1. MeadWestvaco
JPMorgan Third Annual Basics & Industrials Conference
E. Mark Rajkowski – Senior Vice President & Chief Financial Officer
June 4, 2008
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
Business transformation generating better growth and
returns
Achievable margin expansion opportunities
Land business to deliver new, sustainable cash flows
Strong financial position and dividend
5. MWV is a Global Leader in
Packaging and Packaging Solutions
Operations on 6 continents
Employees in 30 countries
Customers in 100 nations
50% sales outside U.S.
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
7. Focused on Key Margin Drivers
Innovation & Emerging Markets
Growth Go-to-Market Strategy
Pricing power
Manufacturing
Productivity Sourcing & Supply Chain
SG&A
Increase land sales and entitlements
Land Business Execute development opportunities
8. Key Margin Drivers: Growth
Personal Care and Healthcare focus
Innovative Products Primary plastics
New products & extending leadership
positions
New technological capabilities
Leveraging investments – Wuxi
Growing with customers – SC Johnson
Emerging Markets
Brazilian business expanding to India
agriculture markets
15% growth in 2007; accelerating in 2008
8
9. Key Margin Drivers: Growth
Our New Go-to-Market Strategy…
Aligns full breadth of capabilities for targeted global markets
Accelerates innovation and growth in packaging business
Develops valuable customer and consumer insights
Increases accountability for sales and marketing Insights
Innovation
Services
Reduces complexity for our customers
Primary &
Materials
Secondary
Solutions
9
10. Key Margin Drivers: Pricing Power
Continue to Aggressively Drive Price to Offset Rapid Input Cost Inflation
~$125.00
Today
$ 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.
12. Key Margin Drivers: Land Business
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
12
13. Why Invest in MWV?
Successfully transforming company to win and profitably
grow in global packaging markets
Good progress on profitable growth initiatives to expand
margins
Land strategy well on-track to deliver new, sustainable
cash flows
Attractive dividend yield
