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                               OLIN CORPORATION
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Olin





                                             September 10, 2002



Dear Fellow Shareholder:

I am pleased to provide you with the enclosed dividend check, which represents
Olin's 303rd consecutive quarterly dividend. For the second quarter of 2002,
Olin reported a loss of $.15 per diluted share, which was in line with our
previously announced expectations. In the third quarter of 2002, Olin expects
its performance to improve over the second quarter of 2002 primarily due to
improvement in the Chlor Alkali and Winchester segments, which should more
than offset slightly lower earnings from the Metals segment.

At a special meeting later this month, we will ask shareholders to vote on the
issuance of Olin common stock to stockholders of Chase Industries Inc. in the
merger of Chase and a subsidiary of Olin. As a result of the merger, Chase
will become a wholly-owned subsidiary of Olin. In the merger, holders of Chase
common stock will receive 0.6400 shares of Olin common stock for each share of
Chase common stock they own. This acquisition is expected to be immediately
accretive to Olin's earnings and will also strengthen Olin's financial
position.

I firmly believe that Olin and Chase are quite complementary and such a
combination is in the best interest of both sets of shareholders. Each of our
companies is a leader with strong premier reputations in our respective
fields. Our combination will create a company with the scale, scope and
critical mass to compete more effectively, and will create a stronger, less
cyclical company.



                                          Very Truly Yours,

                                          /s/ JOSEPH D. RUPP
                                          ------------------
                                          Joseph D. Rupp
                                          President and Chief Executive Officer