Lincoln Electric Holdings, Inc. Overview

Lincoln Electric Holdings, Inc. Overview Stifel 208 Cross Sector Insight Conference June 2, 208 Vincent K. Petrella Executive Vice President & CFO

Safe Harbor and Regulation G Disclosures Forward-Looking Statements: Statements made during this presentation which are not historical facts may be considered forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied. Forward-looking statements generally can be identified by the use of words such as may, will, expect, intend, estimate, anticipate, believe, forecast, guidance or words of similar meaning. These risks include our ability to successfully integrate Air Liquide Welding; our ability to achieve the expected growth and efficiencies from the Air Liquide Welding acquisition, accretion and generate generally attractive return on capital, within the expected time frame or at all. For further information concerning issues that could materially affect financial performance related to forward-looking statements, please refer to Lincoln Electric s quarterly earnings releases and periodic filings with the Securities and Exchange Commission, which can be found on www.sec.gov or on www.lincolnelectric.com. 2 Non-GAAP Measures: Our management uses non-gaap financial measures in assessing and evaluating the Company s performance, which exclude items we consider unusual or special items. We believe the use of such financial measures and information may be useful to investors. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-gaap measures are a supplement to, and not a replacement for, GAAP financial measures. Please refer to the attached schedule for a reconciliation of non-gaap financial measures to the related GAAP financial measures.

A Pioneer with Market-Leading Technology A global manufacturer and market leader with over 20 years of expertise. Distinguished by an unwavering commitment to customers, employees and shareholders. CONSUMABLE (filler metals) EQUIPMENT AUTOMATION FUME CONTROL CUTTING ACCESSORIES Founded in 895 $2.6B in revenue in 207 Market cap of ~$5.9B Nasdaq Listed: LECO HQ in Cleveland, Ohio, U.S.A. 63 manufacturing facilities in 23 countries Distribution to over 60 countries,000 employees worldwide 3

Lincoln Electric Investment Highlights Leader in complete solutions and application expertise Track record of expanding margins in a down cycle Predictable model enables higher dividend payout Solid cash conversion ratio Disciplined capital deployment delivers top quartile returns # Global Provider of Solutions ~4% Adjusted Operating Income Margin 2.5% CAGR 2009-208 09% 3-Year Average 8.0% 3-Year Average ROIC 4 Adjusted operating income margin excludes special items. Please refer to the appendix for definitions and reconciliations of non-gaap financial measures.

Diversified Products and Reach Net Sales by Product Area Net Sales by Segment 28% International Welding Consumables (filler metals) 57% Equipment 43% Americas Welding 6% % Harris Products Group 5 Reflects FY207 revenue

Leading Provider Across Diverse End Markets $20B Global Arc Welding, Brazing & Cutting Industry Market Share Estimates Lincoln Electric Revenue Mix by End Market Sector 2 LECO 0% Construction & Infrastructure Others Colfax 7% Automotive & Transportation 33% General Fabrication Kemppi Hyundai OTC Hypertherm Atlantic Fronius Panasonic Bohler ITW Big Bridge Kobelco Golden Bridge 8% Heavy Industries 3 22% Energy & Process Industries LECO is one of only three global providers to offer a complete solution 6 Amounts based on Company estimates of the 205 market and includes sales of equity affiliates 2 Reflects FY205 pro forma revenue mix estimates from Lincoln Electric and Air Liquide Welding 3 Heavy Industries includes heavy fabrication, ship building and maintenance & repair

Innovation & Application Expertise Differentiates LECO 70% smaller and 85% lighter 920s Motor generatorbased equipment Stick electrodes 7 950-970s Transformer-based equipment Wire & stick-based filler metals 990-2005 Inverter-based equipment (digital) Proprietary wave form technologies Broader-range of filler metals & alloys 2006+ Automated and semi-automated solutions Highly engineered solutions for unique applications Digital interfaces for repeatability, speed & ease-of-use Laser welding, cutting and cladding solutions Internet-based productivity and quality tools (IoT) Expanded alloys and aluminum filler metals Virtual reality training and sales tools

Innovation Drives Growth ($ millions) $50 $40 $30 $20 $0 $-.% R&D Investment.6%.4%.2%.3% $27 $28 $29 $33 $37.5%.5%.9% 2.0%.8% $42 $43 $47 $44 $48 2008 2009 200 20 202 203 204 205 206 207 R&D Spend % of Sales 2.0%.5%.0% 0.5% 0.0% Solid Vitality Index ~34% of 207 consolidated sales from new products ~39% of 207 equipment sales from new products CrossLinc TM Technology for Equipment Quality: Enables remote operator control of weld settings from a distance to meet weld specifications Safety: Improves safety with fewer cables and unnecessary jobsite movements Productivity: Faster system set-up, improved uptime and reduced rework Galvanized Steel Solution Process Z new custom wire & waveform for welding zinc-coated steels Stringent automotive requirements driving demand for zinc-coated steels Delivers up to 85% lower porosity levels and higher productivity vs. alternatives 8 Vitality Index reflects percent of product sales from new products in the legacy Lincoln Electric business. New products are defined as solutions launched within the last five years and excludes customized automation sales.

2020 Strategy Targets Best-in-Class Financial Performance 207 Result 2009 to 207 Performance 2020 Goal (2009-2020) Sales Growth (ex-fx & Venezuela) 5.% 2 7% CAGR 0% CAGR Adjusted Operating Income Margin 3.5% 2 Average 2.5%; 4.4% 5-Year Average Average 5.0% ROIC 6.2% Average 6.6% Average 5.0% Operating Working Capital Ratio 5.9% 2 730 basis point improvement 5.0% Please refer to the appendix for definitions and reconciliations of non-gaap financial measures. 2 Excluding the acquisition of Air Liquide Welding, results would be: Sales 7.%; Adj. Operating margin 4.3%; Operating Working Capital 4.2% Reach Leverage Core + Adjacencies Diverse Sectors 2020 2009 Operational Excellence Working capital initiatives Portfolio optimization BRICs Channels Salesforce Arc Welding Automation Alloys/ Aluminum Accessories Cutting Services Automotive Education Infrastructure Heavy Fabrication Energy General Fabrication 9 Lean/Six Sigma programs

Disciplined M&A is Expanding Growth Opportunities Expanding the market size potential for future growth $20 Billion $33 Billion Arc Welding, Brazing & Cutting + Surfacing + Automation Based on company estimates $548 Million Cumulative M&A Investment 2008-207 8.0% Sales growth attributed to acquisitions (%) 3.0% 3.0% 5.3% 5.8% 4.9% 3.2% 3.9% Average.5% 2.2% 2.0% 2008 2009 200 20 202 203 204 205 206 207 0

Attractive Synergies to be Achieved with the Air Liquide Welding Acquisition Anticipated Areas of Synergies Procurement Operations Leverage scale to capitalize on procurement savings In-source where attractive Adopt best practices across the platform Streamline to reduce excess capacity Accretive to Adjusted EPS Q/8: $0.06 Adj EPS FY208e: $0.20+ Adj EPS Commercial Corporate/G&A Leverage channels and broader portfolio Optimize portfolio to richen mix Streamline to reduce redundancy Adopt best practices for organizational efficiency Leverage scale to achieve lower prices on 3 rd party services Streamline to reduce redundancy $30 million annual run rate of pre-tax operational synergies to be realized by 4 th Year

Solid Price Performance as Volumes Continue to Recover Components of Revenue Performance 8.7%.9% 3.0% 7.8% -3.9% -30.2% 3.0% -29.8% 30.2% 2.6% 5.8% 9.7% 6.9% 5.3% 0.4% 4.% 4.8% 5.9% 4.9% 0.0% -0.% -0.6% -7.6%.7%.3% 3.2% -2.7%.5% 2.3% 2.% -2.0% -0.6% Volume -0.% -7.7% -7.8% Price -0.% -0.7% -0.7% FX -2.6% -.3% -.3% 30.4% 2.7% 5.9% 8.3% 0.8% 8.0% 2.4% 4.2% 4.7% 5.2% -0.5% -2.9% FX Acquisition Price Volume 2008 2009 200 20 202 203 204 205 206 207 Q-8 2 Results from 204 to 207 exclude our Venezuela subsidiary due to hyperinflationary conditions in the country. The Venezuela subsidiary was deconsolidated June 30, 206.

Focused on Higher Margin Opportunities and Operational Excellence $3,000 $2,000 Adjusted Operating Income Margin,2 vs. Net Sales 5.3% 4.9% 4.7% 4.0% 4.3% 3 3.9% 3 3.6% 2.2%.4% 3.5% 2.8% 9.8% 8.4% 5.0% 0.0% $,000 $58 $758 5.0% $- $2,479 $,729 $2,070 $2,695 $2,853 $2,853 $2,83 $2,536 $2,275 $2,624 2008 2009 200 20 202 203 204 205 206 207 Q-8 0.0% Net Sales Adjusted Operating Income Margin 3 Adjusted operating income margin excludes special items. Please refer to the appendix for a reconciliation of non-gaap financial measures. 2 Adjusted operating income margin results reflect the 208 reclassification of pension costs, other than service costs, to Other income (expense). 3 Excluding the acquisition or Air Liquide Welding, legacy company adjusted operating income margin would have been 4.3% in 207 and 3.9% in Q-208.

Cash Generation Solid and a Top Strategic Priority ($ in millions) $257 $250 Cash Flow from Operations $94 $339 $327 $402 $3 $33 $335 2.0% Operating Working Capital to Net Sales Ratio 23.2% 20.7% 2.0% 8.8% 7.6% 7.% 7.% 50 bps reduction 2008-207 5.6% 5.9% 4.2% 2 8.% 6.5% 2 $57 $76 $44 2008 2009 200 20 202 203 204 205 206 207 Q-8 2008 2009 200 20 202 203 204 205 206 207 Q-8 4 4 Operating working capital to net sales ratio is defined as operating working (AR plus Inventory less AP) divided by annualized rolling three months of sales. 2 Operating working capital to net sales ratio excluding the ALW acquisition would have been 4.2% at 2/3/207 and 6.5% at 3/3/208.

Solid Cash Flows Funding Growth and Shareholder Returns ($ in millions) Capital Allocation Acquisition Cap Ex Share Repurchase Dividend $342 $346 $477 $24 $73 $574 $37 $5 $55 $72 $50 $53 $269 $399 $22 $35 $76 $342 $20 $307 $72 $67 $44 $66 $53 $08 $9 $62 $72 $6 $66 $68 $8 $43 $25 $42 $38 $40 $37 $43 $45 $47 $52 $73 $49 $73 $87 $87 $92 2008 2009 200 20 202 203 204 205 206 207 5 Q/203 dividend paid in Q4/202

Predictable Model Enables a Growing Dividend Payout 2.5% CAGR 2009-208 Dividend History $.6 $.28 $.40 $.56 $0.54 $0.56 $0.62 $0.68 $0.80 $0.92 2009 200 20 202 203 204 205 206 207 208e Targeting an Average 35% Pay Out of Adjusted Net Income Through the Cycle 6

Disciplined Capital Deployment Delivers Top Quartile Returns Return on Invested Capital 20.2% 9.3% 20.2% 22.9% 2.% 6.6% 6.6% 6.6% 2 6.7% 0.6% 6.3% 2008 2009 200 20 202 203 204 205 206 207 Q-8 7 Please refer to the appendix for the definition and reconciliation of this non-gaap financial measure. 2 206 ROIC reflects the impact of $350 million of senior notes in October 206.

Summary Positioned for Long Term Value Creation Top Market Position in Arc Welding Differentiated by comprehensive equipment and consumables Renowned Welding Experts with industry-leading engineers # Global Provider Innovative R&D and Pragmatic M&A Driving Growth Focused investments driving higher margins and returns ~34% of sales from new products M&A initiatives contributing to annual revenue growth Solid Execution Increasing Returns Operational excellence is optimizing the cost structure Working capital efficiency supporting cash flow generation Model driven by ROIC Predictable Model Accelerating Shareholder Returns Business model resilient through economic cycles Margin expansion in down cycle vs. 08 peak on 2020 Strategy Dividend increased annually for 22 consecutive years Driving Growth and Richening Mix Top Quartile ROIC $.3B Returned to Shareholders 203-207 8

Appendix Amanda Butler Vice President, Investor Relations & Communications Amanda_Butler@lincolnelectric.com 26.383.2534 9

Non-GAAP Financial Measures Adjusted operating income, Adjusted net income, Adjusted diluted earnings per share and Return on invested capital are non-gaap financial measures that management believes are important to investors to evaluate and compare the Company s financial performance from period to period. Management uses this information in assessing and evaluating the Company s underlying operating performance. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-gaap measures are a supplement to, and not a replacement for, GAAP financial measures. ($ in thousands) Period Ended December 3, 2008 2009 200 20 202 203 204 205 206 207 Q-8 Operating income: $295,660 $93,233 $86,430 $296,680 $362,08 $406,985 $373,747 $8,700 $288,274 $377.7 $85,88 Pension reclass (,888) 22,09 3,752 9,039 4,720 6,720 (6,667) 42,882 (3,70) (769) Operating income (after pension reclass): 283,772 5,252 200,82 305,79 376,80 43,705 367,080 324,582 284,573 376,942 $85,88 Special items: Rationalization and asset impairment 9,37 29,897 (384) 282 9,354 8,463 39,053 9,958-6,590 0,75 charges / (gains) (Gains) or losses on asset disposals - - - - - 705 - - - - - Venezuelan devaluation and deconsolidation - - 3,23 -,38 2,98 2,33 27,24 33,389 - - charges (gains) Acquisition transaction costs - - - - - - - - - 5,002,907 Amortization of step up in value of acquired inventories - - - - - - - - - 4,578 - Bargain purchase gain - - - - - - - - - (49,650) - Adjusted operating income: $303,43 $45,49 $202,92 $306,00 $387,536 $435,07 $48,266 $37,754 $37,962 $353,462 $97,270 Net sales $ 2,479,3 $,729,285 $ 2,070,72 $ 2,694,609 $ 2,853,367 $ 2,852,67 $ 2,83,324 $ 2,535,79 $2,274,64 $2,624,43 $757,696 Op income margin.9% 5.4% 9.0%.0% 2.7% 4.3% 3.3% 7.2% 2.7% 4.4%.2% Adjusted operating income margin: Reconciliation of Operating Income and Operating Income Margin to Non-GAAP Adjusted Operating Income and Adjusted Operating Income Margin 2.2% 8.4% 9.8%.4% 3.6% 5.3% 4.9% 4.7% 4.0% 3.5% 2.8% 20

Non-GAAP Financial Measures: Return on Invested Capital ($ in thousands) Period Ended December 3, 2008 2009 200 20 202 203 204 205 206 207 Q-208 Net income: $22,286 $48,576 $30,244 $27,86 $257,4 $293,780 $254,686 $27,478 $98,399 $247,503 $252,483 Special items (net of tax): Rationalization and asset impairment 8,33 23,789 (894) 237 7,442 7,573 30,94 8,82-6,98 4,068 charges / (gains) (Gains) or losses on asset disposals - (5,667) - - - 705 - - - - - Loss associated with an acquisition - 7,943 - - - - - - - - - Loss on deconsolidation of Venezuela & devaluation charges - - 3,560-906 2,98 2,33 27,24 33,25 - - Discrete tax items - - (5,092) (4,844) - - - - (7,96) - - Pension settlement loss (gain) - (2,44) - - - - - 87,30-5,030 5,599 Non-controlling interests - 60,782 - - (,068) (805) - - - - Acquisition transaction & integration costs Amortization of step in value of acquired inventories, net of tax - - - - - - - - -,559 0,345 - - - - - - - - - 3,453 3,453 Bargain purchase gain - - - - - - - - - (49,650) (49,650) Net impact of U.S. Tax Act - - - - - - - - - 28,66 3,6 Adj. Net income: $ 230,599 $ 73,098 $ 29,600 $ 22,579 $ 265,759 $ 33,88 $ 305,928 $ 260,84 $ 224,454 $252,709 $267,44 Plus: Interest expense (after-tax) 7,557 5,293 4,56 4,64 2,597,767 6,439 3,469,775 4,947 8,022 Less: Interest income (after-tax) 5,499 2,50,479,938 2,47 2.049,909,675,29 2,955 4,4 Adjusted net income before tax effected 232,657 76,24 32,277 24,805 265,885 32,906 30,458 27,978 234,938 264,70 28,322 interest Invested Capital 2,52,203,209,392,247,83,296,620,378,596,549,775,356,435,287,073,47,799,638,720,683,522 ROIC: 20.2% 6.3% 0.6% 6.6% 9.3% 20.2% 22.9% 2.% 6.6% 6.2% 6.7% 2 Return on Invested Capital is defined as rolling 2 months of Adjusted Net Income excluding tax-effected interest income and expense divided by Invested Capital. 2 Invested Capital is defined as Total Debt plus Total Equity.

Non-GAAP Financial Measures Reconciliation of Diluted Earnings Per Common Share (EPS) to Non-GAAP Diluted Adjusted Net Earnings Per Common Share (Adjusted EPS) 2008 2009 200 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 2008 2008 2008 2008 2009 2009 2009 2009 200 200 200 200 Diluted EPS: $0.62 $0.8 $0.80 $0.23 $(0.04) $0.8 $0.5 $0.29 $0.28 $0.38 $0.38 $0.49 Special items: Rationalization and asset impairment charges / (gains) - - - 0.2 0.09 0.08 0.07 0.04 0.0 (0.04) - 0.02 Pension settlement gain - - - - - (0.02) - - - - - - (Gains) or losses on asset disposals - - - - - (0.07) 0.09 - - 0.02 - - Discrete tax item - - - - - - - - - - - (0.06) Venezuela devaluation & deconsolidation charges - - - - - - - - - 0.03 0.0 - Adjusted Diluted EPS: $0.62 $0.8 $0.80 $0.44 $0.05 $0.7 $0.32 $0.32 $0.28 $0.39 $0.39 $0.45 20 202 203 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 20 20 20 20 202 202 202 202 203 203 203 203 Diluted EPS: $0.55 $0.68 $0.66 $0.68 $0.76 $0.79 $0.77 $0.74 $0.80 $0.87 $0.80 $.07 Special items: Rationalization and asset impairment charges / (gains) - - - - - 0.0 0.03 0.05 0.0 0.04 0.06 0.02 Discrete tax item (0.06) - - - - - - - - - - - Venezuela devaluation & deconsolidation charges - - - - - 0.0 - - 0. - - - Adjusted Diluted EPS: $0.49 $0.68 $0.66 $0.68 $0.76 $0.8 $0.80 $0.79 $0.92 $0.9 $0.86 $.09 22

Non-GAAP Financial Measures Reconciliation of Diluted Earnings Per Common Share (EPS) to Non-GAAP Diluted Adjusted Net Earnings Per Common Share (Adjusted EPS) 204 205 206 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 204 204 204 204 205 205 205 205 206 206 206 206 Diluted EPS: $0.69 $0.96 $0.57 $0.96 $0.89 $0.94 $(0.82) $0.68 $0.76 $0.45 $0.89 $0.8 Special items: Rationalization and asset impairment charges / (gains) - 0.0 0.37 - - 0.0-0.07 - - - - Venezuela devaluation & deconsolidation charges 0.22 0.04 - - - - - - - 0.48 - - Pension settlement loss - - - - - -.7 - - - - - Discrete tax item - - - - - - - - - (0.0) - - Adjusted Diluted EPS: $0.9 $.0 $0.94 $0.96 $0.89 $0.95 $0.89 $0.75 $0.76 $0.83 $0.89 $0.8 207 208 Q Q2 Q3 Q4 Q 207 207 207 207 208 Diluted EPS: $0.84 $0.92 $.59 $0.36 $0.92 Special items: Rationalization and asset impairment charges - - - 0.09 0.2 Acquisition transaction and integration costs 0.04 0.05 0.03 0.05 0.02 Bargain purchase gain - - (0.77) 0.02 - Pension settlement charges - - 0.05 0.03 0.0 Amortization of step up in value of acquired inventories - - 0.03 0.03 - Net impact of U.S. Tax Act - - - 0.43 0.03 Adjusted Diluted EPS: $0.88 $0.97 $0.93 $.0 $.0 23

Diluted Earnings Per Share Progression.59 $.50 $700 $600 $500 $400 $300.09.0.0 0.92 0.90.86 0.8 0.80 0.9 0.94 0.96 0.95 0.97.0.07 0.89 0.76 0.8 0.96 0.89 0.800.79 0.680.66 0.68 0.75 0.76 0.83 0.89 0.88 0.93 0.87 0.94 0.80.84 0.92 0.92 0.790.77 0.62 0.74 0.80 0.80 0.49 0.55 0.69 0.68 0.44 0.57 0.39 0.39 0.50 0.32 0.32 0.45 0.29 0.38 0.45 0.38 0.36 0.8 0.29 0.28 0.23 0.05 0.7 0.5-0.04 $.00 $0.50 $0.00 $200 $00-0.82 -$0.50 $0 -$.00 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q 2008 2009 200 20 202 203 204 205 206 207 208 Adjusted EPS EPS Sales 24 Adjusted EPS excludes special items. Please refer to the appendix for a reconciliation of non-gaap financial measures.