amp;P Mid Cap 400 ROCE Over Cost of Capital Over the Cycle Focused Portfolio of Businesses >> | Global Market Leadership >. Operational Excellence > Improve Profitability of the Metals Business Increase the Va

Slide 6: Investment Highlights

Investment Highlights Leading North American Positions in All Divisions Significant Operating Leverage Potential Significant Cash Flow Potential Attractive Yield Commitment to Investment Grade Rating Projecting Debt Covenant Compliance under Existing Revolver

Slide 7: Leading Market Positions in Each Business

Leading Market Positions in Each Business * Olin Metals Segment Leads in U.S. Market Share in Both Strip and Rod Products With Their Low Cost Position, Technical Innovation and Nationwide Distribution Capabilities. * Olin Chlor Alkali Products Has a Strong Market Position in Eastern U.S. ¢ Wincheste

Slide 8: Copper and Copper Alloy

Copper and Copper Alloy Sheet & Strip (standard & high performance) Metals Products Strip and Sheet Electronic connectors, lead frames, electrical components, communications, automotive, builders’ hardware, coinage, ammunition Network of Metals Service Centers Electronic connectors, electrical compo

Slide 9: Overview of Brass Strip Processing

Slide 10: Key Drivers - Brass Strip

Key Drivers - Brass Strip * Sensitive to Changes in the Economy * Changes in Demand for Specific Sectors Affect Olin Performance: — Automotive — Computers — Telecommunications — Housing * Coinage Market Is Sensitive to Swings in the Economy 10

Slide 11: U.S. Strip Consumption

U.S. Strip Consumption 1800 1600 1400 1200 1000 In MM Pounds 1998 1999 2000 2001 2002E We believe the normalized market is 1.3 — 1.4 billion pounds per year. ul

Slide 12: Brass Strip ... Mill Shipment Profile

Brass Strip ... Mill Shipment Profile Base Index Market Segment 2000 2002 Auto Electrical 100 93 Computer/Telecom 100 66 Electrical 100 7 Bldg/Household 100 134 Other Transportation 100 36 Other Commercial 100 79 Coinage 100 4B Ammunition 100 102 Exports 100 72 Distribution 100 77 Reroll 100 64 Impo

Slide 13: Brass Strip: 2002 vs. 2000

Brass Strip: 2002 vs. 2000 End Users Consumed 1.6 Billion Pounds in 2000, 1.1 Billion Pounds in 2001, and an Estimated 1.1 Billion Pounds in 2002. We Are Assuming 2003 Marginally Better. A 29% Decline in U.S. Consumption Significant Reduction in Electronics and Telecom Segments Affected High Perform

Slide 14: Olin Brass

Olin Brass Specialty Products Growth Strategic Plan Operational Excellence 14

Slide 15: Olin Brass ... International Initiatives

Olin Brass ... International Initiatives & ER Alan Yamnaha-Olin Metals Olin Gmbh Olin Brass-Japan Olin-Wieland Technology Alliance 4 4 AJ Oster, Puerto Rico shanghai Rep Office tin Mexico Olin Luotong Metals (GZ) * Olin Asia Pacific 15

Slide 16: China Joint Venture

China Joint Venture Agreement With Luoyang Copper to Jointly Construct and Operate Metals Distribution Center in Guangzhou, Guangdong Province Olin Luotong Distribute Coy Metals (GZ) Will Process and pper Alloy Products to Growing Chinese Marketplace Subject to Exy Approval pected Chinese Government

Slide 17: Brass Summary

Brass Summary ¢ Brass is Properly Positioned to Leverage Its Profit Growth as the Economy and Brass Market Return to More Normal Levels, Which We Believe Will Happen ¢ We Will Participate in This Growth As We Have in the Past a7

Slide 18: Chase Industries

Chase Industries CHASE 18

Slide 19: Chase Transaction

Chase Transaction Completed September 27 Combines Leader in Brass Rod With Leader in Sheet and Strip Similar Strengths ¥ Manufacturing Excellence, Low Cost, High Quality ¥ Customer Service Focus ¥ Solid Financial Performance Leverage Strengths to Enhance Long-term Profitability and Return on Investm

Slide 20: Chase Industries Background

Chase Industries Background Founded 1837 in Waterbury, CT Single 260,000 Sq. Ft. Facility in Montpelier, OH High Volume Brass Rod Production Capability Similar to Olin Production Processes U.S. Brass Rod Consumption — ¥ 1.1B Pounds in 2000, 0.9B in 2001, 0.95B in 2002 ¥ 3% Annual Growth Over Last 10

Slide 21: U.S. Brass Rod End Uses

U.S. Brass Rod End Uses Exports Consumer & General. Building Products Electrical & Electronic Transportation Industrial Machinery & Equip. a

Slide 22: Chase Financial Performance

Chase Financial Performance 2002 Represents 9 Months Ending September 30, 2002 In Millions of Dollars 5 40 35 30 25 + 20 15 10 5 0 r r r r r 1997 1998 1999 2000 2001 2002 @ Pretax Income B EBITDA

Slide 23: Chase Brass Summary

Chase Brass Summary * Project 400 -- $92M Expansion Increases Annual Production Capability 33% to Over 400M Pounds Long Term Fundamentals Look Promising ¢ Future Improvements From Full Implementation of Project 400 and Synergy Opportunities * Chase’s Excellent Position in Brass Rod Will Complement O

Slide 24: John L. McIntosh

John L. McIntosh President Chlor Alkali Products “4

Slide 25: Chlor Alkali Products

Chlor Alkali Products Chlorine / caustic soda Pulp & paper processing, chemical manufacturing, water purification, manufacture of vinyl chloride, bleach, swimming pool chemicals & urethane chemicals Sodium Hydrosulfite Paper, & clay bleaching Textile dye reducing agent Hydrochloric Acid and Sodium H

Slide 26: Chlor Alkali Products

Chlor Alkali Products hlorine and Caustic Soda Are Co-products of Salt ectrolysis Q he Production of 1 Ton of Chlorine Results in 1.1 ‘ons of Caustic Soda Together the Two Chemicals Are Called an Electrochemical Unit “ECU” Supply / Demand Determine Pricing in This Commodity Business CMAT Forecasts P

Slide 27: Olin Has Leading Capacity Share in Eastern U.S.

Olin Has Leading Capacity Share in Eastern U.S. Georgia ult 3 ulean 4 Pioneer on Fomosa ‘Ooddental 19% Source: CMAI Chior Alkali Report 4% Overall in U.S. Capacity #1 Capacity Share East of the Mississippi River Strong Regional Supplier of Caustic and Chlorine Olin Has 1.15 Million ECU Capacity Per

Slide 28: Key Drivers - Chlor Alkali

Key Drivers - Chlor Alkali Chlorine/caustic Demand Driven by General Economic Conditions PVC Is the Largest End-use Market for Chlorine, and Pulp and Paper Is Largest Caustic Market Manufacturing Cost Heavily Dependent on Energy (Natural Gas, Oil) No North American Chlor Alkali Producers Have Announ

Slide 29: Capacity Deletions and Additions

Capacity Deletions and Additions North American Chior Alkali Capacity Reductions Since 2000 North American Chior Alkali Capacity Expansions Since 2000 Short Tons Short Tons Company Location as Company Location as Chlorine Chlorine Dow Plaquemine, LA 385,000 Oxy Vinyls LP Deer Park, TX 382,800 Volean

Slide 30: Chlor Alkali Products Strategy

Chlor Alkali Products Strategy Be the Preferred Supplier to the Merchant Chlor Alkali Market Continue to Drive Cost Improvements Through Manufacturing and Logistic Optimization Continue Our Partnership Philosophy With Our Customers Significant Opportunities to Increase the Value of the Business at M

Slide 31: Olin ECU Vs. CMAI Avg. Chlorine & DP Avg. Caustic

Olin ECU Vs. CMAT Avg. Chlorine & DP Avg. Caustic bedded Fee eg oe os ORE = CHAI a1

Slide 32: Why Olin's ECU Netbacks Differ from Other Producers

Why Olin’s ECU Netbacks Differ from Other Chlor Alkali Producers * Methodologies and Definitions May Differ Among Producers * Pricing to Customers Can Vary Depending on Customer End Use and Location and Method of Shipment (Pipeline, Railcar, Truck, Barge, Terminal) * Contractual Terms —Escalation Pr

Slide 33: Olin's Chlor Alkali System

Olin’s Chlor Alkali System * Olin Contracts Nearly 100% of Its Chlorine and Caustic Sales ¢ On About Two-thirds of the Volume, Prices Change Quarterly, with a Combination of Formula-based and Negotiated Pricing « Many Contracts Have a One Quarter Lag in Them, Which Delays Price Increases in a Tighte

Slide 34: Olin's Projected ECU Values

Olin’s Projected ECU Values We Expect Our ECU Value Will Increase by Approx. $40 from 3Q2002 to 4Q2002. Most Recent Price Increase Announced Was For $70 per ton on Caustic — Expect $40 to be Implemented. Higher Natural Gas Prices Have Increased Manufacturing Costs of Other Producers: $1/MMBTU = $25/

Slide 35: Winchester Products

Winchester Products 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 loa

Slide 36: Key Drivers - Winchester

Key Drivers - Winchester ¢ Supply / Demand Balance — Total U.S. Demand: 4.5 Billion Rounds With Excess U.S. Production Capacity — Non-Economic Factors Primarily Drive Demand Cycle ¢ Political / Regulatory — Political Pressure Shifting From Federal to State/local Level ¢« Competition — Alliant TechSy

Slide 37: Winchester Strategy

Winchester Strategy Leverage Existing Strengths to Grow Sales — Legendary Winchester® Brand Name — Received “Ammunition of the Year” Award Last Five Years From Shooting Industry Academy of Excellence — Manufacturer of the Year Award from National Association of Sporting Goods Wholesalers 2002 Contin

Slide 38: Anthony W. Ruggiero

Anthony W. Ruggiero Executive Vice President & Chief Financial Officer 38

Slide 39: Financial Performance

Financial Performance EBITDA $300 $250 $200 $150 $100 $50 1997 1998 1999 2000 2001 2002E $0 [uMetals Chior Alkali Winchester 1997 1998 1999 2000 2001 2002E (1) EBITD/Lis income from continuing operations before taves, interest expence (ess interest income), deprecation and amerizaton expense, gain (

Slide 40: Financial Performance

Financial Performance EPS Cash Flow Per Share" $1 1997 1998 1999 2000 2001. (sy) 1997 1998 1999 2000 2001 2002E (1) Excludes gain (oss) on sales and restuctuings of business and spin off costs and unusual items, (2) Cath Flow Per Share is netincome plus depreciation and amotization expense, excludin

Slide 41: Cap. Ex. and D&A

($ MM) Cap. Ex. and D&A 76 78 95. 78 78 80 81 | ve 87 87 65 1997 1998 1999 2000 2001 2002E lm Capital Expenditures D&A 41

Slide 42: Key Initiatives Have Increased Olin's Financial Flexibility

Key Initiatives Have Increased Olin’s Financial Flexibility Completed $200 Million Public Senior Note Offering on December 11, 2001 Closed on New $140 Million Three-Year Revolving Credit Facility on January 3, 2002 Completed Common Stock Offering on March 11, 2002 Which Raised $56 Million and Lowere

Slide 43: Financial Flexibility is Critical for a Cyclical Company

Financial Flexibility is Critical for a Cyclical Company Particularly in Economic Downturns Provides Credit Availability When Operating Cash Flows Are Low Allows the Company to Continue to Seek Attractive Business Opportunities Olin Projected to Comply With Revolver Covenants Projected Pension Contr

Slide 44: Financial Policies and Objectives

Financial Policies and Objectives Commitment to Maximizing Total Return to Shareholders (TRS) Over the Long Run Commitment to Lower Cost Structure — 2002 Cost Savings Estimated at $60MM ($20MM for Both Brass and Chlor Alkali, $10MM for Winchester and $10MM Other) — Targeted Headcount Reductions = Op

Slide 45: Olin's Demonstrated Shareholder Orientation

Olin’s Demonstrated Shareholder Orientation ¢ Compensation System Assures Alignment With Shareholder Interests — Long Term Incentive Plan Changed to 100% Stock Options and Performance Shares — Senior Management Compensation Highly Oriented to Stock Performance — Stock Ownership Guidelines for Senior

Slide 46: 4Q 2002 Guidance

4Q 2002 Guidance * On December 17, Olin Announced It Expected 4Q Performance to be a Loss in $.05 Per Share Range, Excluding Potential Charges. The Estimate is Unchanged. * Olin Plans to Record a $10 MM Tax Charge For the Surrender of Its COLI Policies. Including This Tax Charge, Reported Net Loss f

Slide 47: Forward-Looking Statements

Forward-Looking Statements This presentation contains estimates of future performance, which are forward-looking statements and 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

Slide 48: Forward-Looking Statements

FORWARD-LOOKING STATEMENTS This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information that are based on management’s beliefs, certain assumptions made by management, fore

Olin — Investor Presentation (January 2003) on 6ix

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