Olin : Fourth Quarter 2020 Earnings Presentation

Fourth Quarter 2020 Earnings Presentation

January 29, 2021

Forward-Looking Statements

This presentation 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, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this

presentation that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.

We use separate "outlook" sections and the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook", "project," "estimate,"

"forecast," "optimistic", and variations of such words and similar expressions in this presentation to identify such forward-looking statements. These statements

are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond

our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. All references to expectations and other forward-looking statements are based on expectations on January 28, 2021. Olin undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

Factors that could cause or contribute to such differences include, but are not limited to: our sensitivity to economic, business and market conditions in the U.S. and overseas; the cyclical nature of our operating results and the supply/demand balance for our products; our reliance on a limited number of suppliers for specified feedstock and services, including third-party transportation services; higher-than-expected raw material, energy, transportation, and/or logistics costs; failure to control costs or to achieve targeted cost reductions; new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities; unexpected manufacturing interruptions and outages; weak industry conditions affecting our ability to comply with senior secured credit facility covenants; the negative impact from the COVID-19 pandemic and the global response to the pandemic; the failure or an interruption of our information technology systems; complications resulting from our multiple enterprise resource planning systems and the conversion to a new system; loss of a substantial customer for either chlorine or caustic soda which could cause a demand imbalance; our substantial amount of indebtedness and debt service obligations; unexpected litigation outcomes; changes in, or failure to comply with, legislation or government regulations or policies; environmental investigation, remediation and legal costs; the failure to attract, retain and motivate key employees; declines in global equity markets and interest rates impacting pension plan asset values and liabilities; adverse changes in international markets; asset impairment charges resulting from the failure to realize our long range plan assumptions; adverse conditions in the credit and capital markets; risks associated with our transition and subsequent operation of Lake City U.S. Army Ammunition Plant; and the other risks detailed in Olin's Form 10-K for the fiscal year ended December 31, 2019 and Form 10-Q for the quarter ended September 30, 2020. All of the forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to Olin or that Olin considers immaterial could affect the accuracy of our forward-looking statements. The reader is cautioned not to rely unduly on these forward-looking statements.

Non‐GAAP Financial Measures

In addition to U.S. GAAP financial measures, this presentation includes certain non-GAAP financial measures including EBITDA, and Adjusted EBITDA. These non-GAAP measures are in addition to, not a substitute for or superior to, measures for financial performance prepared in accordance with U.S. GAAP. Definitions of these measures and reconciliation of GAAP to non-GAAP measures are provided in the appendix to this presentation.

2

(strong PVC demand, weak caustic demand)

Q4 ECU PCI sequentially favorable, despite unfavorable market configuration

1 Includes all merchant chlorine, merchant caustic, chlorine containing derivatives including: chlorinated organics, bleach, hydrochloric acid, ethylene dichloride (EDC), vinyl chloride

monomer (VCM) , allyl chloride, epichlorohydrin, and epoxy resins. Excludes one consumer with a cost-based,long-term supply agreement that we will terminate in October 2025.

3

2 Product sales volumes in the denominator are harmonized to their chlorine/caustic soda content, i.e. back to the ECU content.

Winchester delivers highest quarterly profit in history

Military Ammunition	Law Enforcement	Commercial
Sales Up by	Sales Up by	Sales Up by
134%a	46%a	125%a

Team expected to deliver higher quarterly results in 2021

4

1. Improvement 4Q20 versus 4Q19.