Meadwestvaco (MWV) 8-K Other events

Exhibit 12

MEADWESTVACO CORPORATION AND CONSOLIDATED SUBSIDIARY COMPANIES

RATIO OF EARNINGS TO FIXED CHARGES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

	Year Ended October 31,								Two months ended 12/31/2001			Year ended 12/31/2002			Three Quarters ended 9/30/2002			Three Quarters ended 9/30/2003
	1998		1999		2000		2001
(in millions, except for ratio)
Earnings:
Pre-tax income from continuting operations before income / (loss) from equity investees	$	204	$	148	$	404	$	118	$	(39	)	$	(24	)	$	(88	)	$	(65	)
Interest and debt expense		110		124		192		208		(33	)		309			230			221
Portion of rental expense deemed to be interest		13		13		16		18		3			38			34			29
Distributed income of equity investee													18						6
Amortization of capitalized interest		14		12		13		12		2			11			9			9
Total Earnings	$	341	$	297	$	625	$	356	$	(67	)	$	352		$	185		$	200
Fixed charges:
Interest and debt expense	$	110	$	124	$	192	$	208	$	(33	)	$	309		$	230		$	221
Capitalized interest		21		9		6		7		1			5			5			2
Portion of rental expense deemed to be interest*		13		13		16		18		3			38			34			29
Total Fixed Charges	$	144	$	146	$	214	$	233	$	(29	)	$	352		$	269		$	252
Ratio of Earnings to Fixed Charges		2.4		2.0		2.9		1.5					1.0
Deficiency in Earnings Necessary to Cover Fixed Charges									$	(38	)				$	(84	)	$	(52	)

* Portion of rental expense deemed to be interest represents one-third of total rent expense, which management believes is a reasonable approximation of the interest factor.