MWV and The Rockefeller Group Form Joint Venture to Develop Distribution Space in Charleston, SC

SUMMERVILLE, S.C.--(Business Wire)--
MeadWestvaco Corporation's (MWV) Community Development and Land Management Group
and Rockefeller Group Development Corporation (RGDC) today announced the
formation of a joint venture to develop four buildings containing approximately
2.7 million square feet of distribution space on 400 acres of industrial land
near the I-26/Jedburg Road interchange in Berkeley County, South Carolina.

"MWV's knowledge of the property and its longstanding presence in South
Carolina, along with RGDC's expertise in developing institutional-quality
distribution space throughout the United States, make this an ideal partnership
for both companies," said Ed Guiltinan, vice president and regional director of
RGDC. "We look forward to a long and successful relationship with MWV."

"This joint venture is an exciting step in bringing more jobs to a rapidly
growing area of the Low Country," said Ken Seeger, president, Community
Development and Land Management Group. "Additionally, it is the first
arrangement of its kind for our business group and a bold step in advancing our
long-term land value maximization strategy. Given the fact that the Port of
Charleston recently finalized plans to increase port capacity by 50% --
necessitating more port servicing space -- our land is ideally situated to help
provide the additional space and services global shippers will need."

As part of this project, the joint venture will improve approximately one mile
of the frontage road along I-26, Drop Off Drive. These road improvements will
commence within the next thirty days and should be completed in five months. The
joint venture will also begin site work for the first building in the second
quarter of 2009. Full scale construction of the first building will begin when a
tenant is secured or as market conditions dictate.

"We are proceeding with the much needed road improvements to Drop Off Drive and
preparation of the building pad for our first planned building," commented Ed
Guiltinan, RGDC. "This will enable us to deliver a building much more quickly
for a tenant."

In addition, MWV and RGDC have been working closely with other private and
public interests to secure significant road improvements to the Jedburg Road
interchange and immediate surrounding area. An assessment district has been
formed by the joint venture and several of the other developers in the Jedburg
interchange area to fund the improvements. Berkeley County will be performing
these improvements, which will include relocating the intersection of Drop Off
Drive and Jedburg Road, installing several traffic signals, and widening the
westbound Jedburg Road exit ramp from I-26. Berkeley County is scheduled to
complete this work by the end of 2009.

The road improvements to Drop Off Drive that the joint venture will be
performing, as well as the road improvements to be undertaken by Berkeley County
will greatly enhance the access to the site and improve traffic conditions in
the area of the Jedburg Road and I-26 interchange.

The I-26/Jedburg Road area has been identified as a distribution cluster and
will play an important role in the growth of the Port of Charleston, one of the
top ten U.S. ports.

RGDC is seeking Foreign Trade Zone designation for the property, which will be
named Rockefeller Group Foreign Trade Zone/Charleston. RGDC is a leader in
helping companies establish strategic trade processes to minimize costs and
avoid delays associated with importing and exporting. Brandi Hanback, Managing
Director for Rockefeller Group Foreign Trade Zone Services and Chairperson of
the Board of Directors of the National Association of Foreign Trade Zones, is
leading the designation process for the joint venture.

Terms of the agreement between MWV and RGDC were not disclosed.

About MWV

MeadWestvaco Corporation (NYSE:MWV), provides packaging solutions to many of the
world`s most-admired brands in the healthcare, personal and beauty care, food,
beverage, media and entertainment, and home and garden industries. The company's
businesses also include Consumer & Office Products, Specialty Chemicals, and the
Community Development and Land Management Group, which sustainably manages the
company's land holdings to support its operations, and to provide for
conservation, recreation and development opportunities. With 22,000 employees
worldwide, MWV operates in 30 countries and serves customers in more than 100
nations. MWV manages all of its forestlands in accordance with internationally
recognized forest certification standards, and has been named to the Dow Jones
Sustainability World Index for the fifth consecutive year. For more information,
please visit www.mwv.com.

About Rockefeller Group Development Corporation

RGDC is a national owner, developer, and manager of prestigious commercial real
estate properties. Its developments include corporate headquarters, landmark
properties, multi-use urban complexes, distribution facilities, suburban office
and industrial parks, and foreign trade zones. RGDC, headquartered in Manhattan
with regional offices in Arizona, California, Florida, and New Jersey is an
operating company of The Rockefeller Group, developer of Rockefeller Center in
New York City.

MWV Media Contact
Jennifer Howard, +1 843-851-4610
or
The Rockefeller Group Media Contact
Sandra Manley, +1 212-282-2123

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