Sealed Air : at the Morgan Stanley 7th Annual Laguna Conference

7thAnnual Laguna Conference

Laguna, California

September 11, 2019

Sealed Air ®NYSE:SEE

Ted Doheny, President & CEO

Lori Chaitman, VP Investor Relations

© 2019 Sealed Air

Safe Harbor and Regulation G Statement

This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as "anticipate," "believe," "plan," "assume," "could," "should," "estimate," "expect," "intend," "potential," "seek," "predict," "may," "will" and similar references to future periods. All statements other than statements of historical facts included in this presentation regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings. The following are important factors that we believe could cause actual results to differ materially from those in our forward looking statements: global economic and political conditions, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food-related health issues, pandemics, changes in energy costs, environmental matters, the success of our restructuring activities, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, changes in our credit ratings, the tax benefit associated with the Settlement agreement (as defined in our most recent Annual Report on Form 10-K), regulatory actions and legal matters, and the other information referenced in the "Risk Factors" section appearing in our most recent Annual Report on Form 10-K, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement made by us is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Our management uses non-U.S. GAAP financial measures to evaluate the Company's performance, which exclude items we consider unusual or special items. We believe the use of such financial measures and information may be useful to investors. We believe that the use of non-U.S. GAAP measures helps investors to gain a better understanding of core operating results and future prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods or forecasts. Please see Sealed Air's August 2, 2019 earnings press release and the appendix of this presentation for important information about the use of non-U.S. GAAP financial measures relevant to this presentation, including applicable reconciliations to U.S. GAAP financial measures. Information reconciling forward-looking U.S. GAAP measures to non-U.S. GAAP measures is not available without unreasonable effort.

Website Information

We routinely post important information for investors on our website, www.sealedair.com, in the "Investors" section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

© 2019 Sealed Air | 2

Vision

Strategies

Transforming Sealed Air from the best in specialty packaging … to a world-class company servicing global packaging

Createprofitable growth

DriveSEE operational excellence Developa high performance culture

Deliversustainable long-term value to our shareholders and society

	Growth	Earnings Power	Operating Leverage	Return on Capital
2019	~ $4.85B Net Sales	$950 - $960M Adj. EBITDA	40% +Profit / Growth ratio	15%ROIC*
Outlook	5% constant dollar	19.6 - 19.8% margin	More than doubled from 2018	Invest capital > cost of capital
	Above market of 2 - 2.5%	Top among peer set	World-class leverage

Tactics &	Reinvent SEE ... from Innovate to Solve ... with the power of One SEE
Actions

* ROIC: net adj operating profit after tax / total capital

© 2019 Sealed Air | 3

Reinvent SEE Delivering Double Digit Earnings Power

Solid H1 2019 results against macro headwinds, closed APS acquisition

Sales Growth+4% constant dollar

Food +4%, increased demand for fresh proteins, both local consumption & exports Protective +3%, acquisitions & value-added eCommerce offset soft industrial Increased adoption of innovative sustainable packaging for fresh food & fulfillment markets

Earnings GrowthAdj. EBITDA +7% as reported, +11% constant dollar

EBITDA growth driven by Reinvent SEE & operating efficiencies

Margin expanded 140 bps to 19.9%

Adjusted EPS increased 22% vs H1 2018

APS Acquisitioncompleted Aug. 2019 for $510 M on a cash and debt-free basis EV / 2018 Adj. EBITDA multiple 8x, net of 2021 run-rate synergies & tax benefits

Industry leading growth with disruptive innovations, strong earnings, driving world-class returns

© 2019 Sealed Air | 4

Leading Packaging Industry to Sustainable Future

Best products, right price, make them sustainable

Our 2025 Pledge

100% Recyclable or Reusable

How2Recycle label to eCommerce

Curbside recyclable food packaging

50%+ Recycled & Renewable Content

Darfresh®PET material

> 90% post-consumer recycled content

Bubble Wrap®Mailers, Fill-Air®, EarthAware®

> 90% post-industrial recycled content

EcoPureTM, PlanticTM

Plant based renewable materials

Leading with Sustainability

CEO-led Alliance to End Plastic Waste

Exceeding all internal facility sustainability objectives

SEE Sustainability Metrics

Achieving World-Class Performance

Internal SEE	% Progress Against
% Goal Achieved	2025 Pledge

© 2019 Sealed Air | 5

Create Value Around the World

Expanding our industry-leading specialty packaging solutions to new markets & geographies

				One SEE	Food							Protective
				5 %						7 %					1 %
												15 %						17%
15 %
2018 Net Sales		$4.7 B 58 %%	$2.9 B	56 %		21 %			$1.8 B	61 %
22 %
								22 %
				North America		Europe, Middle East, Africa			Asia Pacific						South America
Food Packaging											Protective Packaging
Fresh Red Meat													Industrial
											39 %											34 %
Smoked & Processed Meats													e-Commerce
								16 %												34 %
Poultry														Electronic
							13 %													17 %
Dairy Solids										Consumer Package Goods
						12 %							7 %
Other										Biothermal, Pharma, other
					10 %						5 %
Fluids & Liquids													Transportation
				7 %									3 %
Seafood & Protein Alternatives															Other
												<1 %
			3 %
																									© 2019 Sealed Air | 6

Specialty Food Packaging Solutions

Innovative solutions - Automated equipment, services and materials

Automated Vacuum Chamber System

Fluids Packaging

Food service rigid replacement

Our specialty food packaging solutions

improve access to a safer, higher quality and

more sustainable food and beverage supply chain. Businesses and brands rely on our packaging innovation and expertise to improve food safety, extend shelf life and drive operational efficiency.

FlexPrepTM

		Barrier Bag
Condiment dispensing solution
		For bone-in	proteins

Optidure ®

Barrier Beef Bag

Darfresh ®10K

Darfresh ®On Tray

Fresh Seafood Packaging

Case-Ready Packaging	© 2019 Sealed Air | 7

Specialty Food Packaging Solutions

Growth initiatives fueling above market performance

Automated Equipment

Automation & integration

SEE Smart Service

Address labor shortage

Increase productivity

Zero-Harm

Flawless quality

Material Innovations

& Sustainable Solutions

Case ready solutions

Advanced lidding solutions

Renewable materials

Post-consumer recycled trays

Zero film scrap solutions

High-performance,thin-gauge films

Adjacent Markets

Fluids / Foodservice

Fish & Seafood

Protein Alternatives

Ready Meals

Water

> $30 B Addressable Fresh Food Packaging Market, 2019 - 2021 CAGR: 2 - 4%

© 2019 Sealed Air | 8

Unleashing Cryovac®Technology for Seafood Industry

Accelerates growth in new packaging market with disruptive innovation

Solving Critical Customer Challenges

Seafood contributes to ~35% of global protein spoilage

FDA regulated with stringent packaging requirements

Significantly extend shelf-life to > 20 days from 3 days on ice

Preserve freshness, better presentation

Opportunity to simplify global logistics supply chain

Proprietary Technology

Dramatically reducing carbon footprint by 50%

Leak-resistant solutions

Exceeds FDA oxygen permeability requirements

Maintains bright red color of fresh tuna without chemical treatment

SEE patented solutions

Sealed Air Opportunity > $1 B Packaging Market

Fastest growing protein: Salmon, Tilapia, Tuna … > 4% CAGR globally

Low packaging penetration < 40%

© 2019 Sealed Air | 9

Innovative solutions - Automated equipment, services and materials

						Our specialty protective packaging solutions
						are designed to eliminate waste and minimize
						product damage throughout the global supply
TempGuard ®		chain. Businesses rely on our packaging
Temperature assurance for eFood
	innovation and expertise to reduce wasted
		Paper Systems	material, energy, space, time, and labor.
	Sustainable Void-fill

StealthWrap ®

Instapak ®

Korrvu ®

100% recycled content

Bubble Wrap ®

Automated SidePouch ®

system

	© 2019 Sealed Air | 10
On-Demand system

Specialty Protective Packaging Solutions

Growth initiatives to fuel above market performance

Automated Equipment	Material Innovations	Adjacent Markets
& Sustainable Solutions

Fulfillment velocity, Autobag ®& SidePouch ®	Recycled content materials	eFood
Cube optimization, I-Pack®	SIOC & DIM weight packaging	ePharma
Automated mailer, FloWrap™	Renewable & biodegradable films	Life sciences
Eliminate corrugated box, Stealthwrap ™	SEE paper systems
Hospital drug dispensing, Autobag ®& Robotics	Re-usable solutions
	Reinvent Instapak ®, 50% carbon footprint reduction

> $20 B Addressable Protective Packaging Market, 2019 - 2021 CAGR: 1 - 3%

© 2019 Sealed Air | 11

Acquisition of Automated Packaging Systems

Accelerates growth in automated equipment, services, engineering & sustainable offerings

Business Overview

Autobag®machines, pre-opened bags roll, EarthAware®recycled film Expands presence in fulfillment, industrial, pharma & eFood

2018 total net sales of $290 M and Adj. EBITDA of $40 M

Transaction Overview

Closed on Aug. 1, '19. $510 M on a cash & debt-free basis Purchase Enterprise Value of $440 M after tax benefits Funded with new three-year LIBOR +112.5 bps $475 M term loan ~ $15 M run-rate productivity synergies by end of 2021

8x EV / 2018 Adj. EBITDA (net of synergies and tax benefits)

2018 Sales

Equipment 16%

$290 M

Service & Parts 8%

Materials 76%

Europe 22%

$290 M

Rest of World 3%

North America 75%

Automation driving productivity, zero-harm, flawless quality and savings

© 2019 Sealed Air | 12

eFood Specialty Packaging

Leverage One SEE's innovative automated equipment, services and materials for eFood

Fast Growing Channel	TempTrip ®services

10x faster market growth Surging online grocery sales 20% + CAGR

Customer Challenges

New regulatory frameworks

Complex cold-chain requirements

Food safety and quality assurance

Sustainable packaging

Insulative Packaging	Case Ready Packaging

Automated Fulfilment

Traceability

• Cold Chain Management

Future

of Grocery

Home

Delivery

© 2019 Sealed Air | 13

Capital Allocation Strategy; Invest in Profitable Growth & Productivity

Generate strong margins, ROIC and Free Cash Flow conversion

Investments

High-growth geographies, markets, products and technologies

"Automated" acquisition completed August 1, 2019

Digital platforms for customer service, automation & growth

Sustainable solutions & geographic expansion

Convert rigid container to flexible packaging

Digital printing process technology

Expanded integrated fabrication and design capabilities with acquisitions of Austin Foam in 2018 and Fagerdala in 2017

2019E Capital expenditures ~ $210 M (~ 4% of Net Sales)

Exceed our profitable growth & ROIC targets

Investing in breakthrough processes and automation

Return Capital to Shareholders

Share Repurchase

Repurchased 1.56 M shares ($67 M)

from January 1, 2019 through June 30, 2019 $708 M remaining under current authorization

Dividends

Cash dividend $25M in Q2 2019 ($0.16 per share)

FCF Conversion Rate* Target	~ 40 %
Net Debt / Adj. EBITDA Ratio Target	3.5x - 4x
2019 E Net Debt / Adj. EBITDA Ratio	3.8x

* FCF Conversion Rate defined as Free Cash Flow / Adj. EBITDA, excluding restructuring

© 2019 Sealed Air | 14

2019 Outlook

Executing Reinvent SEE and integrating Automated Packing Systems acquisition

Net Sales	Adj. EBITDA	Adj. EPS	Free Cash Flow
~ $4.85 B	$950 M - $960 M	$2.70 - $2.80	~ $180 M
As Reported: ~ 2 %	As Reported: 7 - 8 %	D&A: ~ ($185 M)	Capex: ($210 M)
Unfavorable Currency: ~ ($130 M)	Unfavorable Currency: ~ ($25 M)	Int. Exp., Net: ~ ($190 M)	Int. Payments, Net: ($190 M)
Acquisitions: $190 M	APS: $10 - $12 M,	Adj. Tax Rate: 26 %	Tax Payments: ($115 M)
Product Care: $180 M	including a one-time inventory
Food Care: $10 M	purchase accounting charge of $6 M	APS: ($0.07) per share	Restructuring: ($115 M)
Constant Dollar Growth: ~ 5 %		Diluted Shares: 155 M	Novipax Settlement: ($59 M)
Product Care ~ 7%
Food Care: ~ 4 %			APS Deferred Incentive Comp: ($20M)

© 2019 Sealed Air | 15

The 4P'SSMof Reinvent SEETM

Increasing efficiency, unleashing growth, creating value

Performance: World-class

Drive growth above markets we serve

Industry leading margins with 40%+ operating leverage

ROIC 15%, invest capital > cost of capital

People: High performance culture

Develop, retain and attract the best and brightest

Recognizing employees who save our customers the most money

Power of acting as One SEE

Products: Best products, right price, make them sustainable

Processes: SEE Operational Excellence

Zero Harm, on-time every time, productivity > inflation, flawless quality

Eliminate waste, simplify process, automate, remove people from harm

Easy to do business with, make every customer a reference

Sustainability: Making our world better than we found it

Sealed Air ®

My Sealed Air

SEEAcademy

SEEBusiness System

SEESmart Service	SEE OpEx
SealedAir.Com	SEEAutomation

We are in business to protect, to solve critical packaging challenges, and to leave our world better than we found it

© 2019 Sealed Air | 16

We are in business to protect,

to solve critical packaging challenges,

and to leave our world better than we found it.

© 2019 Sealed Air | 17

Q2 2019 YoY Regional Sales Performance

Constant dollar +4%, led by growth in North America and South America

	*North		Europe,
		Middle East		Asia		South
	America		& Africa		Pacific		America
As reported % Change	4 %	- 6 %	- 4 %	2 %
Constant Dollar % Change	4 %	- 0.3 %	1 %	30 %
% of Sales	59 %	21 %	15 %	5 %

Q2 2019 Net Sales: $1.2 B

As reported % Change: + 1 %

Constant Dollar % Change: + 4 %

* North America includes U.S. Canada, Mexico and Central America

19

H1 2019 Regional Sales Performance

Constant dollar +4%, led by growth in North America and South America

	*North		Europe,
		Middle East		Asia		South
	America		& Africa		Pacific		America
As reported % Change	3 %	- 7 %	- 4 %	- 3 %
Constant Dollar % Change	4 %	- 0.4 %	2 %	27 %
% of Sales	59 %	21 %	15 %	5 %

H1 2019 Net Sales: $2.3 B

As reported % Change: - 1 %

Constant Dollar % Change: + 4 %

* North America includes U.S. Canada, Mexico and Central America

© 2019 Sealed Air | 20

2019 YoY Sales Trends

North America and South America volume growth led by strength in Food Care

	As Reported		Constant $		Volume (%)
	Growth (%)		Growth (%)		Excl. Acq.
	Q1	Q2		Q1	Q2		Q1	Q2
Food Care	(2)	(0.3)	3	4	0.4	2
Product Care	(0.5)	2	2	4	(4)	(3)
Sealed Air	(2)	1	3	4	(1)	1

North America	2	4	3	4	(2)	2
EMEA	(9)	(6)	(1)	(0.3)	(1)	(1)
Asia Pacific	(3)	(4)	3	1	0.3	(4)
South America	(7)	2	25	30	(0.1)	5
Sealed Air	(2)	1	3	4	(1)	1

Price (%)

Q1 Q2

3 1

1 1

• 1

• (0.4)
• 0.3

0.1 0.1

25 25

2 1

21

Total Company Q2 2019 Net Sales & Adj. EBITDA

Constant dollar Adj. EBITDA up 12% on 4% sales growth

($ millions)				+1% Net Sales
									30
					5	12					1,161
1,155
							Constant Dollar +4%	-41
	Q2 2018	Volume	Price	Acq.	FX	Q2 2019

					+9% Adj. EBITDA
				17	1
										237
				19
										237
													20.4% Margin
	218			-12
1			-7
	218
	18.8% Margin

Constant Dollar +12%

Q2 2018

Volume

* P/C Spread * Restr. Savings

Acq.

* Oper. Costs

FX

Q2 2019

* Reinvent SEE benefits include: $8 M P/C Spread, $17 M Restructuring Savings, $27 M Operating Costs

© 2019 Sealed Air | 22

Total Company H1 2019 Net Sales & Adj. EBITDA

Constant dollar Adj. EBITDA up 11% on 4% sales growth

($ millions)							-1% Net Sales
																55
												37
2,286															2,274
								-11													-93
												Constant Dollar +4%
					H1 2018		Volume		Price				Acq.	FX	H1 2019
													+7% Adj. EBITDA
												29	1
								41										453
																											453
	422																					-18					19.9% Margin
	422																								-17
	18.5% Margin

-5

Constant Dollar +11%

H1 2018

Volume

* P/C Spread * Restr. Savings

Acq.

* Oper. Costs

FX

H1 2019

* Reinvent SEE benefits include: $14 M P/C Spread, $29 M Restructuring Savings, $32 M Operating Costs

© 2019 Sealed Air | 23

Food Care Q2 & H1 2019 Net Sales & Adj. EBITDA

Constant dollar Q2 Adj. EBITDA up 19% on 4% sales growth

																										($ millions)
					-0.3% Net Sales												-1% Net Sales
		17	9	3										20	30	3
											1,409
713									711										1,391
					Constant Dollar +4%	-31														-71
																Constant Dollar +4%
Q2 2018 Volume	Price	Acq.	FX	Q2 2019		H1 2018 Volume	Price	Acq.	FX	H1 2019
					+15% Adj. EBITDA												+11% Adj. EBITDA

			10		2		156				17				299
							21.9% Margin
		8					156			26		-0.3			21.5% Margin
135	6		-0.3		-5		270				-7		299
				6				-13
19.0% Margin								19.2% Margin
135								270
		Constant Dollar +19%					Constant Dollar +15%
Q2 2018	Volume	P/C	Restr.	Acq.	Oper.	FX	Q2 2019	H1 2018	Volume	P/C	Restr.	Acq.	Oper.	FX	H1 2019
		Spread	Savings		Costs					Spread	Savings		Costs	© 2019 Sealed Air | 24

Product Care Q2 & H1 2019 Net Sales & Adj. EBITDA

Constant dollar Q2 Adj. EBITDA up 9% on 4% sales growth

($ millions)

+2% Net Sales

+1% Net Sales

			26		450	877			52		883
442		2		-9		7		-22
	-11						-31
		Constant Dollar +4%					Constant Dollar +3%
Q2 2018	Volume	Price	Acq.	FX	Q2 2019	H1 2018	Volume	Price	Acq.	FX	H1 2019

+7% Adj. EBITDA

+1% Adj. EBITDA

		11	7	1			84	157			11	1			159
							15
							18.7% Margin								18.0% Margin
79							84	17.9% Margin
17.8% Margin					-8	-2		157					-9	-4
79
	-4								-12
		Constant Dollar +9%						Constant Dollar +4%
Q2 2018	Volume	P/C	Restr.	Acq.	Oper.	FX	Q2 2019	H1 2018	Volume	P/C	Restr.	Acq.	Oper.	FX	H1 2019
		Spread	Savings		Costs					Spread	Savings		Costs		25

Free Cash Flow

Solid H1 cash generation

($ millions)	Six Months Ended June 30,
	2019	2018
Adjusted EBITDA
	453		422
Interest payments, net		(86)	(86)
Payments for Diversey and stranded costs		-	(33)
Reinvent SEE, restructuring & assoc. payments	(49)	(4)
Tax payments		(29)	(97)
Net change in working capital(1)		(63)	(58)
Other Assets/Liabilities		(57)		(107)
Cash flow provided by operations		169	37
Capital expenditures		(94)	(74)
Free Cash Flow		75	(37)

(1) Includes cash used in/provided by trade receivables, inventory, net and accounts payable

26

U.S. GAAP Summary & Reconciliations

Net Sales

Pre-tax Earnings from Continuing Operations

Net Earnings/(Loss) From Continuing Operations

EPS From Continuing Operations

Effective Tax Rate

Operating Cash Flow

($ millions)

U.S. GAAP Net earnings (loss) from continuing operations

Interest expense, net Income tax provision

Depreciation and amortization, net of adjustments Special items

Restructuring and other charges Other restructuring associated costs

Foreign currency exchange loss due to highly inflationary economies Charges related to the Novipax Settlement Agreement

(Income) charges related to acquisition and divestiture activity Loss (gain) from class-action litigation settlement

Other Special Items Pre-tax impact of Special Items

Non-U.S. GAAP Total Company Adj EBITDA from continuing operations

Three Months Ended Jun. 30,	Six Months Ended Jun. 30,
2019		2018		2019	2018
$1.2 billion	$1.2 billion	$2.3 billion	$2.3 billion
$37.8 million	$116.8 million	$132.5 million	$230.3 million
$25.5 million	$83.3 million	$89.8 million	$(124.7) million
$0.16	$0.52	$0.58	$(0.77)
32.5%	28.7%	32.2%	154.1%
$104 million	$70 million	$169 million	$37 million
Three Months Ended Jun. 30,	Six Months Ended Jun. 30,
2019	2018		2019	2018
25.5		83.3	89.8		(124.7)
43.2		44.5	88.1		86.5
12.3		33.5	42.7		355.0
38.0		40.7	78.2		80.9
29.3		7.1	36.7		15.7
21.3		(0.4)	38.0		1.8
1.3			-	2.1			-
59.0			-	59.0			-
(0.5)		7.0	3.2		17.8
	-	0.1		-	(12.6)
7.3		1.7		14.7			1.9
	117.7			15.5		153.7			24.6
							452.5			422.3
236.7		217.5

© 2019 Sealed Air | 27

U.S. GAAP Summary & Reconciliations

($ millions, except per share data)

U.S. GAAP net earnings (loss) and diluted EPS from continuing operations

Special Items

Non-U.S. GAAP Adjusted net earnings and adjusted diluted EPS from continuing operations

Weighted average number of common shares outstanding - Diluted

	Three Months Ended Jun. 30,							Six Months Ended Jun. 30,
	2019		2018				2019			2018
Net			Diluted		Net	Diluted				Net	Diluted		Net	Diluted
Earnings			EPS		Earnings	EPS				Earnings	EPS	(Loss)Earnings	EPS
$ 25.5	$ 0.16	$ 83.3		$ 0.52		$ 89.8			$ 0.58	$ (124.7)	$ (0.77)
99.8	0.64	19.1		0.12		127.7			0.82	312.5	1.92
$ 125.3	$ 0.80	$ 102.4		$ 0.64		$ 217.5			$ 1.40	$ 187.8	$ 1.15
	155.3				160.6								155.3			162.5

($ millions)	Jun. 30, 2019
(unaudited)
Total debt	$ 3,588.6
Less: cash and cash equivalents	(222.2)
Net Debt	$ 3,366.4

© 2019 Sealed Air | 28

ROIC Calculation

Q2 2019 Trailing Twelve Months
Adjusted EBITDA (Non-GAAP)	$ 920 M
Less: Depreciation and Amortization	(156 M)
Adjusted Operating Profit	764	M
Adjusted Tax Rate (Non-GAAP)	26%
Tax on Adjusted Operating Profit	(199 M)
Net Adjusted Operating Profit After Tax	$ 565M
One-year average (Q2 '19 and Q2 '18)
Book value of Equity	$ (357 M)
Current and Long-Term Debt	3,462	M
Other Long-Term Liabilities	660	M
Less: Non-Operating Assets*	(202 M)
Total Capital	$ 3,563	M
Return on Invested Capital	16%

* Primarily represents cash balance

© 2019 Sealed Air | 29