J.P. Morgan Basics & Industrials ConferenceE. Mark Rajkowski, SVP & Chief Financial OfficerJune 12, 2007

2

Our Performance Goals

Deliver sustained above cost of capital returns

Grow free cash flow at consistently higher levels

Maintain attractive dividend

Return excess cash to shareholders

3

Our Strategy

Grow earnings and cash flow from our strong Global Packaging platform

High-quality assets w/ broad capabilities Leading positions in growing global marketsStrong relationships with large global consumer products companiesSubstantial opportunities to improve operating performance

Maximize the value of our Forestlands800,000 acresNear- and long-term strategies to generate significant cash flowReturning value to shareholders is the priority

Maintain leading positions in Consumer & Office Products and Specialty Chemicals markets

Above cost of capital performersCash generation and share protection are the priorities

4

Actions Improving Returns

Divested Coated Papers business for good valueRepurchased sharesRepaid debt

Reorganized & Consolidated Packaging businessesFully leverages capabilities and customer relationshipsNew shared services = greater efficiency and scale

Acquired Calmar – higher growth primary packaging leader

~20% EBITDA marginsOrganic growth through IP-based solutionsStrong emerging markets platform

5

Strategy Execution Is Improving Operating Results

C&OP14%

SCD5%

Pack'g53%

Paper28%

C&OP 16%

Pack'g74%

Other3%

SCD7%

Total Revenue $7.6 Bil.

Y-O-Y Revenue Growth 4%

ROIC 2.3%

Operating Cash Flow $460 Mil.

2003

Total Revenue $6.5 Bil.

Y-O-Y Revenue Growth 6%

ROIC 6.3%

Operating Cash Flow $570 Mil.

2006

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Continue PRG Price & Productivity ImprovementsSupply / Demand dynamic is positiveContinued growth in higher value gradesRealizing identified permanent operating improvements

Generate CSG EBIT Improvement in 2007Regain share of higher margin specialty packagingAccelerate commercialization of new productsOptimize capacity – closed and relocated production from 5 plants Cut costs – eliminated ~700 FTEs; SG&A ~$15 million (run-rate)

Leverage Calmar’s Growth PlatformPenetrate large, high-quality global customer basePursue higher growth segments: personal care, pharma, fragrance

Immediate Priorities to Improve Returns

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Land Management Strategy Overview

• Delivers maximum value to shareholders

• Generates strong, sustainable cash flows

• Requires minimal capital expenditure

• Will consider all structural options to drive value at the appropriate time

8

New Land Management Group – Land Evaluation

Higher Value Acreage

AuctionedAcreage

600,000 acres that have values well above timber:

• Significant short- and long-term value creation opportunities

• Near-term entitlement and development generate far greater value longer term

• Unique ability to achieve certain higher value opportunities

300,000 acres now being auctioned:• Returning value to shareholders is

the priority

200,000 acres managed as timber:• Pursue cash maximization

opportunities – logs & leases• Long-term fiber access is the

priority

Timber Acreage

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Executing Land Business Maximizes Value

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Immediate Sales Land Mgmt. Strategy

$1,250MMmidpoint *

$2,250MM +

Value Enhancement

- Chosen Path Creates Well Over $1 Billion of Additional NPV -

• Continuous Land Segmentation

• Entitlement & Permits

• Small Tract Sales

• Development / Real Estate Partnerships

$1,000MM +

NPV ($MM)

* Value includes 300,000 acres currently being auctioned

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Opportunities Focused on Growth Areas

- Percent Change in Population from 2000 to 2005* -

Charleston Mill Forest –SC • Conservation• Recreation• Emerging Development• Development

Covington Mill Forests– VA• Conservation• Recreation• Emerging Development

Washington D.C.

Charleston, SC

* U.S. Census Bureau

% ∆ in population2000 to 2005 -

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South Carolina Growth Projections

• U.S. Census estimate South Carolina will grow by 1.1 million people by 2030

• South Carolina has the 10th-fastest population growthrate – greater than the U.S. and South

• By 2030 SC is expected to require:• 525,000 new housing units• 40 million sq. ft of new office space• 45 million sq. ft. of new retail space• 13,000 new hotel rooms

Source: Office of the Governor of South Carolina (5/23/07)

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South Carolina Lands in Charleston’s Growth Path

Source: Clemson University, Strom Thurmond Institute

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East Edisto – 72,000 Contiguous Acres

NATURAL PATH OF PROGRESS

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MWV Well-Positioned to Capture Maximum Value

• Powerful brand equity in highest value locationsExcellent operating reputation

Strong governmental and local relationships

• Deep knowledge of land – attributes, enhancement opportunities, regulations

• Partnership approach to development

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Strong Community Endorsement

“MeadWestvaco’s 70,000-acre plan”“This is a roll-up-the-sleeves moment for our region.”

- Charleston Mayor Joe Riley“I think their timing is perfect.”- Dorchester County Council Chairman Larry Hargett

“They have really done some forward thinking.”- Historic Charleston Foundation Director Kitty Robinson

“MeadWestvaco proposal would blend development, conservation”

Charleston, SC

Columbia, SC

Orangeburg, SC

“MeadWestvaco to work with public on land plan”

“It brings certainty to the future.”- SC Nature Conservancy Director Mark Robertson

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Near-term Land Strategy Milestones

Recruit business leader

Complete 300K land sale

Report as separate segment

Accelerate sales of higher value small tracts

East Edisto entitlements

Actions: 2007 & 2008 Status

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Q2 Outlook

Expect solid overall Y-O-Y operating profit growth