have always done, Sealed Air will continue to invest to support the growth of our customers around the world. The theme of this year’s annual report is “making a difference in our business and in our world.” In the pages that follow, we highlight a few of our many products and some examples of the people and projects under our World Class Manufacturing (WCM) initiative that bring real value to our customers, our business and our world. At Sealed Air, we are convinced that leadership in our products and our business goes hand-in-hand with making a positive difference in our world. In an environment of high petrochemical-related costs and the ever- increasing cost of doing business, our commitment to WCM provides the means for productivity improvement to help offset these costs.  All of us at Sealed Air will continue to drive productivity improvement  in 2004 using the tools of WCM to help deliver value to our customers and our business.  We remain focused on making a difference in our business every day — making a difference to bring value to our customers, employees and stockholders and to our world. We are confident in our long-term  outlook and in our positioning. On behalf of the nearly 18,000 employees  of Sealed Air, I thank you for your support in 2003 and your commitment in 2004 and beyond.  William V. Hickey President and  Chief Executive Officer Sealed Air Corporation William V. Hickey President and Chief Executive Officer 4