1. Goldman Sachs
Basic Materials Conference
May 17, 2007
John A. Luke, Jr.
Chairman & Chief Executive Officer
MeadWestvaco

2. Key Points
A Powerful Global Packaging Solutions Company
Improving Margins and Earnings
Packaging transformation delivering higher returns
On track to deliver growth in all key metrics in 2007
Focused on critical operating tasks to drive higher
sustainable levels of earnings and cash flow
Q2 outlook remains positive
2

3. Strategy Execution Is Improving Operating Results
SCD
SCD
5%
7%
C&OP
C&OP
14%
16%
Pack'g
Pack'g
Other
53%
3% 74%
Paper
28%
2003 2006
Total Revenue $7.6 Bil. Total Revenue $6.5 Bil.
Y-O-Y Revenue Growth 6%
Y-O-Y Revenue Growth 4%
ROIC 6.3%
ROIC 2.3%
Operating Cash Flow $567 Mil.
Operating Cash Flow $462 Mil.
3

4. Our Growing Markets & Competitive Platform
Serving Growing Global Markets…
Beverage Media Healthcare Personal / Fragrance
2-3% Growth 2-4% Growth 4-8% Growth 6-8% Growth
NoC™ Klearfold®
Digipak System®
FridgeMaster® Surepak™
Duralift™ Dosepak™
With End-to-End Packaging Solutions.
Primary
Materials Converting Systems
Packaging
4

5. Strong Focus on Innovation
Bringing new products to market and enhancing the
features of our traditional offerings to better serve
customers and create added value for shareholders
NoC ™ Five Star®
Natralock™ Nanocool™
Our Center for Packaging Innovation is up and
running in Raleigh, North Carolina
5

6. Calmar Enhances Our Global Platform & Customer Base
• Manufacturing and sales offices worldwide
• Strong customer base
• New capabilities in China & India
MeadWestvaco & Calmar Locations
6

7. Pursuing Global Growth Opportunities
We continue to grow globally
with our customers and
generate new opportunities
• China
• India
• Eastern Europe
• Brazil
7

8. Consumer Packaging Strategic Imperative
Generate Measurable EBIT Improvement in 2007
Manufacturing G&A Global Profitable Total Future
Future
Productivity Savings Sourcing Growth Improvement
8

9. New Land Management Group – 1.1 Million Acres
Actively managing 800,000 acres for long-term value
•
600,000 in high value lands that currently or potentially have
•
values above timber:
Conservation
–
Recreation
–
Emerging development
–
Development
–
200,000 for source fiber
•
Third-party log sales
–
Land lease opportunities
–
• Currently negotiating sale of 300,000 acres
9

10. Strategy for Capturing Sustainable Value
- 600,000 Acres -
$300 - $400MM
Near-Term Pre-tax Proceeds
Small Tract Sales
Next 36 Months
Development
Master Plan
Partnerships
-East Edisto-
Small
Tract Sales
Segment
Entitlements Development
Partnerships
Master Plan
25+ Years
10

11. Master Plan East Edisto: 72,000 Contiguous Acres
11

12. Strong Community Endorsement
Charleston, SC
“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
Columbia, SC
“MeadWestvaco proposal would
blend development, conservation”
“It brings certainty to the future.”
- SC Nature Conservancy Director Mark Robertson
Orangeburg, SC
“MeadWestvaco to work with
public on land plan”
12

13. Value Maximization Path – 600,000 Acres
2 x plus
Timberland
(after-tax)
• Land
Segmentation
• Retail HBU
Sales
• Entitlement
1x
Timberland • Real Estate
Development
(after-tax)
Value Enhancement
Base Case Total HBU Value
Next 25+ Years
13

14. Land Strategy Milestones
Action Status
Announce business leader
Execute 300K land auction
and sale agreement
Report as separate
segment
Accelerate sales of retail
tracts
East Edisto planning
14

15. Q2 Y-O-Y Improvement Drivers
Backlogs are solid and pricing is firm at the mill
businesses
Overall CSG year-over-year operating profit growth
driven by Calmar
Slight input cost moderation versus Q1 2007
Early Back-to-School season indications are healthy
15

16. Goldman Sachs
Basic Materials Conference
May 17, 2007