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                Sealed Air: Announces Expectations for Earnings


July 5, 2000

Contact:  Mary A. Coventry
          J. Ryan Flanagan
          201-791-7600



                SEALED AIR ANNOUNCES ITS EXPECTATIONS FOR
                  EARNINGS FOR THE SECOND QUARTER 2000
                                    

     SADDLE BROOK, N.J., July 5, 2000 - Sealed Air Corporation (NYSE-SEE)
announced today that it now anticipates that its second quarter earnings
per common share will be at least 5% above its second quarter 1999
earnings of $0.44 per common share, assuming in each case full conversion
of the Company's preferred stock.  The Company expects the increase in
second quarter earnings per common share to be adversely affected by
sharp increases in the costs of certain resins used to produce its
packaging products.   The Company estimates that, during the second
quarter, these costs increased more than 25% over the second quarter of
1999 and approximately 10% over the first quarter of 2000.

     The Company noted that this recent spike in raw materials costs has
led to a short-term reduction in the Company's earnings per common share
growth.  The Company's initiatives to achieve continuing operating
improvements together with the realization of the Company's announced
price increases should mitigate the effect in the third quarter of these
raw material cost increases.  The Company also noted that sales volumes
continue to grow as expected in the mid- to high-single digit range and
that operating expenses continue to meet expectations.  The Company said
that it now anticipates that earnings per common share growth for the
full year 2000 will be in excess of 10% compared with 1999, assuming in
each case full conversion of the Company's preferred stock.  The Company
does not expect that its recently announced offer for Dolphin Packaging
plc will have a material effect on its 2000 operating results.

     Sealed Air is engaged primarily in the manufacture and sale of a
complementary line of food, protective and specialty packaging materials
and systems.  To view the Company's latest financial news online via the
World Wide Web, visit http://www.cfonews.com/see.

Certain statements made by the Company in this press release are forward-
looking statements.  These statements include comments as to the
Company's beliefs and expectations as to future events and trends
affecting the Company's business.  These forward-looking statements are
based upon management's current expectations concerning future events and
trends and are necessarily subject to uncertainties, many of which are
outside the control of the Company.  The factors stated under the heading
"Forward-Looking Statements" in Management's Discussion and Analysis of
Results of Operations and Financial Condition, which appears in the
Company's  Quarterly Report on Form 10-Q for the quarter ended March 31,
2000, could cause actual results to differ materially from such
statements.

End