The document outlines MeadWestvaco's strategy to improve returns through growing their packaging business, maximizing the value of their forestlands, maintaining leading market positions, and executing actions to improve operating results. It discusses priorities like continuing price and productivity improvements, generating earnings growth in consumer packaging, and leveraging a recent acquisition. The presentation also details plans to evaluate forestland properties and pursue entitlements to capture higher values through sales, partnerships, and development opportunities.

1. J.P. Morgan Basics & Industrials Conference
E. Mark Rajkowski, SVP & Chief Financial Officer
June 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
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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 markets
Strong relationships with large global consumer products companies
Substantial opportunities to improve operating performance
Maximize the value of our Forestlands
800,000 acres
Near- and long-term strategies to generate significant cash flow
Returning value to shareholders is the priority
Maintain leading positions in Consumer & Office Products and
Specialty Chemicals markets
Above cost of capital performers
Cash generation and share protection are the priorities
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4. Actions Improving Returns
Divested Coated Papers business for good value
Repurchased shares
Repaid debt
Reorganized & Consolidated Packaging businesses
Fully leverages capabilities and customer relationships
New shared services = greater efficiency and scale
Acquired Calmar – higher growth primary packaging
leader
~20% EBITDA margins
Organic growth through IP-based solutions
Strong emerging markets platform
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5. 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 4% Y-O-Y Revenue Growth 6%
ROIC 2.3% ROIC 6.3%
Operating Cash Flow $460 Mil. Operating Cash Flow $570 Mil.
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6. Immediate Priorities to Improve Returns
Continue PRG Price & Productivity Improvements
Supply / Demand dynamic is positive
Continued growth in higher value grades
Realizing identified permanent operating improvements
Generate CSG EBIT Improvement in 2007
Regain share of higher margin specialty packaging
Accelerate commercialization of new products
Optimize capacity – closed and relocated production from 5 plants
Cut costs – eliminated ~700 FTEs; SG&A ~$15 million (run-rate)
Leverage Calmar’s Growth Platform
Penetrate large, high-quality global customer base
Pursue higher growth segments: personal care, pharma, fragrance
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7. 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
7

8. New Land Management Group – Land Evaluation
600,000 acres that have values well
above timber:
Significant short- and long-term
•
value creation opportunities
Auctioned
Near-term entitlement and
•
Acreage
development generate far greater
value longer term Higher
Unique ability to achieve certain
•
Value
higher value opportunities
Acreage
Timber
300,000 acres now being auctioned:
Acreage
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
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9. Executing Land Business Maximizes Value
NPV ($MM)
- Chosen Path Creates Well Over $1 Billion of Additional NPV -
$3,000
$2,500 $1,000MM + $2,250MM +
$2,000
$1,250MM
midpoint *
$1,500
• Continuous Land Segmentation
$1,000
• Entitlement & Permits
$500 • Small Tract Sales
• Development / Real Estate Partnerships
$0
Immediate Sales Land Mgmt. Strategy
Value Enhancement
* Value includes 300,000 acres currently being auctioned
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10. Opportunities Focused on Growth Areas
- Percent Change in Population from 2000 to 2005* -
Washington D.C.
% ∆ in population
2000 to 2005 - Covington Mill Forests– VA
• Conservation
• Recreation
• Emerging Development
Charleston Mill Forest –SC
• Conservation
• Recreation
• Emerging Development
• Development
Charleston, SC
* U.S. Census Bureau
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11. 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 growth
•
rate – 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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12. South Carolina Lands in Charleston’s Growth Path
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Source: Clemson University, Strom Thurmond Institute

13. East Edisto – 72,000 Contiguous Acres
NAT
U RAL
PA TH
OF
PR OGR
ESS
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14. MWV Well-Positioned to Capture Maximum Value
• Powerful brand equity in highest value locations
Excellent operating reputation
Strong governmental and local relationships
• Deep knowledge of land – attributes,
enhancement opportunities, regulations
• Partnership approach to development
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15. 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”
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16. Near-term Land Strategy Milestones
Actions: 2007 & 2008 Status
Recruit business leader
Complete 300K land sale
Report as separate
segment
Accelerate sales of higher
value small tracts
East Edisto entitlements
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17. Q2 Outlook
Expect solid overall Y-O-Y operating profit growth
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