MeadWestvaco

UBS Global Paper & Forest Products Conference

John A. Luke, Jr. – Chairman & Chief Executive Officer

September 16, 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 delivering better performance

Packaging business well-positioned to capture global growth opportunities and expand margins

Strong financial position helping to fuel profitable growth

Land business delivering new, sustainable cash flow

MWV’s Transformation

Packaging 51%

2003 2007

Sales Growth Operating Cash ROICResults:

Commodity supplier

Industrial & ConsumerPackaging and Fine Papers

Highly cyclical

Strategic packaging partner

Consumer focus

Innovative solutions

Global balance

MWV Today: A Global Leader in Packaging and Packaging Solutions

MWV total salesby segment 1H 2008

MWV Packaging sales by major locations 1H 2008

ConsumerPackaging

NorthAmerica

Non-U.S.Developed

EmergingMarkets**

Other MWVBusinesses

- $3.2 Billion* - - $2.4 Billion* -

** Africa, India, China, E. Europe, Central & South America, Emerging Asia Pacific * Excludes N. Charleston Kraft sales

Healthcare

Personal Care and Beauty

Home and Garden

Food and Beverage

Tobacco

GlobalOutlook

Growth Outlook in Targeted Markets

Developed Markets

EmergingMarkets

% AnnualGrowth

6% - 8%

3% - 5%

2% - 4%

1% - 3%

0% - 1%

Focused on Key Profit Improvement Drivers

Growth

Innovation – developing value-addedofferings Emerging Markets – expanding with existingcustomers; making select investmentsPricing – combating input cost inflation

Land BusinessLand sales – segmenting and enhancing and realizing values above timberDevelopment – entitling and master planningmost valuable lands

Productivity

Manufacturing – optimizing footprint andreducing wasteSourcing & Supply Chain – leveragingoutsourcing; improving logisticsSG&A – variabilizing cost structure

Lever Action

Packaging Innovation

Focus on personal care and healthcare markets

45 new products and product enhancements launched in 2008Shellpak prescription drug solutionNatralock plastic clam-shell replacement solutionKeltec airless & foamer dispensersCNK® large-glass corrugated replacement solution

Growing new product pipeline at Center for Packaging Innovation

10% of 1H 2008 sales from innovative

products*

* Cumulative sales of new products introduced between 2006 - 2008

Investing to Capture Global Growth

HealthcarePackaging J.V.w/ Bilcare Ltd.

St. Petersburg, FL

Newbeverage

lineWilmington, NC

Expanded pinechemicalsrefinery

DeRidder, LA

New (6th) boxplant

Aracatuba

Pine chemicalsRefinery JV

w/ ChemserveLages

New activated

carbon plantFujian

New consumerpaperboard

service centerWuxi

New primarypackaging

lineWuxi

New, largerpackaging

facilityMoscow

New pressfor high-quality

packagingBydgoszcz, PL

- 1H 2008 total EM* Revenues +22% -* Africa, India, China, E. Europe, Central & South America, Emerging Asia Pacific

Pricing Aggressively Driving Price to Offset Rapid Input Cost Inflation

$0

$10

$20

$30

$40

$50

$60

$70

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

$20

$40

$60

$80

$100

$120

$140$ millions

Year-over-Year Increase

Price/Mix Energy/Materials/Freight $Oil (Avg.)

11

Productivity Priorities

Increase manufacturing efficiency– Reduce waste and rejection rates– Utilize cost-effective formulations

Leverage strategic sourcing– Outsource non-strategic elements– Focus on insights, designs, innovation

Supply-chain initiatives– Improve freight & warehousing network

Asset optimization – Consolidate capacity to high-quality, low-

cost locations

12

Q3 2007• Announced sale

agreement for GA & AL forestlands and for WV forestlands

• Refined East Edisto Master Plan based on community input

• Completed WV forestlands sale

Q1 2008 • Unveiled East

Edisto preliminary Master Plan

• Commenced planning and entitlement on 4 commercial & industrial projects

Q4 2007• Completed GA & AL

forestlands sale• Commenced $400

mil. share repurchase w/ forestland sale proceeds

MWV Land Strategy Accomplishments

Q2 2008 • Appointed VP of

Planning and Entitlement

• Completed sale of 7,300 acres of small-tract sales for avg. price of $3,300/acre

• Moved 60,000 acres into sales pipeline

Q3 2008 • Announce CDLM as new

reporting segment• Commence enhanced

small-tract marketing program

• Added 10,000 acres to the small-tract sales pipeline

Last 365 Days

Why Invest in MWV?

Successfully transforming company to capture profitable growth in global packaging markets

Good progress on initiatives to expand margins

Strong financial flexibility

Land strategy on-track to deliver sustainable cash flow; maximizing shareholder value