ICG Commerce Enters Into Procurement Business Process Outsourcing Agreement with Greif

New Initiative with World Leader in Industrial Packaging Products and Services Marks Procurement Services Provider's Fifth Major Outsourcing Engagement During Past Year

PHILADELPHIA - Monday, January 24, 2005 - ICG Commerce, a leading procurement services provider, today 
announced that it has recently been engaged to provide procurement business process outsourcing services (BPO) to 
Greif, Inc. (NYSE: GEF, GEF.B), the world leader in industrial packaging products and services. 

ICG Commerce will provide Greif with a broad suite of services, from sourcing to purchase-to-pay processing to 
ongoing category management, across more than 20 indirect materials and services categories. Greif will leverage ICG 
Commerce's integrated procurement infrastructure, which includes deep category sourcing experts; a best-practice-
based Buying Center; and RealExchangeSM, a comprehensive technology platform for the purchasing of both goods 
and services, to maximize procurement cost savings and standardize the procure-to-pay process across 80 facilities.

"With a company-wide focus on achieving sustainable cost reductions and process improvements, we identified ICG 
Commerce as a means to help drive measurable savings in under-resourced buying categories in a fast and cost-
effective manner," said Myron Gramelspacher, Greif vice president of Global Indirect Materials & Services. "By 
partnering with ICG Commerce we are able to obtain fast access to sourcing specialists in indirect categories, savings 
implementation and compliance management programs, and support of their purchasing center. At the same time, this 
strategy allows us to keep our existing team focused on other strategic categories and activities. ICG Commerce is an 
extension of our team."

A recent survey conducted by leading BPO research analyst NelsonHall indicated that outsourcing the management of 
non-core purchasing commodities and processes allows chief procurement officers to focus their in-house talent on the 
most strategic activities, gain fast access to additional category expertise and tools, address more company spend and 
accelerate and improve the execution of procurement programs. By offering a full suite of procurement services, ICG 
Commerce has helped many companies leverage procurement outsourcing as a strategy to realize these benefits. This 
agreement with Greif marks ICG Commerce's fifth major engagement during the past year.

"As a forward-thinking company, Greif recognizes the value of partnering with a third-party specialist to achieve its 
objectives," said Edward H. West, chairman and CEO of ICG Commerce. "We look forward to being an integral part of 
the Greif procurement team and to helping the company realize its cost and performance improvement goals."

About ICG Commerce, Inc.
 
ICG Commerce is the leading procurement outsourcing specialist delivering comprehensive source-to-pay 
services. Results-driven leaders access ICG Commerce’s experienced resources and market intelligence to 
better manage procurement and logistics spend, gaining significant savings and enhanced visibility and control. 

ICG Commerce is a privately held company founded in 1992 and a member of Internet Capital Group's 
(Nasdaq: ICGE) network of partner companies.  The company has earned recognition from Forbes, Fortune, 
The International Association of Outsourcing Professionals (IAOP) and leading industry analysts for its 
leadership in procurement outsourcing. For more information: www.icgcommerce.com

About Greif

Greif (www.greif.com) is a world leader in industrial packaging products and services. The Company provides 
extensive expertise in steel, plastic, fibre, corrugated and multiwall containers for a wide range of industries. Greif also 
produces containerboard and manages timber properties in the United States. Greif is strategically positioned in more 
than 40 countries to serve multinational as well as regional customers.