1. 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

2. Second Quarter 2004 2 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 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 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.

3. Second Quarter 2004 3 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

4. John A. Luke Jr. Chairman and Chief Executive Officer

5. Second Quarter 2004 5 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

6. Second Quarter 2004 6 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

7. Second Quarter 2004 7 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

8. James A. Buzzard President

9. Second Quarter 2004 9 ($ 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

10. Second Quarter 2004 10 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

11. Second Quarter 2004 11 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

12. Second Quarter 2004 12 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

13. Second Quarter 2004 13 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

14. Second Quarter 2004 14 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

15. Peter H. Vogel Interim Principal Financial Officer

16. Second Quarter 2004 16 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

17. Second Quarter 2004 17 KEY FINANCIAL INFORMATION 17 2004 $ 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

18. Second Quarter 2004 18 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

19. QUESTIONS

20. APPENDIX

21. VARIANCE ANALYSIS Q2 2004 (Including Productivity)

22. Q2 03 Actual vs Q2 04 Actual

23. Second Quarter 2004 23 PACKAGING SEGMENT Q2 03 ACTUAL VS Q2 04 ACTUAL ($ Millions) Revenue Productivity $20 million Cost Productivity $(4) million

24. Second Quarter 2004 24 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

25. Second Quarter 2004 25 CONSUMER & OFFICE PRODUCTS Q2 03 ACTUAL vs Q2 04 ACTUAL ($ Millions) Revenue Productivity $2 million

26. Second Quarter 2004 26 SPECIALTY CHEMICALS SEGMENT Q2 03 ACTUAL VS Q2 04 ACTUAL ($ Millions) Revenue Productivity $8 million Cost Productivity $3 million

27. PRODUCTIVITY INITIATIVE Q2 03 Actual vs Q2 04 Actual

28. Second Quarter 2004 28 EARNINGS PRODUCTIVITY INITIATIVE Q2 03 ACTUAL VS Q2 04 ACTUAL ($ Millions)

29. Second Quarter 2004 29 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

30. Second Quarter 2004 30 WORKING CAPITAL PRODUCTIVITY INITIATIVE – KEY DATA ($ Millions)

31. Q1 04 ACTUAL VS Q2 04 ACTUAL

32. Second Quarter 2004 32 ($ Millions) MEADWESTVACO Q1 04 ACTUAL VS Q2 04 ACTUAL

33. Second Quarter 2004 33 PACKAGING SEGMENT Q1 04 ACTUAL VS Q2 04 ACTUAL* ($ Millions) * Numbers may not add up due to rounding

34. Second Quarter 2004 34 PAPERS SEGMENT Q1 04 ACTUAL VS Q2 04 ACTUAL* ($ Millions) * Numbers may not add up due to rounding

35. Second Quarter 2004 35 CONSUMER & OFFICE PRODUCTS Q1 04 ACTUAL VS Q2 04 ACTUAL* ($ Millions) * Numbers may not add up due to rounding

36. Second Quarter 2004 36 SPECIALTY CHEMICALS SEGMENT Q1 04 ACTUAL VS Q2 04 ACTUAL* ($ Millions) * Numbers may not add up due to rounding