MeadWestvaco

Goldman Sachs Basic Materials Conference

John A. Luke, Jr. – Chairman & CEO

May 22, 2008

Forward-looking StatementsCertain statements in this document and elsewhere by management of the company that are neither reported financial results nor other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of each company, or industry results, to differ materially from those expressed or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties, and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to, events or circumstances which affect the ability of MeadWestvaco to realize improvements in operating earnings from the company’s ongoing cost reduction initiatives; the ability of MeadWestvaco to close announced and pending transactions, including divestitures; the reorganization of the company’s packaging business units; competitive pricing for the company’s products; changes in raw materials pricing; energy and other costs; fluctuations in demand and changes in production capacities; changes to economic growth in the United States and international economies; government policies and regulations, including, but not limited to those affecting the environment and the tobacco industry; the company’s continued ability to reach agreement with its unionized employees on collective bargaining agreements; the company’s ability to execute its plans to divest or otherwise realize the greater value associated with its forestlands; adverse results in current or future litigation; currency movements; and other risk factors discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2007, and in other filings made from time to time with the SEC. MeadWestvaco undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised, however, to consult any further disclosures made on related subjects in the company’s reports filed with the SEC.

Key Investment Considerations

Packaging focus generating higher growth and returns

Achievable growth and margin expansion opportunities

Land strategy to deliver new, sustainable cash flows

Strong financial position and dividend

Strengthened Business Model

Packaging75%

Consumer & Office Products

Specialty Chemicals

Land 1%

7%7%

17%17%

Packaging 51%

Paper 29%

Consumer & Office Products

15%Specialty Chemicals

5%

2003 2007

Sales Growth Operating Cash ROICResults:

MWV is a Global Leader in Packaging and Packaging Solutions

Operations on 6 continents

Employees in 30 countries

Customers in 100 nations

We serve the world’s largest consumer brands in these markets and industries:

Beverage, Food & Tobacco+ 2% Global Growth

Healthcare+ 5% Global Growth

Personal & Beauty Care+ 5% Global Growth

Home and Garden+ 3% Global Growth

MWV Global Packaging Markets

Emerging Markets ProductivityInnovation

MWV Profitable Growth Strategy

8

Profitable Growth: Innovation

Strong focus on Personal Care and Healthcare markets

Bringing new products to market – Natralock

Extending leadership positions – Shellpak, NoC

Building new technology capabilities – Keltec

9

Profitable Growth: Emerging Markets

Extending leadership position in Brazil

Leveraging investments and customer insights – Wuxi, SC Johnson

Applying capabilities from Brazilian business to India agriculture markets

15% revenue growth in 2007; accelerating sales growth in 2008

10

Profitable Growth: Productivity

Improved SG&A performance; 100+ basis points in 1Q08

Leveraging strategic sourcing initiatives and operating efficiency projects

Working capital program; improving cash-to-cash cycle

Asset optimization initiatives delivering benefits

11

MWV Go-to-Market Strategy

Align full breadth of capabilities for targeted global markets

Accelerate innovation and growth in packaging business

Develop valuable customer and consumer insights

Increase accountability for sales and marketing

Reduce complexity for our customersInsights

Services

Primary & Secondary Solutions

Innovation

Materials

12

Inflation Acceleration – Mill Business

+2.8%Infl %:

Energy

2007 1st Qtr

+6.0%Infl %: +14.6%

Freight

2007 1st Qtr

+7.3%Infl %: +10.2%

Other Raw Material

2007 1st Qtr

+4.8% +4.6%Infl %:

Wood

2007 1st Qtr

+7.8%

MWV Total Company Pricing Actions

Continue to Aggressively Drive Price to Offset Rapid Input Cost Inflation

$0

$10

$20

$30

$40

$50

$60

Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08$0

$20

$40

$60

$80

$100

$120

Price / Mix Energy / Raw Materials / Freight Avg. Oil Price Qtr.

$ millionsYear-over-Year Increase

$127.825/16/08

14

2008• Accelerating small-tract sales • Begin value enhancement

2009 - 2010• Increasing small-tract sales• Continue enhancement activities

2008• Build development project pipeline • East Edisto entitlement process• Begin master planning other parcels

2009 - 2010• Near-term projects begin to generate cash • Secure East Edisto entitlements• Secure entitlements for other master plans

Retail Land Sales Program

Real Estate Development

MWV Land Strategy

15

East Edisto – 72,000 Acres in Charleston, SC

Conclusion: Focused on Key Margin Drivers

Profitable GrowthInnovation

Emerging markets

Pricing

Land StrategyIncrease land sales and entitlements

Execute development opportunities

Go-to-Market StrategyAlign by targeted end markets

Accelerate innovation and growth

Reduce complexity & cost to serve