MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.

1. Systems &
Insights & Packaging Primary &
Services
Innovation Materials Secondary
Packaging
John A. Luke, Jr.
FOURTH QUARTER AND Chairman and CEO
FISCAL YEAR 2007 EARNINGS James A. Buzzard
President
February 1, 2008 E. Mark Rajkowski
Senior Vice President and CFO

2. 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 expected from the
company’s cost reduction initiative; 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, 2006, 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

3. John A. Luke, Jr.
Chairman and Chief Executive Officer

4. Fourth Quarter & Full-Year Summary
Fourth Quarter Full-Year
2007 vs. 2006 2007 vs. 2006
-3%
4% 6% 7%
Business
Business
Segment
Segment Sales
Sales
Profit
Profit
• Solid Full-Year 2007 sales and earnings growth
• Improved cash from operations and maintained cost initiative momentum
• Sold non-strategic forestlands and completed $400M share buyback
• Further strengthened global packaging platform; 50% of sales outside U.S.
4

5. COMMITMENTS RESULTS
Sales increased 6%
Profitable Growth & Earnings
Business segment profit up $38 million
Improvement
Cash flow = $630+ million
Costs & Working Capital G&A improvement
Formed Community Development and Land
Management Group
Auctioned 400,000 acres of forestlands
Land Management
Returned $400 million in proceeds to
shareholders
Operated well
Commercial success
Execution
Increased productivity
5

6. 2007 PACKAGING PLATFORM ACHIEVEMENTS
• Opened packaging facility in Wuxi, China
• Acquired Keltec & Hayes for pump and sprayer business
• Signed marketing agreement with Klabin (Brazil)
• Licensed Natralock® technology
6

7. TARGETED GLOBAL MARKETS
MARKET GLOBAL OUTLOOK
HEALTHCARE + 5%
+ 5%
PERSONAL CARE
+ 1%
TOBACCO
BEVERAGE & FOOD
+ 2%
7

8. James A. Buzzard
President

9. Packaging Resources
4Q07 vs. 4Q06 FY07 vs. FY06
Segment Sales $755 million $3.02 billion
4% 2%
19% 17%
Segment Profit $80 million $322 million
• Pricing actions and product mix offset high input cost increases, with
price improvements realized in all key grades.
• Lower volume driven by efforts to focus on most profitable business,
shifting away from lower-value grades.
• Export sales up 8% driven by tobacco, building and industrial, and
commercial print.
• Strong Rigesa performance
9

10. Consumer Solutions
4Q07 vs. 4Q06 FY07 vs. FY06
Segment Sales $659 million $2.43 billion
5% 12%
-52% -8%
Segment Profit $16 million $86 million
• Top-line growth in global beverage and healthcare packaging
businesses.
• Steep increase in input costs, weaker media pricing and costs for Wuxi
plant ramp-up and Keltec start-up impacted results.
10

11. Consumer & Office Products
4Q07 vs. 4Q06 FY07 vs. FY06
Segment Sales $345 million $1.15 billion
-1% FLAT
Segment Profit $66 million FLAT $139 million 9%
• Good performance from higher value, proprietary branded products.
• Stronger results from the company’s Brazilian business, Tilibra.
• Negatively impacted by higher input costs and lower volume.
11

12. Specialty Chemicals
4Q07 vs. 4Q06 FY07 vs. FY06
Segment Sales $123 million $493 million FLAT
5%
Segment Profit $6 million $37 million
-25% -27%
• Lower North American automotive sales and weak demand for ink
resins negatively impacted both volume and mix.
• Higher input costs negatively impacted earnings. Continue to achieve
higher price realizations throughout business.
12

13. E. Mark Rajkowski
Senior Vice President and Chief Financial Officer

14. Key Financial Information
4Q 2007 4Q 2006 Change FY 2007 FY 2006 Change
(In millions, pre-tax)
Sales $ 1,852 $ 1,775 4% $ 6,906 $ 6,530 6%
Adjusted Gross Margin 1 334 343 -3% 1,253 1,184 6%
Adjusted SG&A 2 215 215 0% 833 803 4%
Profit from Segments 3 168 174 -3% 584 546 7%
Adjusted EBIT 4 $ 134 $ 144 -7% $ 460 $ 426 8%
Adjusted Gross Margin % 18.0% 19.3% (130) bps 18.1% 18.1% - bps
Adjusted SG&A % 11.6% 12.1% (50) bps 12.1% 12.3% (20) bps
1
Adjusted gross margin excludes restructuring charges and one-time costs of $33 million and $16 million for the fourth quarter ended 2007 and 2006, respectively, and restructuring charges and one-time costs of $58 million and $53
million for the year ended 2007 and 2006, respectively.
2
Adjusted SG&A expense excludes restructuring charges and one-time costs of $11 million and $45 million for the fourth quarter ended 2007 and 2006, respectively. Adjusted SG&A expense excludes restructuring charges and one-
time costs of $48 million and $102 million for the year ended 2007 and 2006, respectively.
3
Profit from segments defined as the sum of the segment profits of the Packaging Resources, Consumer Solutions, Consumer and Office Products, and Specialty Chemicals segments and excludes Corporate and Other profit/(loss),
which includes restructuring charges and one-time costs.
4
Adjusted EBIT excludes restructuring charges and one-time costs of $46 million and $73 million for the fourth quarter ended 2007 and 2006, respectively. Adjusted EBIT also excludes interest income of $9 million and $2 million in
fourth quarter ended 2007 and 2006, respectively, and a gain of $167 million related to the sale of Alabama timberlands in the fourth quarter ended 2007 and $18 million related to the sale of corporate real estate in fourth quarter
ended 2006. Adjusted EBIT excludes restructuring charges and one-time costs of $110 million and $176 million for the year ended 2007 and 2006, respectively. Adjusted EBIT also excludes interest income of $20 million in both the
years ended 2007 and 2006 and a gain of $250 million related to the sale of Alabama and West Virginia timberlands in the year ended 2007. Adjusted EBIT also excludes gains of $21 million related to the sale of a note and $18
million of the sale of corporate real estate received during the year ended 2006. Adjusted EBIT includes remaining portion of Other Income/(Expense) after exclusion of interest expense and the items outlined above.
14

15. l
ua
ct
A
07
4Q
$207
s
m
Ite
r
e e
th
($10)
m
O
- ti
ne
O le
./
ct Sa
ru
nd
st
Total Company – 4Q 07 vs. 4Q 06
rla
Re
$27
be
m
Ti
a
am ity
ab tiv
Al
$167
uc
d
ro
P
st e
ic
Co Pr
t
ht
Ne
($2)
rg
F
'l/
at
/M
Income Before Taxes
gy
er
($40)
En
ix
M
e/
ic
Pr
$44
e
m
lu
Vo
($15)
l
ua
ct
A
06
4Q
$36
$50
$0
$250
$200
$150
$100
15
$ millions

16. l
ua
ct
A
07
FY
$400
s
m
Ite
er e
th m
($2)
O
- ti
ne
O
./ s
ct le
Sa
ru
st
nd
Re
Total Company – FY 07 vs. FY 06
rla
$44
be
m
Ti
V ity
W
tiv
/
AL
$250
uc
d
ro
P
st e
ric
Co
tP
t
Ne h
$66
rg
F
'l/
at
/M
gy
Income Before Taxes
er
($141)
En
ix
M
e/
ic
Pr
$144
e
m
lu
Vo
($59)
l
ua
ct
A
06
FY
$98
$50
$0
$450
$400
$350
$300
$250
$200
$150
$100
16
$ millions

17. Appendix
17

18. Bleached Board
Shipments: 383,000 tons in 4Q07, down 5% vs. 4Q06
1,579,000 tons in FY07, down 4% vs. FY06
Pricing: Up $34 per ton vs. 4Q06; +4%
Up $35 per ton vs. FY06; +4%
Backlogs: Approximately 2 weeks
• Markets generally strong in key grades
• Continue to look for opportunities to increase growth of higher-
value business
• Pursuing additional price increases in targeted segments of SBS
business to offset higher input costs
18

19. Coated Natural Kraft
Shipments: 243,000 tons in 4Q07, down 8% vs. 4Q06
1,096,000 tons in FY07, down 3% vs. FY06
Pricing: Up $57 per ton vs. 4Q06; +9%
Up $37 per ton vs. FY06; +6%
Backlogs: Approximately 3 weeks
• Decline in beverage sales partially offset by higher sales for
CustomKote® for general packaging uses
• Continuing to implement price increases for general packaging
grades
19

20. Unbleached Kraft Paperboard
Shipments: 215,000 tons in 4Q07, down 3% vs. 4Q06
839,000 tons in FY07, up 1% vs. FY06
Pricing: Up $42 per ton vs. 4Q06; +8%
Up $29 per ton vs. FY06; +6%
Backlogs: Approximately 3 weeks
• Backlogs remain stable
• Continued strength in export markets and general packaging
• Price increases have been implemented, including Kraft
Linerboard
20

21. Corporate & Other Reconciliation
Corporate & Other Reconciliation
($ in millions)
FY '07 4Q '07 4Q '07
FY FY 4Q 4Q 3Q vs. vs. vs.
2007 2006 2007 2006 2007 FY '06 4Q '06 3Q '07
Corporate & Other - As Reported (184) (448) 39 (138) (28) 264 177 67
Remove:
Restructuring charges 85 133 41 54 20 (48) (13) 21
One-time costs 25 42 5 19 6 (17) (14) (1)
PIK Note gain - (21) - - - 21 - -
Total restructuring & one-time items 110 154 46 73 26 (44) (27) 20
Subtotal (74) (294) 85 (65) (2) 220 150 87
Remove:
Pension credit (54) (49) (14) (11) (13) (5) (3) (1)
Interest expense 219 211 56 54 55 8 2 1
Interest income (20) (20) (9) (2) (4) - (7) (5)
Transition services revenue - (5) - - - 5 - -
Sales and Use Tax Refund (6) - - - - (6) - -
Gain on sale of corporate real estate - (29) - (18) - 29 18 -
AL/WV Timberland sales gains (250) - (167) - (83) (250) (167) (84)
Other land sales gains (24) (29) (12) (16) (5) 5 4 (7)
Corporate & Other - As Adjusted (209) (215) (61) (58) (52) 6 (3) (9)
21

22. Adjusted SG&A – 4Q 07 vs. 4Q 06
($6)
$6 ($6)
$225 $215 $215
$6
$200
$ millions
$175
$150
4Q
4Q
In
G
O
Fo
&
th
fla
re
06
07
A
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ig
r/S
Tr
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A
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av
ct
ct
Ex
ua
ua
sf
in
ch
or
g
l*
l*
s
an
m
at
ge
io
n
* See slide 14 for definition of Adjusted SG&A
22

23. Adjusted SG&A – FY 07 vs. FY 06
$833
($25) $15
$850 $24 $29
($13)
$803
$800
$ millions
$750
$700
$650
$600
FY
In
G
CS
Po
Fo
FY
&
fla
re
rtf
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06
A
07
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Ex
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sf
ch
S
or
l*
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av
an
m
in
at
ge
gs
io
n
* See slide 14 for definition of Adjusted SG&A
23

24. Packaging Resources - Segment Profit
4Q 07 vs. 4Q 06
$140
$120 ($24)
$32
$ millions
$100 $4 $80
$3
$67 ($2)
$80
$60
$40
$20
$0
Pr
4Q
Vo
En
Ne
O
4Q
th
ic
lu
er
t
06
07
e
e/
Co
m
gy
r
M
A
A
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st
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ix
ct
ct
P
at
ua
ua
ro
'l/
l
l
du
F
rg
ct
ht
iv
Pr
ity
ic
e
24

25. Packaging Resources - Segment Profit
FY 07 vs. FY 06
$88 ($77)
$400
$7 $322
$35
$350 $275 ($6)
$300
$ millions
$250
$200
$150
$100
$50
$0
Pr
FY
Vo
En
Ne
O
FY
th
ic
lu
er
t
06
07
e
e/
Co
m
gy
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M
A
A
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P
ua
at
ua
ro
'l/
l
l
d
F
uc
rg
h
tiv
tP
ity
ric
e
25

26. Consumer Solutions – Segment Profit
4Q 07 vs. 4Q 06
$33 ($3)
$35 ($3)
($9)
$30
$25
$ millions
($6) $16
$20 $4
$15
$10
$5
$0
Pr
4Q
Vo
En
Ne
O
4Q
th
ic
er
t
lu
06
07
e
e/
Co
m
gy
r
M
A
A
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st
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ix
ct
ct
P
at
ua
ua
ro
'l/
l
l
d
F
uc
rg
ht
tiv
Pr
ity
ic
e
26

27. Consumer Solutions – Segment Profit
FY 07 vs. FY 06
$93 ($23)
$100 $86
$30
($8)
$75 ($26)
$20
$ millions
$50
$25
$0 Pr
FY
Vo
En
Ne
O
FY
th
ic
lu
er
t
06
07
e
e/
Co
m
gy
r
M
A
A
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ix
ct
ct
P
ua
at
ua
ro
'l/
l
l
d
F
uc
rg
h
tiv
tP
ity
ric
e
27

28. Consumer & Office Products – Segment Profit
4Q 07 vs. 4Q 06
$150
$ millions
$100
$3
($4)
$66 $10
($8) ($1) $66
$50
$0
Pr
4Q
Vo
En
Ne
O
4Q
th
ic
lu
er
t
06
07
e
e/
Co
m
g
r
M
y/
A
A
e
st
ix
M
ct
ct
P
at
ua
ua
ro
'l/
l
l
d
F
uc
rg
h
tiv
tP
ity
ri c
e
28

29. Consumer & Office Products – Segment Profit
FY 07 vs. FY 06
$200
($22)
$43 $4 $139
$5
$127 ($18)
$150
$ millions
$100
$50
$0
Pr
FY
Vo
En
Ne
O
FY
th
ic
lu
er
t
06
07
e
e/
Co
m
g
r
M
y/
A
A
e
st
ix
ct
M
ct
P
ua
at
ua
ro
'l/
l
l
du
F
rg
ct
h
iv
tP
ity
ric
e
29

30. Specialty Chemicals – Segment Profit
4Q 07 vs. 4Q 06
$25
$20
$ millions
$8 ($5)
$15
($4)
$1
$8 ($2)
$10
$6
$5
$0
Pr
4Q
Vo
En
Ne
O
4Q
th
ic
lu
er
t
06
07
e
e/
Co
m
g
r
M
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A
A
e
st
ix
M
ct
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P
at
ua
ua
ro
'l/
l
l
d
F
uc
rg
ht
tiv
Pr
ity
ic
e
30

31. Specialty Chemicals – Segment Profit
FY 07 vs. FY 06
($25)
$33
$75
$51 ($11) ($11)
$50
$ millions
$37
$25
$0
Pr
FY
Vo
En
O
FY
th
ic
lu
er
06
07
e
e/
m
gy
r
M
A
A
e
/M
ix
ct
ct
ua
at
ua
'l/
l
l
F
rg
ht
Pr
ic
e
31