First select the O2 and press Ctrl+= to make them subscripts.
Now select just the 2. Right-click and select Font. Click the second tab of
the dialog (Character Spacing). On the Position line, select "Lowered" in
the first box and type "3 pt" in the second box (or click the down arrow of
the spinner next to the box).
In ordinary body text, I'd advise not making the font size of the 2 any
smaller -- subscripting it has already made it almost too small. If you're
making a large-type label, you could make it a couple of points smaller than
the rest of the text.
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