citislides.htm

Olin Representatives

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

Olin Vision

To be a leading Basic Materials company delivering
attractive, sustainable shareholder returns

• Being low cost, high quality producer, and #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

Total Return to Shareholders in Top Third of S&P Mid Cap 400

Return on Capital Employed Over Cost of Capital Through the Cycle

Olin Corporation Goal: Superior Shareholder Returns

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

2007 Strategic Actions

April Announced that a $100 million pension
contribution and an investment policy change
would likely result in no future contributions
to the defined benefit pension plan

May Announced agreement to acquire Pioneer
Companies for $426 million

August Closed the Pioneer acquisition

October Announced agreement to sell the Metals
business for a purchase price of $400 million

November Closed the sale of the Metals business

The New Olin

($ in millions) Actual 2006 Pro Forma 2006*

Revenue:

Chlor Alkali $ 666 $ 1,191

Metals 2,112 -

Winchester 374 374

Total Revenue $ 3,152 $ 1,565

Pre-tax Profit $ 201 $ 253

Return on Capital 18.9% 22.3%

Total Assets:

Chlor Alkali $ 279 $ 1,037

Metals 741 -

Winchester 180 237

Corporate and Other 436 101

Total Assets $ 1,636 $ 1,375

* The pro forma information above (together with adjustments to reconcile to historical numbers)
is from Form 8-K/A filed on 11/02/07, other than pro forma 2006 Total Assets. That
information is from our September 2007 Form 10-Q filed on 10/31/07, but excludes assets
from Discontinued Operations (Metals).

Olin’s Chlor Alkali Strategy

• Be the preferred supplier to merchant chlor
alkali customers in addition to being the low
cost producer

• Goal is to increase the value of the Chlor Alkali
Division to Olin Corporation through:

– Optimizing capacity utilization

– Higher margin downstream products

– Cost reduction and financial discipline

Pioneer Acquisition

• Synergistic, bolt-on acquisition that enhances our chlor-
alkali franchise:

– #3 chlor-alkali producer in North America

– Enhances geographic coverage

– Improves overall cost position

– #1 in industrial bleach in North America

• Provides the opportunity for low-cost expansion in the
largest chlorine consuming region in North America

• Immediately accretive to earnings and remains highly
accretive throughout the cycle

• The Olin balance sheet remains strong

Pioneer Acquisition
(Continued)

• Purchase price of $426 million

• Expect to realize $20 million in synergies by the end of
Q2 2008, ahead of original schedule, and $35 million
annually thereafter

• Synergies will come from logistics, purchasing,
operations and SG&A expenses

• St. Gabriel expansion/conversion:

– Increases capacity by 49,000 tons

– Reduces energy costs by 29%

– Reduced salt cost with conversion to a brine system

– Low cost expansion opportunity available

Pioneer Acquisition Moves Olin
Up to #3 Producer and . . .

4,780

3,484

1,992

1,856

880

471

430

371

1,000

2,000

3,000

4,000

5,000

Dow

Occidental

Olin

PPG

Formosa

Georgia Gulf

Bayer AG

Mexichem

Diaphragm

Membrane

Mercury

Other

Pioneer Chlorine Plants

Pioneer Bleach Plants

Olin Corporation

Augusta, GA

McIntosh, AL

Dalhousie, NB

St. Gabriel, LA

Becancour, Quebec

Niagara Falls, NY

(1) Pioneer’s Becancour plant has 275,000 short tons
Diaphragm and 65,000 short tons Membrane capacity.

(2) Pioneer’s St. Gabriel plant includes the announced
49,000 short tons capacity expansion and conversion to
membrane cell.

Source: CMAI.

Santa Fe Springs, CA

Tracy, CA

Tacoma, WA

Charleston, TN

Henderson, NV

. . . Enhances Olin’s Operational and Geographical Platform

Olin Is The 3rd Largest
Producer in North America

Source: CMAI Chlor Alkali Report

• Olin has 1.99 Million tons
ECU Capacity Per Year (1)

(Source: CMAI)

• A $10 / ECU Change
Equates to a $17 Million
Change in Pretax Income
at Full Capacity, or $.15
per share @ 35% tax rate

(1)Includes 50% of SunBelt

• Natural Gas prices and capacity reductions have created a
more favorable long-term price outlook

• $1 change in Natural Gas MMBTU increases the cost of
Natural Gas-based producers by $25 to $35/ECU

• Higher 2007 ECU netbacks driven by caustic pricing:

2005 2006 2007 2007 Caustic

Netback Netback Netback Announcements

Q1 $485 $590 $500 $40 Com’l/$50 High Grade

Q2 $505 $560 $510 $50

Q3 $515 $540 $540 $30

Q4 $545 $520 $75

ECU Netback Outlook

Capacity Rationalization

North America Chlor Alkali Capacity
Reductions 2000 Through 2005

North America Chlor Alkali Capacity
Expansions 2000 Through 2005

Source: Olin Data

Reductions 1,930,000

Expansions (382,000)

Net Reductions 1,548,000

Annual demand growth at 0.8%/Yr = 110,000 Short Tons/Yr

Announced Capacity Changes

2006 through 2010

North America Chlor Alkali Capacity
Announced Reductions

North America Chlor Alkali Capacity
Announced Expansions

Reductions (1,326,008)

Expansions 2,057,010

Net Expansions 731,002

Annual demand growth at 0.8%/Yr =

110,000 Short Tons/Yr

Chlor-Alkali’s Two Tier
Bleach Growth Strategy

• Organic Growth

– Bleach expansions at Olin’s four existing chlor-alkali sites
began prior to the Pioneer acquisition

• Acquisitions and Joint Ventures

– Pioneer purchase increases bleach output by 130 million
gallons or 95,000 ECU’s annually and adds new geographies

• West Coast

• Canada

– Trinity Joint Venture closed November 2007

• Total Olin bleach output is expected to be 200 million
gallons or 146,000 ECU’s per year in 2008

Products

End Uses

Winchester ® sporting ammunition -- shot- shells, 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

Winchester Products

Winchester

• Eleven price increases announced since the
beginning of 2004 to offset higher metal prices

• Continued increase in metal prices, especially lead,
prompts 5% to 20% price increases effective January
1st by Winchester, Remington and ATK

• Continued expansion of military and law
enforcement business in 2007:

1. $18 million US Army order for shotgun shells;

2. $24 million order under General Dynamics
2nd source small caliber ammunition program;

3. $27 million .50 caliber US Army order; and

4. $54 million FBI award to Olin is the single largest
Federal Law Enforcement order in history

Financial Highlights

• Ample liquidity with new five-year lines of credit
totaling over $350 million

• Net proceeds from the sale of the Metals business used
to redeem debt, strengthen balance sheet and provide
funds for St. Gabriel expansion

• Olin expects contribution from four months of Pioneer
ownership in 2007 to exceed full year 2007 Metals
contribution excluding LIFO inventory gains

• Continued ECU strength based on caustic pricing

• Pioneer synergy realization of $20 million annual run
rate expected by end of Q2 2008- ahead of schedule

• Expected Pioneer synergy annual run rate of $35 million

Financial Highlights
(continued)

• Improved Winchester results:

– 69% earnings improvement Q3 ’07 vs. Q3 ’06

– 81% higher earnings YTD September ‘07 vs. ‘06

• 2007 effective tax rate expected to be in the 34% to
35% range

• Pension expense expected to be $8 to $12 million lower
in 2008 as compared to 2007

• Capital spending levels, net of January sale leaseback
transaction, are expected to be $55 to $65 million in
2007 including $12 million for Pioneer operations

• 2008 capital spending is expected to include $120
million for St. Gabriel expansion project

Investment Rationale

• Continued strong performance based on:

– Relatively high ECU prices

– Pioneer acquisition

– Cost reductions, price increases and increased U.S.
military and law enforcement revenue in Winchester

• Strong financial discipline

• At recent price levels, common stock dividend yield is
approximately 4%

• 324th consecutive quarterly common dividend (80+
years) to be paid on December 10th

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, 2006 and in
Olin’s Third Quarter 2007 Earnings Release.
These reports are filed with the U.S. Securities and
Exchange Commission.