INVESTOR DAY D E C E M B E R 1 2 , 2 0 2 4
2 0 2 4 I N V E S T O R D A Y Welcome and Opening Remarks Steve Keenan Director, Investor Relations 2
2 0 2 4 I N V E S T O R D A Y Safety Moment – Location of Emergency Exit and Restrooms 3 EMERGENCY EXIT STAIRS RESTROOMS EMERGENCY EXIT STAIRS
2 0 2 4 I N V E S T O R D A Y Forward-looking Statements 4 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 communication 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, reference future phases of Olin’s evolution, and use the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," “target,” and variations of such words and similar expressions in this presentation to identify such forward-looking statements. These statements include, but are not limited to, statements regarding the Company’s intent to repurchase, from time to time, the Company’s common stock. 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. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our board of directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our board of directors. In the future, our board of directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions. All references to expectations and other forward-looking statements are based on expectations as of the date of this communication. 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: sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by us; declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products; unsuccessful execution of our strategic operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes; failure to identify, attract, develop, retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions; failure to control costs and inflation impacts or failure to achieve targeted cost reductions; our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation; the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards; exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events; availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics; the failure or an interruption, including cyber-attacks, of our information technology systems; our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business; risks associated with our international sales and operations, including economic, political or regulatory changes; our indebtedness and debt service obligations; weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility; adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital; the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans; our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets; changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate; new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities; unexpected outcomes from legal or regulatory claims and proceedings; costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings; various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; and failure to effectively manage environmental, social and governance (ESG) issues and related regulations, including climate change and sustainability and the other risks detailed in Olin’s Form 10-K for the fiscal year ended December 31, 2023 and in Olin’s Quarterly Reports on Form 10-Q and other reports furnished or filed with the U.S. Securities and Exchange Commission. All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider 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 0 2 4 I N V E S T O R D A Y Today’s Agenda 5 9:00 AM Welcome & Opening Remarks STEVE KEENAN | Director, Investor Relations Company Overview & Strategic Vision Unlocking the Potential of Our Portfolio through a Disciplined Value Creation Strategy KEN LANE | President & CEO Chlor Alkali Products & Vinyls Overview Continuing Value-first Approach and Capitalizing on Our Industry-leading Positions DEON CARTER | VP & President, CAPV Epoxy Overview Leveraging Integrated Value Chain Position to Restore Resiliency and Improve Earnings FLORIAN KOHL | VP & President, Epoxy & International Chemicals 10:15 AM Break 10:30 AM Winchester Overview An Industry-leading, Well-recognized Global Brand Delivering Innovative Ammunition Solutions BRETT FLAUGHER | VP & President, Winchester Financial Overview & Long-term Outlook Executing a Disciplined Financial Strategy Focused on Value Creation and Resiliency TODD SLATER | SVP & CFO Closing Remarks | Invest with Us KEN LANE | President & CEO 11:15 AM Q&A Session 12:00 PM Leadership Luncheon
2 0 2 4 I N V E S T O R D A Y Olin Corporate Purpose Video 6
2 0 2 4 I N V E S T O R D A Y Unlocking the Potential of Our Portfolio through a Disciplined Value Creation Strategy Company Overview and Strategic Vision Ken Lane President & CEO 7
2 0 2 4 I N V E S T O R D A Y Delivering Shareholder Value 1 Building on a robust foundation as a global chemicals and ammunition industry leader by executing commercial discipline, cost efficiency, and our value creation strategy 2 Realizing a higher level of profitability in chlor alkali while positioning to maximize value potential and growth in adjacencies 3 Optimizing Epoxy business to restore resiliency and improve earnings while growing formulated solutions 4 Capturing full value of legendary Winchester brand through organic growth and adjacency opportunities 5 Maintaining investment grade credit rating that enables Olin to consistently return cash to shareholders while providing optionality to invest in high-return growth opportunities 8
2 0 2 4 I N V E S T O R D A Y We Deliver Essential Materials and Solutions that Enhance and Protect Lives Olin at a Glance 1 As of 12/6/24. 2 As of 12/31/23 and includes corporate employees. 3 Includes addback of ~$110M from Hurricane Beryl impact. 4 Since 2015. CHLOR ALKALI PRODUCTS & VINYLS EPOXY WINCHESTER OPERATE IN THREE BUSINESS SEGMENTS ~$4.8B Market Cap1 OLN Ticker (NYSE) Clayton, MO Corporate HQ 1892 Founded ~47% Operating Cash Flows Returned to ~$1.0B TTM 3Q 2024 Adjusted EBITDA3 29 Manufacturing Facilities2 ~7,300 Global Employees2 Shareholders4 9
2 0 2 4 I N V E S T O R D A Y Cycle-tested Leadership Team Right Leaders in the Right Places to Execute Strategy for Profitable Growth Dana O’Brien Damian Gumpel Teri Vermillion Nicki Sumner Holger Baer Verghese Thomas Valerie Peters SVP & Chief Legal Officer 2021 VP, Corporate Strategy 2008 VP & Treasurer 2010 VP & Controller 2005 VP, Global Chemicals Mfg., Engineering, & EHS 1989 VP, Chief Innovation & Sustainability Officer 2022 VP, Chief Human Resources Officer 1991 Today’s Presenters Broader Leadership Team 300 Years of Combined Industry Experience with an Average Olin Tenure of 17 Years Ken Lane Todd Slater Deon Carter Florian Kohl Brett Flaugher President & CEO 2024 SVP & CFO 1992 VP & President, CAPV 2024 VP & President, Epoxy & International Chemicals 2023 VP & President, Winchester 1983 10
2 0 2 4 I N V E S T O R D A Y Products End Markets Served Our Core Business Portfolio Note: Percentages are based on % of total TTM 3Q 2024 Sales. Chlor Alkali Products & Vinyls Largest supplier of chlor alkali products Caustic Soda • Chlorine • Vinyls • Hydrochloric Acid • Chlorinated Organics • Bleach • Hydrogen • Potassium Hydroxide Ag • Pharma • Automotive • Water Treatment • Housing and Construction • Renewable Energy • Consumer Goods • Paper Liquid Epoxy Resins • Aromatics • Allylics • Curing Agents and Hardeners • Formulated Solutions • Reactive Diluents • Solid Epoxy Resins Civil Engineering • Construction • Consumer Goods • Electronics • Energy (including Wind) • Transportation Ammunition and Components for: Rifle • Pistol • Rimfire • Shotshell • White Flyer® Clay Targets Commercial • Industrial • Defense • Law Enforcement Epoxy Integrated and reliable source of supply and industry-leading epoxy technology 55% 19% 26% Winchester One of the world’s leading small-caliber ammunition brands 11
2 0 2 4 I N V E S T O R D A Y Addressable Market 5-Year Industry CAGR CAPV ~$90B ~3% Epoxy ~$12B ~5% Winchester ~$5B ~6% ~$107B 2024 Total Addressable Market (TAM) Large Addressable Market with Opportunities for Profitable Growth Leverage Leading Positions in Key Markets to Realize Value Growth Source: Roland Berger, CMA, and Olin Marketing Information. 12 Unlocking Value in Our Markets Served through Clear Competitive Advantages • Deep chemicals expertise with ability to apply across entire portfolio • Fully integrated across chlorine value chain with low-cost production • Global scale and reach with ample, flexible capability • Century-old brands with significant global awareness and recognition
2 0 2 4 I N V E S T O R D A Y We Are Deeply Committed to a Value-first Commercial Strategy Illustrative Profitability ■ Cycle with Value-first Approach ■ Traditional Cycle Midpoint in Traditional Cycle Midpoint in Value-first Approach Peak WE ARE HERE Lower Volume to Preserve Margins Trough Significant Profit Upside 13
2 0 2 4 I N V E S T O R D A Y Our Long-term Value Creation Strategy O P T I M I Z E TH E C OR E G R O W TH E C OR E 14
2 0 2 4 I N V E S T O R D A Y Continued Commitment to Capturing Cost Savings Achieving Cost Reduction Benefits and Enhancing Leading Competitive Position 15 Clear, Capital-light Priorities • Rightsizing CAPV and Epoxy manufacturing facilities to align with loaded spring approach • Accelerating a performance-driven culture focused on safety, reliability, and productivity • Leveraging continuous improvement and operational excellence initiatives GROWOPTIMIZE T H E C O R E Driving Efficiency While Maintaining Growth Optionality >$250M Total Structural Cost Savings by 2028
2 0 2 4 I N V E S T O R D A Y Efficiency Efforts Advance Our Sustainability Initiatives More to Come in Expanded 2024 Sustainability Report to be Published in 2Q 2025 2018 Baseline Measurement 2030 Current Reduction Target 2030 NEW Reduction Targets Scope 1 & 2 Emissions 6.8M MT 25% 35% Water Consumption 9.6B GALS 15% 25% Introducing New Sustainability Targets as a Result of Asset Optimization Increasing our 2030 Scope 1 and 2 emissions reduction target • Implement several high financial return projects that also reduce carbon emissions Increasing our 2030 water consumption reduction target 16 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Advantaged Position to Manage across the Chemicals Cycle Industry-leading Producer of Caustic Soda and Chlorine with High Optionality Outlets One Electro-Chemical Unit (ECU) High Optionality Outlets +Brine Electrolysis Alumina Pulp and Paper Water Treatment Chemical Processing Oil Refining Lithium Battery Materials Vinyls Bleach Epoxy Hydrochloric Acid Chlorinated Organics Merchant Chlorine Urethanes Agriculture Titanium Dioxide Hidrogenii JV Process Fuels Industrial Gas The Olin Chemicals Value Chain Olin vs. US Industry Chlorine Operating Rate Committed to Value-first Approach, Which Enables an Uplift as Market Demand Recovers OLIN COMMERCIAL MODEL 60% 65% 70% 75% 80% 85% 90% 2017 2018 2019 2020 2021 2022 2023 2024E Olin Non-Olin Olin Operating Leverage Loaded Spring 1.1T Caustic Soda 1.0T Chlorine 0.03T Hydrogen Gas GROWOPTIMIZE T H E C O R E 17 Ill u st ra ti ve O p er a ti ng R a te s
2 0 2 4 I N V E S T O R D A Y Building on Winchester’s Strong Foundation with Ample Value Creation Opportunities on the Horizon ~$60 ~$294 2019 TTM 3Q 2024 Significant Transformation of Winchester Since 2019 Adjusted EBITDA ($M) ~37% CAGR • Military growth through Lake City Army Ammunition Plant • International military demand • Increased shooting sports participation • Margin and mix enhancements • Productivity, modernization, and innovation Fueling the Next Phase of Winchester Growth and Generating Stable Cash Flow Over the Long Term ✓ Continuing Winchester’s value to Olin through demand growth ✓ Building on current high degree of integration across value chain ✓ Leveraging Olin’s deep chemicals expertise to expand into high-return adjacencies ✓ Capitalizing on defense ammunition and shooting sports market growth 18 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Options to Build on Existing Positions at High Returns Strong Foundation Positions Us to Explore High-return Growth Opportunities Enhance leadership position • Grow regional NA bleach position via salt to bleach • Explore further water treatment adjacencies via inorganic options • Pursue high-return membrane conversion and expansion at Bécancour, QC facility Explore PVC adjacency options • Expand via contractual JV partnerships • Consider inorganic growth options with disciplined M&A approach • Leverage existing asset base to build PVC facility on US Gulf Coast Capture value from high-growth markets • Innovate formulated solutions for markets tied to durable megatrends such as reshoring of manufacturing, Wind, and Advanced Electronics Extend our participation in Defense and Commercial munitions value chain • Deliver on Next Generation Squad Weaponry (NGSW) contracts with US government • Small bolt-on acquisitions supported by favorable market trends Further build out capability in ammunition value chain • Expand GOCO participation via Radford recompete • Pursue investments in ammunition raw materials, such as critical chemicals and energetics CAPV EPOXY WINCHESTER 19 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Unveiling Our 2029 Financial Targets Well-defined Strategy to Deliver Long-term Growth and Shareholder Value Creation Note: Targets assume midcycle conditions in CAPV and normalized conditions in Epoxy and Winchester. 1 Cash conversion: Adjusted EBITDA less Capex / Adjusted EBITDA. 2 Of operating cash flow, on average, 2025-2029. 20 ~$2B Adjusted EBITDA Pre-adjacency Opportunities 85%+ Cash Conversion1 >50% Cash Returned to Shareholders2 Maintain Investment Grade Credit Rating >$250M Total Structural Cost Savings by 2028
2 0 2 4 I N V E S T O R D A Y Delivering Shareholder Value | Key Takeaways 21 2 Realizing a higher level of profitability in chlor alkali while positioning to maximize value potential and growth in adjacencies 1 Building on a robust foundation as a global chemicals and ammunition industry leader by executing commercial discipline, cost efficiency, and our value creation strategy 3 Optimizing Epoxy business to restore resiliency and improve earnings while growing formulated solutions 4 Capturing full value of legendary Winchester brand through organic growth and adjacency opportunities 5 Maintaining investment grade credit rating that enables Olin to consistently return cash to shareholders while providing optionality to invest in high-return growth opportunities
2 0 2 4 I N V E S T O R D A Y CAPV Walk-up Video 22
2 0 2 4 I N V E S T O R D A Y Continuing Value-first Approach and Capitalizing on Our Industry-leading Positions Chlor Alkali Products & Vinyls Overview Deon Carter VP & President, CAPV 23
2 0 2 4 I N V E S T O R D A Y Chlor Alkali Products & Vinyls (CAPV) Key Messages 1 Continuing commitment to value-first approach to preserve and enhance ECU value while maintaining our leadership position 2 Realizing a higher level of profitability in chlor alkali through cost reductions while optimizing our assets to maximize value potential as demand recovers 3 Creating value through organic growth options 4 Leveraging US cost-advantaged position to enter the PVC market in North America with multiple growth options 24
2 0 2 4 I N V E S T O R D A Y Chlor Alkali Products & Vinyls (CAPV) Snapshot Industry-leading Expertise as the First Chlor Alkali Producer in North America Since 1892 1 Excludes impact from Hurricane Beryl of ~$77M. 2 As of December 2024. 25 Our Cost-advantaged Manufacturing Footprint 55% % of Total TTM 3Q 2024 Revenue ~$788M TTM 3Q 2024 Adjusted EBITDA1 ~4.6M Total ECU Capacity (ST)2 ~2,100 Total Employees Global Leader in Chlor Alkali & Vinyls ✓ #1 Global Chlor Alkali Producer ✓ #1 Merchant EDC and Chlorine Supplier ✓ #1 North American Bleach Producer ✓ #1 Chlorinated Organics Position ✓ #1 Burner-grade Hydrochloric Acid Producer Competitive Advantages ✓ Essential and reliable supplier to customers at the appropriate value ✓ Ability to flex asset utilization in a capital-light way ✓ Cost-advantaged position in US with global reach ✓ Integrated across full chlor alkali value chainManufacturing Facility 12 Manufacturing Facilities
2 0 2 4 I N V E S T O R D A Y Serving a Wide Array of Key End Markets Globally across Our Portfolio Olin Serves All of the Growing Caustic Soda Segments 1 Estimated average annual growth rates for 2024-2029. Source: CMA and Olin internal estimates. 26 Chlorine Chlorine Derivatives Vinyls Caustic Soda Paper & Packaging Auto Water Treatment Housing & Construction Renewable Energy Agriculture Food Processing Textile Soaps & Detergents Pharma Avg. Annual Growth Rate1 ~4% ~3% ~3% ~3% ~10% ~2% ~3% ~3% ~3% ~5%
2 0 2 4 I N V E S T O R D A Y Expect Caustic Soda Pricing and Operating Rates to Improve Caustic Soda Demand is Growing Faster than Chlorine Demand 1 Source: CMA. 27 Anticipate an Upward Trend in Caustic Soda Pricing US Gulf Coast Caustic Soda Annual Spot Export Pricing1 2000-2024 (USD/DMT) Drivers of Caustic Soda Demand KEY END USES KEY TRENDS Alumina Production Lightweighting Pulp & Paper Production Online Shopping Water Treatment Water Scarcity Lithium & Rare Earth Battery Materials Price (USD/DMT) $0 $1,000 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4
2 0 2 4 I N V E S T O R D A Y Long-term Value Creation Strategy O P T I M I Z E TH E C OR E G R O W TH E C OR E 28
2 0 2 4 I N V E S T O R D A Y KEY PRIORITIES TO MAINTAIN COST LEADERSHIP • Driving system-wide reliability and efficiency improvement projects • Additional cost reduction opportunities as a result of recent asset rationalizations • Transitioning away from asbestos - Rationalizing 450K ECUs of older Freeport diaphragm capacity dedicated to Dow Propylene Oxide - Converting Plaquemine, LA site to non-asbestos diaphragms Realizing Cost Reduction Opportunities through Chlor Alkali Asset Strategy Maintaining #1 Chlor Alkali Position 29 ~$150M CAPV Structural Cost Savings by 2028 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Reinforcing Our Value-first Commercial Approach Industry Leader Poised for Disproportionate Volume Growth as Merchant Chlorine Demand Returns 30 PRICE VOLUME OLIN OPPORTUNITY Chlorine Demand (MT) Current Capacity in Use C h lo ri n e S u p p ly ( M T ) Competitor Available Capacity Available Capacity • Value-first commercial approach: not pushing volume into low-value markets – Loaded spring: operating below industry rates provides us excess available production capacity – Focusing on value while maintaining market share • Remain disciplined in serving customer and market needs as demand intensifies Peak Trough Significant Upside ■ Cycle with Value-first Approach ■ Traditional Cycle Traditional Cycle Midpoint Value-first Approach Midpoint GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Exploring High-return Expansion of Olin’s Recently Converted Bécancour, Quebec Manufacturing Facility Opportunity to Serve Growing EV Battery Market in the Region 31 Higher-quality Caustic soda supports regional battery materials growth High Return Opportunity has to exceed internal threshold of >15% IRR Long-term Hydropower guarantee Net Zero Chlor alkali facility Significant Government incentive opportunities Expanding With most efficient technology GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Strengthening Position as North America’s #1 Bleach Producer Driving Consistent Profitable Growth and Maintaining Leadership Position in Stable Bleach Market Note: US and Canada only, excludes Mexico. Source: Olin Bleach Marketing. 32 25% 31% 44% Steady Demand Drivers • Population growth • Municipal water and wastewater treatment • Surface disinfection and personal hygiene • Pool demand Olin Competitive Advantage ✓ 2.5x the size of #2 producer ✓ Scale and integration enable significant cash generationOlin Other ECU Producers ECU Buyers GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Potential to Organically Build on Our Integrated Bleach Position 33 • Southern California annual high-strength bleach demand of 135M gallons • No local chlor alkali production, bleach production relies on long, uncertain raw material supply lines – Primary supply of chlorine from Western Canada is expected to curtail by 2030 – Caustic soda requirement relies heavily on imports from Asia • Serves municipal and industrial water treatment demand and pools Opportunity Spotlight: Southern California Bleach Facility Background Olin Project Overview Clear Benefits Expandable plant design In-region supply security Evaluating investment in salt to bleach production facility High return Opportunity has to exceed internal threshold of >15% IRR GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Setting the Stage: The Role of Chlorine in PVC Production Potential to Grow into PVC with Cost-advantaged Position 1 Olin has invested ~$1.1B to obtain the supply of ~650,000 MT of cost-based ethylene with approximately half through 2035 and the remaining half through 2040. 2 EDC = Ethylene Dichloride. 3 VCM = Vinyl Chloride Monomer. 4 HCl = Hydrochloric Acid. 5 PVC = Polyvinyl Chloride. 34 CAPV Capability Today Option for Olin Entry Ethylene-based PVC Resin Production Process Overview • Vinyls is the largest chlorine- consuming outlet - Consumes ~50% of chlorine production in the United States • Cost-based ethylene and chlorine are essential for cost-competitive production - Significant North American benefit due to ethylene produced from natural gas • PVC primarily used in applications serving the building and construction end market EDC2Ethylene1 PVC5VCM3 Brine Caustic Soda HCl4 Chlorine GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y z 40% 60% 80% 100% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 US Northeast Asia Western Europe • Global leading cost position for PVC production in the US due to the shale gas advantage • Europe is significantly disadvantaged due to higher costs • Global PVC operating rates are on average ~75% • Recent operating rates in Europe are significantly lower at ~60% due to high production costs and weaker demand Setting the Stage: Favorable PVC Market Dynamics Source: CMA, Roland Berger. 35 Global PVC Operating Rates by Region 2015-2024 (% for PVC Resin Production) Global PVC Resin Cash Cost Curve by Region 2024 (USD/MT, k MT) Capacity (k MT) Cash cost (USD/MT) $0 $1,000 US Northeast Asia – Acetylene Based Northeast Asia – Ethylene Based Western Europe 2024 Avg. PVC Global Spot Export Price, FOB $800 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Evaluating PVC Options to Expand Value Continue to Focus on Best Economic Options Consistent with Our Capital Allocation Priorities 1 Source: CMA. 36 Spot Export EDC-PVC Spread Has Grown1 From ~$300/MT to $600/MT since 2000 Upgrading Olin’s EDC Value • Negotiating contract manufacturing arrangement with leading European PVC producers Disciplined Underwriting of Long-term Opportunities • Options include: - Expand through new and/or existing contractual JV partnerships - Consider inorganic growth options with our disciplined approach to M&A - Leverage existing asset base to build PVC facility on US Gulf CoastC M A S p ot E xp o rt P ri ci n g ( $ U S /M T ) 2 00 0 2 00 1 2 00 2 2 00 3 2 00 4 2 00 5 2 00 6 2 00 7 2 00 8 2 00 9 2 01 0 2 01 1 2 01 2 2 01 3 2 01 4 2 01 5 2 01 6 2 01 7 2 01 8 2 01 9 2 02 0 2 02 1 2 02 2 2 02 3 2 02 4 NA PVC Spot Export (USD/MT) NA USGC EDC Spot Export (USD/MT) P V C S p re a d GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Looking Ahead Under Midcycle Conditions 1 Excludes impact from Hurricane Beryl of ~$77M. 37 TTM 3Q 2024 Optimize the Core Capturing Market Growth and Recovery Additional Olin Growth Initiatives 2029E ~$788 ~$150 ~$500 Assumptions • Committed to structural cost savings and offsetting inflation through productivity initiatives • Market returns to midcycle conditions • Grow commercial PVC partnerships Additional Upside through Expansion Opportunities 1 ~$50 ~$1,500 Grow the Core Opti ize the Core CAPV 2029 Midcycle Adjusted EBITDA Target ($M)
2 0 2 4 I N V E S T O R D A Y CAPV Key Takeaways 38 2 Realizing a higher level of profitability in chlor alkali through cost reductions while optimizing our assets to maximize value potential as demand recovers 1 Continuing commitment to value-first approach to preserve and enhance ECU value while maintaining our leadership position 3 Creating value through organic growth options 4 Leveraging US cost-advantaged position to enter the PVC market in North America with multiple growth options
2 0 2 4 I N V E S T O R D A Y Epoxy Walk-up Video 39
2 0 2 4 I N V E S T O R D A Y Leveraging Integrated Value Chain Position to Restore Resiliency and Improve Earnings Epoxy Overview Florian Kohl VP & President, Epoxy & International Chemicals 40
2 0 2 4 I N V E S T O R D A Y Epoxy Key Messages 1 Capitalizing on market position with integrated assets and downstream optionality across Epoxy value chain 2 Targeting value creation opportunities supported by long-term global megatrends 3 Adapting to dynamic market landscape to improve earnings through agility and productivity culture 41
2 0 2 4 I N V E S T O R D A Y Epoxy Snapshot 1 Excludes impact from Hurricane Beryl of ~$33M. 42 Strategic Global Manufacturing Footprint 19% % of Total TTM 3Q 2024 Revenue ~$6M TTM 3Q 2024 Adjusted EBITDA1 8 Manufacturing Facilities ~1,300 Total Employees Formulation Center Back-integrated Site Competitive Advantages ✓ Fully integrated producer with advantaged feedstock positions ✓ Ability to capture downstream growth through global megatrend alignment ✓ Deep technical expertise positioned to develop innovative solutions for customers ✓ Strategically located assets aligned with targeted applications ✓ Positioned to maximize value through the cycle via flexible entry points in the value chain ✓ Successful outcome of antidumping cases would further strengthen our position Largest Fully Integrated Epoxy Producer in North America and Europe
2 0 2 4 I N V E S T O R D A Y Parallel Entry Points into the Market throughout the Integrated Value Chain Leveraging Our Integrated and Competitively Advantaged Foundation to Create Value 43 Coatings • Marine / Protective • Powder • Automotive • Metal Coatings • Packaging Epoxy Resin Formulated Solutions CO-PRODUCERS AND FORMULATORS Electronics • Printed Circuit Boards • Encapsulation • Potting Compounds Composites • Wind • Aerospace • Industrial • Transportation • Recreational Civil Engineering • Airports • Bridge & Road • Flooring & Grounding • Manufacturing • Port Infrastructure • Railway • Water Allylics Aromatics Integration Value Market Value Flexible Entry Points into the Market BPA Allyl Chloride EPIChlorine Phenol Acetone
2 0 2 4 I N V E S T O R D A Y Addressable Market 5-Year Industry CAGR Wind Energy $2B 7% Advanced Electronics $4B 5% Automotive $1B 3% Construction $2B 4% Marine & Ind. Coatings $3B 2% $12B 2024 Global TAM 5% 5-Year Industry CAGR • Energy transition • eMobility: electric vehicle and autonomous vehicle • Replacement and repair of aging roads and bridges in US and EU • Reshoring of critical manufacturing materials Well-positioned to Capture Opportunity from Significant Megatrends with Portfolio of Solutions Growing Global TAM Supported by Key Megatrends Well-positioned to Participate in High-growth Demand Segments Note: All figures are approximate. Source: IHSMarkit / CMA, Euromonitor, GWEC, TEAL, DfT, IEA, Epoxy Europe, Intratec, Desk research, and Roland Berger. 44
2 0 2 4 I N V E S T O R D A Y Long-term Value Creation Strategy O P T I M I Z E TH E C OR E G R O W TH E C OR E 45
2 0 2 4 I N V E S T O R D A Y Achieving Cost Savings through Optimization Initiatives Diligently Managing Costs to Enhance Resiliency of Business 46 Rightsizing Global Asset Base to Improve Earnings • Robust pipeline of asset optimization opportunities • Further optimization of Freeport site integration Renegotiated Stade, Germany Supplier Contract Starting in January 2026 • Reset of Stade site cost structures • Structurally lower utility costs • Reduced site service fees ~$80M Epoxy Structural Cost Savings by 2028 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Growing the Core through Differentiated Technical Expertise and Capturing Value from High-growth Markets High-value Market Opportunities Aligned to Durable Megatrends Note: All figures are approximate. Source: IHSMarkit / CMA, Euromonitor, GWEC, TEAL, DfT, IEA, Epoxy Europe, Intratec, Desk research, and Roland Berger. 47 Case Study: Wind Opportunity Market expected to grow significantly with a ~7% CAGR (2024-2029) Case Study: Advanced Electronics Opportunity Market expected to grow significantly with a ~5% CAGR (2024-2029) Our Customized Formulated Solutions Our Customized Formulated Solutions • Electronic vehicles require harsh-weather- tolerant electric circuit boards • Our solutions provide the ability to suppress unwanted electrical current flow in the harshest conditions #1 supplier of wind formulated solutions outside of China Unmatched innovation and highly tailored technology A leader in harsh weather tolerant technology Differentiated expertise to tailor formulations • High-performance portfolio allows manufacturers to meet extreme weight and strength demands placed on wind energy blades • Enable the design, fabrication, and use of longer, lighter and stronger wind blades GROWOPTIMIZE T H E C O R E Olin Advantage Olin Advantage
2 0 2 4 I N V E S T O R D A Y Looking Ahead Under Normalized Conditions 1 Excludes impact from Hurricane Beryl of ~$33M. 48 TTM 3Q 2024 Optimize the Core Capturing Market Growth and Recovery Additional Olin Growth Initiatives 2029E ~$6 ~$80 ~$25 ~$45 ~$150 Assumptions • Significant benefit from reset cost structure at Stade, Germany site starting in 2026 • Earnings improvement from megatrend-driven growth • Does not include upside from possible antidumping measures 1 Grow the Core Opti ize the Core Epoxy 2029 Normalized Adjusted EBITDA Target ($M)
2 0 2 4 I N V E S T O R D A Y US and EU Epoxy Antidumping and Countervailing Duty Petitions Update Seeking to Restore a Level Epoxy Playing Field Note: As of 3Q 2024. 1 Source: https://www.trade.gov/ec-adcvd-case-announcements. 49 Filed Against China, India, South Korea, Taiwan, and Thailand Combatting Unfairly Traded Imports of Epoxy Resins Foreign producers causing material injury to US and EU epoxy resin producers • Using government subsidies and China’s massive, increasing non-market epoxy and feedstock capacity • Attacking US and EU markets with dumped, below-cost epoxy resin Recent Announcements and Path Forward Sep 2024: US imposed provisional countervailing duties Oct 2024: EU registration requirements for imports of epoxy resins Nov 2024: US imposed provisional antidumping duties1 1H 2025: EU will assess whether to impose provisional antidumping duties in 1Q 2025 Mid-May 2025: US Commerce and ITC will conclude their investigations of dumping, subsidies, and material injury
2 0 2 4 I N V E S T O R D A Y 50 Epoxy Key Takeaways 2 Targeting value creation opportunities supported by long-term global megatrends 1 Capitalizing on unique market position with integrated assets and downstream optionality across Epoxy value chain 3 Adapting to dynamic market landscape to improve earnings through agility and productivity culture
2 0 2 4 I N V E S T O R D A Y ~15 Minutes BREAK 51
2 0 2 4 I N V E S T O R D A Y Winchester Brand Walk-up Video 52
2 0 2 4 I N V E S T O R D A Y An Industry-leading, Well-recognized Global Brand Delivering Innovative Ammunition Solutions Brett Flaugher VP & President, Winchester 53
2 0 2 4 I N V E S T O R D A Y Winchester Key Messages 1 Driving further global brand awareness as ‘The American Legend’ – a longstanding, highly-valued brand built on integrity, hard work, and customer loyalty 2 Building our value to Olin through opportunities to increase our integration across the ammunition value chain in defense and commercial markets 3 Leveraging Olin’s deep chemical expertise to expand Defense participation through clear synergies between ammunition and chemicals 54
2 0 2 4 I N V E S T O R D A Y Winchester Snapshot 1 Source: Company estimates. 55 Winchester White Flyer Our National Manufacturing Footprint Industry Leader in Ammunition1 ✓ Powerful premium brand with strong customer relationships and strategic partnerships ✓ Deep integration across ammunition value chain ✓ Proven ability to design, build, and modernize equipment and facilities ✓ Operational scale to serve global commercial and military demand Competitive Advantages #1 ammunition brand for hunting and shooting #1 supplier of small-caliber ammunition to the US military #1 brand of clay targets for recreational and competitive shooting 26% % of Total TTM 3Q 2024 Revenue ~$294M TTM 3Q 2024 Adjusted EBITDA 8 Manufacturing Facilities ~3,600 Total Employees Industry Leadership through a 150+ Year Legacy of Product Innovation
2 0 2 4 I N V E S T O R D A Y Deep Brand Recognition as the American Legend Strength of Our Brand Unlocks Growth Opportunities 1 Source: Google Trends and Roland Berger. Indexed Google search interest and compared breakdown by region worldwide, 2019-2024. WWI Letter from General Pershing to Winchester Employees Earned the distinction as ‘The American Legend’ by delivering technologically advanced products and customer excellence Legacy in servicing hunters and recreational shooters, law enforcement, and Defense markets Winchester ammunition search interest globally has been ~40% and ~68% higher than top two competitors, respectively1 Significant brand value with upside optionality through brand extension 56
2 0 2 4 I N V E S T O R D A Y Small-caliber Ammunition Value Chain Source: Roland Berger and Winchester management. Propellant Integration is a High Barrier to Entry for Competitors • Entering energetics value chain entails significant capital investment • Producing energetic materials through greenfield manufacturing requires chemicals expertise and involves a highly regulated process Integration across Intermediates Value Chain • Producing primers and priming mixes across manufacturing sites • Converting metal strip and cups to finished casings across manufacturing sites • Manufacturing all small-caliber projectile types, including energetic tracer projectiles, across multiple manufacturing sites Winchester Capability Today Potential Option for Olin Entry Not Considered Option for Olin Entry Today Commercial Ammo Round Defense Ammo Round Energetics Metals Nitroglycerine Munitions-grade NitrocelluloseCellulose FINISHED GOODINTERMEDIATESRAW MATERIALS Shell Casing Projectile Primer Law Enforcement Ammo Round 57
2 0 2 4 I N V E S T O R D A Y Industry-leading Product Portfolio to Serve Our Broad Customer Base 1 PAT Loads = Powder-Actuated Tool Loads. 2 OEM = Original Equipment Manufacturer. 3 GOCO = Government-Owned, Contractor-Operated. 58 COMMERCIAL DEFENSE / LAW ENFORCEMENT • Hunters • Competitive and recreational shooters • Competitive and recreational shooters • Maintenance applications in power and concrete industries • Commercial and residential construction • US domestic military • Allied international military • OEM2 manufacturers • GOCO3 operations • Modernization and innovation project management • Research and development • Federal, state, and local law enforcement agencies White Flyer® Clay Targets Industrial Products (e.g., 8-gauge and PAT1 Loads) Defense-spec Small-caliber Ammunition Contract Services Law Enforcement Ammunition Winchester® Sporting Ammunition
2 0 2 4 I N V E S T O R D A Y Addressing Increased Demand through Ongoing Investments • Market Growth driven by geopolitical events that increased the demand for small-caliber ammunition globally • Inventory requirements support long-term projected spending Expecting Continued Investments by the US Department of Defense to Strengthen the Organic Industrial Base • Increasing priority to modernize GOCO facilities to improve capabilities • GOCO contracts generally drive long-term cash generation Long-term Growth in Defense Ammunition Underpinned by Key Trends Advantaged Winchester Position through Scale and Ammunition Value Chain Integration 1 Source: Military Balance, NATO reports, publicly available NATO military small ammunition contracts, Analysis by outside research provider. 2 Source: DoD Budget Documents, FPDS Data, Analysis by outside research provider. 59 Well-positioned to Capture Opportunity as a Leading Supplier of Small-caliber Ammunition to the Military Continued Growth in Military Spending GOCO Contracts US / NATO Military Small-caliber Ammunition Market Forecast1 US Government-owned, Contractor-operated (GOCO) Market Forecast2 $1.2 $1.3 $1.6 $1.7 $1.8 $1.9 $2.3 $2.4 $2.6 $2.8 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 ~9% CAGR $0.9 $1.2 $1.2 $2.8 $1.8 $1.8 $2.0 $2.4 $2.5 $2.6 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 ~13% CAGR
2 0 2 4 I N V E S T O R D A Y Ammunition Sales in Line with Firearms Industry Growth • 4.8% CAGR in US firearm production since 19982 • 8.1% CAGR in US ammunition excise tax collections since 19981 Participation Continues to Expand • One in four American adults participated in shooting sports3 • 20M female shooting sports participants - doubled over last decade3 • 22.3M+ first-time firearm buyers in the US (2020-2023)4 • 1M+ FBI NICS5 background checks conducted for 62 consecutive months, a proxy for gun sales Highly Favorable Commercial Ammunition Trends Support Long-term Value Creation 1 Combined US and European small-caliber ammunition demand. Source: Roland Berger. 2 Source: Source: Bureau of ATFE Annual Firearms Mfg. and Export Report. 3 Source: NSSF and Winchester data; figures as of 2022. 4 Source: NSSF. 5 National Instant Criminal System = NICS. 60 Well-positioned to Capture Opportunity from Significant Megatrends with Portfolio of Solutions Continued Growth in US Shooting Sports Participation Increased US Gun Ownership US Commercial Ammunition Industry Net Sales1 US Target Shooting Participants3 # of US Adults (in millions) $1.9B $3.6B 2018 2022 ~18% CAGR 34 41 51 49 52 56 63 2009 2012 2014 2016 2018 2020 2022 ~5% CAGR Leader in Small-caliber Ammunition 2024E Addressable Market1 of ~$5B (~6% 5-Year CAGR)
2 0 2 4 I N V E S T O R D A Y Long-term Value Creation Strategy O P T I M I Z E TH E C OR E G R O W TH E C OR E 61
2 0 2 4 I N V E S T O R D A Y Driving Continuous Improvement Culture through “Be Better Today” Initiatives and Mindset Increasing Value from Our World-class Assets through Disciplined Approach 62 Productivity • Optimizing assets and achieving operational efficiencies through robust continuous improvement process Reliability • Ensuring operational resiliency with low capital intensity • Exceeding diverse customer expectations through reliable delivery of consistent, high-quality products Modernization • Driving growth through capital-light projects that improve cost and capability • Execute government-funded projects at Lake City that supports the sustainment and improvement of the facility ~$30M Winchester Structural Cost Savings by 2028 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y DEFENSE COMMERCIAL Execute multi-year Next Generation Squad Weapon (NGSW) program • Construct and equip new facility • Produce program-specific ammunition Support increase in global military demand • Continue to replenish all US Military stockpiles • Capture increased demand from international military customers • Execute US Army new product development programs Capitalize on continued strong growth in shooting sports participation • Align with customers on growth initiatives • Utilize brand strength to grow consumer share of mind • Focus on market-driven development of new, innovative products • Explore potential strategic, high-return bolt-on acquisitions 1 2 Expect to Capture Profitable Growth from Our Markets Unlocking Growth Potential to Maximize Value Creation 63 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Adding Value and Growing with Current GOCO Contract Winchester’s Success at Lake City Establishes a Strong Right-to-win for Operation of GOCO Facilities 64 Setting the Stage How a Government-Owned, Contractor-Operated (GOCO) Facility Works • Facilities are used by the Department of Defense to support domestic industrial base for ammunition and other Defense materials • Operators are awarded ~10-year contracts for manufacturing with extension options and receive funding for facility maintenance and modernization • Contractors are responsible for maintaining readiness for US government needs SPOTLIGHT Lake City Army Ammunition Plant • Began operation under 7-year contract in 2020 with expected extension through 2030 • Managing largest small- caliber ammunition manufacturing site globally • Received highest possible ratings since contract awarded • Awarded $1B in facility modernization contracts since 2020 GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Potential to Efficiently Expand into High-value Adjacencies Cross-business Capabilities Position Us to Further Increase Our Defense Market Participation Note: Image on right is map data as of 10/29/2024, including data from Google and Airbus. 65 Background Clear Advantages in Critical Chemicals and Energetics • Increased demand for munitions and government efforts to address supply challenges are driving market growth • Immediate opportunities for cross-business collaboration to pair operational capabilities with urgent Department of Defense needs • Critical chemicals are a natural adjacency to deepen Winchester’s Defense position that uses Olin’s core competencies in chemicals production • Energetics supply shortage driving opportunities for new providers to potentially open new facilities to reduce reliance on foreign suppliers • Chemical manufacturing operation produces nitrocellulose and specialty propellants for munitions • Only domestic source of propellant-grade nitrocellulose • End users include US government and commercial customers • Current contract ends December 31, 2026 • Well-positioned to compete through our GOCO track record and Olin’s chemicals expertise SPOTLIGHT GOCO Core Expansion Opportunity through Radford, VA Army Ammunition Plant (RFAAP) GROWOPTIMIZE T H E C O R E
2 0 2 4 I N V E S T O R D A Y Assumptions • Commercial market returns to typical growth trend • Defense spending will continue to be robust • Does not include Radford GOCO opportunity Looking Ahead Under Normalized Conditions 66 TTM 3Q 2024 Optimize the Core Capturing Market Growth and Recovery Additional Olin Growth Initiatives 2029E ~$294 ~$30 ~$90 ~$35 ~$450 Grow the Core Opti ize the Core Winchester 2029 Normalized Adjusted EBITDA Target ($M) Additional Upside through Expansion Opportunities
2 0 2 4 I N V E S T O R D A Y Winchester Key Takeaways 67 2 Building our value to Olin through opportunities to increase our integration across the ammunition value chain 1 Driving further global brand awareness as ‘The American Legend’ – a longstanding, highly-valued brand built on integrity, hard work, and customer loyalty 3 Leveraging Olin’s deep chemical expertise to expand Defense participation through clear synergies between ammunition and chemicals
2 0 2 4 I N V E S T O R D A Y Finance Walk-up Video 68
2 0 2 4 I N V E S T O R D A Y Executing a Disciplined Financial Strategy Focused on Value Creation and Resiliency Financial Overview & Long-term Outlook Todd Slater SVP & CFO 69
2 0 2 4 I N V E S T O R D A Y Financial Key Messages 1 Maintaining financial discipline and commitment to achieving investment grade credit ratings 2 Prioritizing return of cash to shareholders with flexibility for high-return organic and inorganic growth investments 3 Executing a value creation strategy to achieve our financial targets and continue to generate superior total shareholder return 70
2 0 2 4 I N V E S T O R D A Y CAPV Epoxy Winchester Expected Q4 2024 Adjusted EBITDA Update on Q4 2024 Outlook 71 WHAT WE SAID Q3 2024 Earnings Call WHERE WE ARE TODAY No Change in Guidance • Global caustic soda supply / demand dynamics continue to improve • Q4 Hurricane Beryl impact expected to be ~$25M Operations return to normal post Hurricane Beryl, but experiencing chlorinated organics turnaround restart challenges • Epoxy demand expected to soften seasonally • Resin and formulated solutions margins expected to improve sequentially Overall weaker demand and year-end destocking in electronics • Seasonally weaker commercial ammunition demand and retailer destocking • Continued improvement in domestic and international military sales amid strengthening global defense spending On track to meet expectations • $170-$200M, including Hurricane Beryl impact Expect to be at Low End of the Range
2 0 2 4 I N V E S T O R D A Y Key Drivers Leading Positions and Value-first Commercial Approach Driving Performance Uplift 1 Includes addback of ~$110M from Hurricane Beryl impact. 2 Includes net $3.50 per share penalty associated with goodwill impairment. $636 $1,000 11.0% 15.4% 2020 TTM 3Q 2024¹ Adjusted EBITDA ($M) and Margin (%) $5,758 $6,483 2020 TTM 3Q 2024 Sales ($M) $(6.14) $1.24 2020 TTM 3Q 2024 Diluted EPS • Realizing a higher chlor alkali profitability floor • Leveraging strong Winchester brand to win in both commercial and defense • Optimizing facility footprint in Chlor Alkali Products & Vinyls and Epoxy • Driving ongoing cost savings through productivity culture and initiatives 2 72
2 0 2 4 I N V E S T O R D A Y Delivering Superior Shareholder Return Source: FactSet as of 12/6/24. 1 Includes DOW, LYB, MEOH, WLK, CE, HUN, CC, and TROX. 73 5-Year Comparative Shareholder Return vs. Peers (Indexed) Long-term Value Creation Drivers • Leadership positions in multiple global markets • Disciplined and value-first commercial model • Winchester commercial leadership expands under strong ammunition fundamentals, with leadership extension into defense • Leveraging our globally advantaged cost position • Returned ~47% of operating cash flows to shareholders since 2015 10-Year Comparative Shareholder Return vs. Peers (Indexed) 171% 62% 22% 9% 125% 118% 58% 21% Olin S&P 500 Chemicals S&P Composite 1500 Commodity Chemicals Index Commodity and Hybrid Peers1 S&P 500 Chemicals Olin S&P Composite 1500 Commodity Chemicals Index Commodity and Hybrid Peers1
2 0 2 4 I N V E S T O R D A Y Continuing to Drive Strong Cash Conversion 1 Cash Conversion defined as Adjusted EBITDA less Capex / Adjusted EBITDA. 74 $433 $778 2020 TTM 3Q 2024 Operating Cash Flow ($M) Cash Conversion1 Key Drivers of Higher Cash Conversion • EBITDA and cash flow performance improvements • Leadership extensions in both commercial and defense enhance Winchester’s contribution to Olin portfolio • Disciplined working capital management • Improved debt portfolio resulting in ~36% lower interest expense 53.0% 79.3% 2020 TTM 3Q 2024
2 0 2 4 I N V E S T O R D A Y Leveraging Flexible Balance Sheet to Preserve Capital Deployment Optionality and Drive Shareholder Value 1 Excludes Hurricane Beryl impact of ~$110M. 2 Gross debt as of September 30, 2024, also includes $334.7M term loan facility, $350M senior revolving credit facility and $339.8M receivables financing agreement. 75 Summary Balance Sheet (As of September 30, 2024) Cash & Cash Equivalents $225.9M Net Debt $2,663.6M TTM Net Debt to Adjusted EBITDA1 2.7x Liquidity Available Credit Under Revolving Credit Facility $850.0M Total Available Liquidity $1,076.2M $111 $500 $669 $515 $83 2024 2025 2026 2027 2028 2029 2030 2033/ 2035 <2.0x Long-term Net Debt to Adjusted EBITDA Target Committed to Achieving and Maintaining Investment Grade Credit Ratings BB+ / Stable Ba1 / Stable BBB- / Stable Thoughtful Approach that Minimizes Financial Risk • Manageable towers of debt • Staggered debt maturities to allow for efficient refinancing • Proactive interest rate management with ~38% of portfolio floating rate debt Bond Maturity Schedule2 ($M)
2 0 2 4 I N V E S T O R D A Y Disciplined Capital Allocation Approach 1 ~$0.7B remaining on July 2022 Share Repurchase Authorization plus $1.3B new Share Repurchase Authorization granted on 12/11/24. 76 ~$4.7B 2020 – 3Q 2024 Share Repurchases Net Debt Reduction Sustaining Capex Dividends Sustaining Capex • Averaging ~$250M annually • Prudent spending to maintain asset base Dividend • 98+ years of uninterrupted quarterly dividends Flexible Deployment: Share Repurchases and Growth • ~$2B share repurchase authorization1 • High-return organic and inorganic growth projects Debt Repayment • Committed to investment grade credit ratings • Minimal near-term debt maturities Historical Uses of Capital Future Priorities
2 0 2 4 I N V E S T O R D A Y Track Record of Delivering Meaningful Shareholder Returns with More to Come Investment Grade Balance Sheet and Strong Cash Flow Provide Optionality to Prioritize High Shareholder Returns 1 Represents shares repurchased 12/31/15 through 9/30/24 as a percentage of shares outstanding as of 12/31/15. 77 Historical Returns to Shareholders ■ Dividends ■ Share Repurchases ~47% of operating cash flows returned to shareholders through dividends and share repurchases since 2015 1.7% Dividend yield (as of 9/30/24) ~35% of shares repurchased1 >50% targeted return of operating cash flow returned to shareholders (on average, 2025-2029) 29% 71% ~$3.9B 2015 – 3Q 2024
2 0 2 4 I N V E S T O R D A Y Clear Growth Investment Framework to Maximize Value While Maintaining Investment Grade Balance Sheet All Growth Investments Compete with Our Priority of Returning Cash to Shareholders 78 Strategic Filters Accretive to EPS within 2 years 1 Fits with current operational capabilities and expertise >15% risk-adjusted IRR Financial Criteria 2 Leadership positions – global, regional, segment, and/or derivative – aligned to Olin strategic vision 3 Competitive cost position 4 Core business adjacencies that drive value creation Focus Areas Chemicals • Extend chlor alkali leadership position • Potential PVC participation • Strengthen position in bleach Winchester • Energetics • Defense market expansion • Small bolt-on commercial acquisitions
2 0 2 4 I N V E S T O R D A Y 2029E ~$2B 85%+ 50%+ <2.0x Average Over the Cycle Historical Track Record1 Long-term Financial Targets Disciplined Strategy to Extend Track Record of Shareholder Value Creation 1 All historical figures exclude Hurricane Beryl impact of $110M. 2 Except as noted, represents performance for 2020 to Q3 2024. 3 Cash conversion: Adjusted EBITDA less Capex / Adjusted EBITDA. 4 Represents Olin's TTM Net Debt to Adjusted EBITDA as of 9/30/2024. 79 Adjusted EBITDA Cash Conversion3 Cash Returned to Shareholders Net Debt / Adjusted EBITDA • Chlor Alkali Products & Vinyls at midcycle levels • Normalized earnings for Epoxy and Winchester • >$250M total structural cost savings by 2028 • Assumes no M&A or major incremental growth capital projects • Average annual sustaining capex of ~$250M • Cash tax rate in the 25-30% range • Targeted return of 50%+ operating cash flow to shareholders (on average, 2025-2029) • Committed to achieving and maintaining investment grade credit ratings Key Drivers ~$1B 82% ~57% 2.7x4 2020 to 3Q 20242 TTM 3Q 2024
2 0 2 4 I N V E S T O R D A Y Looking Ahead Clear Path to Deliver Long-term Shareholder Value Note: target assumes midcycle conditions in CAPV and normalized conditions in Epoxy and Winchester. 80 Additional Upside Opportunities Beyond Our ~$2B Target • CAPV: salt to bleach facility in Southern California • CAPV: additional PVC optionality • Epoxy: antidumping resolution • Winchester: Radford GOCO TTM 3Q 2024 Optimize the Core Capturing Market Growth and Recovery Additional Olin Growth Initiatives 2029E ~$1,000 >$250 ~$615 ~$130 ~$2,000 Grow the Core Opti ize the Core Total Company 2029 Adjusted EBITDA Bridge ($M) Additional Upside through Expansion Opportunities
2 0 2 4 I N V E S T O R D A Y Financial Key Takeaways 81 2 Prioritizing return of cash to shareholders with flexibility for high-return organic and inorganic growth investments 1 Maintaining financial discipline and commitment to achieving investment grade credit ratings 3 Executing a value creation strategy to achieve our financial targets and continue to generate superior total shareholder return
2 0 2 4 I N V E S T O R D A Y Closing Remarks Ken Lane President & CEO 82
2 0 2 4 I N V E S T O R D A Y Invest with Us Note: Targets assume midcycle conditions in CAPV and normalized conditions in Epoxy and Winchester. 1 Pre-adjacency opportunities. 2 Cash conversion: Adjusted EBITDA less Capex / Adjusted EBITDA. 3 Of operating cash flow, on average, 2025-2029. 83 Building on a robust foundation as a global chemicals and ammunition industry leader by executing commercial discipline, cost efficiency, and our value creation strategy 1 Realizing a higher level of profitability in chlor alkali while positioning to maximize value potential and growth in adjacencies2 Optimizing Epoxy business to restore resiliency and improve earnings while growing formulated solutions3 Capturing full value of legendary Winchester brand through organic growth and adjacency opportunities4 Maintaining investment grade credit rating that enables Olin to consistently return cash to shareholders while providing optionality to invest in high-return growth opportunities 5 2029E Long-term Financial Targets Adjusted EBITDA1 Cash Conversion2 Cash Returned to Shareholders3 Net Debt / Adjusted EBITDA Investment Grade Credit Rating ~$2B 85%+ >50% <2.0x Maintain
2 0 2 4 I N V E S T O R D A Y All Speakers Q&A Session 84
2 0 2 4 I N V E S T O R D A Y 85
2 0 2 4 I N V E S T O R D A Y Non-GAAP to GAAP Reconciliations Appendix 86
2 0 2 4 I N V E S T O R D A Y Non-GAAP Financial Measures – Adjusted EBITDA1 Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly t itled measures of other companies. Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results. 1 Unaudited. 2 TTM Adjusted EBITDA as of September 30, 2024, is calculated as the nine months ended September 30, 2024, plus the three months ended December 31, 2023. 3 Reconciling items add back the impact of Hurricane Beryl on Chlor Alkali Products & Vinyls and Epoxy. 87 Three Months Ended December 31, 2023 Nine Months Ended September 30, 2024 Trailing Twelve Months September 30, 20242 ($ in millions) Income (Loss) before Taxes Reconciling Items Depr and Amort Adjusted EBITDA Income (Loss) before Taxes Reconciling Items Depr and Amort Adjusted EBITDA Income (Loss) before Taxes Reconciling Items Depr and Amort Adjusted EBITDA Chlor Alkali Products & Vinyls3 $ 65.9 $ - $ 105.4 $171.3 $ 221.2 $ 76.7 $ 319.1 $ 617.0 $ 287.1 $ 76.7 $ 424.5 $ 788.3 Epoxy3 (23.1) - 13.0 (10.1) (57.6) 32.7 40.6 15.7 (80.7) 32.7 53.6 5.6 Winchester 65.4 - 8.1 73.5 195.9 - 24.7 220.6 261.3 - 32.8 294.1 108.2 - 126.5 234.7 359.5 109.4 384.4 853.3 467.7 109.4 510.9 1,088.0 Corporate / Other Environmental Expense (0.6) (6.4) - (7.0) (19.4) - - (19.4) (20.0) (6.4) - (26.4) Other Corp and Unallocated Costs (26.7) - 2.0 (24.7) (68.7) - 4.5 (64.2) (95.4) - 6.5 (88.9) Restructuring Charges 2.4 (2.4) - - (23.0) 23.0 - - (20.6) 20.6 - - Other Operating Income (Expense) 15.7 (15.6) - 0.1 0.8 - - 0.8 16.5 (15.6) - 0.9 Interest Expense (47.2) 47.2 - - (139.6) 139.6 - - (186.8) 186.8 - - Interest Income 1.1 (1.1) - 0 2.7 (2.7) - - 3.8 (3.8) - - Non-operating Pension Income 7.0 - - 7.0 19.4 - - 19.4 26.4 - - 26.4 Olin Corporation $ 59.9 $ 21.7 $ 128.5 $ 210.1 $ 131.7 $ 269.3 $ 388.9 $ 789.9 $ 191.6 $ 291.0 $ 517.4 $ 1,000.0
2 0 2 4 I N V E S T O R D A Y Non-GAAP Financial Measures – Net Debt to Adjusted EBITDA1 Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash equivalents. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (l oss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Net Debt to Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to similarly titled measures of other compan ies. 1 Unaudited. 2 TTM Adjusted EBITDA as of September 30, 2024, is calculated as the nine months ended September 30, 2024, plus the three months ended December 31, 2023. Excludes impact of Hurricane Beryl of $109.4M. 88 ($ in millions) September 30, 2024 Current Installments of Long-term Debt $ 123.9 Long-term Debt 2,765.6 Total Debt 2,889.5 Less: Cash and Cash Equivalents (225.9) Net Debt $ 2,663.6 Trailing Twelve Months Adjusted EBITDA2 $ 1,000 Net Debt to Adjusted EBITDA 2.7
2 0 2 4 I N V E S T O R D A Y Non-GAAP Financial Measures by Segment1 1 Unaudited. 2 TTM Adjusted EBITDA as of September 30, 2024, is calculated as the nine months ended September 30, 2024, plus the three months ended December 31, 2023. 89 Three Months Ended Nine Months Ended Trailing Twelve Months ($ in millions) December 31, 2023 September 30, 2024 September 30, 20242 Sales: Chlor Alkali Products & Vinyls $ 906.1 $ 2,676.5 $ 3,582.6 Epoxy 313.1 944.1 1,257.2 Winchester 395.4 1,248.2 1,643.6 Total Sales $ 1,614.6 $ 4,868.8 $ 6,483.4
2 0 2 4 I N V E S T O R D A Y 90 Speaker Bios Appendix
2 0 2 4 I N V E S T O R D A Y Ken Lane serves as Olin’s President and Chief Executive Officer and was appointed to the position in March 2024. Additionally , he serves on Olin’s Board as a Director. Ken joined Olin from LyondellBasell, one of the world’s largest plastics, chemicals, and refining companies, where he served as Executive Vice President of Global Olefins and Polyolefins and interim CEO. Before LyondellBasell, Ken spent 13 years at BASF in senior executive roles across various sectors including Polyurethanes and Catalysts. Prior to BASF, he held strategy, commercial, operations, and technical positions at BP Chemicals and Amoco Chemical Corporation. Ken's career includes extensive international experience in the US, Malaysia, the UK, China, and Belgium. Ken holds a Bachelor of Science in Civil Engineering from Clemson University and a Master of Science in Management from the University of Alabama Huntsville. Ken Lane President & CEO 91
2 0 2 4 I N V E S T O R D A Y Todd Slater serves as Olin’s Senior Vice President and Chief Financial Officer and was appointed as CFO in 2014. He is responsible for leading the Company’s Audit, Taxes, Investor Relations, Financial Planning & Analysis, Environmental Remediation, and Global Information Technology departments. Todd began his career at Price Waterhouse before joining Chase Brass as Controller, Treasurer and Corporate Secretary, advancing to Vice President and Chief Financial Officer. Following Olin’s acquisition of Chase Brass in 2002, he served as Vi ce President and Financial Officer for Olin’s Metals Group. Todd was later named Operations Controller, followed by Vice Preside nt and Controller, and was elevated to a Senior Vice President in 2022. A supporter of embracing our diversity, Todd serves as the co-executive sponsor of the Olin LGBTQ+ People Network. Todd holds a Bachelor of Science in Mathematics and Accounting from Hillsdale College and is a Certified Public Accountant. Todd Slater SVP & CFO 92
2 0 2 4 I N V E S T O R D A Y Deon Carter serves as Olin’s Vice President and President of Chlor Alkali Products & Vinyls and was appointed to the position in June 2024. Before joining Olin, Deon was Chief Operating Officer of Continental Industries Group since April 2023. Prior to that, he served as President and Chief Executive Officer of Scientific Design Company. Deon started his career in the chemical industry at Engelhard Corporation, where he held various international positions. Following the acquisition of Engelhard by BASF, Deon served as General Manager of Global Polyolefin Catalysts and was later promoted to Vice President of Oil Refining Catalysts. He then served as Senior Vice President of Precious Metals before assuming the role of Senior Vice President of Performance Chemicals. Deon holds a Bachelor of Science in Chemical Engineering from the University of Cape Town in South Africa. Deon Carter VP & President, CAPV 93
2 0 2 4 I N V E S T O R D A Y Florian Kohl serves as Olin’s Vice President and President of Epoxy and International Chemicals as well as General Manager of the Blue Water Alliance. He was appointed to his current role in April 2024. Florian joined Olin in March 2023 as General Manager of the Blue Water Alliance, a joint venture with Mitsui & Co, Ltd. Prior to joining Olin, Florian served as Vice President, Global Vinyls Chain & Head of Acetyls Americas at Celanese Corporation, where he worked for 22 years. He held multiple roles with increasing levels of responsibility in general management, M&A integration, global supply chain, and procurement leadership based in the US, Germany, and China. In 2016, he was appointed Chief Executive Officer and Chairman of the Board of the Fairway Methanol LLC – an operations joint venture between Celanese and Mitsui & Co, Ltd. – a role he maintained until his departure from Celanese. Florian holds a Bachelor of Science, Master of Science, and Ph.D. in Chemistry from Technical University of Munich in Germany. Additionally, he is a Six Sigma Black Belt, Procurement / Supply Chain. Florian Kohl VP & President, Epoxy & International Chemicals 94
2 0 2 4 I N V E S T O R D A Y Brett Flaugher serves as Olin’s Vice President and President of Winchester and was appointed to the position in January 2018, having served as President of Winchester since November 2016. Brett started his career at Winchester in 1986 as a Sales Representative in Houston, Texas, and has held roles of increasing responsibility, including Director of Sales and Director of National Retail Accounts. Prior to his current role, Brett was Vice President of Marketing and Sales at Winchester from 2003 to 2007, and then Vice President of Domestic and International Marketing & Sales from 2008 to 2016. A committed advocate for those who have served their country in all branches of the military, Brett serves as the executive sponsor of the Olin Veterans Network. Brett holds a Bachelor of Science in Marketing from the Southern Illinois University-Edwardsville. Brett Flaugher VP & President, Winchester 95