<SEC-DOCUMENT>0000905718-19-000884.txt : 20191031
<SEC-HEADER>0000905718-19-000884.hdr.sgml : 20191031
<ACCEPTANCE-DATETIME>20191031152529
ACCESSION NUMBER:		0000905718-19-000884
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191031
DATE AS OF CHANGE:		20191031

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-17599
		FILM NUMBER:		191183454

	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

	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
<SEQUENCE>1
<FILENAME>owens_13doct2019.htm
<DESCRIPTION>SC 13D
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amendment No. &nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Exchange Act of
1934</B></P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">OWENS-ILLINOIS,
INC.</P>

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

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

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">Common
Stock, par value $0.01 per share</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Title of Class of Securities)</P>

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

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">690768403</P>

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

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">with a copy to:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">Alexander J. Roepers</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">Scott H. Moss</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Atlantic Investment Management, Inc.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Lowenstein Sandler LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">666 Fifth Avenue</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">1251 Avenue of the Americas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">New York, New York 10103</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">New York, New York 10020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">(212) 484-5050</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">(646) 414-6874</TD></TR>
</TABLE>
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<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number</P>

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

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

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

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">October
30, 2019</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Date of Event which Requires Filing</P>

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

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 0; text-align: justify">&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;&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 l3d-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 &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of
1934 (&quot;Act&quot;) 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).</P>

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<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0.3in 0 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border: Black 1pt solid">
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding: 6pt; text-align: left">CUSIP No. 690768403</TD>
    <TD STYLE="vertical-align: top; padding: 6pt 6pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 6pt 6pt 1.5pt 9pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 2.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 2.25pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 2.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 2.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">1</TD>
    <TD COLSPAN="6" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Names of Reporting Persons. I.R.S. Identification
        Nos. of Above Persons (entities only):</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Atlantic Investment Management, Inc.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">2</TD>
    <TD COLSPAN="5" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Check the Appropriate Box if a Member of a Group
        (See Instructions)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 176.1pt; text-align: justify">(a) <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 176.1pt; text-align: left">(b) <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; padding: 2.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">3</TD>
    <TD COLSPAN="6" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">SEC USE ONLY</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">4</TD>
    <TD COLSPAN="6" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Source of Funds (See Instructions)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">AF, OO</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">5</TD>
    <TD COLSPAN="5" STYLE="padding: 2.25pt; text-align: left; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e):</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Not Applicable</P></TD>
    <TD STYLE="vertical-align: top; padding: 2.25pt; text-align: center"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif"></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">6</TD>
    <TD COLSPAN="6" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Citizenship or Place of Organization</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: left">Delaware</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="padding: 2.25pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">NUMBER OF</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SHARES</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">BENEFICIALLY</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">OWNED BY</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">EACH</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">REPORTING</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">PERSON</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">WITH</P></TD>
    <TD STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">7</TD>
    <TD COLSPAN="4" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Sole Voting Power</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 0 0 144.2pt; text-align: left">6,274,380</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">8</TD>
    <TD COLSPAN="4" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Shared Voting Power</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 0 0 184.7pt; text-align: left">0</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">9</TD>
    <TD COLSPAN="4" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Sole Dispositive Power</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 144.2pt; text-align: left">8,031,235*</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">10</TD>
    <TD COLSPAN="4" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Shared Dispositive Power</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 0 0 184.7pt; text-align: left">0</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">11</TD>
    <TD COLSPAN="6" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Aggregate Amount Beneficially Owned by each Reporting
        Person</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: left">8,031,235*</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">12</TD>
    <TD COLSPAN="5" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Check Box if The Aggregate Amount in Row (11)
        Excludes Certain Shares (See Instructions)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;Not Applicable</P></TD>
    <TD STYLE="vertical-align: top; padding: 2.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center; border-bottom: Black 1pt solid">13</TD>
    <TD COLSPAN="6" STYLE="padding: 2.25pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Percent of Class Represented by Amount in Row
        (11)</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: left">5.2%*</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 2.25pt; text-align: center">14</TD>
    <TD COLSPAN="6" STYLE="padding: 2.25pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Type of Reporting Person (See Instructions)</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: left">IA</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* Includes: (i) 424,677 Shares (0.27%)
of the Issuer&#8217;s Common Stock, par value $0.01 per share (&#8220;Shares&#8221;), beneficially owned by AJR International Master
Fund, Ltd., a British Virgin Islands company; (ii) 3,325,685 Shares (2.14%) beneficially owned by Cambrian Master Fund, Ltd., a
British Virgin Islands company; (iii) 1,769,018 Shares (1.14%) beneficially owned by Cambrian Global Master Fund, Ltd., a British
Virgin Islands company; and (iv) 2,511,855 Shares (1.61%) held in one or more other accounts (&#8220;Other Accounts&#8221;). Atlantic
Investment Management, Inc., serving as the investment advisor of the foregoing parties and the Other Accounts, has sole voting
power over 6,274,380 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.</P>

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


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 1.</TD><TD STYLE="text-align: justify"><U>Security and Issuer</U>.</TD></TR></TABLE>

<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 &#8220;Shares&#8221;), of Owens-Illinois Inc. (the &#8220;Issuer&#8221;). 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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 2.</TD><TD STYLE="text-align: justify"><U>Identity and Background</U>.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;This statement
is filed by Atlantic Investment Management, Inc., a Delaware corporation (the &#8220;Reporting Person&#8221;), with respect to
6,274,380 Shares over which the Reporting Person has sole voting power and 8,031,235 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 (&#8220;AJR&#8221;); (ii) Cambrian Master Fund, Ltd., a British Virgin Islands company (&#8220;Cambrian Fund&#8221;);
(iii) Cambrian Global Master Fund, Ltd., a British Virgin Islands company (&#8220;Cambrian Global Fund&#8221;); and (vi) one or
more other accounts (&#8220;Other Accounts&#8221;).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;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: 0.5in">&#9;(c)&#9;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: 0.5in">&#9;(d)&#9;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: 0.5in">&#9;(e)&#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: 0.5in">&#9;(f)&#9;Mr. Roepers
is a citizen of the United States.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 3.</TD><TD STYLE="text-align: justify"><U>Source and Amount of Funds or Other Consideration</U>.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;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 $ 130,540,086.</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 4.</TD><TD STYLE="text-align: justify"><U>Purpose of Transaction</U>.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;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&#8217;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: 0.5in">&#9;The Reporting
Person will continuously assess the Issuer&#8217;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>


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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;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 &#8220;Board&#8221;), 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&#8217;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: 0.5in">&#9;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: 0.5in">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 this Schedule 13D and is incorporated by reference herein.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 5.</TD><TD STYLE="text-align: justify"><U>Interest in Securities of the Issuer</U>.</TD></TR></TABLE>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the information contained in the Issuer&#8217;s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission
on October 30, 2019, there were issued and outstanding 155,630,507 Shares as of September 30, 2019.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 8,031,235 Shares, or 5.2% of the outstanding Shares.</P>


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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Reporting Person, on behalf of AJR, Cambrian Fund, Cambrian Global Fund, and the Other Accounts sold a listed call option agreement,
giving the option purchasers the right to purchase up to 100,000 shares of Common Stock from the Reporting Person at an exercise
price of $10.00 per share. The option agreement expires on November 15, 2019 and is currently exercisable. Additionally, 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>

<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: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quantity</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 35%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Type of Transaction</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/4/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;50,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.7727 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/5/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(20,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.3329 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Sale</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/5/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(40,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.3079 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Sale</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/5/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(100,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.2279 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Sale</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/10/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;84,300 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.9222 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/10/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;55,700 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.9545 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/11/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;75,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.9421 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/11/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;25,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.9003 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/12/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;50,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.5281 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/18/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;40,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.3050 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/19/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;15,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.0650 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/19/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;25,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.9657 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/24/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;30,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.8078 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/30/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;200,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10.2013 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/1/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;100,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.7704 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/1/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,900 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.7100 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/2/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;82,260 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.3633 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/4/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;40,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.1658 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/4/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;40,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.2496 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/8/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;50,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8.9520 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/8/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;150,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9.0468 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/30/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;132,300 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8.5178 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/30/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;337,700 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8.5742 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/30/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;30,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8.4742 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></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: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/31/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;100,000 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8.3929 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open Market Purchase</FONT></TD></TR>
</TABLE>
<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; text-indent: 0.5in">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&#8217; 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/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 6.</TD><TD STYLE="text-align: justify"><U>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</U>.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
disclosure in Item 5 relating to the call option is incorporated into this Item 6 by reference. Except as otherwise set forth herein
there are no contracts, arrangements, understandings or relationships between the Reporting Person and any other person with respect
to the Common Stock.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 7.</TD><TD STYLE="text-align: justify"><U>Material to be filed as exhibits</U>.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;Exhibit 1: October
31, 2019 letter to Issuer.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SIGNATURE</U></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; text-indent: 1in">After reasonable inquiry
and to the best of the undersigned'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; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify">October 31, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 2.5in; text-align: justify">ATLANTIC INVESTMENT MANAGEMENT,
INC.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 2.5in; text-align: justify">By: <U>/s/ Alexander J.
Roepers&#9;</U></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 2.5in; text-align: justify; text-indent: 0.25in">Alexander
J. Roepers, President</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 3.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 261pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 21.9pt 0 3.5in; text-align: justify">&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"><B>&nbsp;</B></P>

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

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 12pt"><B>&nbsp;Exhibit 1</B></FONT></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;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">October 31, 2019</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Andres Lopez</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">President and Chief Executive Officer</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Owens-Illinois, Inc.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">One Michael Owens Way</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Perrysburg, OH 43551</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dear Andres:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As you know, Atlantic Investment Management
and affiliates are one of Owens-Illinois, Inc.&#8217;s (&#8220;OI&#8221;) largest shareholders. As such, we share with you and
the Board a keen interest in maximizing shareholder value.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">While 2019 has been a challenging year for OI,
chiefly due to the decline in US beer volumes and related profit disappointments, we are encouraged that you announced several
of the actions we urged you to pursue, most notably the strategic portfolio review, as well as the right-sizing of the US production
footprint.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">OI&#8217;s share price of $8.50, trading at
a P/E of less than 4x 2019 and 2020 EPS, in part reflects the markets&#8217; focus on the double digit volume decline in the US
beer business, which now represents only 10% of your global volume. Without the decline in this business, global organic volumes
were up modestly in 2019.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In our view, the current share price does not
take into account the solid fundamentals of the vast majority of OI&#8217;s business, most notably in Europe and Latin America,
and the clear path to much improved cash flows in the coming years (amid lower capital spending and asbestos payments along with
improved volume and working capital) which will be used for debt pay down. In addition, the potential for significant and accelerated
share price appreciation is also embedded in the unlocking of value through selective asset and business unit sales.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-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 Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We agree that right-sizing the US manufacturing
footprint, the sale of select non-core assets and the Australian and New Zealand (ANZ) businesses, the curtailment of capital spending
in the coming years are the right actions to take at this time. However, the fact that your share price has fallen sharply prompts
the need for further immediate and bold action to set OI&#8217;s share price on a sharp recovery path and then on track to maximizing
shareholder value over time, which is your and the Board&#8217;s fiduciary responsibility. Therefore, again we urge you and the
Board, particularly now that you have announced your intent to sell ANZ, to also put up for sale your European and the rest of
your Asian businesses.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The recent IPO of your close peer Verallia (VRLA
FP, &#8364;26) supports a valuation of your European business of at least $3.3 billion, based on 8x 2019E EBITDA. As with the pending
sale of the ANZ businesses (estimated value of $700 million), we believe there will be multiple private equity and strategic buyers
interested in OI&#8217;s European businesses, in whole or in part.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Attached is our analysis showing how the sale
of Asia <I>and</I> Europe can yield tremendous value for shareholders of OI. We are basing our analysis on the estimated 2019 results
and see significant further value uplift from the improvement of margins from self-help measures already underway and recovery
from recent volume and currency headwinds. Using an estimate of net total divestiture proceeds of $4.0 billion, OI could repay
$3.0 billion of debt and buy back $1.0 billion of its own shares. As a result of these corporate actions, we anticipate that OI
shares can trade up to $29, based on a combination of 5.5x EV/EBITDA on the US and Canadian business and 8x on the growing Mexican
and Latin American business, and a much improved balance sheet.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finally, in recent months, we have asked you
privately to consider electing our representative to the Board of Directors, as we believe that there should be a strong voice
on the Board from a significant, constructively engaged, long term shareholder, whose interests are aligned with the Board&#8217;s
fiduciary duty to maximize shareholder value. We hereby reiterate this request.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We believe that if you fail to act promptly,
given the depressed value of your company, you risk that OI may be taken over at a much lower valuation than can be achieved as
a result of the proposed actions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Best regards,</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>/s/ Alex Roepers&#9;</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Alex Roepers</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">President and CIO</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">cc: Mrs. Carol A. Dudley-Williams, Chairman
of the Board of Directors</P>


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

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Attachment &#8211; Owens-Illinois Sum-of-the-parts
Valuation</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Estimated valuation of Europe, LatAm and APAC
and implied valuation of US &amp; Canada</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2019 estimates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Sales</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>EBITDA %</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>EV/Sales</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>EV/EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>EV&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">OI Europe</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$2,384</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$412</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8.0x</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$3,295</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">OI APAC</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">630</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">92</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8.0x</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">735</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">OI LatAm (incl. Mexico)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,440</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">348</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8.0x</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,786</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">OI US &amp; Canada (implied) </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,200</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">385</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0.39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: yellow; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2.2x</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">861</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Group</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$6,654</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$1,237</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>18.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1.15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6.2x</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$7,677</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Estimated value of OI post disposals, debt pay-down
and share buybacks</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>2019 estimates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>Sales</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>EBITDA %</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>EV/Sales</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>EV/EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>EV&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">OI LatAm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">$1,440</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">$348</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">1.94</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">8.0x</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">$2,786</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">OI US &amp; Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">2,200</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">385</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">17.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">0.96</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border: Black 1pt solid; background-color: yellow; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">5.5x</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">2,118</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">Net debt pre sale</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">(5,138)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">Proceeds (Sale of OI Europe and OI APAC)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">4,030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">Tax leakage</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><U>(100)</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">Debt paydown</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>75% of proceeds used for debt paydown</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">2,948</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">Share buyback</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>at 20% premium to market price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">983</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">Net debt Americas</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>3.0x Net Debt to EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>(2,190)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">Asbestos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">(442)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><U>Pension</U></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><U>(600)</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>Market value</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>$1,670</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><U># shares post buyback</U></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">57.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>Value per share</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><B>$29.00</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Atlantic Investment Management, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">October 31, 2019</P>



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