1. First Quarter 2008 Earnings Report
April 30, 2008
John A. Luke, Jr.
Chairman and CEO
James A. Buzzard
President
E. Mark Rajkowski
Senior Vice President and CFO
Results presented on continuing operations basis

2. 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 of 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.
2 First Quarter 2008 Earnings Report

3. John A. Luke, Jr.
Chairman and Chief Executive Officer

4. First Quarter Summary
First Quarter 2008 vs. 2007
6% $15M
Business
Segment
Sales
Profit
• Solid top-line growth in targeted global packaging markets; growth
driven by well-balanced geographic and end market participation;
positive momentum continuing
• Segment earnings impacted by steep input cost inflation, bad debt
charges (CSG and C&OP), and previously announced maintenance
outage (PRG)
• Announced agreement to sell North Charleston Kraft mill for $485M
• Released preliminary master plan for East Edisto
4 First Quarter 2008 Earnings Report

5. Critical Operating Tasks Focused on
Profitable Growth
Strategic Focus Area Initiatives and Results
Launched national roll-out of Shellpak with Wal-Mart
Gaining share in global high-end fragrance market
Innovation
Leveraging Keltec foamer and airless technology
Packaging platform emerging market sales up 20+%
Strong demand in Asia region
Emerging Markets
Double digit sales & earnings growth at Rigesa
Quarter benefited from G&A savings
Productivity Progress masked by Mahrt outage
5 First Quarter 2008 Earnings Report

6. James A. Buzzard
President

7. Packaging Resources
1Q08 vs. 1Q07
Segment Sales $631 million 8%
$11M
Segment Profit $32 million
• Higher shipment volumes in a number of key grades, including
beverage, liquid packaging and commercial print
• Grew business in emerging markets, including volume growth in Asia
and double digit sales and profitability growth for Rigesa
• Price improvements helped offset higher than expected input and
maintenance costs, including outage at Mahrt Mill
7 First Quarter 2008 Earnings Report

8. Consumer Solutions
1Q08 vs. 1Q07
Segment Sales $606 million 7%
$11M
Segment Profit $9 million
• Sales growth in global personal care, home and garden, beverage, and
tobacco lines of business drove top-line improvement
• Segment profit negatively impacted by input cost inflation, bad debt
charges and costs related to shifting our production platform to lower
cost markets
• Generated sales momentum, market share gains, and new product
opportunities during the quarter that will benefit segment earnings
going forward
8 First Quarter 2008 Earnings Report

9. Consumer & Office Products
1Q08 vs. 1Q07
Segment Sales $208 million 3%
$1M
Segment Loss ($3) million
• Sales up slightly in seasonally light quarter
• Solid back-to-school season in Brazilian business
• Segment loss slightly unfavorable to prior year; favorable excluding bad
debt charge in current quarter
9 First Quarter 2008 Earnings Report

10. Specialty Chemicals
1Q08 vs. 1Q07
Segment Sales $124 million 11%
Segment Profit $12 million $8M
• Significant improvement in sales across all major lines of business
• Demand grew for Pine Chemicals for industrial applications
• Carbon technologies business winning in non-automotive adsorption
markets
• Integration of Eastman Chemical product lines proceeding well;
expected to be accretive in 2008
10 First Quarter 2008 Earnings Report

11. E. Mark Rajkowski
Senior Vice President and Chief Financial Officer

12. Key Financial Information
1Q 2008 1Q 2007 Change
(In millions, pre-tax)
Sales $ 1,518 $ 1,428 6%
Adjusted Gross Profit 1 225 235 -4%
Adjusted SG&A 2 195 198 -2%
Profit from Segments 3 50 65 -23%
Adjusted EBIT 4 $ 28 $ 40 -30%
Adjusted Gross Margin % 14.8% 16.5% (170) bps
Adjusted SG&A % 12.8% 13.9% (110) bps
1
Adjusted gross profit excludes restructuring charges and one-time costs of $4 million and $7 million for the first quarter ended 2008 and 2007, respectively, as well
as gains associated with a one-time pension adjustment of $4M in the first quarter ended 2008.
2
Adjusted SG&A expense excludes restructuring charges and one-time costs of $4 million and $13 million for the first quarter ended 2008 and 2007, respectively.
Adjusted SG&A also excludes gains associated with a one-time pension adjustment of $6 million and charges for a bad debt write-off of $8 million for first quarter
2008.
3
Profit from segments defined as the sum of the segment profits of the Packaging Resources, Consumer Solutions, Consumer and Office Products, and Specialty
Chemicals segments and excludes Corporate and Other profit/(loss), which includes restructuring charges and one-time costs.
4
Adjusted EBIT excludes restructuring charges and one-time costs of $8 million and $21 million for the first quarter ended 2008 and 2007, respectively. Adjusted
EBIT also excludes interest income of $9 million and $4 million in first quarter ended 2008 and 2007, respectively. Adjusted EBIT also excludes gains associated
with a one-time pension adjustment of $10 million and charges for a bad debt write-off of $8 million for first quarter 2008. Adjusted EBIT includes remaining portion
of Other Income/(Expense) after exclusion of interest expense and the items outlined above.
12 First Quarter 2008 Earnings Report

13. Total Company – 1Q 08 vs. 1Q 07
Loss Before Taxes
$10 ($23)
$39 ($39)
($27)
$ millions
$0
($10)
($8) $6
$13
($9)
($20)
$10
($8)
($30)
($40)
($50)
Pr
Pe
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Ba
1Q
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13 First Quarter 2008 Earnings Report

14. Appendix
14 First Quarter 2008 Earnings Report

15. Bleached Board
Shipments: 392,000 tons in 1Q08, up 2% vs. 1Q07
Pricing: Up $35 per ton vs. 1Q07; +4%
Backlogs: Approximately 3 weeks
Coated Natural Kraft
Shipments: 271,000 tons in 1Q08, up 5% vs. 1Q07
Pricing: Up $24 per ton vs. 1Q07; +4%
Backlogs: Approximately 4 weeks
15 First Quarter 2008 Earnings Report

16. Corporate & Other Reconciliation
Corporate & Other - As Reported
($ in millions)
1Q '08 1Q '08
1Q 1Q 4Q vs. vs.
2008 2007 2007 1Q '07 4Q '07
Corporate & Other - As Reported (73) (92) 42 19 (115)
Remove:
Restructuring charges 8 16 41 (8) (33)
One-time costs - 5 5 (5) (5)
Total restructuring & one-time items 8 21 46 (13) (38)
Subtotal (65) (71) 88 6 (153)
Remove:
Pension credit (30) (14) (15) (16) (15)
Interest expense 54 49 53 5 1
Interest income (9) (4) (9) (5) -
Sales and Use Tax Refund - (6) - 6 -
AL/WV Timberland sales gains - - (167) - 167
Community Development/Land Management (8) (10) (15) 2 7
Corporate & Other - As Adjusted (58) (56) (65) (2) 7
16 First Quarter 2008 Earnings Report

17. Adjusted SG&A – 1Q 08 vs. 1Q 07
$225
($15)
$6
$ millions
$198
$195
$6
$200
$175
$150
1Q
1Q
In
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08
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* See slide 12 for definition of Adjusted SG&A
17 First Quarter 2008 Earnings Report

18. Packaging Resources - Segment Profit
1Q 08 vs. 1Q 07
($25)
$80 $26
$70
$60
($14)
$43
$ millions
$2
$50
$32
$40
$30
$20
$10
$0
Pr
1Q
Vo
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Ne
1Q
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07
08
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18 First Quarter 2008 Earnings Report

19. Consumer Solutions – Segment Profit
1Q 08 vs. 1Q 07
$35
$30
$ millions
$25 $20 ($1) ($4)
$20 ($9)
$15
$6 $9
$2 ($5)
$10
$5
$0
Pr
1Q
Vo
En
Ne
Ba
F/
1Q
X
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07
08
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19 First Quarter 2008 Earnings Report

20. Consumer & Office Products – Segment Loss
1Q 08 vs. 1Q 07
$5
$8 ($5)
$4 ($3)
$ millions
($3)
($2)
($2)
$0
($3)
($5)
Pr
1Q
Vo
En
Ne
Ba
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1Q
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20 First Quarter 2008 Earnings Report

21. Specialty Chemicals – Segment Profit
1Q 08 vs. 1Q 07
$25
$20
($1)
$9 $2
$15 ($1) $12
$ millions
$10
($1)
$4
$5
$0
Pr
1Q
Vo
En
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O
1Q
th
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07
08
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21 First Quarter 2008 Earnings Report