SECOND QUARTER 2004 EARNINGS John A. Luke, Jr. Chairman and CEO James A. Buzzard President Peter H. Vogel, Jr. Interim Principal Financial Officer July 27, 2004

Second Quarter FORWARD-LOOKING STATEMENT 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 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 and cash flow expected from the company's productivity initiative; 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; 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, 2003 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.

Second Quarter SECOND QUARTER EPS n Net earnings of $48 million, or 24 cents per share l Gains on forestland sales: 7 cents per share l Restructuring charges: 2 cents per share

John A. Luke Jr. Chairman and Chief Executive Officer

Second Quarter SECOND QUARTER HIGHLIGHTS n Synergies and productivity delivering results n Second quarter shows clear progress n Increased demand and volume helped – but price relief not yet a factor n Productivity initiatives driving results

Second Quarter SECOND QUARTER HEADLINES n Volume up in paper and packaging n Price increases in paper and paperboard will contribute to second-half results n Productivity initiative on track n Improved cash flow through working capital management n Forestland sales going well

Second Quarter DISCIPLINE AND PROFITABLE GROWTH n Disciplined capital spending n Debt reduction n Focused acquisitions n Strong dividend payout n Profitable growth: innovation, productivity and customer focus

James A. Buzzard President

Second Quarter ($ Millions) * Variance Analysis reconciling EBT (Earnings Before Tax) ** Other includes: restructuring of $23 million, interest expense of $4 million, F/X of $2 million and other items for $3 million MEADWESTVACO Q2 03 ACTUAL VS Q2 04 ACTUAL * Revenue Productivity $33 million Cost Productivity $26 million

Second Quarter PACKAGING Operating profit $113 million Sales $1.1 billion n Sales up 7%; profit up 22% over 2Q 03 n Shipments increased for bleached board and Coated Natural Kraft ® n Substantial progress improving mill performance n Backlogs strengthening; price increases in some grades in second half

Second Quarter PACKAGING Operating profit $113 million Sales $1.1 billion n Converting: higher sales volume, improved productivity mix and lowering manufacturing costs l Robust growth in media and entertainment l Productivity drives lower operating costs l Strong volume demand

Second Quarter PAPERS Operating loss $25 million Sales $583 million n Sales up 20% from prior year; 5% from first quarter n Shipments up 27% from prior year, well ahead of industry n Strong demand in coated papers markets n Inventory levels declined n Improved market share

Second Quarter Operating profit $50 million Sales $302 million n Solid shipments of consumer products n Benefit from focused acquisitions n Enhanced distribution and customer service CONSUMER & OFFICE PRODUCTS

Second Quarter SPECIALTY CHEMICALS Operating profit $20 million Sales $107 million n Continued growth in activated carbon products n Benefit of cost reductions and improved product mix

Peter H. Vogel Interim Principal Financial Officer

Second Quarter KEY PRODUCTIVITY INFORMATION n $60 million in earnings improvement n 2% reduction in working capital (as a percentage of sales) l Days inventory on hand dropped 6 days from June 30, 2003

Second Quarter KEY FINANCIAL INFORMATION $ million, pre-tax 2Q 04 Restructuring$ 6 Interest expense$ 69 Debt to capital 47.4% Pension income$ 18 Corporate and other expense$ 55 Cash flow itemsYTD Cash from operations$230 Asset sales$144 Dividend payments$ 93 Capital expenditures$155

Second Quarter MOVING FORWARD n First half 2004 accomplishments l Synergies in place l Productivity initiative on track l Disciplined asset management l Growing demand n Continued focus on l Quality, innovation, productivity l Strategy-based initiatives l Rigorous approach to our business

QUESTIONS

APPENDIX

VARIANCE ANALYSIS Q (Including Productivity)

Q2 03 Actual vs Q2 04 Actual

Second Quarter PACKAGING SEGMENT Q2 03 ACTUAL VS Q2 04 ACTUAL ($ Millions) Revenue Productivity $20 million Cost Productivity $(4) million

Second Quarter PAPERS SEGMENT Q2 03 ACTUAL VS Q2 04 ACTUAL ($ Millions) Revenue Productivity* $8 million Cost Productivity $16 million * Numbers may not add up due to rounding

Second Quarter CONSUMER & OFFICE PRODUCTS Q2 03 ACTUAL vs Q2 04 ACTUAL ($ Millions) Revenue Productivity $2 million

Second Quarter SPECIALTY CHEMICALS SEGMENT Q2 03 ACTUAL VS Q2 04 ACTUAL ($ Millions) Revenue Productivity $8 million Cost Productivity $3 million

PRODUCTIVITY INITIATIVE Q2 03 Actual vs Q2 04 Actual

Second Quarter EARNINGS PRODUCTIVITY INITIATIVE Q2 03 ACTUAL VS Q2 04 ACTUAL ($ Millions)

Second Quarter n Net operating working capital (NOWC) is defined as accounts receivable and inventory, less accounts payable n Reduction in NOWC is measured as a percent of sales, against 2003 sales levels. NOWC accounts are measured as the average of beginning and ending balance, a 2-point average, to accommodate for seasonality n The calculation of sales in the percent of sales calculation is annualized quarterly sales for the quarter being measured n We believe NOWC is a supplemental measure of our productivity initiative progress because these working capital items are more directly associated with factors that our businesses can influence through payment terms and other methods n Measuring NOWC productivity in terms of 2003 sales allows for the increase in NOWC necessary to support sales growth WORKING CAPITAL PRODUCTIVITY INITIATIVE - DEFINITIONS

Second Quarter WORKING CAPITAL PRODUCTIVITY INITIATIVE – KEY DATA ($ Millions)

Q1 04 ACTUAL VS Q2 04 ACTUAL

Second Quarter ($ Millions) MEADWESTVACO Q1 04 ACTUAL VS Q2 04 ACTUAL

Second Quarter PACKAGING SEGMENT Q1 04 ACTUAL VS Q2 04 ACTUAL* ($ Millions) * Numbers may not add up due to rounding

Second Quarter PAPERS SEGMENT Q1 04 ACTUAL VS Q2 04 ACTUAL* ($ Millions) * Numbers may not add up due to rounding

Second Quarter CONSUMER & OFFICE PRODUCTS Q1 04 ACTUAL VS Q2 04 ACTUAL* ($ Millions) * Numbers may not add up due to rounding

Second Quarter SPECIALTY CHEMICALS SEGMENT Q1 04 ACTUAL VS Q2 04 ACTUAL* ($ Millions) * Numbers may not add up due to rounding