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MWV Delivering Shareholder Value Goldman Sachs May 23, 2012
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Page 1: MeadWestvaco Goldman Sachs

MWV Delivering Shareholder Value Goldman Sachs

May 23, 2012

Page 2: MeadWestvaco Goldman Sachs

2 MWV Delivering Shareholder Value / May 23, 2012

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, 2011, 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.

Page 3: MeadWestvaco Goldman Sachs

Key Topics

3

Focused packaging company 1

Top quartile shareholder returns 3

Profitable growth driven business 2

MWV Delivering Shareholder Value / May 23, 2012

Page 4: MeadWestvaco Goldman Sachs

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$5.3 billion* sales in 2011

10% growth in emerging markets

100+ nations where we market our products

15,000 employees worldwide

~700,000 acres of forestland under sustainable management

$1.00 annual dividend

Sales by Business Segment

MWV Delivering Shareholder Value / May 23, 2012

83% Packaging

3% Community Development & Land Management

14% Specialty Chemicals

* Reflects completed spin/merge of Consumer & Office Products business

MWV: A Global Packaging Leader

Page 5: MeadWestvaco Goldman Sachs

5 MWV Delivering Shareholder Value / May 23, 2012

Our Profitable Growth Engine

End markets Customers

MWV’s packaging platform

Food & Beverage

Tobacco

Beauty & Personal Care

Home & Garden

Healthcare

Agricultural & Industrial

• Focused end market participation

• Deep customer partnerships

• Insight-driven, technology-enabled innovation

• Global manufacturing and execution

Page 6: MeadWestvaco Goldman Sachs

~ 1-2%

Core Market

6

~ 1-2%

Commercial Excellence

~ 2-3%

Innovation

~ 1-2%

Emerging Markets

Average annual growth over next 3-5 years

~ 5% +

$1+ billion

MWV Delivering Shareholder Value / May 23, 2012

Our Revenue Growth Model

Expanded Participation

Page 7: MeadWestvaco Goldman Sachs

7 MWV Delivering Shareholder Value / May 23, 2012

Commercial Excellence

Right people +

Right capabilities

+ Strategic customer

partnerships

Our Formula

Page 8: MeadWestvaco Goldman Sachs

8 MWV Delivering Shareholder Value / May 23, 2012

Commercial Excellence

$50 million in new

repeatable Beverage Packaging business

in first year

Our Results

Page 9: MeadWestvaco Goldman Sachs

9 MWV Delivering Shareholder Value / May 23, 2012

Innovation

Insights-centric +

Scalable platform

+ Robust,

sustainable pipeline

Our Formula

Page 10: MeadWestvaco Goldman Sachs

10 MWV Delivering Shareholder Value / May 23, 2012

Innovation

60 High value commercial projects in

pipeline

Our Results

Page 11: MeadWestvaco Goldman Sachs

In Test Market – Captivate®

Before After

Page 12: MeadWestvaco Goldman Sachs

Recent Launch – Shellpak® Renew

Page 13: MeadWestvaco Goldman Sachs

13 MWV Delivering Shareholder Value / May 23, 2012

Emerging Markets

Strategic geographies

+ Strong track

record +

Investing for the future

Our Formula

Page 14: MeadWestvaco Goldman Sachs

14 MWV Delivering Shareholder Value / May 23, 2012

Emerging Markets

~ 30% of total revenue generated from

emerging markets

Our Results

Page 15: MeadWestvaco Goldman Sachs

15 MWV Delivering Shareholder Value / May 23, 2012

Expanded Participation

Innovative solutions

+ Adjacent

markets with attractive profit

pools +

Geographic growth

Our Formula

Page 16: MeadWestvaco Goldman Sachs

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Expanded Participation

• Leading designer and manufacturer of dispensing closures

• New capabilities in food, personal care, and home and garden markets

Our Results

Page 17: MeadWestvaco Goldman Sachs

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Operating Leverage Productivity Growth Levers

MWV Delivering Shareholder Value / May 23, 2012

Operational excellence

Supply chain expertise

Manufacturing capacity

Overhead structure

Commercial Excellence

Innovation

Emerging Markets

~ 25-50 bps ~ 25-50 bps

Our Margin Expansion Goals

Page 18: MeadWestvaco Goldman Sachs

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Our Shareholder Value Framework

Top Quartile TSR

Earnings Growth

~ 7-10%+

Dividend Yield

~ 3-5%

Margin

Expansion

~ 50-100 bps

Revenue Growth

~ 5%+

MWV Delivering Shareholder Value / May 23, 2012

Page 19: MeadWestvaco Goldman Sachs

MWV Delivering Shareholder Value Goldman Sachs

May 23, 2012