1. 1 BB&T Capital Markets Manufacturing and Materials Conference April 1, 2009

2. 2 Olin Representatives Joseph D. Rupp Chairman, President & Chief Executive Officer John E. Fischer Vice President & Chief Financial Officer John L. McIntosh Vice President & President, Chlor-Alkali Products Larry P. Kromidas Assistant Treasurer & Director, Investor Relations lpkromidas@olin.com (618) 258 – 3206

3. 3 Investment Rationale Strong outlook based on: –Historically high ECU* prices –Benefits from the Pioneer acquisition –Consolidation/Rationalization in the Industry –Increasing profitability from Winchester Strong balance sheet with no debt maturities until 2011 Substantial cash flow supports a continuous common dividend of 82+ years with an above average yield * ECU = Electrochemical Unit; a unit of measure reflecting the chlor-alkali process outputs of 1 ton of chlorine, 1.13 tons of 100% caustic soda and.03 tons of hydrogen

4. 4 Olin Vision To be a leading Basic Materials company delivering attractive, sustainable shareholder returns Being the low cost, high quality producer, and the #1 or #2 supplier in the markets we serve Providing excellent customer service and advanced technological solutions Generating returns above the cost of capital over the economic cycle

5. 5 Olin Corporate Strategy 1. Build on current leadership positions in Chlor-Alkali and Ammunition Improve operating efficiency and profitability Integrate downstream selectively 2. Allocate resources to the businesses that can create the most value 3. Manage financial resources to satisfy legacy liabilities Total Return to Shareholders in Top Third of S&P 1000 Return on Capital Employed Over Cost of Capital Through the Cycle Olin Corporation Goal: Superior Shareholder Returns

6. 6 Improved profitability, record earnings for both Chlor Alkali and Winchester in 2008 Improved product mix with increased value-added bleach and greater geographic diversity Stronger balance sheet Reduced working capital investment and volatility $30 million per year lower legacy costs Impact of Strategic Actions “The New Olin”

7. 7 Be the preferred supplier to chlor alkali customers in addition to being the low cost producer Goal is to increase the value of the Chlor Alkali Division to Olin through: –Optimizing capacity utilization –Higher margin downstream products –Cost reduction and financial discipline Olin’s Chlor Alkali Strategy

8. 8 Chlor-alkali ECU Production RAW MATERIALS ECU OUTPUTS DOWNSTREAM PRODUCTS Caustic Soda NaOH – 1.13 Tons/ KOH – 1.59 Tons Chlorine 1.00 Tons Hydrogen 0.03 Tons 1.8 Tons Salt (NaCl or KCl) 0.5 Tons Water 2.8 mWh Electricity Caustic Soda (Sodium Hydroxide) KOH (Potassium Hydroxide) Bleach (Sodium Hypochlorite) Chlorine HCL (Hydrochloric Acid) Hydrogen Gas ELECTROLYSIS

9. 9 Pioneer Acquisition Synergistic, bolt-on acquisition that enhances our chlor-alkali franchise –Immediately accretive to earnings and cash flow –Improves profitability through synergies and capacity optimization –Provides platform for value-added growth #1 supplier of industrial bleach in North America St. Gabriel, LA conversion and expansion

10. 10 Synergies & Cost Reductions Original synergy forecast of $35 million annually increased to $45-$50 million; or more than 10% of purchase price of Pioneer Approximately $12 million of synergies realized in the 4Q of 2008 Synergies from the Q2 of 2008 Dalhousie, NB plant closing are expected to yield $8 to $10 million annually St. Gabriel, LA expansion/conversion expected to reduce annual energy costs by approximately $25 million and brine costs by approximately $5 million

11. 11 Source: CMAI/Olin Dow does not reflect the announced reduction of approximately 400,000 tons of capacity at their Oyster Creek facility. Oxy includes OxyVinyls. Olin includes St. Gabriel conversion/expansion, Sunbelt joint venture and Dalhousie shutdown. Olin is #3 Chlor-alkali Producer

12. 12 (1)The Becancour Plant has 275,000 short tons diaphragm and 65,000 short tons membrane capacity (2)The St. Gabriel plant includes the announced 49,000 short tons capacity expansion and conversion to membrane cell technology

13. 13 ECU Netback* Environment Industry pricing environment has improved through: –Net capacity reductions of about 12% since 2000 not reflecting Dow’s Oyster Creek closure of 400,000 tons –We expect a continuation of positive pricing into the first quarter of 2009 –Imports from China into the U. S. East and West Coasts increased during 2008, a trend that is expected to continue in 2009 –Contract and Spot ECU pricing is expected to decline in first half of 2009 * ECU Netback = ECU price - freight +/- customer premiums/discounts

14. 14 Olin ECU Netback Outlook Q4 ECU netback of $740 is 12% higher than Q3; we expect sequentially higher netbacks into Q1 of 2009 Higher ECU netbacks were driven by caustic pricing offsetting lower chlorine prices and higher freight costs: 2006 2007 2008 2009 Q1 $590 $500 $580 $740+ Q2 $560 $510 $590 Q3 $540 $540 $660 Q4 $520 $555 $740

15. 15 Capacity Rationalization: 2000-2012 Source: Olin Data Technology Key: DIA=Diaphragm, HG=Mercury, MB=Membrane, STB=Salt-to-Bleach. Chlor Alkali Capacity Reductions Chlor Alkali Capacity Expansions CompanyLocationTechECU COMPLETED DowFt. SaskatchewanDIA526,000 DowPlaquemine, LADIA375,000 Formosa PlasticsBaton Rouge, LADIA201,000 La RocheGramercy, LADIA198,000 Oxy Vinyls LPDeer Park, TXDIA/HG395,000 Georgia Pacific(3 locations)DIA/HG24,000 PioneerTacoma, WADIA/MB214,000 AtofinaPortland, ORDIA/MB187,000 St. Anne ChemNackawic, NBMB10,000 PPGLake Charles, LAHG280,000 Oxy (KOH)Taft, LAHG210,000 OxyDelaware City, DEHG145,000 Olin (KOH)Charleston, TNHG110,000 Holtra ChemOrrington, MEHG80,000 Holtra ChemAcme, NCHG66,000 MexichemSanta Clara, MexHG40,000 Cedar ChemVicksburg, MSHG40,000 OlinDalhousie, NBHG36,000 ANNOUNCED Dow 1 Freeport, TXDIA2,675,000 OlinSt. Gabriel, LAHG197,000 CanexusNorth Vancouver, BCDIA145,000 ERCOPort Edwards, WIHG80,000 Reductions6,234,000 Reductions(6,234,000) Expansions5,006,000 Net Reduction(1,228,000) CompanyLocationTechECU COMPLETED DowFreeport, TXMB500,000 PPGLake Charles, LAMB280,000 OxyGeismer, LAMB210,000 EquachlorLongview, WAMB88,000 WestlakeCalvert City, KYMB80,000 SunBeltMcIntosh, ALMB70,000 MexichemSanta Clara, MexMB45,000 OxyVarious SitesMB22,000 AV NackawicNackawic, NBMB10,000 KuehneDelaware City, DESTB40,000 TrinityHamlet, NCSTB40,000 OdysseyTampa, FLSTB30,000 ShintechPlaquemine, LAMB330,000 ANNOUNCED ShintechPlaquemine, LAMB240,000 WestlakeGeismar, LAMB250,000 Allied UniversalFort Pierce, FLSTB40,000 Dow 1 Freeport, TXMB2,225,000 OlinSt. GabrielMB246,000 CanexusNorth Vancouver, BCMB180,000 ERCOPort Edwards, WIMB80,000 Expansions5,006,000 Annual caustic demand growth: 0.8% or 110,000 Tons/Year 1 Dow’s February 2009 announcement of approximately 400,000 ton capacity reduction at Oyster Creek is not reflected, the expansion is on hold and under review, and the supply agreement renewal with Shintech is expected to eliminate Shintech’s plans for a Chocolate Bayou plant.

16. 16 Why Industrial Bleach? Olin is the leading bleach producer with a current capacity of 250 million gallons, or 160,000 equivalent ECUs, in a 1 billion gallon market Utilizes both chlorine and caustic soda in an ECU ratio Bleach commands a $100 to $200 price premium over ECU selling prices Demand is not materially impacted by economic cycles Regional nature of bleach business benefits Olin’s geographic diversity Platform for future growth in fastest growing segment

17. 17 Winchester Products Products End Uses Winchester ® sporting ammunition -- shot- shell, small caliber centerfire & rimfire ammunition Hunters & recreational shooters, law enforcement agencies Small caliber military ammunition Infantry and mounted weapons Industrial products -- 8 gauge loads & powder- actuated tool loads Maintenance applications in power & concrete industries, powder-actuated tools in construction industry

18. 18 Winchester’s Strategy Leverage existing strengths –Seek new opportunities to leverage the legendary Winchester® brand name –Investments that maintain Winchester as the retail brand of choice, and lower costs Focus on product line growth –Continue to develop new product offerings Provide returns in excess of Cost of Capital

19. 19 Winchester Record 2008 earnings as improved pricing and higher volumes offset higher material costs Further manufacturing cost reductions with additional relocation of operations to low-cost Oxford, MS plant Long-term contracts with military and law enforcement agencies now account for 25% to 30% of total revenue Commercial backlog is 23% higher going into 2009 than at the start of 2008, and the law enforcement, military and industrial backlog is 55% higher than a year ago

20. 20 Financial Highlights Strong Balance Sheet –Gross Debt / EBITDA is less than 1x –Ample liquidity with lines of credit totaling $350 million and cash balances, which support seasonal working capital growth of $100 million –Year end net debt balance expected to remain at or below zero –Pension plan remains fully funded Strong Profit Outlook –ECU pricing remains historically strong due to strength of caustic soda –Winchester performance continues to improve –Significant reduction in legacy costs

21. 21 Pension Plan Actions Contribution of $100 million in May 2007 expected to be final cash requirement for foreseeable future Plan frozen to new hires on 1/1/05, and for salaried and non-bargain hourly employees on 1/1/08 Voluntary and negotiated transitions from pension plan to 401(k) plan leaves less than 20% of Olin’s employees currently accruing benefits in Plan Allocation of Plan assets designed to match investment returns to changes in the valuation of Plan liabilities Plan remains fully funded at 12/31/08

22. 22 Investment Rationale Strong outlook based on: –Historically high ECU prices –Benefits from the Pioneer acquisition –Consolidation/Rationalization in the Industry –Increasing profitability from Winchester Strong balance sheet with no debt maturities until 2011 Substantial cash flow supports a continuous common dividend of 82+ years with an above average yield

23. 23 Forward-Looking Statements This presentation contains estimates of future performance, which are forward-looking statements and actual results could differ materially from those anticipated in the forward- looking statements. Some of the factors that could cause actual results to differ are described in the business and outlook sections of Olin’s Form 10-K for the year ended December 31, 2008 and in Olin’s Fourth Quarter 2008 Earnings Release. These reports are filed with the U.S. Securities and Exchange Commission.

24. 24Appendix 1892 founded in East Alton, IL providing blasting powder to Midwestern coal mines 1898 formed Western Cartridge Company to manufacture small arms ammunition 1931 acquires Winchester Repeating Arms 1940s & 1950s acquires cellophane, paper, lumber & powder-actuated tools businesses 1892 founded in Saltville, VA to produce soda ash. 1896 builds first chlor-alkali plant in US 1909 introduces first commercial production of liquefied chlorine 1940s & 1950s builds plants in Lake Charles, LA & McIntosh, AL, buys Squibb 1954 Merger creates the Olin Mathieson Chemical Corporation 1950s & 1960 entered into phosphates, aluminum, urethanes, TDI, skis, camping equipment, homebuilding and expanded paper and forestry businesses 1970s to 2000 consolidation back to core businesses, spin-offs included forest products (Olinkraft), military ordnance (Primex) and specialty chemicals (Arch) and sold aluminum, TDI, urethanes and Squibb businesses 2007 acquired Pioneer and sold the Metals business, resulting in a company similar in businesses to that which existed in the late 1890s Olin Industries Mathieson Chemical Corp.

25. 25 North American ECU Capacity (1) Olin production capacity includes Sunbelt & other joint ventures.Source: CMAI – May, 2008

26. 26 North American Chlorine Demand by End Use Source: CMAI, 2008 “Organics” includes: Propylene oxide, epichlorohydrin and the phosgene chemicals (MDI, TDI, polycarbonates). “Inorganics” includes: Titanium dioxide (TiO2) and bromine.

27. 27 North American Caustic Soda Demand by End Use Source: CMAI, 2008 “Organics” includes: MDI, TDI, polycarbonates, synthetic glycerin, sodium formate, monosodium glutamate (MSG). “Inorganics” includes: titanium dioxide (TiO2), sodium silicates, sodium cyanide.