KKR Announces its Intention to Sell Common Stock of Owens-Illinois, Inc.

NEW YORK, November 22, 2004 – KKR Associates, L.P., which currently owns (through three limited partnerships) approximately 25% of the outstanding shares of common stock of Owens-Illinois, Inc., announced today that it intends to sell 25 million shares of common stock pursuant to its currently effective shelf registration statement. KKR Associates has owned the shares since 1987. The offering is expected to commence shortly and close in early December. The completion of this offering will depend upon a number of factors, including general market conditions and other factors that KKR Associates may deem relevant. Banc of America Securities LLC, Citigroup Global Markets Inc. and Lehman Brothers Inc. will be the joint book-running managers for the offering.

When available, full details of the offering, including a description of and certain risk factors relating to the offering, will be contained in a prospectus supplement, which may be obtained from Banc of America Securities LLC, 9 West 57th Street, New York, NY 10019, Citigroup Global Markets Inc., 388 Greenwich Street, New York, NY 10013 or Lehman Brothers Inc. c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, New York 11717.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The common stock offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained by contacting Banc of America Securities LLC, Citigroup Global Markets Inc. or Lehman Brothers Inc., as indicated in this news release.

About KKR

Kohlberg Kravis Roberts & Co. (KKR) is one of the world's oldest and most experienced private equity firms specializing in management buyouts, with offices in New York, Menlo Park, California, and London, England. For more information, please visit www.kkr.com.

Contacts:

Ruth Pachman/Molly Morse
Kekst and Company
(212) 521-4891/4826

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