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Owens-Illinois, Inc.: O-I Provides Update on Arbitration Against Venezuela


For more information, contact:

Kristin Kelley
VP, Global and Corporate Communications
Perrysburg, Ohio
567 336 2395

O-I Provides Update on Arbitration Against Venezuela

PERRYSBURG, Ohio (April 6, 2016) - Owens-Illinois, Inc. (NYSE:OI) announced
today that the annulment committee formed by the World Bank's International
Centre for Settlement of Investment Disputes ("ICSID") ruled that a
subsidiary of the Company is free to pursue the enforcement of a prior
arbitration award against the Bolivarian Republic of Venezuela ("Venezuela").
That award amounts to more than $485 million after including interest from
the date of the expropriation by Venezuela (October 26, 2010) and costs and
remains subject to the committee's consideration of Venezuela's application
for annulment. The Company's majority interest in two plants expropriated by
Venezuela and the progress of the ICSID annulment proceeding have been
previously reported by the Company.

The Company intends to take appropriate steps to vigorously enforce and
collect the award, which is enforceable in approximately 150 member states
that are party to the ICSID Convention. However, even with the lifting of the
stay of enforcement, the Company recognizes that the collection of the award
may present significant practical challenges. The Company cannot reasonably
predict the efforts that will be necessary to successfully enforce collection
of the award or the timing of any such collection efforts. Because the award
has yet to be satisfied and the annulment proceeding is pending, the Company
is unable at this stage to predict the amount or timing of compensation it
will ultimately receive under the award. Therefore, the Company has not
recognized this award in its financial statements.

About O-I

Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container
manufacturer and preferred partner for many of the world's leading food and
beverage brands. The Company had revenues of $6.2 billion in 2015 and employs
27,000 people at 80 plants in 23 countries. With global headquarters in
Perrysburg, Ohio, O-I delivers safe, sustainable, pure, iconic,
brand-building glass packaging to a growing global marketplace. For more

O-I Provides Update on Arbitration Against Venezuela_4-2016
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Owens-Illinois, Inc. via Globenewswire


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