<B>Greif Brothers Posts Strong Quarter</B>

Greif Bros. Corp. announced record results for the six months ended April 30. Net sales increased 19.7% to $454.2 million for the first half of fiscal 2000. Solid improvement was achieved in each of the company's three lines of business. For the three months ended April 30 net sales rose 12.8% to $224.9. Solid improvement was achieved in the Containerboard & Corrugated Products and Industrial Shipping Containers businesses during second quarter. Timber sales, which fluctuate between quarters, were below second quarter 1999 and substantially less than first quarter 2000 due to timing of sales. Net income rose 154.3% to $37.0 million for the six months.

Net sales of Containerboard & Corrugated Products increased 35.4% to $202.3 million for the six months. The strong first half performance benefited from price increases for paper implemented during the past twelve months, which are expected to favorably influence results during the remainder of fiscal 2000. Net sales for second quarter rose to $101.4 million from $78.9 million a year ago.

Net sales of Industrial Shipping Containers improved 3.9% to $231.9 million for the first half of fiscal 2000 from $223.1 million last year. Results continued to improve in all major product categories due to improved market conditions and sales that were regained following certain plant closings as part of the consolidation initiatives implemented during the past year. For second quarter 2000, net sales rose to $120.2 million from $116.1 million a year ago.

Timber sales were $20.0 million for the six months ended April 30, 2000 versus $6.8 million a year ago. The Company's Soterra timber properties are being actively managed and plans are being implemented to achieve a sustainable yield on those properties. Timber sales, which were unusually high in first quarter 2000, declined to $3.4 million in the second quarter from $4.4 million a year ago.