Olin Board Elects William J. Alley a Director.

STAMFORD, Conn.--(BUSINESS WIRE)--Feb. 23, 1995--The Board of Directors of Olin Corp. has elected William J. Alley, former chairman and chief executive officer of American Brands Inc., as director of the corporation. With his election, Olin's board now numbers 13 persons.

Alley served as chairman of the board, chief executive officer and chairman of the executive committee of American Brands, a Fortune 100 company headquartered in Old Greenwich, Conn., from 1987 until he retired in 1994. He continues to serve as a member of the board and chairman of the executive committee. American Brands' major businesses include international tobacco, distilled spirits, hardware and home improvement products, office products, and golf and leisure products.

He began his career as an attorney and assistant actuary for the Oklahoma State Insurance Board, following service in the U.S. Air Force. In 1957, Alley joined the Pioneer American Insurance Co. of Fort Worth, Texas, advancing to the rank of Senior Vice President - Marketing, before joining the Franklin Life Insurance Co. as a Vice President. In 1976, he was elected Franklin's 10th president and chief executive officer and one year later was elected Chairman, positions he held until 1986 and 1987, respectively. With the acquisition of Franklin by American Brands in 1979, Alley was elected to American's board of directors. He was named to the executive committee in 1981; and was elected senior vice president - strategic planning in 1983, senior vice president and chief financial officer in 1985, vice chairman in 1986 and chief operating officer in May, 1987.

Alley received the CLU designation from the American College of Underwriters and served on the board of trustees of the S.S. Huebner Foundation. He is a former member of the board of governors of International Insurance Society and is an emeritus elector of the Insurance Hall of Fame. He serves on the boards of directors of Central Illinois Public Service Co., CIPSCO Inc., Bunn-O-Matic Corp., Rayonier Corp. and Rayonier Forest Resources Co. He is also a senior member of the Conference Board.

A native of Texas, Alley received his BBA degree from the University of Oklahoma School of Business in 1951 and a Juris Doctor degree from the University of Oklahoma School of Law in 1954. He was named an Arthur Barto Adams Alumni Fellow by the Oklahoma College of Business Administration and is a member of the Oklahoma Bar Association.

Alley resides in Connecticut with his wife, Deborah. They have five children.

CONTACT: Investor Contact:

R.E. Koch, 203/356-3254

Press Contact:

W.B. McDaniel, 203/356-2619