Goldman SachsBasic Materials ConferenceMay 17, 2007

John A. Luke, Jr.Chairman & Chief Executive OfficerMeadWestvaco

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Key Points

A Powerful Global Packaging Solutions Company Improving Margins and Earnings

Packaging transformation delivering higher returns

On track to deliver growth in all key metrics in 2007

Focused on critical operating tasks to drive higher sustainable levels of earnings and cash flow

Q2 outlook remains positive

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Strategy Execution Is Improving Operating Results

Total Revenue $6.5 Bil.

Y-O-Y Revenue Growth 6%

ROIC 6.3%

Operating Cash Flow $567 Mil.

2006

C&OP14%

SCD5%

Pack'g53%

Paper28%

C&OP 16%

Pack'g74%

Other3%

SCD7%

Total Revenue $7.6 Bil.

Y-O-Y Revenue Growth 4%

ROIC 2.3%

Operating Cash Flow $462 Mil.

2003

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Personal / FragranceMediaBeverage Healthcare

Digipak System®FridgeMaster®

Duralift™Surepak™

Dosepak™NoC™

2-4% Growth 4-8% Growth2-3% Growth 6-8% Growth

Our Growing Markets & Competitive Platform

Materials Converting Systems Primary Packaging

With End-to-End Packaging Solutions.

Serving Growing Global Markets…

Klearfold®

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Strong Focus on Innovation

Bringing new products to market and enhancing the features of our traditional offerings to better serve customers and create added value for shareholders

Natralock™ Five Star® Nanocool™NoC ™

Our Center for Packaging Innovation is up and running in Raleigh, North Carolina

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Calmar Enhances Our Global Platform & Customer Base

MeadWestvaco & Calmar Locations

• Manufacturing and sales offices worldwide• Strong customer base• New capabilities in China & India

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Pursuing Global Growth Opportunities

We continue to grow globally with our customers and generate new opportunities

• China

• India

• Eastern Europe

• Brazil

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Consumer Packaging Strategic Imperative

Generate Measurable EBIT Improvement in 2007

FutureProfitable

GrowthManufacturing

ProductivityG&A

SavingsGlobal

SourcingTotal Future Improvement

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New Land Management Group – 1.1 Million Acres

• Actively managing 800,000 acres for long-term value

• 600,000 in high value lands that currently or potentially have values above timber:– Conservation

– Recreation

– Emerging development

– Development

• 200,000 for source fiber– Third-party log sales

– Land lease opportunities

• Currently negotiating sale of 300,000 acres

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Strategy for Capturing Sustainable Value

- 600,000 Acres -

Near-TermSmall Tract Sales

Master Plan-East Edisto-

DevelopmentPartnerships

Segment

SmallTract Sales

Entitlements DevelopmentPartnerships

25+ Years

Master Plan

$300 - $400MMPre-tax ProceedsNext 36 Months

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Master Plan East Edisto: 72,000 Contiguous Acres

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Strong Community Endorsement

“MeadWestvaco’s 70,000-acre plan”“This is a roll-up-the-sleeves moment for our region.”

- Charleston Mayor Joe Riley“I think their timing is perfect.”- Dorchester County Council Chairman Larry Hargett

“They have really done some forward thinking.”- Historic Charleston Foundation Director Kitty Robinson

“MeadWestvaco proposal would blend development, conservation”

Charleston, SC

Columbia, SC

Orangeburg, SC

“MeadWestvaco to work with public on land plan”

“It brings certainty to the future.”- SC Nature Conservancy Director Mark Robertson

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Value Maximization Path – 600,000 Acres

• Land Segmentation

• Retail HBU Sales

• Entitlement• Real Estate

Development

Base Case Value EnhancementNext 25+ Years

Total HBU Value

1 x Timberland(after-tax)

2 x plus Timberland (after-tax)

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Land Strategy Milestones

Announce business leader

Execute 300K land auction and sale agreement

Report as separate segment

Accelerate sales of retail tracts

East Edisto planning

Action Status

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Q2 Y-O-Y Improvement Drivers

Backlogs are solid and pricing is firm at the mill businesses

Overall CSG year-over-year operating profit growth driven by Calmar

Slight input cost moderation versus Q1 2007

Early Back-to-School season indications are healthy

Goldman SachsBasic Materials ConferenceMay 17, 2007