OLIN Corp — Director's Dealing 2006

May 15, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: OLIN CORP (OLN)
CIK: 0000074303
Period of Report: 2006-05-11

Reporting Person: OConnor John MB (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-11	Phantom Stock Units	$0	A	524	Acquired		Common Stock (524)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock $1 par value	5000	Indirect

Footnotes

F1: Shares of Common Stock for meeting fees which the reporting person elected to defer under the Amended and Restated 1997 Stock Plan for Non-employee directors. These phantom shares of common stock are settled in common stock or cash following the date the reporting person ceases to be a director.

F2: Security converts to common stock on a one-for-one basis.