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Sealed Air Announces 29% Increase in Diluted Earnings Per Share in Second Quarter

EPS Increases 17% Excluding Charges
Reports 6% Increase in Net Sales

Second Quarter 2007 Supplemental Financial

ELMWOOD PARK, N.J.--(BUSINESS WIRE)--July 25, 2007--Sealed Air Corporation (NYSE:SEE) reported diluted earnings per common share of $0.40 for the second quarter of 2007, which includes charges of $0.01 per common share related to the implementation of the Company's global manufacturing strategy. This compares with $0.31 for the second quarter of 2006, which included a restructuring charge of $0.04 per common share related to the Company's global manufacturing strategy. Excluding these items, diluted earnings per common share would have been $0.41 per common share, a 17% increase over prior year diluted earnings per common share of $0.35. The Company's net sales for the quarter increased 6% to $1.15 billion, compared with $1.08 billion in 2006, and the year-to-date net sales increased 7% to $2.24 billion, compared with $2.10 billion in 2006.

Commenting on the Company's operating performance, William V. Hickey, President and Chief Executive Officer, stated:

"Our business has continued to improve its sales and profitability in the quarter while investing in ongoing initiatives for the future. Our North American net sales reflected the slower economic growth rate in the region, but we benefited from our international presence. Net sales from outside North America increased 11%, led by strong performance in the Latin America and Asia-Pacific regions. Our sales increases in these developing markets reinforce our global growth initiatives and global manufacturing strategy. Our business has continued to generate steady cash flow, $21 million of which we utilized for our increased dividend payment and for the repurchase of our common stock in the quarter."

Commenting on the Company's strategy, Mr. Hickey stated:

"The recent expansion of our reporting structure reflects how we are moving forward to focus on growth both in our core markets and in solutions that address sustainable, long-term global trends. These trends include higher living standards in emerging markets, consumer convenience, global trade, conservation and energy efficiency, and increased longevity. We are looking to build toward the future by developing new products and services and by expanding our global footprint. The second quarter launch of our renewable Cryovac(R) NatureTRAY(TM) foam tray made from corn-based resins and the introduction of our PackTiger(TM) paper cushioning system are examples of products that are responsive to these long-term trends. These new product introductions and our year-to-date double-digit growth in emerging markets demonstrate our commitment to innovation and growth."

    Financial Highlights for the Second Quarter

    --  Net sales increased 6% to $1.15 billion compared with $1.08
        billion for the second quarter of 2006. The increase in net
        sales resulted from the combined effect of $22 million of unit
        volume growth, a $10 million favorable change in product
        price/mix and $39 million from the favorable effect of foreign
        currency translation. Excluding the favorable effect of $39
        million in foreign currency translation, net sales would have
        increased 2.3%.

    --  Gross profit increased to $323 million compared with $307
        million for the second quarter of 2006. Gross profit as a
        percentage of net sales was 28.2% for the second quarter of
        2007, which included $3 million in expenses associated with
        the implementation of the Company's multi-year global
        manufacturing strategy. Excluding these expenses, gross profit
        would have been 28.5% compared with 28.4% for the second
        quarter in 2006.

    --  Marketing, administrative and development expenses increased
        to $189 million compared with $176 million for the second
        quarter of 2006. The increase in expenses was primarily due to
        the unfavorable effects of foreign currency translation,
        spending related to innovation and new product introductions
        and increased bad debt provisions. As a percentage of net
        sales, these expenses were 16.5% for the quarter compared with
        16.3% in 2006.

    --  Operating profit increased to $134 million, or 11.7% of net
        sales, compared with $119 million, or 11.0% of net sales, in
        the second quarter of 2006. Operating profit in the second
        quarter of 2007 included charges of $3 million, discussed
        above, related to the implementation of the Company's
        multi-year global manufacturing strategy and $0.2 million of
        restructuring charges related to the consolidation of the
        Company's customer service activities in North America.
        Operating profit in the second quarter of 2006 included
        restructuring charges of $12 million primarily associated with
        the Company's global manufacturing strategy. Excluding these
        charges in both quarters, operating profit as a percentage of
        net sales for the second quarter of 2007 would have been 12.0%
        compared with 12.1% in 2006.

    --  Interest expense was $35 million compared with $39 million in
        the second quarter of 2006, primarily reflecting the impact of
        the Company's retirement of its 5.625% Euro notes on July 19,
        2006.

    --  The Company's effective income tax rate was 31.3% for the
        second quarter of 2007 and 32.0% for the second quarter of
        2006. The Company's estimated full year effective income tax
        rate is 25.0%. Excluding the reversal of tax accruals and
        related interest and the gain on the sale of an equity method
        investment recorded in the first quarter of 2007, the
        Company's expected full year effective income tax rate is
        31.4%.

    Business Segment Review

As previously announced, Sealed Air has expanded and realigned its segment reporting to reflect the Company's growth strategies both in core markets and in new business opportunities. This new structure reflects the way management now makes operating decisions, allocates resources and manages the growth and profitability of the Company's segments.

Food Packaging Segment

The new Food Packaging segment focuses on industrial food packaging and is driven by developments in technologies that enable food processors to effectively package and ship fresh and processed meats and cheeses through their supply chain.

The Company's Food Packaging segment net sales for the second quarter increased 8% to $463 million compared with $430 million last year. The positive impact of continued strong unit volume growth in Latin America as well as favorable product price/mix in Europe and North America, partially offset by unfavorable price/mix in Latin America, contributed to growth in the quarter. Excluding the $14 million favorable effect of foreign currency translation, segment net sales would have increased 4%. Operating profit for the second quarter was $54 million, or 11.6% of Food Packaging net sales, compared with $48 million, or 11.2% of Food Packaging net sales in the second quarter of 2006. The increase in operating profit was primarily due to the increase in net sales described above.

Food Solutions Segment

The new Food Solutions segment targets advancements in food packaging technologies that provide consumers with fresh, consistently prepared, high-quality meals either from food service outlets or from expanding retail cases at grocery stores.

The Company's Food Solutions segment net sales for the second quarter increased 11% to $238 million compared with $214 million last year. The positive impact of continued strong unit volume growth in the Asia-Pacific region and North America as well as favorable product price/mix in North America contributed to growth in the quarter. Excluding the $10 million favorable effect of foreign currency translation, segment net sales would have increased 6%. Operating profit for the second quarter was $22 million, or 9.2% of Food Solutions net sales, compared with $24 million, or 11.2% of Food Solutions net sales in the second quarter of 2006. The decrease in operating profit as a percentage of net sales was primarily due to an increase in marketing, administrative and development expenses including expenses related to new product development.

Protective Packaging Segment

The new Protective Packaging segment includes core protective packaging technologies and solutions aimed at traditional industrial applications while increasing emphasis on consumer-oriented packaging solutions.

The Company's Protective Packaging segment net sales for the second quarter increased 2% to $370 million compared with $363 million last year. The modest growth reflects slowing economic conditions in North America. Operating profit for the second quarter was $50 million, or 13.5 % of Protective Packaging net sales, compared with $48 million, or 13.2% of Protective Packaging net sales in 2006.

Other

The new Other category focuses on growth in newer markets. These markets include specialty materials for non-packaging applications, products for value-added medical applications, and products sourced from renewable materials.

The Other category net sales for the second quarter increased 1% to $75 million compared with $74 million last year. Operating profit for the second quarter was $9 million, or 11.9% of Other net sales, compared with $11 million, or 14.9% of Other net sales in 2006. The decrease in operating profit as a percentage of net sales was primarily due to an increase in marketing, administrative and development expenses including expenses associated with the Company's majority ownership in Biosphere Industries LLC.

Global Manufacturing Strategy

The Company incurred $3 million in expenses during the second quarter related to the implementation of its multi-year global manufacturing strategy that were primarily recorded as cost of sales. The Company now expects to incur approximately $15 million in total expenses related to this strategy in 2007 compared to previous guidance of $30 million. The expected total expenses of the first phase of this multi-year strategy remain unchanged at $90 to $100 million as previously disclosed in the Company's second quarter 2006 press release. The actual timing of these additional expenses is subject to change due to a variety of factors that may cause a portion of the charges to occur in future periods.

Taking into account the implementation of the first phase of the Company's global manufacturing strategy, the Company expects that total capital expenditures in 2007 will be at the upper end of the $175 to $200 million range.

Earnings Guidance

Sealed Air now expects its full year 2007 diluted earnings per common share to be in the range of $1.88 to $1.98, which includes two previously-disclosed items that were recorded in the first quarter, those being the gain of $0.11 per common share related to the sale of the Company's investment in the PolyMask joint venture and the $0.18 per common share favorable impact from the reversal of tax accruals and related interest. Additionally, total charges of $15 million, or $0.06 per common share, are expected to be incurred relating to the Company's global manufacturing strategy. Excluding these items, the Company maintains its full year 2007 diluted earnings per common share guidance range of $1.65 to $1.75 after adjusting for the two-for-one stock split effective March 2, 2007. This guidance also assumes a full year effective tax rate of 25.0% and continued steady growth in the global economy.

Web Site and Conference Call Information

Mr. Hickey and David H. Kelsey, the Company's Chief Financial Officer, will conduct an investor conference call today at 11:00 a.m. (ET). The conference call will be webcast live on Sealed Air's web site at www.sealedair.com in the Investor Information section 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. Prior to the call, the Company will also post supplemental financial and statistical information on its web site in the Investor Information section under the Reports & Filings tab. 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 live conference call via telephone by dialing (800) 289-0473 (domestic) or (913) 981-5517 (international). Telephonic replay will be available beginning today at 2:00 p.m. (ET) and ending on Sunday, July 29, 2007 at 12:00 midnight (ET). To listen to the replay, please dial (888) 203-1112 (domestic) or (719) 457-0820 (international) and use the confirmation code 9987483.

Business

Sealed Air is a leading global innovator and manufacturer of a wide range of packaging and performance-based materials and equipment systems that serve food, medical, and an array of industrial and consumer applications. Operating in 51 countries, Sealed Air's international reach generated revenue of $4.3 billion in 2006. With widely recognized brands such as Bubble Wrap(R) cushioning, Jiffy(R) protective mailers and Cryovac(R) packaging technology, Sealed Air continues to identify new trends, foster new markets, and deliver innovative solutions to its customers. For more information about Sealed Air, please visit the Company's web site at www.sealedair.com.

Non-GAAP Information

The Company's management from time to time presents information that does not conform to U.S. Generally Accepted Accounting Principles. In this press release, the Company has presented diluted earnings per common share, gross profit, operating profit, and the effective income tax rate excluding the items noted above, as well as changes in net sales excluding the effects of foreign currency translation. Presenting diluted earnings per common share, gross profit, operating profit and the effective income tax rate excluding the items noted above aids in the comparisons with other periods or prior guidance. The Company's management uses changes in net sales excluding the effects of foreign currency translation to measure the performance of the Company's operations. Thus, management believes that this information may be useful to investors. Diluted earnings per common share, operating profit and growth in net sales are among the criteria upon which performance-based compensation may be determined.

Forward-Looking Statements

Some of the statements made by the Company in this press release are forward-looking. These statements include comments as to future events and trends affecting the Company's business, which are based upon management's current expectations and are necessarily subject to risks and uncertainties, many of which are outside the control of the Company. Forward-looking statements can be identified by such words as "anticipates," "estimates," "expects," "intends," "plans," "will" and similar expressions. The following are important factors that the Company believes could cause actual results to differ materially from those in the Company's forward-looking statements: the success of the Company's growth, profitability and global manufacturing strategies; changes in raw material and energy costs; the effects of animal and food-related health issues; market conditions; tax, interest and exchange rates; and legal proceedings. A more extensive list and description of these and other such factors can be found under the headings "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements," which appear in the Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission.

               SEALED AIR CORPORATION AND SUBSIDIARIES
                Results for the periods ended June 30
                             (Unaudited)
                 (In millions, except per share data)
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                           Quarter Ended June 30,
                                         ---------------------------
                                                           % Increase
                                          2007     2006    (Decrease)
                                         -------- -------- -----------

Net sales:(1)
     Food Packaging                     $  462.6 $  430.2         8
     Food Solutions                        237.7    214.3        11
     Protective Packaging                  370.3    363.4         2
     Other                                  74.8     74.0         1
                                         -------- --------
         Total net sales                 1,145.4  1,081.9         6

Cost of sales                              822.1    774.6         6
                                         -------- --------

Gross profit                               323.3    307.3         5
     As a % of total net sales              28.2%    28.4%

Marketing, administrative and
 development expenses                      189.0    176.4         7
     As a % of total net sales              16.5%    16.3%

Restructuring charges (2)                    0.2     12.0       (98)
                                         -------- --------

Operating profit                           134.1    118.9        13
     As a % of total net sales              11.7%    11.0%

Interest expense                           (35.1)   (39.0)      (10)

Gain on the sale of equity method
 investment                                    -        -       ---

Other income, net                            8.5      5.1        67
                                         -------- --------

Earnings before income tax expense         107.5     85.0        26

Income tax expense                          33.6     27.2        24
                                         -------- --------

Net earnings                            $   73.9 $   57.8        28
                                         ======== ========
     As a % of total net sales               6.5%     5.3%

Basic earnings per common share (3)     $   0.46 $   0.36
                                         ======== ========

Diluted earnings per common share (3)   $   0.40 $   0.31
                                         ======== ========

Weighted average number of common
 shares outstanding:
            Basic                          160.0    161.5
                                         ======== ========

            Diluted                        191.3    192.8
                                         ======== ========


               SEALED AIR CORPORATION AND SUBSIDIARIES
                Results for the periods ended June 30
                             (Unaudited)
                 (In millions, except per share data)
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                           Six Months Ended June 30,
                                          ----------------------------
                                                            % Increase
                                           2007     2006    (Decrease)
                                          -------- -------- ----------

Net sales:(1)
     Food Packaging                      $  899.8 $  839.3          7
     Food Solutions                         452.4    409.0         11
     Protective Packaging                   741.0    722.3          3
     Other                                  146.9    130.4         13
                                          -------- --------
         Total net sales                  2,240.1  2,101.0          7

Cost of sales                             1,602.6  1,510.1          6
                                          -------- --------

Gross profit                                637.5    590.9          8
     As a % of total net sales               28.5%    28.1%

Marketing, administrative and
 development expenses                       366.9    343.7          7
     As a % of total net sales               16.4%    16.4%

Restructuring charges (2)                     0.6     12.3        (95)
                                          -------- --------

Operating profit                            270.0    234.9         15
     As a % of total net sales               12.1%    11.2%

Interest expense                            (70.8)   (77.4)        (9)

Gain on the sale of equity method                                   NA
 investment                                  35.3        -

Other income, net                            13.1      9.5         38
                                          -------- --------

Earnings before income tax expense          247.6    167.0         48

Income tax expense                           46.7     53.4        (13)
                                          -------- --------

Net earnings                             $  200.9 $  113.6         77
                                          ======== ========
     As a % of total net sales                9.0%     5.4%

Basic earnings per common share (3)      $   1.26 $   0.70
                                          ======== ========

Diluted earnings per common share (3)    $   1.07 $   0.61
                                          ======== ========

Weighted average number of common shares
 outstanding:
            Basic                           160.0    161.5
                                          ======== ========

            Diluted                         191.3    192.7
                                          ======== ========


(1) As previously reported in the Company's Current Report on Form 8-K
    filed July 12, 2007, the Company has expanded and realigned its
    segment reporting to reflect the Company's growth strategies both
    in core markets and in new business opportunities. This new
    structure reflects the way management now makes operating
    decisions and manages the growth and profitability of the
    business. It also corresponds with management's current approach
    to allocating resources and assessing the performance of the
    Company's segments. The Company's business segment information is
    reported in accordance with the provisions of Financial Accounting
    Standards Board Statement No.131, "Disclosures about Segments of
    an Enterprise and Related Information," or SFAS No. 131. In
    accordance with SFAS No. 131, the 2006 segment information has
    been recast from amounts previously reported to reflect the
    Company's new reportable business segments. Accordingly, there has
    been no change in the Company's consolidated statements of
    operations and consolidated balance sheets previously reported in
    total for the Company.

(2) The 2007 restructuring charges relate to the consolidation of the
    Company's customer service activities in North America. In the
    quarter and six months ended June 30, 2006, the Company recorded
    $11.8 million of restructuring charges primarily for severance
    costs related to the first phase of its multi-year global
    manufacturing strategy.

(3) See the Supplementary Information included in this release for the
    calculation of basic and diluted earnings per common share.
               SEALED AIR CORPORATION AND SUBSIDIARIES
                      Supplementary Information
                Results for the periods ended June 30
                             (Unaudited)
                 (In millions, except per share data)
               CALCULATION OF EARNINGS PER COMMON SHARE

                             Quarter Ended June    Six Months Ended
                                     30,                June 30,
                             -------------------- --------------------
                             2007   2006 (1), (2) 2007   2006 (1), (2)
                             -----  ------------- -----  -------------
Basic Earnings Per Common
 Share:
Numerator

Net earnings ascribed to
 common shareholders -
 basic                      $ 73.9 $        57.8 $200.9 $        113.6
                             =====  ============  =====  =============

Denominator

Weighted average number of
 common shares outstanding
 - basic                     160.0         161.5  160.0          161.5
                             =====  ============  =====  =============

Basic earnings per common
 share                      $ 0.46 $        0.36 $ 1.26 $         0.70
                             =====  ============  =====  =============


Diluted Earnings Per Common
 Share:
Numerator
Net earnings ascribed to
 common shareholders -
 basic                      $ 73.9 $        57.8 $200.9 $        113.6

Add: Interest on 3%
 convertible senior notes,
 net of income taxes           2.0           1.9    3.9            3.9
                             -----  ------------  -----  -------------

Net earnings ascribed to
 common shareholders -
 diluted                    $ 75.9 $        59.7 $204.8 $        117.5
                             =====  ============  =====  =============

Denominator

Weighted average number of
 common shares outstanding
 - basic                     160.0         161.5  160.0          161.5

Effect of conversion of 3%
 convertible senior notes     12.5          12.4   12.5           12.4

Effect of assumed issuance
 of asbestos settlement
 shares                       18.0          18.0   18.0           18.0

Effect of non-vested
 restricted stock and non-
 vested restricted stock
 units(2)                      0.8           0.9    0.8            0.8

                             -----  ------------  -----  -------------
Weighted average number of
 common shares outstanding
 - diluted (3)               191.3         192.8  191.3          192.7
                             =====  ============  =====  =============

Diluted earnings per common
 share                      $ 0.40 $        0.31 $ 1.07 $         0.61
                             =====  ============  =====  =============


(1) On February 16, 2007, the Company's Board of Directors declared a
    two-for-one stock split of the Company's common stock that was
    effected in the form of a stock dividend. The stock dividend was
    paid on March 16, 2007 at the rate of one additional share of the
    Company's common stock for each share of the Company's common
    stock issued and outstanding to stockholders of record at the
    close of business on March 2, 2007. The par value of the Company's
    common stock remains at $0.10 per share. All share and per share
    amounts have been restated to reflect the two-for-one stock split.

(2) Earnings per common share for 2006 has been revised. The Company
    had previously included non-vested restricted stock in the
    weighted average number of common shares outstanding in both its
    basic and diluted earnings per common share calculations. Also,
    the Company had previously excluded non-vested restricted stock
    units from the weighted average number of common shares
    outstanding in its basic earnings per common share calculations,
    and from the weighted average number of common shares outstanding
    of its diluted earnings per common share calculations when
    inclusion of such units was dilutive. The calculations have been
    revised in accordance with SFAS No. 128, "Earnings per Common
    Share," to include non-vested restricted stock and non-vested
    restricted stock units only in the weighted average number of
    common shares outstanding of the diluted earnings per common share
    calculation, using the treasury stock method, if the effect is
    dilutive. Such revisions were immaterial.

(3) In calculating diluted earnings per common share, the Company's
    calculation of the diluted weighted average number of common
    shares for 2007 and 2006 provides for (1) the conversion of the
    Company's 3% convertible senior notes due June 2033 due to the
    application of Emerging Issues Task Force, or EITF, Issue No.
    04-08, "The Effect of Contingently Convertible Debt on Diluted
    Earnings per Share," (2) the assumed issuance of 18 million shares
    of common stock reserved for the Company's previously announced
    asbestos settlement, which has been discussed in the Company's
    Quarterly Report on Form 10-Q for the period ended March 31, 2007,
    (3) the exercise of dilutive stock options, net of assumed
    treasury stock repurchases and (4) non-vested restricted stock and
    non-vested restricted stock units using the treasury stock method,
    if the effect is dilutive.
               SEALED AIR CORPORATION AND SUBSIDIARIES
                      Supplementary Information
                Results for the periods ended June 30
                             (Unaudited)
       RECONCILIATION OF DILUTED EARNINGS PER COMMON SHARE (1)

                                              Quarter     Six Months
                                              Ended June   Ended June
                                                 30,           30,
                                             -----------  ------------
                                             2007   2006   2007   2006
                                             -----  ----  ------  ----

Reported U.S. GAAP diluted earnings per
 common share                               $ 0.40 $0.31 $  1.07 $0.61

Earnings effect resulting from the
 following:

Gain on the sale of equity method
 investment, net of income tax expense           -     -  (0.11)     -

Reversal of tax accruals and related
 interest                                        -     -  (0.18)     -

Total global manufacturing strategy
 charges, net of income tax expense           0.01  0.04    0.02  0.04

                                             -----  ----  ------  ----
Diluted earnings per common share excluding
 the gain on the sale of equity method
 investment, net of income tax expense, the
 reversal of tax accruals and related
 interest and total global manufacturing
 strategy charges, net of income tax expense$ 0.41 $0.35 $  0.80 $0.65
                                             =====  ====  ======  ====


----------------------------------------------------------------------

 RECONCILIATION OF THE EXPECTED ANNUAL EFFECTIVE INCOME TAX RATE (1)

                                             As of
                                              June
                                               30,
                                              2007
                                             ------

Expected U.S. GAAP effective income tax
 rate for the full year 2007                  25.0%

Effective income tax rate effect resulting
 from the following:

Reversal of tax accruals and related
 interest                                      7.0

Gain on the sale of equity method
 investment                                  (0.6)

                                             -----
Expected effective income tax rate for the
 full year 2007 excluding the reversal of tax
 accruals and related interest and the gain
 on the sale of equity method investment      31.4%
                                             =====


(1) Presenting diluted earnings per common share and the effective
 income tax rate excluding the items noted above aids in the
 comparisons with other periods or prior guidance and thus management
 believes that this information may be useful to investors. Diluted
 earnings per common share excluding these items is among the criteria
 upon which performance-based compensation may be determined.
               SEALED AIR CORPORATION AND SUBSIDIARIES
                      Supplementary Information
                Results for the periods ended June 30
                             (Unaudited)
                            (In millions)
      BUSINESS SEGMENT INFORMATION AND CAPITAL EXPENDITURES (1)


BUSINESS SEGMENT INFORMATION: (2)
-----------------------------------------
                                          Quarter Ended   Six Months
                                             June 30,     Ended June
                                                              30,
                                          -------------  -------------
                                           2007   2006    2007   2006
                                          ------ ------  ------ ------

Operating profit
   Food Packaging                          $53.5  $48.0  $109.3  $92.3

         As a % of food packaging net
          sales                            11.6%  11.2%   12.1%  11.0%

   Food Solutions                           21.8   24.0    41.2   43.3

         As a % of food solutions net
          sales                             9.2%  11.2%    9.1%  10.6%

   Protective Packaging                     50.1   47.9   103.6   94.2

         As a % of protective packaging
          net sales                        13.5%  13.2%   14.0%  13.0%

   Other                                     8.9   11.0    16.5   17.4

         As a % of other net sales         11.9%  14.9%   11.2%  13.3%

                                          ------ ------  ------ ------
   Total segments and other                134.3  130.9   270.6  247.2

   Restructuring charges (3)                 0.2   12.0     0.6   12.3

                                          ------ ------  ------ ------
   Total                                  $134.1 $118.9  $270.0 $234.9
                                          ====== ======  ====== ======

         As a % of total net sales         11.7%  11.0%   12.1%  11.2%

Depreciation and amortization
   Food Packaging                          $19.1  $19.4   $38.5  $38.3
   Food Solutions                            8.1    8.7    15.3   16.5
   Protective Packaging                     11.0   12.1    22.2   24.5
   Other                                     3.1    2.8     5.9    5.0
                                          ------ ------ ------- ------
   Total                                   $41.3  $43.0   $81.9  $84.3
                                          ====== ====== ======= ======

The restructuring charges by business segment were as
 follows:(3)

                                          Quarter Ended   Six Months
                                             June 30,     Ended June
                                                              30,
                                          -------------  -------------
                                           2007   2006    2007   2006
                                          ------ ------  ------ ------
   Food Packaging                           $0.1  $12.0    $0.1  $12.3
   Food Solutions                              -      -     0.1      -
   Protective Packaging                      0.1      -     0.4      -
                                          ------ ------ ------- ------
   Total                                    $0.2  $12.0    $0.6  $12.3
                                          ====== ====== ======= ======

----------------------------------------------------------------------

                                          Quarter Ended   Six Months
                                             June 30,     Ended June
                                                              30,
                                          -------------- -------------
                                           2007   2006    2007   2006
                                          ------ ------  ------ ------

                                          ------ ------  ------ ------
CAPITAL EXPENDITURES                       $58.1  $39.3  $109.0  $68.2
                                          ====== ======  ====== ======

----------------------------------------------------------------------

(1) The 2007 amounts shown are subject to change prior to the filing
 of the Company's upcoming quarterly report on Form 10-Q.
(2) See Note 1 of the Condensed Consolidated Statements of Operations
 included in this release for a discussion of the Company's new
 segment reporting structure.
(3) See Note 2 of the Condensed Consolidated Statements of Operations
 included in this release for a discussion of the Company's
 restructuring charges.
               SEALED AIR CORPORATION AND SUBSIDIARIES
                      Supplementary Information
                 June 30, 2007 and December 31, 2006
                             (Unaudited)
                            (In millions)
                CONDENSED CONSOLIDATED BALANCE SHEETS

                                                June 30,  December 31,
                                                2007(1)       2006
                                               ---------- ------------

Assets

Current assets:

 Cash and cash equivalents                     $   379.6    $   373.1

 Short-term investments - available-for-sale
  securities                                        39.7         33.9

 Receivables, net of allowances for doubtful
  accounts                                         748.1        721.3

 Inventories                                       572.6        509.4

 Other current assets                              121.9        119.0
                                               ---------- ------------

Total current assets                             1,861.9      1,756.7

Property and equipment:
 Land and improvements                              48.4         35.7
 Buildings                                         532.8        516.2
 Machinery and equipment                         2,070.5      2,054.2
 Other property and equipment                      133.2        135.9
 Construction-in-progress                          171.3        139.6
                                               ---------- ------------
                                                 2,956.2      2,881.6
 Accumulated depreciation and amortization      (1,929.7)    (1,911.5)
                                               ---------- ------------
Property and equipment, net                      1,026.5        970.1

Goodwill                                         1,970.6      1,957.1

Other assets                                       338.9        337.0

                                               ---------- ------------
Total assets                                   $ 5,197.9    $ 5,020.9
                                               ========== ============

(1) The amounts presented are subject to change prior to the filing of
 the Company's upcoming quarterly report on Form 10-Q.
               SEALED AIR CORPORATION AND SUBSIDIARIES
                      Supplementary Information
                 June 30, 2007 and December 31, 2006
                             (Unaudited)
                            (In millions)
                CONDENSED CONSOLIDATED BALANCE SHEETS

                                                 June 30, December 31,
                                                 2007(1)      2006
                                                 -------- ------------

Liabilities and shareholders' equity

Current liabilities:

 Short-term borrowings                           $   33.4 $       20.2

 Current portion of long-term debt                  299.5          5.5

 Accounts payable                                   295.1        283.9

 Asbestos settlement liability                      512.5        512.5

 Other current liabilities                          500.4        497.8

 Income taxes payable                                 8.2         86.2
                                                 -------- ------------

Total current liabilities                         1,649.1      1,406.1

Long-term debt, less current portion              1,533.4      1,826.6

Other liabilities                                   152.1        133.4

                                                 -------- ------------
Total liabilities                                 3,334.6      3,366.1
                                                 -------- ------------

Total shareholders' equity                        1,863.3      1,654.8

                                                 -------- ------------
Total liabilities and shareholders' equity       $5,197.9 $    5,020.9
                                                 ======== ============


(1) The amounts presented are subject to change prior to the filing of
 the Company's upcoming quarterly report on Form 10-Q.

    CONTACT: Sealed Air Corporation
             Amanda H. Butler, 201-791-7600

    SOURCE: Sealed Air Corporation