Sealed Air : Q2 2021 Sealed Air Earnings Conference Call Presentation

Sealed Air 2021 Second Quarter Earnings

August 3, 2021

Conference Call Supplement (Unaudited Results)

Ted Doheny, President & CEO

Chris Stephens, SVP & CFO

Lori Chaitman, VP Investor Relations

Safe Harbor and Regulation G Statement

Forward-looking Statements

This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 (including the SEE Operating Model), expectations regarding the results of restructuring and other programs, expectations regarding the results of business strategies and transformations, 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. 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. For information about some of those risks and uncertainties, see 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 speaks only as of the date on which it is made, and we undertake no obligation to publicly update such statement.

Non-U.S. GAAP Financial Measures

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 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 3, 2021 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. Values in this presentation are approximate due to rounding. Additionally, the individual components of bridges or the individual quarterly components presented in the current or prior quarter earnings presentation may not sum to the full year amount due to rounding.

Website Information - Please visit our website Sealedair.com

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.

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Q2 Financial Results

Strong sales & productivity gains offset by dramatic cost inflation & supply disruptions

Net Sales $1.3B; +15%, +11% constant dollar

Adjusted EBITDA $263M; +1%

Adjusted EPS $0.79; +4%

Free Cash Flow $102M vs $129M in H1 2020

Raising 2021 Net Sales & Adj EPS Outlook

SEE Operating Engine Delivering

© 2021 SEE | 4

SEE Operating Model

Organic Sales

Adjusted EBITDA ($M)

3 - 5% growth

						Earnings
			1,120 - 1,150		Adjusted EBITDA 5 - 7% growth
			1,051			Operating Leverage ∆ P / ∆ G 1 >30%
					Earnings per Share
		965
					Adjusted EPS >10% growth
	890
					Cash Generation
833
2017	2018	2019	2020	2021E	2024E	>50% Free Cash Flow conversion 2
ROIC > WACC

Automation, Digital & Sustainability Driving 2021 Growth & Beyond

SEE Operating Engine generating earnings power to fuel growth

1 Operating Leverage (Profit / Growth ratio) YoY change in Adj EBITDA / YoY change in Net Sales

2 FCF Conversion: Free Cash Flow / Adj EBITDA

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