<SEC-DOCUMENT>0000905718-18-000789.txt : 20180914
<SEC-HEADER>0000905718-18-000789.hdr.sgml : 20180914
<ACCEPTANCE-DATETIME>20180913174204
ACCESSION NUMBER:		0000905718-18-000789
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180914
DATE AS OF CHANGE:		20180913

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OWENS ILLINOIS INC /DE/
		CENTRAL INDEX KEY:			0000812074
		STANDARD INDUSTRIAL CLASSIFICATION:	GLASS CONTAINERS [3221]
		IRS NUMBER:				222781933
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-17599
		FILM NUMBER:		181069661

	BUSINESS ADDRESS:	
		STREET 1:		ONE MICHAEL OWENS WAY
		CITY:			PERRYSBURG
		STATE:			OH
		ZIP:			43551-2999
		BUSINESS PHONE:		5673365000

	MAIL ADDRESS:	
		STREET 1:		ONE MICHAEL OWENS WAY
		CITY:			PERRYSBURG
		STATE:			OH
		ZIP:			43551-2999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OWENS-ILLINOIS INC /DE/
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OWENS ILLINOIS INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OWENS ILLINOIS HOLDINGS CORP
		DATE OF NAME CHANGE:	19870512

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATLANTIC INVESTMENT MANAGEMENT, INC.
		CENTRAL INDEX KEY:			0001063296
		IRS NUMBER:				133482911
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		666 FIFTH AVENUE
		STREET 2:		34TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10103
		BUSINESS PHONE:		2126886644

	MAIL ADDRESS:	
		STREET 1:		666 FIFTH AVENUE
		STREET 2:		34TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTIC INVESTMENT MANAGEMENT INC
		DATE OF NAME CHANGE:	19980604
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>owens_13dam1sept132018-.htm
<DESCRIPTION>AMENDMENT NO.L 1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. &nbsp;1)</B>*</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">OWENS-ILLINOIS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(Name of Issuer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Common Stock, par value $0.01 per share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(Title of Class of Securities)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">690768403</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(CUSIP Number)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">with copy to:</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Alexander J. Roepers</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Atlantic Investment Management, Inc.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">666 Fifth Avenue</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, New York 10103</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(212) 484-5050</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Allen B. Levithan</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lowenstein Sandler LLP</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1251 Avenue of the Americas</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, New York 10020</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(212) 262-6700</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address
        and Telephone Number of Person</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Authorized to Receive Notices and Communications)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">September
    13, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Date of Event Which Requires Filing of this Statement)</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the filing person has previously filed
a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because
of Rule 13d-1(e), (f) or (g), check the following box [&nbsp;&nbsp; ].</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note: Schedules filed in paper format
shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to
whom copies are to be sent.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*The remainder of this cover page shall
be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information required on the remainder
of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of
1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).&nbsp;</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">CUSIP No.&nbsp;&nbsp;690768403</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 6pt; padding-bottom: 6pt">1.&#9;Names of Reporting Persons.&nbsp;&nbsp;I.R.S. Identification Nos. of above persons (entities only):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Atlantic Investment Management, Inc.</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">2.&#9;Check the Appropriate Box if a Member of a Group (see Instructions):</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">(a) [&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b) [&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">3.&#9;SEC Use Only</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid">4.&#9;Source of Funds (See
    Instructions):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AF, OO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 6pt; padding-bottom: 6pt">5.&#9;Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Not Applicable</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid">6.&#9;Citizenship or Place of Organization:&nbsp;&nbsp;&nbsp;&nbsp;Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">Number of</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">7.&#9;Sole Voting Power:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right">7,794,968&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">Shares Beneficially</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">8.&#9;Shared Voting Power:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right">0&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">Owned by</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">Each Reporting</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">9.&#9;Sole Dispositive Power:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right">9,442,027*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">Person With</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">10.&#9;Shared Dispositive Power:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right">0&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid">11.&#9;Aggregate Amount Beneficially Owned by Each Reporting Person:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,442,027*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 6pt; padding-bottom: 6pt">12.&#9;Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Not Applicable </TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid">13.&#9;Percent of Class Represented by Amount in Row (11):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9%<SUP>*</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid">14.&#9;Type of Reporting Person (See Instructions): &nbsp;&nbsp;&nbsp;&nbsp;IA</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;* Includes:
(i) 604,282 shares (0.38%) of the Issuer&rsquo;s Common Stock, par value $0.01 per share (&ldquo;Shares&rdquo;), beneficially owned by AJR International
Master Fund, Ltd., a British Virgin Islands company; (ii) 4,126,077 Shares (2.59%) beneficially owned by Cambrian Master Fund,
Ltd., a British Virgin Islands company; (iii) 2,225,746 Shares (1.40%) beneficially owned by Cambrian Global Master Fund,
Ltd., a British Virgin Islands company; and (iv) 2,485,922 Shares (1.56%) held in one or more other accounts (&ldquo;Other Accounts&rdquo;).
Atlantic Investment Management, Inc., serving as the investment advisor of the foregoing parties and the Other Accounts, has
sole voting power over 7,794,968 Shares and sole dispositive power over all Shares beneficially owned by such parties or held
in the Other Accounts. See Items 2 and 5 for additional details.</FONT><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;&nbsp;</P>



<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Item 1.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Security
and Issuer</U>.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">This statement relates to the common stock, par value $0.01 per share (the &ldquo;Shares&rdquo;), of Owens-Illinois Inc.
(the &ldquo;Issuer&rdquo;). The Issuer has principal executive offices located at One Michael Owens Way, Perrysburg, Ohio 43551-2999.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 2.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Identity and Background</U>.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&#9;&nbsp;&nbsp;This statement is filed by Atlantic Investment Management, Inc., a Delaware corporation (the &ldquo;Reporting Person&rdquo;), with respect to 7,794,968
Shares over which the Reporting Person has sole voting power and 9,442,027 Shares over which the Reporting Person has sole
dispositive power by reason of serving as the investment advisor to: (i) AJR International Master Fund, Ltd., a British Virgin
Islands company (&ldquo;AJR&rdquo;); (ii) Cambrian Master Fund, Ltd., a British Virgin Islands company (&ldquo;Cambrian Fund&rdquo;); (iii) Cambrian
Global Master Fund, Ltd., a British Virgin Islands company (&ldquo;Cambrian Global Fund&rdquo;); and (vi) one or more other accounts (&ldquo;Other
Accounts&rdquo;).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&#9;&nbsp;The business address of the Reporting Person and Mr. Alexander Roepers, the president, sole director and sole shareholder
of the Reporting Person, is 666 Fifth Avenue, New York, New York 10103.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&#9;&nbsp;&nbsp;The principal business of the Reporting Person is that of an investment advisor engaging in the purchase and sale of securities
for investment with the objective of capital appreciation on behalf of AJR, Cambrian Fund, Cambrian Global Fund, and the Other
Accounts. The principal occupation of Mr. Roepers is serving as the president and managing officer of the Reporting
Person.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)&#9;&nbsp;&nbsp;Neither the Reporting Person nor Mr. Roepers has, during the past five (5) years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&#9;Neither the Reporting Person nor Mr. Roepers has, during the past five (5) years, been a party to any civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such proceeding was or is now subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f)&#9;&nbsp;&nbsp;Mr. Roepers is a citizen of the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 3. &nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Source and Amount of Funds
or Other Consideration</U>.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Shares purchased by the Reporting Person on behalf of AJR, Cambrian Fund, Cambrian Global Fund and the Other Accounts were purchased
with the investment capital of such entities and accounts. The aggregate amount of funds used in making the purchases reported
on this Schedule 13D was approximately $189,812,506.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 4. &nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Purpose of Transaction</U>.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Reporting Person acquired, on behalf of AJR, Cambrian Fund, Cambrian Global Fund and the Other Accounts and continues to hold, the Shares reported
in this Schedule 13D for investment purposes. The Reporting Person intends to evaluate the performance of the Shares as an
investment in the ordinary course of business. The Reporting Person pursues an investment objective that seeks capital appreciation.
In pursuing this investment objective, the Reporting Person analyzes the operations, capital structure and markets of companies
in which the Reporting Person&rsquo;s clients invest, including the Issuer, on a continuous basis through analysis of documentation
and discussions with knowledgeable industry and market observers and with representatives of such companies.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Reporting Person will continuously assess the Issuer&rsquo;s business, financial condition, results of operations and prospects,
general economic conditions, the securities markets in general and those for the Shares in particular, other developments
and other investment opportunities. Depending on such assessments, the Reporting Person may acquire additional Shares or may
determine to sell or otherwise dispose of all or some of the Shares presently held by AJR, Cambrian Fund, Cambrian Global
Fund, and the Other Accounts in the open market or in private transactions. Such actions will depend upon a variety of factors,
including, without limitation, current and anticipated future trading prices for the Shares, the financial condition, results
of operations and prospects of the Issuer, alternative investment opportunities, general economic, financial market and industry
conditions and other factors that the Reporting Person may deem material to its investment decision.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Reporting Person and their representatives have, from time to time, engaged in, and expect to continue to engage in, discussions with members
of management and the board of directors of the Issuer (the &ldquo;Board&rdquo;), other current or prospective shareholders, industry
analysts, existing or potential strategic partners or competitors, investment and financing professionals and other third
parties regarding a variety of matters related to the Issuer, which may include, among other things, the Issuer&rsquo;s business,
management, capital structure and allocation, corporate governance, Board composition and strategic alternatives and direction,
and may take other steps seeking to bring about changes to increase shareholder value.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Except as set forth above, the Reporting Person has no present plans or proposals which relate to or would result in any of the transactions
required to be described in Item 4 of Schedule 13D.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Item 4 is
hereby supplemented with the attached letter which the Reporting Person sent to Andres Lopez, Chief Executive Officer of the
Issuer. The document is  attached as Exhibit 1 to the Schedule 13D and is  incorporated by reference herein.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 5.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Interest in Securities
of the Issuer</U>.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;Based
upon the information contained in the Issuer&rsquo;s  Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on July 24, 2018, there were issued and outstanding 159,246,666 Shares as of June 30, 2018.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&#9;The Reporting Person does not directly own any Shares. The Reporting Person has entered into an investment advisory agreement with each of AJR,
Cambrian Fund, Cambrian Global Fund and the Other Accounts pursuant to which the Reporting Person has investment authority
with respect to the securities held by such entities or in such accounts. Such power includes the power to dispose of and
the power to vote the Shares. By reason of the provisions of Rule 13d-3 of the Securities Exchange Act of 1934, as amended,
the Reporting Person is deemed to be the beneficial owner of the Shares held by such entities and accounts. Accordingly, the
Reporting Person is deemed the beneficial owner of 9,442,027 Shares, or 5.9% of the outstanding Shares.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&#9;&nbsp;The following table details the transactions by the Reporting Person, on behalf of AJR, Cambrian Fund, Cambrian Global Fund,
and the Other Accounts in Shares during the past sixty (60) days:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Date</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Quantity</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Price</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 42%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Type
    of Transaction</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">7/25/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(586)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18.4200</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">7/26/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(15,000)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18.2834</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">7/31/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(2,557)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18.7273</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/1/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(19,557)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18.6938</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/1/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(40,763)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18.7531</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/2/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(7,745)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18.6032</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/3/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(30,000)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18.6615</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/3/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(19,351)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18.7211</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/23/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">71,022</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">17.8292</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Purchase</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/24/2018</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">99,952&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT>18.0529</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Purchase</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/24/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">(65,000)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT>18.0631</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Sale</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">8/30/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">20,000&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT>17.7750</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Open
    Market Purchase</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 12.4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Except for the transactions listed above, neither the Reporting Person, any entity for which the Reporting Person serves as investment
advisor, nor any person or entity controlled by the Reporting Person, nor Mr. Roepers (including Mr. Roepers&rsquo; immediate family
members) has traded Shares during the past sixty (60) days on or prior to the Event Date, and from the Event Date to the Filing Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -40.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -40.5pt">Item 6.&nbsp;&nbsp;&nbsp;&nbsp; &#9;<U>Contracts,
Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -40.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Not Applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 7. &nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Material to be filed as
exhibits</U>.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Exhibit 1: September
13, 2018 letter to Issuer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;<B>SIGNATURE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">After
reasonable inquiry and to the best of the undersigned&rsquo;s knowledge and belief, the undersigned hereby certifies that the
information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">September 13, 2018</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ATLANTIC INVESTMENT MANAGEMENT, INC.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Alexander J. Roepers</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Alexander J. Roepers, President</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS
OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center">&nbsp;<B>ATLANTIC INVESTMENT
MANAGEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><B>GRAPHIC
OMITTED&nbsp;</B></P>

<P STYLE="font: 10pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 1.5pt 364.95pt 0 7.35pt; text-align: justify; color: #242624"><U>By
Email and FedEx</U></P>

<P STYLE="font: 8pt/8pt Calibri, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0 365.1pt 0 6.9pt; text-align: justify; color: #242624">September
13, 2018</P>

<P STYLE="font: 8pt/8pt Calibri, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0 379.45pt 0 6.9pt; text-align: justify; color: #242624">Mr.
Andres Lopez</P>

<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0.45pt 3.8in 0 7.1pt; text-align: justify; color: #242624">President
and Chief Executive Officer</P>

<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0.45pt 373.55pt 0 6.65pt; text-align: justify; color: #242624">Owens-Illinois,
Inc.</P>

<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0.45pt 338.6pt 0 6.65pt; text-align: justify; color: #242624">One
Michael Owens Way</P>

<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0.7pt 353.6pt 0 6.9pt; text-align: justify; color: #242624">Perrysburg,
OH 43551</P>

<P STYLE="font: 8pt/8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0 403.75pt 0 6.65pt; text-align: justify; color: #242624">Dear
Andres:</P>

<P STYLE="font: 14pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/101% Calibri, Helvetica, Sans-Serif; margin: 0 3.75pt 0 5.7pt; text-align: justify; text-indent: 1.2pt; color: #242624"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11.5pt">It
was good to meet with you, CFO Jan Bertsch and Treasurer Dave Johnson yesterday at our office in New York, following your presentation
at the Credit Suisse Conference where you provided an update on Owens-Illinois' (&quot;OI&rdquo;) business and confirmed previous
guidance for Q3 and 2018 EPS and free cash flow.</FONT></P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.75pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/104% Arial, Helvetica, Sans-Serif; margin: 0 4.75pt 0 5.9pt; text-align: justify; text-indent: -0.5pt; color: #242624">As
you know, Atlantic Investment Management together with its affiliates currently has an ownership interest of 5.93% in OI, making
us one of your largest shareholders. We are an independent investment firm that seeks to invest in a select number of undervalued
mid-sized companies, engaging actively and constructively with the management teams and, as needed, with the Board of Directors
to identify and execute on ways to enhance and accelerate shareholder value for all.</P>

<P STYLE="font: 14pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/104% Arial, Helvetica, Sans-Serif; margin: 0 2.2pt 0 5.2pt; text-align: justify; text-indent: 0.7pt"><FONT STYLE="color: #242624">Ol's
share price has not reflected the substantial positive transformation and earnings growth that the company has gone
through during the past two and a half years. Since you became CEO in January 2016, OI  has met or exceeded consensus EPS
expectations for ten straight quarters, a dramatic improvement from Ol's previous challenges in meeting its financial
targets. Based on consensus 2018 Bloomberg estimates, the three year compound EPS growth over your tenure has exceeded 10%,
while free cash flow growth has grown strongly as well. Ol's leverage will have been reduced from 4.5x to below <FONT STYLE="letter-spacing: 0.1pt">3</FONT></FONT><FONT STYLE="color: #4D5252; letter-spacing: 0.15pt">.</FONT><FONT STYLE="color: #242624">5x
net debt/EBITDA by year end, while Ol's asbestos and unfunded pension liability have also declined materially. Removing
a substantial overhang to the stock, OI defined, for the first time, its fully loaded asbestos liability which is now
more finite and less material (at $480 million) than it has ever been.</FONT></P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.75pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/105% Arial, Helvetica, Sans-Serif; margin: 0 3.15pt 0 5.45pt; text-align: justify; text-indent: 0.5pt"></P>


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<P STYLE="font: 7.5pt/7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/103% Arial, Helvetica, Sans-Serif; margin: 1.5pt 3.45pt 0 6.85pt; text-align: justify; text-indent: 0.25pt; color: #242624">Further,
OI has addressed the perception of some market participants that its fortunes are inextricably linked to the declining U.S. mega-beer
market by showing how O<FONT STYLE="color: #4D5252">l'</FONT><FONT STYLE="color: #242624">s overall U.S. tonnage has actually
grown by 20% over the last five years, due to strong gains in supplying higher margin products to food, non-alcohol, alcohol,
craft and import beer categories. Fact is that U.S. mega-beer is now just 5% of Ol's total sales and that high margin, niche premium
products, represent already over 10% of sales, growing at 4-5% annually. Nonetheless, OI shares are at an ultra-low valuation
of less than 6x next year's estimated EPS, trading in the $17-$18 per share area, essentially flat from when you became CEO in
early 2016.</FONT></P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.9pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/104% Arial, Helvetica, Sans-Serif; margin: 0 4.8pt 0 6.15pt; text-align: justify; color: #242624">As we
have discussed, our concern is that the combination of the strongly improved fundamentals, the quality of Ol's unique high barrier-to-entry
franchise and depressed share price and valuation make the company vulnerable to an unsolicited takeover bid from a private equity
or a strategic buyer that will undervalue the company.</P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.75pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/104% Arial, Helvetica, Sans-Serif; margin: 0 2.3pt 0 5.9pt; color: #242624; text-align: justify">As you
know, private equity has a long history of investing in glass packaging businesses. Verallia in Europe, Anchor Glass in the U.S.
and OI itself have all been owned or are owned by private equity firms. Your publicly-traded competitor, Ardagh Group, was built
over several years through highly leveraged transactions. Furthermore, merger and acquisition activity in the packaging space
appears to be accelerating. Last week, RPC Group said that it is in preliminary talks with two private equity firms, while Coveris
Rigid packaging and Bemis Company both recently struck deals to be acquired for about <FONT STYLE="letter-spacing: 0.15pt">10</FONT>x
EBITDA.</P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.75pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/103% Calibri, Helvetica, Sans-Serif; margin: 0 3.75pt 0 5.65pt; text-align: justify; text-indent: 0.25pt; color: #242624"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11.5pt">We
note that OI's 52-week share price high is $25.90, which would mean that with a premium of about 50% from the current share
price, a potential unsolicited buyer would likely win OI at just 7x EV/EBITDA. Current investors, many of them long-term like
ourselves, would get that one-time boost in the share price in such a scenario; however they and we would lose out on what we
see as much more significant upside potential ($40+/share) that is embedded in OI</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">.</FONT></P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/104% Arial, Helvetica, Sans-Serif; margin: 0 4pt 0 5.4pt; text-align: justify; text-indent: 0.5pt; color: #242624">Given
all of the above, and after having been constructively engaged with you and the Board behind the scenes over the past few
years, prompted by the current low valuation of OI  shares and your vulnerability to an unsolicited takeover attempt, we urge
you through this letter, which is filed with our amended 13D filing as of today, to take the following actions to sustainably
and dramatically improve Ol's shareholder value:</P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.95pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0 5.4pt; text-align: justify; text-indent: 0.5pt; color: #242624"><FONT STYLE="font-size: 11.5pt">&bull;
&nbsp;&nbsp;<U>Explore the sale of the European business</U>. Hire a financial advisor to assist you and the Board in this process.
We are convinced there is substantial upside to Ol's share price on a sum-of-the-parts basis, which can be unlocked by selling
the European operations. We expect that proceeds should be in the $3.2-3.8 billion range. </FONT> <FONT STYLE="font-size: 12pt"><I>This
transaction would create </I></FONT><FONT STYLE="font-size: 11.5pt">a</FONT> <FONT STYLE="font-size: 12pt"><I>more valuable OI
</I></FONT><FONT STYLE="font-size: 11.5pt">as the company would not only have reduced sensitivity to FX swings, a common complaint
from investors, but also have a stronger balance sheet, allowing for rating agency upgrades.</FONT></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0 5.4pt; text-align: justify; text-indent: 0.5pt; color: #242624"><FONT STYLE="font-size: 11.5pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0 5.4pt; text-align: justify; text-indent: 0.5pt; color: #242624"><FONT STYLE="font-size: 11.5pt"></FONT></P>

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<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0 5.4pt; text-align: justify; text-indent: 0.5pt; color: #242624"><FONT STYLE="font-size: 11.5pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.85pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/102% Arial, Helvetica, Sans-Serif; margin: 0 4.35pt 0 10.6pt; text-align: justify; text-indent: 0.5pt">&bull;&nbsp;&nbsp;
<U>Use the sale proceeds to buy back $<FONT STYLE="letter-spacing: 0.05pt">1</FONT>+ billion of OI shares and to pay down $2+
billion of debt</U>. As a result of these actions, OI will have 40 to 50 million fewer shares outstanding than the current 160
million and its debt will decline to about $2.5 billion, or about 2.5x net debt/EBITDA.</P>

<P STYLE="font: 9pt/9pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 0 0"></P>

<P STYLE="font: 11.5pt/102% Arial, Helvetica, Sans-Serif; margin: 1.5pt 5.05pt 0 10.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt/102% Arial, Helvetica, Sans-Serif; margin: 0 4.35pt 0 10.6pt; text-align: justify; text-indent: 0.5pt"><FONT STYLE="color: #424646">&bull;
</FONT> <FONT STYLE="color: #262826">Following the completion of these actions, <FONT STYLE="letter-spacing: -0.85pt">OI</FONT>
should <U>initiate a dividend of $0.15 per quarter and announce that 75% of your annual free cash flow will be used for further
share repurchases.</U></FONT></P>

<P STYLE="font: 13pt/13pt Calibri, Helvetica, Sans-Serif; margin: 0.9pt 0 0">&nbsp;</P>

<P STYLE="font: 11.5pt/104% Arial, Helvetica, Sans-Serif; margin: 0 2.4pt 0 10.15pt; text-align: justify; text-indent: 0.25pt"><FONT STYLE="color: #262826"><U>We
believe that OI  shares could more than double to $40+/share</U>, assuming a re-rating to 8x EV/EBITDA,</FONT> <FONT STYLE="color: #424646; letter-spacing: -0.15pt">i</FONT><FONT STYLE="color: #262826">n
12-18 months. Even at 7x EV/EBITDA (where Ardagh trades today despite more than 5x leverage and low trad</FONT><FONT STYLE="color: #424646">i</FONT><FONT STYLE="color: #262826">ng
liquid</FONT><FONT STYLE="color: #424646">i</FONT><FONT STYLE="color: #262826">ty), OI shares would trade in the low $30s, up
some 80% from the current $17-18/share range.</FONT></P>

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<P STYLE="font: 11.5pt/103% Arial, Helvetica, Sans-Serif; margin: 0 5.4pt 0 9.9pt; text-align: justify; text-indent: 0.25pt; color: #262826">We
trust that you will do what is right for all shareholders and that you and the Board take control of Ol's destiny by pro-actively
taking action to unlock value as we have proposed.</P>

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<P STYLE="font: 11.5pt/12.05pt Arial, Helvetica, Sans-Serif; margin: 0 409.75pt 0 10.35pt; text-align: justify; color: #262826">Sincerely,</P>

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<P STYLE="font: 11.5pt/12.05pt Arial, Helvetica, Sans-Serif; margin: 0 409.75pt 0 10.35pt; text-align: justify; color: #262826">/s/
Alex Roepers</P>

<P STYLE="font: 11.5pt/12.05pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 10.35pt; text-align: justify; color: #262826">President
and CIO</P>

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<P STYLE="font: 11.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0 101.3pt 0 9.65pt; text-align: justify"><FONT STYLE="color: #262826">Cc:
Mrs. Caro</FONT><FONT STYLE="color: #424646">l</FONT> <FONT STYLE="color: #262826">A. Dudley-Williams, Chairman of the Board of
Directors</FONT></P>



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