Your Guide to the Sealed Air Stakeholder Pension Plan

Taking care of your future

Planning for our future, particularly retirement, presents us with some of the most important decisions of our lives.

It has been made clear to all of us in recent years, that to be able to provide an adequate level of financial security for our families and ourselves when we retire, we need to be planning for our retirement throughout our working lives.

At Sealed Air we support you in planning for your future by contributing to the Sealed Air Stakeholder Pension Plan (the Plan).

The Plan has been created to help you maximise your investments for retirement and gives you the flexibility to increase and manage your investments throughout the different stages of your working life.

This guide explains the benefits the Plan can provide for you in your retirement and I would urge you to read it carefully.

Pension Quality MarkThe Company is pleased to advise that the Sealed Air Stakeholder Plan has been awarded the National Association of Pension Funds’ Quality Mark (PQM) as it meets their high standards in relation to the contribution basis, governance and member communication.

If you have any questions concerning the Plan please ring the Friends Life Pensions Helpline number 0345 602 9221 or contact your HR Business Partner for further information.

Yours sincerely

Lynette Brown

October 2016

Note: details of the Plan are correct as at the time of going to press in 2016. The Company reserves the right to update the Plan rules as and when appropriate, including any necessary changes as a result of future legislative requirements.

Taking Care of Your Future

Your Guide To The Sealed Air Stakeholder Pension Plan

ContentsIntroduction 4

An Overview of the Plan 5

Life Assurance & Death Benefits 5

Ill Health Benefits 7

Joining The Plan 8

Benefits 10

Contributions 11

Investments 12

Investment Options 14

State Benefits 18

Additional Information 19

Imagine this:

You’re at retirement. You’ve spent the last 45 years of your life working hard. You want to sit back, enjoy retirement and fulfil your retirement ambitions. Now consider these two scenarios:

1. You receive the information from all your pension arrangements and it becomes clear that you are not going to have enough income to enjoy retirement; or

2. During your working life, you planned for your retirement. You know you have saved enough so that your retirement income is going to be sufficient for you to enjoy your retirement.

Which of these two positions do you want to be in?

Being in a healthy financial position is important to us all, both now and in the future. The Sealed Air Group (the “Company”) recognises the importance of helping you to save for retirement. The Sealed Air Stakeholder Pension Plan (the “Plan”) provides a way for you to plan for your retirement, through a core Company contribution and additional matching contributions as well as providing valuable benefitsfor your family in the event of your death. The Plan is designed to provide a ‘core’ level of contributions to all employees who choose to join the plan whilst allowing those who wish to save more, the ability and flexibility to do so.

There are some key advantages to joining the Plan:

• You will benefit from core Company pension contributions• The basic cost of membership is set at a modest level• Pensions operate and accumulate in a favourable tax environment (although may be subject to future

legislation changes)• You may not find that the level of pension income provided by the State based on your National

Insurance Contribution record is sufficient• Life Assurance & Death Benefits for your family will be increased

This guide explores the Plan and explains how it works. It also identifies your options and some considerations you need to take into account as well as the benefits provided. This guide is supported by the accompanying information pack from Friends Life. This guide does not provide financial advice and you are recommended to seek financial advice from an appropriate firm that is authorised by the Financial Conduct Authority. The Friends Life Contract governing the Plan will prevail in the event of any inconsistency.

Introduction

Will I have enough money when I retire?

What Is The Sealed Air Stakeholder Pension Plan?

The Plan is a simple and generally tax efficient means of saving for retirement. Your Plan is a contract between you and the Plan provider, Friends Life, which has been set up through the Company to obtain better terms.

You can choose where you wish to invest

• Your contributions are put into your choice of investments until retirement• You can choose from a range of investment funds covering all the main asset classes

You choose your retirement options

• The benefits you get on retirement depends on the value of your account • The money in your account can be used to provide retirement income

Protection in the event your death

• The full value of your account will be used to provide benefits for your beneficiaries• In addition your beneficiaries will receive a lump sum from the Life Assurance Plan if you die while

employed by the Company.

Death before retirement

1. The Stakeholder Plan benefit

The full value of your Stakeholder Plan will be used to provide benefits for your beneficiaries. The rules governing the Plan give Friends Life the discretion to decide the beneficiaries. However, you can nominate who you would like to receive the value of your Plan and you can change your nomination if you wish. Please ensure that you complete a Nomination Form when you join the Plan. Your Nomination Form will be taken into account by the provider in deciding who should receive the benefit, but it is not binding. This arrangement ensures that any lump sum paid out is free from inheritance tax (under current law). Remember that as your personal circumstances change you should ensure that your Nomination Form is updated.

Overview of the Plan

Life Assurance & Death BenefitsWill my family be financially secure in the event of my death?

Death before retirement

2. Additional Company benefits

In addition, the Company provides the following lump sum benefits in the event of your death before retirement while employed by the Company.

• As an active and contributing member of the Plan: Auto-enrolled employees from 1st January 2016, 2 x your pensionable earnings

• All other members 4x your Pensionable Earnings• As a non-member of the Plan: - 1 x your Pensionable Earnings• Members of the Plan who joined the Stakeholder plan or or before 1st October 2013 may have up to 7x

Pensionable Earnings but this additional benefit is limited to those employees only.

The lump sums detailed above are subject to the limits set out below. They are provided under the Life Assurance Plan, rather than the Sealed Air Stakeholder Plan and have been included in this guide for information only. Members are asked to complete an Expression of Wish Form for this benefit. This informs the Trustee who they wish to receive the benefits due in event of their death.

If we assume that at the date of death:• Your Plan value is £50,000• Your Pensionable Earnings were £30,000

Any lump sum will be tax free as long as it is within the limits set by the Lifetime Allowance (£1. million for 2016/2107 tax year. For further information on the Lifetime Allowance, please refer to page 11.

Any lump sum payment in excess of the Lifetime Allowance will be subject to tax at your Dependant’s marginal rate.

Life Assurance & Death Benefits

Example of Death Benefits

Will my family be financially secure in the event of my death?

1. Value of your Pension Plan £50,000

2. Life Assurance Non Member £30,000 x 1 = £30,000

Auto Enrolment Member £30,000 x 2 = £60,000

Other members £30,000 x 4= £120,000

What will I earn if I am too ill to work?

The Company has arranged a separately insured Group Income Protection Policy to cover periods of long term illness and/or disability. You are only eligible to benefit from this protection as a contributing member of the Plan.

Income protection provides you with access to long-term ill-health and disability cover to supplement the State Incapacity Benefit. After 28 weeks of continuous absence, this benefit provides you with upto two thirds of your basic salary. This is payable for a period of up to three years. During this time, your situation will be regularly reviewed.

The amount of benefit you are eligible to receive will depend on your own contributions to the pension plan.

Your benefit is only payable to the extent that it is covered under the terms of the policy and issubject to satisfactory medical evidence. Full terms and conditions of the Group Income Protection are available from your HR Business Partner.

Ill Health Benefits

Employees Pension Contribution Amount of Benefit as a % of basic salary

1 0

2 50%

3 60%

4 66.6%

It’s this simple – if you are on the Company’s payroll then you have the option to join the Plan. There is no minimum age requirement and no minimum service requirement.As an employee of the Company you will, therefore, need to decide whether or not to join the Plan. Please note from 1st October 2013, if you are not a plan member and meet a certain criteria, you willautomatically be enrolled into the Plan (see Auto-enrolment section below).

Are there any restrictions on joining the Plan?

The eligibility conditions are subject to you being resident in the UK during the tax year in which you join the Plan. If you are an expatriate, please refer to the separate Pension information available from your HR Business Partner.

How do I join?

You should firstly make sure you have read this guide and the accompanying pack to help you understand your options as well as the benefits provided by the Plan.

You should also ensure that you have made appropriate plans to achieve your retirement goals – that means will your level of saving be sufficient? Is your investment strategy appropriate?

Once you are comfortable with how to proceed, you should complete the Application Form and return it to your HR Business Partner to ensure that your contributions are deducted from the next payroll run.

If you require any further information, or have any queries, please contact either Friends Life helpline0345 602 9221 or your HR Business Partner.

You become a member of the Plan once the first contribution is received and you receive your policy documents from Friends Life.

Opting Out

Once you have joined the Plan, you may opt out at a later date.

Auto Enrolment

As part of the Government’s initiative to get people to save for their retirement, with effect from 1st October 2013, the Company has a legal duty to enroll all eligible employees into a pension scheme. If you are aged between 22 and State Pension Age, work or ordinarily work in the UK and have earnings over the specified threshold currently £10,000 (2016/2017) and if you have not already joined the pension scheme you will be automatically enrolled into the Sealed Air Stakeholder Pension Plan which is provided by Friends Life. Further detail will be provided to you at the time you are enrolled by Friends Life.

Joining the Plan

Important notice You need to think very carefully before opting out of the Plan. Opting out means that you will receive no further Company contributions to the Plan,nor will you be entitled to income protection benefits if you fall ill. Further your Dependants will receive less protection in the event of your death whilst in employment with the Company.

Not joining or opting out

If you decide not to join or opt out of the Plan, please remember the following:

• The Company will not contribute to another pension arrangement on your behalf• Your Dependents will receive lower benefits if you die while working for the Company• You will not be entitled to income protection benefits if you are unable to work on medical grounds

Joining at a later date

If, at a later date, you change your mind and wish to join or rejoin the Plan, you may be able to do so.. However, please note that conditions may be attached to membership, and you may be asked to complete a medical questionnaire. In addition if you opt out you will automatically be re-enrolled (usually every 3 years).

Pension Exchange

Contributions to the Plan are payable through Pension Exchange. The main benefit of participating in Pension Exchange is that you pay lower National Insurance (NI) contributions.

Pension Exchange works as follows:

• You do not pay any employee pension contributions from your pensionable salary• The Company pays an amount directly into the Plan equal to the value of your contributions instead

together with the normal Company contribution.• The Company then reduces your pensionable salary by an amount equal to your employee

contributions.• This means that you pay less NI, so your take-home pay will increase.• The Company will keep a record of your salary before Pension Exchange. This will be used for all

salary related calculations such as pay reviews, overtime and bonuses, so they are not affected. It will also be the amount used in any personal letters issued by the Company on your behalf (for example, loan applications and job references).

Pension Exchange will apply automatically to all regular monthly contributions that you elect to pay into the Sealed Air Stakeholder Pension Scheme. Pension Exchange also means that you will receive the full tax relief you are entitled to at source so higher rate taxpayers do not need to make reclaim via their tax return.

As a member of the Sealed Air UK Stakeholder Pension Scheme you can amend your contribution rate at any time. Please contact your HR Business Partner or the payroll team to notify them of any changes.

Please contact the HR Team if you require any further information.

BenefitsWhat will I get when I retire?

The minimum retirement age at which employees may first draw their benefits is age 55.

When you do retire, the full value of your account is used to provide benefits. There are a number of options available to you in respect of your benefits at retirement, but you do not have to decide on those options until you retire.

The level of benefits you receive will depend on the investment returns earned on the Company’s andyour contributions after the deductions by the provider in respect of charges and how you choose to take your benefits at retirement.

At retirement you will be able to take up to 25% of your account, within the Lifetime Allowance, as tax free cash. You then have options on how you wish to take the remainder of your account which can be available from either Friends Life or by transferring to another provider:

• Taxable lump sum payments – in addition to taking up to 25% of the value of your total pension account as tax free cash you may elect to take taxable lump sum withdrawals which should be subject to your marginal rate of tax.

• A pension - you may elect to use your account to buy a pension (known as an annuity) from an insurance company of your choice. Different companies will charge different amounts for the same pension account so it pays to shop around.

• Drawdown – as an alternative to buying a pension, you can withdraw money from your account with the provider of your choice. This is known as flexible drawdown.

In some circumstances you may wish to defer the purchase of your pension benefits, subject to HM Revenue & Customs requirements.

What happens to my pension if I leave the Company?

If you leave, you will have the following three options for your plan:

• You can choose to transfer the value of your Plan to another personal or Stakeholder pension plan, or to your new employer’s pension plan (subject to approval from the new employer’s plan Trustees).

• You can leave your Plan where it is. Its value will continue to reflect the underlying value of the units of the fund(s) in which it is invested. You can use the accumulated value of your Plan to buy pension benefits when you retire, in the same way as if you had not left.

• You can leave your Plan with Friends Life and continue to make your own contributions to your plan.

Please note that, on leaving, the Company’s contributions will cease but the terms negotiated on your behalf will remain the same. However, please note that if you transfer your funds into a new pension arrangement (e.g. with a potential future employer) then the terms under the new arrangement are likely to be different.

ContributionsHow much can I save?

1. Provided you satisfy the eligibility requirements, contributions will start on the 1st of the month following receipt by HR of your completed Application Form or from the date you are automatically enrolled into the plan. Contributions will not be backdated.

2. The Company’s contributions will stop when you cease to be eligible, for example when you are no longer an employee of or when you retire. Otherwise the Company will continue to pay employer contributions.

3. Contributions are based on pensionable earnings which is defined as basic pay, plus bonus, commission, shift pay and overtime. Note the bonus definition is the normal annual bonus payment (e.g. AIP, Sales Incentive Plan, local bonus) and does not include profit share plans or long term incentive plan payouts.

4. If you are a legacy Diversey employee who joined the Plan on or prior to 1st April 2010, then the core Company contribution is 8% of your Pensionable Earnings if you pay a 2% contribution. The Company will match any additional contributions on a 2:1 basis up to a maximum additional Company contribution of 4%., so 12% in total, if these employees pay a 4% employee contribution

5. For employees who are Auto enrolled and employees that joined after 1st October 2013 or chose not to join the plan before 1st October 2013, the company will pay 2% of your pensionable earnings and the employee will pay 1%.

6. If you decide to make regular monthly personal contributions of more than 1%, the Company will also match your contribution based on the matrix attached as appendix 1.

For all other employees the employee and employer matching contributions are detailed on the joining form a copy of which you can obtain from the HR department.

Do the contribution rates meet the Pension Quality Mark criteria?

The National Association of Pension Funds’ Pension Quality Mark (PQM) has been awarded to the SealedAir Stakeholder Plan as it meets certain standards across a range of areas, including the contribution basis. Please see Appendix 1 to see the tables explaining the different contribution scenarios available.

Where should I invest my contribution?

Contributions made by you and the Company need to be invested to provide benefits when you retire. The Plan offers you a choice of investment funds and you need to select an investment fund (or funds) into which the contributions will be paid.

Choosing an appropriate investment strategy can seem like a daunting task. However, the information contained in this booklet, together with the accompanying literature, should provide sufficient information to help you make an informed decision.

What are my investment options?

This section is intended to provide you with some helpful tips about how to approach investment planning which we have broken down into the following topics:

• Planning considerations• Risk awareness• Investment Options

Planning Considerations

When you are planning your investment strategy you should think carefully about the following:

• What is your attitude to investment risk? Are you prepared to accept that higher risk investments, which have the potential to provide better returns, are also more likely to fluctuate in value?

• What is the timescale for your investment strategy? If you have a significant time period before your retirement you may be more prepared to accept a higher level of risk (with the aim of benefiting from potentially better returns) as there will be time to recover any drop in the value of your investments. If there is a short period before your retirement, then you may not want to invest in a volatile investment fund as there will be little time to recover any drop in value.

• Do you want all your eggs in one basket? You may feel it is appropriate to construct a diversified investment strategy. A diversified investment strategy could be a variety of funds reflecting different asset classes or investments in different geo- graphical regions.

• What is your commitment to long term management? Investing in pensions is a long term commitment. Are you willing to continually review and manage your investment strategy during the period up to your retirement or would you prefer to adopt a pre- set investment strategy to manage your investments?

• What are the associated costs? Are you concerned that some investment funds have higher charges than others?

Investments

Risk awareness

• This section is designed to heighten your awareness of the various risks that you may face when investing contributions in the Plan. Your retirement benefits are directly linked to the value of your investment account and the cost of converting that capital value into an income at retirement.

• It is important that you are fully aware of the investment risks you face and how these may affect the way in which you invest your account. Different types of risk may be important to you at different times during your working life. The following highlights the main types of risk that you may face:

Inflation Risk

• This is the risk that the value of your account does not keep pace with pay increases and/or price inflation over the term of the investment. So the risk here is that the cost of paying for daily items such as bread and milk could increase at a higher rate than the value of your investment account.

This is most important when you are still many years from retirement.

Capital Risk

• This is the risk that the value of your account falls in monetary terms – in other words, the value of the investments falls due to the negative investment performance of the chosen fund.

• It is important to note that with certain types of investment (particularly equities – i.e. stocks and shares) it is likely that the value will fall at some time during the course of your investment term. However, whilst you may expect the value to fluctuate, you may also expect equities to provide a good return over the long term. It is up to you to decide whether or not you are prepared to take a higher level of risk in order to achieve a potentially higher rate of return.

• The “Capital Risk” is important as you approach retirement, as the capital value of your fund will affect the amount of benefits you receive at retirement. Obviously, the larger your fund, the more you will receive

Pension Conversion Risk

• This is the risk that the value of your account does not reflect changes in the cost of buying a pension income. This risk, therefore, is important as you approach retirement for the part of your account which you may use to buy your pension.

As a member of the Plan, if you wish to make a once-off or single lump sum contribution, please note that the minimum gross single contribution that can be paid to Friends Life is £20. The lump sum is not paid through Company payroll or matched by the Company. All contributions are subject to the Annual Allowance as described below. For further details on how to make lump sum contributions, please contact Friends Life directly.

Please note that the Company reserves the right to cease making Company contributions at any time. In this event, existing members will be entitled to retain their Plan with Friends Life if they wish.

The Plan offers you a choice of funds in which to invest your pension contributions including lifestyle funds. You are allowed to change your investment at any time by switching between funds. Friends Life will not charge you for this facility.

Investment Options

The funds availableWhere should I invest my contribution?

By joining the Plan you would elect for contributions to be invested in a default investment selection, unless you choose an alternative.The Plan has three ways to help you choose and manage your investment selections.1. I do not wish to make a choice – as mentioned above, by joining the Plan, contributions will

automatically be made into the default investment option, unless you choose an alternative. The default option is the FL BlackRock (50:50) Global Equity (Aquila HP) Fund with a 10 year lifestyle option

2. I am interested in a smaller range of funds - a smaller fund range of seven funds (the “core fund range”)is available should you wish to select from a smaller range of investment options.

3. I know what I am doing and want to use to full fund range - you can select from the full fund range which includes around 60 funds.

1. I do not wish to make a choice

The default option is a lifestyle strategy which is designed for those members who do not want to take an active role in managing their investments, but who appreciate that their investment needs will change as they approach retirement.

Choosing the lifestyle programme simply means you are choosing a pre-set strategy at the outset for the life of your plan. Your investments will move automatically between funds according to your age. The programme will aim to: take advantage of potential growth by investing in equities in the early years; and provide additional security as you approach retirement, by reducing investment volatility and using investments that behave in a similar way to the benefits your account will provide.

Up to 10 years before your selected retirement age, the lifestyle strategy initially invests in the FL BlackRock (50:50) Global Equity (Aquila HP) Fund. The Fund invests 50% of contributions in UK equities and 50% in Global equities.

10 years from your selected retirement age, Friends Life automatically switch your investments from the FL BlackRock (50:50) Global Equity (Aquila HP) Fund into a combination of bond and cash funds - the FL BlackRock Corporate Bond Index All Stocks (Aquila HP) Fund, FL BlackRock Over 15 Year Gilt Index (Aquila HP) Fund and FL BlackRock Institutional Sterling Liquidity Fund.

This is shown in the graph opposite

The default lifestyle strategy assumes the member will buy an annuity. Alternative lifestyle strategies are available for those members who wish to take their account as a lump sum or a drawdown benefit.

2. I am interested in a smaller range of funds

A smaller fund range of eight funds (the “core fund range”) is available should you wish to select from a smaller range of investment options. The core fund range and the charges applicable are shown in the table below.

Lifestyle strategy

FL BlackRock Institutional Sterling Liquidity

FL BlackRock Over 15 Year Gilt Index (Aquila HP)

FL BlackRock All Stocks Corporate Bond Index (Aquila HP)

FL BlackRock (50:50) Global Equality (Aquila HP)

3. I know what I am doing and want to use the full fund range

If you are comfortable in making your own investment decisions and investing across a number of funds, you can select from the full fund range which includes around 60 funds. The extended fund range and their associated charges are detailed in the Friends Life fund brochure.If you choose one of the ‘core funds’ or from the full fund range, you may also wish to select a ‘life- style profile’ of 10,5 or 3 years over which your selected funds are moved into lower risk investments automatically.

Member chargesUnder the Plan, you will pay an Annual Management Charge (and any additional investment expenses applicable) which is dependant on the fund you choose to invest in. The AMC for the default option and all the core funds, with the exception of one fund, is 0.30%.Friends Life reserves the right to review the charges at any time. For more information about charges please refer to the Friends Life literature.

Fund name Total Expense Ratio

FL BlackRock (30:70) Currency Hedged Global Equity (Aquila HP) 0.39%

FL BlackRock (50:50) Global Equity (Aquila HP) 0.30%

FL BlackRock World ex UK Equity (Aquila HP) 0.30%

FL BlackRock UK Equity (Aquila HP) 0.30%

FL BlackRock Corporate Bond Index All Stocks (Aquila HP) 0.30%

FL BlackRock Over 15 Year Gilt Index (Aquila HP) 0.30%

FL BlackRock Over 5 Year Index-Linked Gilt Index (Aquila HP) 0.30%

FL BlackRock Institutional Sterling Liquidity 0.30%

Is There A Limit To What I Can Contribute?What are the contribution limits?

There are no limits on the amount of contributions that either you or the Company can pay into a registered pension plan, but there are limits on the tax advantages you can have under a registered plan.

• Individuals can get tax relief on pension contributions up to 100% of their total earnings each year up to the limits set by the Inland Revenue.

• Employers can usually pay contributions into an individual’s pension without any tax liability arising for the individual up to the limits set by the Inland Revenue.

• However, if the total value of your pensions savings under all ‘registered’ plans (which includes contributions paid by you and employers) exceeds the Annual Allowance in that year, you will have to pay tax at your marginal rate. The Annual Allowance is £40,000 in 20016/17. If your adjusted income is £150,000 or more then the Annual Allowance may be subject to tapering. For further information please contact your HR Business Partner in the first instance.

• There is no limit on the amount of benefits an individual can have from a registered plan but every individual has a lifetime pension saving allowance (the ‘Lifetime Allowance’) which is £ 1 million, (2016/17). The ‘Lifetime Allowance’ takes into account pensions savings under all an individual’s registered pension plans so your Lifetime Allowance applies not only to the Plan but also to any other registered pension plans in which you have participated with Sealed Air, Diversey or other previous employers and, any personal or stakeholder pensions or other registered pension arrangements you have or may have in the future. This includes any accrued Defined Benefit pension benefits you may have under the JohnsonDiversey UK Pension Plan prior to 1st April 2010 or the Sealed Air UK Pension Plan if applicable. However, it excludes state pension entitlements and unapproved pensions.

• When benefits are taken from a registered plan, including some lump sums paid on death, this uses up some of the individual’s Lifetime Allowance and when an individual has used up all their Lifetime Allowance any benefits taken in excess of their Lifetime Allowance will be subject to a special tax charge

• 25% of the lump sum value of the benefits within the Lifetime Allowance may be taken as a tax free cash sum at retirement.

Am I entitled to tax relief?

Contributions payable through Pensions Exchange receive full tax relief at source. If you opt out of Pension Exchange you will receive income tax relief at the basic rate (currently 20%) immediately on any contributions you make. If you pay income tax at the higher rate (currently 40%), you can arrange foryour tax coding to be adjusted by the HM Revenue & Customs so that you will effectively receive tax relief at the highest rate of income tax that you pay. It is your responsibility to reclaim tax at the higher rate. Please contact your HR Business Partner if you require further details on how to do this.

For more information about tax relief on pension contributions, please go to the HM Revenue & Customs website at www.hmrc.gov.uk. Or ask your HR Business Partner who can give you more information.

What happens to my pension while on a temporary international assignment?

While you are on a temporary international assignment your Plan will continue to reflect the increases or decreases in the values of investment funds you have selected, and you will be able to continue to manage your Plan online.

Company and employee contributions may be impacted as there are residency requirements for UK pension plans and restrictions on the tax relief available for pension contributions depending on how long you are away. Please contact the HR department for further information.

Leave of absence

The Company will continue to follow the same Company contribution scale during any period of paid leave. Neither the Company nor you are obliged to continue to contribute to the Plan during any period of unpaid leave.

Can I transfer other pension plan assets into the Plan?

Yes. However, if you are interested in transferring benefits it is important that you seek financial advice from an appropriate firm to determine whether or not it is in your best interests to transfer. Please note that neither the Company nor our advisers provide such advice.

State BenefitsDo I receive a Government pension as well?

In addition to the benefits provided by the Plan, you will be entitled to State benefits. Prior to April 2016 there were two different State pensions:

• The Basic State Pension• The State Second Pension (S2P)

For people reaching State Pension Age from 6 April 2016, the two State Pensions above will be replaced by a single flat rate pension equal to £155 per week (2016/17). It typically increases each year by the increase in the Retail Prices Index (RPI). This value may be reduced if you have been contracted out of the state pension for any periods of your employment history.

Additional InformationIndependent Financial AdviceMany people find pensions a complicated subject. You may want to seek independent financial advice to help you make the right decisions. Neither the Company nor Friends Life are able to provide such financial advice. If you require advice, then you should contact an Independent Financial Advisor, but please bear in mind that you may be charged a fee for the advice. Neither the Company nor Friends Life will meet the cost of the advice.

If you do not know a suitable Financial Advisor, then you can contact IFA Promotions who will give you details of an Independent Financial Advisor in your area. Their contact details are:

IFA Promotions Limited

2nd Floor

117 Farringdon Road

London EC1R 3BX Tel: 0800 085 3250

Alternatively you can visit www.unbiased.co.uk or www.financialplanning.org.uk

ComplaintsIf you have any complaints about the service you receive in connection with the Plan, please write to The Pensions Manager UK and Ireland, Diversey UK Services Limited, Weston Favell Centre, Northampton NN3 8PD.

If for any reason you are unhappy with their response to such a complaint, you may be eligible to subsequently complain directly to the Financial Ombudsman Service.

Cancellation RightsYou should read the current literature provided by Friends Life carefully. The literature sets out in full your rights and options under the Plan.

Friends Life allows you 30 days in which to cancel your Plan, as is required by the Financial Services and Markets Act 2000.

If you exercise your cancellation rights, you may not receive a full refund if the value of your Plan investments falls before the cancellation notice is received by Friends Life. The reduction in the refund will be equal to the fall in price of the investments (see Friends Life literature for further details).

Current Law and PracticeSealed Air will communicate and transact business in English. Please note that the law of England and Wales applies to this document. Their relationship with you will be governed by and be subject to English law.

The information given in this document reflects our understanding of HM Revenue & Customs and social security law and practice at the date of issue.

However, the law can change and if it does this may affect the benefit entitlement and the tax positionof any individual. The information relating to Friends Life’s contract is correct as at the date of this guide. However, please contact Friends Life to obtain current literature referred to in this document.

Additional InformationData Protection Act 1998Data relating to you is held for the purposes of administering and operating the Plan and paying benefits under it. Friends Life and the Company have both a legal obligation and a legitimate interest to process the data in accordance with the law. This may include passing on data about you to such third parties as may be necessary for the administration of the Plan.

Friends Life and the Company from time to time are both regarded as “Data Controllers” (for the purposes of the Data Protection Act 1998) in relation to data processing referred to above.

Further informationIf you require any further information about the Plan in general, or your benefits in particular, please contact:

• The Friends Life Helpline: 0345 602 9221• The Website: www.friendslife.co.uk/membersite• Friends Life Contact address: Friends Life & Pensions Ltd United Kingdom House Castle Street

Salisbury, SP1 3SH

Your HR Business Partner.

Pensions helplineEmail: payroll.hr.uk@sealedair.comTaking care of your future

GlossaryCompany: any of Sealed Air Limited, Diversey Limited, Diversey UK Services Limited or Diversey Production Limited

Contributions: Money paid into the Plan by members or the Company to secure benefits.

Dependant(s): A dependant is either:1. A legal spouse2. Someone: who, in the opinion of the Trustee, was at the time of the member’s death, financially

dependent on the member or dependent on the member for long term care; and of whom the member has notified the Trustee, in writing, for example in a special section included on the Expression of Wish Form.

Expression of Wish: Members are asked to complete an Expression of Wish Form. This informs the plan provider who they wish to receive the benefits due in the event of their death.

The Life Assurance Plan: The Plan under which the lump sum death before retirement benefits are payable.

Lump Sum Death Benefit: The amount of money that is payable on the death of an employee member who dies before retirement while in Pensionable Service.

Normal Retirement Age: The normal age of retirement from the Plan is currently set at age 65.

Pensionable Earnings: Pensionable Earnings are defined as your basic pay plus bonus, commission, overtime and shift pay.

Personal or Stakeholder Pensions: An individual pension arrangement set up by an individual person with a pension provider.

State Pension Age: The age when people start to receive the Basic State Pension. It is currently 65 for men and 65 for women born after 5 April 1955. From December 2018 the State Pension age for both men and women will start to increase to reach 66 by October 2020, and to 67 between 2026 and 2028

Notes

Sealed Air Corporation creates a world that feels, tastes and works better. In 2015, the Company generated revenue of approximately $7.0 billion by helping our customers achieve their sustainability goals in the face of today’s biggest social and environmental challenges. Our portfolio of widely recognized brands, including Cryovac® brand food packaging solutions, Bubble Wrap® brand cushioning and Diversey® cleaning and hygiene solutions, enables a safer and less wasteful food supply chain, protects valuable goods shipped around the world, and improves health through clean environments. Sealed Air has approximately 23,000 employees who serve customers in 169 countries.

To learn more, visit www.sealedair.com.

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