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

2

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.

3

A Proud History

4

World-Class Arc Welding and Cutting Products

Welding

Consumables

65% Welding

Equipment

35%

MIG & TIG consumables

Stainless, Nickel & High Alloy

consumables, Submerged Arc,

Stick Electrodes, Cobalt

Flux-Cored Wire Gas regulators, welding

guns and torches,

accessories Plasma cutter

Virtual and Automated welding

Welder/Generator –

Engine Drive

Power Wave

AC/DC 1000

Fume extractor

Power Wave®

AC/DC 1000® SD

Soldering

and

Brazing

alloys

CNC Cutting

System

Orbital TIG welding

5

Consumables

MEXICO CITY, MEXICO

Brazing Consumables

SAO PAULO, BRAZIL Consumables

JAKARTA, INDONESIA

Equipment

BIELAWA, POLAND

Consumables

LISBON, PORTUGAL

Consumables

ISTANBUL, TURKEY

Consumables

OREL, RUSSIA Consumables &

Gas Apparatus

DZIERZONIOW, POLAND

Consumables

LUAN COUNTY, CHINA

Consumables

JINZHOU, CHINA

Consumables

ZHENGZHOU, CHINA

Consumables

NANJING, CHINA

Equipment & Consumables

SHANGHAI, CHINA

REGIONAL HEADQUARTERS

Asia Pacific

SHANGHAI, CHINA

Consumables

CHENNAI, INDIA

Consumables

MISSISSAUGA, CANADA

REGIONAL HEADQUARTERS

North America

CLEVELAND, OHIO

Gas Apparatus

LOS ANGELES, CALIFORNIA

Pipe Cutting Equipment

SAN DIEGO, CALIFORNIA

Consumables & Accessories

TIJUANA, MEXICO

Equipment & Consumables

TORREON, MEXICO

Equipment, Consumables

& Automation

CLEVELAND, OHIO

Equipment & Consumables

TORONTO, CANADA

Consumables

MASON, OHIO

Gas Apparatus

GAINESVILLE, GEORGIA

Consumables

BOGOTA, COLOMBIA REGIONAL HEADQUARTERS

Europe, Middle East,

Africa & Russia

BARCELONA, SPAIN

Consumables

GUARULHOS, BRAZIL

Consumables

MTSENSK, RUSSIA

Consumables

SHEFFIELD, UNITED KINGDOM

Consumables

CHERTSEY, UNITED KINGDOM

Consumables

ROUEN, FRANCE

Equipment

GENOVA, ITALY

Consumables

AREZZO, ITALY

Automated Welding Systems

SAN DIEGO, CALIFORNIA

REGIONAL HEADQUARTERS

South America

SAO PAULO, BRAZIL

CNC Cutting Equipment

RENO, NEVADA

REGIONAL HEADQUARTERS

Harris Products Group

MASON, OHIO

Consumables

BALTIMORE, MARYLAND

Consumables

MARACAY, VENEZUELA

Consumables

MENTOR, OHIO

GLOBAL HEADQUARTERS

CLEVELAND, OHIO

Consumables

PORT TALBOT, WALES

Pipe Mill Welding Systems

ESSEN, GERMANY

Consumables

NIJMEGEN, NETHERLANDS

Accessories

ANAHEIM, CALIFORNIA

Automated solutions

FT. LORAMIE, OHIO

45 Manufacturing Facilities in 19 Countries

Lincoln Electric: Dynamic and Evolving Company

GLOBAL HEADQUARTERS

Lincoln Electric

Cleveland, Ohio USA

REGIONAL HEADQUARTERS

North America

Cleveland, Ohio USA

South America

Sao Paulo, Brazil

Europe, Middle East, Africa & Russia

Barcelona, Spain

Asia Pacific

Shanghai, China

Harris Products Group

Mason, Ohio USA

6

Global Sales Shift to BRICs

2012 2002

North

America

67%

North

America

55%

Rest of World 30%

Rest of World 30%

BRIC 15% BRIC 3%

BRIC= Brazil, Russia, India, China

North America = United States, Canada, Mexico

Sales by Destination

7

Lincoln Electric’s “2020 Vision”

“2020 Vision” Goals

• >$4B Net Sales

• >15% Operating Margin

• Average 15% ROIC

(through the cycle)

• 15% Operating Working Capital

8

Strategic Growth Drivers

PROFITABLE GROWTH

• Leverage breadth of product and process solutions

• Penetrate attractive, high-growth global end markets and regional segments

• Develop distribution channels

• Ongoing investment in new product development

• Grow and train our own technical sales force

IMPROVED PROFITABILITY & RETURNS

• Cost improvements

• Operational excellence

• Favorable mix and portfolio

management

• Improved working capital efficiency

9

Leveraging Products & Process Solutions Globally

Penetrate Critical

Global End Markets

= +

= + +

+ + = + +

= + + +

=

10

Developing Key Channels

Direct to

End User

Industrial

Distribution

Rental

Network

Retail

• 200 person technical sales force in North America

• Similar program launched globally

11

Innovation is a Major Driver

• Industry’s most comprehensive R&D

program

• Approximately 50% of 2012 equipment

sales were new products developed

and introduced over the last 5 years

• Industry-leading technology

$37

$33

$22$20$19

$24$26 $27 $28 $29

$0

$5

$10

$15

$20

$25

$30

$35

$40

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

R&D Expenditures

Lincoln leads the arc welding industry in

new product introductions

12

Active Across the Diversified $20B Global Arc Welding

Industry

$20B

13

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

0% 2% 4% 6% 8% 10%

North America

$4.2B

Latin America

$1.6B EMEA

$5.2B

Asia Pacific

$9.0B

Regional Industry Growth Rate

Estim

ate

d M

ark

et

Share

14

Others

Hyundai

Fronius

Kemppi

OTCHypertherm

BohlerAir Liquide

Victor

Technologies

(Thermadyne)

MesserPanasonic

AtlanticBig Bridge

KobelcoGolden Bridge

ITW

ESAB

(Colfax)

Lincoln Electric

* Amounts based on the Company's estimate of the total market and include sales of equity affiliates

Global Market Share Estimates

The top 3

companies

compete in

Equipment and

Consumables

Fragmented Global Competitive Landscape

15

20

30

40

50

60

70

1/1

/20

09

4/1

/20

09

7/1

/20

09

10

/1/2

009

1/1

/20

10

4/1

/20

10

7/1

/20

10

10

/1/2

010

1/1

/20

11

4/1

/20

11

7/1

/20

11

10

/1/2

011

1/1

/20

12

4/1

/20

12

7/1

/20

12

10

/1/2

012

1/1

/20

13

4/1

/20

13

Economic Variables Impacting Our Industry

Share of World Crude Steel Production: 2012

Global Steel Production: 2012-March 2013 (WSA)

U.S. Purchasing Manager’s Index: 2009-April 2013

China, 46.3%

South Korea, 4.5%

India, 5.0%

Japan, 6.9%

USA, 5.7%

Brazil, 2.2%

EU-27, 10.9%

Ukraine, 2.1%

Russia, 4.6%

ROW, 11.7%

-10%

-5%

0%

5%

10%

15%

20%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Yo

Y G

row

th %

Pro

du

cti

on

(M

t)

Global China ROW

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

Industrial Production/Capacity Utilization (U.S.)

16

Electro-Arco

LEIM

SLE

JINZHOU JINTAI

WELDING METAL

CO LTD

Heli

4.9%

5.8%5.3%

3.0%3.0%

2.0%

3.4%

7.0%

2.3%

0%

2%

4%

6%

8%

2004 2005 2006 2007 2008 2009 2010 2011 2012

Acquisition Growth % of Sales

MGM

Global Acquisition Strategy Expands Footprint

Tennessee

Rand

Financial Review

Vincent K. Petrella SVP and Chief Financial Officer

18

Net Sales

$2,853$2,695

$2,070

$1,729

$2,479

$2,281

$1,972

$1,041

$1,333

$1,601

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

($ in Millions)

Net Sales: 2003-2012

North

America

$1.6B, 55%

Asia

Pacific

$324M,

11%

Europe

$452M,

16%

Harris

$334M,

12%

South

America

$161M, 6%

2012 Net Sales Mix By

Reportable Segment 2003-2012

CAGR %

10.6%

19

Q1 Sales -- 2013 vs. 2012

$719$727

Q1-2012 Q1-2013

($ in Millions)

(1.2%)

$ Δ % Δ

Volume $(44) (6%)

Price $1 -

Acq. $40 6%

F/X $(6) (1%)

Total $(9) (1%)

On an average sales per shipping day basis – constant dollar

sales were relatively steady YoY in Q1

20

LECO Historical Sales Mix Trends Pricing resilience through the cycle

13.2%

4.2%

15.5%

6.8%

14.8%

1.3%

9.5%

8.0%

2.9%

3.7%

6.9%

0.1%

2.3%

7.0%

3.4%

2.0%

5.8%

4.9%5.5%

3.2%

2.6%

(6.0%)

(29.8%)

14.1%

(3.9%)

1.7%

(0.5%)

0.4%

7.8%

3.0%

3.0%

5.3%

(2.0%)

(0.8%)

3.1%

1.9%

1.3%%0.9%%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Volume Price Acquisition FX

20.1% 23.1%

* 8.7% 15.7%

2011

(30.2%)

2009 2008 2007 2006 2005 Q1-13

30.1%

* 19.7%

2004

(2.9%)

28.1%

* Differences due to rounding

2010

5.9%

2012

(1.2%)

21

Operating Income Margin Track record of expansion on mix improvement, pricing, and internal initiatives

13.1%

11.0%

9.1%

7.0%

12.7%12.2%11.5%

9.6%

8.3%

6.7%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Please refer to the appendix for reconciliation of non-GAAP measures

Operating Profit Margin – Excluding Special Items: 2003-2012

22

Operational Excellence is a Key Focus

Committed to Continuous

Improvement

• Lean manufacturing and Six Sigma

– Implemented across the platform

– Hundreds of projects completed annually

• Cost savings programs

– Sourcing

– Productivity

– Waste reduction

• Deploying ISO 14001

Optimization Programs Aligning Platform

for Growth and Margin Expansion

• 8 facilities closed or consolidated since ‘09

• Realizing benefits from SAP deployments

• Reshaping regional portfolios to maximize

differentiation, value creation and margin

growth

• Leveraging global network to service growth

profitably

23

North

America

Welding

Europe*

Welding

Asia

Pacific

Welding

South

America

Welding

The

Harris

Products

Group

Total

Q1-13 Organic

Sales

Growth** (1%) (10%) (24%) (3%) (4%) (6%)

Q1-13 EBIT

Margin (excluding special

items)

17.1% 9.3% 3.1% 14.0% 8.5% 14.1%

YoY Margin

Performance (bps)

+30 (50) +40 +670 +50 +130

Driving Segment Margin Performance Despite a Weak

Topline

* “Europe” includes Middle East, Africa and Russia

** “Organic” refers to volume and price performance

Margin expansion driven by an improved mix, portfolio

management, price/cost variance, and internal initiatives

24

$64$77

$81

$55

$122

$175

$203$212

$49

$130

$217

$257

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1-13

Net Income Solid earnings performance through the cycle

($ in Millions)

YoY

Growth +47% +51% +43% +16% +4% (77%) +165% +67% +18%

+20%

2003-2012

CAGR %

16.7%

25

$0.62

$0.81

$0.44

$0.05

$0.17

$0.32$0.29

$0.39

$0.45

$0.50

$0.68 0.68

0.76

0.81 0.8 0.79

0.92

$0.32

$0.80

$0.66

$0.39

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

EP

S

$0

$100

$200

$300

$400

$500

$600

$700

$800

Sale

s

EPS Sales

Diluted Earnings Per Share Progression

Beginning of

Recession

Beginning of

Upturn

(EXCLUDING SPECIAL ITEMS)

2008 2009 2010 2011 2012 2013

Please refer to the appendix for reconciliation of non-GAAP measures

26

Operating Cash Flows: Consolidated Trending

North

America

26

($ in Millions)

27

$0.30 $0.32 $0.34$0.36 $0.38

$0.44

$0.50

$0.56

$0.80

$0.68

$0.54

$0.62

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 *2012 **2013

Dividend Paid Per Share Track record of increasing returns to shareholders

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

**2013 Reflects the annualized rate of our current $0.20 per share dividend payment.

28

$38 $43 $45 $47 $52$73

$16$42 $40 $37

$81

$62

$72

$38

$61 $66

$53

$19

$44

$25

$19

$66

$135

0

30

60

90

120

150

180

210

240

270

300

330

360

390

2007 2008 2009 2010 2011 2012

Dividends Share Repo Cap Ex Acquisitions

Capital Allocation: Balanced Approach

• Dividends

• 17.6% dividend rate

increase in 2012

• Capital Expenditures

• Focused on cost

improvements

• Acquisitions

• Kaliburn

• Tennessee Rand

• Wayne Trail

• Weartech

• Return on Invested Capital

• 18.7% at Dec. 31, 2012

• Share Repurchases

• $81.0 million in 2012

Capital Allocation 2007-2012

($ in Millions)

29

Q1-2013 Capital Allocation

• Dividends

• $0 million (prepaid in 4Q/12)

• 17.6% increase in 4Q/12 to $0.20 per common share per quarter

• Capital Expenditures

• $15.1 million

• Focused on cost improvements

• Return on Invested Capital

• 18.3% at March 31, 2013

• Share Repurchases

- $12.8 million

$14

$20

$13

$13

$15

$22

$-

$25

$50

$75

1Q-12 1Q-13

Dividends Share Repo Cap Ex Acquisitions

Contributed $50 million to U.S. pension plan

30

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

31

32

Non-GAAP Financial Measures

Reconciliation of Operating Income and Operating Income Margin to Non-GAAP Adjusted Operating

Income and Adjusted Operating Income Margin

Reconciliation of Net Income to Non-GAAP Adjusted Net Income

Q1 Q1

($ 000) 2012 2013

64,243$ 66,806$

Special items:

- 673

- 9,660

64,243$ 77,139$

Venezuelan charges (gains)

Net Income:

Adjusted Net Income:

Rationalization charges (gains)

Q1

($ 000) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

68,219$ 103,302$ 149,845$ 232,970$ 277,632$ 295,404$ 92,976$ 186,430$ 296,680$ 362,081$ 88,630$

Special items:

1,743 2,440 1,761 3,478 (188) 2,447 29,018 (384) 282 9,354 1,051

- - - - 16,924 879 - - - -

4,525 - - - - (1,543) - - - -

Loss on sale of business - 1,942 - - - - - - - -

Gain on sale of Ireland facility - - (9,006) - - - - - - -

- - - - - - 3,123 - 1,381 9,660

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%

Rationalization charges / (gains)

Venezuelan charges (gains)

Full Year Ended December 31,

Adjusted Operating Income:

Operating Income:

Impairment charges

Pension settlement loss (gain)

33

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