1. Third Quarter 2008 Earnings Report
October 29, 2008
John A. Luke, Jr.
Chairman and CEO
James A. Buzzard
President
E. Mark Rajkowski
Senior Vice President and CFO
Results presented on a continuing operations basis

2. Forward-looking Statements
Certain 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; impact
from inflation on raw materials, 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 land
holdings; adverse results in current or future litigation; currency movements; continued volatility and further
deterioration of the capital markets; 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.
2 Third Quarter 2008 Earnings Report

3. Third Quarter 2008 Key Points
• Total sales up 8%; combined packaging segment sales up 9% driven by global
growth in bleached board, beverage, home and garden and healthcare packaging
• Total sales outside the U.S. of 46% driven in part by strong emerging markets
growth of 19%
• Price/mix improvement realized across all businesses more than offset by
historically high input costs
• Downtime related to the Gulf storms impacted productivity
• Adjusted SG&A* as a percentage of sales down 90 bps to 12%
• Strong cash and liquidity position; pension fund remains over-funded
• Taking actions to improve profitability and increase cash flow
* See slide 13 for definition of Adjusted SG&A
3 Third Quarter 2008 Earnings Report

4. Q3 Inflation – Total Company
YoY Price / Mix vs. Input Cost Inflation Trend
Price / Mix and Inflation $MM Oil $/ BBL
$100 $140
$90
$120
$80
$100
$70
$60
$80
$50
$60
$40
$30 $40
$20
$20
$10
$0 $0
Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Price / Mix Energy / RM / Freight Avg. Oil Price Qtr.
4 Third Quarter 2008 Earnings Report

5. Inflation Trend – Total Company by Major
Category
20%
16%
12%
8%
4%
0%
Other Raw Mat.
Wood
Energy Freight
Q1 08 vs. 07 5.1% 9.7% 4.6% 4.2%
Q2 08 vs. 07 16.1% 11.0% 5.2% 6.3%
Q3 08 vs. 07 18.9% 14.5% 7.8% 7.4%
5 Third Quarter 2008 Earnings Report

6. MWV Land Segmentation – 815,000 Acres*
Rural land (520,000 acres)
• 100 to greater than 4,000 acres
• Timber investment, recreational and
conservation; forestry and lease income
from the properties
• Actively marketing over 100,000 acres of
rural land
• Available properties: www.mwvlandsales.com.
Development land (155,000 acres)
•Highest value tracts: master planning, entitling
and development activities for mixed use and
commercial and industrial purposes.
• Principally located in Charleston, South
Carolina
• Includes East Edisto: 72,000 acres bordering
Charleston (www.eastedisto.com)
Strategic resource (140,000 acres)
• Strategic fiber resource
• Mineral lease income potential
* Segmentation may change from time-to-time based on continuous evaluation of land for highest and best use
6 Third Quarter 2008 Earnings Report

7. Packaging Resources Segment Profit
$140
$29 ($51)
$120
$5
$100 $84
$ millions
($4)
$80 $1 $64
$60
$40
$20
$0
Pr
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• 9% SBS volume growth more than offset 11% CNK volume decline due to slower demand
for carbonated soft drink packaging in the back half of the quarter
• Strong bleached board shipments driven by aseptic packaging and commercial print volume
increases and by solid export volumes
• Price/mix improvement across major paperboard grades was more than offset by higher
input costs and hurricane-related downtime
• Rigesa performance driven by Brazilian domestic volume growth
7 Third Quarter 2008 Earnings Report

8. Bleached Board
Shipments: 434,000 tons in 3Q08, up 9% vs. 3Q07
Pricing: Up $52 per ton vs. 3Q07; +6%
Backlogs: Approximately 3 weeks
Coated Natural Kraft
Shipments: 266,000 tons in 3Q08, down 11% vs. 3Q07
Pricing: Up $23 per ton vs. 3Q07; +4%
Backlogs: Approximately 3 weeks
8 Third Quarter 2008 Earnings Report

9. Consumer Solutions Segment Profit
$40
$35
($12)
$1
$1
$30 $26
$25
$ millions
$2 ($3)
$20
($1) $14
$15
$10
$5
$0
Pr
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• Solid growth across beverage, home and garden and healthcare packaging partially offset
by a decline in personal care packaging
• Good global sales balance – 57% of sales outside the U.S.
• Input cost inflation driven by increased costs for plastic resins and paperboard
• Continuing to optimize asset base – consolidated North American personal care capacity
into Louisa, VA facility
9 Third Quarter 2008 Earnings Report

10. Consumer & Office Products Segment Profit
$60
($9)
$51 ($8)
$6
$50 ($4)
$2 $38
$40
$ millions
$30
$20
$10
$0
Pr
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• Volume declines in North American back-to-school categories due to lower retail orders
were partially offset by continued solid growth at Tilibra, the segment’s Brazilian business
• Price/mix and productivity improvement offset higher input costs, principally white paper
• Excellent planning and response to market conditions resulted in a clean inventory position
exiting Q3
10 Third Quarter 2008 Earnings Report

11. Specialty Chemicals Segment Profit
$35 $16 ( $10)
$30
$25
($1) ($3) $16
$16
$ millions
$20 ($2)
$15
$10
$5
$0
Pr
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• Solid performance chemicals sales more than offset by lower carbon volumes due declines
in North American automotive sales
• Performance chemical sales partially driven by a 63% increase from sales outside North
America
• Improved pricing and product mix was partially offset by higher input costs and downtime
and raw materials disruptions due the hurricanes
11 Third Quarter 2008 Earnings Report

12. Total Company – 3Q 08 vs. 3Q 07
Income from Continuing Operations Before Taxes
$250
$48 ($81)
$200
($5)
$ millions
$153
$25 ($79)
$150
$1
$100
($18)
$7 $51
$50
$0
Pr
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12 Third Quarter 2008 Earnings Report

13. Key Financial Information
3Q 2008 3Q 2007 Change
(In millions, pre-tax)
Sales $ 1,811 $ 1,678 8%
Adjusted Gross Profit 1 321 345 -7%
Adjusted SG&A 2 211 211 0%
Adjusted EBIT 3 93 145 -36%
Adjusted Gross Margin % 17.7% 20.6% (290) bps
Adjusted SG&A % 11.7% 12.6% (90) bps
Adjusted EBIT % 5.1% 8.6% (350) bps
1
Adjusted gross profit excludes restructuring charges and one-time costs of $16 million in the third quarter ended 2007
2
Adjusted SG&A expense excludes restructuring charges and one-time costs of $1 million and $10 million for the third quarter ended 2008 and 2007, respectively.
3
Adjusted EBIT excludes restructuring charges and one-time costs of $1 million and $26 million for the third quarter ended 2008 and 2007, respectively. Adjusted
EBIT also excludes the gain associated with the sale of land of $83 million for third quarter 2008. Adjusted EBIT excludes interest income of $11 million and $3
million for the third quarter ended 2008 and 2007, respectively.
13 Third Quarter 2008 Earnings Report

14. Adjusted SG&A* – 3Q 08 vs. 3Q 07
($10)
$250
$5 $5
$211 $211
$200
$ millions
$150
$100
$50
$0
3Q
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*
* See slide 13 for definition of Adjusted SG&A
14 Third Quarter 2008 Earnings Report

15. Segment History
Adjusted for Kraft Discontinued Operations and CDLM Adjusted for Kraft Discontinued Operations and CDLM
($ in millions) 2007 2008
1st qtr 2nd qtr 3rd qtr 4th qtr Full Year 1st qtr 2nd qtr 3rd qtr 4th qtr Full Year
Operating Profit
Packaging Resources $43 $81 $84 $73 $281 $32 $54 $64 $150
Consumer Solutions 20 24 26 16 86 9 22 14 45
Consumer & Office (2) 24 51 66 139 (3) 27 38 62
Specialty Chemicals 4 11 16 6 37 12 11 16 39
CDLM 10 10 92 182 294 8 24 11 43
Corporate* (102) (108) (116) (140) (466) (81) (65) (92) (238)
Total ($27) $42 $153 $203 $371 ($23) $73 $51 $0 $101
Sales
Packaging Resources $586 $642 $655 $621 $2,504 $631 $674 $730 $2,035
Consumer Solutions 566 595 611 659 2,431 606 656 653 1,915
Consumer & Office 201 267 334 345 1,147 208 270 312 790
Specialty Chemicals 112 127 131 124 494 124 146 154 424
CDLM 27 23 22 15 87 21 40 35 96
Corporate 31 34 31 34 130 29 33 29 91
Intersegment elim (95) (108) (106) (77) (386) (101) (110) (102) (313)
Total $1,428 $1,580 $1,678 $1,721 $6,407 $1,518 $1,709 $1,811 $0 $5,038
*Corporate & Other ($102.0) ($108.0) ($116.0) ($140.0) ($466.0) ($81.0) ($65.0) ($92.0) $0.0 ($238.0)
Remove:
Pension Credit (14.0) (14.0) (14.0) (16.0) (58.0) (31.0) (22.0) (20.0) (73.0)
Interest Expense 49.0 52.1 51.2 52.7 205.0 54.0 49.2 51.6 154.8
Interest Income (3.8) (3.5) (3.5) (8.3) (19.1) (8.7) (8.8) (10.5) (28.0)
Restructuring 16.0 8.0 20.4 40.6 85.0 7.5 9.9 1.1 18.5
One time costs 5.5 8.3 5.7 5.3 24.8 0.0 0.0 0.0 0.0
Gain on Sale of Corporate Real Estate 0.0 0.0 0.0 0.0 0.0 0.0 (15.2) 0.0 (15.2)
Transition Services Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (1.9) (1.9)
Strategic Cost Management Spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.9 5.9
FX Effect (1.8) (2.0) (3.0) (2.7) (9.5) 1.0 (2.0) 10.6 9.6
Sales Tax Refund (6.1) 0.0 0.0 0.0 (6.1) 0.0 0.0 (2.9) (2.9)
44.8 48.9 56.8 71.6 222.1 22.8 11.1 33.9 0.0 67.8
Corporate & Other Remaining ($57.2) ($59.1) ($59.2) ($68.4) ($243.9) ($58.2) ($53.9) ($58.1) $0.0 ($170.2)
15 Third Quarter 2008 Earnings Report