MeadWestvaco

JPMorgan Third Annual Basics & Industrials Conference

E. Mark Rajkowski – Senior Vice President & Chief Financial Officer

June 4, 2008

Forward-looking StatementsCertain 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.

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

Strengthened Business Model

Packaging 51%

2003 2007

Sales Growth Operating Cash ROICResults:

50% Packaging

Cyclical, capital intensive

Secondary packaging

Commodity supplier

75% Packaging

Innovative offerings

Primary & secondary packaging focus

Strategic partner

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.

We serve the world’s largest consumer brands in these markets and industries:

Beverage, Food & Tobacco+ 2% Global Growth

Healthcare+ 5% Global Growth

Personal & Beauty Care+ 5% Global Growth

Home and Garden+ 3% Global Growth

MWV Global Packaging Markets

Focused on Key Margin Drivers

GrowthInnovation & Emerging Markets

Go-to-Market Strategy

Pricing power

Land BusinessIncrease land sales and entitlements

Execute development opportunities

ProductivityManufacturing

Sourcing & Supply Chain

SG&A

8

Key Margin Drivers: Growth

Emerging Markets

Personal Care and Healthcare focus

Primary plastics

New products & extending leadership positions

New technological capabilities

Leveraging investments – Wuxi

Growing with customers – SC Johnson

Brazilian business expanding to India agriculture markets

15% growth in 2007; accelerating in 2008

Innovative Products

9

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

Reduces complexity for our customers

Insights

Services

Primary & Secondary Solutions

Innovation

Materials

Key Margin Drivers: Growth

Our New Go-to-Market Strategy…

Key Margin Drivers: Pricing Power

Continue to Aggressively Drive Price to Offset Rapid Input Cost Inflation

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Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08$0

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$120

Price / Mix Energy / Raw Materials / Freight Avg. Oil Price Qtr.

$ millionsYear-over-Year Increase

~$125.00Today

11

Key Margin Drivers: Productivity

Increasing manufacturing efficiency

Leveraging strategic sourcing

Supply-chain initiatives

Asset optimization

12

2008• Accelerating small-tract sales • Begin value enhancement

2009 - 2010• Increasing small-tract sales• Continue enhancement activities

2008• Build development project pipeline • East Edisto entitlement process• Begin master planning other parcels

2009 - 2010• Near-term projects begin to generate cash • Secure East Edisto entitlements• Secure entitlements for other master plans

Retail Land Sales Program

Real Estate Development

Key Margin Drivers: Land Business

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