Keybanc Industrial, Automotive, and Transportation Conference - May 29, 2013

Lincoln Electric Holdings, Inc. Update KeyBanc Industrial, Automotive, and Transportation Conference - May 29, 2013

John M. Stropki Executive Chairman

Vincent K. Petrella SVP and Chief Financial Officer

Safe Harbor & Reg-G

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. 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.

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.

2 A Proud History

3 World-Class Arc Welding and Cutting Products

Virtual and Automated welding MIG & TIG consumables

Soldering Welding and Consumables Brazing alloys PowerPower Wave Wave ® 65% AC/DCAC/DC 1000 1000 ® SD Welding Equipment 35%

Stainless, Nickel & High Alloy Welder/Generator – consumables, Submerged Arc, Engine Drive Stick Electrodes, Cobalt

Fume extractor

CNC Cutting Gas regulators, welding Flux-Cored Wire System guns and torches, accessories Plasma cutter Orbital TIG welding 4 Lincoln Electric: Dynamic and Evolving Company 45 Manufacturing Facilities in 19 Countries

CLEVELAND, OHIO MISSISSAUGA, CANADA PORT TALBOT, WALES GLOBAL HEADQUARTERS DZIERZONIOW, POLAND Consumables Consumables OREL, RUSSIA Consumables & Consumables CLEVELAND, OHIO TORONTO, CANADA ESSEN, GERMANY Gas Apparatus REGIONAL HEADQUARTERS Equipment & Consumables Pipe Mill Welding Systems BIELAWA, POLAND LUAN COUNTY, CHINA North America Consumables CLEVELAND, OHIO Equipment RENO, NEVADA NIJMEGEN, NETHERLANDS LOS ANGELES, CALIFORNIA Equipment, Consumables Consumables JINZHOU, CHINA CNC Cutting Equipment & Automation Gas Apparatus Consumables MENTOR, OHIO BALTIMORE, MARYLAND SAN DIEGO, CALIFORNIA ZHENGZHOU, CHINA Consumables Consumables MTSENSK, RUSSIA Automated Welding Systems Consumables Consumables FT. LORAMIE, OHIO MASON, OHIO NANJING, CHINA SAN DIEGO, CALIFORNIA Automated solutions REGIONAL HEADQUARTERS ISTANBUL, TURKEY Pipe Cutting Equipment Harris Products Group Consumables Consumables ANAHEIM, CALIFORNIA MASON, OHIO SHEFFIELD, UNITED KINGDOM AREZZO, ITALY Accessories Consumables Consumables Consumables TIJUANA, MEXICO GAINESVILLE, GEORGIA CHERTSEY, UNITED KINGDOM SHANGHAI, CHINA Consumables & Accessories GENOVA, ITALY Gas Apparatus Consumables Equipment Equipment & Consumables TORREON, MEXICO ROUEN, FRANCE SHANGHAI, CHINA Equipment & Consumables MEXICO CITY, MEXICO LISBON, PORTUGAL Consumables REGIONAL HEADQUARTERS Consumables Consumables Asia Pacific BARCELONA, SPAIN BOGOTA, COLOMBIA REGIONAL HEADQUARTERS Consumables Europe, Middle East, Africa & Russia MARACAY, VENEZUELA CHENNAI, INDIA Consumables Consumables GUARULHOS, BRAZIL GLOBAL HEADQUARTERS Consumables JAKARTA, INDONESIA Lincoln Electric Consumables Cleveland, Ohio USA SAO PAULO, BRAZIL Brazing Consumables REGIONAL HEADQUARTERS SAO PAULO, BRAZIL North America REGIONAL HEADQUARTERS Cleveland, Ohio USA South America

South America Sao Paulo, Brazil

Europe, Middle East, Africa & Russia Barcelona, Spain

Asia Pacific Shanghai, China

Harris Products Group Mason, Ohio USA 5 Global Sales Shift to BRICs

Sales by Destination 2002 2012

BRIC 3% BRIC 15%

Rest of World 30%

North North America America Rest of World 30% 67% 55%

BRIC= Brazil, Russia, India, China North America = United States, Canada, Mexico 6 Lincoln Electric’s “2020 Vision”

“2020 Vision” Goals

• >$4B Net Sales

• >15% Operating Margin

• Average 15% ROIC (through the cycle)

• 15% Operating Working Capital

7 Strategic Growth Drivers

PROFITABLE GROWTH IMPROVED PROFITABILITY & RETURNS

• Leverage breadth of product and • Cost improvements process solutions

• Operational excellence • Penetrate attractive, high-growth global end markets and regional segments • Favorable mix and portfolio management • Develop distribution channels • Improved working capital efficiency • Ongoing investment in new product development

• Grow and train our own technical sales force

8 Leveraging Products & Process Solutions Globally

Penetrate Critical Global End Markets

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9 Developing Key Channels

• 200 person technical sales force in North America • Similar program launched globally Direct to Industrial Rental Retail End User Distribution Network

10 Innovation is a Major Driver

R&D Expenditures • Industry’s most comprehensive R&D $40 program $37 $35 $33 $30 $28 $29 • Approximately 50% of 2012 equipment $26 $27 $24 $25 $22 sales were new products developed $20 and introduced over the last 5 years $20 $19 $15 $10 • Industry-leading technology $5

$0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Lincoln leads the arc welding industry in new product introductions

11 Active Across the Diversified $20B Global Arc Welding Industry

$20B

12 Opportunity to Expand Our Presence in Targeted Areas Estimated Regional Market Share

40% North America 35% $4.2B

30%

25% Latin America 20% EMEA $1.6B $5.2B 15%

10% Asia Pacific Estimated Market Share $9.0B 5%

0% 0% 2% 4% 6% 8% 10% Regional Industry Growth Rate 13 Fragmented Global Competitive Landscape

Global Market Share Estimates

Lincoln Electric

Others The top 3 companies ESAB compete in (Colfax) Equipment and Consumables Kemppi Fronius ITW Hyundai Golden Bridge OTC Kobelco Hypertherm Big Bridge Atlantic Panasonic Air Liquide Bohler Messer Victor Technologies (Thermadyne)

14 * Amounts based on the Company's estimate of the total market and include sales of equity affiliates Economic Variables Impacting Our Industry

Industrial Production/Capacity Utilization (U.S.) Global Steel Production: 2012-March 2013 (WSA)

140,000 20%

120,000 15% 100,000 10% 80,000 5% 60,000 0%

40,000 YoYGrowth% Production (Mt) 20,000 -5% 0 -10%

Global China ROW Global (%) China (%) ROW (%)

U.S. Purchasing Manager’s Index: 2009-April 2013 Share of World Crude Steel Production: 2012

70 ROW, 11.7% 60 Russia, 4.6%

50 Ukraine, 2.1%

40 EU-27, 10.9% China, 46.3%

30 Brazil, 2.2% 20 USA, 5.7% Japan, 6.9%

South Korea,

7/1/2012 4/1/2009 7/1/2009 1/1/2010 4/1/2010 7/1/2010 1/1/2011 4/1/2011 7/1/2011 1/1/2012 4/1/2012 1/1/2013 4/1/2013

1/1/2009 India, 5.0%

10/1/2012 10/1/2010 10/1/2011 15 10/1/2009 4.5% Global Acquisition Strategy Expands Footprint

MGM

LEIM

Tennessee Rand Electro-Arco

Heli

JINZHOU JINTAI WELDING METAL CO LTD

SLE

Acquisition Growth % of Sales

8% 7.0%

6% 5.8% 5.3% 4.9%

4% 3.4% 3.0% 3.0% 2.3% 2.0% 2%

0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 16 Financial Review

Vincent K. Petrella SVP and Chief Financial Officer

Net Sales

($ in Millions) 2012 Net Sales Mix By Net Sales: 2003-2012 2003-2012 Reportable Segment CAGR % 10.6% Harris $2,853 $334M, South America $2,695 Asia 12% $161M, 6% $2,479 Pacific $2,281 $324M, $2,070 $1,972 11% $1,729 $1,601 $1,333 $1,041

Europe $452M, 16%

North America 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 $1.6B, 55%

18 Q1 Sales -- 2013 vs. 2012

($ in Millions)

$727 $719 (1.2%)

$ Δ % Δ Volume $(44) (6%) Price $1 - Acq. $40 6% F/X $(6) (1%) Total $(9) (1%)

Q1-2012 Q1-2013

On an average sales per shipping day basis – constant dollar sales were relatively steady YoY in Q1 19 LECO Historical Sales Mix Trends Pricing resilience through the cycle

40% 30.1% 28.1% 30% 23.1% 2.6% 3.1% 20.1% 2.3% 1.3%% * 19.7% 5.8% 20% 0.9%% 3.4% 15.7% 9.5% * 8.7% 5.3% 6.9% 7.0% 2.9% 3.2% 0.4% 2.0% 1.9% 5.9% 10% 3.7% (1.2%) 8.0% 15.5% 3.0% (30.2%) 14.1% 14.8% 13.2% 4.9% 4.2% 6.8% 7.8% 1.7% 5.5% 3.0% 1.3% 0% (2.0%) 0.1% (3.9%) (6.0%) (0.8%) -10% (29.8%) -20%

(0.5%) -30% (2.9%)

-40% 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1-13

Volume Price Acquisition FX

* Differences due to rounding 20 Operating Income Margin Track record of expansion on mix improvement, pricing, and internal initiatives

Operating Profit Margin – Excluding Special Items: 2003-2012

13.1% 12.2% 12.7% 11.5% 11.0% 9.6% 9.1% 8.3% 6.7% 7.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

21 Please refer to the appendix for reconciliation of non-GAAP measures Operational Excellence is a Key Focus

Committed to Continuous Optimization Programs Aligning Platform Improvement for Growth and Margin Expansion

• Lean manufacturing and Six Sigma • 8 facilities closed or consolidated since ‘09 – Implemented across the platform – Hundreds of projects completed annually • Realizing benefits from SAP deployments

• Cost savings programs • Reshaping regional portfolios to maximize – Sourcing differentiation, value creation and margin – Productivity growth – Waste reduction • Leveraging global network to service growth • Deploying ISO 14001 profitably

22 Driving Segment Margin Performance Despite a Weak Topline

The North Asia South Europe* Harris America Pacific America Total Welding Products Welding Welding Welding Group Q1-13 Organic Sales (1%) (10%) (24%) (3%) (4%) (6%) Growth** Q1-13 EBIT Margin 17.1% 9.3% 3.1% 14.0% 8.5% 14.1% (excluding special items) YoY Margin Performance +30 (50) +40 +670 +50 +130 (bps)

Margin expansion driven by an improved mix, portfolio management, price/cost variance, and internal initiatives

* “Europe” includes Middle East, Africa and Russia 23 ** “Organic” refers to volume and price performance Net Income Solid earnings performance through the cycle

($ in Millions) $257 2003-2012 CAGR % $212 $217 16.7% $203

$175

$130 $122

$81 +20% $55 $49

$64 $77

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1-13 YoY Growth +47% +51% +43% +16% +4% (77%) +165% +67% +18%

24 Diluted Earnings Per Share Progression

Beginning of Recession $1.00 Beginning of $800 Upturn 0.92 $0.90 $700 $0.81 0.81 $0.80 0.8 0.79 $0.80 0.76 $600 $0.68 0.68 $0.70 $0.66 $0.62 $500 $0.60 $0.50 $0.50 $400

$0.44 $0.45

EPS Sales $0.39$0.39 $0.40 $0.32 $0.32 $300 $0.30 $0.29 $200 $0.20 $0.17 $100 $0.10 $0.05 $0.00 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2008 2009 2010 2011 2012 2013 EPS Sales (EXCLUDING SPECIAL ITEMS) 25 Please refer to the appendix for reconciliation of non-GAAP measures Operating Cash Flows: Consolidated Trending

($ in Millions)

North America

2626 Dividend Paid Per Share Track record of increasing returns to shareholders

$0.90 $0.80 $0.80 $0.68 $0.70 $0.62 $0.60 $0.54 $0.56 $0.50 $0.50 $0.44 $0.38 $0.40 $0.34 $0.36 $0.30 $0.32 $0.30 $0.20 $0.10 $0.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 *2012 **2013

*2012 Excludes a $0.20 dividend paid in December 2012, which would normally be issued in January 2013.

27 **2013 Reflects the annualized rate of our current $0.20 per share dividend payment. Capital Allocation: Balanced Approach

($ in Millions) 390 • Dividends Capital Allocation 2007-2012 360 • 17.6% dividend rate increase in 2012 330 300 • Capital Expenditures $135 270 • Focused on cost 240 improvements

210 • Acquisitions $44 180 $66 $53 • Kaliburn 150 $19 • Tennessee Rand • Wayne Trail 120 $19 $72 $66 $61 $81 • Weartech $25 90 $62 $37 60 $42 $38 $40 • Return on Invested Capital $16 $73 • 18.7% at Dec. 31, 2012 30 $52 $38 $43 $45 $47 0 2007 2008 2009 2010 2011 2012 • Share Repurchases • $81.0 million in 2012 Dividends Share Repo Cap Ex Acquisitions

28 Q1-2013 Capital Allocation

$75 • Dividends • $0 million (prepaid in 4Q/12) $22 • 17.6% increase in 4Q/12 to $0.20 $50 per common share per quarter

$13 • Capital Expenditures • $15.1 million $25 $20 $15 • Focused on cost improvements

$14 $13 • Return on Invested Capital $- • 18.3% at March 31, 2013 1Q-12 1Q-13

Dividends Share Repo Cap Ex Acquisitions • Share Repurchases - $12.8 million

Contributed $50 million to U.S. pension plan

29 Summary: Solid Track Record Throughout the Cycle

• Good earnings growth – with record 2012 sales, EPS and cash flow

• Successful execution of growth and operational initiatives

• Implementing initiatives to reduce costs and sharpen operations

• Targeted acquisitions and strategic capital expenditures improving geographic and product line portfolio

• Strong cash flows with improving working capital management

• Active share repurchase program

30 31 Non-GAAP Financial Measures

Reconciliation of Operating Income and Operating Income Margin to Non-GAAP Adjusted Operating Income and Adjusted Operating Income Margin Full Year Ended December 31, Q1 ($ 000) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Operating Income: $ 68,219 $ 103,302 $ 149,845 $ 232,970 $ 277,632 $ 295,404 $ 92,976 $ 186,430 $ 296,680 $ 362,081 $ 88,630 Special items: Rationalization charges / (gains) 1,743 2,440 1,761 3,478 (188) 2,447 29,018 (384) 282 9,354 1,051 Impairment charges - - - - 16,924 879 - - - - Pension settlement loss (gain) 4,525 - - - - (1,543) - - - - Loss on sale of business - 1,942 ------Gain on sale of Ireland facility - - (9,006) ------Venezuelan charges (gains) ------3,123 - 1,381 9,660 Adjusted Operating Income: $ 69,962 $ 110,267 $ 153,548 $ 227,442 $ 277,444 $ 314,775 $ 121,330 $ 189,169 $ 296,962 $ 372,816 $ 99,341

Net Sales $ 1,040,589 $ 1,333,675 $ 1,601,190 $ 1,971,915 $ 2,280,784 $ 2,479,131 $ 1,729,285 $ 2,070,172 $ 2,694,609 $ 2,853,367 $ 718,573 Operating Income % 6.6% 7.7% 9.4% 11.8% 12.2% 11.9% 5.4% 9.0% 11.0% 12.7% 12.3% Adjusted Operating Income % 6.7% 8.3% 9.6% 11.5% 12.2% 12.7% 7.0% 9.1% 11.0% 13.1% 13.8%

Reconciliation of Net Income to Non-GAAP Adjusted Net Income Q1 Q1 ($ 000) 2012 2013

Net Income: $ 64,243 $ 66,806 Special items: Rationalization charges (gains) - 673 Venezuelan charges (gains) - 9,660 Adjusted Net Income: $ 64,243 $ 77,139

32 Non-GAAP Financial Measures

Reconciliation of Diluted Earnings Per Common Share (EPS) to Non-GAAP Diluted Adjusted Net Earnings Per Common Share (Adjusted EPS)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010

Diluted EPS: $0.62 $ 0.81 $ 0.80 $ 0.23 $ (0.04) $ 0.18 $ 0.15 $ 0.29 $ 0.28 $ 0.38 $ 0.38 $ 0.49 Special items: Rationalization charges (gains) - - - 0.02 0.09 0.08 0.07 0.03 0.01 (0.04) - 0.02 Impairment charges - - - 0.19 - - - 0.01 - - - - Pension settlement gain - - - - - (0.02) ------Asia Pacific asset disposals ------LEIM disposal of assets (noncontrolling) ------0.02 - - Adjust. Tax contingencies (Asia Pac) ------(0.06) Tax audit settlements ------Loss from Jin Tai acquisition ------0.09 - - - - - Gain on sale of property (Turkey) - - - - - (0.07) ------Venezuela charges (gains) ------0.03 0.01 - Adjusted Diluted EPS: $0.62 $ 0.81 $ 0.80 $ 0.44 $ 0.05 $ 0.17 $ 0.32 $ 0.32 $ 0.28 $ 0.39 $ 0.39 $ 0.45

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2011 2011 2011 2012 2012 2012 2012 2013

Diluted EPS: $0.55 $ 0.68 $ 0.66 $ 0.68 $ 0.76 $ 0.79 $ 0.77 $ 0.74 $ 0.80 Special items: Rationalization charges (gains) - - - - - 0.01 0.03 0.05 0.01 Impairment charges ------Pension settlement gain ------Asia Pacific asset disposals ------Adjust. Tax contingencies (Asia Pac) ------Tax audit settlements (0.06) ------Loss from Jin Tai acquisition ------Gain on sale of property (Turkey) ------Venezuela charges (gains) - - - - - 0.01 - - 0.11 Adjusted Diluted EPS: $0.49 $ 0.68 $ 0.66 $ 0.68 $ 0.76 $ 0.81 $ 0.80 $ 0.79 $ 0.92