Sealed Air Reports Second Quarter 2013 Results

  Sealed Air Reports Second Quarter 2013 Results

  *Q2 Adjusted EBITDA Increased 21.5% to $276 million or 14.1% of Net Sales
  *Q2 Adjusted EPS of $0.35, Reported EPS of $0.26 per share

Business Wire

ELMWOOD PARK, N.J. -- August 2, 2013

Sealed Air Corporation (NYSE:SEE) today announced financial results for second
quarter 2013. Net sales for the second quarter 2013 totaled $2.0 billion.
Adjusted EPS was $0.35 for the second quarter and Adjusted EBITDA was $276.3
million, or 14.1% of net sales. On a reported basis, net income was $56.3
million, or $0.26 per share.

Unless otherwise stated, all results compare second quarter 2013 results to
second quarter 2012 results and are presented on a continuing operations
basis, excluding Diversey Japan, which we sold in November 2012 and which
results have been presented as discontinued operations. Reported information
is defined as U.S. GAAP. Year-over-year net sales discussions present both
reported and constant dollar performance. Constant dollar excludes the impact
of currency translation. Additionally, non-U.S. GAAP adjusted financial
measures, such as Adjusted EBITDA and Adjusted Net Earnings, exclude the
impact of special items, such as restructuring charges and other one-time
items. Cash-settled Stock Appreciation Rights granted as part of the Diversey
acquisition (“SARs”) did not have a material impact to second quarter 2013
results. For comparison purposes, SARs income was $9.1 million in the second
quarter 2012. Additional detail on SARs is provided in the supplemental
information.

Commenting on these results, Jerome A. Peribere, President and Chief Executive
Officer, said, “During the second quarter, we were able to drive strong growth
in AMAT and Latin America and modest growth in North America, which helped
mitigate a soft global economy, particularly in Europe. We also delivered
Adjusted EBITDA margin expansion on a year over year basis in our Food &
Beverage and Institutional & Laundry divisions, offset by lower margin
performance in Protective Packaging. Our second quarter results demonstrate
the benefits we are experiencing from our pricing initiatives and focus on
manufacturing and operational improvements.”

“We ended the second quarter with confidence that our plan to improve Sealed
Air’s quality of earnings is underway. Our performance in the second quarter
across key financial and operational metrics is a true testament to our
leadership team and their commitment to deliver on the objectives we have put
in place. Going forward, we will continue to further penetrate the global
marketplace with innovative products and value-added solutions. We are
maintaining our 2013 guidance of net sales in the range of $7.7 to $7.9
billion and are tracking toward the high-end of our Adjusted EBITDA range of
$1.01 billion to $1.03 billion and Adjusted EPS range between $1.10 and
$1.20,” continued Mr. Peribere.

Second Quarter Highlights:

Second quarter net sales of $2.0 billion increased 3.2% on a constant dollar
basis and 1.9% on a reported basis. Volume and product price/mix increased by
2.4% and 0.8%, respectively. Reported regional net sales increased 9.4% for
AMAT (Asia, Middle East, Africa and Turkey), 7.6% for Latin America, and 2.1%
for North America, partially offset by 1.5% lower net sales in Europe and 3.0%
in JANZ (Japan/Australia/New Zealand). Additionally, second quarter net sales
to Developing Regions^1 increased 9.4% on a constant dollar basis and 6.8% on
a reported basis, accounting for 25.7% of global net sales.

Adjusted EBITDA for the second quarter increased 21.5% to $276.3 million, or
14.1% of net sales, primarily driven by manufacturing and operating
efficiencies. Excluding the impact of SARs, Adjusted EBITDA increased 26.6% to
$276.4, or 14.1% of net sales, compared to $218.4 million, or 11.3% of net
sales, in 2012. Incremental cost synergies under the 2011-2014 Integration and
Optimization Program were approximately $20.0 million for the second quarter
of 2013 and resulted from headcount reductions, elimination of redundant
costs, plant consolidations and procurement and logistics savings. Reported
operating profit was $168.9 million for second quarter 2013 compared with
$108.4 million in 2012.

Adjusted EPS was $0.35 for the second quarter, compared with 2012 Adjusted EPS
of $0.16. On a reported basis, second quarter 2013 EPS was $0.26 per share as
compared with a loss of $0.07 per share in 2012. Second quarter 2013 reported
EPS includes $19.0 million of special items (net of taxes) primarily comprised
of restructuring charges associated with the previously announced 2013
Earnings Quality Improvement Program. Second quarter 2012 reported loss per
share included $55.1 million of special items primarily comprised of
restructuring charges associated with the 2011-2014 Integration and
Optimization Program and an impairment on an equity method investment. Our
core tax rate was 23.8% for second quarter 2013, compared with 27.1% for
second quarter 2012.

Second Quarter Segment Review

Food & Beverage (F&B) Division

Net sales of $946.5 million increased 3.9% on a constant dollar basis and 2.6%
on a reported basis. F&B achieved 2.5% higher volumes, led by strength in AMAT
and Latin America and a slight increase in North America. Volume declined
slightly in Europe and JANZ. Price/mix was higher by 1.4%, primarily due to a
5.1% increase in Latin America and positive trends in North America, Europe
and AMAT. JANZ was the only region with unfavorable price/mix. Regionally,
constant dollar net sales increased 18.0% in AMAT, 13.2% in Latin America,
2.4% in North America, and 0.6% in Europe. JANZ was the only region that
reported a decline in constant dollar net sales of 2.8%.

F&B Adjusted EBITDA increased 24.2% to $138.9 million, or 14.7% of net sales,
compared with $111.8 million, or 12.1% of net sales, in 2012. Excluding the
impact of SARs, Adjusted EBITDA increased 26.9% to $139.1 million, or 14.7% of
net sales, compared with $109.6 million, or 11.9% of net sales, in 2012. This
increase was primarily due to higher volumes, more favorable price/mix,
manufacturing efficiency improvements and cost synergies associated with the
2011-2014 Integration and Optimization Program. Reported operating profit was
$103.7 million for second quarter 2013, compared with $69.8 million in 2012.

Institutional & Laundry (I&L) Division

Net sales of $569.8 million increased 3.0% on a constant dollar basis and 1.7%
on a reported basis. I&L achieved 1.5% higher volumes with growth in all
regions except for Europe, which reported a 1.7% decline. Pricing was up 1.5%
with positive trends in all regions. Regionally, constant dollar net sales
growth was led by 11.9% in Latin America, 10.1% in AMAT and 2.5% in North
America, offset by a 1.2% decline in Europe.

I&L Adjusted EBITDA increased 16.6% to $70.8 million, or 12.4% of net sales,
compared with $60.7 million, or 10.8% of net sales, in 2012. Excluding the
impact of SARs, Adjusted EBITDA increased 31.4% to $70.7 million, or 12.4% of
net sales, compared with $53.8 million, or 9.6% of net sales, in 2012. This
increase was primarily due to higher volumes, cost containment and cost
synergies associated with the 2011-2014 Integration and Optimization Program.
Reported operating profit was $37.2 million for second quarter 2013, compared
with $20.9 million in second quarter 2012.

Protective Packaging (PP) Division

Net sales of $394.3 million increased 1.8% on a constant dollar basis and 0.9%
on a reported basis. Protective Packaging achieved 3.8% higher volumes, offset
by 2.0% lower price/mix. The unfavorable product mix in the second quarter was
attributable to the continued weakness in the global economy and increased
sales to the e-commerce market segment. Regionally, constant dollar net sales
were led by 2.6% growth in North America, offset by a 0.7% decline in Europe.

PP Adjusted EBITDA decreased 2.1% to $56.1 million, or 14.2% of net sales,
compared with $57.3 million, or 14.7% of net sales, in 2012, primarily due to
unfavorable product mix. Reported operating profit was $44.0 million for
second quarter 2013, compared with $46.7 million in 2012.

Medical Applications and New Ventures (Other Category)

Net sales of $50.9 million increased 1.0% on a constant dollar basis and 0.4%
on a reported basis. Favorable price/mix of 2.1% was partially offset by a
1.1% decline in volume. Regionally, modest growth in Europe was offset by
declines in North America and AMAT.

Adjusted EBITDA increased to $4.8 million, compared with $2.5 million in 2012.
Reported operating loss was $4.0 million, including a $5.5 million write-down
of a non-strategic asset.

Cash Flow and Net Debt

Net cash provided by operating activities was $62.9 million for the six months
ending June 30, 2013 and is net of $62.5 million of restructuring and SARs
payments. This compares with cash used of $61.7 million in the six months
ending June 30, 2012, and is net of $62.7 million of restructuring and SARs
payments. Capital expenditures were $51.2 million in the six months ending
June 30, 2013 as compared to $66.4 million in the same period a year ago. Free
Cash Flow, defined as cash flow from operating activities less capital
expenditures, was a source of $11.7 million in the six months ending June 30,
2013, as compared with a use of $128.1 million during the six months ending
June 30, 2012. This year-over-year increase primarily reflects higher net
earnings and lower capital expenditures.

Compared to December 31, 2012, the Company’s net debt increased $63.4 million
to $4.8 billion. This increase is due to lower cash as a result of seasonal
inventory growth, certain annual incentive compensation payments, and payments
related to the refinancing of the Company’s 7.875% senior notes due 2017. The
Company refinanced these notes with new 5.25% senior notes due 2023. Net debt
includes the W. R. Grace settlement liability of $901.0 million that increased
by $24.1 million due to additional accrued interest in the six months ending
June 30, 2013.

Outlook for Full Year 2013

The Company is maintaining its 2013 guidance of net sales in the range of $7.7
to 7.9 billion and tracking toward the high-end of the Adjusted EBITDA range
of $1.01 billion to $1.03 billion and Adjusted EPS range between $1.10 and
$1.20. Our core tax rate for 2013 is expected to be approximately 25%.

Adjusted EPS guidance excludes the impact of special items. It also 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 CEO 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) 713-4214 (domestic) or (617) 213-4866
(international) and use the participant code 65229470. Telephonic replay will
be available beginning today at 1:00 p.m. (ET) and ending on Thursday,
September 6, 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 54616428.

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 over 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 Net Earnings and EPS, net sales on a
"constant dollar" basis, Adjusted Gross Profit, Adjusted Operating Profit,
Free Cash Flow and EBIT, EBITDA, Adjusted EBITDA and core tax rate. We present
results and guidance, adjusted to exclude the effects of certain specified
items (“special items”) and their related tax impact 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 “Non-U.S. GAAP
Free Cash Flow,” “Reconciliation of U.S. GAAP Condensed Consolidated
Statements of Operations to Non-U.S. GAAP Adjusted Condensed Consolidated
Statements of Operations and Non-U.S. GAAP Adjusted EBITDA,” “Segment and
Consolidated Adjusted Operating Profit and Adjusted EBITDA,” and “Components
of Change in Net Sales - Segments and Other.”

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 our
anticipated effective income tax rate, 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 restructuring programs, 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            Six Months Ended
                       June 30,                      June 30,
                       2013         2012           2013         2012     
                                     Revised^(2)                   Revised^(2)
Net sales           $  1,961.5     $ 1,924.6       $ 3,814.3     $ 3,770.0
Cost of sales          1,296.4      1,296.3        2,531.2      2,520.6  
Gross profit           665.1         628.3           1,283.1       1,249.4
As a % of total net    33.9    %     32.6     %      33.6    %     33.1     %
sales
Selling, general
and administrative     452.4         467.2           889.8         911.9
expenses
As a % of total net    23.1    %     24.3     %      23.3    %     24.2     %
sales
Amortization
expense of             31.7          33.8            63.9          66.5
intangible assets
acquired
Stock appreciation
rights expense         0.1           (9.1     )      18.1          2.7
(income)^(3)
Costs related to the
acquisition and        0.1           1.7             0.5           3.5
integration of
Diversey
Restructuring and      11.9         26.3           11.7         73.3     
other charges
Operating profit       168.9         108.4           299.1         191.5
As a % of total net    8.6     %     5.6      %      7.8     %     5.1      %
sales
Interest expense       (89.7   )     (97.3    )      (180.5  )     (194.6   )
Impairment of
equity method          -             (23.5    )      -             (23.5    )
investment
Foreign currency
exchange losses        (0.5    )     (0.1     )      (13.6   )     (0.2     )
related to Venezuelan
subsidiaries
Loss on debt           (0.1    )     -               (32.4   )     -
redemption
Other expense, net     (3.4    )     (5.7     )      (3.2    )     (9.6     )
Income (loss) from
continuing operations  75.2          (18.2    )      69.4          (36.4    )
before income tax
provision
Income tax             18.9         2.5            10.4         (7.4     )
provision (benefit)
Effective income       25.1    %     -13.7    %      15.0    %     20.3     %
tax rate
Net earnings (loss)
from continuing        56.3         (20.7    )      59.0         (29.0    )
operations
Net earnings from
discontinued           -            7.0            -            9.4      
operations^(2)
Net earnings (loss)
available to common $  56.3       $ (13.7    )    $ 59.0       $ (19.6    )
stockholders
                                                                   
Net earnings (loss)
per common share:
Basic:
Continuing          $  0.29        $ (0.11    )    $ 0.30        $ (0.15    )
operations
Discontinued           -            0.04           -            0.05     
operations
Net earnings (loss)
per common share -  $  0.29       $ (0.07    )    $ 0.30       $ (0.10    )
basic
                                                                   
Diluted:
Continuing          $  0.26        $ (0.11    )    $ 0.28        $ (0.15    )
operations
Discontinued           -            0.04           -            0.05     
operations
Net earnings (loss)
per common share -  $  0.26       $ (0.07    )    $ 0.28       $ (0.10    )
diluted
                                                                   
Dividends per       $  0.13       $ 0.13         $ 0.26       $ 0.26     
common share
                                                                   
Weighted average number of
common shares outstanding:
Basic                  194.8        193.0          194.3        192.4    
Diluted^(4)            213.6        193.0          213.2        192.4    

^(1) The supplementary information included in this press release for 2013 is
preliminary and subject to change prior to the filing of our upcoming
Quarterly Report on Form 10-Q 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.
^(3) In connection with the acquisition of Diversey in 2011, Sealed Air
exchanged Diversey's cash-settled stock appreciation rights (SARs) and stock
options that were unvested and unexercised into SARs based on Sealed Air
common stock. At June 30, 2013, the weighted average remaining vesting life of
outstanding SARs was less than one year. However, we will continue to incur
expense related to these SARs until the last expiration date of these awards
(March 2021). Since these SARs are settled in cash, the amount of related
future expense will fluctuate based on exercise and forfeiture activity and
changes in the assumptions used in the valuation model, including the price of
Sealed Air common stock. See our 2012 Annual Report on Form 10-K for further
details of these awards.
^(4) For 2012, basic and diluted weighted average number of common shares
outstanding were the same because the effect of the assumed issuance of 18
million shares of common stock reserved for the Settlement agreement (as
defined in our 2012 Annual Report on Form 10-K) and the effect of non-vested
stock was anti-dilutive due to the reported net loss from continuing
operations.

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

                                                    June 30,      December 31,
                                                    2013         2012       
                                                                  
Assets
Current assets:
    Cash and cash equivalents                     $   640.1     $    679.6
    Receivables, net                                  1,373.4        1,326.0
    Inventories                                       819.4          736.4
    Other current assets                             499.3        480.4   
Total current assets                                  3,332.2        3,222.4
Property and equipment, net                           1,140.1        1,212.8
Goodwill                                              3,133.6        3,191.4
Intangible assets, net                                1,059.8        1,139.7
Other assets, net                                    553.7        565.4   
Total assets                                      $  9,219.4  $   9,331.7 
                                                                  
Liabilities and stockholders' equity
Current liabilities:
    Short-term borrowings                         $   76.3      $    39.2
    Current portion of long-term debt                 153.6          1.8
    Accounts payable                                  557.5          483.8
    Settlement agreement and related accrued          901.0          876.9
    interest
    Other current liabilities                        876.3        931.9   
Total current liabilities                             2,564.7        2,333.6
Long-term debt, less current portion                  4,351.7        4,540.8
Other liabilities                                    929.7        1,013.0 
Total liabilities                                    7,846.1      7,887.4 
Total parent company stockholders' equity             1,373.4        1,443.8
Noncontrolling interests                             (0.1    )     0.5     
Total stockholders' equity                           1,373.3      1,444.3 
Total liabilities and stockholders' equity        $  9,219.4  $   9,331.7 
                                                             
CALCULATION OF NET DEBT FROM CONTINUING OPERATIONS^(1)
(Unaudited)
(In millions)
                                                    June 30,      December 31,
                                                    2013         2012       
                                                                  
                                                                  
Short-term borrowings                               $ 76.3        $  39.2
Current portion of long-term debt                     153.6          1.8
Settlement agreement and related accrued interest     901.0          876.9
Long-term debt, less current portion                 4,351.7      4,540.8 
Total debt                                            5,482.6        5,458.7
Less: cash and cash equivalents                      (640.1  )     (679.6  )
Net debt                                            $ 4,842.5    $  4,779.1 

^(1) The supplementary information included in this press release for 2013 is
preliminary and subject to change prior to the filing of our upcoming
Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS^(1)
(Unaudited)
(In millions)
                                                                
                                                      Six Months Ended
                                                      June 30,
                                                       2013        2012   
                                                                   Revised^(2)
Net earnings (loss) available to common               $ 59.0          (29.0  )
stockholders - continuing operations
Adjustments to reconcile net earnings (loss) to net
cash provided by (used in) operating activities -       193.6         194.2
continuing operations^(3)
Changes in:
Trade receivables, net                                  (76.6  )      (31.4  )
Inventories                                             (114.7 )      (97.5  )
Accounts payable                                        88.6          9.9
Other operating assets and liabilities                 (87.0  )     (107.9 )
Cash flow provided by (used in) operating               62.9          (61.7  )
activities - continuing operations
                                                                   
Capital expenditures for property and equipment         (51.2  )      (66.4  )
Other investing activities                             7.5         (1.1   )
Cash flow (used in) investing activities -              (43.7  )      (67.5  )
continuing operations
                                                                   
Net proceeds from (payments of) long-term debt and      11.1          (41.7  )
short-term borrowings
Dividends paid on common stock                          (50.9  )      (50.4  )
Payments of debt issuance costs                         (33.9  )      -
Other financing activities                             (4.4   )     (8.4   )
Cash flow (used in) financing activities -              (78.1  )      (100.5 )
continuing operations
                                                                   
Cash flow from discontinued operations                 -           4.7    
                                                                   
Effect of foreign currency exchange rates on cash      19.4        12.6   
and cash equivalents
                                                                   
Cash and cash equivalents beginning of period         $ 679.6      $  703.6
Change in cash and cash equivalents                    (39.5  )     (212.4 )
Cash and cash equivalents end of period               $ 640.1     $  491.2  
Cash flow provided by (used in) operating             $ 62.9       $  (61.7  )
activities - continuing operations
Capital expenditures for property and equipment        (51.2  )     (66.4  )
Free Cash Flow^(4)                                    $ 11.7      $  (128.1 )
                                                                   
Additional Cash Flow Information:
Interest payments, net of amounts capitalized         $ 141.6     $  155.7  
Income tax payments                                   $ 57.7      $  61.7   
Restructuring payments                                $ 34.7      $  40.3   
SARs payments                                         $ 27.8      $  22.4   

^(1) The supplementary information included in this press release for 2013 is
preliminary and subject to change prior to the filing of our upcoming
Quarterly Report on Form 10-Q 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, and, accordingly, all previously reported financial information
has been revised.
^(3) 2013 primarily consists of depreciation and amortization of $163 million,
loss on debt redemption of $32 million and non-cash profit sharing expense of
$20 million, partially offset by deferred taxes, net of $42 million. 2012
primarily consists of depreciation and amortization expense of $166 million,
impairment of equity method investment of $26 million and non-cash profit
sharing expense of $10 million.
^(4) Free cash flow does not represent residual cash available for
discretionary expenditures, including certain debt servicing requirements or
non-discretionary expenditures that are not deducted from this measure.

SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
RECONCILIATION OF U.S. GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS TO
NON-U.S. GAAP ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND NON-U.S. GAAP
ADJUSTED EBITDA^(1)
(Unaudited)
(In millions, except per share data)
                                                       
                   Three Months Ended
                    June 30,
                     2013                                2012
                                                                                 
                     U.S. GAAP   Special   Non-U.S. GAAP   U.S. GAAP   Special   Non-U.S.
                     As Reported Items^(2) Adjusted        As Reported Items^(2) GAAP
                                                                                 Adjusted
                                                           Revised ^
                                                           (3)
Net sales          $ 1,961.5   $ -       $ 1,961.5     $   1,924.6   $ -       $ 1,924.6
Cost of sales        1,296.4    (3.5  )   1,292.9        1,296.3    (2.6  )   1,293.7 
Gross profit         665.1       3.5       668.6           628.3       2.6       630.9
As a % of total      33.9    %             34.1    %       32.6    %             32.8    %
net sales
Selling, general
and                  452.4       (7.3  )   445.1           467.2       (11.2 )   456.0
administrative
expenses
As a % of total      23.1    %             22.7    %       24.3    %             23.7    %
net sales
Amortization
expense of           31.7        -         31.7            33.8        -         33.8
intangible
assets acquired
Stock
appreciation         0.1         -         0.1             (9.1    )   -         (9.1    )
rights expense
(income)
Costs related to
the acquisition      0.1         (0.1  )   -               1.7         (1.7  )   -
and integration
of Diversey
Restructuring
and other            11.9       (11.9 )   -              26.3       (26.3 )   -       
charges^(5)
Operating profit     168.9       22.8      191.7           108.4       41.8      150.2
As a % of total      8.6     %             9.8     %       5.6     %             7.8     %
net sales
Interest expense     (89.7   )   -         (89.7   )       (97.3   )   -         (97.3   )
Impairment of
equity method        -           -         -               (23.5   )   23.5      -
investment
Foreign currency
exchange losses
related to           (0.5    )   0.5       -               (0.1    )   0.1       -
Venezuelan
subsidiaries^(6)
Loss on debt         (0.1    )   0.1       -               -           -         -
redemption
Other expense,       (3.4    )   0.2      (3.2    )       (5.7    )   -        (5.7    )
net
Income (loss)
from continuing
operations           75.2        23.6      98.8            (18.2   )   65.4      47.2
before income
tax provision
Income tax
provision            18.9       4.6      23.5           2.5        10.3     12.8    
(benefit)
Effective income     25.1    %   19.5  %   23.8    %       -13.7   %   15.7  %   27.1    %
tax rate
Net earnings
(loss) from          56.3       19.0     75.3           (20.7   )   55.1     34.4    
continuing
operations
Net earnings
from                 -          -        -              7.0        (7.0  )   -       
discontinued
operations^(3)
Net earnings
(loss) available   $ 56.3     $ 19.0   $ 75.3       $   (13.7   ) $ 48.1   $ 34.4    
to common
stockholders
                                                                                 
Earnings Per
Common Share -
Diluted:
Continuing         $ 0.26      $ 0.09    $ 0.35        $   (0.11   ) $ 0.27    $ 0.16
operations
Discontinued         -          -        -              0.04       (0.04 )   -       
operations
Net earnings
(loss) per         $ 0.26     $ 0.09   $ 0.35       $   (0.07   ) $ 0.23   $ 0.16    
common share -
diluted
Diluted weighted
average number       213.6      213.6    213.6          193.0      211.4    211.4   
of common shares
                                                                                 
Non-U.S. GAAP
Adjusted EBITDA:
Non-U.S. GAAP
Adjusted net
earnings from                            $ 75.3                                $ 34.4
continuing
operations
Interest expense                           89.7                                  97.3
Income tax                                 23.5                                 12.8    
provision
Non-U.S. GAAP
Adjusted EBIT                              188.5                                 144.5
from continuing
operations
Depreciation and                           82.6                                  81.2
amortization(4)
Write down of
non-strategic
assets, included in                        (4.8    )                             -
depreciation and
amortization
Non-cash profit                            10.0                                 1.8     
sharing expense
Non-U.S. GAAP
Adjusted EBITDA                          $ 276.3                              $ 227.5   
- continuing
operations
As a % of total                       14.1    %                      11.8    %
net sales

Notes:
^(1) The supplementary information included in this press release for 2013 is
preliminary and subject to change prior to the filing of our upcoming
Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

^(2) Special items include:    Three Months Ended
                                June 30,
                                2013                       2012
                                Gross     Net of taxes       Gross    Net of
                                                                        taxes
2013 EQIP and 2011-2014
Integration and               $ (0.2 )   $ (0.1   )         $ 0.5     $ 0.3
Optimization Program
associated costs^(5)
Write-down of non-strategic     3.6        2.4                -         -
assets
Non-recurring associated
costs from legacy Diversey      0.1       0.1               2.1       3.5
restructuring programs
Special items excluded from     3.5        2.4                2.6       3.8
gross profit
2013 EQIP and 2011-2014
Integration and                 5.2        3.5                1.1       0.7
Optimization Program
associated costs^(5)
Non-recurring associated
costs from legacy Diversey      0.2        0.1                7.8       12.7
restructuring programs
Write down of non-strategic     1.9        1.2                -         -
assets
Impairment of equity method     -         -                 2.3       1.6
investment
Special items excluded from
selling, general and            7.3        4.8                11.2      15.0
administrative expenses
Costs related to the
acquisition and integration     0.1        0.1                1.7       0.9
of Diversey
2013 EQIP and 2011-2014
Integration and                 11.9      9.7               26.3      18.7
Optimization Program
restructuring charges^(5)
Special items excluded from     22.8       17.0               41.8      38.4
operating profit
Impairment of equity method     -          -                  23.5      16.7
investment
Foreign currency exchange
losses related to               0.5        0.5                0.1       -
Venezuelan subsidiaries^(6)
Loss on debt redemption         0.1        1.3                -         -
Other                           0.2       0.2               -         -
Total special items           $ 23.6    $ 19.0            $ 65.4    $ 55.1

^(3) 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.

^(4) Depreciation and                                    Three Months Ended
amortization includes:
                                                            June 30,
                                                            2013        2012
Depreciation of property, plant                      $      43.7    $   41.5
and equipment^(a)
Amortization of intangible                                  31.7        33.8
assets acquired
Amortization of deferred share-based compensation, included 7.2         5.9
in selling, general and administrative expenses
                                                     $      82.6    $   81.2
(a) Amounts included in cost of sales and selling, general and
administrative expenses

^(5) These charges include severance and termination benefits and other
associated costs incurred in connection with the 2013 Earnings Quality
Improvement Program ("EQIP") we announced on May 1, 2013 and the 2011 - 2014
Integration and Optimization Program we initiated in December 2011 as part of
the integration of the Diversey business.
^(6) In February 2013, the Venezuelan government announced a devaluation of
the Bolivar from an official exchange rate of 4.3 to 6.3 Bolivars per U.S.
dollar. Due to this devaluation, as of June 30, 2013, we remeasured our
Bolivar denominated monetary assets and liabilities using the official
exchange rate of 6.3 Bolivars per U.S. dollar. As a result, we recorded a
pre-tax loss of $1 million in the three months ended June 30, 2013 due to this
devaluation and other transaction losses.

SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
RECONCILIATION OF U.S. GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS TO
NON-U.S. GAAP ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
NON-U.S. GAAP ADJUSTED EBITDA^(1)
(Unaudited)
(In millions, except per share data)
                                                   
                  Six Months Ended
                  June 30,
                   2013                          2012
                                                                          
                    U.S. GAAP Special   Non-U.S.      U.S. GAAP Special   Non-U.S.
                    As        Items^(2) GAAP          As        Items^(2) GAAP
                    Reported            Adjusted      Reported            Adjusted
                                                      Revised ^ (3)
Net sales         $ 3,814.3 $ -       $ 3,814.3   $   3,770.0 $ -       $ 3,770.0
Cost of sales       2,531.2   (4.9)     2,526.3       2,520.6   (10.5)    2,510.1
Gross profit        1,283.1   4.9       1,288.0       1,249.4   10.5      1,259.9
As a % of total     33.6%               33.8%         33.1%               33.4%
net sales
Selling, general
and                 889.8     (11.6)    878.2         911.9     (16.6)    895.3
administrative
expenses
As a % of total     23.3%               23.0%         24.2%               23.7%
net sales
Amortization
expense of          63.9      -         63.9          66.5      -         66.5
intangible
assets acquired
Stock
appreciation        18.1      -         18.1          2.7       -         2.7
rights expense
Costs related to
the acquisition     0.5       (0.5)     -             3.5       (3.5)     -
and integration
of Diversey
Restructuring
and other           11.7      (11.7)    -             73.3      (73.3)    -
charges^(5)
Operating profit    299.1     28.7      327.8         191.5     103.9     295.4
As a % of total     7.8%                8.6%          5.1%                7.8%
net sales
Interest expense    (180.5)   -         (180.5)       (194.6)   -         (194.6)
Impairment of
equity method       -         -         -             (23.5)    23.5      -
investment
Foreign currency
exchange losses
related to          (13.6)    13.6      -             (0.2)     0.2       -
Venezuelan
subsidiaries^(6)
Loss on debt        (32.4)    32.4      -             -         -         -
redemption^(7)
Other expense,      (3.2)     0.3       (2.9)         (9.6)     0.1       (9.5)
net
Income (loss)
from continuing
operations          69.4      75.0      144.4         (36.4)    127.7     91.3
before income
tax provision
Income tax
provision           10.4      21.9      32.3          (7.4)     29.4      22.0
(benefit)
Effective income    15.0%     29.2%     22.4%         20.3%     23.0%     24.1%
tax rate
Net earnings
(loss) from         59.0      53.1      112.1         (29.0)    98.3      69.3
continuing
operations
Net earnings
from                -         -         -             9.4       (9.4)     -
discontinued
operations^(3)
Net earnings
(loss) available  $ 59.0    $ 53.1    $ 112.1     $   (19.6)  $ 88.9    $ 69.3
to common
stockholders
                                                                          
Earnings Per
Common Share -
Diluted:
Continuing        $ 0.28    $ 0.25    $ 0.53      $   (0.15)  $ 0.48    $ 0.33
operations
Discontinued        -         -         -             0.05      (0.05)    -
operations
Net earnings
(loss) per        $ 0.28    $ 0.25    $ 0.53      $   (0.10)  $ 0.43    $ 0.33
common share -
diluted
Diluted weighted
average number      213.2     213.2     213.2         192.4     210.8     210.8
of common shares
                                                                          
Non-U.S. GAAP
Adjusted EBITDA:
Non-U.S. GAAP
adjusted net
earnings from                         $ 112.1                           $ 69.3
continuing
operations
Interest expense                        180.5                             194.6
Income tax                              32.3                              22.0
provision
Non-U.S. GAAP
Adjusted EBIT                           324.9                             285.9
from continuing
operations
Depreciation and                        163.1                             165.7
amortization^(4)
Write down of
non-strategic
assets, included                        (4.8)                             (5.3)
in depreciation
and amortization
Non-cash profit                         19.9                              9.6
sharing expense
Non-U.S. GAAP
adjusted EBITDA                       $ 503.1                           $ 455.9
- continuing
operations
As a % of total                    13.2%                      12.1%
net sales

Notes:
^(1) The supplementary information included in this press release for 2013 is
preliminary and subject to change prior to the filing of our upcoming
Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

^(2) Special items include:            Six Months Ended June 30,
                                       2013                 2012
                                       Gross    Net of       Gross    Net of
                                                 taxes                  taxes
2013 EQIP and 2011-2014 Integration
and Optimization Program associated $  1.0     $ 0.7        $ 5.9     $ 3.9
costs^(5)
Write-down of non-strategic            3.6       2.4          -         -
assets
Non-recurring associated costs from    0.3       0.2          4.6       5.7
legacy Diversey restructuring programs
Special items excluded from            4.9       3.3          10.5      9.6
gross profit
2013 EQIP and 2011-2014 Integration
and Optimization Program associated    9.3       6.5          1.5       1.0
costs^(5)
Non-recurring associated costs from    0.4       0.3          12.8      15.6
legacy Diversey restructuring programs
Write down of non-strategic            1.9       1.2          -         -
assets
Impairment of equity method            -         -            2.3       1.6
investment
Special items excluded from selling,   11.6      8.0          16.6      18.2
general and administrative expenses
Costs related to the acquisition       0.5       0.3          3.5       2.3
and integration of Diversey
2013 EQIP and 2011-2014 Integration
and Optimization Program restructuring 11.7      8.5          73.3      51.3
charges^(5)
Special items excluded from            28.7      20.1         103.9     81.4
operating profit
Impairment of equity method            -         -            23.5      16.7
investment
Foreign currency exchange losses       13.6      11.6         0.2       0.1
related to Venezuelan subsidiaries^(6)
Loss on debt redemption^(7)            32.4      21.2         -         -
Other                                  0.3       0.2          0.1       0.1
Total special items                 $  75.0    $ 53.1       $ 127.7   $ 98.3

^(3) 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.

^(4) Depreciation and                         
amortization includes:
                                                              Six Months Ended
                                                              June 30,
                                                              2013      2012
Depreciation of property, plant                        $      84.3   $  88.7
and equipment^(a)
Amortization of intangible                                    63.9      66.5
assets acquired
Amortization of deferred share-based compensation, included   14.9      10.5
in selling, general and administrative expenses
Total                                                  $      163.1  $  165.7
^(a) Amounts included in cost of sales and selling, general and administrative
expenses

^(5) These charges include severance and termination benefits and other
associated costs incurred in connection with the 2013 Earnings Quality
Improvement Program ("EQIP") we announced on May 1, 2013 and the 2011 - 2014
Integration and Optimization Program we initiated in December 2011 as part of
the integration of the Diversey business.
^(6) In February 2013, the Venezuelan government announced a devaluation of
the Bolivar from an official exchange rate of 4.3 to 6.3 Bolivars per U.S.
dollar. Due to this devaluation, as of June 30, 2013, we remeasured our
Bolivar denominated monetary assets and liabilities using the official
exchange rate of 6.3 Bolivars per U.S. dollar. As a result, we recorded a
pre-tax loss of $14 million in the six months ended June 30, 2013 due to this
devaluation and other transaction losses.
^(7) In March 2013, we completed an offering of $425 million aggregate
principal amount of 5.25% senior notes due 2023. Substantially all of the net
proceeds from these notes were used to repurchase $400 million aggregate
principal amount of 7.875% senior notes June 2017. The $32 million pre-tax
loss on debt redemption included above consists of a 6% premium and the
acceleration of the unamortized debt issuance costs associated with the
repurchase of the 7.875% senior notes.

SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
U.S GAAP SEGMENT INFORMATION^(1)
(Unaudited)
(In millions)
                                                                             
                  Three Months Ended                 Six Months Ended
                  June 30,                           June 30,
                  2013             2012            2013         2012    
Net sales:                          Revised^(2)                    Revised^(2)
Food &         $  946.5          $  922.6          $ 1,849.0     $ 1,817.7
Beverage
As a % of net     48.3        %     47.9        %    48.5      %   48.2
sales
                                                                             
Institutional     569.8             560.5            1,082.7       1,070.7
& Laundry
As a % of net     29.0        %     29.1        %    28.4      %   28.4
sales
                                                                             
Protective        394.3             390.8            780.9         782.1
Packaging
As a % of net     20.1        %     20.3        %    20.5      %   20.7
sales
                                                                             
Other
Category:
Medical           50.9              50.7             101.7         99.5
Applications
business and
New Ventures
As a % of net     2.6         %     2.6         %    2.7       %   2.6
sales
                                                                
Total          $  1,961.5       $  1,924.6       $ 3,814.3    $ 3,770.0 
                                                                             
Operating
profit:
Food &         $  103.7          $  69.8           $ 196.5       $ 152.1
Beverage
As a % of Food
& Beverage net    11.0        %     7.6         %    10.6      %   8.4       %
sales
                                                                             
Institutional     37.2              20.9             28.7          20.2
& Laundry
As a % of
Institutional     6.5         %     3.7         %    2.7       %   1.9       %
& Laundry net
sales
                                                                             
Protective        44.0              46.7             90.7          97.6
Packaging
As a % of
Protective        11.2        %     11.9        %    11.6      %   12.5      %
Packaging net
sales
                                                                             
Other
Category:
Medical           (4.0     )        (1.0     )       (4.6    )     (1.6    )
Applications
business and
New Ventures
As a % of
Medical
Applications      (7.9     )  %     (2.0     )  %    (4.5    ) %   (1.6    ) %
and New
Ventures net
sales
                                                                
Total segments
and other         180.9             136.4            311.3         268.3
category
As a % of
total net         9.2         %     7.1         %    8.2       %   7.1       %
sales
                                                                             
Costs related
to the
acquisition       0.1               1.7              0.5           3.5
and
integration of
Diversey
                                                                             
Restructuring
and other         11.9              26.3             11.7          73.3
charges
                                                                
Total          $  168.9         $  108.4         $ 299.1      $ 191.5   
As a % of
total net         8.6         %     5.6         %    7.8       %   5.1       %
sales
                                                                 
^(1) The supplementary information included in this press release for 2013 is
preliminary and subject to change prior to the filing of our upcoming
Quarterly Report on Form 10-Q 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, and, accordingly, all previously reported financial information
has been revised.

SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
SEGMENT AND CONSOLIDATED ADJUSTED OPERATING PROFIT AND ADJUSTED EBITDA^(1) (2)
(Unaudited)
(In millions)
                                                                                                                
                    Three Months Ended June 30, 2013                              Three Months Ended June 30, 2012^(2)
                                                         Medical                                                         Medical
                    Food &      Institutional Protective Applications Total         Food &      Institutional Protective Applications Total
                    Beverage    & Laundry     Packaging  and New                    Beverage    & Laundry     Packaging  and New
                                                         Ventures                                                        Ventures
                                                                                                                                      
                                                                                                                                      
Adjusted
Operating           $ 106.2    $  38.3      $ 45.6    $  1.6      $ 191.7      $ 75.9     $  28.3      $ 47.1    $  (1.1  )   $ 150.2 
Profit^(3)
as a % of net         11.2  %      6.7   %      11.6 %      3.1   %     9.8   %       8.2   %      5.0   %      12.1 %      -2.2  %     7.8   %
sales
Depreciation
and                   32.3         32.5         10.2        7.6         82.6          36.5         32.4         9.5         2.8         81.2
amortization
Other special
items including
write down of
non-strategic
assets, included in  0.4        -          0.3       (4.4  )    (3.7  )      (0.6  )     -          0.7       0.8       0.9   
depreciation and
amortization
Adjusted EBITDA,
includes other      $ 138.9    $  70.8      $ 56.1    $  4.8      $ 270.6      $ 111.8    $  60.7      $ 57.3    $  2.5      $ 232.3 
income/expense^(3)
as a % of net         14.7  %      12.4  %      14.2 %      9.4   %     13.8  %       12.1  %      10.8  %      14.7 %      4.9   %     12.1  %
sales
SARs expense        $ 0.2      $  (0.1  )    $ -       $  -        $ 0.1        $ (2.2  )   $  (6.9  )    $ -       $  -        $ (9.1  )
(income)^(3)
                                                                                                                                      
                                                                                                                
Reconciliation of Segment Adjusted EBITDA to
Consolidated Adjusted EBITDA:
Total Segment                                                         $ 270.6                                                         $ 232.3
Adjusted EBITDA
Non-cash profit                                                         10.0                                                            1.8
sharing expense
Other
income/expense,                                                        (4.3  )                                                        (6.6  )
net of special
items
Consolidated                                                          $ 276.3                                                        $ 227.5 
Adjusted EBITDA
as a % of net                                                14.1  %                                              11.8  %
sales

                    Six Months Ended June 30, 2013                                 Six Months Ended June 30, 2012^(2)
                                                          Medical                                                          Medical
                    Food &      Institutional Protective  Applications Total         Food &      Institutional Protective  Applications Total
                    Beverage    & Laundry     Packaging   and New                    Beverage    & Laundry     Packaging   and New
                                                          Ventures                                                         Ventures
                                                                                                                                        
Adjusted
Operating           $ 203.0    $  30.7      $ 93.0     $  1.1      $ 327.8      $ 165.8    $  33.1      $ 98.1     $  (1.6  )   $ 295.4 
Profit^(3)
as a % of net         11.0  %      2.8   %      11.9  %      1.1   %     8.6   %       9.1   %      3.1   %      12.5  %      -1.6  %     7.8   %
sales
Depreciation
and                   66.0         66.3         20.4         10.4        163.1         77.9         63.1         19.2         5.5         165.7
amortization
Other special
items including
write down of
non-strategic
assets, included in  0.8        -          0.3        (4.3  )    (3.2  )      (6.1  )     -          0.3        1.2       (4.6  )
depreciation and
amortization
Adjusted EBITDA,
includes other      $ 269.8    $  97.0      $ 113.7    $  7.2      $ 487.7      $ 237.6    $  96.2      $ 117.6    $  5.1      $ 456.5 
income/expense^(3)
as a % of net         14.6  %      9.0   %      14.6  %      7.1   %     12.8  %       13.1  %      9.0   %      15.0  %      5.1   %     12.1  %
sales
SARs                $ 5.0      $  13.1      $ -        $  -        $ 18.1       $ 0.5      $  2.2       $ -        $  -        $ 2.7   
expense^(3)
                                                                                                                                        
                                                                                                                  
Reconciliation of Segment Adjusted EBITDA to
Consolidated Adjusted EBITDA:
Total Segment                                                          $ 487.7                                                          $ 456.5
Adjusted EBITDA
Non-cash profit                                                          19.9                                                             9.6
sharing expense
Other
income/expense,                                                         (4.5  )                                                         (10.2 )
net of special
items
Consolidated                                                           $ 503.1                                                         $ 455.9 
Adjusted EBITDA
as a % of net                                                 13.2  %                                               12.1  %
sales

^(1) The supplementary information included in this press release for 2013 is
preliminary and subject to change prior to the filing of our upcoming
Quarterly Report on Form 10-Q 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, and, accordingly, all previously reported financial information
has been revised.

^(3) Excluding the impact of SARs, our Adjusted Operating Profit, Adjusted EBITDA and Adjusted EPS results were
the following. SARs does not impact our PP segment or Other Category.

                 Three Months      Three                            Six Months      Six Months
               Ended            Months       Increase         Ended          Ended        Increase
                                   Ended
                 June 30, 2013     June 30,      (Decrease)         June 30, 2013   June 30,      (Decrease)
                                   2012                                             2012
Adjusted
Operating                                                                    
Profit:
F&B              $ 106.4           $ 73.7        44.4       %       $ 208.0         $ 166.3       25.1       %
as a % of          11.2  %           8.0   %     330        bps       11.2  %         9.1   %     210        bps
net sales
I&L              $ 38.2            $ 21.4        78.5       %       $ 43.8          $ 35.3        24.1       %
as a % of          6.7   %           3.8   %     290        bps       4.0   %         3.3   %     70         bps
net sales
Consolidated     $ 191.8           $ 141.1       35.9       %       $ 345.9         $ 298.1       16.0       %
as a % of          9.8   %           7.3   %     240        bps       9.1   %         7.9   %     120        bps
net sales
                                                                                                             
Adjusted
EBITDA:
F&B              $ 139.1           $ 109.6       26.9       %       $ 274.8         $ 238.1       15.4       %
as a % of          14.7  %           11.9  %     280        bps       14.9  %         13.1  %     180        bps
net sales
I&L              $ 70.7            $ 53.8        31.4       %       $ 110.1         $ 98.4        11.9       %
as a % of          12.4  %           9.6   %     280        bps       10.2  %         9.2   %     100        bps
net sales
Consolidated     $ 276.4           $ 218.4       26.6       %       $ 521.2         $ 458.6       13.7       %
as a % of          14.1  %           11.3  %     270        bps       13.7  %         12.2  %     150        bps
net sales
                                                                                                             
Adjusted
EPS:
Adjusted EPS     $ 0.35            $ 0.16        116.6   %          $ 0.53          $ 0.33        59.9    %
Impact of         -               (0.03 )                         0.07          0.01  
SARs
Adjusted EPS
excluding      $ 0.35        $ 0.13      165.6   %      $ 0.60      $ 0.34      75.9    %  
the impact
of SARs

SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
COMPONENTS OF CHANGE IN NET SALES - SEGMENTS AND OTHER^(1)
(Unaudited)
(In millions)
                                                                                               
             Three Months Ended June 30, 2013
             Food &                Institutional &       Protective            Medical              Total
                                   Laundry               Packaging             Applications & New
             Beverage                                                          Ventures             Company
Volume -     $ 23.1    2.5    %    $ 8.6     1.5    %    $ 14.7    3.8    %    $ (0.6 ) (1.1 ) %    $ 45.8    2.4  %
Units
Product
price/mix      12.9    1.4           8.3     1.5           (7.8  ) (2.0 )        1.1    2.1           14.5    0.8
^(2)
Foreign
currency      (12.1 ) (1.3 )       (7.6  ) (1.3 )       (3.4  ) (0.9 )       (0.3 ) (0.6 )       (23.4 ) (1.3 )
translation
Total
change       $ 23.9   2.6   %    $ 9.3    1.7   %    $ 3.5    0.9   %    $ 0.2   0.4   %    $ 36.9   1.9  %
(U.S. GAAP)
                                                                                                              
Impact of
foreign      $ 12.1   1.3   %    $ 7.6    1.3   %    $ 3.4    0.9   %    $ 0.3   0.6   %    $ 23.4   1.3  %
currency
translation
Total
constant
dollar       $ 36.0   3.9   %    $ 16.9   3.0   %    $ 6.9    1.8   %    $ 0.5   1.0   %    $ 60.3   3.2  %
change
(Non-U.S.
GAAP)^(3)
                                                                                                              
             Six Months Ended June 30, 2013
             Food &                Institutional &       Protective            Medical              Total
                                   Laundry               Packaging             Applications & New
             Beverage                                                          Ventures             Company
Volume -     $ 39.6    2.2    %    $ 9.2     0.9    %    $ 15.0    1.9    %    $ 0.6    0.7    %    $ 64.4    1.7  %
Units
Product
price/mix      13.5    0.7           13.6    1.3           (11.5 ) (1.5 )        1.9    1.9           17.5    0.5
^(2)
Foreign
currency      (21.8 ) (1.2 )       (10.8 ) (1.1 )       (4.7  ) (0.6 )       (0.3 ) (0.4 )       (37.6 ) (1.0 )
translation
Total
change       $ 31.3   1.7   %    $ 12.0   1.1   %    $ (1.2  ) (0.2 ) %    $ 2.2   2.2   %    $ 44.3   1.2  %
(U.S. GAAP)
                                                                                                              
Impact of
foreign      $ 21.8   1.2   %    $ 10.8   1.1   %    $ 4.7    0.6   %    $ 0.3   0.4   %    $ 37.6   1.0  %
currency
translation
Total
constant
dollar       $ 53.1   2.9   %    $ 22.8   2.2   %    $ 3.5    0.4   %    $ 2.5   2.6   %    $ 81.9   2.2  %
change
(Non-U.S.
GAAP)^(3)

^(1) The results above are presented on a continuing operations
basis, excluding Diversey Japan, which we sold in November
2012.
^(2) Our product price/mix reported above includes the net impact of our
pricing actions and rebates as well as the period-to-period change in the mix
of products sold. Also included in our reported product price/mix is the net
effect of some of our customers purchasing our products in non-U.S. dollar or
non-euro denominated countries at selling prices denominated in U.S. dollars
or euros. This primarily arises when we export products from the U.S. and
euro-zone countries. The impact to our reported product price/mix of these
purchases in other countries at selling prices denominated in U.S. dollars or
euros was not material in the periods included in the tables above.
^(3) Changes in these items excluding the impact of foreign currency
translation are non-U.S. GAAP financial measures. Since we are a U.S.
domiciled company, we translate our foreign-currency-denominated financial
results into U.S. dollars. Due to changes in the value of foreign currencies
relative to the U.S. dollar, translating our financial results from foreign
currencies to U.S. dollars may result in a favorable or unfavorable impact. It
is important that we take into account the effects of foreign currency
translation when we view our results and plan our strategies. Nonetheless, we
cannot control changes in foreign currency exchange rates. Consequently, when
our management looks at our financial results to measure the core performance
of our business, we exclude the impact of foreign currency translation by
translating our current period results at prior period foreign currency
exchange rates. We also may exclude the impact of foreign currency translation
when making incentive compensation determinations. As a result, our management
believes that these presentations are useful internally and may be useful to
our investors.

SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
COMPONENTS OF CHANGE IN NET SALES - GEOGRAPHIC^(1)
Unaudited
(In millions)
                                                                           
              Three Months Ended June 30, 2013
                                                                                           
              North        Europe        Latin         AMAT^(2)     JANZ^(3)     Total
              America                    America
Change in
Net Sales
Volume -      $ 13.2       $ (3.7  )     $ 15.9        $ 18.4       $ 2.0        $ 45.8
Units
% change        1.7    %     (0.6  ) %     8.2     %     9.0    %     1.5    %     2.4     %
Product         4.8          3.2           6.9           3.5          (3.9 )       14.5
price/mix
% change        0.6    %     0.5     %     3.5     %     1.8    %     (2.8 ) %     0.8     %
Foreign
currency        (1.6 )       (8.6  )       (8.0  )       (2.8 )       (2.4 )       (23.4 )
translation
% change       (0.2 ) %    (1.4  ) %    (4.1  ) %    (1.4 ) %    (1.7 ) %    (1.3  ) %
Total         $ 16.4      $ (9.1  )     $ 14.8       $ 19.1      $ (4.3 )     $ 36.9  
% change        2.1    %     (1.5  ) %     7.6     %     9.4    %     (3.0 ) %     1.9     %
                                                                                           
Impact of
foreign       $ 1.6       $ 8.6        $ 8.0        $ 2.8       $ 2.4       $ 23.4  
currency
translation
Total
constant
dollar change $ 18.0      $ (0.5  )     $ 22.8       $ 21.9      $ (1.9 )     $ 60.3  
(Non-U.S.
GAAP)
Constant
dollar %        2.3    %     (0.1  ) %     11.7    %     10.8   %     (1.3 ) %     3.2     %
change
                                                                                           
              Six Months Ended June 30, 2013
                                                                                           
              North        Europe        Latin         AMAT^(2)     JANZ^(3)     Total
              America                    America
Change in
Net Sales
Volume -      $ 15.9       $ (18.7 )     $ 32.4        $ 30.8       $ 4.0        $ 64.4
Units
% change        1.1    %     (1.5  ) %     8.5     %     8.0    %     1.4    %     1.7     %
Product         3.2          2.8           12.5          5.8          (6.8 )       17.5
price/mix
% change        0.2    %     0.2     %     3.3     %     1.5    %     (2.4 ) %     0.5     %
Foreign
currency        (1.5 )       (6.9  )       (20.1 )       (4.4 )       (4.7 )       (37.6 )
translation
% change       (0.1 ) %    (0.6  ) %    (5.3  ) %    (1.1 ) %    (1.7 ) %    (1.0  ) %
Total         $ 17.6      $ (22.8 )     $ 24.8       $ 32.2      $ (7.5 )     $ 44.3  
% change        1.2    %     (1.9  ) %     6.5     %     8.4    %     (2.7 ) %     1.2     %
                                                                                           
Impact of
foreign       $ 1.5       $ 6.9        $ 20.1       $ 4.4       $ 4.7       $ 37.6  
currency
translation
Total
constant
dollar change $ 19.1      $ (15.9 )     $ 44.9       $ 36.6      $ (2.8 )     $ 81.9  
(Non-U.S.
GAAP)
Constant
dollar %        1.3    %     (1.3  ) %     11.8    %     9.5    %     (1.0 ) %     2.2     %
change
                                                                
^(1) The results above are presented on a continuing operations basis, excluding Diversey
Japan, which we sold in November 2012.
^(2) AMAT = Asia, Middle East, Africa and Turkey.
^(3) JANZ = Japan, Australia and New Zealand.

Contact:

Sealed Air Corporation
Investor:
Lori Chaitman, 201-703-4161
Media:
Ken Aurichio, 201-703-4164
 
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