meadwestvaco 9_18_2_6_2007LPXEARNINGSPRESENTATION

Insights &Innovation

PackagingMaterials

Primary &SecondaryPackaging

Systems &Services

THE POWER BEHIND THE CONSUMER PACKAGE.

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Forward Looking Statement

This presentation includes certain forward-looking statements, and actual results may differ. Any such statement involves risks and uncertainties described in the company’s Annual Report on Form 10-K for 2006. We may or may not update these statements at a future time to reflect new information, future events or otherwise.

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Investment Rationale

• Packaging transformation delivering higher returns to shareholders

• Competitive Packaging platform capturing global growth opportunities

• Focused on key operating initiatives to drive earnings and cash flow higher− Growth acceleration− Margin improvement

• Executing on land strategy to deliver maximum value to shareholders

• Long history of returning cash to shareholders

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Transforming the Business Model: 2003-2006

- Successfully Refocusing our Business & Returning Cash to Shareholders -

Papers Sale$2.3

Operating Cash$2.2

Land Sales$0.9

DebtRepayment

$2.1

Stock Repurchases & Dividends

$1.4CAPEX

$1.2Calmar

$0.7

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Transformation Is Improving Operating Results

2003Total Revenue $7.6 Bil.Y-O-Y Revenue Growth 4%Debt-to-Total Cap 47%ROIC 2.3%Operating Cash Flow $460 Mil.

2006Total Revenue $6.5 Bil.Y-O-Y Revenue Growth 6%Debt-to-Total Cap 42%ROIC 6.3%Operating Cash Flow $570 Mil.

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Market Leadership in Global Packaging Markets

Market Global Outlook

Beverage &Food

Media

Personal Care & Beauty

Healthcare &Pharma

Tobacco

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Strong Global Presence & Customer Base

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

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Key Objectives Actions

Improve Growth - New products - “Bolt-on” acquisitions- Emerging markets

Expand Operating Margins - Price & productivity improvement- Specialty packaging focus- Footprint & cost actions

Execute Land Strategy - Forestland sales- Significant development opportunities

Key Objectives/Actions

- Expect Improved Returns in 2007 and Beyond -

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Key Objectives/Actions: Improve Growth

• Acquiring IP-based products in target markets – personal care, beauty and home

• Bringing new products to market

• Extend leadership positions to emerging markets> Rigesa targeting India

agri-business market

> Calmar pump/sprayer dedicating capacity to meet increasing demand

> Calmar Wuxi fully operational; serving strong in-country demand

> New Wuxi folding carton operational October 1, 2007

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EBIT%2006 2007E Future Key Drivers

PackagingResources

ConsumerSolutions

Key Objectives/Actions: Expand Margins

9% 10% 11 -12% • Mix improvement• Pricing momentum• Productivity actions

4% 5% 8%+ • Primary packaging• Specialty focus • Capacity optimization• Cost reductions

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Key Objectives/Actions: Execute Land Strategy

• New veteran real estate leader – Ken Seeger

• Major milestone in unlocking value in land

– Forestland sales agreements – $491 million

– Value obtained to be returned to shareholders

• East Edisto master plan underway

• Pursuing additional projects

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Real Estate Opportunities in Growth Areas

Areas of Population Growth from 2000 to 2005*

* U.S. Census Bureau

Covington Mill Forests – VA• Conservation• Recreation• Emerging Development

Charleston Mill Forests – SC• Conservation• Recreation• Emerging Development• Development

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Major Land Strategy Milestones – 3 Year Dual Track

2007• Refine land segmentation • Identify land value

enhancement opps.• Fill ’08 & ’09 sales

pipeline• Execute modest ‘07 sales

2008• Establish steady

sales pace • Initiate land value

enhancement opps.

2008 - 2010• Accelerate sales pace • Target $300+ million in

pre-tax proceeds

2007• Complete preliminary

Edisto Master Plan • Commence near-term

commercial & industrial projects

2008• Build development

project pipeline • Begin East Edisto

entitlementprocess

2009 - 2010• Projects begin to generate

cash • Secure East Edisto

entitlements

Retail Land Sales Program

Real Estate Development

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South Carolina Lands in Charleston’s Growth Path

Source: Clemson University, Strom Thurmond Institute

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MWV Well-Positioned to Capture Maximum Value

• Powerful brand equity in highest value locations

- Excellent reputation

- Strong governmental and local relationships

• Deep knowledge of land – attributes, enhancement opportunities, regulations

• Partnership approach to development

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Strong Community Endorsement

Editorial: “Get involved in East Edisto Plan”“MeadWestvaco’s approach to the East Edisto tract is in welcome contrast to much of what passes for planning in the rapidly developing coastal area. The company has provided for extensive public involvement and scrutiny.”

Charleston, SC

“MeadWestvaco takes public input on developing their forested land ”

“Both Charleston Mayor Joe Riley and Coastal Conservation League President Dana Beach have expressed support for the project, citing MeadWestvaco's proactive approach to regional planning, openness to cooperating with environmental groups, and hosting a transparent, public planning process.”

“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

The Citistates Report: “Push to preserve is alive and well”“MeadWestvaco seems to be forging a new and welcome form of development, staged over decades, intended to be fully respectful of the region's wondrous natural setting and history.”

- Neil Peirce and Curtis Johnson

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Development Projects

Property: ~400 acres

Partners: Major national developer

Structure: 50/50 joint venture

Description:

2.5 million sq. ft. warehousing for national & international tenants

Property: ~300 acres

Partners: Multiple potential

Structure: Outright sales & JVs

Description:

Retail, commercial and residential development projects

Commercial/Industrial Mixed Use

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Land Management Structure

• Focused on proving the value of land strategy

• Will explore alternative ownership structures with Board of Directors

• Examining all potential ownership structures

• Major considerations – valuation, tax, complexity, market conditions

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Investment Rationale

• Packaging transformation delivering higher returns to shareholders

• Competitive Packaging platform capturing global growth opportunities

• Focused on key operating initiatives to drive earnings and cash flow higher− Growth acceleration− Margin improvement

• Executing on land strategy to deliver maximum value to shareholders

• Long history of returning cash to shareholders

UBSGlobal Paper & Forest Products Conference