Dear Fellow Stockholders:

It is an honor for me to write this year’s letter to our stockholders, my first, for Sealed Air’s 2012 Annual Report. We have started to transform Sealed Air with the aim of becoming the most customer-focused, innovative and productive company in the industries we serve.

We embark on this new era for Sealed Air with the collective strengths of powerful brands and leading market positions for all our principal applications; a wealth of industry expertise; and a compelling value proposition for our customers that solves the equation of Sustainability, Performance and Cost Competitiveness.

Now we will translate these clear strengths into financial performance, improving our profitability and achieving higher cash flow in order to repay debt and return capital to our stockholders, while also permitting us to continue to invest in new products and markets. We will achieve this by:

• Improving the quality of our earnings, which we define as improving our margins. To do that, we will transform the relationships we have with customers so we can be paid for the true value our knowledge and expertise brings to their businesses every day.
• Completing the integration of the largest acquisition in our Company’s history and maximizing our cost and growth synergies.
• Offering sustainability as a value proposition for our customers while meeting the thresholds for performance and cost competitiveness. Everything we seek to innovate brings sustainable value to our customers—from reducing waste and improving operational efficiency to protecting human health and raising the bar on food safety and security.
• Creating a new generation of motivated employees who will be inspired by the positive impact they are having on the world—such as reducing the amount of energy and raw materials needed to ship products; reducing the water and manpower needed to keep hospitals, office buildings, and hotels safe and clean; and improving access to a more secure food supply chain—one that is safer and more nutritious; more efficient and less wasteful.

As a result of these actions, Sealed Air will become stronger by enhancing its role in the communities and markets we serve, which will result in delivering stronger financial results for the benefit of our stockholders, customers and employees. This is a very exciting time for everyone at Sealed Air, and I am pleased to be leading our team on behalf of all our stockholders.

Sincerely,

Jerome A. Peribere
President and Chief Executive Officer
Sealed Air Corporation