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; changes in raw materials pricing; 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 forestlands; adverse results in current or future litigation;
currency movements; 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.
3. Key Investment Considerations
Packaging focus generating higher growth and returns
Achievable growth and margin expansion opportunities
Land strategy to deliver new, sustainable cash flows
Strong financial position and dividend
4. Strengthened Business Model
2003 2007
Land
1%
Consumer &
Office Products
17%
Paper 29%
Specialty
Chemicals 7%
Packaging
51%
Consumer & Office
Packaging
Products
15% 75%
Specialty
Chemicals
5%
Results: Sales Growth Operating Cash ROIC
5. MWV is a Global Leader in
Packaging and Packaging Solutions
Operations on 6 continents
Employees in 30 countries
Customers in 100 nations
6. MWV Global Packaging Markets
We serve the world’s largest consumer brands
in these markets and industries:
Healthcare Personal & Beauty Care
+ 5% Global Growth + 5% Global Growth
Home and Garden Beverage, Food & Tobacco
+ 3% Global Growth + 2% Global Growth
8. Profitable Growth: Innovation
Strong focus on Personal Care and Healthcare markets
Bringing new products to market – Natralock
Extending leadership positions – Shellpak, NoC
Building new technology capabilities – Keltec
8
9. Profitable Growth: Emerging Markets
Extending leadership position in Brazil
Leveraging investments and customer insights – Wuxi, SC Johnson
Applying capabilities from Brazilian business to India agriculture markets
15% revenue growth in 2007; accelerating sales growth in 2008
9
10. Profitable Growth: Productivity
Improved SG&A performance; 100+ basis points in 1Q08
Leveraging strategic sourcing initiatives and operating efficiency projects
Working capital program; improving cash-to-cash cycle
Asset optimization initiatives delivering benefits
10
11. MWV Go-to-Market Strategy
Align full breadth of capabilities for targeted global markets
Accelerate innovation and growth in packaging business
Develop valuable customer and consumer insights
Increase accountability for sales and marketing
Reduce complexity for our customers Insights
Innovation
Services
Primary &
Materials
Secondary
Solutions
11
12. Inflation Acceleration – Mill Business
Energy
Other Raw Material
2007 1st Qtr
2007 1st Qtr
+7.8%
+2.8%
Infl %: +7.3% +10.2%
Infl %:
Wood
Freight
2007 1st Qtr 2007 1st Qtr
+6.0% +14.6%
Infl %: +4.6%
+4.8%
Infl %:
12
13. MWV Total Company Pricing Actions
Continue to Aggressively Drive Price to Offset Rapid Input Cost Inflation
$127.82
5/16/08
$ millions
Year-over-Year Increase
$60 $120
$50 $100
$40 $80
$30 $60
$20 $40
$10 $20
$0 $0
Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08
Price / M ix Energy / Raw M aterials / Freight Avg. Oil Price Qtr.
14. MWV Land Strategy
2008 2009 - 2010
• Accelerating small-tract sales • Increasing small-tract sales
• Begin value enhancement • Continue enhancement activities
Retail Land Sales Program
2008 2009 - 2010
• Build development project pipeline • Near-term projects begin to generate cash
• East Edisto entitlement process • Secure East Edisto entitlements
• Begin master planning other parcels • Secure entitlements for other master plans
Real Estate Development
14
16. Conclusion: Focused on Key Margin Drivers
Innovation
Profitable Growth Emerging markets
Pricing
Align by targeted end markets
Go-to-Market Strategy Accelerate innovation and growth
Reduce complexity & cost to serve
Increase land sales and entitlements
Land Strategy Execute development opportunities
