1. MWV : A Global Packaging Company
John A. Luke, Jr. Chairman and CEO
Morgan Stanley Conference
February 23, 2006

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. Strategic Goal
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
Packaging is Our Major Business
Packaging
$4.5 BN
72%
Consumer & Office Products
$1.1 BN
18%
We are uniquely positioned to improve and sustain our profitability.
Compelling, global packaging strategy
Strong and flexible capital structure
Disciplined approach to market intelligence
Improving returns through “Earns” and “Turns”
Efficient and responsive business model (cost initiative)
In the last 12 months, we have clarified our strategy, focused our portfolio, reduced earnings volatility, strengthened our financial position and taken steps to further refine our business model.
10%
Specialty Chemicals
& Specialty Papers
$0.6 BN
FY 2005

4. Packaging Value Chain Packaging Platform Materials Converting Systems
Mills producing high-value paperboard with locations in the U.S. and Brazil; use of wide variety of packaging substrates
46 Plants with expertise in paperboard, plastics and other materials
1300 Systems installed with
sales offices in the United States, Europe, Asia and Australia
Packaging Solutions Design : Providing global customers with end-to-end solutions across five major markets.
We bring a unique set of capabilities to a global consumer packaging market, combining a solutions-based approach that offers an array of expertise in design, material, converting and systems.
Beverages
Media
Cosmetics
Healthcare
Tobacco

5. Global Packaging Company
A global reach with a majority of sales from outside the U.S.
Converting Plants in 15 Countries
Customers in 100 Countries
Growing Presence in China and Russia
6 Paperboard Mills in the U.S. and Brazil
Packaging
60% Paperboard
40% Converting, Design and Systems
Our reach is truly global. In 2005, over 40% of our sales as a Company were outside the U.S.
In our Packaging businesses, that percentage is over 50%.
Many of our customers are global consumer products companies
We serve many of them on several continents
Our future revenue growth will driven by increased consumer spending in Eastern Europe, China and other emerging markets
Major Markets Media, Healthcare, Beverages, Cosmetics and Tobacco

6. Key Packaging Statistics
Portions of Packaging Market with High Competitive Advantage
Global Packaging Market
Targeted Packaging Market
$450+ Billion
$225+ Billion
$ Billion
Other Markets
Corrugated
Glass
Metal
By Raw Material
Boxboard
Rigid Plastics
~ $30-
$50B
~ $30-
$50B
Target
Markets
$225+B
$225B
$175B
By Step in Value Chain
Raw Material
Conversion
Packaging Systems + Filling
We don’t try to be all things in packaging.
We are focused on specific markets and specific places in the packaging value chain.
~ $30-
$50B
Target Markets
Paperboard (SBS, CUK, FBB, CRB)
Plastics (Flexible, Rigid)
Machinery

7. Major Packaging Markets
We are pursuing growth in higher quality, more demanding, packaging markets.
Beverage
Media
Healthcare
Cosmetics/Personal
3-4% Growth
3-6% Growth
4-6% Growth
4-5% Growth
FridgeMaster®
Duralift™
Digipak System®
Surepak™
Dosepak™
Klearfold®
Vista™
We have focused on specific markets where we have leadership positions and where customers are willing to pay for the value we provide.

8. 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
MWV Addressable Markets
+2%
+4%
+1%
+7%
+5%
Segment Size ($B)
+3%
MWV
Addressable
Today
Future
Growth
(Slide for Presentation only/not printed version)
Market Strategy:
We are focused on specific vertical markets within this space, segments that have good growth rates and attractive profit pools. These are segments where we have core competencies, competitive advantages, and where we can provide the value for which customers are willing to pay.
These markets include such areas as liquid (aseptic) packaging, beverage packaging, media, healthcare, tobacco and cosmetics.
$35B Today  $50B Possible

9. Market Intelligence G K L
We take a disciplined approach to market intelligence to understand market potential.
Growth Rates
Geography
Customers
Competitors
Products M C N
2,000MM
850MM
Total=
100%
300MM
3,40MM
Country A S
Country D T 80 E O F U V G P W X 60 H y Q Z
Country B I 40 AA 20 J R
North America
Europe
Asia
150 50
100
100%
We take a disciplined approach to market intelligence to understand market potential.
We map each of the vertical markets with critical information to determine the opportunity for profit, including growth rates, geography, customers, competitors and products.
We then match our core competencies to determine where we can provide the value for which customers are willing to pay, addressing growth through product innovation and commercialization, as well as focused acquisition.
Other - 1.0%
Other -
Other - 1.0% 80
4.5% A 60
Market A - 2.5%
6.5%
Market A - 2.0% 40
B&C
Market B&C - 3.0% 20
8.0%
Market B&C- 0.8%
Western Europe
Eastern US
Europe

10. Improving Returns Driving “Earns” Driving “Turns” Turns Drivers
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.
Media packaging solutions provide customers value through integrated art and packaging designs, digital asset management, multiple substrates, and print management services.
We know that improving returns and cash flow requires working on both the “numerator” and “denominator”.
We have competencies in unique paperboard characteristics
For example, products that demand high levels of “engineered performance” such as liquid packaging & multi-packs for beverage and dairy
We also understand the importance of asset efficiency in converting and mill production and we take it a step further with service in design, artwork mgmt, etc.
RECENT example: Labatt 15 bottle CNK case, replaces corrugated and provides lighter weight, “easy lift handle”, improved graphics
CNK for Beverage packaging provides the highest wet strength for multi-pack and refrigerated applications.

11. 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
Efficiency and effectiveness are important in customer-facing solutions
It’s equally critical in our “G&A” model as well
We announced earlier this year as part of our overall Transformation to a Global Consumer Packaging company, plans to structurally improve how we deliver services internally
We’re moving to a shared support model which will reduce cost and make us more responsive

12. Next Strategic Steps
These next strategic steps are critical to our success:
Organizing our packaging platform along key global market segments to better serve our customers and drive profitable growth
Leveraging our capabilities to develop innovative, customer-focused solutions
Operating more cost effectively around the world to take advantage of our size and resources
We are now in a great position to accelerate our progress. These next strategic steps will advance our growth in important packaging market segments around the world.

13. Announcements Packaging Platform Packaging Innovation Center
We are creating our packaging platform organized along key global market segments so we can better serve our customers, enter new markets, optimize our global resources, and drive profitable growth.
Packaging Innovation Center
We are bringing together our packaging capabilities, providing access to leading-edge technologies through research partnerships for the development of comprehensive, customer-focused solutions.
Packaging Platform: By aligning our packaging platform with key global market segments, we can develop a deeper understanding of our customers’ needs and the needs of the marketplace. This understanding allows us to create the valuable, market-driven, customer-focused products and services that develop and sustain customer relationships and drive profitable growth.
New organization will unlock capabilities from within divisions: e.g. Beverage sharing machinery systems capabilities with pharma market; digital art mgt in media used in other vertical markets; coordinated selling approach to major consumer packaging companies.
Packaging Innovation Center: By leveraging our existing packaging technology, capabilities and strengths, we can apply leading-edge technologies in the development of seamless, comprehensive solutions across our entire packaging value chain. This is a great step toward enhancing our ability to innovate and partner with our customers to help them succeed in the marketplace.

14. Announcements Global Business Services Corporate Location
We are establishing Global Business Services to operate more cost effectively by consolidating high-volume processing of standardized, transaction-based activities companywide.
Corporate Location
We are consolidating our corporate locations and moving our headquarters to Richmond, Virginia, to support our company’s growth with a more unified and efficient cost structure.
Global Business Services: By operating more cost effectively globally, we can take advantage of our size and resources with a more efficient and adaptable operating structure that will support our packaging growth strategy.
Corporate Location: Our new headquarters will help us focus our strengths and increase opportunities for collaboration and innovation in our packaging operations. A unified structure will make it easier for our customers to work with MWV for their global packaging needs.

15. Signposts of Progress 8.5% ROIC Cost & Productivity Asset Management
Cost Initiative, $200MM
New Business Model: more efficient, robust, less costly.
Consolidate footprint
Continued Forestland Sales
Reduce Asset Intensity in mill and converting
Mix Improvement
New Products and Services
Growth: End Markets; Organic, Acquisition
Price
Volume
For those of you who have been following us, you know that we refer to this chart to illustrate how we focus on achieving that return goal, and the actions that investors can expect to see that will drive us there.
We need of course, a good market environment (as indicated in the box on the right). We are pushing very hard to realize price increases which we announced in recent months in paperboard, packaging and specialty chemicals.
Cost productivity is critical. I’ve just discussed our current Cost Initiative. We expect to achieve an annual run rate of $50 million by yearend 2005.
Driving the most from our asset base, and reducing asset intensity where we can, is equally important. The sale of our Papers Group and our forestland have been the most significant, but we have also been closing or selling smaller facilities in packaging, as well as our other businesses. Recently announced closure of older paperboard machine at Covington; we expect to close an additional older, smaller machine, this one at Evadale, early next year.
Most of all, given our approach to the markets, we have the opportunity to leverage our assets and core competencies to improve our mix, and grow organically through the introduction of more innovative, award-winning products and services. For example, we plan to invest a total of about $25 million over the next two years to grow our very successful Specialty Chemicals operations at Deridder.
Cost &
Productivity
Asset
Management
Profitable Growth
Strategies
Market
Demand

16. MWV : A Global Packaging Company
John A. Luke, Jr. Chairman and CEO
Morgan Stanley Conference
February 23, 2006