O I Glass : 4Q20 Capital Markets Presentation

SAFE HARBOR COMMENTS

Forward-Looking Statements

This presentation contains "forward-looking" statements related to O-I Glass, Inc. ("O-I Glass" or the "company") within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933. Forward-looking statements reflect the company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements.

It is possible that the company's future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the company's ability to obtain the benefits it anticipates from the Corporate Modernization, (2) risks inherent in, and potentially adverse developments related to, the Chapter 11 bankruptcy proceeding involving Paddock Enterprises, LLC ("Paddock"), that could adversely affect the company and the company's liquidity or results of operations, including the impact of deconsolidating Paddock from the company's financials, risks from asbestos-related claimant representatives asserting claims against the company and potential for litigation and payment demands against the company by such representatives and other third parties, (3) the amount that will be necessary to fully and finally resolve all of Paddock's asbestos-related claims and the company's obligations to make payments to resolve such claims under the terms of its support agreement with Paddock, (4) the company's ability to manage its cost structure, including its success in implementing restructuring or other plans aimed at improving the company's operating efficiency and working capital management, achieving cost savings, and remaining well-positioned to address the company's legacy liabilities, (5) the company's ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (6) the company's ability to achieve its strategic plan, (7) foreign currency fluctuations relative to the U.S. dollar, (8) changes in capital availability or cost, including interest rate fluctuations and the ability of the company to refinance debt on favorable terms, (9) the general political, economic and competitive conditions in markets and countries where the company has operations, including uncertainties related to Brexit, economic and social conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates and laws, natural disasters, and weather, (10) the impact of COVID-19 and the various governmental, industry and consumer actions related thereto, (11) the company's ability to generate sufficient future cash flows to ensure the company's goodwill is not impaired, (12) consumer preferences for alternative forms of packaging, (13) cost and availability of raw materials, labor, energy and transportation, (14) consolidation among competitors and customers, (15) unanticipated expenditures with respect to data privacy, environmental, safety and health laws, (16) unanticipated operational disruptions, including higher capital spending, (17) the company's ability to further develop its sales, marketing and product development capabilities, (18) the failure of the company's joint venture partners to meet their obligations or commit additional capital to the joint venture, (19) the ability of the company and the third parties on which it relies for information technology system support to prevent and detect security breaches related to cybersecurity and data privacy, (20) changes in U.S. trade policies, and the other risk factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Report on form 10-Q for the quarterly period ended September 30, 2020 and any subsequently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or the company's other filings with the Securities and Exchange Commission.

It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the company considering its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the company continually reviews trends and uncertainties affecting the company's results of operations and financial condition, the company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document.

O-I GLASS, INC AT A GLANCE

2019 PRODUCT PORTFOLIO:

35% beer, 21% wine, 16% food, 14% NAB, 12% spirits

* Continuing sales, excluding ANZ

EXECUTING O-I GLASS VALUE CREATION THESIS

BOLD STRUCTURAL ACTIONS TO CHANGE O-I'S BUSINESS FUNDAMENTALS

TURNAROUND

REVOLUTIONIZE

INITIATIVES

GLASSOPTIMIZE STRUCTURE

STRONG OPERATING PERFORMANCE

CREATE A NEW BUSINESS MODEL

REBALANCE BUSINESS PORTFOLIO

AND COST EFFICIENCIES

FOR GLASS PACKAGING

AND IMPROVE BALANCE SHEET

• ● Turnaround initiatives ~ $70M benefit YTD

  • ● MAGMA Gen 1 in Germany on track 1Q21

    • ● > $870M divestitures at attractive valuations

• ● Increased factory efficiency, cost and flexibility

  • ● Deployment strategy to be discussed in mid-2021

    • ● Tactical divestitures advancing well

• ● Improve sales volumes and margin

• ● Pave way for Gen 1 deployment in 2022

• ● Paddock Ch11 proceeding as expected

4

RESPONDING TO PANDEMIC WITH SPEED AND AGILITY

Align Supply	Operating	Strict Cost	Capital	Capital
with Demand	Efficiency	Controls	Management	Allocation
• Swift action	• Turnaround initiatives	• Reducing spend	• 2020 CapEx ≤ $300M	• Suspend dividend
• IDS ≤ PY	• Includes focus factories	• Reduction in force	• AR / inventory mgmt	• Suspend share
• Optimizing network	• Deferring salaries	repurchases
• Reducing cost absorption	• Procurement benefits	• Reduce debt

SHIPMENTS STABILIZE ACROSS ALL GEOGRAPHIES

10%

O-I Shipment Trends (vs PY)

-10%

-20%

-30%

0%

Jun

JanFebMarAprMay

JulAugSeptOct

Volumes slightly up in Oct and tracking similar in Nov; 1Q volumes down ~1%, 2Q20 sales volumes were down ~ 15% and 3Q volumes up ~ 2%. Note: all volumes are on a year over year and same structure basis excluding ANZ.

O-I Shipment Trends Reflect Disruption from Pandemic

Consumers Value Sustainability and Trust Premium Glass

40% 30% 20% 10% 0% -10% -20%

U.S. Beer

U.S. Food

Retail/Off Premise Consumer Consumption Trends (vs PY)

U.S. WineEurope AlcoholEurope FoodJanFebMarApr

Source: Various syndicated and broker reports

U.S. SpiritsMayJunJulyAugSeptOct

Underlying Retail Consumer Consumption is Strong (~75-80% of O-I Vol)

Offsetting Decline in On-Premise Consumption (~20-25% of O-I Vol)

IMPROVING BUSINESS OUTLOOK

2020 GUIDANCE

4Q20 aEPS expected high end of $0.30 - $0.35 range

• ▲ Sales Volume: Flat to slightly favorable compared to PY

  ▲

  Production Volume: Flat to slightly favorable compared to PY

• ▲ Operating Costs: Continued favorable operating performance and cost savings

▲

Interest Exp: Continued favorable due to debt reduction and recent refinancing

• ▼ Net Price: Higher price mostly offsets elevated FX induced inflation

• ▼ Retained Corp: R&D, glass advocacy campaign, insurance

• ▼ Tax Rate: Estimated 30-35%

• ▼ FX / Temp / Divestitures: Dilution on Tata and ANZ sale ~ $26M

2021 PRELIMINARY THOUGHTS

Adjusted earnings improvement vs 2020

• ▲ Sales Volume: Partial or full return to 2019 levels; higher JV earnings

• ▲ Production Volume: Mid to high single digit improvement post 2Q20 disruption

• ▲ Operating Costs: Continued favorable operating performance and cost savings

• ▲ Tax Rate: Estimate ~30%

► Interest Exp: Stable

• ▼ Net Price: PAF reflect low 2020 inflation; 2021 inflation begins to normalize

• ▼ Retained Corp: R&D and glass advocacy

• ▼ FX / Temp / Divestitures: Dilution on ANZ sale and tactical divestitures

FY20 FCF

▲ ≥ 10% EBITDA to FCF conversion (≥ 18% adjusted for ANZ divestiture)

• • Following ANZ sale, AR factoring will be reduced for new base and post closing working capital benefits will be recorded in cash flows from investing activities (not FCF)

FCF improvement vs 2020

▲ 20% to 25% EBITDA to FCF conversion; expect conversion to improve over time

2020 CAPITAL ALLOCATION

CAPITAL ALLOCATION GUIDING PRINCIPLES

YTD FCF1 AND NET DEBT2 FAVORABLE TO PY

GUIDING PRINCIPLE

PROGRESS 800

Maximize Free Cash Flow1 400

●Strong free cash flow

●CapEx at or below $300M ●FYE20 IDS at or below PY

●3Q20 FCF $205M; $96M fav vs PY (AR factoring neutral) 0

●9M20 FCF fav vs PY ●9M20 CapEx $246M ●9M20 IDS 6 days below PY

Preserve Strong Liquidity

●Liquidity ≥ $1.25B across 2020

●3Q20 committed liquidity ~ $2.1B

Reduce Net Debt2

●FYE20 net debt below PY of $5.0B ●Divestitures for further deleveraging

●3Q20 net debt $4.8B, $846M fav vs 3Q19 ●ANZ net proceeds applied to debt

●BCA leverage ratio3 well below covenant (5.0x) ●No significant bond maturities until 2023

• 1 Management defines free cash flow as cash provided by continuing operating activities less cash paid for property, plant and equipment (all components as determined in accordance with GAAP). See the appendix for further disclosure.

• 2 Net Debt is defined as Total Debt less Cash. See appendix for further disclosure.

• 3 3Q20 BCA leverage ratio is defined as Net Debt divided by EBITDA, after credit agreement adjustments.

FCF Progression

($M)

(400)

(800)

1Q

2Q2020 Qtr FCF

3Q2019 Qtr FCF

Net Debt Progression

4Q

6.3

($B)

6.0

5.8

5.5

5.3

5.0

4.8

4.5

4.3

4.0

1Q

2Q

2020 Qtr Net Debt

2019 Qtr Net Debt

3Q

4Q

CONCLUSION

• ▶ Responding to COVID-19 with speed and agility

  • • Strong operating performance has continued through 3Q

• ▶ Demand recovering as markets reopen

• ▶ Improving business outlook

• ▶ Bold actions to create long-term value

• ▶ Stronger, leaner O-I enterprise emerging

HISTORIC FINANCIALS (EXCLUDING ANZ)

$ millions Consolidated O-I Net Sales Adjusted EBIT (a) EBITDA (a)

ANZ

Net Sales (b) Adjusted EBIT (c) EBITDA

Consolidated O-I less ANZ Net Sales

Adjusted EBIT EBITDA

(a) Reconciliations to Reported Results: EBITDA

Depreciation and amortization Adjusted EBIT

Items not considered representative of ongoing operations Interest expense, net

Earnings (loss) from continuing operations before income taxes

• (b) Reconciliation to Net Sales:

  Americas Europe

  Asia Pacific (1) Other (1)

  Net Sales

• (c) Reconciliation to Earnings before income taxes:

Segment Operating Profit Americas

Europe

Asia Pacific (1)

Retained corporate costs and other (1)

Items not considered representative of ongoing operations Interest expense, net

Earnings (loss) from cont. operations before income taxesQ1 2019

Q2 2019

Q3 2019

Q4 2019

FY 2019

Q1 2020

Q2 2020

Q3 2020

$

1,638 176 302

$

1,756 208 335

$

1,670 185 312

$

1,628 175 294

$

6,691 744 1,243

$

1,561 148 274

$

1,418

• $ 1,616

  62 169 183 285

  131 12 23

  122 9 20

  128 4 14

  153 19 30

  534 44 86

  123 12 23

  106 52 to Visy Industries Holdings Pty Ltd. After the sale of 5 3 the ANZ businesses, the remaining businesses in the

  16 7

  1,507 164 279

  1,634 199 315

  1,542 181 298

  1,475 156 264

  6,157 700 1,157

  1,438 136 251

  1,312 1,564

  57 166 reportable segment have been recast to reflect only 167 278 the results of the ANZ businesses. In addition, for the other Asia Pacific businesses that previously

  $

  302 126

  $

  335 127

  $

  312 127

  $

  294 119

  $

  1,243 499

  $

  274 126

  $

  183

• $ 285

176

(65)

208 (42) (68)

185 (638) (83)

175 (13) (96)

744 (694) (311)

$

111

$

98

$

(536) $

66

$

• (261) $

  $

  • 881 $ 596 131 30

  • 934 $ 650 122 50

  • 918 $ 588 128 36

  • 889 $ 553 153 32

• 3,622 $

  2,387

  534

  148

  $

  1,638

  $

  1,756

  $

  1,670

  $

  1,627

  $

• 6,691 $

  $

  113 $ 79 12 (28)

  144 $

  123 $

  115 $

• 495 $

  90

  79

  69

  317

  9

  4

  19

  44

  (35)

  (20)

  (28)

  (112)

  (42)

  (638)

  (14)

  (694)

  (65)

  (68)

  (83)

  (95)

  (311)

  $

  111

  $

  98

  $

  (536) $

  66

  $

• (261) $

148 (14) (53)

121 116 62 169

(83) 268 costs and other, respectively.

(98) (61)

81

$

(119) $ 376

• 831 $ 576 123 31

724 $ 887

555 644

106 52

33 33

1,561

$

1,418

$ 1,616

103 $

52 $ 113

61

42 88

12

5 3

(28)

(37) (35)

(14)

(83) 268

(53)

(98) (61)

81

$

(119) $ 376

(1) On July 31, 2020, the Company completed the sale of its Australia and New Zealand ("ANZ") businesses, which comprised the majority of its businesses in the Asia Pacific region (approximately 85% of net sales in that region for the full year 2019),Asia Pacific region do not meet the criteria of an individually reportable segment. For all historical periods presented, the results for the Asia Pacificcomprised the Asia Pacific segment, and that have been retained by the Company, have been reclassified to Other sales and Retained corporate

FX IMPACT ON EARNINGS

APPROXIMATE ANNUAL TRANSLATION IMPACT ON EPS FROM 10% FX CHANGE

EUR $0.09

MXN $0.01

BRL $0.02

COP $0.01

FX RATES AT KEY POINTS

OCT 26, 2020

AVG 2019

AVG 3Q19

EUR MXN BRL COP

1.18 20.97 5.62 3,815

1.12 1.12

19.32 19.26

3.95 3.91

3,299 3,270

NON-GAAP FINANCIAL MEASURES

The company uses certain non-GAAP financial measures, which are measures of its historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. Management believes that its presentation and use of certain non-GAAP financial measures, including adjusted earnings, adjusted earnings per share, segment operating profit, net debt, free cash flow, free cash flow adjusted for factoring, EBITDA, EBITDA to free cash flow conversion and adjusted effective tax rate provide relevant and useful supplemental financial information, which is widely used by analysts and investors, as well as by management in assessing both consolidated and business unit performance. These non-GAAP measures are reconciled to the most directly comparable GAAP measures and should be considered supplemental in nature and should not be considered in isolation or be construed as being more important than comparable GAAP measures.

Adjusted earnings relates to net earnings from continuing operations attributable to the company, exclusive of items management considers not representative of ongoing operations because such items are not reflective of the company's principal business activity, which is glass container production. Adjusted earnings are divided by weighted average shares outstanding (diluted) to derive adjusted earnings per share. Segment operating profit relates to earnings from continuing operations before interest expense, net, and before income taxes and is also exclusive of items management considers not representative of ongoing operations as well as certain retained corporate costs. Net Debt is defined as Total debt less cash. Management uses adjusted earnings, adjusted earnings per share, segment operating profit, and net debt to evaluate its period-over-period operating performance because it believes these provide a useful supplemental measures of the results of operations of its principal business activity by excluding items that are not reflective of such operations. Adjusted earnings, adjusted earnings per share, segment operating profit, and net debt may be useful to investors in evaluating the underlying operating performance of the company's business as these measures eliminate items that are not reflective of its principal business activity.

Further, free cash flow relates to cash provided by continuing operating activities less additions to property, plant and equipment. Management has historically used free cash flow to evaluate its period-over-period cash generation performance because it believes this has provided a useful supplemental measure related to its principal business activity. Free cash flow and free cash flow adjusted for factoring may be useful to investors to assist in understanding the comparability of cash flows generated by the company's principal business activity. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures, since the company has mandatory debt service requirements and other non-discretionary expenditures that are not deducted from the measure. Management uses non-GAAP information principally for internal reporting, forecasting, budgeting and calculating compensation payments.

The company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure adjusted earnings and adjusted earnings per share for the quarter ending December 31, 2020 and the years ending December 31, 2020 and December 31, 2021 to the mist directly comparable GAAP financial measure, earnings from continuing operations attributable to the company because management cannot reliably predict all the necessary components of this GAAP financial measure without unreasonable efforts. Earnings from continuing operations attributable to the company include several significant items such as restructuring charges, asset impairment charges, charges for the write-off of financing fees and the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar items are complex and inherently unpredictable, and the amount unrecognized for each item can vary significantly. Accordingly the company is unable to provide a reconciliation of adjusted earnings and adjusted earnings per share to earnings from continuing operations attributable to the company or address the probably significance of the unavailable information, which could be material to the company's future financial results.

The Company routinely posts important information on its website atwww.o-i.com/investors.

RECONCILIATION TO EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

Three months endedUnaudited

Net sales:

Americas Europe Asia Pacific

Reportable segment totals Other

Net sales

Segment operating profit (a):

Americas

Europe Asia Pacific

Reportable segment totals

Items excluded from segment operating profit:

Retained corporate costs and other

Items not considered representative of ongoing operations (b)

Interest expense, net

Earnings (loss) from continuing operations before income taxesRatio of earnings (loss) from continuing operations before income taxes to net sales

Segment operating profit margin (c):

Americas

Europe Asia Pacific

Reportable segment margin totals

September 30

Nine months ended

September 30

2020

2019

2020

2019

$

• 887 $

  • 918 $ 2,442

    $ 2,733

• 644

  588 128 1,634 36

  1,775 1,834

  52

  281 382

  1,583

  4,498 4,949

  33

  97 114

  $

• 1,616 $

  • 1,670 $ 4,595

    $ 5,063

    $

• 113 $ 88 3 204

  • 123 $ 268

    $ 380

    79 4 206

    191 248

    19 25

    478 653

• (35) 268

  (21) (638)

  (98) (83)

  171 (681)

  (61)

  (83)

  (212) (215)

  $

• 376 $

• (536) $

339 $ (326)

23.3%

-32.1%

7.4% -6.4%

12.7% 13.7% 5.8% 12.9%

13.4% 13.4% 3.1% 12.6%

11.0% 13.9%

10.8% 13.5%

6.8% 6.5%

10.6% 13.2%

• (a) Segment operating profit consists of consolidated earnings before interest income, interest expense, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations as well as certain retained corporate costs.

  The Company presents information on segment operating profit because management believes that it provides investors with a measure of operating performance separate from the level of indebtedness or other related costs of capital. The most directly comparable GAAP financial measure to segment operating profit is earnings from continuing operations before income taxes. The Company presents segment operating profit because management uses the measure, in combination with net sales and selected cash flow information, to evaluate performance and to allocate resources.

• (b) Reference Reconciliation to Adjusted Earnings.

• (c) Segment operating profit margin is segment operating profit divided by segment net sales.

RECONCILIATION FOR QUARTERLY FREE CASH FLOW

Unaudited

September 30, 2020

June 30, 2020

Three Months Ended
March 31,	March 31,	June 30,	September 30,	December
2020	2019	2019	2019	31, 2019

Cash provided by (utilized in) continuing operating activities Cash payments for property, plant and equipment

$

262 $ (57)

181 $ (69)

• (315) $

  (120)

  (595) $ (121)

  (67) $ (112)

  416 $ (100)

  654 (93)

  Free cash flow (non-GAAP)

  $

  205

  $

  112

  $

• (435) $

(716) $

(179) $

316

$

561

Cash provided by (utilized in) continuing operating activitiesThree Months Ended September 30, 2020 $ 262

Three Months Ended September 30, 2019

$ 416

Cash payments for property, plant and equipment (57) (100)Free cash flow (non-GAAP)

$ 205

$ 316

Accounts Receivables FactoredJune 30, 2020 $ 437 June 30, 2019 $ 173

September 30, 2020 $ 426 September 30, 2019

Difference (11)

$

369

Difference 196

Free cash flow Adjusted for Factoring (non-GAAP)

$ 216

$ 120

The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, EBITDA and free cash flow, for the year ending December 31, 2020, to its most directly comparable GAAP financial measures, earnings (loss) from continuing operations before income taxes plus items that management considers not representative of ongoing operations, depreciation and amortization and cash provided by continuing operations less cash payments for property, plant and equipment, because management cannot reliably predict all of the necessary components of these GAAP financial measures without unreasonable efforts. Earnings (loss) from continuing operations before income taxes includes several significant items, such as restructuring charges, asset impairment charges, charges for the write-off of finance fees. The decisions and events that typically lead to the recognition of these and other similar items are complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is unable to provide a reconciliation of EBITDA to earnings (loss) from continuing operations before income taxes and free cash flow to cash provided by continuing operating activities or address the probable significance of the unavailable information, which could be material to the Company's future financial results.

RECONCILIATION FOR ADJUSTED EFFECTIVE TAX RATE

Unaudited
Earnings (loss) from continuing operations before income taxes (A)	$	376	$	(536)
Items management considers not representative of ongoing operations	(262)	663
Adjusted Earnings (loss) from continuing operations before income taxes (C)	$	114	$	127
Benefit (Provision) for income taxes (B)	$	(41)	$	(31)
Tax items management considers not representative of ongoing operations	(1)	(4)
Adjusted benefit (provision) for income taxes (D)	$	(42)	$	(35)
Effective Tax Rate (B)/(A)	10.9%	-5.8%
Adjusted Effective Tax Rate (D)/(C)	36.9%	27.6%

Three Months Ended September 30, 2020

Three Months Ended September 30, 2019

The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted effective tax rate, for the quarter and years ending December 31, 2020, and 2021 to its most directly comparable GAAP financial measure, provision for income taxes divided by earnings (loss) from continuing operations before income taxes, because management cannot reliably predict all of the necessary components of these GAAP financial measures without unreasonable efforts. Earnings (loss) from continuing operations before income taxes includes several significant items, such as restructuring charges, asset impairment charges, charges for the write-off of finance fees, and the provision for income taxes would include the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar items are complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is unable to provide a reconciliation of adjusted effective tax rate to earnings (loss) from continuing operations before income and provision for income taxes or address the probable significance of the unavailable information, which could be material to the Company's future financial results.

RECONCILIATION FOR NET DEBT

September 30, 2020

June 30, 2020

March 31, 2020

March 31, 2019

June 30, 2019

September 30, December 31, 2019 2019

Total debt

$

Cash and cash equivalents Net Debt

5,375 606

$

• 6,507 $ 1,067

6,398 891

$

5,911 326

$

6,331 371

$

5,888 273

$

5,559 551

$

4,769

$

5,440

$

5,507

$

5,585

$

5,960

$

5,615

$

5,008