1. Credit Suisse
2012 Global Paper &
Packaging Conference
E. Mark Rajkowski
Senior Vice President &
Chief Financial Officer
February 23, 2012
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 MWV Consumer & Office Products/ACCO
Brands transaction; the reorganization of the company's packaging business units; competitive pricing for the
company's products; impact from inflation on raw materials, energy and other costs; fluctuations in demand and
changes in production capacities; relative growth or decline in the United States and international economies;
government policies and regulations, including, but not limited to those affecting the environment, climate change, tax
policies 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 land holdings; adverse results in current or future litigation; currency movements; volatility
and further deterioration of the capital markets; and other risk factors discussed in the company’s Annual Report on
Form 10-K for the year ended December 31, 2010, 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.
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 2
3. Key Takeaways
1 We have built a business model that is
delivering step-change performance
2 Our improved growth profile will drive
strong earnings and cash flow
3 We expect to achieve top quartile TSR
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 3
4. MWV: A Global Packaging Leader
$6.1 Billion Sales by Business Segment
2011 total sales
100+
nations where we market 13%
Specialty Chemicals
our products
28% 12%
2011 total sales from Consumer & Office Products
emerging markets
17,500 2%
employees worldwide 73% Community Development &
Land Management
Packaging
705,000
acres of forestland under
sustainable management
$1.00
annual dividend
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 4
5. Our Strong, Sustainable Business Model
Adjusted EBIT / EBIT Margin Cash Flow from Cont. Ops.
($MM) ($MM)
$750 12% $600
10.5%
9.3% 10%
$500 6.8% 8% $400
6% Net Debt to Total Capital
551 565
635 481
531 32%
$250 4% $200
367 30% 28% 28%
2%
$0 0% $0
20%
2009 2010 2011* 2009** 2010 2011
10%
0%
2009 2010 2011
* Unaudited
** Excludes $350 million of Alternative Fuel Mixture Credits
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 5
6. Our Powerful Packaging Platform
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 6
7. Our Revenue Growth Model
+ $1 billion
~ 5% +
~ 1-2%
~ 2-3%
~ 1-2% Emerging
Markets
~ 1-2%
Innovation
Commercial
Excellence
Core Total
Market
Average annual growth over next 3-5 years
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 7
8. Our Profitable Growth Levers
Commercial Excellence Innovation Emerging Markets
~ 1-2% per year ~ 2-3% per year ~ 1-2% per year
• Right people • Robust, sustainable • Strategic geographies
• Right capabilities pipeline • Demonstrated track
• Customer • Insights-centric record
partnerships • Scalable platform • Investing for the
future
5%+ Revenue Growth
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 8
9. Growth Through Expanded Participation
• Leading designer and manufacturer of
dispensing closures
• Brings new capabilities in targeted markets of
food, personal care, and home and garden
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 9
11. Our Shareholder Value Framework
Margin
Revenue Growth
Expansion
~ 5%+
~ 50-100 bps
Earnings Growth Dividend Yield
~ 7-10%+ ~ 3-5%
Top Quartile TSR
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 11
12. Key Takeaways
1 We have built a business model that is
delivering step-change performance
2 Our improved growth profile will drive
strong earnings and cash flow
3 We expect to achieve top quartile TSR
Credit Suisse 2012 Global Paper & Packaging Conference / February 23, 2012 12
