MWV : A Global Packaging Company

John A. Luke, Jr. Chairman and CEO

10th Annual Citigroup Global Paper and Forest Products Conference

December 1, 2005

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Forward-looking Statements

This presentation includes certain forward-looking statements, and actual results may differ. Any such statement involves risks and uncertainties described in the company’s Annual Report on Form 10-K for 2004. We may or may not update these statements at a future time to reflect new information or future events.

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Our goal is to be the global leader in consumer packaging solutions.

• Focused, profitable company

• Reduced earnings volatility

• Strong balance sheet

• Positioned to win in major consumer packaging markets

72%

10%

18%

Strategic Goal

Packaging$4.4 BN

Specialty Chemicals & Specialty Papers$0.6 BN

Consumer & Office Products$1.1 BN

Packaging is Our Major Business

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Our Growth Strategy

Our Packaging Business

• Maintain and extend positions in attractive markets

• Expand our global footprint in China, Russia, Brazil and India

• Aggressively pursue opportunities in identified markets and services

Our Other Businesses

• Leverage existing Specialty Chemicals platform for growth

• Maintain and extend positions in C&OP and Specialty Papers markets

• Maximize value from Forestry assets

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Packaging Value Chain

Media Healthcare TobaccoBeverages Cosmetics

Packaging Platform

Packaging Solutions Design : Providing global customers with end-to-end solutions across five major markets.

Supplier of multi-substrate packaging

materials, including high quality

paperboard produced at our mills in

the United States and Brazil

48 Plants with expertise in

paperboard, plastics and other

materials

1300 Systems installed with

sales offices in the United States,

Europe, Asia and Australia

Materials Converting Systems

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A global reach with a majority of sales from outside the U.S.

Global Packaging Company

Packaging60% Paperboard 40% Converting, Design and Systems

Growing Presence in China and Russia

6 Paperboard Mills in the U.S. and Brazil

Major MarketsMedia, Healthcare, Beverages, Cosmetics and Tobacco

Converting Plants in 15 CountriesCustomers in

100 Countries

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Key Packaging Statistics

Global Packaging Market Targeted Packaging MarketPortions of Packaging Market with High Competitive Advantage

Other Markets• Corrugated• Glass• Metal

TargetMarkets$200B+

$200B $150B

~ $30- $50B

$30 - 50 Billion$200+ Billion$425+ Billion

Target Markets• Paperboard

(SBS, CUK, FBB, CRB)• Plastics

(Flexible, Rigid)• Machinery

By Raw Material• Boxboard

• Rigid Plastics

• Flexible Plastics

~ $30- $50B

~ $30- $50B

By Step in Value Chain• Raw Material

• Conversion

• Packaging Systems + Filling

TargetMarkets$200+B

$200B

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MWV Addressable Markets

Packaging Growth Opportunities

We are focused on specific market segments within packaging.

• Large market opportunities

• Growth in attractive end-markets

• Achievable, profitable share gains

• Global growth

+2% +4% +1%

+7%

+5%

+2%

+4%

Seg

men

t S

ize

($B

)+3%

+4%MWV

AddressableToday

AddressableFuture

Growth

$35B Today $50B PossibleMarket

9

G

Country A

Country B

C

KLMN

Z

Country DEFG

H

I

J

S

TU

WX

AA

O

P

Q

R

V

y

North America Europe Asia

2,000MM 850MM 300MMTotal=3,40MM

0

20

40

60

80

100%

Other - 1.0%

Market A - 2.5%

Market B&C - 3.0%

Other - 4.5%

A 6.5%

B&C

8.0%

Other - 1.0%

Market A - 2.0%

Market B&C- 0.8%

Western Europe EasternEurope

US

150 50 100

0

20

40

60

80

100%

Market Intelligence

We take a disciplined approach to market intelligence to understand market potential.

• Growth Rates

• Geography

• Customers

• Competitors

• Products

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We are pursuing growth in higher quality, more demanding, packaging markets.

Consumer GoodsMediaBeverage Healthcare

Digipak System®

FridgeMaster®

Duralift™

Surepak™

Dosepak™

Klearfold®

Vista™

3-15% Growth* 4-6% Growth*2-5% Growth* 2-4% Growth*

Major Packaging Markets

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Improving Returns

Turns DriversDriving “Earns” Driving “Turns”

Through Margin Improvements

• Meeting demanding customer requirements

• Innovative products

• Unique materials

Through Asset Efficiency

• Niche applications

• Customer intimacy

• Bundled solutions

SBS for Aseptic liquid packaging meets the highest customer standards for quality and purity, supplied on a global basis.

CNK for Beverage packaging provides the highest wet strength for multi-pack and refrigerated applications.

Media packaging solutions provide customers value through integrated art and packaging designs, digital asset management, multiple substrates, and print management services.

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Cost Initiative

We are creating a more efficient and responsive business model.

• Consistent with our global packaging strategy

• Total savings of $200 million pre-tax (2005-2007)

• Reducing G&A in businesses and corporate services

• Moving to a shared, enterprise-wide approach to delivering business services

• Smaller real estate footprint, reduced headcount

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• 2005-2007Cost Initiative, $200MM

• New Business Model: more efficient, robust, less costly

• Continued Forestland Sales

• Divestiture of Papers Business

• Reduce Asset Intensity

• Price

• Volume

• Mix Improvement

• New Products and Services

• Growth: End Markets; Organic, Acquisition

AssetManagement

MarketDemand

ProfitableGrowthStrategies

Signposts of Progress

Cost &Productivity

8.5% ROIC

MWV : A Global Packaging Company

John A. Luke, Jr. Chairman and CEO

Citigroup Conference

December 1, 2005