBITDA 326.9 429.9 460.8 431.7


GAAP to Non-GAAP Reconciliation EBITDA(1)

(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 expense



GAAP to Non-GAAP Reconciliation Free Cash Flow(1)

2009 2010 2011 2012

Cash from operations 266.5$ 178.1$ 172.3$ 473.5$

Less: capital expenditures & timberland purchases 125.6 165.1 165.8 169.7

Free cash flow 140.9 13.0 6.5 303.8

Fiscal Year Ended October 31


(1) Free cash flow is defined as cash provided by operating activities less capital expenditures and timberland purchases Note: 2009 amounts presented as originally reported; 2010 to 2012 amounts presented as reported in the Form 10-K for the year ended October 31, 2012


GAAP to Non-GAAP Reconciliation Balance Sheet Data

2009 2010 2011 2012

Long-term debt 721.1$ 953.1$ 1,371.4$ 1,175.3$

Plus: current portion of long-term debt - 12.5 12.5 25.0

Plus: short-term borrowings 37.1 60.9 137.3 77.1

Less: cash and cash equivalents 111.9 107.0 127.4 91.7

Net debt 646.3$ 919.5$ 1,393.8$ 1,185.7$

Current assets 833.8$ 1,135.9$ 1,285.1$ 1,064.0$

Less: current liabilities 562.1 786.3 932.0 862.0

Working capital 271.7$ 349.6$ 353.1$ 202.0$



annual meeting of stockholders...annual meeting of stockholders, february 25, 2013 | 8 2012...

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