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Sealed Air Reports Fourth Quarter and Full Year 2012 Results

  Sealed Air Reports Fourth Quarter and Full Year 2012 Results

        Q4 Adjusted EBITDA of $267 million from continuing operations

                  17% increase over Q4 2011 Adjusted EBITDA

         Q4 Adjusted EPS of $0.34, Reported loss of $(0.06) per share

     Full Year Adjusted EPS of $0.95, Reported loss of $(6.63) per share

Business Wire

ELMWOOD PARK, N.J. -- February 19, 2013

Sealed Air Corporation (NYSE:SEE) today announced financial results for fourth
quarter and full year 2012. Net sales for the fourth quarter 2012 totaled $2
billion. Adjusted EPS was $0.34 for the fourth quarter and Adjusted EBITDA for
the quarter was $267 million or 13.5% of net sales. On a reported basis, net
loss was $(10.9) million, or $(0.06) per share.

Unless otherwise stated, all results are presented on a continuing operations
basis, excluding Diversey Japan, which the Company sold in November 2012 and
is presented as discontinued operations. Reported information is defined as
U.S. GAAP. Pro forma information for 2011 includes the full year results of
the Diversey business the Company acquired on October 3, 2011. Year-over-year
net sales discussions present both reported and constant dollar performance.
The constant dollar performance excludes the impact of currency translation.
Organic performance includes volume and product price/mix but excludes the
impact of currency translation and acquisitions. Additionally, Adjusted EBITDA
and Adjusted Earnings exclude impairment of goodwill and other intangible
assets, restructuring and other special items.

Fourth Quarter Highlights:

Net sales for the fourth quarter 2012 totaled $2 billion. Net sales increased
0.8% over 2011 with 2.6% higher volumes, offset by 1.7% of unfavorable
currency translation. Reported regional net sales increased over 2011 levels
by 9.6% for AMAT (Asia, Middle East, Africa and Turkey), 7.5% for Latin
America, 2.3% for North America and 2.0% for Japan/Australia/New Zealand,
offset by 5.6% lower net sales in Europe. Additionally, fourth quarter net
sales to Developing Regions^1 account for 24% of global net sales.

Adjusted EBITDA for the quarter was $267 million or 13.5% of net sales. On an
actual and constant dollar basis, this represented a 16.6% increase compared
with 2011 adjusted EBITDA of $229 million, primarily driven by higher volume
demand and cost synergies. Cost synergies were $35 million for the fourth
quarter of 2012 and resulted from a mix of headcount reductions, elimination
of redundant costs, plant consolidations and procurement and logistics
savings.

Adjusted EPS was $0.34 for the fourth quarter, compared with fourth quarter
2011 Adjusted EPS of $0.06. On a reported basis, fourth quarter 2012 EPS was a
loss of $0.06 per share as compared with a loss of $0.31 per share in the
fourth quarter of 2011. The reported losses were due to certain special items
including debt redemption and non-cash impairment charges in 2012 and
restructuring charges and costs related to the acquisition and integration of
Diversey in both years.

Jerome A. Peribere, President and Chief Operating Officer, commented: “The
headwinds in Europe, particularly Southern Europe, have been strong, and we
saw some de-stocking in North America late in the fourth quarter. Protein
supply factors also continue to challenge us from a top line perspective.
However, we are pleased to report our focus on profitable growth continues
with all divisions reflecting improved adjusted EBITDA on a year over year
basis. Additionally, we are now reporting our results based on our new segment
structure – an important step as we continue the integration of our Diversey
acquisition.”

Fourth Quarter Segment Review

Fourth quarter segment information is presented using three new reportable
segments and an Other category: Food & Beverage (F&B), Institutional & Laundry
(I&L), Protective Packaging, as well as the Medical Applications and New
Ventures businesses (Other category). Management also refers to the segments
as “divisions.” F&B represents the legacy Food Packaging and Food Solutions
businesses and the food and beverage hygiene solutions business from Diversey.
I&L represents the remainder of the Diversey segment (solutions for the
building services, food service, health care, hospitality and retail markets)
and Protective Packaging represents legacy Protective Packaging and the
specialty materials foam business, which was previously included in the Other
category. Additionally, the Company reported regional results using the
following structure: North America, Europe, Latin America, AMAT, and
Japan/Australia/New Zealand. Detailed segment financial information and
revised prior period and pro forma information is available in the attached
financial schedules.

Food & Beverage (F&B) Division

Total division net sales increased 2.4% on a constant dollar basis, or
increased 0.9% on a reported basis. F&B achieved 3.1% higher volumes, led by
3.6% volume growth in hygiene solutions and 2.9% volume growth in the food
packaging and food solutions businesses. The volume gains were partially
offset by 0.7% lower price/mix due to pricing pressures in Europe and the
impact of contract pricing in North America, as well as 1.5% unfavorable
currency translation. Regionally, on a constant dollar basis, F&B experienced
double-digit net sales growth in Latin America and AMAT, due to strong
domestic and export markets, offsetting a 3% decline in Europe. F&B Adjusted
EBITDA increased 10.4% to $154 million, or 15.6% of net sales, primarily from
higher volumes and cost synergies, compared with $139 million, or 14.3% of net
sales, in 2011. Reported operating profit was $115 million for fourth quarter
2012, compared with $97 million in fourth quarter 2011.

Institutional & Laundry (I&L) Division

Net sales increased 2.3% on a constant dollar basis and were flat on a
reported basis. I&L achieved 0.7% higher volumes and 1.6% higher price/mix,
offset by 2.4% of unfavorable currency translation. Volume growth was led by
new healthcare business, offset by a decline in consumer brands and lower
equipment sales in Europe. Regionally, growth was led by AMAT and Latin
America, partially offset by a decline in Southern Europe. Adjusted EBITDA
increased 9.1% to $42 million, or 7.9% of net sales, compared with $39 million
or 7.2% of net sales in 2011. Adjusted EBITDA improved in fourth quarter 2012
compared with 2011 primarily due to volume, cost synergies and a favorable
price-cost spread partially offset by higher sales and marketing spending. The
additional spending includes higher compensation costs and additional
resources to support growth in developing regions. Reported operating profit
was $4 million for fourth quarter 2012, compared with a loss of $15 million in
fourth quarter 2011.

Protective Packaging Division

Net sales increased 1.5% on a constant dollar basis, or 0.6% on a reported
basis, with 2.6% higher volumes and 1.1% lower price/mix, as well as
unfavorable currency translation of 0.9%. Volume increased 4.4% in North
America due to expanded market presence and strength in solutions targeting
e-commerce applications. Adjusted EBITDA increased 4.2% to $68 million, or
16.6% of net sales, compared with $65 million or 16.0% of net sales, in 2011.
Adjusted EBITDA improved due in large part to higher volumes and cost
synergies. Reported operating profit was $57 million for fourth quarter 2012
compared with $54 million in fourth quarter 2011.

Medical Applications and New Ventures (Other category)

Net sales increased 13.4% on a constant dollar basis, or 9.1% on a reported
basis, with 12.7% higher volumes and 1.1% from an acquisition. This sales
increase was primarily driven by increased market penetration in Europe.
Adjusted EBITDA increased to $0.8 million, compared with $0.4 million in 2011.
Reported operating loss was $22 million and includes a non-cash impairment
charge of $22 million related to a decision to stop development work related
to a project included in the new ventures business. Reported operating loss
was $2 million for the fourth quarter of 2011.

Full Year 2012 Summary

Net sales for 2012 totaled $7.6 billion. Net sales increased 37.8% over 2011,
including a 38.2% increase from the Diversey acquisition, a 2.3% increase in
organic sales, offset by 2.7% unfavorable currency translation. Compared to
pro forma 2011, net sales declined 1.7% from 3.6% unfavorable currency
translation, offset by 1.8% organic growth, including a 0.8% volume increase
from expansion in Developing Regions, partially offset by ongoing weakness in
Europe.

Full year Adjusted EBITDA was $996 million, or 13.0% of net sales. On a
constant dollar basis, Adjusted EBITDA was $1.02 billion, a 2.8% increase over
pro forma 2011 Adjusted EBITDA of $996 million. This increase was primarily
due to the realization of cost synergies, partially offset by higher operating
expenses, mainly in I&L related to compensation costs and additional resources
to support growth in developing regions. Reported net loss was $1.3 billion in
2012, primarily due to impairment of goodwill and other intangibles. Pro forma
net earnings were $106 million in 2011. The Company is working to finalize its
impairment analysis prior to the filing of its Annual Report on Form 10-K for
the year ended December 31, 2012, and as a result may incur additional
impairment charges.

Adjusted EPS was $0.95. On a reported basis, the Company had a loss of $6.63
per share, which includes an estimated $5.97 per share non-cash impairment of
goodwill and other intangibles. Adjusted EPS on a pro forma basis was $0.81
per share for 2011.

Cash Flow and Net Debt

Net cash provided by operating activities for full year 2012 was $404 million
and is net of $81 million of restructuring payments. Working capital used
cash, including a decrease in accounts payable of $71 million and a $12
million increase in receivables, partially offset by a $41 million reduction
in inventories. This cash flow compares with $372 million of net cash provided
by operating activities in 2011. Capital expenditures were $124 million in
2012 and in 2011.

In 2012, the Company reduced its net debt by approximately $352 million to
$4.8 billion. Net debt includes the W. R. Grace settlement liability of $877
million. Also, during the fourth quarter of 2012, the Company finalized the
sale of the Diversey Japan business and used net cash proceeds and available
cash on hand to reduce term loan balances by $370 million.

2013 Outlook for Continuing Operations

Mr. Peribere commented, “We continue to operate in a challenging economic
environment, particularly in Europe. However, we are confident in the
fundamentals of our business. We are committed to increase profitability and
aggressively manage our cost structure.

We expect modest sales and EBITDA growth, despite our significant exposure to
European markets and a recent increase in raw material costs. We intend to
take decisive actions to adjust pricing in product lines impacted by
escalating raw material costs. As a result, we estimate 2013 net sales in the
range of approximately $7.7–7.9 billion, adjusted EBITDA of $1.01 billion to
$1.03 billion, and Adjusted EPS between $1.10 and $1.20. We also estimate Free
Cash Flow for 2013 of approximately $300 million to $350 million, which
represents cash flow from operations less capital expenditures. This compares
with $280 million in 2012.”

Adjusted EPS guidance excludes the payment of the W. R. Grace settlement, as
the exact timing of the settlement is unknown. Final payment of the W. R.
Grace settlement is expected to be accretive to adjusted EPS by approximately
$0.13 annually following the payment date under the assumption of using a
substantial portion of cash on hand for the payment and ceasing to accrue
interest on the settlement amount. Additionally, guidance excludes any
non-operating gains or losses that may be recognized in 2013 due to currency
fluctuations in Venezuela.

Web Site and Conference Call Information

Jerome A. Peribere, Sealed Air’s President and COO and Carol P. Lowe, Senior
Vice President and CFO, will conduct an investor conference call today at
11:00 a.m. (ET) to discuss the Company’s earnings results. The conference call
will be webcast live on the Company’s web site at www.sealedair.com in the
Investor Information section. The link to the event can be found on the
Investor Information home page as well as under the Presentations & Events
tab. Listeners should go to the web site prior to the call to register and to
download and install any necessary audio software. A replay of the webcast
will also be available on the Company’s web site.

Investors who cannot access the webcast may listen to the conference call live
via telephone by dialing (888) 680-0865 (domestic) or (617) 213-4853
(international) and use the participant code 95851262. Telephonic replay will
be available beginning today at 1:00 p.m. (ET) and ending on Tuesday, March
12, 2013 at 11:59 p.m. (ET). To listen to the replay, please dial (888)
286-8010 (domestic) or (617) 801-6888 (international) and use the confirmation
code 21264331.

Business

Sealed Air is a global leader in food safety and security, facility hygiene
and product protection. With widely recognized and inventive brands such as
Bubble Wrap^® brand cushioning, Cryovac^® brand food packaging solutions and
Diversey^TM brand cleaning and hygiene solutions, Sealed Air offers efficient
and sustainable solutions that create business value for customers, enhance
the quality of life for consumers and provide a cleaner and healthier
environment for future generations. Sealed Air generated revenue of
approximately $7.6 billion in 2012, and has approximately 25,000 employees who
serve customers in 175 countries. To learn more, visit www.sealedair.com.

Non-U.S. GAAP Information

In this press release and supplement, we have included several non-U.S. GAAP
financial measures, including adjusted EPS, net sales on a "constant dollar"
basis, adjusted gross profit, adjusted operating profit, adjusted net
earnings, free cash flow and EBIT, EBITDA and Adjusted EBITDA. We present
results and guidance, adjusted to exclude the effects of certain specified
items that would otherwise be included under U.S. GAAP, to aid in comparisons
with other periods or prior guidance. We may use adjusted EPS, net sales on a
constant dollar basis, adjusted net earnings, adjusted gross profit, adjusted
operating profit, measures of cash flow, net debt, and EBITDA figures to
determine performance-based compensation. Our management uses financial
measures excluding the effects of foreign currency translation in evaluating
operating performance. Management believes that this information may be useful
to investors. For a reconciliation of these non-U.S. GAAP metrics to U.S. GAAP
and other important information on our use of non-U.S. GAAP financial
measures, see the attached supplementary information entitled “Condensed
Consolidated Cash Flow Statement,” “Reconciliation of U.S. GAAP Gross Profit
and Operating Profit to Non-U.S. GAAP Adjusted Gross Profit and Operating
Profit,” “Reconciliation of U.S. GAAP Gross Profit and Operating Profit to
Non-U.S. GAAP Adjusted Gross Profit and Operating Profit Per Share,”
“Reconciliation of U.S. GAAP Diluted Net (Loss) Earnings Per Common Share to
Non-U.S. GAAP Adjusted Diluted Net Earnings per Common Share,” “Revision for
Discontinued Operations,” “Additional Pro Forma Information,” “Reconciliation
of U.S. GAAP Diluted Net (Loss) Earnings to Non-U.S. GAAP Adjusted EBITDA,”
“Non-U.S. GAAP Adjusted Free Cash Flow,” “Reconciliation of Net (Loss)
Earnings Available to Common Stockholders to Non-U.S. GAAP EBIT, EBITDA and
Adjusted EBITDA,” “Segment and Consolidated Adjusted Operating Profit and
Adjusted EBITDA,” “Components of Change in Net Sales - Business Segments and
Other” and “Components of Change in Net Sales-Geographic Region.”

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by such words as “anticipates,” “believes,”
“plan,” “assumes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans
to,” “will” and similar expressions. These statements reflect our beliefs and
expectations as to future events and trends affecting our business, our
consolidated financial position and our results of operations. Examples of
these forward-looking statements include expectations regarding the potential
cash tax benefits associated with the W.R. Grace settlement, potential volume,
revenue and operating growth for future periods, expectations and assumptions
associated with our 2011-2014 Integration & Optimization Program, availability
and pricing of raw materials, success of our growth initiatives, economic
conditions, and the success of pricing actions. A variety of factors may cause
actual results to differ materially from these expectations, including general
domestic and international economic and political conditions; changes in our
raw material and energy costs; credit ratings; the success of restructuring
plans; currency translation and devaluation effects, including Venezuela; the
competitive environment; the effects of animal and food-related health issues;
environmental matters; and regulatory actions and legal matters. For more
extensive information, see “Risk Factors” and “Cautionary Notice Regarding
Forward-Looking Statements,” which appear in our most recent Annual Report on
Form 10-K, as filed with the Securities and Exchange Commission, and as
revised and updated by our Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. While we may elect to update these forward-looking statements at
some point in the future, we specifically disclaim any obligation to do so,
whether as a result of new information, future events, or otherwise.

^1 Developing Regions are Africa, Asia (excluding Japan and South Korea),
Central and Eastern Europe, and Latin America.


SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS^(1)
(Unaudited)
(In millions, except per share data)

                     Three Months Ended                Year Ended
                         December 31,                         December 31,
                         2012           2011               2012            2011
                                           Revised(2)                            Revised(2)
Net sales              $ 1,977.8         $ 1,962.8          $ 7,648.1          $ 5,550.9
Cost of sales            1,326.5          1,331.4           5,103.8           3,950.6  
Gross profit             651.3             631.4              2,544.3            1,600.3
As a % of
total net                32.9    %         32.2    %          33.3     %         28.8     %
sales
Marketing,
administrative
and                      441.5             464.9              1,785.3            1,014.4
development
expenses
As a % of
total net                22.3    %         23.7    %          23.3     %         18.3     %
sales
Amortization
expense of
intangible               34.5              32.5               134.0              39.5
assets
acquired
Impairment of
goodwill and
other                    22.2              -                  1,356.4            -
intangible
assets^(3)
Costs related
to the
acquisition              2.6               34.1               7.4                64.8
and
integration of
Diversey
Restructuring
and other                32.3             52.4              142.4             52.2     
charges^(4)
Operating                118.2             47.5               (881.2   )         429.4
profit
As a % of
total net                6.0     %         2.4     %          -11.5    %         7.7      %
sales
Interest                 (93.5   )         (106.1  )          (384.7   )         (216.6   )
expense
Impairment of
equity method            -                 -                  (23.5    )         -
investment^(5)
Loss on debt             (36.9   )         -                  (36.9    )
redemption^(6)
Other expense,           (1.3    )         (15.5   )          (9.8     )         (14.8    )
net
(Loss)
earnings from
continuing
operations               (13.5   )         (74.1   )          (1,336.1 )         198.0
before income
tax

provision
Income tax
(benefit)                (2.6    )         (14.3   )          (58.0    )         59.5     
provision
Effective
income tax               19.3    %         19.3    %          4.3      %         30.1     %
rate
Net (loss)
earnings from            (10.9   )         (59.8   )          (1,278.1 )         138.5    
continuing
operations
As a % of
total net                -0.6    %         -3.0    %          -16.7    %         2.5      %
sales
Net earnings
from                     184.5            10.6              199.8             10.6     
discontinued
operations^(2)
Net earnings
(loss)
available to           $ 173.6          $ (49.2   )        $ (1,078.3 )       $ 149.1    
common
stockholders
                                                                                 
Net earnings
(loss) per
common share:
Basic :
Continuing               (0.06   )         (0.31   )          (6.63    )         0.83
operations
Discontinued             0.95             0.06              1.04              0.06     
operations
Net earnings
per common             $ 0.89           $ (0.25   )        $ (5.59    )       $ 0.89     
share - basic
                                                                                 
Diluted:
Continuing               (0.06   )         (0.31   )          (6.63    )         0.75
operations
Discontinued             0.95             0.06              1.04              0.05     
operations
Net earnings
per common             $ 0.89           $ (0.25   )        $ (5.59    )       $ 0.80     
share -
diluted
                                                                                 
Dividends per          $ 0.13           $ 0.13            $ 0.52            $ 0.52     
common share
                                                                                 
Weighted
average number
of common
shares
outstanding:
Basic                    193.3            190.4             192.8             167.0    
Diluted                  193.3            190.4             192.8             185.4    


^(1) The condensed consolidated statement of operations include the financial
results of Diversey for the period beginning October 3, 2011. The
supplementary information included in this press release for 2012 is
preliminary and subject to change prior to the filing of our upcoming Annual
Report on Form 10-K with the Securities and Exchange Commission.

^(2) In November 2012, we sold our Diversey Japan business. The financial
results of the Diversey Japan business are reported as discontinued
operations, net of tax, and, accordingly all previously reported financial
information has been revised. Included in the net earnings from discontinued
operations is a net gain on sale of $179 million. Net cash proceeds of $313
million from the sale were used to prepay a portion of our outstanding Term
Loan B credit facility.

^(3) During the third quarter of 2012, we identified an impairment in the
goodwill and other intangible assets associated with our legacy Diversey
segment primarily due to this segment's lower-than-anticipated growth rates
and operating margin performance principally due from challenging
macroeconomic conditions. As a result, we recorded an estimated non-cash,
pre-tax charge for impairment of goodwill and certain other intangible assets
of $1,334 million ($1,262 million, net of taxes). Management is in the process
of completing its step-two process and its annual goodwill impairment
analysis. We anticipate that these analyses will be completed prior to filing
the Annual Report on Form 10-K. During the fourth quarter of 2012, we made a
decision to suspend certain development efforts and abandon future product
development work related to a project included in New Ventures. As a result,
we recorded a non-cash impairment charge of $22 million related to the
impairment of in-process research and development.

^(4) These charges consist mostly of severance and termination benefits
primarily due to the 2011 - 2014 Integration and Optimization Program we
initiated in December 2011 as part of the integration of the Diversey
business. We also recorded other associated costs in connection with the
program, which are included in cost of sales and marketing, administrative and
development expenses. These costs were $16 million in the three months ended
December 31, 2012 and $21 million in the year ended December 31, 2012.

^(5) In June 2012, we recognized an other-than-temporary impairment on one of
our equity method investments in a joint venture.

^(6) In November 2012, we used net cash proceeds from the sale of our Diversey
Japan business to prepay a portion of our outstanding Term Loan B credit
facility. In November 2012, we completed an offering of $425 million aggregate
principal amount of 6.50% senior notes due 2020. We used the net proceeds from
these notes, along with cash on hand to repurchase our outstanding $400
million 5.625% senior notes due July 2013. The loss on debt redemption
included above consists of the acceleration of the unamortized original
issuance discount and fees associated with these debt transactions.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS^(1)
(Unaudited)
(In millions)

                                           December 31,
                                               2012             2011
                                                                  Revised^(2)
Assets
Current assets:
Cash and cash equivalents                    $   679.6          $   703.6
Receivables, net                                 1,326.0            1,314.2
Inventories                                      736.4              777.5
Assets of discontinued operations                -                  279.0
Other current assets                            622.7            275.9    
Total current assets                             3,364.7            3,350.2
Property and equipment, net                      1,212.8            1,269.2
Goodwill                                         3,137.1            4,209.6
Intangible assets, net                           1,729.9            2,035.7
Other assets, net                               570.9            567.3    
Total assets                                 $  10,015.4      $  11,432.0 
                                                                  
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings                        $   39.2           $   34.5
Current portion of long-term debt                1.8                1.9
Accounts payable                                 483.8              554.9
Settlement agreement and related                 876.9              831.2
accrued interest
Liabilities of discontinued                      -                  216.7
operations
Other current liabilities                       937.6            867.0    
Total current liabilities                        2,339.3            2,506.2
Long-term debt, less current portion             4,540.8            4,966.7
Other liabilities                               1,359.0          1,006.7  
Total liabilities                                8,239.1            8,479.6
Total parent company stockholders'               1,775.8            2,957.5
equity
Noncontrolling interests                        0.5              (5.1     )
Total stockholders' equity                      1,776.3          2,952.4  
Total liabilities and stockholders'          $  10,015.4      $  11,432.0 
equity
                                                                  
                                               December 31,
                                               2012               2011
                                                                  Revised^(2)
Calculation of net debt from
continuing operations:
Short-term borrowings                          $ 39.2             $ 34.5
Current portion of long-term debt                1.8                1.9
Settlement agreement and related                 876.9              831.2
accrued interest
Long-term debt, less current portion            4,540.8          4,966.7  
Total debt                                       5,458.7            5,834.3
Less: Cash and cash equivalents                 (679.6   )        (703.6   )
Net debt                                       $ 4,779.1         $ 5,130.7  


^(1) The amounts presented for 2012 are subject to change prior to the filing
of our upcoming Annual Report on Form 10-K.

^(2) In November 2012, we sold our Diversey Japan business. The financial
results of the Diversey Japan business are reported as discontinued
operations, net of tax, and, accordingly all previously reported financial
information has been revised. The assets and liabilities of the Diversey Japan
operations were reclassified to assets and liabilities held for sale as of
December 31, 2011. The assets and liabilities of the Diversey Japan operations
were reclassified to assets and liabilities held for sale as of December 31,
2011.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATED CASH FLOW STATEMENT^(1)
(Unaudited)
(In millions)

                                          For the Year Ended December 31,
                                               2012            2011
                                                                  Revised^(2)
Net earnings available to common               $ (1,278.1 )       $ 138.5
stockholders - continuing operations
Adjustments to reconcile net
earnings to net cash provided by
operating activities - continuing                1,694.9            248.1
operations^(3)
Changes in operating assets and                 (12.4    )        (14.4    )
liabilities
Cash flow from operating activities             404.4            372.2    
- continuing operations
                                                                  
Capital expenditures for property                (124.4   )         (123.5   )
and equipment
Acquisition of Diversey, net of cash
and cash equivalents acquired and
                                                 -                  (2,246.6 )
investment in Diversey preferred
stock
Other investing activities                      7.9              0.1      
Cash flow from investing activities             (116.5   )        (2,370.0 )
- continuing operations
                                                                  
Payments of long-term debt                       (1,759.1 )         (1,753.6 )
Proceeds from long-term debt                     1,313.7            3,662.2
Change in restricted cash                        -                  262.9
Dividends paid on common stock                   (100.9   )         (87.4    )
Payments of debt issuance costs                  (29.6    )         (51.1    )
Other financing activities                      (9.2     )        (16.6    )
Cash flow from financing activities             (585.1   )        2,016.4  
- continuing operations
                                                                 
Cash flow from discontinued                     262.1            7.4      
operations
                                                                 
Effect of foreign currency exchange             11.1             2.0      
rates on cash and cash equivalents
                                                                  
Cash beginning of period                       $ 703.6            $ 675.6
Change in cash and cash equivalents             (24.0    )        28.0     
Cash end of period                             $ 679.6           $ 703.6    
                                                                  
Free Cash Flow^(4)
Cash flow from operating activities            $ 404.4            $ 372.2
- continuing operations
Capital expenditures for property               (124.4   )        (123.5   )
and equipment
Free Cash Flow                                 $ 280.0           $ 248.7    
                                                                  
Additional Cash Flow Information:
Interest payments, net of amounts              $ 323.0            $ 134.8
capitalized
Income tax payments                            $ 109.7            $ 106.9
Restructuring payments                         $ 81.4             $ 28.6


^(1) The amounts presented for 2012 are subject to change prior to the filing
of our upcoming Annual Report on Form 10-K.

^(2) In November 2012, we sold our Diversey Japan business. The financial
results of the Diversey Japan business are reported as discontinued
operations, and, accordingly, all previously reported financial information
has been revised.

^(3) 2012 primarily consists of the estimated non-cash impairment charge of
goodwill and other intangible assets of $1.4 billion and depreciation and
amortization expense of $321 million. 2011 primarily consists of depreciation
and amortization expense of $212 million.

^(4) Free cash flow may not represent residual cash available for
discretionary or non-discretionary expenditures that are not deducted from
this measure, including mandatory debt servicing requirements.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
RECONCILIATION OF U.S. GAAP GROSS PROFIT AND OPERATING PROFIT TO
NON-U.S. GAAP ADJUSTED GROSS PROFIT AND OPERATING PROFIT^(1)
(Unaudited)
(In millions)

                    Three Months Ended          Year Ended                    Year
                                                                                      Ended
                        December 31,                  December 31,                    December
                                                                                      31,
                        2012      2011              2012        2011              2011
                          Revised^(2)              Revised^(2)    Pro
                                                                                      Forma^(3)
U.S. GAAP
gross profit      $ 651.3   $ 631.4         $ 2,544.3   $ 1,600.3       $ 2,616.0
- continuing
operations
As a % of
total net               32.9%       32.2%             33.3%         28.8%             33.6%
sales
Segment
special                 7.4         15.9              18.0          16.4              5.0
items^(4)
                                                                
Non-U.S. GAAP
adjusted
gross profit      $ 658.7   $ 647.3         $ 2,562.3   $ 1,616.7       $ 2,621.2
- continuing
operations
As a % of
total net               33.3%       33.0%             33.5%         29.1%             33.7%
sales
                                                                                      
Gross profit
from                    18.8        40.9              114.0         40.9
discontinued
operations
                                                  
Total
non-U.S. GAAP     $ 677.5   $ 688.2         $ 2,676.3   $ 1,657.6
adjusted
gross profit
                                                                
U.S. GAAP
operating
profit -          $ 118.2   $ 47.5          $ (881.2)   $ 429.4         $ 596.0
continuing
operations
                                                                                      
Special
items:
Restructuring           32.3        52.4              142.4         52.2              53.4
charges
Costs related
to the
acquisition             2.6         34.1              7.4           64.8              -
and
integration
of Diversey
Segment
special                 38.1        24.2              1,397.1       24.2              31.1
items^(5)
                                                                
Non-U.S. GAAP
adjusted
operating         $ 191.2   $ 158.2         $ 665.7     $ 570.6         $ 680.5
profit -
continuing
operations
                        9.7%        8.1%              8.7%          10.3%             8.7%
Operating
profit from             8.2         17.9              34.2          17.9
discontinued
operations
                                                  
Total
non-U.S. GAAP
adjusted          $ 199.4   $ 176.1         $ 699.9     $ 588.5
operating
profit
As a % of
total net               10.1%       9.0%              9.2%          10.6%
sales


^(1) The amounts presented for 2012 are subject to change prior to the filing
of our upcoming Annual Report on Form 10-K.

^(2) In November 2012, we sold our Diversey Japan business. The financial
results of the Diversey Japan business are reported as discontinued
operations, and, accordingly all previously reported financial information has
been revised.

^(3) The pro forma information included in this supplemental information
consist of estimates based on historical data of Diversey and illustrate the
effects of our acquisition of Diversey, assuming it had been completed on
January 1, 2011. The unaudited pro forma results are not necessarily
indicative of the results of operations that would have actually occurred had
the acquisition been completed as of that date, nor are they indicative of
future operating results of the combined company. The pro forma results
reflect adjustments made in accordance with Article 11 of Regulation S-X. We
have changed certain estimates and assumptions supporting the pro forma
information to reflect the sale of the Diversey Japan business, the refinement
of estimates and assumptions related to the amortization of acquired
intangible assets, additional policy harmonization and foreign currency
exchange rates.

^(4) For 2012, these items primarily consist of costs associated with our 2011
- 2014 Integration and Optimization program, including asset impairment
charges in 2012. For 2011, these items primarily consist of the step-up in
inventories as a result the purchase accounting for the acquisition of
Diversey. These items are not part of our on-going business and are not
expected to have a continuing impact on our consolidated results.

^(5) For 2012, these items are certain one-time costs that were included in
our segments' operating results. For 2012, these items primarily include the
impairment charges recorded for impairment of goodwill and in-process research
and development. For 2011, these costs primarily include the step-up in
inventories mentioned above and costs related to the implementation of our
European principal company structure. These items are not part of our ongoing
business and are not expected to have a continuing impact on our consolidated
results.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
RECONCILIATION OF U.S. GAAP DILUTED NET (LOSS) EARNINGS PER COMMON SHARE TO NON-U.S. GAAP ADJUSTED DILUTED NET EARNINGS PER COMMON
SHARE
(Unaudited)
(In millions, except per share data)


                      Three Months Ended December 31,                       Year Ended December 31,
                         2012                      2011                           2012                    2011
                                                   Revised^(1)                                               Revised^(1)
                         Net          Diluted       Net          Diluted           Net           Diluted       Net         Diluted
                               EPS                   EPS                      EPS                   EPS
                         Earnings                   Earnings                       Earnings                    Earnings
U.S. GAAP Net
Earnings and EPS    $ (10.9)    $ (0.06)    $ (59.8)   $ (0.31)      $ (1,278.1)  $ (6.63)    $ 138.5   $ 0.75
- continuing
operations
                                                                                                                    
Adjusted net
earnings and EPS
impact of                82.2         0.39          72.5         0.35              1,478.6       7.00          94.3        0.51
special
items^(2)
EPS impact of
using
weighted-average         -            0.01          -            0.02              -             0.58          -           -
dilutive shares
for Adjusted EPS
calculation^(3)
                                                                                          
Non- U.S. GAAP
Adjusted Net
Earnings and EPS    $ 71.3      $ 0.34      $ 12.7     $ 0.06        $ 200.5      $ 0.95      $ 232.8   $ 1.26
- continuing
operations^(4)
                                                                                                                           
Discontinued             184.5        0.87          10.6         0.05              199.8         0.95          10.6        0.05
operations
                                                                                          
Total non-U.S.
GAAP Adjusted       $ 255.8     $ 1.21      $ 23.3     $ 0.11        $ 400.3      $ 1.90      $ 243.4   $ 1.31
Net Earnings and
EPS
                                                                                                                           
Adjusted Cash
EPS items, net
of taxes:
Add:
Amortization
expense of             $ 25.2         0.12        $ 23.5         0.11            $ 97.7          0.46        $ 28.4        0.15
acquired
intangible
assets
(Less)/add:
Non-cash
interest
expense,
including                31.7         0.15          37.7         0.18              40.2          0.19          51.0        0.28
accrued interest
related to the
Settlement
agreement
Add: Non-cash            63.3         0.30          4.3          0.02              62.8          0.30          24.4        0.13
income taxes
                                                                                          
Non-U.S. GAAP
Adjusted Cash
Net Earnings and    $ 191.5     $ 0.91      $ 78.2     $ 0.37        $ 401.2      $ 1.90      $ 336.6   $ 1.82
EPS - continuing
operations
                                                                                          
Total Non-U.S.
GAAP Adjusted
Cash Net            $ 376.0     $ 1.78      $ 88.8     $ 0.42        $ 601.0      $ 2.85      $ 347.2   $ 1.87
Earnings Cash
EPS
                                                                                          
Weighted average
number of common
shares                          211.7               209.2                   211.2              185.4
outstanding -
Diluted


                                                                                                                       
Our U.S. GAAP and Non-U.S. GAAP income taxes are as follows^(5):
                                                                                                                       
                                                                                                                       
            Three Months Ended December 31,                   Year Ended December 31,
               2012                   2011                         2012                      2011
               (Benefit)   Effective   (Benefit)    Effective       (Benefit)    Effective       (Benefit)   Effective
               Provision              Provision                   Provision                 Provision 
                           Tax Rate                 Tax Rate                     Tax Rate                    Tax Rate
U.S.           $ (2.6 )    19.3 %     $ (14.3 )    19.3  %         $ (58.0 )    4.3    %        $ 59.5     30.1   %
GAAP
Non-U.S.
GAAP           $ 19.9      21.8 %      $ 20.6       61.9  %         $ 70.7       26.1   %        $ 94.4      30.9   %
(Core
Taxes)



^(1) In November 2012, we sold our Diversey Japan business. The financial
results of the Diversey Japan business are reported as discontinued
operations, and, accordingly all previously reported financial information has
been revised.

^(2) See special items included in our Non-U.S. GAAP Adjusted EBITDA for the
components of net earnings and EPS special items on a pre-tax basis.

^(3) Represents the impact of using diluted weighted average number of common
shares outstanding included in the non-U.S. GAAP adjusted EPS calculation in
order to apply the dilutive impact on adjusted net earnings of 18 million
shares from the assumed issuance of the Settlement agreement shares and
non-vested restricted stock and restricted stock units. This impact occurs
when U.S. GAAP net loss is reported and using dilutive shares is antidilutive.

^(4) U.S. GAAP pro forma EPS - continuing operations were $0.51 per share and
Non-U.S. GAAP pro forma Adjusted EPS - continuing operations was $0.81 per
share for the year ended December 31, 2011.

^(5) Our core tax rate represents the tax provision or benefit after adjusting
for the tax impact of special items.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
RECONCILIATION OF U.S. GAAP NET (LOSS) EARNINGS TO NON-U.S. GAAP ADJUSTED EBITDA^(1)
(Unaudited)
(In millions)
                                                                                    Year
                                                                                               Ended
                        Three Months Ended December       Year Ended December 31,              December
                        31,                                                                    31,
                        2012         2011              2012            2011              2011
                                        Revised^(2)                          Revised^(2)       Pro Forma
Net (loss)
earnings from           $ (10.9 )       $  (59.8  )       $ (1,278.1 )       $  138.5          $ 106.1
continuing
operations
Interest                  93.5             106.1            384.7               216.6            400.9
expense
Income tax
(benefit)                (2.6  )         (14.3  )        (58.0    )         59.5           76.8  
provision
Non-U.S. GAAP
EBIT-                   $ 80.0          $  32.0           $ (951.4   )       $  414.6          $ 583.8
continuing
operations
Depreciation
and                      73.1           84.9           320.9             212.3          311.3 
amortization
Non-U.S. GAAP
EBITDA -                $ 153.1         $  116.9          $ (630.5   )       $  626.9          $ 895.1
continuing
operations
Special
items:
Non-cash
profit                    4.6              4.7              18.9                18.7             18.7
sharing
expense
Impairment of
goodwill and
other                     22.2             -                1,356.4             -                -
intangible
assets
Costs related
to the
acquisition               2.6              34.1             7.4                 64.8             -
and
integration
of Diversey
Restructuring
and other                 32.3             52.4             142.4               52.2             53.5
charges
Associated
costs related
to the
2011-2014                 16.1             -                21.0                -                -
Integration
and
Optimization
Program
Loss on debt              36.9             -                36.9                -                -
redemption
Impairment of
equity method             -                -                25.8                -                -
investment
Legacy
Diversey
non-recurring             (1.8  )          12.6             15.5                12.6             31.1
restructuring
charges
Additional
cost of sales
for the                   -                11.6             -                   11.6             -
step-up in
inventories,
net
European
manufacturing
facility                  0.8              0.1              1.0                 0.3              0.3
closure
charges
Gain on sale              -                (3.9   )         -                   (3.9   )         (3.9  )
of facility
Foreign
currency
exchange
losses
(gains)                   -                0.1              0.3                 0.3              0.3
related to
Venezuela

subsidiaries
Settlement
agreement                0.1            0.1            0.7               0.9            0.9   
related costs
Non-U.S. GAAP
Adjusted
EBITDA -                $ 266.9        $  228.7         $ 995.8           $  784.4         $ 996.0 
continuing
operations
As a % of net             13.5  %          11.7   %         13.0     %          14.1   %         12.8  %
sales


^(1) EBITDA is defined as Earnings Before Interest Expense Taxes and
Depreciation and Amortization.

^(2) In November 2012, we sold our Diversey Japan business. The financial
results of the Diversey Japan business are reported as discontinued
operations, and, accordingly, all previously reported financial information
has been revised.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
NON-U.S. GAAP ADJUSTED FREE CASH FLOW
(Unaudited)
(In millions)

                                             Year Ended December 31,
                                                  2012          2011
                                                                   Revised^(1)
Non-U.S. GAAP Adjusted Cash Net                   $ 401.2          $  336.6
Earnings - continuing operations
Depreciation and amortization on                    170.1             147.0
property and equipment
Capital expenditures                                (124.4 )          (123.5 )
Changes in working capital items:^(2)
Receivables, net                                    (11.8  )          (96.0  )
Inventories, net                                    41.1              5.8
Accounts payable                                   (71.1  )         47.9   
Non-U.S. GAAP Adjusted Free Cash Flow -           $ 405.1         $  317.8  
continuing operations^(3)


^(1) In November 2012, we sold our Diversey Japan business. The financial
results of the Diversey Japan business are reported as discontinued
operations, and, accordingly, all previously reported financial information
has been revised.

^(2) 2011 working capital items excludes acquired balances from Diversey of
receivables of $592.7 million, inventories of $308.1 million, accounts payable
of $337.8 million and accrued acquisition costs of $1.3 million.

^(3) Non-U.S. GAAP Adjusted Free Cash Flow may not represent residual cash
flow available for discretionary or non-discretionary expenditures that are
not deducted from this measure, including any mandatory debt servicing
requirements and restructuring payments.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
U.S. GAAP SEGMENT INFORMATION^(1)(2)
(Unaudited)
(In millions)

                    Three Months Ended                Year Ended
                        December 31,                         December 31,
                        2012        2011                   2012        2011
                                      Revised^(2)(3)                       Revised^(2)(3)
Net Sales and
Operating
Profit by
Segment:
                                                                           
Food &
Beverage net          $ 986.4       $ 977.8                $ 3,739.6     $ 3,240.6
sales
Food &
Beverage                114.8         96.9                   38.9          371.2
operating
profit^(4)
As a % of net           11.6%         9.9%                   1.0%          11.5%
sales
                                                                           
Institutional
& Laundry net           533.6         534.0                  2,131.5       534.0
sales
Institutional
& Laundry               3.6           (14.8)                 (952.3)       (14.8)
operating
profit^(4)
As a % of net           0.7%          -2.8%                  -44.7%        -2.8%
sales
                                                                           
Protective
Packaging net           407.4         404.8                  1,578.4       1,594.4
sales
Protective
Packaging               57.0          54.1                   207.5         201.7
operating
profit
As a % of net           14.0%         13.4%                  13.1%         12.7%
sales
                                                                           
Medical
Applications
and New                 50.4          46.2                   198.6         181.9
Ventures net
sales
Medical
Applications
and New                 (22.3)        (2.2)                  (25.5)        (11.7)
Ventures
operating
profit^(5)
As a % of net           -44.2%        -4.8%                  -12.8%        -6.4%
sales
                                                                           
Total net               1,977.8       1,962.8                7,648.1       5,550.9
sales
                                                                           
Total segment
operating               153.1         134.0                  (731.4)       546.4
profit
As a % of net           7.7%          6.8%                   -9.6%         9.8%
sales
                                                                           
Costs related
to the
acquisition             2.6           34.1                   7.4           64.8
and
integration
of Diversey
Restructuring
and other               32.3          52.4                   142.4         52.2
charges
Operating             $ 118.2       $ 47.5                 $ (881.2)     $ 429.4
profit
As a % of net           6.0%          2.4%                   -11.5%        7.7%
sales


^(1) The amounts presented for 2012 are subject to change prior to the filing
of our upcoming Annual Report on Form 10-K.

^(2) During the fourth quarter of 2012, we began to operate under a new
business division structure for our segment reporting structure. The new
segment reporting structure consists of three global business divisions: Food
& Beverage ("F&B"), Institutional & Laundry ("I&L"), Protective Packaging
("PP") and an “Other” category, which incudes our Medical Applications and New
Ventures businesses. This new structure replaced our legacy seven business
unit structure and Diversey's legacy four region-based structure. The changes
to the segment structure have no effect on the historical consolidated results
of operations. Prior period segment results have been conformed to the new
segment presentation. See "Revised Segment Information" included in this
supplemental information for the additional revised prior period segment
results.

^(3) In November 2012, we sold our Diversey Japan business. The financial
results of the Diversey Japan business are reported as discontinued
operations, and, accordingly all previously reported financial information has
been revised.

^(4) Year ended December 31, 2012 includes an estimated non-cash impairment
charge related to goodwill of $334 million for Food & Beverage and $1.0
billion for Institutional & Laundry.

^(5) 2012 includes the non-cash impairment charge related to the impairment of
in-process research and development of $22 million.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
SEGMENT AND CONSOLIDATED ADJUSTED OPERATING PROFIT AND ADJUSTED EBITDA^(1)
(unaudited)


                  Three Months Ended December 31, 2012
                                                                               Medical
                                                                                                Restructuring     Total
                         Food &            Institutional     Protective        Applications
                                                                                       and other       Segments
                         Beverage          & Laundry         Packaging         and New          costs
                                                                                                                  and Other
                                                                               Ventures
                                                                                                                  
Net Sales                $ 986.4         $ 533.6         $ 407.4         $  50.4        NA               $ 1,977.8 
                                                                                                                  
Operating                $ 114.8           $ 3.6             $ 57.0            $  (22.3 )       $  (34.9  )       $ 118.2
profit
Add:
Business
segment                   9.7            6.8            1.9             19.7          34.9          73.0    
special
items
Adjusted
operating                  124.5             10.4              58.9               (2.6  )          -                191.2
profit
as a % of                  12.6    %         1.9     %         14.5    %          -5.2  %                           9.7     %
net sales
Depreciation
and                       29.4           31.6           8.7             3.4         NA                73.1    
amortization
Segment and
Other                    $ 153.9         $ 42.0          $ 67.6          $  0.8         $  -            $ 264.3   
Adjusted
EBITDA
as a % of                  15.6    %         7.9     %         16.6    %          1.6   %                           13.4    %
net sales
                                                                                                                  
Segment and
Other                                                                                                             $ 264.3
Adjusted
EBITDA
Non-cash
profit                                                                                                              4.6
sharing
expense
Other income                                                                                                        (38.2   )
and expense
Add: Other
special                                                                                                            36.2    
items
Consolidated
Adjusted                                                                                                          $ 266.9   
EBITDA
as a % of                                                                                13.5    %
net sales
                                                                                       
                       Three Months Ended December 31, 2011
                                                                               Medical
                                                                                                Restructuring     Total
                         Food &            Institutional     Protective        Applications
                                                                                                and other         Segments
                         Beverage          & Laundry         Packaging         and New          costs
                                                                                                                  and Other
                                                                               Ventures
                                                                                                                  
Net Sales                $ 977.8         $ 534.0         $ 404.8         $  46.2        NA               $ 1,962.8 
                                                                                                                  
Operating                $ 96.9            $ (14.8   )       $ 54.1            $  (2.2  )       $  (86.5  )       $ 47.5
profit
Add:
Business
segment                   6.1            18.2           -               -             86.5          110.7   
special
items
Adjusted
operating                  103.0             3.4               54.1               (2.2  )          -                158.2
profit
as a % of                  10.5    %         0.6     %         13.4    %          -4.8  %                           8.1     %
net sales
Depreciation
and                       36.4           35.1           10.8            2.6         NA                84.9    
amortization
Adjusted                 $ 139.4         $ 38.5          $ 64.9          $  0.4         $  -            $ 243.1   
EBITDA
as a % of                  14.3    %         7.2     %         16.0    %          0.9   %                           12.4    %
net sales
                                                                                                                  
Segment and
Other                                                                                                             $ 243.1
Adjusted
EBITDA
Non-cash
profit                                                                                                              4.7
sharing
expense
Other income                                                                                                        (15.5   )
and expense
Add: Other
special                                                                                                            (3.6    )
items
Consolidated
Adjusted                                                                                                          $ 228.7   
EBITDA
as a % of                                                                                11.7    %
net sales
                                                                                       
                       Year Ended December 31, 2012
                                                                               Medical
                                                                                                Restructuring     Total
                         Food &            Institutional     Protective        Applications
                                                                                                and other         Segments
                         Beverage          & Laundry         Packaging         and New          costs
                                                                                                                  and Other
                                                                               Ventures
                                                                                                                  
Net Sales                $ 3,739.6       $ 2,131.5       $ 1,578.4       $  198.6       NA               $ 7,648.1 
                                                                                                                  
Operating                $ 38.9            $ (952.3  )       $ 207.5           $  (25.5 )       $  (149.8 )       $ (881.2  )
profit
Add:
Business
segment                   353.0          1,020.9        3.4             19.8          149.8         1,546.9 
special
items
Adjusted
operating                  391.9             68.6              210.9              (5.7  )          -                665.7
profit
as a % of                  10.5    %         3.2     %         13.4    %          -2.9  %                           8.7     %
net sales
Depreciation
and                       142.2          127.3          38.3            13.1        NA                320.9   
amortization
Segment and
Other                    $ 534.1         $ 195.9         $ 249.2         $  7.4         $  -            $ 986.6   
Adjusted
EBITDA
as a % of                  14.3    %         9.2     %         15.8    %          3.7   %                           12.9    %
net sales
                                                                                                                  
Segment and
Other                                                                                                             $ 986.6
Adjusted
EBITDA
Non-cash
profit                                                                                                              18.9
sharing
expense
Other income                                                                                                        (70.2   )
and expense
Add: Other
special                                                                                                            60.5    
items
Consolidated
Adjusted                                                                                                          $ 995.8   
EBITDA
as a % of                                                                                13.0    %
net sales
                                                                                       
                       Year Ended December 31, 2011
                                                                               Medical
                                                                                                Restructuring     Total
                         Food &            Institutional     Protective        Applications
                                                                                                and other         Segments
                         Beverage          & Laundry         Packaging         and New          costs
                                                                                                                  and Other
                                                                               Ventures
                         Pro Forma         Pro Forma                                                              Pro Forma
Net Sales                $ 3,776.7       $ 2,232.0       $ 1,594.4       $  181.9       NA               $ 7,785.0 
                                                                                                                  
Operating                $ 372.9           $ 86.5            $ 201.7           $  (11.7 )       $  (53.4  )       $ 596.0
profit
Add: Special              7.8            23.3           -               -             53.4          84.5    
items
Adjusted
operating                  380.7             109.8             201.7              (11.7 )          -                680.5
profit
as a % of                  10.1    %         4.9     %         12.7    %          -6.4  %                           8.7     %
net sales
Depreciation
and                       146.5          109.6          44.1            10.9        NA                311.1   
amortization
Adjusted                 $ 527.2         $ 219.4         $ 245.8         $  (0.8  )      $  -            $ 991.6   
EBITDA
as a % of                  14.0    %         9.8     %         15.4    %          -0.4  %                           12.7    %
net sales
                                                                                                                  
Segment and
Other                                                                                                             $ 991.6
Adjusted
EBITDA
Non-cash
profit                                                                                                              18.7
sharing
expense
Other income                                                                                                        (11.9   )
and expense
Add: Other
special                                                                                                            (2.4    )
items
Consolidated
Adjusted                                                                                                          $ 996.0   
EBITDA
as a % of                                                                                12.8    %
net sales


^(1) During the fourth quarter of 2012, we began to operate under a new
business division structure for our segment reporting structure. The new
segment reporting structure consists of three global business divisions: Food
& Beverage, Institutional & Laundry, Protective Packaging and an “Other”
category, which includes our Medical Applications and New Ventures businesses.
This new structure replaced our legacy seven business unit structure and
Diversey's legacy four region-based structure. The changes to the segment
structure have no effect on the historical consolidated results of operations.
Prior period segment results have been conformed to the new segment
presentation.



SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
REVISED SEGMENT INFORMATION^(1)
(unaudited)

                  Three Months Ended                                             Year Ended
                      March 31,       June 30,         September 30,   December        December 31,   December 31,   December
                                                    2012           31, 2012        2012          2011          31, 2010
                      2012            2012
                                                                                                                     
Net Sales
Food &                $ 895.1         $ 922.6          $ 935.5         $ 986.4         $ 3,739.6      $ 3,240.6      $ 2,858.5
Beverage
Institutional           510.2           560.5            527.2           533.6           2,131.5        534.0          -
& Laundry
Protective              391.3           390.8            388.9           407.4           1,578.4        1,594.4        1,469.9
Packaging
Medical
Applications           48.8          50.7           48.7          50.4          198.6        181.9        161.7   
and New
Ventures
Total Company         $ 1,845.4      $ 1,924.6       $ 1,900.3      $ 1,977.8      $ 7,648.1     $ 5,550.9     $ 4,490.1 
                                                                                                                     
Depreciation
and
Amortization
Food &                $ 41.4          $ 36.5           $ 34.9          $ 29.4          $ 142.2        $ 122.2        $ 120.3
Beverage
Institutional           30.7            32.4             32.6            31.6            127.3          35.1           -
& Laundry
Protective              9.7             9.5              10.4            8.7             38.3           44.1           53.4
Packaging
Medical
Applications           2.7           2.7            4.3           3.4           13.1         10.9         11.4    
and New
Ventures
Total Company         $ 84.5         $ 81.1          $ 82.2         $ 73.1         $ 320.9       $ 212.3       $ 185.1   
                                                                                                                     
Operating
Profit
Food &                $ 82.3          $ 69.9           $ (228.1   )    $ 114.8         $ 38.9         $ 371.2        $ 361.9
Beverage
Institutional           (0.7     )      20.9             (976.1   )      3.6             (952.3  )      (14.8   )      -
& Laundry
Protective              50.9            46.7             52.9            57.0            207.5          201.7          185.1
Packaging
Medical
Applications           (0.6     )     (1.0     )      (1.6     )     (22.3   )      (25.5   )     (11.7   )     (4.5    )
and New
Ventures
Total
segments and            131.9           136.5            (1,152.9 )      153.1           (731.4  )      546.4          542.5
other
Restructuring
and other              48.8          28.0           38.1          34.9          149.8        117.0        7.6     
costs
Total Company         $ 83.1         $ 108.5         $ (1,191.0 )    $ 118.2        $ (881.2  )    $ 429.4       $ 534.9   
                                                                                                                     
                                                                                                                     
                      December 31,    December 31,
                      2012            2011
Assets by
segment^(2)
Food &                $ 840.3         $ 806.5
Beverage
Institutional           559.4           582.3
& Laundry
Protective              331.3           337.3
Packaging
Medical
Applications            37.0            35.0
and New
Ventures
Assets not             8,247.4       9,670.9  
allocated
Total Company         $ 10,015.4     $ 11,432.0 


^(1) During the fourth quarter of 2012, we began to operate under a new
business division structure for our segment reporting structure. The new
segment reporting structure consists of three global business divisions: Food
& Beverage, Institutional & Laundry, Protective Packaging and an “Other”
category, which includes our Medical Applications and New Ventures businesses.
This new structure replaced our legacy seven business unit structure and
Diversey's legacy four region-based structure. Our new segment reporting
structure reflects the way the chief operating decision maker ("CODM") makes
operating decisions and manages the growth and profitability of the business.
It also corresponds with the CODM's current approach of allocating resources
and assessing the performance of our segments. We report our segment
information in accordance with the provisions of Financial Accounting
Standards Board Accounting Standards Codification Topic 280, “Segment
Reporting.” The changes to the segment structure have no effect on the
historical consolidated results of operations. Prior period segment results
have been revised to the new segment presentation. The results above include
the results of Diversey beginning October 3, 2011 (date of acquisition). All
results prior to October 3, 2011 include historical Sealed Air results only.

^(2) Only assets which are identifiable by segment and reviewed by our chief
operating decision maker by segment are allocated to the reportable segment
assets, which are trade receivables, net, and finished goods inventories, net.
All other assets are included in "Assets not allocated."

<td class="bwsingleb*Story too large*

SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
COMPONENTS OF CHANGE IN NET SALES - SEGMENTS AND OTHER^(1)
(Unaudited)
(In millions)

                    Three Months Ended December 31, 2012
                                                                                                   Medical
                                                  Institutional &          Protective
                         Food & Beverage                                                  Applications &       Total Company
                                                  Laundry                  Packaging
                                                                                                   New Ventures
Volume - Units           $ 30.5    3.1    %       $ 3.9     0.7    %       $ 10.5   2.6    %       $ 5.9    12.7   %      $ 50.8   2.6    %
Volume -
Acquired
businesses,                -       -                -       -                -      -                0.5    1.1             0.5    -
net of
(dispositions)
Product                    (7.4  ) (0.7 )           8.7     1.6              (4.2 ) (1.1 )           (0.2 ) (0.4 )          (3.1 ) (0.1 )
price/mix ^(2)
Foreign
currency                  (14.5 ) (1.5 )          (13.0 ) (2.4 )          (3.7 ) (0.9 )
translation

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