1. Primary & Systems &
Insights & Packaging
Secondary Services
Innovation Materials
Packaging
THE POWER BEHIND THE CONSUMER PACKAGE.

2. Forward Looking Statement
This presentation includes certain forward-looking statements,
and actual results may differ. Any such statement involves
risks and uncertainties described in the company’s Annual
Report on Form 10-K for 2006. We may or may not update
these statements at a future time to reflect new information,
future events or otherwise.
2

3. Investment Rationale
• Packaging transformation delivering higher returns
to shareholders
• Competitive Packaging platform capturing global
growth opportunities
• Focused on key operating initiatives to drive
earnings and cash flow higher
− Growth acceleration
− Margin improvement
• Executing on land strategy to deliver maximum value
to shareholders
• Long history of returning cash to shareholders
3

4. Transforming the Business Model: 2003-2006
Land
Papers Sale Operating Cash Sales
$2.3 $2.2 $0.9
Stock Repurchases
Debt
Calmar
CAPEX
& Dividends
Repayment
$0.7
$1.2
$1.4
$2.1
- Successfully Refocusing our Business & Returning Cash to Shareholders -
4

5. Transformation Is Improving Operating Results
2003 2006
Total Revenue $7.6 Bil. Total Revenue $6.5 Bil.
Y-O-Y Revenue Growth 4% Y-O-Y Revenue Growth 6%
Debt-to-Total Cap 47% Debt-to-Total Cap 42%
ROIC 2.3% ROIC 6.3%
Operating Cash Flow $460 Mil. Operating Cash Flow $570 Mil.
5

6. Market Leadership in Global Packaging Markets
Market Global Outlook
Beverage &
Food
Media
Tobacco
Healthcare &
Pharma
Personal Care
& Beauty
6

7. Strong Global Presence & Customer Base
• Manufacturing and sales offices worldwide
• Strong customer base
• Growing capabilities in China & India
7

8. Key Objectives/Actions
Key Objectives Actions
Improve Growth - New products
- “Bolt-on” acquisitions
- Emerging markets
Expand Operating Margins - Price & productivity improvement
- Specialty packaging focus
- Footprint & cost actions
Execute Land Strategy - Forestland sales
- Significant development opportunities
- Expect Improved Returns in 2007 and Beyond -
8

9. Key Objectives/Actions: Improve Growth
• Bringing new products to market
• Acquiring IP-based products in target markets – personal care,
beauty and home
• Extend leadership positions to emerging markets
> Rigesa targeting India > Calmar Wuxi fully operational;
agri-business market serving strong in-country demand
> Calmar pump/sprayer > New Wuxi folding carton
dedicating capacity to operational October 1, 2007
meet increasing demand
9

10. Key Objectives/Actions: Expand Margins
EBIT%
Key Drivers
2006 2007E Future
9% 10% 11 -12%
Packaging • Mix improvement
Resources • Pricing momentum
• Productivity actions
4% 8%+ Primary packaging
•
Consumer 5%
Specialty focus
Solutions •
Capacity optimization
•
Cost reductions
•
10

11. Key Objectives/Actions: Execute Land Strategy
• New veteran real estate leader – Ken Seeger
• Major milestone in unlocking value in land
– Forestland sales agreements – $491 million
– Value obtained to be returned to shareholders
• East Edisto master plan underway
• Pursuing additional projects
11

12. Real Estate Opportunities in Growth Areas
Areas of Population Growth from 2000 to 2005*
Covington Mill Forests – VA Charleston Mill Forests – SC
• Conservation • Conservation
• Recreation • Recreation
• Emerging Development • Emerging Development
• Development * U.S. Census Bureau
12

13. Major Land Strategy Milestones – 3 Year Dual Track
2007 2008 2008 - 2010
• Refine land segmentation • Establish steady • Accelerate sales pace
• Identify land value sales pace • Target $300+ million in
enhancement opps. • Initiate land value pre-tax proceeds
• Fill ’08 & ’09 sales enhancement opps.
pipeline
• Execute modest ‘07 sales
Retail Land Sales Program
2007 2009 - 2010
2008
• Complete preliminary • Projects begin to generate
• Build development
Edisto Master Plan cash
project pipeline
• Commence near-term • Secure East Edisto
• Begin East Edisto
commercial & entitlements
entitlement
industrial projects process
Real Estate Development
13

14. South Carolina Lands in Charleston’s Growth Path
Source: Clemson University, Strom Thurmond Institute
14

15. MWV Well-Positioned to Capture Maximum Value
Powerful brand equity in highest value locations
•
- Excellent reputation
- Strong governmental and local relationships
Deep knowledge of land – attributes, enhancement
•
opportunities, regulations
Partnership approach to development
•
15

16. 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
Editorial: “Get involved in East Edisto Plan”
“MeadWestvaco’s approach to the East Edisto tract is in welcome contrast to much of what passes for
planning in the rapidly developing coastal area. The company has provided for extensive public involvement
and scrutiny.”
The Citistates Report: “Push to preserve is alive and well”
“MeadWestvaco seems to be forging a new and welcome form of development, staged over
decades, intended to be fully respectful of the region's wondrous natural setting and history.”
- Neil Peirce and Curtis Johnson
“MeadWestvaco takes public input on developing their forested land ”
“Both Charleston Mayor Joe Riley and Coastal Conservation League President Dana Beach
have expressed support for the project, citing MeadWestvaco's proactive approach to regional planning,
openness to cooperating with environmental groups, and hosting a transparent, public planning process.”
16

17. Development Projects
Commercial/Industrial Mixed Use
Property: ~300 acres
Property: ~400 acres
Partners: Multiple potential
Partners: Major national developer
Structure: Outright sales & JVs
Structure: 50/50 joint venture
Description:
Description:
Retail, commercial and
2.5 million sq. ft.
residential development
warehousing for national &
projects
international tenants
17

18. Land Management Structure
Focused on proving the value of land strategy
•
Will explore alternative ownership structures
•
with Board of Directors
Examining all potential ownership structures
•
Major considerations – valuation, tax, complexity,
•
market conditions
18

19. Investment Rationale
• Packaging transformation delivering higher returns
to shareholders
• Competitive Packaging platform capturing global
growth opportunities
• Focused on key operating initiatives to drive
earnings and cash flow higher
− Growth acceleration
− Margin improvement
• Executing on land strategy to deliver maximum value
to shareholders
• Long history of returning cash to shareholders
19

20. UBS
Global Paper & Forest Products Conference