The year 2003 reflected the strength of Sealed Air’s global organization and the value of our longstanding commitment to continuous  improvement in our business. We achieved record net sales in 2003 by leveraging our global reach, which now encompasses operations in  50 countries. During the year, Sealed Air completed a significant  recapitalization that we expect will provide ongoing benefits for our business and our stockholders. We invested in three new manufacturing facilities to meet the growing needs of our customers. Moreover, we continued to make a difference in our business and in our world through our products and through our World Class Manufacturing initiatives. Our net sales increased 10% for the year, which helped us to meet our diluted earnings per common share expectations for 2003. In fact, we achieved new quarterly sales records in each of the last three quarters of the year. Although the positive effects of foreign currency translation were a significant part of our growth in net sales for the year, every region of our business delivered a positive contribution to growth even excluding the currency effects.  Sealed Air’s food packaging segment benefited from our global  operations, as well as strong results in our strategic growth programs. Overall, Sealed Air’s food packaging segment sales increased 12%, or 5% excluding the effects of foreign currency translation, which helped drive an 11% increase in operating profit for the food segment in  2003. Our leadership position in the global case ready packaging and vertical pouch packaging markets as well as the strength of our global perishable food packaging business helped contribute favorably to the growth of the food packaging segment in 2003.  1 We achieved record net sales in 2003  by leveraging our  global reach, which  now encompasses  operations in  50 countries. Dear Fellow Stockholders