SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION

In October 2015, Blue Cube Spinco LLC (the Issuer) issued $720.0 million aggregate principal amount of 9.75% senior notes due October 15, 2023 (2023 Notes) and $500.0 million aggregate principal amount of 10.00% senior notes due October 15, 2025 (2025 Notes and, together with the 2023 Notes, the Notes). During 2016, the Notes were registered under the Securities Act of 1933, as amended. The Issuer was formed on March 13, 2015 as a wholly owned subsidiary of DowDuPont and upon closing of the Acquisition became a 100% owned subsidiary of Olin (the Parent Guarantor). The Exchange Notes are fully and unconditionally guaranteed by the Parent Guarantor.

The following condensed consolidating financial information presents the condensed consolidating balance sheets as of March 31, 2018, December 31, 2017 and March 31, 2017, the related condensed consolidating statements of operations, comprehensive income (loss) and cash flows for each of the three months ended March 31, 2018 and 2017, of (a) the Parent Guarantor, (b) the Issuer, (c) the non-guarantor subsidiaries, (d) elimination entries necessary to consolidate the Parent Guarantor with the Issuer and the non-guarantor subsidiaries and (e) Olin on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting.



CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2018
(In millions)
(Unaudited)

	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	3.6		$	—	$	105.5		$	—		$	109.1
Receivables, net	119.6			—		716.0			—			835.6
Intercompany receivables	—			—		2,191.7			(2,191.7		)	—
Income taxes receivable	11.4			—		6.1			—			17.5
Inventories, net	160.2			—		515.4			—			675.6
Other current assets	223.7			—		7.3			(169.8		)	61.2
Total current assets	518.5			—		3,542.0			(2,361.5		)	1,699.0
Property, plant and equipment, net	551.8			—		2,987.6			—			3,539.4
Investment in subsidiaries	6,720.1			4,114.5		—			(10,834.6		)	—
Deferred income taxes	43.7			—		42.5			(46.8		)	39.4
Other assets	47.3			—		1,149.7			—			1,197.0
Long-term receivables—affiliates	—			1,531.8		—			(1,531.8		)	—
Intangible assets, net	0.3			5.7		559.1			—			565.1
Goodwill	—			966.3		1,154.0			—			2,120.3
Total assets	$	7,881.7		$	6,618.3	$	9,434.9		$	(14,774.7	)	$	9,160.2
Liabilities and Shareholders' Equity
Current liabilities:
Current installments of long-term debt	$	0.7		$	—	$	—		$	—		$	0.7
Accounts payable	62.0			—		639.7			(3.5		)	698.2
Intercompany payables	2,191.7			—		—			(2,191.7		)	—
Income taxes payable	2.3			—		13.7			—			16.0
Accrued liabilities	115.0			—		308.7			(167.6		)	256.1
Total current liabilities	2,371.7			—		962.1			(2,362.8		)	971.0
Long-term debt	1,352.2			1,952.2		230.3			—			3,534.7
Accrued pension liability	391.4			—		237.3			—			628.7
Deferred income taxes	—			4.1		541.1			(46.8		)	498.4
Long-term payables—affiliates	680.0			—		851.8			(1,531.8		)	—
Other liabilities	323.3			5.6		435.4			—			764.3
Total liabilities	5,118.6			1,961.9		3,258.0			(3,941.4		)	6,397.1
Commitments and contingencies
Shareholders' equity:
Common stock	167.2			—		14.6			(14.6		)	167.2
Additional paid-in capital	2,285.0			4,125.7		4,808.2			(8,933.9		)	2,285.0
Accumulated other comprehensive loss	(552.8		)	—		(4.8		)	4.8			(552.8		)
Retained earnings	863.7			530.7		1,358.9			(1,889.6		)	863.7
Total shareholders' equity	2,763.1			4,656.4		6,176.9			(10,833.3		)	2,763.1
Total liabilities and shareholders' equity	$	7,881.7		$	6,618.3	$	9,434.9		$	(14,774.7	)	$	9,160.2



CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2017
(In millions)
(Unaudited)

	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	57.1		$	—	$	161.3		$	—		$	218.4
Receivables, net	95.6			—		637.6			—			733.2
Intercompany receivables	—			—		2,093.2			(2,093.2		)	—
Income taxes receivable	11.7			—		6.3			(1.1		)	16.9
Inventories, net	155.4			—		527.2			—			682.6
Other current assets	206.2			—		5.3			(163.4		)	48.1
Total current assets	526.0			—		3,430.9			(2,257.7		)	1,699.2
Property, plant and equipment, net	544.4			—		3,031.4			—			3,575.8
Investment in subsidiaries	6,680.4			4,092.3		—			(10,772.7		)	—
Deferred income taxes	38.1			—		34.5			(36.2		)	36.4
Other assets	45.9			—		1,162.5			—			1,208.4
Long-term receivables—affiliates	—			2,132.1		—			(2,132.1		)	—
Intangible assets, net	0.3			5.7		572.5			—			578.5
Goodwill	—			966.3		1,153.7			—			2,120.0
Total assets	$	7,835.1		$	7,196.4	$	9,385.5		$	(15,198.7	)	$	9,218.3
Liabilities and Shareholders' Equity
Current liabilities:
Current installments of long-term debt	$	0.7		$	—	$	—		$	—		$	0.7
Accounts payable	83.2			—		590.0			(3.4		)	669.8
Intercompany payables	2,093.2			—		—			(2,093.2		)	—
Income taxes payable	—			—		10.5			(1.1		)	9.4
Accrued liabilities	117.7			—		318.1			(161.4		)	274.4
Total current liabilities	2,294.8			—		918.6			(2,259.1		)	954.3
Long-term debt	839.4			2,522.2		249.7			—			3,611.3
Accrued pension liability	406.7			—		229.2			—			635.9
Deferred income taxes	—			3.0		544.4			(36.2		)	511.2
Long-term payables—affiliates	1,250.0			—		882.1			(2,132.1		)	—
Other liabilities	290.5			5.6		455.8			—			751.9
Total liabilities	5,081.4			2,530.8		3,279.8			(4,427.4		)	6,464.6
Commitments and contingencies
Shareholders' equity:
Common stock	167.1			—		14.6			(14.6		)	167.1
Additional paid-in capital	2,280.9			4,125.7		4,808.2			(8,933.9		)	2,280.9
Accumulated other comprehensive loss	(484.6		)	—		(4.6		)	4.6			(484.6		)
Retained earnings	790.3			539.9		1,287.5			(1,827.4		)	790.3
Total shareholders' equity	2,753.7			4,665.6		6,105.7			(10,771.3		)	2,753.7
Total liabilities and shareholders' equity	$	7,835.1		$	7,196.4	$	9,385.5		$	(15,198.7	)	$	9,218.3



CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2017
(In millions)
(Unaudited)

	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	27.5		$	—	$	141.0		$	—		$	168.5
Receivables, net	113.6			—		660.9			—			774.5
Intercompany receivables	—			1.6		1,976.8			(1,978.4		)	—
Income taxes receivable	21.7			0.7		6.9			(3.8		)	25.5
Inventories, net	181.3			—		475.0			—			656.3
Other current assets	182.1			3.4		4.4			(145.0		)	44.9
Total current assets	526.2			5.7		3,265.0			(2,127.2		)	1,669.7
Property, plant and equipment, net	509.2			—		3,150.0			—			3,659.2
Investment in subsidiaries	6,068.3			3,769.8		—			(9,838.1		)	—
Deferred income taxes	123.4			—		104.3			(115.0		)	112.7
Other assets	50.0			—		587.2			—			637.2
Long-term receivables—affiliates	—			2,227.6		—			(2,227.6		)	—
Intangible assets, net	0.4			5.7		609.3			—			615.4
Goodwill	—			966.3		1,152.7			—			2,119.0
Total assets	$	7,277.5		$	6,975.1	$	8,868.5		$	(14,307.9	)	$	8,813.2
Liabilities and Shareholders' Equity
Current liabilities:
Current installments of long-term debt	$	0.8		$	68.8	$	12.2		$	—		$	81.8
Accounts payable	48.6			—		590.1			(1.4		)	637.3
Intercompany payables	1,978.4			—		—			(1,978.4		)	—
Income taxes payable	—			—		11.9			(3.8		)	8.1
Accrued liabilities	130.7			—		272.5			(145.0		)	258.2
Total current liabilities	2,158.5			68.8		886.7			(2,128.6		)	985.4
Long-term debt	818.3			2,503.3		209.2			—			3,530.8
Accrued pension liability	437.9			—		189.6			—			627.5
Deferred income taxes	—			223.3		924.7			(115.0		)	1,033.0
Long-term payables—affiliates	1,301.6			—		926.0			(2,227.6		)	—
Other liabilities	289.6			6.5		68.8			—			364.9
Total liabilities	5,005.9			2,801.9		3,205.0			(4,471.2		)	6,541.6
Commitments and contingencies
Shareholders' equity:
Common stock	165.9			—		14.6			(14.6		)	165.9
Additional paid-in capital	2,253.7			4,125.7		4,808.2			(8,933.9		)	2,253.7
Accumulated other comprehensive loss	(502.1		)	—		(5.1		)	5.1			(502.1		)
Retained earnings	354.1			47.5		845.8			(893.3		)	354.1
Total shareholders' equity	2,271.6			4,173.2		5,663.5			(9,836.7		)	2,271.6
Total liabilities and shareholders' equity	$	7,277.5		$	6,975.1	$	8,868.5		$	(14,307.9	)	$	8,813.2



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2018
(In millions)
(Unaudited)

	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	352.7		$	—		$	1,467.0		$	(109.4	)	$	1,710.3
Operating expenses:
Cost of goods sold	312.0			—			1,326.1			(109.4		)	1,528.7
Selling and administration	47.1			—			53.4			—			100.5
Restructuring charges	—			—			4.0			—			4.0
Acquisition-related costs	0.3			—			—			—			0.3
Other operating income	5.8			—			2.3			—			8.1
Operating (loss) income	(0.9		)	—			85.8			—			84.9
Earnings of non-consolidated affiliates	0.5			—			—			—			0.5
Equity income in subsidiaries	28.4			22.2			—			(50.6		)	—
Interest expense	17.0			41.3			6.9			(1.5		)	63.7
Interest income	1.0			—			0.9			(1.5		)	0.4
Non-operating pension income (expense)	6.7			—			(1.3		)	—			5.4
Income (loss) before taxes	18.7			(19.1		)	78.5			(50.6		)	27.5
Income tax (benefit) provision	(2.2		)	(9.9		)	18.7			—			6.6
Net income (loss)	$	20.9		$	(9.2	)	$	59.8		$	(50.6	)	$	20.9



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2017
(In millions)
(Unaudited)

	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	314.8		$	—		$	1,360.4		$	(108.1	)	$	1,567.1
Operating expenses:
Cost of goods sold	279.6			—			1,226.0			(108.1		)	1,397.5
Selling and administration	45.8			—			47.1			—			92.9
Restructuring charges	—			—			8.2			—			8.2
Acquisition-related costs	7.0			—			—			—			7.0
Other operating (expense) income	(0.5		)	—			0.1			—			(0.4		)
Operating (loss) income	(18.1		)	—			79.2			—			61.1
Earnings of non-consolidated affiliates	0.5			—			—			—			0.5
Equity income in subsidiaries	22.5			35.1			—			(57.6		)	—
Interest expense	12.0			40.9			0.9			(1.4		)	52.4
Interest income	0.7			—			0.9			(1.4		)	0.2
Non-operating pension income (expense)	9.5			—			(1.0		)	—			8.5
Income (loss) before taxes	3.1			(5.8		)	78.2			(57.6		)	17.9
Income tax (benefit) provision	(6.6		)	(15.2		)	26.3			—			4.5
Net income	$	9.7		$	9.4		$	51.9		$	(57.6	)	$	13.4



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31, 2018
(In millions)
(Unaudited)

	Parent Guarantor			Issuer			Subsidiary Non-Guarantor		Eliminations			Total
Net income (loss)	$	20.9		$	(9.2	)	$	59.8	$	(50.6	)	$	20.9
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—			—			12.4		—			12.4
Unrealized losses on derivative contracts, net	(0.1		)	—			—		—			(0.1		)
Amortization of prior service costs and actuarial losses, net	5.4			—			—		—			5.4
Total other comprehensive income, net of tax	5.3			—			12.4		—			17.7
Comprehensive income (loss)	$	26.2		$	(9.2	)	$	72.2	$	(50.6	)	$	38.6



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31, 2017
(In millions)
(Unaudited)

	Parent Guarantor			Issuer		Subsidiary Non-Guarantor		Eliminations			Total
Net income	$	9.7		$	9.4	$	51.9	$	(57.6	)	$	13.4
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—			—		6.0		—			6.0
Unrealized losses on derivative contracts, net	(2.0		)	—		—		—			(2.0		)
Amortization of prior service costs and actuarial losses, net	3.7			—		0.2		—			3.9
Total other comprehensive income, net of tax	1.7			—		6.2		—			7.9
Comprehensive income	$	11.4		$	9.4	$	58.1	$	(57.6	)	$	21.3



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2018
(In millions)
(Unaudited)

	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	69.3		$	—		$	11.6		$	—	$	80.9
Investing Activities
Capital expenditures	(41.7		)	—			(47.8		)	—		(89.5		)
Proceeds from disposition of property, plant and equipment	—			—			0.1			—		0.1
Net investing activities	(41.7		)	—			(47.7		)	—		(89.4		)
Financing Activities
Long-term debt:
Borrowings	550.0			—			0.3			—		550.3
Repayments	(20.2		)	(570.0		)	(19.7		)	—		(609.9		)
Stock options exercised	1.0			—			—			—		1.0
Dividends paid	(33.4		)	—			—			—		(33.4		)
Debt issuance costs	(8.5		)	—			—			—		(8.5		)
Intercompany financing activities	(570.0		)	570.0			—			—		—
Net financing activities	(81.1		)	—			(19.4		)	—		(100.5		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.3		)	—		(0.3		)
Net decrease in cash and cash equivalents	(53.5		)	—			(55.8		)	—		(109.3		)
Cash and cash equivalents, beginning of period	57.1			—			161.3			—		218.4
Cash and cash equivalents, end of period	$	3.6		$	—		$	105.5		$	—	$	109.1



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2017
(In millions)
(Unaudited)

	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	59.6		$	—		$	40.3		$	—	$	99.9
Investing Activities
Capital expenditures	(24.1		)	—			(58.9		)	—		(83.0		)
Net investing activities	(24.1		)	—			(58.9		)	—		(83.0		)
Financing Activities
Long-term debt:
Borrowings	500.0			1,375.0			—			—		1,875.0
Repayments	(590.2		)	(1,282.5		)	—			—		(1,872.7		)
Stock options exercised	8.8			—			—			—		8.8
Dividends paid	(33.1		)	—			—			—		(33.1		)
Debt issuance costs	(8.3		)	(2.9		)	—			—		(11.2		)
Intercompany financing activities	89.6			(89.6		)	—			—		—
Net financing activities	(33.2		)	—			—			—		(33.2		)
Effect of exchange rate changes on cash and cash equivalents	—			—			0.3			—		0.3
Net increase (decrease) in cash and cash equivalents	2.3			—			(18.3		)	—		(16.0		)
Cash and cash equivalents, beginning of period	25.2			—			159.3			—		184.5
Cash and cash equivalents, end of period	$	27.5		$	—		$	141.0		$	—	$	168.5