Meadwestvaco (MWV) 8-K MeadWestvaco Reports Improved Fourth Quarter Results

Exhibit 99.2

Reconciliation of GAAP to Non-GAAP Net Income

($ in millions after-tax, except Per Share)

4th Quarter 2005

4th Quarter 2004

After-tax

Per Share

After-tax

Per Share

Net Income (Loss)

62

$       

0.34

$     

(499)

$    

(2.43)

$    

Discontinued Operations-Papers & related

(2)

(0.01)

541

2.63

Restructuring

3

0.02

23

0.11

Net Income (Loss) before Other Items

63

$       

0.35

$     

65

$��       

0.31

$     

Less Gains on Sales of Forestlands

2

0.01

17

0.08

Net Income (Loss) before Other Items & Land Sales

61

$       

0.34

$     

48

$        

0.23

$     

($ in millions after-tax, except Per Share)

12 Months 2005

12 Months 2004

After-tax

Per Share

After-tax

Per Share

Net Income (Loss)

28

$       

0.14

$     

(349)

$    

(1.72)

$    

Discontinued Operations-Papers & related

91

0.48

573

2.82

Debt Retirement

56

0.29

Restructuring

20

0.10

67

0.33

Net Income (Loss) before Other Items

195

$     

1.01

$     

291

$      

1.43

$     

Less Gains on Sales of Forestlands

37

0.19

110

0.54

Net Income (Loss) before Other Items & Land Sales

158

$     

0.82

$     

181

$      

0.89

$