MWV : A Global Packaging Company John A. Luke, Jr. Chairman and CEO 10 th Annual Citigroup Global Paper and Forest Products Conference December 1, 2005

2 Forward-looking Statements 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 We may or may not update these statements at a future time to reflect new information or future events.

3 Our goal is to be the global leader in consumer packaging solutions. Focused, profitable company Reduced earnings volatility Strong balance sheet Positioned to win in major consumer packaging markets 72% 10% 18% Strategic Goal Packaging $4.4 BN Specialty Chemicals & Specialty Papers $0.6 BN Consumer & Office Products $1.1 BN Packaging is Our Major Business

4 Our Growth Strategy Our Packaging Business Maintain and extend positions in attractive markets Expand our global footprint in China, Russia, Brazil and India Aggressively pursue opportunities in identified markets and services Our Other Businesses Leverage existing Specialty Chemicals platform for growth Maintain and extend positions in C&OP and Specialty Papers markets Maximize value from Forestry assets

5 Packaging Value Chain MediaHealthcare Tobacco BeveragesCosmetics Packaging Platform Packaging Solutions Design : Providing global customers with end-to-end solutions across five major markets. Supplier of multi-substrate packaging materials, including high quality paperboard produced at our mills in the United States and Brazil 48 Plants with expertise in paperboard, plastics and other materials 1300 Systems installed with sales offices in the United States, Europe, Asia and Australia MaterialsConvertingSystems

6 A global reach with a majority of sales from outside the U.S. Global Packaging Company Packaging 60% Paperboard 40% Converting, Design and Systems Growing Presence in China and Russia 6 Paperboard Mills in the U.S. and Brazil Major Markets Media, Healthcare, Beverages, Cosmetics and Tobacco Converting Plants in 15 Countries Customers in 100 Countries

7 Key Packaging Statistics Global Packaging MarketTargeted Packaging Market Portions of Packaging Market with High Competitive Advantage Other Markets Corrugated Glass Metal Target Markets $200B+ $200B $150B ~ $30- $50B $ Billion$200+ Billion$425+ Billion Target Markets Paperboard (SBS, CUK, FBB, CRB) Plastics (Flexible, Rigid) Machinery By Raw Material Boxboard Rigid Plastics Flexible Plastics ~ $30- $50B ~ $30- $50B By Step in Value Chain Raw Material Conversion Packaging Systems + Filling Target Markets $200+B $200B

8 MWV Addressable Markets Packaging Growth Opportunities We are focused on specific market segments within packaging. Large market opportunities Growth in attractive end-markets Achievable, profitable share gains Global growth +2% +4% +1% +7% +5% +2% +4% Segment Size ($B) +3% +4% MWV Addressable Today Addressable Future Growth $35B Today  $50B Possible Market

9 G Country A Country B C K L M N Z Country D E F G H I J S T U W X AA O P Q R V y North AmericaEuropeAsia 2,000MM 850MM 300MM Total= 3,40MM % Other - 1.0% Market A - 2.5% Market B&C - 3.0% Other - 4.5% A 6.5% B&C 8.0% Other - 1.0% Market A - 2.0% Market B&C- 0.8% Western EuropeEastern Europe US % Market Intelligence We take a disciplined approach to market intelligence to understand market potential. Growth Rates Geography Customers Competitors Products

10 We are pursuing growth in higher quality, more demanding, packaging markets. Consumer Goods MediaBeverageHealthcare Digipak System ® FridgeMaster ® Duralift ™ Surepak ™ Dosepak ™ Klearfold ® Vista ™ 3-15% Growth*4-6% Growth*2-5% Growth*2-4% Growth* Major Packaging Markets

11 Improving Returns Turns Drivers Driving “Earns”Driving “Turns” Through Margin Improvements Meeting demanding customer requirements Innovative products Unique materials Through Asset Efficiency Niche applications Customer intimacy Bundled solutions SBS for Aseptic liquid packaging meets the highest customer standards for quality and purity, supplied on a global basis. CNK for Beverage packaging provides the highest wet strength for multi-pack and refrigerated applications. Media packaging solutions provide customers value through integrated art and packaging designs, digital asset management, multiple substrates, and print management services.

12 Cost Initiative We are creating a more efficient and responsive business model. Consistent with our global packaging strategy Total savings of $200 million pre-tax ( ) Reducing G&A in businesses and corporate services Moving to a shared, enterprise-wide approach to delivering business services Smaller real estate footprint, reduced headcount

Cost Initiative, $200MM New Business Model: more efficient, robust, less costly Continued Forestland Sales Divestiture of Papers Business Reduce Asset Intensity Price Volume Mix Improvement New Products and Services Growth: End Markets; Organic, Acquisition Asset Management Market Demand Profitable Growth Strategies Signposts of Progress Cost & Productivity 8.5% ROIC

MWV : A Global Packaging Company John A. Luke, Jr. Chairman and CEO Citigroup Conference December 1, 2005