1991: $15.

3 million
1992: $15.3 million
1993: $19.6 million
1994: $26.2 million
1995: $34.0 million
1996: $26.3 million
1990: $7.0 million
1991: $8.0 million
1992: $9.0 million
1993: $10.5 million
1994: $12.0 million
1995: $12.5 million
Exhibit 5 Excerpts From the Financial Statements of Sealed Air Corporation for Fiscal Years Ended
December 31 ($ in millions)

1989 1988 1987

Selected Income Statement Data
Net sales Cost of sales $385.0 $345.6 $302.7
Gross profit (250.5) (230.2) (199.3)
Net earnings 134.5 115.4 103.4
0.349350649 0.333912037
EBIT (Earnings before interest and taxes) 7.2 25.3 20.5
EBDITA (Earnings before depreciation, interest,
taxes, and amortization) 53.7 43.6 36.1
"Cash" EBDITA 69.9 56.5 48.2

(EBDITA adjusted for the effects of all noncash

revenues and expenses) 74.7 59.3
Cash Flow Data
Interest outlays (net) (17.1) (1.7)
Income tax outlays (12.9) (14.3)
Capital expenditures (net) (13.4) (20.5)
Proceeds from borrowings 306.7 —
associated with the leveraged recapitalization
Dividend received from subsidiaries 5.6a —
Cash dividends paid to stockholders (329.8) (4.7)
Financing fees (20.9) —
Proceeds from other long-term borrowings 3.5 7.8
Total principal repayments (38.1) (8.5)
Proceeds from the sale of short-term
investments 28.9 (5.6)

a
As a part of financing the $40 special dividend to Sealed Air's common stockholders, the company's subsidiaries borrowed and
paid the net proceeds to the parent company in the form of a special dividend of $5.6 million.

1989 1988 1987

Selected Balance Sheet Dataa

Cash 25.5 28.1 25.9

Short-term investments — 27.0 20.7
Receivables 58.8 58.1 48.3
Inventories 25.9 36.2 31.3
Prepaid expenses 2.0 1.7 1.1
Long-term Assets:
Property, plant, and equipment (net) 85.1 83.7 78.5
Patents and rights (net) 7.4 7.6 5.4
Deferred financing costs 12.9b — —
Other assets 12.6 14.9 17.0
Total assets $230.2 $257.3 $228.2

Current Liabilities:
Notes payable 4.6 9.7 10.1
Current portion of long-term debt 4.9 4.8 3.3
Accounts payable 21.6 24.4 21.6
Accrued interest 12.7 0.2 __
Other accrued liabilities 24.9 21.2 18.3
Income taxes payable 8.2 5.1 4.3
Long-term Liabilities:
Long-term debt (less current portion) 301.6C 19.0 21.0
Deferred credits 12.2 10.6 8.5
Shareholders' equity: (160.5) 162.3 141.1
Total liabilities and shareholders' equity $230.2 $257.4 $228.2
a
Balance sheet data were modified slightly from the original to undo the effect of currency translation on cash balances.

b
In financing the special dividend, the company incurred expenses of $20.9 million. Of this amount, $6 million was charged to
1989 income as an expense and the rest was capitalized as an asset. Also in 1989, $2 million of amortization expense associated
with this asset was charged to income, hence the net asset amount of $12.9 million.

c
Includes $110.4 million in borrowings under the senior secured credit agreement, $170 million in senior notes, and $26.1 million in
other long-term debt, less current portion of $4.9 million.
0.165511

0.237168

0.259696
 1989 1988 1987
Gross profit (250.5) (230.2) (199.3)
Inventories 25.9 36.2 31.3
% of total assets 11% 14% 14%
Inventory Turnover 9.7 6.4 6.4
Property, plant, and equipment (net) 85.1 83.7 78.5
Total assets $230.2 $257.3 $228.2
% of total assets 37% 33% 34%

Million $
10-yr suborddinated notes 170
Senior secured bank credit 136.7
Dividend from subsidiaries 5.6
Short term investments/ liquidated cash 15.7
Total 328

Date Stock Price Market Value Special Dividend

March 27,1989 45.875 378.239375 0
April 28,1989 50.5 416.3725 0
May 11, 1989 50.75 418.43375 0
May 13, 1989 12.5 103.0625 329.8
Ending of 1989 20.375 167.991875 329.8
 1989 1988
Cash 25.5 28.1
Short term investment 27.0
Deferred financial costs 12.9 0
Other assets 191.8 202.3
Total assests 230.2 257.4
Liabilities 311.1 33.5
Equity -160.5 162.3
Others 79.6 61.6
Total liablities and equity 230.2 257.4

Total value
378.239375
416.3725
418.43375
432.8625
497.791875