<SEC-DOCUMENT>0001193125-15-117134.txt : 20150402
<SEC-HEADER>0001193125-15-117134.hdr.sgml : 20150402
<ACCEPTANCE-DATETIME>20150402093908
ACCESSION NUMBER:		0001193125-15-117134
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150401
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150402
DATE AS OF CHANGE:		20150402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN ELECTRIC HOLDINGS INC
		CENTRAL INDEX KEY:			0000059527
		STANDARD INDUSTRIAL CLASSIFICATION:	METALWORKING MACHINERY & EQUIPMENT [3540]
		IRS NUMBER:				340359955
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01402
		FILM NUMBER:		15745676

	BUSINESS ADDRESS:	
		STREET 1:		22801 ST CLAIR AVE
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44117
		BUSINESS PHONE:		2164818100

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LINCOLN ELECTRIC CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d902041d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Current Report </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): April&nbsp;1, 2015 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>LINCOLN ELECTRIC HOLDINGS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Ohio</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-1402</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>34-1860551</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>22801 St. Clair Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cleveland, Ohio 44117 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, with zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(216) 481-8100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry Into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;1, 2015, Lincoln Electric
Holdings, Inc. (the &#147;Company&#148;) entered into a Note Purchase Agreement (the &#147;Agreement&#148;), by and among the Company, The Lincoln Electric Company, Lincoln Electric International Holding Company, J.W. Harris Co., Inc., Lincoln
Global, Inc., Techalloy, Inc. and Wayne Trail Technologies, Inc. (collectively, the &#147;Obligors&#148;) and the purchasers party thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Agreement, the Company will issue $100,000,000 in aggregate principal amount of Series A senior notes (the &#147;Series A
Notes&#148;), $100,000,000 in aggregate principal amount of Series B senior notes (the &#147;Series B Notes&#148;), $50,000,000 in aggregate principal amount of Series C senior notes (the &#147;Series C Notes&#148;) and $100,000,000 in aggregate
principal amount of Series D senior notes (the &#147;Series D Notes&#148; and, together with the Series A Notes, the Series B Notes and the Series C Notes, the &#147;Notes&#148;). The Series A Notes will be sold by the Obligors on August&nbsp;20,
2015, will bear interest at a fixed rate equal to 3.15%&nbsp;per annum and will mature on August&nbsp;20, 2025. The Series B Notes will be sold by the Obligors on August&nbsp;20, 2015, will bear interest at a fixed rate equal to 3.35%&nbsp;per annum
and will mature on August&nbsp;20, 2030. The Series C Notes will be sold by the Obligors on April&nbsp;1, 2015, will bear interest at a fixed rate equal to 3.61%&nbsp;per annum and will mature on April&nbsp;1, 2035. The Series D Notes will be sold
by the Obligors on April&nbsp;1, 2015, will bear interest at a fixed rate equal to 4.02%&nbsp;per annum and will mature on April&nbsp;1, 2045. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some or all of the Notes may be prepaid at any time and from time to time, in whole or in part, at 100% of the principal amount thereof plus
accrued but unpaid interest and a prepayment penalty amount. The Company is not required to prepay any of the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Agreement
contains certain covenants that, among other things, restrict the Obligors&#146; ability to grant liens and other encumbrances. The Agreement also contains covenants that require that the Obligors comply with various covenants that may restrict or
limit their activities, including, but not limited to, limitations on mergers, consolidations, asset dispositions, distributions and transactions with affiliates, as well as various other covenants customary for financings of this type. The
Agreement contains various events of default, including, but not limited to, payment defaults, breaches of representations and warranties, noncompliance with covenants and bankruptcy related events. If certain of these or other events of default
occur, the Notes and accrued but unpaid interest may be declared due and immediately payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary of the Agreement and
the Notes is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.03.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth in Item&nbsp;1.01 above is incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;1, 2015, the Company issued a press release (the
&#147;Press Release&#148;) relating to the entry into the Agreement and the issuance of the Notes. A copy of the Press Release is filed as Exhibit 99.1 hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the Press Release nor this Current Report on Form 8-K constitutes an offer to sell, or the solicitation of an offer to buy, the Notes.
The Notes are being offered and sold only to qualified institutional buyers and to non-U.S. persons outside the United States in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes have not been
and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and
applicable state securities laws. </P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP><B>10.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Note Purchase Agreement, dated as of April&nbsp;1, 2015, by and among Lincoln Electric Holdings, Inc., The Lincoln Electric Company, Lincoln Electric International Holding Company, J.W. Harris Co., Inc., Lincoln Global, Inc.,
Techalloy, Inc., Wayne Trail Technologies, Inc. and the purchasers party thereto.</TD></TR>
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<TD VALIGN="top" NOWRAP><B>99.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated April&nbsp;1, 2015.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>LINCOLN ELECTRIC HOLDINGS, INC.</B></TD></TR>
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<TD VALIGN="top">Date: April&nbsp;1, 2015</TD>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Vincent K. Petrella</TD></TR>
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<TD VALIGN="top">Vincent K. Petrella</TD></TR>
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<TD VALIGN="bottom">Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP><B>10.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Note Purchase Agreement, dated as of April&nbsp;1, 2015, by and among Lincoln Electric Holdings, Inc., The Lincoln Electric Company, Lincoln Electric International Holding Company, J.W. Harris Co., Inc., Lincoln Global, Inc.,
Techalloy, Inc., Wayne Trail Technologies, Inc. and the purchasers party thereto.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><B>99.1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated April&nbsp;1, 2015.</TD></TR>
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Execution Copy </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL> C<SMALL>OMPANY</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$350,000,000 S<SMALL>ENIOR</SMALL> N<SMALL>OTES</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$100,000,000 3.15% Senior Notes, Series A, due August&nbsp;20, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$100,000,000 3.35% Senior Notes, Series B, due August&nbsp;20, 2030 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$50,000,000 3.61% Senior Notes, Series C, due April&nbsp;1, 2035 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$100,000,000 4.02% Senior Notes, Series D, due April&nbsp;1, 2045 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTE</SMALL> P<SMALL>URCHASE</SMALL> A<SMALL>GREEMENT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D<SMALL>ATED</SMALL> <SMALL>AS</SMALL> <SMALL>OF</SMALL> A<SMALL>PRIL</SMALL>&nbsp;1, 2015 </P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ABLE</SMALL> <SMALL>OF</SMALL> C<SMALL>ONTENTS</SMALL> </B></P>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1. A<SMALL>UTHORIZATION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL>; R<SMALL>ELEASE</SMALL>
<SMALL>OF</SMALL> O<SMALL>BLIGORS</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1. Authorization of Notes</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2. Release of Obligors</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2. S<SMALL>ALE</SMALL> <SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL> <SMALL>OF</SMALL>
N<SMALL>OTES</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3. C<SMALL>LOSING</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4. C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> C<SMALL>LOSING</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1. Representations and Warranties</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.2. Performance; No Default</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.3. Compliance Certificates</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.4. Opinions of Counsel</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.5. Purchase Permitted By Applicable Law, Etc</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.6. Sale of Other Notes</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.7. Payment of Special Counsel Fees</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.8. Private Placement Number</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.9. Changes in Corporate Structure</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.10. Funding Instructions</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.11. Proceedings and Documents</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 5. R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL>
<SMALL>THE</SMALL> O<SMALL>BLIGORS</SMALL></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1. Organization; Power and Authority</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2. Authorization, Etc</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3. Disclosure</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4. Organization and Ownership of Shares of Subsidiaries</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.5. Financial Statements; Material Liabilities</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.6. Compliance with Laws, Other Instruments, Etc</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.7. Governmental Authorizations, Etc</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.8. Litigation; Observance of Agreements, Statutes and Orders</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.9. Taxes</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10. Title to Property; Leases</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11. Licenses, Permits, Etc</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.12. Compliance with ERISA</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.13. Private Offering by the Obligors</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.14. Use of Proceeds; Margin Regulations</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.15. Existing Indebtedness</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.16. Foreign Assets Control Regulations, Etc</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.17. Status under Certain Statutes</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-i- </P>


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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 6. R<SMALL>EPRESENTATIONS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 6.1. Purchase for Investment</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 6.2. Source of Funds</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 7. I<SMALL>NFORMATION</SMALL> <SMALL>AS</SMALL> <SMALL>TO</SMALL> O<SMALL>BLIGORS</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.1. Financial and Business Information</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.2. Officer&#146;s Certificate</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.3. Visitation</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.4. Electronic Delivery</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 8. P<SMALL>AYMENT</SMALL> <SMALL>AND</SMALL> P<SMALL>REPAYMENT</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL>
N<SMALL>OTES</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.1. Maturity</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.2. Optional Prepayments with <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 8.3. Allocation of Partial Prepayments</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.4. Maturity; Surrender, Etc.</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 8.5. Purchase of Notes</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.6. <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 8.7. Change of Control</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 8.8. Payments Due on <FONT STYLE="white-space:nowrap">Non-Business</FONT> Days</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 9. A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.1. Compliance with Law</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.2. Insurance</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.3. Maintenance of Properties</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.4. Payment of Taxes</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.5. Corporate Existence, Etc</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.6. Books and Records</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.7. Additional Obligors</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 10. N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.1. Transactions with Affiliates</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.2. Merger, Consolidation, Etc</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.3. Sales of Assets</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.4. Line of Business</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.5. Terrorism Sanctions Regulations</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.6. Liens</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.7. Fixed Charges Coverage</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.8. Total Leverage Ratio</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.9. Priority Debt</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.10. Distributions</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 11. E<SMALL>VENTS</SMALL> <SMALL>OF</SMALL> D<SMALL>EFAULT</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-ii- </P>


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<TD></TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 12. R<SMALL>EMEDIES</SMALL> <SMALL>ON</SMALL> D<SMALL>EFAULT</SMALL>, E<SMALL>TC</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.1. Acceleration</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.2. Other Remedies</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.3. Rescission</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 12.4. No Waivers or Election of Remedies, Expenses, Etc</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 13. R<SMALL>EGISTRATION</SMALL>; E<SMALL>XCHANGE</SMALL>; S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL>
N<SMALL>OTES</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 13.1. Registration of Notes</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 13.2. Transfer and Exchange of Notes</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.3. Replacement of Notes</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 14. P<SMALL>AYMENTS</SMALL> <SMALL>ON</SMALL> N<SMALL>OTES</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 14.1. Place of Payment</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 14.2. Home Office Payment</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 15. E<SMALL>XPENSES</SMALL>, E<SMALL>TC</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 15.1. Transaction Expenses</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 15.2. Survival</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 16. S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL> R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL>
W<SMALL>ARRANTIES</SMALL>; E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;17. A<SMALL>MENDMENT</SMALL> <SMALL>AND</SMALL> W<SMALL>AIVER</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;17.1. Requirements</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;17.2. Solicitation of Holders of Notes</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 17.3. Binding Effect, etc</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;17.4. Notes Held by Obligors, etc</P></TD>
<TD VALIGN="bottom"></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 18. N<SMALL>OTICES</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 19. R<SMALL>EPRODUCTION</SMALL> <SMALL>OF</SMALL> D<SMALL>OCUMENTS</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 20. C<SMALL>ONFIDENTIAL</SMALL> I<SMALL>NFORMATION</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 21. S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL> 22. M<SMALL>ISCELLANEOUS</SMALL></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.1. Successors and Assigns</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.2. Accounting Terms; Accounting Changes</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 22.3. Severability</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.4. Construction, etc</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.5. Counterparts</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.6. Governing Law</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.7. Jurisdiction and Process; Waiver of Jury Trial</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.8. Joint and Several</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">D<SMALL>EFINED</SMALL> T<SMALL>ERMS</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 1(a)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> 3.15% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> A, <SMALL>DUE</SMALL> A<SMALL>UGUST</SMALL>&nbsp;20, 2025</TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 1(b)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> 3.35% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> B, <SMALL>DUE</SMALL> A<SMALL>UGUST</SMALL>&nbsp;20, 2030</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 1(c)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> 3.61% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> C, <SMALL>DUE</SMALL> A<SMALL>PRIL</SMALL>&nbsp;1, 2035</TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 1(d)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> 4.02% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> D, <SMALL>DUE</SMALL> A<SMALL>PRIL</SMALL>&nbsp;1, 2045</TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL>&nbsp;4.4(a)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL> S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> <SMALL>FOR</SMALL> <SMALL>THE</SMALL> O<SMALL>BLIGORS</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL>&nbsp;4.4(b)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL> S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> <SMALL>FOR</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 5.3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
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<TD VALIGN="top">D<SMALL>ISCLOSURE</SMALL> M<SMALL>ATERIALS</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 5.4</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">S<SMALL>UBSIDIARIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>AND</SMALL> O<SMALL>WNERSHIP</SMALL> <SMALL>OF</SMALL> S<SMALL>UBSIDIARY</SMALL> S<SMALL>TOCK</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 5.5</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
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<TD VALIGN="top">F<SMALL>INANCIAL</SMALL> S<SMALL>TATEMENTS</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 5.15</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">E<SMALL>XISTING</SMALL> I<SMALL>NDEBTEDNESS</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 9.7</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" NOWRAP>&#151;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> J<SMALL>OINDER</SMALL> A<SMALL>GREEMENT</SMALL> <SMALL>AND</SMALL> A<SMALL>FFIRMATION</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> 10.6</TD>
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<TD VALIGN="top" NOWRAP>&#151;</TD>
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<TD VALIGN="top">E<SMALL>XISTING</SMALL> L<SMALL>IENS</SMALL></TD></TR>
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<TD VALIGN="top" NOWRAP>S<SMALL>CHEDULE</SMALL> B</TD>
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<TD VALIGN="top" NOWRAP>&#151;</TD>
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<TD VALIGN="top">I<SMALL>NFORMATION</SMALL> R<SMALL>ELATING</SMALL> <SMALL>TO</SMALL> P<SMALL>URCHASERS</SMALL></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$100,000,000 3.15% Senior Notes, Series A, due August&nbsp;20, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$100,000,000 3.35% Senior Notes, Series B, due August&nbsp;20, 2030 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$50,000,000 3.61% Senior Notes, Series C, due April&nbsp;1, 2035 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$100,000,000 4.02% Senior Notes, Series D, due April&nbsp;1, 2045 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Dated as of April&nbsp;1, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T<SMALL>O</SMALL>
E<SMALL>ACH</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL> L<SMALL>ISTED</SMALL> <SMALL>IN</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>CHEDULE</SMALL>&nbsp;B H<SMALL>ERETO</SMALL>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">L<SMALL>INCOLN</SMALL>
E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>., an Ohio corporation (together with any successor thereto that becomes a party hereto pursuant to Section&nbsp;10.2, the <B>&#147;Company&#148;</B>), The Lincoln Electric Company,
an Ohio corporation (<B>&#147;Lincoln&#148;</B>), Lincoln Electric International Holding Company, a Delaware corporation (<B>&#147;International&#148;</B>), J.W. Harris Co., Inc., an Ohio corporation (<B>&#147;Harris&#148;</B>), Lincoln Global,
Inc., a Delaware corporation (<B>&#147;Global&#148;</B>), Techalloy, Inc., a Delaware corporation (<B>&#147;Techalloy&#148;</B>), and Wayne Trail Technologies, Inc., an Ohio corporation (<B>&#147;Wayne&#148;</B> and with the Company, Lincoln,
International, Harris, Global and Techalloy, each an <B>&#147;Obligor&#148;</B> and, collectively, the <B>&#147;Obligors&#148;</B>), jointly and severally agree with each of the Purchasers as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;1. A<SMALL>UTHORIZATION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL>; R<SMALL>ELEASE</SMALL> <SMALL>OF</SMALL>
O<SMALL>BLIGORS</SMALL></B><SMALL></SMALL>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.1. Authorization of Notes</B>. The Obligors will authorize the issue
and sale of (i)&nbsp;$100,000,000 aggregate principal amount of their 3.15% Senior Notes, Series&nbsp;A, due August&nbsp;20, 2025 (the <B>&#147;Series&nbsp;A Notes&#148;</B>), (ii)&nbsp;$100,000,000 aggregate principal amount of their 3.35% Senior
Notes, Series&nbsp;B, due August&nbsp;20, 2030 (the <B>&#147;Series&nbsp;B Notes&#148;</B>), (iii)&nbsp;$50,000,000 aggregate principal amount of their 3.61% Senior Notes, Series&nbsp;C, due April&nbsp;1, 2035 (the <B>&#147;Series&nbsp;C
Notes&#148;</B>) and (iv)&nbsp;$100,000,000 aggregate principal amount of their 4.02% Senior Notes, Series&nbsp;D, due April&nbsp;1, 2045 (the <B>&#147;Series&nbsp;D Notes&#148;</B> and together with the Series&nbsp;A Notes, the Series&nbsp;B Notes
and the Series&nbsp;C Notes, the <B>&#147;Notes,&#148;</B> in each case as amended, restated or otherwise modified from time to time pursuant to Section&nbsp;17 and including any such notes issued in substitution therefor pursuant to
Section&nbsp;13). The Notes shall be substantially in the form set out in Schedule&nbsp;1(a), Schedule&nbsp;1(b), Schedule&nbsp;1(c) and Schedule&nbsp;1(d). Certain capitalized and </P>

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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">other terms used in this Agreement are defined in Schedule&nbsp;A. References to a &#147;Schedule&#148; are references to a Schedule attached
to this Agreement unless otherwise specified. References to a &#147;Section&#148; are references to a Section of this Agreement unless otherwise specified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.2. Release of Obligors</B>. The holders of the Notes agree to discharge and release any Obligor (other than the Company)
from its obligations hereunder and under the Notes upon the written request of the Company, including, but not limited to, if the Company sells, leases or otherwise disposes of all or substantially all of the assets or all of the Capital Stock of
such Obligor to any Person (other than an Affiliate), <I>provided</I> that (i)&nbsp;such Obligor has been released and discharged (or will be released and discharged concurrently with the release of such Obligor hereunder and under the Notes),
whether as a borrower, obligor and/or guarantor, from all obligations under all Material Credit Facilities and the Company so certifies to the holders of the Notes in a certificate of a Responsible Officer, (ii)&nbsp;at the time of such release and
discharge, the Company shall deliver a certificate of a Responsible Officer to the holders of the Notes stating that no Default or Event of Default exists or results therefrom, and (iii)&nbsp;if any fee or other form of consideration is given to any
holder of Indebtedness of the Company for the purpose of such release, holders of the Notes shall receive equivalent consideration. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;2. S<SMALL>ALE</SMALL> <SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL></B><SMALL></SMALL>.<B>
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions of this Agreement, the Obligors will issue and sell to each Purchaser and each Purchaser will
purchase from the Obligors, at the Closing provided for in Section&nbsp;3, Notes of the applicable series and in the principal amount specified opposite such Purchaser&#146;s name in Schedule B at the purchase price of 100% of the principal amount
thereof. The Purchasers&#146; obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or <FONT STYLE="white-space:nowrap">non-performance</FONT> of any obligation by any
other Purchaser hereunder. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;3. C<SMALL>LOSING</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement shall be executed and delivered at the offices of Chapman and Cutler&nbsp;LLP, 111 West Monroe Street, Chicago, IL 60603, on
April&nbsp;1, 2015. The sale and purchase of the Series&nbsp;C Notes and Series&nbsp;D Notes to be purchased by each Purchaser shall occur on April&nbsp;1, 2015 (the <B>&#147;First Closing&#148;</B>), and the sale and purchase of the Series&nbsp;A
Notes and the Series&nbsp;B Notes to be purchased by each Purchaser shall occur on August&nbsp;20, 2015 (the <B>&#147;Second Closing&#148;</B>), in each case at the offices of Chapman and Cutler LLP, 111&nbsp;West Monroe St., Chicago, Illinois
60603, at 10:00&nbsp;a.m. Central time. The First Closing and Second Closing are each referred to herein as a <B>&#147;Closing</B>.<B>&#148;</B> On the date of the applicable Closing, the Obligors will deliver to each Purchaser or their special
counsel the Notes to be purchased by such Purchaser in the form of a single Note for each applicable series (or such greater number of Notes of the applicable series in denominations of at least $100,000 as such Purchaser may request, dated the date
of the applicable Closing and registered in such Purchaser&#146;s name (or in the name of its nominee), against delivery by such Purchaser to the Obligors or their order of immediately available funds in the amount of the purchase price therefor by
wire transfer of immediately available funds for the account of the Obligors to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bank Name: KeyBank, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Address: 127 Public Square, Cleveland, OH 44114 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Beneficiary: The Lincoln Electric Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account: 000-014-9181 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA:
041001039 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">SWIFT: KEYBUS33 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If at any applicable Closing the Obligors shall fail to tender such Notes to any Purchaser as provided above in this Section&nbsp;3, or any of
the conditions specified in Section&nbsp;4 shall not have been fulfilled to such Purchaser&#146;s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights
such Purchaser may have by reason of any of the conditions specified in Section&nbsp;4 not having been fulfilled to such Purchaser&#146;s satisfaction or such failure by the Obligors to tender such Notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;4. C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> C<SMALL>LOSING</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Purchaser&#146;s obligation to purchase and pay for the Notes to be sold to such Purchaser at each Closing is subject to the fulfillment
to such Purchaser&#146;s satisfaction, prior to or at such Closing, of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.1. Representations and
Warranties</B>. The representations and warranties of the Obligors under Section&nbsp;5 of this Agreement shall be correct when made and at such Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.2. Performance; No Default</B>. The Obligors shall have performed and complied with all material agreements and conditions
contained in this Agreement required to be performed or complied with by the Obligors at such Closing and from the date of this Agreement to such Closing. From the date of this Agreement until such Closing, before and after giving effect to the
issue and sale of the applicable Notes (and the application of the proceeds thereof as contemplated by Section&nbsp;5.14), (i)&nbsp;no Default or Event of Default shall have occurred and be continuing and (ii)&nbsp;no Change in Control shall have
occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.3. Compliance Certificates</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Officer&#146;s Certificate</I>. Each Obligor shall have delivered to such Purchaser an Officer&#146;s Certificate, dated the date of
such Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Secretary&#146;s
Certificate</I>. Each Obligor shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of such Closing, certifying as to (i)&nbsp;the resolutions attached thereto and other corporate proceedings
relating to the authorization, execution and delivery of the Notes and this Agreement and (ii)&nbsp;such Obligor&#146;s organizational documents as then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.4. Opinions of Counsel</B>. Such Purchaser shall have received opinions in form and substance reasonably satisfactory to
such Purchaser, dated the date of such Closing (a)&nbsp;from Jones Day, counsel for the Obligors, covering the matters set forth in Schedule&nbsp;4.4(a) (and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Obligors hereby instruct their counsel to deliver such opinion to the Purchasers) and (b)&nbsp;from Chapman and Cutler LLP, the Purchasers&#146; special counsel in connection with such
transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.5. Purchase Permitted By Applicable Law, Etc</B>. On the date of such Closing such Purchaser&#146;s purchase of Notes shall
(a)&nbsp;be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section&nbsp;1405(a)(8) of the New&nbsp;York Insurance Law) permitting limited investments by
insurance companies without restriction as to the character of the particular investment, (b)&nbsp;not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve
System) and (c)&nbsp;not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser
shall have received an Officer&#146;s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.6. Sale of Other Notes</B>. Contemporaneously with such Closing the Obligors shall sell to each other Purchaser and each
other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule&nbsp;B. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.7.
Payment of Special Counsel Fees</B>. Without limiting Section&nbsp;15.1, the Obligors shall have paid on or before such Closing the fees, charges and disbursements of the Purchasers&#146; special counsel referred to in Section&nbsp;4.4 to the extent
reflected in a statement of such counsel rendered to the Obligors at least one Business Day prior to such Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.8.
Private Placement Number</B>. A Private Placement Number issued by Standard&nbsp;&amp; Poor&#146;s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each series of the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.9. Changes in Corporate Structure</B>. No Obligor shall have changed its jurisdiction of incorporation or organization, as
applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.10. Funding Instructions</B>. At least three Business Days prior to the date of such Closing, each Purchaser shall have
received written instructions signed by a Responsible Officer on letterhead of the Obligors confirming the information specified in Section&nbsp;3 including (i)&nbsp;the name and address of the transferee bank, (ii)&nbsp;such transferee bank&#146;s
ABA number and (iii)&nbsp;the account name and number into which the purchase price for the Notes is to be deposited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.11. Proceedings and Documents</B>. All corporate and other proceedings in connection with the transactions contemplated by
this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or
certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;5. R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL>
O<SMALL>BLIGORS</SMALL></B><SMALL></SMALL>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Obligor represents and warrants to each Purchaser on each date of Closing that:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.1. Organization; Power and Authority</B>. Each Obligor is a corporation duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the
failure to be so qualified or in good standing would not, individually or in the aggregate, have a Material Adverse Effect. Each Obligor has the corporate power and authority to own or hold under lease the properties it purports to own or hold under
lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.2. Authorization, Etc</B>. This Agreement and the Notes have been duly authorized by all necessary corporate action on the
part of each Obligor, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of each Obligor enforceable against each Obligor in accordance with its terms, except as
such enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#146; rights generally and (ii)&nbsp;general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.3. Disclosure</B>. The Obligors,
through their agent, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, has delivered to each Purchaser a copy of a Private Placement Memorandum, dated February 2015 (the <B>&#147;Memorandum&#148;</B>), relating to the transactions
contemplated hereby. This Agreement, the Memorandum, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Obligors prior to February&nbsp;20, 2015 in
connection with the transactions contemplated hereby and identified in Schedule&nbsp;5.3 (this Agreement, the Memorandum and such documents, certificates or other writings and such financial statements delivered to each Purchaser being referred to,
collectively, as the <B>&#147;Disclosure Documents&#148;</B>), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not materially misleading in light of
the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December&nbsp;31, 2013, there has been no change in the financial condition, operations, business or properties of any Obligor and its Subsidiaries,
taken as a whole, except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates</B>. (a)&nbsp;Schedule&nbsp;5.4 contains (except as
noted therein) complete and correct lists of the Company&#146;s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity
interests outstanding owned by the Company and each other Subsidiary. Each of the Obligors (other than the Company) is wholly-owned by the Company, either directly or indirectly through one or more wholly-owned Subsidiaries. </P>
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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the
Company and its Subsidiaries have been validly issued, are fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and are owned by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each Subsidiary listed on Schedule&nbsp;5.4 is a corporation or other legal entity duly organized, validly existing and, where applicable,
in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by law,
other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other
power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.5. Financial Statements; Material Liabilities</B>. The Company has delivered to each Purchaser copies of the financial
statements of the Company and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the
Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently
applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments). The Company and its Subsidiaries do
not have any Material liabilities that are not disclosed in the Disclosure Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.6. Compliance with Laws, Other
Instruments, Etc</B>. The execution, delivery and performance by each Obligor of this Agreement and the Notes will not (i)&nbsp;contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of
any property of any Obligor or any Subsidiary under, (A)&nbsp;any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or <FONT STYLE="white-space:nowrap">by-laws,</FONT> shareholders agreement or
(B)&nbsp;any other agreement or instrument evidencing Indebtedness listed on Schedule&nbsp;5.15 to which any Obligor or any Subsidiary is bound or by which any Obligor or any Subsidiary or any of their respective properties may be bound or affected,
(ii)&nbsp;conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to any Obligor or any Subsidiary or (iii)&nbsp;violate
any provision of any statute or other rule or regulation of any Governmental Authority applicable to any Obligor or any Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.7. Governmental Authorizations, Etc</B>. No consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Authority is required in connection with the execution, delivery or performance by each Obligor of this Agreement or the Notes. </P>
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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.8. Litigation; Observance of Statutes and Orders</B>. (a)&nbsp;There are no actions, suits, investigations or proceedings
pending or, to the best knowledge of any Obligor, threatened against or affecting any Obligor or any Subsidiary or any property of any Obligor or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental
Authority that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No Obligor nor any
Subsidiary is (i)&nbsp;in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (ii)&nbsp;in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including,
without limitation, Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section&nbsp;5.16), which default or violation would, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.9. Taxes</B>. The Company and its Subsidiaries have filed all tax returns that are required to
have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have
become delinquent, except for any taxes and assessments (i)&nbsp;the amount of which, individually or in the aggregate, is not Material or (ii)&nbsp;the amount, applicability or validity of which is currently being contested in good faith by
appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. The U.S. federal income tax liabilities of the Company and its Subsidiaries have been
finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December&nbsp;31, 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.10. Title to Property; Leases</B>. The Obligors and their Subsidiaries have good and sufficient title to their respective
Material properties, including all such properties reflected in the most recent audited balance sheet referred to in Section&nbsp;5.5 or purported to have been acquired by any Obligor or any Subsidiary after such date (except as sold or otherwise
disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement, except for those defects in title and Liens that, individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect. All Material leases are valid and subsisting and are in full force and effect in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.11. Licenses, Permits, Etc</B>. The Obligors and their Subsidiaries own or possess all licenses, permits, franchises,
authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for those conflicts
that, individually or in the aggregate, would not have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.12. Compliance with ERISA</B>.
(a)&nbsp;The Obligors and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such </P>
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instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect.&nbsp;None of the Obligors nor any ERISA Affiliate has incurred any
liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that would
reasonably be expected to result in the incurrence of any such liability by any Obligor or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of any Obligor or any ERISA Affiliate, in either case
pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of
a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The present value of the
aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan&#146;s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such
Plan&#146;s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities by more than $5,350,861 in the case of any single Plan and by more than $7,220,129 in the
aggregate for all Plans. The term <B>&#147;benefit liabilities&#148;</B> has the meaning specified in section&nbsp;4001 of ERISA and the terms <B>&#147;current value&#148;</B> and <B>&#147;present value&#148;</B> have the meaning specified in
section&nbsp;3 of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) None of the Obligors nor its ERISA Affiliates have incurred withdrawal liabilities (and are not subject to
contingent withdrawal liabilities) under section&nbsp;4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The expected postretirement benefit obligation (determined as of the last day of the Company&#146;s most recently ended fiscal year in
accordance with Financial Accounting Standards Board Accounting Standards Codification Topic <FONT STYLE="white-space:nowrap">715-60,</FONT> without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code)
of the Company and its Subsidiaries is not Material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The execution and delivery of this Agreement and the issuance and sale of the
Notes hereunder will not involve any transaction that is subject to the prohibitions of section&nbsp;406 of ERISA or in connection with which a tax could be imposed pursuant to <FONT STYLE="white-space:nowrap">section&nbsp;4975(c)(1)(A)-(D)</FONT>
of the Code. The representation by the Obligors to each Purchaser in the first sentence of this Section&nbsp;5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser&#146;s representation in Section&nbsp;6.2 as to the sources
of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.13. Private Offering
by the Obligors</B>. None of the Obligors nor anyone acting on its behalf has offered the Notes or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in
respect thereof with, any Person other than the Purchasers and not more than 60 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. None of the Obligors or anyone acting on its behalf has taken,
or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act. </P>
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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.14. Use of Proceeds; Margin Regulations</B>. The Obligors will apply the proceeds of the sale of the Notes hereunder for the
repayment of existing Indebtedness and for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of
Regulation&nbsp;U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Obligors in a violation of Regulation&nbsp;X of
said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation&nbsp;T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and
none of the Obligors has any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms <B>&#147;margin stock&#148;</B> and <B>&#147;purpose of buying or carrying&#148;</B> shall
have the meanings assigned to them in said Regulation&nbsp;U. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.15. Existing Indebtedness</B>. (a)&nbsp;Except as
described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries, the outstanding principal amount of which exceeds $5,000,000, as of February&nbsp;28, 2015 (including
descriptions of the obligors and obligees, principal amounts outstanding, any collateral therefor and any Guaranties thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or
maturities of the Indebtedness of the Obligors and their Subsidiaries. None of the Obligors nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of any
Obligor or such Subsidiary and no event or condition exists with respect to any Indebtedness of any Obligor or any Subsidiary the outstanding principal amount of which exceeds $5,000,000 that would permit (or that with notice or the lapse of time,
or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) None of the Obligors nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Indebtedness of any Obligor or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on
the incurring of, Indebtedness of the Obligors, except as disclosed in Schedule&nbsp;5.15. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.16. Foreign Assets Control
Regulations, Etc</B>. (a)&nbsp;None of the Obligors nor any Controlled Entity is (i)&nbsp;a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, United States
Department of the Treasury (<B>&#147;OFAC&#148;</B>) (an <B>&#147;OFAC Listed Person&#148;</B>) (ii)&nbsp;an agent, department, or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or
indirectly, (x)&nbsp;any OFAC Listed Person or (y)&nbsp;any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program, or (iii)&nbsp;otherwise blocked, subject to sanctions under or engaged in any activity
in violation of other United States economic sanctions, including but not limited to, the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act
(<B>&#147;CISADA&#148;</B>) or any similar law or regulation with respect to </P>
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Iran or any other country, the Sudan Accountability and Divestment Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the United States or any
enabling legislation or executive order relating to any of the foregoing (collectively, <B>&#147;U.S. Economic Sanctions&#148;</B>) (each OFAC Listed Person and each other Person, entity, organization and government of a country described in clause
(i), clause (ii)&nbsp;or clause (iii), a <B>&#147;Blocked Person&#148;</B>). None of the Obligors nor any Controlled Entity has been notified that its name appears or may in the future appear on a state list of Persons that engage in investment or
other commercial activities in Iran or any other country that is subject to U.S. Economic Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No part of the proceeds from the
sale of the Notes hereunder constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Obligors or any Controlled Entity, directly or indirectly, (i)&nbsp;in connection with any investment in, or
any transactions or dealings with, any Blocked Person, or (ii)&nbsp;otherwise in violation of U.S. Economic Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) None of the
Obligors nor any Controlled Entity (i)&nbsp;has been found in violation of, charged with, or convicted of, money laundering, drug trafficking, <FONT STYLE="white-space:nowrap">terrorist-related</FONT> activities or other money laundering predicate
crimes under the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act), the USA PATRIOT Act or any other United States law or regulation governing such activities (collectively, <B><FONT
STYLE="white-space:nowrap">&#147;Anti-Money</FONT> Laundering Laws&#148;</B>) or any U.S. Economic Sanctions violations, (ii)&nbsp;to the Obligors&#146; actual knowledge after making due inquiry, is under investigation by any Governmental Authority
for possible violation of <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws or any U.S. Economic Sanctions violations, (iii)&nbsp;has been assessed civil penalties under any <FONT STYLE="white-space:nowrap">Anti-Money</FONT>
Laundering Laws or any U.S. Economic Sanctions, or (iv)&nbsp;has had any of its funds seized or forfeited in an action under any <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws. The Obligors have established procedures and
controls which they reasonably believe are adequate (and otherwise comply with applicable law) to ensure that the Obligors and each Controlled Entity is and will continue to be in compliance with all applicable current and future <FONT
STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws and U.S. Economic Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) (1)&nbsp;None of the Obligors nor any
Controlled Entity (i)&nbsp;has been charged with, or convicted of bribery or any other <FONT STYLE="white-space:nowrap">anti-corruption</FONT> related activity under any applicable law or regulation in a U.S. or any
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> country or jurisdiction, including but not limited to, the U.S.&nbsp;Foreign Corrupt Practices Act and the U.K. Bribery Act 2010 (collectively,
<B><FONT STYLE="white-space:nowrap">&#147;Anti-Corruption</FONT> Laws&#148;</B>), (ii)&nbsp;to the Obligors&#146; actual knowledge after making due inquiry, is under investigation by any U.S. or <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
Governmental Authority for possible violation of <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws, (iii)&nbsp;has been assessed civil or criminal penalties under any <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws or
(iv)&nbsp;has been or is the target of sanctions imposed by the United Nations or the European Union; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) To the Obligors&#146; actual
knowledge after making due inquiry, none of the Obligors nor any Controlled Entity has, within the last five years, directly or indirectly offered, promised, given, paid or authorized the offer, promise, giving or payment of anything of value to a
Governmental Official or a commercial counterparty for the purposes of: (i)&nbsp;influencing any act, decision or failure to act by such Governmental Official in his or her official capacity or such commercial counterparty, (ii)&nbsp;inducing a
Governmental Official to do or omit to do any act in </P>
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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
violation of the Governmental Official&#146;s lawful duty, or (iii)&nbsp;inducing a Governmental Official or a commercial counterparty to use his or her influence with a government or
instrumentality to affect any act or decision of such government or entity; in each case in order to obtain, retain or direct business or to otherwise secure an improper advantage in material violation of any applicable law or regulation or which
would cause any holder to be in violation of any law or regulation applicable to such holder; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) No part of the proceeds from the
sale of the Notes hereunder will be used, directly or indirectly, for any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage.
Each Obligor has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that each Obligor and each Controlled Entity is and will continue to be in compliance with all
applicable current and future <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.17. Status under Certain
Statutes</B>. None of the Obligors nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the
Federal Power Act, as amended. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;6. R<SMALL>EPRESENTATIONS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL>
P<SMALL>URCHASERS</SMALL></B><SMALL></SMALL>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.1. Purchase for Investment</B>. Each Purchaser severally represents
that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, <I>provided</I> that the
disposition of such Purchaser&#146;s or their property shall at all times be within such Purchaser&#146;s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if
registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Obligors are not
required to register the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.2. Source of Funds</B>. Each Purchaser severally represents that at least one of the
following statements is an accurate representation as to each source of funds (a <B>&#147;Source&#148;</B>) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the Source is an &#147;insurance company general account&#148; (as the term is defined in the United States Department of
Labor&#146;s Prohibited Transaction Exemption (<B>&#147;PTE&#148;</B>) <FONT STYLE="white-space:nowrap">95-60)</FONT> in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the
NAIC (the <B>&#147;NAIC Annual Statement&#148;</B>)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on
behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE <FONT STYLE="white-space:nowrap">95-60)</FONT> or by the same employee organization in the general account do not exceed 10% of the
total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser&#146;s state of domicile; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Source is a separate account that is maintained solely in connection with such Purchaser&#146;s fixed contractual
obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not
affected in any manner by the investment performance of the separate account; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Source is either (i)&nbsp;an
insurance company pooled separate account, within the meaning of PTE <FONT STYLE="white-space:nowrap">90-1</FONT> or (ii)&nbsp;a bank collective investment fund, within the meaning of the PTE <FONT STYLE="white-space:nowrap">91-38</FONT> and, except
as disclosed by such Purchaser to the Obligors in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to
such pooled separate account or collective investment fund; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Source constitutes assets of an &#147;investment
fund&#148; (within the meaning of Part VI of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> (the <B>&#147;QPAM Exemption&#148;</B>)) managed by a &#147;qualified professional asset manager&#148; or &#147;QPAM&#148; (within the meaning of Part VI
of the QPAM Exemption), no employee benefit plan&#146;s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and
(g)&nbsp;of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Obligors that would cause the QPAM and any Obligor to be &#147;related&#148; within the meaning
of Part VI(h) of the QPAM Exemption and the identity of such QPAM has been disclosed to the Obligors in writing pursuant to this clause (d); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the Source constitutes assets of a &#147;plan(s)&#148; (within the meaning of Part&nbsp;IV(h) of PTE <FONT
STYLE="white-space:nowrap">96-23</FONT> (the <B>&#147;INHAM Exemption&#148;</B>)) managed by an <FONT STYLE="white-space:nowrap">&#147;in-house</FONT> asset manager&#148; or &#147;INHAM&#148; (within the meaning of Part IV(a) of the INHAM
Exemption), the conditions of Part I(a), (g)&nbsp;and (h)&nbsp;of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of &#147;control&#148; in Part IV(d)(3) of the INHAM
Exemption) owns a 10% or more interest in any Obligor and (i)&nbsp;the identity of such INHAM and (ii)&nbsp;the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Obligors in writing pursuant to
this clause (e); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the Source is a governmental plan; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-12- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee
benefit plans, each of which has been identified to the Obligors in writing pursuant to this clause (g); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) the Source
does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As used in this Section&nbsp;6.2, the terms
<B>&#147;employee benefit plan,&#148;</B> <B>&#147;governmental plan,&#148;</B> and <B>&#147;separate account&#148;</B> shall have the respective meanings assigned to such terms in section 3 of ERISA. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;7. I<SMALL>NFORMATION</SMALL> <SMALL>AS</SMALL> <SMALL>TO</SMALL> O<SMALL>BLIGORS</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.1. Financial and Business Information</B>. The Obligors shall deliver to each Purchaser and each holder of a Note that is an
Institutional Investor: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Quarterly Statements</I> &#151; within 60 days (or such shorter period as is the earlier of
(x)&nbsp;15 days greater than the period applicable to the filing of the Company&#146;s Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> (the <B><FONT STYLE="white-space:nowrap">&#147;Form&nbsp;10-Q&#148;</FONT></B>) with
the SEC regardless of whether the Company is subject to the filing requirements thereof and (y)&nbsp;the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding
financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly
fiscal period of each such fiscal year), duplicate copies of, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) an unaudited consolidated balance sheet of the Company
and its Subsidiaries as at the end of such quarter, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) unaudited consolidated statements of income and cash flows of
the Company and its Subsidiaries, for such quarter, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">setting forth in each case in comparative form the figures for the corresponding
periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the
financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments, <I>provided</I> that delivery within the time
period specified above of copies of the Company&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this
Section&nbsp;7.1(a); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Annual Statements</I> &#151; within 105 days (or such shorter period as is the earlier of
(x)&nbsp;15 days greater than the period applicable to the filing of the Company&#146;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> (the <B><FONT STYLE="white-space:nowrap">&#147;Form&nbsp;10-K&#148;</FONT></B>) with the
SEC regardless of whether the Company is subject to the filing requirements thereof and (y)&nbsp;the date by which such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-13- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility
if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Company, duplicate copies of </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) consolidated statements of income, changes in shareholders&#146; equity and cash flows of the Company and its Subsidiaries
for such year, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail,
prepared in accordance with GAAP, and accompanied by an opinion thereon (without a &#147;going concern&#148; or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is
based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their
results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards,
and that such audit provides a reasonable basis for such opinion in the circumstances, <I>provided</I> that the delivery within the time period specified above of the Company&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> for such
fiscal year (together with the Company&#146;s annual report to shareholders, if any, prepared pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-3</FONT> under the Securities Exchange Act of 1934) prepared in accordance with the requirements
therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section&nbsp;7.1(b); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>SEC and
Other Reports</I> &#151; promptly upon their becoming available, one copy of (i)&nbsp;each financial statement, report, notice or proxy statement sent by the Company or any Subsidiary to its public Securities holders generally, and (ii)&nbsp;each
regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly requested by such Purchaser or holder), and each final prospectus and all amendments thereto filed by the Company or any
Subsidiary with the SEC; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Notice of Default or Event of Default</I> &#151; promptly, and in any event within five
days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Obligors are taking or proposes to take with respect
thereto; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-14- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) ERISA Matters &#151; promptly, and in any event within ten days after a Responsible Officer becoming aware of any of the
following, a written notice setting forth the nature thereof and the action, if any, that any Obligor or an ERISA Affiliate proposes to take with respect thereto: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) with respect to any Plan, any reportable event, as defined in section&nbsp;4043(c) of ERISA and the regulations thereunder,
for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section&nbsp;4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by any
Obligor or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any event, transaction or condition that could result in the incurrence of any liability by any Obligor or any ERISA
Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of any Obligor or any ERISA Affiliate
pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Requested Information</I> &#151; with reasonable promptness, such other data and information relating to the business,
operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries (including, but without limitation, actual copies of the Company&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> and <FONT
STYLE="white-space:nowrap">Form&nbsp;10-K)</FONT> or relating to the ability of the Obligors to perform their obligations hereunder and under the Notes as from time to time may be reasonably requested by any such Purchaser or holder of a Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.2. Officer&#146;s Certificate</B>. Each set of financial statements delivered to a Purchaser or a holder of a Note pursuant
to Section&nbsp;7.1(a) or Section&nbsp;7.1(b) shall be accompanied by a certificate of a Senior Financial Officer: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
<I>Covenant Compliance</I> &#151; setting forth the information from such financial statements that is required in order to establish whether the Obligors were in compliance with the requirements of Section&nbsp;10 during the quarterly or annual
period covered by the statements then being furnished, (including with respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and detailed
calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence. In the event that the Company or any
Subsidiary has made an election to measure any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section&nbsp;22.2) as to the period covered by any
such financial statement, such Senior Financial Officer&#146;s certificate as to such period shall include a reconciliation from GAAP with respect to such election; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Event of Default</I> &#151; certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has
made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Obligors and their Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the
date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists, specifying the
nature and period of existence thereof and what action any Obligor shall have taken or proposes to take with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.3. Visitation</B>. The Obligors shall permit the representatives of each Purchaser and each holder of a Note that is an
Institutional Investor: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>No Default</I> &#151; if no Default or Event of Default then exists, at the expense of such
Purchaser or such holder and upon reasonable prior notice to the Obligors, to visit the principal executive office of the Obligors, to discuss the affairs, finances and accounts of the Obligors and their Subsidiaries with officers of the Obligors,
and (with the consent of the Obligors, which consent will not be unreasonably withheld) to visit the other offices and properties of the Obligors and their Subsidiaries, all at such reasonable times and as often as may be reasonably requested in
writing; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Default</I> &#151; if a Default or Event of Default then exists, at the expense of the Obligors to
visit and inspect any of the offices or properties of the Obligors or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective
affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Obligors authorize said accountants to discuss the affairs, finances and accounts of the Obligors and their Subsidiaries),
all at such times and as often as may be requested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.4. Electronic Delivery</B>. Financial statements, opinions of
independent certified public accountants, other information and Officer&#146;s Certificates that are required to be delivered by the Obligors pursuant to Sections 7.1(a), (b)&nbsp;or (c)&nbsp;and Section&nbsp;7.2 shall be deemed to have been
delivered if the Obligors satisfy any of the following requirements with respect thereto: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such financial statements
satisfying the requirements of Section&nbsp;7.1(a) or (b)&nbsp;and related Officer&#146;s Certificate satisfying the requirements of Section&nbsp;7.2 are delivered to each Purchaser or holder of a Note by
<FONT STYLE="white-space:nowrap">e-mail;</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-16- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Company shall have timely filed such Form <FONT STYLE="white-space:nowrap">10-Q</FONT> or Form <FONT
STYLE="white-space:nowrap">10-K,</FONT> satisfying the requirements of Section&nbsp;7.1(a) or Section&nbsp;7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer&#146;s Certificate satisfying the
requirements of Section&nbsp;7.2 available on its home page on the internet, which is located at http://www.lincolnelectric.com as of the date of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) such financial statements satisfying the requirements of Section&nbsp;7.1(a) or Section&nbsp;7.1(b) and related
Officer&#146;s Certificate(s) satisfying the requirements of Section&nbsp;7.2 are timely posted by or on behalf of the Company on IntraLinks or on any other similar website to which each holder of Notes has free access; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the Company shall have filed any of the items referred to in Section&nbsp;7.1(c) with the SEC on EDGAR and shall have made
such items available on its home page on the internet or on IntraLinks or on any other similar website to which each holder of Notes has free access; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided however,</I> that in the case of any of clauses (ii), (iii)&nbsp;or (iv), the Obligors shall have given each Purchaser or holder of a Note prior
written notice, which may be by <FONT STYLE="white-space:nowrap">e-mail</FONT> or in accordance with Section&nbsp;18, of such posting or filing in connection with each delivery, <I>provided further,</I> that upon request of any Purchaser or holder
to receive paper copies of such forms, financial statements and Officer&#146;s Certificates or to receive them by <FONT STYLE="white-space:nowrap">e-mail,</FONT> the Obligors will promptly <FONT STYLE="white-space:nowrap">e-mail</FONT> them or
deliver such paper copies, as the case may be, to such Purchaser or holder.<I> </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;8. P<SMALL>AYMENT</SMALL>
<SMALL>AND</SMALL> P<SMALL>REPAYMENT</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.1. Maturity</B>. As provided therein, the entire unpaid principal balance of each series of Notes shall be due and payable on
the applicable Maturity Date thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.2. Optional Prepayments with <FONT STYLE="white-space:nowrap">Make-Whole</FONT>
Amount</B>. The Obligors may, at their option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding in the
case of a partial prepayment, at 100% of the principal amount so prepaid, and the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount determined for the prepayment date with respect to such principal amount. The Obligors will give each holder
of Notes written notice of each optional prepayment under this Section&nbsp;8.2 not less than ten days and not more than 60 days prior to the date fixed for such prepayment unless the Obligors and the Required Holders agree to another time period
pursuant to Section&nbsp;17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid
(determined in accordance with Section&nbsp;8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated <FONT
STYLE="white-space:nowrap">Make-Whole</FONT> Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such
prepayment, the Obligors shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount as of the specified prepayment date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.3. Allocation of Partial Prepayments</B>. In the case of each partial prepayment of the Notes pursuant to Section&nbsp;8.2,
the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.4. Maturity; Surrender, Etc</B><I>. </I>In the case of each optional prepayment of Notes pursuant to this Section&nbsp;8,
the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the applicable
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any. From and after such date, unless the Obligors shall fail to pay such principal amount when so due and payable, together with the interest and
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Obligors and cancelled and shall not be reissued,
and no Note shall be issued in lieu of any prepaid principal amount of any Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.5. Purchase of Notes</B>. The Obligors
will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a)&nbsp;upon the payment or prepayment of the Notes in accordance with this Agreement and the
Notes or (b)&nbsp;pursuant to an offer to purchase made by the Obligors or an Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient
information to enable it to make an informed decision with respect to such offer, and shall remain open for at least ten (10)&nbsp;Business Days. If the holders of more than 35% of the principal amount of the Notes then outstanding accept such
offer, the Obligors shall promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least
seven (7)&nbsp;Business Days from its receipt of such notice to accept such offer. The Obligors will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to this Agreement and no
Notes may be issued in substitution or exchange for any such Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.6.
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">&#147;Make-Whole</FONT>
Amount&#148;</B> means, with respect to any Note of any series, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note of such series over the amount of
such Called Principal, <I>provided</I> that the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount may in no event be less than zero. For the purposes of determining the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, the following
terms have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Called Principal&#148;</B> means, with respect to any Note, the principal of such Note that
is to be prepaid pursuant to Section&nbsp;8.2 or has become or is declared to be immediately due and payable pursuant to Section&nbsp;12.1, as the context requires. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Discounted Value&#148;</B> means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the
same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Reinvestment Yield&#148;</B> means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the
yield(s) reported as of 10:00 a.m. (New&nbsp;York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as &#147;Page PX1&#148; (or such other display as may replace Page
PX1) on Bloomberg Financial Markets for the most recently issued actively traded <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-run</FONT></FONT> U.S. Treasury securities (<B>&#147;Reported&#148;</B>) having a maturity
equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be
determined by (a)&nbsp;converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b)&nbsp;interpolating linearly between the yields Reported for the applicable most recently issued actively
traded <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-run</FONT></FONT> U.S. Treasury securities with the maturities (1)&nbsp;closest to and greater than such Remaining Average Life and (2)&nbsp;closest to and less than
such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
<B>&#147;Reinvestment Yield&#148;</B> means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so
reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term
equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by
interpolating linearly between (1)&nbsp;the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2)&nbsp;the U.S. Treasury constant maturity so reported with the term closest to and
less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Remaining Average Life&#148;</B> means, with respect to any Called Principal, the number of years obtained by dividing (i)&nbsp;such
Called Principal into (ii)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b)&nbsp;the number of years, computed on the basis of a <FONT
STYLE="white-space:nowrap">360-day</FONT> year composed of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the
scheduled due date of such Remaining Scheduled Payment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-19- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Remaining Scheduled Payments&#148;</B> means, with respect to the Called Principal of any Note, all payments of such Called Principal
and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, <I>provided</I> that if such Settlement Date is not a date on
which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date
pursuant to Section&nbsp;8.4 or Section&nbsp;12.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Settlement Date&#148;</B> means, with respect to the Called Principal of any
Note, the date on which such Called Principal is to be prepaid pursuant to Section&nbsp;8.2 or has become or is declared to be immediately due and payable pursuant to Section&nbsp;12.1, as the context requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.7. Change of Control</B>. (a)&nbsp;<I>Notice of Change of Control</I>. The Company will, within 15&nbsp;Business Days after
any Responsible Officer has knowledge of the occurrence of any Change of Control, give written notice of such Change of Control to each holder of Notes unless notice in respect of such Change of Control shall have been given pursuant to subparagraph
(b)&nbsp;of this Section&nbsp;8.7. If a Change of Control has occurred, such notice shall contain and constitute an offer to prepay Notes as described in subparagraph (b)&nbsp;of this Section&nbsp;8.7 and shall be accompanied by the certificate
described in subparagraph (e)&nbsp;of this Section&nbsp;8.7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Offer to Prepay Notes.</I> The offer to prepay Notes contemplated by
subparagraph&nbsp;(a) of this Section&nbsp;8.7 shall be an offer to prepay, in accordance with and subject to this Section&nbsp;8.7, all, but not less than all, the Notes held by each holder (in this case only, <I>&#147;holder&#148;</I> in respect
of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such offer (the <B>&#147;Proposed Prepayment Date&#148;</B>). If such Proposed Prepayment Date is in connection
with an offer contemplated by subparagraph&nbsp;(a) of this Section&nbsp;8.7, such date shall be not less than 20&nbsp;days and not more than 60&nbsp;days after the date of such offer (if the Proposed Prepayment Date shall not be specified in such
offer, the Proposed Prepayment Date shall be the 45th day after the date of such offer). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Acceptance; Rejection</I>. A holder of
Notes may accept or reject the offer to prepay made pursuant to this Section&nbsp;8.7 by causing a notice of such acceptance or rejection to be delivered to the Company at least 5 Business Days prior to the Proposed Prepayment Date. A failure by a
holder of Notes to respond to an offer to prepay made pursuant to this Section&nbsp;8.7, or to accept an offer as to all of the Notes held by such holder, in each case on or before the 5th Business Day preceding the Proposed Prepayment Date, shall
be deemed to constitute a rejection of such offer by such holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Prepayment</I>. Prepayment of the Notes to be prepaid pursuant
to this Section&nbsp;8.7 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment and without any Make-Whole Amount. The prepayment shall be made on the Proposed Prepayment Date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Officer&#146;s Certificate</I>. Each offer to prepay the Notes pursuant to this Section&nbsp;8.7 shall be accompanied by a
certificate, executed by a Senior Financial Officer of the Company </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-20- </P>


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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and dated the date of such offer, specifying: (i)&nbsp;the Proposed Prepayment Date; (ii)&nbsp;that such offer is made pursuant to this Section&nbsp;8.7; (iii)&nbsp;the principal amount of each
Note offered to be prepaid; (iv)&nbsp;the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; and (v)&nbsp;in reasonable detail, the nature and date or proposed date of the Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8.8. Payments Due on <FONT STYLE="white-space:nowrap">Non-Business</FONT> Days</B><I>.</I> Anything in this Agreement or the
Notes to the contrary notwithstanding, (x)&nbsp;subject to clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without including the additional days
elapsed in the computation of the interest payable on such next succeeding Business Day; and (y)&nbsp;any payment of principal of or <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount on any Note (including principal due on the Maturity Date
of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;9. A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, each Obligor covenants that:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.1. Compliance with Laws</B>. Without limiting Section&nbsp;10.5, each Obligor will, and will cause each Subsidiary to,
comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in
Section&nbsp;5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective
businesses, in each case to the extent necessary to ensure that <FONT STYLE="white-space:nowrap">non-compliance</FONT> with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses,
certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.2. Insurance</B>. Each Obligor will, and will cause each Subsidiary to, maintain, with financially sound and reputable
insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, <FONT STYLE="white-space:nowrap">co-insurance</FONT>
and <FONT STYLE="white-space:nowrap">self-insurance,</FONT> if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly
situated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.3. Maintenance of Properties</B>. Each Obligor will, and will cause each Subsidiary to, maintain and keep, or
cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times,
<I>provided</I> that this Section shall not prevent any Obligor or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and such Obligor has
concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-21- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.4. Payment of Taxes</B>. Each Obligor will, and will cause each Subsidiary to, file all material income tax or similar tax
returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies payable by any of them, to the extent the same have
become due and payable and before they have become delinquent, <I>provided</I> that none of the Obligors nor any Subsidiary need pay any such tax, assessment, charge or levy if (i)&nbsp;the amount, applicability or validity thereof is contested by
such Obligor or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and any Obligor or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of such Obligor or such Subsidiary or
(ii)&nbsp;the nonpayment of all such taxes, assessments, charges and levies would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.5. Corporate Existence, Etc</B>. Subject to Section&nbsp;10.2, each Obligor will at all times preserve and keep its
corporate existence in full force and effect. Subject to Sections&nbsp;10.2 and 10.3, each Obligor will at all times preserve and keep in full force and effect the corporate existence of each Subsidiary (unless merged into the Company, another
Obligor or a <FONT STYLE="white-space:nowrap">Wholly-Owned</FONT> Subsidiary) and all rights and franchises of such Obligor and its Subsidiaries unless, in the good faith judgment of such Obligor, the termination of or failure to preserve and keep
in full force and effect such corporate existence, right or franchise would not have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.6.
Books and Records</B>. Each Obligor will, and will cause each Subsidiary to, maintain proper books of record and account in conformity with GAAP in all material respects and all applicable requirements of any Governmental Authority having legal or
regulatory jurisdiction over such Obligor or such Subsidiary, as the case may be. Each Obligor will, and will cause each Subsidiary to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and
dispositions of assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9.7 Additional Obligors</B>. The Company will cause each of its Subsidiaries that guarantees or
otherwise becomes liable at any time, whether as a borrower or an additional or <FONT STYLE="white-space:nowrap">co-borrower</FONT> or otherwise (each, an <B>&#147;Additional Obligor&#148;</B>), for or in respect of any Indebtedness under any
Material Credit Facility to concurrently therewith: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) enter into a joinder agreement in substantially the form attached
hereto as Schedule&nbsp;9.7 or enter into an amendment to this Agreement with the other parties hereto and thereto, in form and substance reasonably satisfactory to the Required Holders, providing that such Additional Obligor shall become an Obligor
hereunder, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) deliver the following to each of holder of a Note: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) an executed counterpart of such joinder agreement or such amendment to this Agreement and the Notes; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-22- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a certificate signed by an authorized responsible officer of such Additional Obligor containing representations and
warranties on behalf of such Additional Obligor to the same effect, <I>mutatis mutandis</I>, as those contained in Section&nbsp;5 of this Agreement (but with respect to such Additional Obligor); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) all documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing
existence and good standing of such Additional Obligor and the due authorization by all requisite action on the part of such Additional Obligor of the execution and delivery of such joinder agreement or such amendment to this Agreement and the
performance by such Additional Obligor of its obligations thereunder and under the Notes; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) an opinion of counsel
(which may be from internal counsel) reasonably satisfactory to the Required Holders covering such matters relating to such Additional Obligor and such joinder agreement or such amendment to this Agreement as the Required Holders may reasonably
request. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;10. N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, each Obligor covenants that:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.1. Transactions with Affiliates</B>. No Obligor will or will permit any Subsidiary to enter into directly or
indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company,
another Obligor or another Subsidiary), except pursuant to the reasonable requirements of such Obligor&#146;s or such Subsidiary&#146;s business and upon fair and reasonable terms no less favorable to such Obligor or such Subsidiary than would be
obtainable in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a Person not an Affiliate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.2. Merger, Consolidation, Etc</B>. No Obligor will or will permit any Subsidiary to consolidate with or merge with any
other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) with regard to any such transaction involving an Obligor, the successor formed by such consolidation or the survivor of
such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Obligor as an entirety, as the case may be, shall be a solvent corporation or limited liability company organized and existing
under the laws of the United States or any state thereof (including the District of Columbia), and, if such Obligor is not such corporation or limited liability company, such corporation or limited liability company shall have executed and delivered
to each holder of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-23- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any Subsidiary of any Obligor may (x)&nbsp;consolidate with or merge with, or convey, transfer or lease substantially all
of its assets in a single transaction or series of transactions to, (i)&nbsp;an Obligor or a Subsidiary so long as in any merger or consolidation involving any Obligor, such Obligor shall be the surviving or continuing entity or (ii)&nbsp;any other
Person so long as the survivor is a Subsidiary, or (y)&nbsp;convey, transfer or lease all of its assets in compliance with the provisions of Section&nbsp;10.3; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) each other Obligor reaffirms its obligations under this Agreement and the Notes in writing at such time pursuant to
documentation that is reasonably acceptable to the Required Holders; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) immediately before and immediately after
giving effect to such transaction or each transaction in any such series of transactions, no Default or Event of Default shall have occurred and be continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No such conveyance, transfer or lease of substantially all of the assets of any Obligor shall have the effect of releasing such Obligor or any successor
corporation or limited liability company that shall theretofore have become such in the manner prescribed in this Section&nbsp;10.2 from its liability under this Agreement or the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.3. Sales of Assets</B>. No Obligor will or will permit any Subsidiary to, sell, lease or otherwise dispose of any
Substantial Part (as defined below) of the assets of such Obligor and its Subsidiaries; <I>provided, however</I>, that any Obligor or any Subsidiary may sell, lease or otherwise dispose of assets constituting a Substantial Part of the assets of such
Obligor and its Subsidiaries if such assets are sold in an arm&#146;s length transaction and, at such time and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and an amount equal to the net proceeds
received from such sale, lease or other disposition (but not less than that portion of such assets that exceeds the definition of Substantial Part) shall be used within 365 days of such sale, lease or disposition, in any combination: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) to acquire productive assets used or useful in carrying on the business of the Obligors and their Subsidiaries and having a
value at least equal to the value of such assets sold, leased or otherwise disposed of; and/or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) to prepay or retire
Senior Indebtedness of any Obligor and/or its Subsidiaries, <I>provided</I> that (i)&nbsp;such Obligor shall offer to prepay each outstanding Note in a principal amount which equals the Ratable Portion for such Note, and (ii)&nbsp;any such
prepayment of the Notes shall be made at par, together with accrued interest thereon to the date of such prepayment, but without the payment of the Make-Whole Amount. Any offer of prepayment of the Notes pursuant to this Section&nbsp;10.3 shall be
given to each holder of the Notes by written notice that shall be delivered not less than thirty&nbsp;(30) days and not more than sixty (60)&nbsp;days prior to the proposed prepayment date. Each such notice shall state that it is given pursuant to
this Section&nbsp;10.3 and that the offer set forth in such notice must be accepted by such holder in writing and shall also set forth (i)&nbsp;the prepayment date, (ii)&nbsp;a description of the circumstances which give rise to the proposed
prepayment and (iii)&nbsp;a calculation of the Ratable Portion for such holder&#146;s Notes. Each </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-24- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
holder of the Notes which desires to have its Notes prepaid shall notify the Obligors in writing delivered not less than five (5)&nbsp;Business Days prior to the proposed prepayment date of its
acceptance of such offer of prepayment. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section&nbsp;10.3, or to accept an offer as to all of the Notes held by such holder, in each case on or before the 5th
Business Day preceding the proposed prepayment date, shall be deemed to constitute a rejection of such offer by such holder. Prepayment of Notes pursuant to this Section&nbsp;10.3 shall be made in accordance with Section&nbsp;8.2 (but without
payment of the Make-Whole Amount). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this Section&nbsp;10.3, a sale, lease or other disposition of assets shall be deemed to be
a <B>&#147;Substantial Part&#148;</B> of the assets of any Obligor and its Subsidiaries if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by all Obligors and their Subsidiaries
during the period of 12 consecutive months ending on the date of such sale, lease or other disposition, exceeds 15% of the book value of Consolidated Total Assets, determined as of the end of the fiscal year immediately preceding such sale, lease or
other disposition;<I> provided</I> that there shall be excluded from any determination of a &#147;Substantial Part&#148; (i)&nbsp;any sale or other disposition of obsolete or worn out property, (ii)&nbsp;any sale, lease or disposition of assets
(including inventory and investments) in the ordinary course of business of any Obligor and its Subsidiaries, (iii)&nbsp;any transfer of assets from any Obligor to any Wholly-Owned Subsidiary or from any Subsidiary to any Obligor or a Wholly-Owned
Subsidiary, or (iv)&nbsp;any sale or transfer of property acquired by any Obligor or any Subsidiary after the date of this Agreement to any Person within 365 days following the acquisition or construction of such property by any Obligor or any
Subsidiary if such Obligor or a Subsidiary shall concurrently with such sale or transfer, lease such property, as lessee. For purposes of this Agreement, Trade Receivables sold or otherwise conveyed to a Special Purpose Company pursuant to one or
more Qualifying Securitization Transactions shall be excluded from the limitations of this Section&nbsp;10.3, to the extent that the aggregate amount outstanding under all financing facilities relating to such Qualifying Securitization Transactions
shall not exceed $100,000,000 at any time of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.4. Line of Business</B>. No Obligor will or will permit
any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in
which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement as described in the Memorandum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.5. Terrorism Sanctions Regulations</B>. No Obligor will or will permit any Controlled Entity (a)&nbsp;to become (including
by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations or by the European Union, or (b)&nbsp;directly or indirectly to have any
investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i)&nbsp;would cause any
Purchaser or holder to be in violation of any law or regulation applicable to such Purchaser or holder, or (ii)&nbsp;is prohibited by or subject to sanctions under any U.S. Economic Sanctions, or (c)&nbsp;to engage, nor shall any Affiliate of either
engage, in any activity that could subject such Person or any Purchaser or holder to sanctions under CISADA or any similar law or regulation with respect to Iran or any other country that is subject to U.S. Economic Sanctions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-25- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.6. Liens</B>. No Obligor will or will permit any Subsidiary to, directly or indirectly, (a)&nbsp;acquire any property
subject to any inventory consignment, lease, land contract or other title retention contract (this Section shall not apply to true leases, consignments, tolling or other possessory agreements in respect of the property of others whereby such Obligor
or Subsidiary does not have legal or beneficial title to such property and which, pursuant to GAAP, are not required to be capitalized), (b)&nbsp;sell or otherwise transfer any Trade Receivables, whether with or without recourse, or (c)&nbsp;create,
incur, suffer or permit any property now owned or hereafter acquired by it or any income or profits thereon to be or become encumbered by any mortgage, security interest, financing statement or Lien of any kind or nature or assign or otherwise
convey any right to receive income or profits; <I>provided</I>, that this Section shall not apply to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any lien for a
Tax, assessment or governmental charge or levy which is not yet due and payable or which is being contested in good faith and as to which such Obligor or such Subsidiary shall have made appropriate reserves; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any lien securing only its workers&#146; compensation, unemployment insurance and similar obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any mechanics, carrier&#146;s or similar common law or statutory lien incurred in the normal course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any transfer of a check or other medium of payment for deposit or collection through normal banking channels or any
similar transaction in the normal course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Permitted Purchase Money Security Interests; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any financing statement perfecting only a security interest permitted by this Section; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) easements, restrictions, minor title irregularities and similar matters having no adverse effect as a practical matter on
the ownership or use of any real property of the Company or any Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) Liens existing on property at the time
of acquisition (including Liens on property of any business entity at the time of acquisition of the capital stock or assets of such business entity or a merger with or consolidation with such business entity by any Obligor or any Subsidiary
permitted pursuant to Section&nbsp;10.2) and not created in contemplation thereof, <I>provided</I> that (i)&nbsp;the Lien shall attach solely to the property so acquired (and any repairs, renewals, replacements, additions, accessions, betterments,
improvements, modifications or proceeds thereof or relating thereto), (ii)&nbsp;at the time of acquisition of such property, the aggregate amount remaining unpaid on all Indebtedness </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-26- </P>


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secured by Liens on the property so acquired, whether or not assumed by such Obligor or such Subsidiary, shall not exceed an amount equal to the lesser of the total purchase price or fair market
value of such property at the time of acquisition (as determined in good faith by one or more officers of such Obligor or such Subsidiary, as the case may be), and (iii)&nbsp;the aggregate principal amount of all Indebtedness secured by such Liens
shall be permitted hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) any attachment or judgment Lien, but only so long as the judgment it secures does not
constitute an Event of Default under Section&nbsp;11(i); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) Liens incurred in the ordinary course of business to secure
(A)&nbsp;the <FONT STYLE="white-space:nowrap">non-delinquent</FONT> performance of bids, trade contracts, leases (other than Capitalized Leases) and statutory obligations, (B)&nbsp;contingent obligations on surety bonds and appeal bonds, and
(C)&nbsp;other similar <FONT STYLE="white-space:nowrap">non-delinquent</FONT> obligations, in each case, not incurred or made in connection with the obtaining of advances or credit, the payment of the deferred purchase price of property or the
incurrence of other Indebtedness, <I>provided</I> that such Liens, taken as a whole, would not, even if enforced, have a Material Adverse Effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) leases or subleases granted to others, easements,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rights-of-way,</FONT></FONT> restrictions and other similar charges or encumbrances in the ordinary course of business, in each case incidental to, and not interfering in any material
respect with, the ordinary conduct of the business of such Obligor or Subsidiary, and which do not in the aggregate materially impair the use of such property in the operation of the business of such Obligor or Subsidiary or the value of such
property for the purposes of such business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) any other Liens existing on the date hereof which are identified on
Schedule&nbsp;10.6 hereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) any extension, renewal or refunding of any Lien permitted by the preceding clauses (vi),
(viii)&nbsp;and (xii)&nbsp;of this Section&nbsp;10.6 in respect of the same property theretofore subject to such Lien in connection with the extension, renewal or refunding of the Indebtedness secured thereby; <I>provided</I> that (A)&nbsp;such
extension, renewal or refunding shall be without increase in the principal amount remaining unpaid as of the date of such extension, renewal or refunding, (B)&nbsp;such Lien shall attach solely to the same such property, (C)&nbsp;the principal
amount remaining unpaid as of the date of such extension, renewal or refunding is less than or equal to the fair market value of the property (determined in good faith by the Board or Directors of the Company) to which such Lien is attached,
(D)&nbsp;at the time of such extension, renewal or refunding and after giving effect thereto, no Default or Event of Default would exist; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) Liens securing Priority Debt (other than Liens on Trade Receivables unless in connection with the sale or other transfer
of Trade Receivables to a Special Purpose Company pursuant to one or more Qualifying Securitization Transactions, to the extent that the aggregate amount outstanding under all financing facilities relating to such Qualifying Securitization
Transactions shall not exceed $100,000,000 at any time of determination) not otherwise permitted in the foregoing clauses (i)&nbsp;through (xiii), above, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-27- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
<I>provided</I> that Priority Debt shall not at any time exceed 15% of Consolidated Total Assets (determined as of the end of the then most recently ended fiscal quarter), <I>provided</I>,
<I>further</I>, that notwithstanding the foregoing, no Obligor shall, or shall permit any of its Subsidiaries to, secure pursuant to this clause (xiv)&nbsp;of this Section&nbsp;10.6 any Indebtedness outstanding under or pursuant to any Material
Credit Facility (or any Guaranty delivered in connection therewith) unless and until the Notes (and any guaranty delivered in connection therewith) shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation
reasonably acceptable to the Required Holders in substance and in form, including, without limitation, an intercreditor agreement and opinions of counsel to such Obligor and/or any such Subsidiary, as the case may be, from counsel that is reasonably
acceptable to the Required Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.7. Fixed Charges Coverage</B>. The Company shall not permit the Fixed Charges
Coverage Ratio as of the end of any fiscal quarter to be less than 1.75 to 1.00. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.8. Total Leverage Ratio</B>. The
Company shall not permit the Total Leverage Ratio as of the end of any fiscal quarter to be greater than 3.50 to 1.00. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.9. Priority Debt</B>. The Company shall not at any time permit the aggregate amount of all Priority Debt to exceed 15% of
Consolidated Total Assets (Consolidated Total Assets to be determined as of the end of the then most recently ended fiscal quarter of the Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10.10. Distributions</B>. The Company shall not declare or pay any dividend or other Distribution in cash, property or
obligations (other than in shares of capital stock of the Company or in options, warrants or other rights to acquire any such capital stock or in other securities convertible into any such capital stock) on any shares of capital stock of the Company
of any class; and the Company shall not purchase, redeem or otherwise acquire for any consideration any shares of capital stock of the Company of any class or any option, warrant or other right to acquire any such capital stock, unless, as to any of
the foregoing, no Default or Event of Default then exists or would exist after giving effect thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;11.
E<SMALL>VENTS</SMALL> <SMALL>OF</SMALL> D<SMALL>EFAULT</SMALL></B><SMALL></SMALL>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An <B>&#147;Event of Default&#148;</B> shall
exist if any of the following conditions or events shall occur and be continuing: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any Obligor defaults in the payment
of any principal or <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any Obligor defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due
and payable; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any Obligor defaults in the performance of or compliance with any term contained in
Section&nbsp;7.1(d) or Sections&nbsp;10.2, 10.3, 10.6, 10.7, 10.8, 10.9 and 10.10; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-28- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) any Obligor defaults in the performance of or compliance with&nbsp;any term contained herein (other than those referred to
in Sections&nbsp;11(a), (b)&nbsp;and (c)) and such default is not remedied within 30 days after the earlier of (i)&nbsp;a Responsible Officer obtaining actual knowledge of such default and (ii)&nbsp;such Obligor receiving written notice of such
default from any holder of a Note (any such written notice to be identified as a &#147;notice of default&#148; and to refer specifically to this Section&nbsp;11(d)); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) any representation or warranty made in writing by or on behalf of any Obligor or by any officer of any Obligor in this
Agreement or any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) (i) any Obligor or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment
of any principal of or premium or <FONT STYLE="white-space:nowrap">make-whole</FONT> amount or interest on any Indebtedness that is outstanding in an aggregate principal amount in excess of an amount equal to three percent (3%)&nbsp;of Consolidated
Net Worth beyond any period of grace or notice provided with respect thereto, or (ii)&nbsp;any Obligor or any Significant Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate
outstanding principal amount in excess of an amount equal to three percent (3%)&nbsp;of Consolidated Net Worth or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or
condition, such Indebtedness has become or has been declared due and payable before its stated maturity or before its regularly scheduled dates of payment; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) any Obligor or any Significant Subsidiary (i)&nbsp;is generally not paying, or admits in writing its inability to pay, its
debts as they become due, (ii)&nbsp;files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii)&nbsp;makes an assignment for the benefit of its creditors, (iv)&nbsp;consents to the appointment of a custodian, receiver, trustee or other officer
with similar powers with respect to it or with respect to any substantial part of its property, (v)&nbsp;is adjudicated as insolvent or to be liquidated, or (vi)&nbsp;takes corporate action for the purpose of any of the foregoing; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by any
Obligor or any Significant Subsidiary, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for
relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, <FONT STYLE="white-space:nowrap">winding-up</FONT> or
liquidation of such Obligor or such Significant Subsidiary, or any such petition shall be filed against such Obligor or such Significant Subsidiary and such petition shall not be dismissed within 60 days; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-29- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) one or more final judgments or orders for the payment of money aggregating in excess of an amount equal to three percent
(3%)&nbsp;of Consolidated Net Worth at such time, including, without limitation, any such final order enforcing a binding arbitration decision, are rendered against one or more of any Obligor and its Subsidiaries and which judgments are not, within
60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) if (i)&nbsp;any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part
thereof or a waiver of such standards or extension of any amortization period is sought or granted under section&nbsp;412 of the Code, (ii)&nbsp;a notice of intent to terminate&nbsp;any Plan shall have been or is reasonably expected to be filed with
the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such
proceedings, (iii)&nbsp;the aggregate &#147;amount of unfunded benefit liabilities&#148; (within the meaning of section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall exceed an amount that would cause a
Material Adverse Effect, (iv)&nbsp;any Obligor or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee
benefit plans, (v)&nbsp;any Obligor or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi)&nbsp;any Obligor or any Subsidiary establishes or amends any employee welfare benefit plan that provides
<FONT STYLE="white-space:nowrap">post-employment</FONT> welfare benefits in a manner that would increase the liability of any Obligor or any Subsidiary thereunder; and any such event or events described in clauses (i)&nbsp;through (vi)&nbsp;above,
either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect. As used in this Section&nbsp;11(j), the terms <B>&#147;employee benefit plan&#148;</B> and <B>&#147;employee welfare
benefit plan&#148;</B> shall have the respective meanings assigned to such terms in section 3 of ERISA. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;12.
R<SMALL>EMEDIES</SMALL> <SMALL>ON</SMALL> D<SMALL>EFAULT</SMALL>, E<SMALL>TC</SMALL></B><SMALL></SMALL>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;12.1.
Acceleration</B>. (a)&nbsp;If an Event of Default with respect to any Obligor described in Section&nbsp;11(g) or (h)&nbsp;(other than an Event of Default described in clause (i)&nbsp;of Section&nbsp;11(g) or described in clause (vi)&nbsp;of
Section&nbsp;11(g) by virtue of the fact that such clause encompasses clause (i)&nbsp;of Section&nbsp;11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or
notices to the Obligors, declare all the Notes then outstanding to be immediately due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If any Event of Default described
in Section&nbsp;11(a) or (b)&nbsp;has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Obligors, declare all the
Notes held by it or them to be immediately due and payable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-30- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon any Notes becoming due and payable under this Section&nbsp;12.1, whether automatically or by declaration, such Notes will forthwith mature
and the entire unpaid principal amount of such Notes, plus (x)&nbsp;all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y)&nbsp;the
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. Each Obligor acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Obligors (except as
herein specifically provided for) and that the provision for payment of a <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount by the Obligors in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is
intended to provide compensation for the deprivation of such right under such circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;12.2. Other Remedies</B>. If
any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section&nbsp;12.1, the holder of any Note at the time outstanding may proceed
to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of
any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;12.3. Rescission</B>. At any time after any Notes have been declared due and payable pursuant to Section&nbsp;12.1(b) or (c),
the Required Holders in principal amount of the Notes then outstanding, by written notice to the Obligors, may rescind and annul any such declaration and its consequences if (a)&nbsp;any Obligor has paid all overdue interest on the Notes, all
principal of and <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and <FONT
STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b)&nbsp;no Obligor nor any other Person shall have paid any amounts
which have become due solely by reason of such declaration, (c)&nbsp;all Events of Default and Defaults, other than <FONT STYLE="white-space:nowrap">non-payment</FONT> of amounts that have become due solely by reason of such declaration, have been
cured or have been waived pursuant to Section&nbsp;17, and (d)&nbsp;no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section&nbsp;12.3 will extend to or
affect any subsequent Event of Default or Default or impair any right consequent thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;12.4. No Waivers or Election of
Remedies, Expenses, Etc</B>. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder&#146;s rights, powers or remedies. No
right, power or remedy conferred by this Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.
Without limiting the obligations of the Obligors under Section&nbsp;15, the Obligors will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement
or collection under this Section&nbsp;12, including, without limitation, reasonable attorneys&#146; fees, expenses and disbursements. </P>
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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;13. R<SMALL>EGISTRATION</SMALL>; E<SMALL>XCHANGE</SMALL>; S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL>
N<SMALL>OTES</SMALL></B><SMALL></SMALL>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;13.1. Registration of Notes</B>. The Company shall keep at its principal
executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be
registered in such register. If any holder of one or more Notes is a nominee, then (a)&nbsp;the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b)&nbsp;at
any such beneficial owner&#146;s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person(s) in whose name any
Note(s) shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Obligors shall not be affected by any notice or knowledge to the contrary. The Obligors shall give to any holder of a Note that
is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;13.2. Transfer and Exchange of Notes</B>. Upon surrender of any Note to the Company at the address and to the attention of the
designated officer (all as specified in Section&nbsp;18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered
holder of such Note or such holder&#146;s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the
Obligors shall execute and deliver, at the Obligor&#146;s expense (except as provided below), one or more new Notes of the same series (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid
principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule&nbsp;1(a), Schedule&nbsp;1(b) or Schedule&nbsp;1(c), respectively. Each such
new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Obligors may require payment of a sum
sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a
holder of its entire holding of Notes, one Note may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set
forth in Section&nbsp;6.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;13.3. Replacement of Notes</B>. Upon receipt by the Company at the address and to the
attention of the designated officer (all as specified in Section&nbsp;18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an
Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such
Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person&#146;s own unsecured agreement of indemnity shall be deemed to be
satisfactory), or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-32- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) in the case of mutilation, upon surrender and cancellation thereof, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">within ten Business Days thereafter, the Obligors at their own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and
bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;14. P<SMALL>AYMENTS</SMALL> <SMALL>ON</SMALL> N<SMALL>OTES</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;14.1. Place of Payment</B>. Subject to Section&nbsp;14.2, payments of principal,
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction. The Obligors may at any
time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of any Obligor in such jurisdiction or the principal office of a bank or trust company in such
jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;14.2. Home Office Payment</B>. So long as any Purchaser or its nominee shall be the holder of any Note, and
notwithstanding anything contained in Section&nbsp;14.1 or in such Note to the contrary, the Obligors will pay all sums becoming due on such Note for principal, <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, interest and all
other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser&#146;s name in Schedule B, or by such other method or at such other address as such Purchaser shall have from time to time
specified to the Obligors in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Obligors made concurrently with or reasonably promptly after
payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by
the Obligors pursuant to Section&nbsp;14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to
which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes of the same series pursuant to Section&nbsp;13.2. The Obligors will afford the benefits of this Section&nbsp;14.2 to any Institutional
Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section&nbsp;14.2. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;15. E<SMALL>XPENSES</SMALL>, E<SMALL>TC</SMALL>. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;15.1. Transaction Expenses</B><I>.</I> Whether or not the transactions contemplated hereby are consummated, the Obligors will
pay all costs and expenses (including reasonable attorneys&#146; fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with
such transactions and in connection with any amendments, waivers or consents under or in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-33- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>
</I>respect of this Agreement or the Notes (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a)&nbsp;the costs and expenses incurred in
enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this
Agreement or the Notes, or by reason of being a holder of any Note, (b)&nbsp;the costs and expenses, including financial advisors&#146; fees, incurred in connection with the insolvency or bankruptcy of any Obligor or any Subsidiary or in connection
with any <FONT STYLE="white-space:nowrap">work-out</FONT> or restructuring of the transactions contemplated hereby and by the Notes and (c)&nbsp;the costs and expenses incurred in connection with the initial filing of this Agreement and all related
documents and financial information with the SVO <I>provided,</I> that such costs and expenses under this clause&nbsp;(c) shall not exceed $5,000. The Obligors will pay, and will save each Purchaser and each other holder of a Note harmless from, all
claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes).<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;15.2. Survival</B><I>.</I> The obligations of the Obligors under this Section&nbsp;15 will survive the payment or transfer of
any Note, the enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;16. S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL> R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>;
E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL></B><SMALL></SMALL>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All representations and warranties contained herein shall
survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note,
regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of any Obligor pursuant to this Agreement
shall be deemed representations and warranties of such Obligor under this Agreement. Subject to the preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between each Purchaser and the Obligors and supersede
all prior agreements and understandings relating to the subject matter hereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;17. A<SMALL>MENDMENT</SMALL>
<SMALL>AND</SMALL> W<SMALL>AIVER</SMALL></B><SMALL></SMALL>. <B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;17.1. Requirements</B><I>.</I> This Agreement and the
Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Obligors and the Required Holders, except that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will
be effective as to any Purchaser unless consented to by such Purchaser in writing; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) no amendment or waiver may,
without the written consent of each Purchaser and the holder of each Note at the time outstanding, (i)&nbsp;subject to Section&nbsp;12 relating to acceleration or rescission, change the amount or time of any prepayment or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-34- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
payment of principal of, or reduce the rate or change the time of payment or method of computation of (x)&nbsp;interest on the Notes or (y)&nbsp;the
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, (ii)&nbsp;change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver or the principal amount of the Notes that the
Purchasers are to purchase pursuant to Section&nbsp;2 upon the satisfaction of the conditions to Closing that appear in Section&nbsp;4, or (iii)&nbsp;amend any of Sections 8 (except as set forth in the second sentence of Section&nbsp;8.2 and
Section&nbsp;17.1(c)), 11(a), 11(b), 12, 17 or 20. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;17.2. Solicitation of Holders of Notes</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Solicitation</I>. The Obligors will provide each Purchaser and each holder of a Note with sufficient information, sufficiently far in
advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes.
The Obligors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section&nbsp;17 to each Purchaser and each holder of a Note promptly following the date on which it is executed and
delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Payment</I>. No Obligor will
directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for or as an
inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support
concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent to such waiver or amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Consent in Contemplation of Transfer</I>. Any consent given pursuant to this Section&nbsp;17 by a holder of a Note that has transferred
or has agreed to transfer its Note to any Obligor or any Affiliate of any Obligor in connection with such consent shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be
effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect
except solely as to such holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;17.3. Binding Effect, etc</B><I>.</I> Any amendment or waiver consented to as provided
in this Section&nbsp;17 applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Obligors without regard to whether such Note has been marked to indicate such amendment or
waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Obligors and any
Purchaser or holder of a Note and no delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any Purchaser or holder of such Note. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-35- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;17.4. Notes Held by Obligors, etc</B><I>. </I>Solely for the purpose of determining whether the holders of the requisite
percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the taking of any action provided herein or in the Notes
to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by any Obligor or any of its Affiliates shall be deemed not to be outstanding.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;18. N<SMALL>OTICES</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except to the extent otherwise provided in Section&nbsp;7.4, all notices and communications provided for hereunder shall be in writing and sent
(a)&nbsp;by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b)&nbsp;by registered or certified mail with return receipt requested
(postage prepaid), or (c)&nbsp;by an internationally recognized overnight delivery service (with charges prepaid). Any such notice must be sent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in
Schedule B, or at such other address as such Purchaser or nominee shall have specified to the Obligors in writing, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if
to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Obligors in writing, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) if to any Obligor, to the Company at 22801 St. Clair Avenue, Cleveland, Ohio 44117-1199, to the attention of the
Treasurer, or at such other address as such Obligor shall have specified to the holder of each Note in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notices under this Section&nbsp;18 will
be deemed given only when actually received. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;19. R<SMALL>EPRODUCTION</SMALL> <SMALL>OF</SMALL>
D<SMALL>OCUMENTS</SMALL></B><SMALL></SMALL>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement and all documents relating thereto, including, without limitation,
(a)&nbsp;consents, waivers and modifications that may hereafter be executed, (b)&nbsp;documents received by any Purchaser at the Closing (except the Notes themselves), and (c)&nbsp;financial statements, certificates and other information previously
or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. Each Obligor agrees and
stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not
such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section&nbsp;19 shall not prohibit any Obligor
or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-36- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;20. C<SMALL>ONFIDENTIAL</SMALL> I<SMALL>NFORMATION</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>For the purposes of this Section&nbsp;20, <B>&#147;Confidential Information&#148;</B> means information delivered to any Purchaser by or
on behalf of any Obligor or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when
received by such Purchaser as being confidential information of such Obligor or such Subsidiary, provided that such term does not include information that (a)&nbsp;was publicly known or otherwise known to such Purchaser prior to the time of such
disclosure, (b)&nbsp;subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser&#146;s behalf, (c)&nbsp;otherwise becomes known to such Purchaser other than through disclosure by any
Obligor or any Subsidiary or (d)&nbsp;constitutes financial statements delivered to such Purchaser under Section&nbsp;7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in
accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i)&nbsp;its
directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii)&nbsp;its auditors, financial advisors and other
professional advisors who agree to hold confidential the Confidential Information substantially in accordance with this Section&nbsp;20, (iii)&nbsp;any other holder of any Note, (iv)&nbsp;any Institutional Investor to which it sells or offers to
sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section&nbsp;20), (v)&nbsp;any Person from which it offers to purchase
any Security of any Obligor (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section&nbsp;20), (vi)&nbsp;any federal or state regulatory authority having jurisdiction over such
Purchaser, (vii)&nbsp;the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser&#146;s investment portfolio, or (viii)&nbsp;any other Person to
which such delivery or disclosure may be required (w)&nbsp;to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x)&nbsp;in response to any subpoena or other legal process, (y)&nbsp;in connection with any
litigation to which such Purchaser is a party or (z)&nbsp;if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or
for the protection of the rights and remedies under such Purchaser&#146;s Notes or this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this
Section&nbsp;20 as though it were a party to this Agreement. On reasonable request by the Obligors in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by
such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Obligors embodying this Section 20.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that as a condition to receiving access to information relating to any Obligor or its Subsidiaries in connection with the
transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or
otherwise) which is different from this Section&nbsp;20, this Section&nbsp;20 shall not be amended thereby and, as between such Purchaser or such holder and such Obligor, this Section&nbsp;20 shall supersede any such other confidentiality
undertaking. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-37- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;21. S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Each Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other
Purchaser&#146;s Affiliates (a <B>&#147;Substitute Purchaser&#148;</B>) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Obligors, which notice shall be signed by both such Purchaser and such
Substitute Purchaser, shall contain such Substitute Purchaser&#146;s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in
Section&nbsp;6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section&nbsp;21), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that such
Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Obligors of notice of such
transfer, any reference to such Substitute Purchaser as a &#147;Purchaser&#148; in this Agreement (other than in this Section&nbsp;21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and
such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.<B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECTION</SMALL>&nbsp;22. M<SMALL>ISCELLANEOUS</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;22.1. Successors and Assigns</B><I>.</I> All covenants and other agreements contained in this Agreement by or on behalf of any
of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;22.2. Accounting Terms; Accounting Changes</B>. All accounting terms used herein which are not expressly defined in this
Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i)&nbsp;all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii)&nbsp;all
financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including, without limitation, Section&nbsp;9, Section&nbsp;10 and the definition of &#147;Indebtedness&#148;), any election
by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;825-10-25</FONT></FONT> &#151;&nbsp;<I>Fair Value Option</I>, International Accounting Standard 39 &#151; <I>Financial Instruments: Recognition and Measurement</I> or any
similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any
change in GAAP by reason of a change from GAAP to IFRS or, if applicable, portions thereof (as provided in the definition of &#147;GAAP&#148;) would affect in any material respect the computation of any ratio or other financial covenant, basket,
calculation or requirement set forth herein or in any other document relating to the Notes, the Obligors and the holders shall endeavor to negotiate in good faith a modification of such ratio, covenant, basket, calculation or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-38- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
requirement to preserve the original intent thereof in light of such change from GAAP to IFRS or, if applicable, portions thereof (subject, however, to the approval of the Required Holders); and
until, if ever, such modification shall have been effected by an amendment to such ratio, covenant, basket, calculation or requirement approved by the Obligors and the Required Holders as provided in Section&nbsp;17.1 hereof, (i)&nbsp;such ratio,
covenant, basket, calculation or requirement shall continue to be computed in accordance with GAAP prior to such change to IFRS (or, if applicable, portions thereof) and (ii)&nbsp;the Obligors shall provide to the holders financial statements and
other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio, covenant, basket, calculation or requirement made before and after giving effect to such change
from GAAP to IFRS (or, if applicable, portions thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;22.3. Severability</B><I>.</I> Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;22.4. Construction, etc</B><I>.</I> Each covenant contained herein shall be construed (absent express provision to the
contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein
refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;22.5. Counterparts</B><I>.</I> This Agreement may be executed in any number of counterparts, each of which shall be an
original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;22.6. Governing Law</B><I>.</I> This Agreement shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the law of the State of New&nbsp;York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would permit the application of the
laws of a jurisdiction other than such State. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;22.7. Jurisdiction and Process; Waiver of Jury Trial</B><I>.
</I>(a)&nbsp;Each Obligor irrevocably submits to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any New&nbsp;York State or federal court sitting in the Borough of Manhattan, The City of New&nbsp;York, over any suit, action
or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, each Obligor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is
not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-39- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Obligor consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature
referred to in Section&nbsp;22.7(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section&nbsp;18 or at such other
address of which such holder shall then have been notified pursuant to said Section. Each Obligor agrees that such service upon receipt (i)&nbsp;shall be deemed in every respect effective service of process upon it in any such suit, action or
proceeding and (ii)&nbsp;shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery
receipt furnished by the United States Postal Service or any reputable commercial delivery service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Nothing in this Section&nbsp;22.7
shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Obligors in the courts of any appropriate jurisdiction
or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) T<SMALL>HE</SMALL>
<SMALL>PARTIES</SMALL> <SMALL>HERETO</SMALL> <SMALL>HEREBY</SMALL> <SMALL>WAIVE</SMALL> <SMALL>TRIAL</SMALL> <SMALL>BY</SMALL> <SMALL>JURY</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>ACTION</SMALL> <SMALL>BROUGHT</SMALL> <SMALL>ON</SMALL>
<SMALL>OR</SMALL> <SMALL>WITH</SMALL> <SMALL>RESPECT</SMALL> <SMALL>TO</SMALL> <SMALL>THIS</SMALL> A<SMALL>GREEMENT</SMALL>, <SMALL>THE</SMALL> N<SMALL>OTES</SMALL> <SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>OTHER</SMALL> <SMALL>DOCUMENT</SMALL>
<SMALL>EXECUTED</SMALL> <SMALL>IN</SMALL> <SMALL>CONNECTION</SMALL> <SMALL>HEREWITH</SMALL> <SMALL>OR</SMALL> <SMALL>THEREWITH</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;22.8. Joint and Several</B>. (a)&nbsp;<I>Joint and Several</I>. The Obligors agree and acknowledge that their liability to pay
all obligations under this Agreement and the Notes and to perform all other obligations under this Agreement and the Notes and each other document to which they are a party is and shall be joint and several. No Obligor shall have any right of
subrogation, reimbursement or similar right in respect of its payment of any sum or its performance of any other obligation hereunder or under the Notes unless and until all obligations have been paid in full. In addition, each Obligor confirms that
it will have received adequate consideration and reasonably equivalent value for the Indebtedness incurred and other agreements made in this Agreement and the Notes. No Obligor could reasonably expect to obtain financing separately on terms as
favorable as those provided for herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Obligations Absolute</I>. The obligations of each Obligor hereunder (the
<B>&#147;Obligations&#148;</B>) shall be valid and enforceable and, except as expressly provided herein, shall not be subject to limitation, impairment or discharge for any reason (other than the payment in full of the Obligations), including,
without limitation, the occurrence of any failure to assert or enforce or agreement not to assert or enforce any claim or demand of any right power or remedy with respect to the Obligations or any agreement relating thereto, or with respect to any
guaranty thereof or security therefor or any other act or thing or omission which may or might in any manner or to any extent vary the risk of such Obligor as an obligor in respect of the Obligations; and each Obligor hereby waives (i)&nbsp;any
defense based upon any statute or rule of law or equity to the effect that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal, and (ii)&nbsp;to the fullest extent permitted by
law, any defenses or benefits which may be derived from or afforded by law or equity which limit the liability of or exonerate guarantors or sureties, or which may conflict with terms of this Agreement, the Notes or any other documents delivered in
connection therewith. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-40- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Limitations</I>. (i)&nbsp;If the Obligations of an Obligor would be held or determined by a court or tribunal having competent
jurisdiction to be void, invalid or unenforceable on account of the amount of its aggregate liability under this Agreement or the Notes, then, notwithstanding any other provision of this Agreement or the Notes to the contrary, the aggregate amount
of the liability of such Obligor under this Agreement and the Notes shall, without any further action by such Obligor, any holder or any other person, be automatically limited and reduced to an amount which is valid and enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Without limiting the generality of clause (i)&nbsp;above, each Obligor, each Purchaser and each holder, hereby confirms that it is the
intention of all such parties that none of this Agreement, the Notes or any other document delivered in connection therewith constitute a fraudulent transfer or conveyance under any Debtor Relief Law, the Uniform Fraudulent Conveyances Act, the
Uniform Fraudulent Transfer Act or similar state statute applicable to this Agreement, the Notes or any other related document. Therefore, such parties agree that the Obligations of an Obligor shall be limited to such maximum amount as will, after
giving effect to such maximum amount and other contingent and fixed liabilities of such Obligor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf
of the other Obligors and any other obligor, result in the Obligations not constituting a fraudulent transfer or conveyance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The
provisions of this Section&nbsp;22.8 are intended solely to preserve the rights of the Purchasers and the holders hereunder to the maximum extent permitted by applicable law, and neither an Obligor nor any other Person shall have any right or claim
under such provisions that would not otherwise be available under applicable law.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-41- </P>


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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Obligors,
whereupon this Agreement shall become a binding agreement between you and the Obligors. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
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<TD VALIGN="top" COLSPAN="3">J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>.</TD></TR>
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<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
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<TD VALIGN="top" COLSPAN="3">W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
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<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement
is hereby </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">accepted and agreed to as </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">of the date hereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">[A<SMALL>DD</SMALL> P<SMALL>URCHASER</SMALL> S<SMALL>IGNATURE</SMALL> B<SMALL>LOCKS</SMALL>] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>EFINED</SMALL> T<SMALL>ERMS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Additional Obligor&#148;</B> is defined in Section&nbsp;9.7. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Affiliate&#148;</B> means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. As used in this definition, <B>&#147;Control&#148;</B> means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an &#147;Affiliate&#148; is a reference to
an Affiliate of an Obligor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Agreement&#148;</B> means this Agreement, including all Schedules attached to this Agreement, as it
may be amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">&#147;Anti-Corruption</FONT> Laws&#148;</B> is defined in Section 5.16(d)(1). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">&#147;Anti-Money</FONT> Laundering Laws&#148;</B> is defined in Section 5.16(c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Blocked Person</B>&#148; is defined in Section 5.16(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Business Day&#148;</B> means (a)&nbsp;for the purposes of Section&nbsp;8.6 only, any day other than a Saturday, a Sunday or a day on
which commercial banks in New&nbsp;York City are required or authorized to be closed, and (b)&nbsp;for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in
New&nbsp;York, New&nbsp;York or Cleveland, Ohio are required or authorized to be closed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Capitalized Leases&#148;</B> means, in
respect of any Person, any lease of property imposing obligations on such Person, as lessee of such property, which are required in accordance with GAAP to be capitalized on a balance sheet of such Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Change of Control&#148;</B> means and includes any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) during any period of twelve (12)&nbsp;consecutive calendar months, individuals who at the beginning of such period
constituted the Company&#146;s Board of Directors (together with any new directors (x)&nbsp;whose election by the Company&#146;s Board of Directors was, or (y)&nbsp;whose nomination for election by the Company&#146;s shareholders was (prior to the
date of the proxy or consent solicitation relating to such nomination), approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for
election was previously so approved), shall cease for any reason to constitute a majority of the directors then in office; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to Note
Purchase Agreement) </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any person or group (as such term is defined in section&nbsp;13(d)(3) of the
1934 Act) shall acquire, directly or indirectly, beneficial ownership (within the meaning of Rule 13d-3 and 13d-5 of the 1934 Act) of more than 50%, on a fully diluted basis, of the economic or voting interest in the Company&#146;s capital stock;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the shareholders of the Company approve a merger or consolidation of such with any other person, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted or exchanged for voting securities of the surviving or
resulting entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving or resulting entity outstanding after such merger or consolidation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement or agreements for
the sale or disposition by the Company of all or substantially all of the Company&#146;s assets; and/or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the Company
ceases to own one hundred percent (100%)&nbsp;of the issued and outstanding capital stock of an Obligor, other than the Company, except as a result of a transaction expressly permitted in Section&nbsp;10.2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;CISADA&#148;</B> is defined in Section&nbsp;5.16(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Closing&#148;</B> is defined in Section&nbsp;3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Code&#148;</B> means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Company&#148;</B> means Lincoln Electric Holdings, Inc., an Ohio corporation or any successor that
becomes such in the manner prescribed in Section&nbsp;10.2. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Confidential Information&#148;</B> is defined in Section&nbsp;20.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Consolidated&#148;</B> means the Company and its Subsidiaries, taken as a whole in accordance with GAAP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Consolidated Fixed Charges&#148;</B> means, with respect to any period, the sum of (a)&nbsp;Consolidated Interest Expense for such
period and (b)&nbsp;Consolidated Lease Rentals for such period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Consolidated Income Available for Fixed Charges&#148;</B> means,
with respect to any period, Consolidated Net Income for such period, plus, without duplication, all amounts deducted in the computation thereof on account of (a)&nbsp;Consolidated Fixed Charges and (b)&nbsp;Taxes imposed on or measured by income or
excess profits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Consolidated Interest Expense&#148;</B> means, for any period, Interest Expense of the
Company and its Subsidiaries on a Consolidated basis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Consolidated Lease Rentals&#148;</B> means, with respect to any period, the
sum of the rental and other obligations required to be paid during such period by the Company and its Subsidiaries as lessee under all leases of real or personal property (other than Capitalized Leases), on a Consolidated basis, excluding any amount
required to be paid by the lessee (whether or not therein designated as rental or additional rental) on account of maintenance and repairs, insurance, Taxes, assessments, water rates and similar charges, <I>provided</I> that, if at the date of
determination, any such rental or other obligations (or portion thereof) are contingent or not otherwise definitely determinable by the terms of the related lease, the amount of such obligations (or such portion thereof) (i)&nbsp;shall be assumed to
be equal to the amount of such obligations for the period of 12 consecutive calendar months immediately preceding the date of determination or (ii)&nbsp;if the related lease was not in effect during such preceding 12-month period, shall be the
amount estimated by a responsible officer of the Company on a reasonable basis and in good faith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Consolidated Net
Income&#148;</B> means, with reference to any period, the net income (or loss) of the Company and its Subsidiaries for such period, on a Consolidated basis, as determined in accordance with GAAP, after eliminating all offsetting debits and credits
between the Company and its Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial statements of the Company and its Subsidiaries in accordance with GAAP, <I>provided</I> that there
shall be excluded: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the income (or loss) of any Person (other than a Subsidiary) in which the Company or any Subsidiary
has an ownership interest, except to the extent that any such income has been actually received by the Company or such Subsidiary in the form of cash dividends or similar cash distributions, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the undistributed earnings of any Subsidiary to the extent that, to the best of the knowledge of the Company, the
declaration or payment of dividends or similar distributions by such Subsidiary is (i)&nbsp;not at the time permitted by the terms of its charter or any agreement, instrument, judgment, decree, order, or law applicable to such Subsidiary, or
(ii)&nbsp;otherwise unavailable for payment, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any aggregate net gain (but not any aggregate net loss) during such
period arising from the sale, conversion, exchange or other disposition of investments or capital assets (such term to include, without limitation, the following, whether or not current: all fixed assets, whether tangible or intangible, and all
inventory sold in conjunction with the disposition of fixed assets), and any Taxes on such net gain (or net loss), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) any
non-cash gains or losses resulting from any write-up or reappraisal of any assets, including, without limitation, goodwill of such Person as well as goodwill impairments and losses traced to the write-off of goodwill associated with the sale or
other disposition of a business by such Person, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) any net gain from the collection of the proceeds of life insurance policies,
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) any gain arising from the acquisition of any security (as defined in the Securities Act of 1933), or the
extinguishment, under GAAP, of any Indebtedness, of the Company or any Subsidiary, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) any deferred or other credit
representing the excess of equity in any Subsidiary at the date of acquisition over the cost of the investment in such Subsidiary, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) any non-cash charges related to the implementation by the Company and its Subsidiaries of FASB Statement 142. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Consolidated Net Worth&#148;</B> means, at any time, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the sum (adjusted for any non-cash charges related to the implementation by the Company and its Subsidiaries of FASB
Statement 142) of (i)&nbsp;the par value (or value stated on the books of the corporation) of the capital stock (but excluding treasury stock and capital stock subscribed and unissued) of the Company and its Subsidiaries, plus (ii)&nbsp;the amount
of the paid-in capital and retained earnings of the Company and its Subsidiaries, in each case as such amounts would be shown on a Consolidated balance sheet of the Company and its Subsidiaries as of such time prepared in accordance with GAAP,
<I>minus</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) to the extent included in clause (a), all amounts properly attributable to minority interests, if any, in
the stock and surplus of Subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Consolidated Total Assets&#148;</B> means, as of any date of determination, the total
amount of all assets of the Company and its Subsidiaries, determined on a Consolidated basis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Controlled Entity&#148;</B> means
(i)&nbsp;any of the Subsidiaries of any Obligor and any of their or such Obligor&#146;s respective Controlled Affiliates and (ii)&nbsp;if such Obligor has a parent company, such parent company and its Controlled Affiliates. As used in this
definition, <B>&#147;Control&#148;</B> means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or
otherwise. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Default&#148;</B> means an event or condition the occurrence or existence of which would, with the lapse of time or
the giving of notice or both, become an Event of Default. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Default Rate&#148;</B> means that rate of interest that is the greater
of (i)&nbsp;2.0% per annum above the rate of interest stated in clause (a)&nbsp;of the first paragraph of the Notes or (ii)&nbsp;2.0% over the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its &#147;base&#148;
or &#147;prime&#148; rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Disclosure Documents&#148;</B> is defined in Section 5.3. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Distribution&#148;</B> means any payment made, liability incurred and other
consideration (other than any stock dividend, or stock split or similar distributions payable only in capital stock of an Obligor) given (i)&nbsp;for the purchase, acquisition, redemption or retirement of any capital stock of an Obligor or
(ii)&nbsp;as a dividend, return of capital or other distribution of any kind in respect of the capital stock of an Obligor outstanding at any time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;EBITDA&#148;</B> means, for any period, the sum of the amounts of (i)&nbsp;Consolidated Net Income, (ii)&nbsp;Consolidated Interest
Expense for such period, (iii)&nbsp;depreciation for such period on a Consolidated basis, as determined in accordance with GAAP, (iv)&nbsp;amortization for such period on a Consolidated basis, as determined in accordance with GAAP, and (v)&nbsp;all
provisions for any Taxes imposed on or measured by income or excess profits made by the Company and its Subsidiaries during such period, in each case, for clauses (ii)&nbsp;through (v), inclusive, to the extent expensed or deducted in computing
Consolidated Net Income and without duplication. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;EDGAR&#148;</B> means the SEC&#146;s Electronic Data Gathering, Analysis and
Retrieval System or any successor SEC electronic filing system for such purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Environmental Laws&#148;</B> means any and all
federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of
the environment or the release of any materials into the environment, including but not limited to those related to Hazardous Materials. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;ERISA&#148;</B> means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;ERISA Affiliate&#148;</B> means any trade or business (whether or not
incorporated) that is treated as a single employer together with any Obligor under section&nbsp;414 of the Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Event of
Default&#148;</B> is defined in Section&nbsp;11. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Exchange Act&#148;</B> means the Securities Exchange Act of 1934, as amended.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;First Closing&#148;</B> is defined in Section&nbsp;3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Fixed Charges Coverage Ratio&#148;</B> means, at any time, the ratio of (a)&nbsp;Consolidated Income Available for Fixed Charges for
the period of four consecutive fiscal quarters ending as of the most recent fiscal quarter ended prior to such time to (b)&nbsp;Consolidated Fixed Charges for such period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Form <FONT STYLE="white-space:nowrap">10-K&#148;</FONT></B> is defined in Section&nbsp;7.1(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Form <FONT STYLE="white-space:nowrap">10-Q&#148;</FONT></B> is defined in Section&nbsp;7.1(a). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Funded Debt&#148;</B> means (a)&nbsp;Indebtedness, other than Indebtedness of the types
described in clause (ix), (x), (xii)&nbsp;and (xiii)&nbsp;of the definition of such term, below, and (b)&nbsp;all guaranty obligations of such Person in respect of any Indebtedness of the type described in clause (a)&nbsp;of this definition. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;GAAP&#148;</B> means generally accepted accounting principles in the United States of America as in effect from time to time; it being
understood and agreed that determinations in accordance with GAAP for purposes of Section&nbsp;10, including defined terms as used therein, are subject (to the extent provided therein) to Section&nbsp;22.2. If at any time the SEC permits or requires
<FONT STYLE="white-space:nowrap">U.S.-domiciled</FONT> companies subject to the reporting requirements of the Exchange Act to use, in whole or in part, IFRS in lieu of GAAP for financial reporting purposes, the Company may elect by written notice to
the holders to so use IFRS (or, to the extent permitted by the SEC and consistent with pronouncements of the Financial Accounting Standards Board and the International Accounting Standards Board, portions thereof from time to time) in lieu of GAAP
and, upon any such notice, references herein to GAAP shall thereafter be construed to mean (a)&nbsp;for periods beginning on and after the date specified in such notice, IFRS (or, if applicable, such portions) as in effect from time to time and
(b)&nbsp;for prior periods, GAAP as defined in the first sentence of this definition (and as theretofore modified pursuant to this sentence), in each case subject to Section&nbsp;22.2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Governmental Authority&#148;</B> means </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the government of </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the United States of America or any state or other political subdivision thereof, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any other jurisdiction in which any Obligor or any Subsidiary conducts all or any part of its business, or which asserts
jurisdiction over any properties of any Obligor or any Subsidiary, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any entity exercising executive, legislative,
judicial, regulatory or administrative functions of, or pertaining to, any such government. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Governmental Official&#148;</B> means
any governmental official or employee, employee of any <FONT STYLE="white-space:nowrap">government-owned</FONT> or <FONT STYLE="white-space:nowrap">government-controlled</FONT> entity, political party, any official of a political party, candidate
for political office, official of any public international organization or anyone else acting in an official capacity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Guarantor&#148;</B> means the obligor under any Guaranty. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Guaranty&#148;</B> means, with respect to any Person, any obligation (except the
endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether
directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to purchase such indebtedness or obligation or any property constituting security therefor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) to advance or supply funds (i)&nbsp;for the purchase or payment of such indebtedness or obligation, or (ii)&nbsp;to
maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such
indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In any computation of the indebtedness or other
liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Hazardous Materials&#148;</B> means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to
health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of
which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or
similar restricted, prohibited or penalized substances. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;holder&#148;</B> means, with respect to any Note, the Person in whose
name such Note is registered in the register maintained by the Company pursuant to Section&nbsp;13.1, <I>provided</I>, <I>however</I>, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related definitions
in this Schedule B, &#147;holder&#148; shall mean the beneficial owner of such Note whose name and address appears in such register. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;IFRS&#148;</B> means the International Financial Reporting Standards and applicable accounting requirements set by the International
Accounting Standards Board or any successor thereto (or the Financial Accounting Standards Board, the Accounting Principles Board of the American Institute of Certified Public Accountants, or any successor to either such Board, or the SEC, as the
case may be), as in effect from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;INHAM Exemption&#148;</B> is defined in Section&nbsp;6.2(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Indebtedness&#148;</B> means, with respect to any Person, without duplication, (i)&nbsp;all indebtedness for money borrowed of such
Person; (ii)&nbsp;all bonds, notes, debentures and similar debt securities of such Person; (iii)&nbsp;the deferred purchase price of capital assets or services which in accordance with GAAP would be shown on the liability side of the balance sheet
of such Person; (iv)&nbsp;the amounts drawn under all letters of credit issued for the account of such Person (other than commercial or trade letters of credit issued in connection with customer or supplier relationships in the ordinary course of
business) and, without duplication, all drafts drawn thereunder; (v)&nbsp;all obligations, contingent or otherwise, of such Person in respect of bankers&#146; acceptances; (vi)&nbsp;all Indebtedness of a second Person secured by any Lien on any
property owned by such first Person, whether or not such Indebtedness has been assumed; (vii)&nbsp;all Capitalized Lease obligations of such Person and all Indebtedness of such Person secured by purchase money Liens; (viii)&nbsp;the present value,
determined on the basis of the implicit interest rate, of all basic rental obligations under all &#147;synthetic&#148; leases (<I>i.e.,</I> leases accounted for by the lessee as operating leases under which the lessee is the &#147;owner&#148; of the
leased property for Federal income Tax purposes); (ix)&nbsp;all obligations of such Person to pay a specified purchase price for goods or services whether or not delivered or accepted, <I>i.e.,</I> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">take-or-pay</FONT></FONT> and similar obligations; (x)&nbsp;all net obligations of such Person under any <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;hedge,&#148; &#147;swap,&#148; &#147;collar,&#148;
&#147;cap&#148; or similar interest rate or currency fluctuation protection agreements; (xi)&nbsp;the full outstanding balance of trade receivables, notes or other instruments sold with full recourse (and the portion thereof subject to potential
recourse, if sold with limited recourse), including, without limitation, in connection with a Qualifying Securitization Transaction, other than in any such case any thereof sold solely for purposes of collection of delinquent accounts;
(xii)&nbsp;the stated value, or liquidation value if higher, of all redeemable stock (or other equity interest) of such Person; and (xiii)&nbsp;all guaranty obligations of such Person; <I>provided</I> that (a)&nbsp;neither trade payables nor other
similar accrued expenses, in each case arising in the ordinary course of business, unless evidenced by a note, shall constitute Indebtedness; and (b)&nbsp;the Indebtedness of any Person shall in any event include (without duplication) the
Indebtedness of any other entity (including any general partnership in which such Person is a general partner) to the extent such Person is liable thereon as a result of such Person&#146;s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness provide expressly that such Person is not liable thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Institutional Investor&#148;</B> means (a)&nbsp;any Purchaser of a Note, (b)&nbsp;any holder of a Note holding (together with one or
more of its affiliates) more than 2% of the aggregate principal amount of the Notes then outstanding, (c)&nbsp;any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d)&nbsp;any Related Fund of any holder of any Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Interest Expense&#148;</B> means, for any fiscal period, all expense of the Company or any of its Subsidiaries for such fiscal period
classified as interest expense for such period, including capitalized interest and interest under &#147;synthetic&#148; leases, in accordance with GAAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Lien&#148;</B> means, with respect to any Person, any mortgage, lien, pledge, charge,
security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any
property or asset of such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Lincoln Party&#148;</B> means any of the Obligors or any other direct or indirect Subsidiary of
any of them from time to time, collectively, the &#147;Lincoln Parties.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">&#147;Make-Whole</FONT>
Amount&#148;</B> is defined in Section&nbsp;8.6. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Material&#148;</B> means material in relation to the business, operations,
affairs, financial condition, assets or properties of an Obligor and its Subsidiaries taken as a whole. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Material Adverse
Effect&#148;</B> means a material adverse effect on (a)&nbsp;the business, operations, financial condition, assets or properties of an Obligor and its Subsidiaries taken as a whole, (b)&nbsp;the ability of an Obligor to perform its obligations under
this Agreement and the Notes, (c)&nbsp;the ability of any Guarantor to perform its obligations under any Guaranty guaranteeing the obligations of the Obligors under the Notes and this Agreement, or (d)&nbsp;the validity or enforceability of this
Agreement, the Notes or any such Guaranty. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Material Credit Facility&#148;</B> means, as to the Obligors and their Subsidiaries,
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the Amended and Restated Credit Agreement dated as of July&nbsp;26, 2012, by and among the Company, the Subsidiaries
of the Company party thereto, KeyBank National Association, in its capacities as letter of credit issuer and administrative agent for the lenders, and the financial institutions party thereto as lenders, as amended to date, including any renewals,
extensions, further amendments, supplements, restatements, replacements or refinancing thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any other agreement(s)
creating or evidencing indebtedness for borrowed money entered into on or after the date of Closing by any Obligor or any Subsidiary, or in respect of which any Obligor or any Subsidiary is an obligor or otherwise provides a guarantee or other
credit support (<B>&#147;Credit Facility&#148;</B>), in a principal amount outstanding or available for borrowing equal to or greater than $50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date
of the closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed such amounts, then any Credit Facility in a principal amount outstanding or available for borrowing
equal to or greater than $5,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency) shall be deemed to be a Material
Credit Facility; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any private placement document pursuant to which any Obligor has issued senior notes, either now
existing or existing in the future<I>. </I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Maturity Date&#148;</B> is defined in the first paragraph of each Note. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Memorandum&#148;</B> is defined in Section&nbsp;5.3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Multiemployer Plan&#148;</B> means any Plan that is a &#147;multiemployer plan&#148; (as such term is defined in section 4001(a)(3) of
ERISA). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;NAIC&#148;</B> means the National Association of Insurance Commissioners or any successor thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Notes&#148;</B> is defined in Section 1. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;OFAC&#148;</B> is defined in Section 5.16(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;OFAC Listed Person&#148;</B> is defined in Section 5.16(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;OFAC Sanctions Program&#148;</B> means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list
of OFAC Sanctions Programs may be found at <FONT STYLE="white-space:nowrap">http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Officer&#146;s Certificate&#148;</B> means a certificate of a Senior Financial Officer or of any other officer of the Company or any
other Obligor whose responsibilities extend to the subject matter of such certificate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;PBGC&#148;</B> means the Pension Benefit
Guaranty Corporation referred to and defined in ERISA or any successor thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Permitted Purchase Money Security
Interest&#148;</B> means any Lien which is created or assumed in purchasing, constructing or improving any real or personal property (other than inventory) in the ordinary course of business, or to which any such property is subject when so
purchased, including, without limitation, Capitalized Leases, <I>provided,</I> that (i)&nbsp;such Lien shall be confined to the aforesaid property, (ii)&nbsp;the Indebtedness secured thereby does not exceed the total cost of the purchase,
construction or improvement, and (iii)&nbsp;any refinancing of such indebtedness does not increase the amount of indebtedness owing as of the date of such refinancing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Person&#148;</B> means an individual, sole proprietorship, partnership, joint venture, corporation, limited liability company,
association, institution, estate, trust, unincorporated organization, business entity or Governmental Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Plan&#148;</B>
means an &#147;employee benefit plan&#148; (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five
years, have been made or required to be made, by any Obligor or any ERISA Affiliate or with respect to which any Obligor or any ERISA Affiliate may have any liability. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Preferred Stock&#148;</B> means any class of capital stock of a Person that is preferred over any other class of capital stock (or
similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Priority Debt&#148;</B> means (without duplication), as of the date of any determination
thereof, the sum of (i)&nbsp;all unsecured Indebtedness of Subsidiaries (including all Guaranties of Indebtedness but excluding (w)&nbsp;Indebtedness owing to the Company or any other Subsidiary, (x)&nbsp;Indebtedness outstanding at the time such
Person became a Subsidiary, provided that such Indebtedness shall have not been incurred in contemplation of such person becoming a Subsidiary, (y)&nbsp;Indebtedness of the Obligors and (z)&nbsp;all Indebtedness of Guarantors guaranteeing the
obligations of the Obligors under the Notes and this Agreement), and (ii)&nbsp;all Indebtedness of any Obligor and its Subsidiaries secured by Liens other than Indebtedness secured by Liens permitted by clauses&nbsp;(i) through (xiii), inclusive, of
Section&nbsp;10.6. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;property&#148;</B> or <B>&#147;properties&#148;</B> means, unless otherwise specifically limited, real or
personal property of any kind, tangible or intangible, choate or inchoate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;PTE&#148;</B> is defined in Section&nbsp;6.2(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Purchaser&#148;</B> or <B>&#147;Purchasers&#148;</B> means each of the purchasers that has executed and delivered this Agreement to
the Obligors and such Purchaser&#146;s successors and assigns (so long as any such assignment complies with Section&nbsp;13.2), <I>provided, however,</I> that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner
(through a nominee) of such Note as the result of a transfer thereof pursuant to Section&nbsp;13.2 shall cease to be included within the meaning of &#147;Purchaser&#148; of such Note for the purposes of this Agreement upon such transfer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Qualified Institutional Buyer&#148;</B> means any Person who is a &#147;qualified institutional buyer&#148; within the meaning of such
term as set forth in Rule 144A(a)(1) under the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Qualifying Securitization Transaction&#148;</B> shall mean a bona
fide securitization transaction effected under terms and conditions customary in the capital markets and consisting of sales of Trade Receivables by a Lincoln Party to a Special Purpose Company which in turn either sells or pledges such Trade
Receivables (or undivided interests therein) to a commercial paper conduit or other financing source (whether with or without recourse to the Special Purpose Company), and as to which each of the following conditions shall be satisfied:
(i)&nbsp;such sales to the Special Purpose Company are not accounted for under GAAP as secured loans, (ii)&nbsp;such transactions are, in the good faith opinion of a responsible officer of the Company, for fair value and in the best interests of
such Lincoln Party, and (iii)&nbsp;recourse to any Lincoln Party in connection with any such sale of Trade Receivables is limited to repurchase, substitution or indemnification obligations customarily provided for in asset securitization
transactions and arising from breaches of representations or warranties made by any Lincoln Party in connection with such sale. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;QPAM Exemption&#148;</B> is defined in Section&nbsp;6.2(d). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Ratable Portion&#148;</B> means, with respect to any Note, an amount equal to the product of (x)&nbsp;the amount equal to the net
proceeds being so applied to the prepayment of Senior Indebtedness in accordance with Section&nbsp;10.3(2), multiplied by (y)&nbsp;a fraction, the numerator of which is the aggregate principal amount of Senior Indebtedness of any Obligor and its
Subsidiaries being prepaid pursuant to Section&nbsp;10.3(2) and the denominator is the aggregate principal amount of Senior Indebtedness of such Obligor and its Subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Related Fund&#148;</B> means, with respect to any holder of any Note, any fund or entity
that (i)&nbsp;invests in Securities or bank loans, and (ii)&nbsp;is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Required Holders&#148;</B> means (a)&nbsp;prior to the First Closing, the Purchasers; (b)&nbsp;at any time on or after the First
Closing, the holders of at least 51% in principal amount of the Notes at the time outstanding, <I>provided </I>that for purposes of this clause (b), the Notes scheduled to be issued at the Second Closing shall be deemed to be outstanding; and
(c)&nbsp;at any time on or after the Second Closing, the holders of at least 51% in principal amount of the Notes at the time outstanding, in each case, exclusive of Notes then owned by any Obligor or any of its Affiliates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Responsible Officer&#148;</B> means any Senior Financial Officer and any other officer of the Company or any other Obligor with
responsibility for the administration of the relevant portion of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;SEC&#148;</B> means the Securities and Exchange
Commission of the United States, or any successor thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Second Closing&#148;</B> is defined in Section&nbsp;3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Securities&#148;</B> or <B>&#147;Security&#148;</B> shall have the meaning specified in section&nbsp;2(1) of the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Securities Act&#148;</B> means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Senior Financial Officer&#148;</B> means the chief financial officer, principal
accounting officer, treasurer or comptroller of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Senior Indebtedness&#148;</B> means with respect to any Person, as
of the date of any determination thereof, all Indebtedness of such Person other than Subordinated Debt. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;series&#148;</B> means
any series of Notes issued pursuant to this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Series&nbsp;A Notes&#148;</B> is defined in Section&nbsp;1.1. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Series&nbsp;B Notes&#148;</B> is defined in Section&nbsp;1.1. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Series&nbsp;C Notes&#148;</B> is defined in Section&nbsp;1.1. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Series&nbsp;D Notes&#148;</B> is defined in Section&nbsp;1.1. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Significant Subsidiary&#148;</B> means at any time any Subsidiary that would at such
time constitute a &#147;significant subsidiary&#148; (as such term is defined in Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the SEC as in effect on the date of the Closing) of any Obligor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Source&#148;</B> is defined in Section&nbsp;6.2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Special Purpose Company&#148;</B> shall mean any Person created in connection with a Qualifying Securitization Transaction,
<I>provided,</I> that any Special Purpose Company shall not own any property or conduct any activities other than those properties and activities which are reasonably required to be owned and conducted in connection with the involvement of such
Person in Qualifying Securitization Transactions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Subordinated Debt&#148;</B> means with respect to any Person, all unsecured
Indebtedness of such Person which shall contain or have applicable thereto subordination provisions providing for the subordination thereof to other Indebtedness of such Person (including without limitation, with respect to any Obligor, the
obligations of such Obligor under this Agreement or the Notes). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Subsidiary&#148;</B> means, as to any Person, any other Person in
which such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a
majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its
Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless
the context otherwise clearly requires, any reference to a &#147;Subsidiary&#148; is a reference to a Subsidiary of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Substitute Purchaser&#148;</B> is defined in Section 21. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;SVO&#148;</B> means the Securities Valuation Office of the NAIC or any successor to such Office. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Taxes&#148;</B> shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority, including interest, penalties and additions to tax with respect thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Total Funded
Debt&#148;</B> shall mean, as at the date of any determination, and on a Consolidated basis, the principal amount of any and all outstanding Funded Debt of the Company and its Subsidiaries at such date, including, without limitation, the outstanding
obligations of the Obligors under this Agreement and the Notes at such date and any other obligations of the Obligors to the holders at such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Total Leverage Ratio&#148;</B> shall mean, as of the end of any fiscal quarter, the ratio of (i)&nbsp;Total Funded Debt outstanding on
such fiscal quarter end to (ii)&nbsp;Trailing EBITDA as of such fiscal quarter end. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Trade Receivables&#148;</B> shall mean indebtedness and other obligations owed to the
Company or any other Lincoln Party, whether constituting accounts, chattel paper, instruments or general intangibles, arising in connection with the sale of goods and services by the Company or such Lincoln Party to commercial customers, including,
without limitation, the obligation to pay any finance charges with respect thereto, and agreements relating thereto, collateral securing the foregoing, books and records relating thereto and all proceeds thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Trailing EBITDA&#148;</B> shall mean, as of the end of any fiscal quarter, EBITDA for such fiscal quarter, plus EBITDA for the three
(3)&nbsp;immediately preceding fiscal quarters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;USA PATRIOT Act&#148;</B> means United States Public Law <FONT
STYLE="white-space:nowrap">107-56,</FONT> Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;U.S. Economic Sanctions&#148;</B> is defined in Section 5.16(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">&#147;Wholly-Owned</FONT> Subsidiary&#148;</B> means, at any time, any Subsidiary all of the equity
interests (except directors&#146; qualifying shares) and voting interests of which are owned by any one or more of any Obligor and such Obligor&#146;s other <FONT STYLE="white-space:nowrap">Wholly-Owned</FONT> Subsidiaries at such time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL> A N<SMALL>OTE</SMALL>] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3.15% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> A, <SMALL>DUE</SMALL> A<SMALL>UGUST</SMALL>&nbsp;20, 2025 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">No. [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right"><B>[Date]</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">$[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">PPN[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F<SMALL>OR</SMALL> V<SMALL>ALUE</SMALL> R<SMALL>ECEIVED</SMALL>, the undersigned, <B>Lincoln Electric
Holdings, Inc.</B>, a corporation organized and existing under the laws of the State of Ohio (herein called the <B>&#147;Company&#148;</B>), The Lincoln Electric Company, an Ohio corporation (<B>&#147;Lincoln&#148;</B>), Lincoln Electric
International Holding Company, a Delaware corporation (<B>&#147;International&#148;</B>), J.W. Harris Co., Inc., an Ohio corporation (<B>&#147;Harris&#148;</B>), Lincoln Global, Inc., a Delaware corporation (<B>&#147;Global&#148;</B>), Techalloy,
Inc., a Delaware corporation (<B>&#147;Techalloy&#148;</B>), Wayne Trail Technologies, Inc., an Ohio corporation (<B>&#147;Wayne&#148;</B> and with the Company, Lincoln, International, Harris, Global and Techalloy, each an <B>&#147;Obligor&#148;</B>
and, collectively, the <B>&#147;Obligors&#148;</B>), jointly and severally hereby promise to pay to [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], or registered
assigns, the principal sum of [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] D<SMALL>OLLARS</SMALL> (or so much thereof as shall not have been prepaid) on
August&nbsp;20, 2025 (the <B>&#147;Maturity Date&#148;</B>), with interest (computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) (a)&nbsp;on the unpaid
balance hereof at the rate of 3.15%&nbsp;per annum from the date hereof, payable semiannually, on the 20th day of February and August in each year, commencing with the February&nbsp;20 or August&nbsp;20 next succeeding the date hereof, and on the
Maturity Date, until the principal hereof shall have become due and payable, and (b)&nbsp;to the extent permitted by law, (x)&nbsp;on any overdue payment of interest and (y)&nbsp;during the continuance of an Event of Default, on such unpaid balance
and on any overdue payment of any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, at a rate per annum from time to time equal to the greater of (i)&nbsp;5.15% or (ii)&nbsp;2.0% over the rate of interest publicly announced by Bank of
America, N.A. from time to time in New York, New York as its &#147;base&#148; or &#147;prime&#148; rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of, interest on and any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount with respect to this Note are to be
made in lawful money of the United States of America at Bank of America, N.A. in New York, New York or at such other place as the Obligors shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is one of a series of Senior Notes (herein called the <B>&#147;Notes&#148;</B>) issued pursuant to the Note
Purchase Agreement, dated as of April&nbsp;1, 2015 (as from time to time amended, the <B>&#147;Note Purchase Agreement&#148;</B>), between the Obligors and the respective Purchasers named </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 1(a) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i)&nbsp;agreed to the confidentiality provisions set forth in
Section&nbsp;20 of the Note Purchase Agreement and (ii)&nbsp;made the representation set forth in Section&nbsp;6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings
ascribed to such terms in the Note Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement,
upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#146;s attorney duly authorized in writing, a new Note for a like principal amount
will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Obligors may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
and for all other purposes, and the Obligors will not be affected by any notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Obligors will make any required
prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount) and with the effect provided in the Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by,
the law of the State of New&nbsp;York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would require the application of the laws of a jurisdiction other
than such State. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1(a)-2 </P>


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<TD VALIGN="top" COLSPAN="3">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
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<TD VALIGN="bottom">Title:</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
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<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
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<TD VALIGN="bottom">Title:</TD></TR>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1(a)-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL> B N<SMALL>OTE</SMALL>] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL></B><SMALL></SMALL>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3.35% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> B, <SMALL>DUE</SMALL> A<SMALL>UGUST</SMALL>&nbsp;20, 2030 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No. [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right"><B>[Date]</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">$[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">PPN[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F<SMALL>OR</SMALL> V<SMALL>ALUE</SMALL> R<SMALL>ECEIVED</SMALL>, the undersigned, <B>Lincoln Electric
Holdings, Inc.</B>, a corporation organized and existing under the laws of the State of Ohio (herein called the <B>&#147;Company&#148;</B>), The Lincoln Electric Company, an Ohio corporation (<B>&#147;Lincoln&#148;</B>), Lincoln Electric
International Holding Company, a Delaware corporation (<B>&#147;International&#148;</B>), J.W. Harris Co., Inc., an Ohio corporation (<B>&#147;Harris&#148;</B>), Lincoln Global, Inc., a Delaware corporation (<B>&#147;Global&#148;</B>), Techalloy,
Inc., a Delaware corporation (<B>&#147;Techalloy&#148;</B>), Wayne Trail Technologies, Inc., an Ohio corporation (<B>&#147;Wayne&#148;</B> and with the Company, Lincoln, International, Harris, Global and Techalloy, each an <B>&#147;Obligor&#148;</B>
and, collectively, the <B>&#147;Obligors&#148;</B>), jointly and severally hereby promise to pay to [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], or registered
assigns, the principal sum of [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] D<SMALL>OLLARS</SMALL> (or so much thereof as shall not have been prepaid) on
August&nbsp;20, 2030 (the <B>&#147;Maturity Date&#148;</B>), with interest (computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) (a)&nbsp;on the unpaid
balance hereof at the rate of 3.35%&nbsp;per annum from the date hereof, payable semiannually, on the 20th day of February and August in each year, commencing with the February&nbsp;20 or August&nbsp;20 next succeeding the date hereof, and on the
Maturity Date, until the principal hereof shall have become due and payable, and (b)&nbsp;to the extent permitted by law, (x)&nbsp;on any overdue payment of interest and (y)&nbsp;during the continuance of an Event of Default, on such unpaid balance
and on any overdue payment of any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, at a rate per annum from time to time equal to the greater of (i)&nbsp;5.35% or (ii)&nbsp;2.0% over the rate of interest publicly announced by Bank of
America, N.A. from time to time in New York, New York as its &#147;base&#148; or &#147;prime&#148; rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of, interest on and any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount with respect to this Note are to be
made in lawful money of the United States of America at Bank of America, N.A. in New York, New York or at such other place as the Obligors shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is one of a series of Senior Notes (herein called the <B>&#147;Notes&#148;</B>) issued pursuant to the Note
Purchase Agreement, dated as of April&nbsp;1, 2015 (as from time to time amended, the <B>&#147;Note Purchase Agreement&#148;</B>), between the Obligors and the respective Purchasers named </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 1(b) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i)&nbsp;agreed to the confidentiality provisions set forth in
Section&nbsp;20 of the Note Purchase Agreement and (ii)&nbsp;made the representation set forth in Section&nbsp;6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings
ascribed to such terms in the Note Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement,
upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#146;s attorney duly authorized in writing, a new Note for a like principal amount
will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Obligors may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
and for all other purposes, and the Obligors will not be affected by any notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Obligors will make any required
prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount) and with the effect provided in the Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note shall be construed and enforced in accordance with, and the rights of the Obligors and the holder of this Note shall be governed by,
the law of the State of New&nbsp;York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would require the application of the laws of a jurisdiction other
than such State. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1(b)-2 </P>


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<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
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<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1(b)-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL> C N<SMALL>OTE</SMALL>] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3.61% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> C, <SMALL>DUE</SMALL> A<SMALL>PRIL</SMALL>&nbsp;1, 2035 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No. [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right"><B>[Date]</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">$[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">PPN[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F<SMALL>OR</SMALL> V<SMALL>ALUE</SMALL> R<SMALL>ECEIVED</SMALL>, the undersigned, <B>Lincoln Electric
Holdings, Inc.</B>, a corporation organized and existing under the laws of the State of Ohio (herein called the <B>&#147;Company&#148;</B>), The Lincoln Electric Company, an Ohio corporation (<B>&#147;Lincoln&#148;</B>), Lincoln Electric
International Holding Company, a Delaware corporation (<B>&#147;International&#148;</B>), J.W. Harris Co., Inc., an Ohio corporation (<B>&#147;Harris&#148;</B>), Lincoln Global, Inc., a Delaware corporation (<B>&#147;Global&#148;</B>), Techalloy,
Inc., a Delaware corporation (<B>&#147;Techalloy&#148;</B>), Wayne Trail Technologies, Inc., an Ohio corporation (<B>&#147;Wayne&#148;</B> and with the Company, Lincoln, International, Harris, Global and Techalloy, each an <B>&#147;Obligor&#148;</B>
and, collectively, the <B>&#147;Obligors&#148;</B>), jointly and severally hereby promise to pay to [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], or registered
assigns, the principal sum of [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] D<SMALL>OLLARS</SMALL> (or so much thereof as shall not have been prepaid) on
April&nbsp;1, 2035 (the <B>&#147;Maturity Date&#148;</B>), with interest (computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) (a)&nbsp;on the unpaid balance
hereof at the rate of 3.61%&nbsp;per annum from the date hereof, payable semiannually, on the 1st day of April and October in each year, commencing with the April&nbsp;1 or October&nbsp;1 next succeeding the date hereof, and on the Maturity Date,
until the principal hereof shall have become due and payable, and (b)&nbsp;to the extent permitted by law, (x)&nbsp;on any overdue payment of interest and (y)&nbsp;during the continuance of an Event of Default, on such unpaid balance and on any
overdue payment of any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, at a rate per annum from time to time equal to the greater of (i)&nbsp;5.61% or (ii)&nbsp;2.0% over the rate of interest publicly announced by Bank of America, N.A.
from time to time in New York, New York as its &#147;base&#148; or &#147;prime&#148; rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of, interest on and any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount with respect to this Note are to be
made in lawful money of the United States of America at Bank of America, N.A. in New York, New York or at such other place as the Obligors shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is one of a series of Senior Notes (herein called the <B>&#147;Notes&#148;</B>) issued pursuant to the Note
Purchase Agreement, dated as of April&nbsp;1, 2015 (as from time to time amended, the <B>&#147;Note Purchase Agreement&#148;</B>), between the Obligors and the respective Purchasers named </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 1(c) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i)&nbsp;agreed to the confidentiality provisions set forth in
Section&nbsp;20 of the Note Purchase Agreement and (ii)&nbsp;made the representation set forth in Section&nbsp;6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings
ascribed to such terms in the Note Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement,
upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#146;s attorney duly authorized in writing, a new Note for a like principal amount
will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Obligors may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
and for all other purposes, and the Obligors will not be affected by any notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Obligors will make any required
prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount) and with the effect provided in the Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note shall be construed and enforced in accordance with, and the rights of the Obligors and the holder of this Note shall be governed by,
the law of the State of New&nbsp;York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would require the application of the laws of a jurisdiction other
than such State. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1(c)-2 </P>


<p Style='page-break-before:always'>
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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1(c)-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL> D N<SMALL>OTE</SMALL>] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4.02% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> D, <SMALL>DUE</SMALL> A<SMALL>PRIL</SMALL>&nbsp;1, 2045 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">No. [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right"><B>[Date]</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">$[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">PPN[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F<SMALL>OR</SMALL> V<SMALL>ALUE</SMALL> R<SMALL>ECEIVED</SMALL>, the undersigned, <B>Lincoln Electric
Holdings, Inc.</B>, a corporation organized and existing under the laws of the State of Ohio (herein called the <B>&#147;Company&#148;</B>), The Lincoln Electric Company, an Ohio corporation (<B>&#147;Lincoln&#148;</B>), Lincoln Electric
International Holding Company, a Delaware corporation (<B>&#147;International&#148;</B>), J.W. Harris Co., Inc., an Ohio corporation (<B>&#147;Harris&#148;</B>), Lincoln Global, Inc., a Delaware corporation (<B>&#147;Global&#148;</B>), Techalloy,
Inc., a Delaware corporation (<B>&#147;Techalloy&#148;</B>), Wayne Trail Technologies, Inc., an Ohio corporation (<B>&#147;Wayne&#148;</B> and with the Company, Lincoln, International, Harris, Global and Techalloy, each an <B>&#147;Obligor&#148;</B>
and, collectively, the <B>&#147;Obligors&#148;</B>), jointly and severally hereby promise to pay to [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], or registered
assigns, the principal sum of [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] D<SMALL>OLLARS</SMALL> (or so much thereof as shall not have been prepaid) on
April&nbsp;1, 2045 (the <B>&#147;Maturity Date&#148;</B>), with interest (computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) (a)&nbsp;on the unpaid balance
hereof at the rate of 4.02%&nbsp;per annum from the date hereof, payable semiannually, on the 1st day of April and October in each year, commencing with the April&nbsp;1 or October&nbsp;1 next succeeding the date hereof, and on the Maturity Date,
until the principal hereof shall have become due and payable, and (b)&nbsp;to the extent permitted by law, (x)&nbsp;on any overdue payment of interest and (y)&nbsp;during the continuance of an Event of Default, on such unpaid balance and on any
overdue payment of any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, at a rate per annum from time to time equal to the greater of (i)&nbsp;6.02% or (ii)&nbsp;2.0% over the rate of interest publicly announced by Bank of America, N.A.
from time to time in New York, New York as its &#147;base&#148; or &#147;prime&#148; rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of, interest on and any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount with respect to this Note are to be
made in lawful money of the United States of America at Bank of America, N.A. in New York, New York or at such other place as the Obligors shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is one of a series of Senior Notes (herein called the <B>&#147;Notes&#148;</B>) issued pursuant to the Note
Purchase Agreement, dated as of April&nbsp;1, 2015 (as from time to time amended, the <B>&#147;Note Purchase Agreement&#148;</B>), between the Obligors and the respective Purchasers named </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 1(d) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i)&nbsp;agreed to the confidentiality provisions set forth in
Section&nbsp;20 of the Note Purchase Agreement and (ii)&nbsp;made the representation set forth in Section&nbsp;6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings
ascribed to such terms in the Note Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement,
upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#146;s attorney duly authorized in writing, a new Note for a like principal amount
will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Obligors may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
and for all other purposes, and the Obligors will not be affected by any notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Obligors will make any required
prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount) and with the effect provided in the Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note shall be construed and enforced in accordance with, and the rights of the Obligors and the holder of this Note shall be governed by,
the law of the State of New&nbsp;York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would require the application of the laws of a jurisdiction other
than such State. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> H<SMALL>OLDINGS</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1(d)-2 </P>


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<TD VALIGN="top" COLSPAN="3">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">L<SMALL>INCOLN</SMALL> E<SMALL>LECTRIC</SMALL> I<SMALL>NTERNATIONAL</SMALL> H<SMALL>OLDING</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">J.W. H<SMALL>ARRIS</SMALL> C<SMALL>O</SMALL>., I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> G<SMALL>LOBAL</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">T<SMALL>ECHALLOY</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">W<SMALL>AYNE</SMALL> T<SMALL>RAIL</SMALL> T<SMALL>ECHNOLOGIES</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1(d)-3 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Matters To Be Covered in Opinion of Special Counsel to the Company </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Each of the Company and its Subsidiaries being duly incorporated, validly existing and in good standing and having requisite corporate
power and authority to issue and sell the Notes and to execute and deliver the documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Each of the Company and its Significant
Subsidiaries being duly qualified and in good standing as a foreign corporation in appropriate jurisdictions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Due authorization and
execution of the documents and such documents being legal, valid, binding and enforceable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. No conflicts with charter documents, laws
or other agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. All consents required to issue and sell the Notes and to execute and deliver the documents having been obtained.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. No litigation questioning validity of documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. The Notes not requiring registration under the Securities Act of 1933, as amended; no need to qualify an indenture under the Trust
Indenture Act of 1939, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. No violation of Regulations T, U or X of the Federal Reserve Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. Company not an &#147;investment company&#148;, or a company &#147;controlled&#148; by an &#147;investment company&#148;, under the
Investment Company Act of 1940, as amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 4.4(a) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>TO</SMALL> T<SMALL>HE</SMALL> P<SMALL>URCHASERS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To be provided to the Purchasers only. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 4.4(b) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ISCLOSURE</SMALL> M<SMALL>ATERIALS</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Lincoln Electric Holdings, Inc. Covenant Calculation &#151; $400mm Revolving Credit, September&nbsp;30, 2014. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Lincoln Electric Q&amp;A &#151; 2-12-15. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Lincoln Electric Q&amp;A &#151; 2-13-15. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 5.3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>UBSIDIARIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL>
<SMALL>AND</SMALL> O<SMALL>WNERSHIP</SMALL> <SMALL>OF</SMALL> S<SMALL>UBSIDIARY</SMALL> S<SMALL>TOCK</SMALL> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A. B. Arriendos S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Santiago</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Inversiones Libertad S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nominative Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.010000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A. B. Arriendos S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Santiago</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Inversiones LyL S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nominative Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.980000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A. B. Arriendos S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Santiago</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nominative Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.010000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Arc Products, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Burlington Automation Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1333712 Ontario Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">22.500000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Burlington Automation Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1856292 Ontario Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">7.500000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Burlington Automation Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1856292 Ontario Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">30.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Burlington Automation Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada Holdings ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">70.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Burlington Automation Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada Holdings ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">70.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Data Driven Robotics Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1333712 Ontario Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">15.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Data Driven Robotics Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1856292 Ontario Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Data Driven Robotics Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1856292 Ontario Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">15.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Data Driven Robotics Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Abtron Automation Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Data Driven Robotics Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Abtron Automation Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">15.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Data Driven Robotics Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada Holdings ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">70.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Data Driven Robotics Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada Holdings ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">70.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Data Driven Robotics Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Muscat-Tyler, Robin</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Easom Automation Systems, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Stock</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Electro-Arco, S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Portugal</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Novo Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 5.4 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Harris Calorific GmbH</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Heimertingen</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Europe Holdings GmbH</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Harris Calorific International Sp. z o.o.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Poland</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Harris Calorific Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ireland</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Harris Calorific S.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Bologna</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Italia S.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Quotas</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Harris Euro, S.L.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Spain</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Harris-Euro Corp.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Harris Soldas Especiais S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Brazil</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.009327</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Harris Soldas Especiais S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Brazil</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.990673</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Harris-Euro Corp.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ohio</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Inversiones LyL S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Santiago</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Cabala, Eduardo Bizama</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nominative Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">50.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Inversiones LyL S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Santiago</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nominative Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">50.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">J. W. Harris Co., Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ohio</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">J. W. Harris Co., Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ohio</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">J. W. Harris International LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ohio</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">J. W. Harris Co., Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Jinzhou Zheng Tai Welding and Metal Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jinzhou City, Liaoning Province</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tenwell Development Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kaliburn, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">South Carolina</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kaynak Teknigi Sanayi ve Ticaret A.S.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Turkey</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eczacibasi Holding AS</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">67.988106</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kaynak Teknigi Sanayi ve Ticaret A.S.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Turkey</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eczacibasi Yatrim Holding Ortakligi AS</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">32.011894</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kaynak Teknigi Sanayi ve Ticaret A.S.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Turkey</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric France S.A.S.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kaynak Teknigi Sanayi ve Ticaret A.S.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Turkey</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Other Shareholders</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class C</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">LE Torreon BCS, S. de R.L. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Monterrey, Nuevo Leon</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Manufactura, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.970000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">LE Torreon BCS, S. de R.L. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Monterrey, Nuevo Leon</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Maquinas, S. de R.L. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.030000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">LE Torreon WCS, S. de R.L. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Monterrey, Nuevo Leon</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Manufactura, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.970000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">LE Torreon WCS, S. de R.L. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Monterrey, Nuevo Leon</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Maquinas, S. de R.L. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.030000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Canada Finance ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alberta</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada Holdings ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Canada Holdings 3 ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nova Scotia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada Holdings ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Canada Holdings ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nova Scotia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings S.a.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Canada International Holdings LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada Holdings 3 ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.004000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Canada International Holdings LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Company of Canada GP Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.996000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric (Jinzhou) Welding Materials Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jinzhou City, Liaoning Province</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tenwell Development Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric (Tangshan) Welding Materials Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tangshan</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tenwell Development Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric (U.K.) Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">England</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric UK Holdings Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric (U.K.) Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">England</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric UK Holdings Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Redeemable Preference Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Bester Sp. Zo.o.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Poland</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Company (India) Private Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">India</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Cyprus Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.055986</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Company (India) Private Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">India</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Cyprus Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.944014</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Company of Canada GP Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada Holdings 3 ULC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Company of Canada LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada International Holdings LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.999000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Company of Canada LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ontario</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Company of Canada GP Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.001000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Cutting Systems, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Cyprus Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Cyprus Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Cyprus Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nicosia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric do Brasil Ind&uacute;stria e Com&eacute;rcio Ltda.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">S&atilde;o Paulo</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada International Holdings LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Quotas</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">62.359043</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric do Brasil Ind&uacute;stria e Com&eacute;rcio Ltda.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">S&atilde;o Paulo</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Quotas</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">37.640957</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Dutch Holdings B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Netherlands</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Europe B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nijmegen</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Dutch Holdings B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Europe, S.L.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Barcelona</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Iberia, S.L.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Finance LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Cardiff</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Finance LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Cardiff</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Maquinas Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric France S.A.S.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Rouen</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Europe B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Henan Investment Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Holdings S.a.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Grand-Duchy of Luxembourg</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric North America, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Iberia, S.L.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Spain</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Europe B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">12.990194</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Iberia, S.L.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Spain</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">87.009806</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Iberia, S.L.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Spain</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Stock</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Italia S.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Genoa</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Quotas</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Japan K.K.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Japan</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Luxembourg Holdings S.a.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Grand-Duchy of Luxembourg</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings S.a.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">90.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Luxembourg Holdings S.a.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Grand-Duchy of Luxembourg</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric North America, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Preferred Stock</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">10.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Grand-Duchy of Luxembourg</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric France S.A.S.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.120000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Grand-Duchy of Luxembourg</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg Holdings S.a.r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.880000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Management (Shanghai) CO., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shanghai</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company (Asia Pacific) Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Manufactura, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Series B Fixed Capital</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.004000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Manufactura, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Mexico Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Series B Fixed Capital</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.992000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Manufactura, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Mexico Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Series B-1 Variable Capital</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Manufactura, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Series B Fixed Capital</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.004000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Maquinas, S. de R.L. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.989300</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Maquinas, S. de R.L. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Maquinas Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.000080</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Mexicana, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Mexico Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Series B Fixed Capital</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.999800</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Mexicana, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Mexico Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Series B-1 Variable Capital</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Mexicana, S.A. de C.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mexico City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Series B Fixed Capital</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.000200</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Middle East FZE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Dubai, UAE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Europe B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric North America, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Stock</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Novo Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Europe B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Buenos Aires</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">68.816275</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric S.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Buenos Aires</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">31.183725</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric UK Holdings Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">England and Wales</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric Venezuela, C.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Caracas</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Europe Holdings GmbH</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Germany</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Iberia, S.L.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Global Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric North America, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Global, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Global Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Luxembourg Holdings S.a r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Luxembourg</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Maquinas Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Mexico Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Luxembourg Holdings S.a r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Nanjing Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Singapore Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Canada International Holdings LP</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Smitweld B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Netherlands</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Europe B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Soldaduras de Colombia Ltda.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Colombia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Soldaduras de Colombia Ltda.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Colombia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">95.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Soldaduras de Venezuela, C.A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Caracas</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Dutch Holdings B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Capital Stock</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-7 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Metrode Products Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">England and Wales</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric UK Holdings Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Mezhgosmetiz&nbsp;&#151; Mtsensk (MGM)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Russian Federation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">MGM Holdings</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.000100</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Mezhgosmetiz&nbsp;&#151; Mtsensk (MGM)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Russian Federation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Torgovyi Dom &#147;Mezhgosmetiz&#148; (TD-MGM)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.999900</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MGM Holdings</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Russian Federation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Dutch Holdings B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.500000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MGM Holdings</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Russian Federation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.500000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nanjing Xue Song Welding Material Sales Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">People&#146;s Republic Of China</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Nanjing Lincoln Electric Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">OOO &#147;Severstal-metiz: welding consumables&#148;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Russian Federation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">SSM RP Holding B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Electric Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Abidin, Suryadi</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Electric Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Abidin, Suryadi</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Electric Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sin Soon Huat Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">25.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Electric Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Surya Sarana Hidup Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">10.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Electric Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company (Asia Pacific) Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">60.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Electric Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company (Asia Pacific) Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">95.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Electric Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company (Asia Pacific) Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class C</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Indoweld</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.000000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PT Lincoln Indoweld</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indonesia</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric North America, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PythonX Automation Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nevada</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Burlington Automation Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Robolution GmbH</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Hesse</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Europe Holdings GmbH</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Smart Force, LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">J. W. Harris Co., Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SSM RP Holding B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Netherlands</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Dutch Holdings B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.996364</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SSM RP Holding B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Netherlands</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.003636</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SYS Robot</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Turkey</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Kaynak Teknigi Sanayi ve Ticaret A.S.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Techalloy, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tennessee Rand, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tennessee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tenwell Development Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Singapore</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Luxembourg S.&agrave;r.l.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ohio</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Stock</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Company (Asia Pacific) Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Singapore</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Singapore Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Company (Australia) Proprietary Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">New South Wales</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Company (New Zealand) Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">New Zealand</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Hyde, Stuart D.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">0.100000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Company (New Zealand) Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">New Zealand</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company (Australia) Proprietary Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.900000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Company of South Africa (Pty) Ltd</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">South Africa</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric International Holding Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Company of South Africa (Pty) Ltd</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">South Africa</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Heli (Zhengzhou) Welding Materials Company Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">People&#146;s Republic Of China</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Henan Investment Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">68.160000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Heli (Zhengzhou) Welding Materials Company Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">People&#146;s Republic Of China</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Management (Shanghai) CO., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">25.170000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Heli (Zhengzhou) Welding Materials Company Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">People&#146;s Republic Of China</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Zhengzhou Heli Welding Materials Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">6.670000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Nanjing Lincoln Electric Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nanjing</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Nanjing Holdings LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Shanghai Lincoln Electric Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Baoshan Province</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tenwell Development Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">7.500000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Shanghai Lincoln Electric Co., Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Baoshan Province</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Lincoln Electric Company (Asia Pacific) Pte. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">92.500000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Torgovyi Dom &#147;Mezhgosmetiz&#148; (TD-MGM)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Russian Federation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">MGM Holdings</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Uhrhan&nbsp;&amp; Schwill Schweisstechnik GmbH</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Essen, Germany</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Europe B.V.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">6.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Uhrhan&nbsp;&amp; Schwill Schweisstechnik GmbH</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Essen, Germany</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Europe Holdings GmbH</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">94.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Wayne Trail Technologies, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ohio</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Wayne Trail Technologies, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ohio</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Class B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-10 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.85pt; font-size:8pt; font-family:Times New Roman"><B>Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction of Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Owner Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type of Interest Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Percent Owned</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Weartech International Limited</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">United Kingdom</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Weartech International, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Weartech International, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">California</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lincoln Electric North America, Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Common Shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Welding, Cutting, Tools&nbsp;&amp; Accessories, LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delaware</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">J. W. Harris Co., Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Percentage Ownership Interest</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">100.000000</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.4-11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>INANCIAL</SMALL> S<SMALL>TATEMENTS</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Lincoln Electric Holdings, Inc. Form 10-K for fiscal years ended December&nbsp;31, 2009, December&nbsp;31, 2010, December&nbsp;31, 2011, December&nbsp;31, 2012 and December&nbsp;31, 2013. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Lincoln Electric Holdings, Inc. Form 10-Q for the quarterly period ended September&nbsp;30, 2014. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 5.5 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> I<SMALL>NDEBTEDNESS</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="12" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lincoln Soldaduras de Venezuela,
C.A.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:18.25pt; font-size:8pt; font-family:Times New Roman"><B>Bank</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Bolivar Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>FX<BR>Rate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>USD Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Banco Provincial S.A., Banco Universal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,250,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,770,833.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Banco Mercantil, C.A., Banco Universal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,125,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>142,750,000.00</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>11,895,833.33</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="4" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Lincoln Electric Company</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amended and Restated Credit Agreement, dated as of July&nbsp;26, 2012, by and among the Company, the Subsidiaries of the Company party
thereto, KeyBank National Association, as administrative agent, and the lenders party thereto (as the same may be amended, restated, supplemented or otherwise modified from time to time)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>130,000,000.00</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 5.15 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> J<SMALL>OINDER</SMALL> A<SMALL>GREEMENT</SMALL>
<SMALL>AND</SMALL> A<SMALL>FFIRMATION</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">J<SMALL>OINDER</SMALL> A<SMALL>GREEMENT</SMALL> A<SMALL>ND</SMALL>
A<SMALL>FFIRMATION</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Joinder Agreement and Affirmation (this <I>&#147;Joinder Agreement&#148;</I>), dated as of
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], is executed and delivered by
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], a [describe type of entity] (the <I>&#147;Additional Obligor&#148;</I>), pursuant to Section&nbsp;9.7 of that certain
Note Purchase Agreement, dated as of April&nbsp;1, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the <I>&#147;Note Purchase Agreement&#148;</I>), by and among (a)&nbsp;Lincoln Electric Holdings, Inc., an Ohio
corporation (the <I>&#147;Company&#148;</I>), The Lincoln Electric Company, an Ohio corporation (<I>&#147;Lincoln&#148;</I>), Lincoln Electric International Holding Company, a Delaware corporation (<I>&#147;International&#148;</I>), J.W. Harris Co.,
Inc., an Ohio corporation (<I>&#147;Harris&#148;</I>), Lincoln Global, Inc., a Delaware corporation (<I>&#147;Global&#148;</I>), Techalloy, Inc., a Delaware corporation (<I>&#147;Techalloy&#148;</I>), and Wayne Trail Technologies, Inc., an Ohio
corporation (<I>&#147;Wayne&#148;</I> and with the Company, Lincoln, International, Harris, Global and Techalloy, each an <I>&#147;Obligor&#148;</I> and, collectively, the <I>&#147;Obligors&#148;</I>), (b)&nbsp;each additional Subsidiary of the
Company from time to time party thereto, and (c)&nbsp;each of the institutional investors from time to time party thereto. All capitalized terms used in this Joinder Agreement and not otherwise defined herein shall have the same meanings herein as
in the Note Purchase Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1. J<SMALL>OINDER</SMALL> <SMALL>TO</SMALL> N<SMALL>OTE</SMALL> P<SMALL>URCHASE</SMALL>
A<SMALL>GREEMENT</SMALL>; A<SMALL>FFIRMATION</SMALL>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Joinder</I>. The Additional Obligor hereby acknowledges that it has received
and reviewed a copy of the Note Purchase Agreement, the Notes and each of the other documents executed in connection therewith. The Additional Obligor hereby agrees to become an Obligor in respect of the obligations as set forth in the Note Purchase
Agreement and the Notes and, by executing and delivering this Joinder Agreement, does hereby join and become a party to the Note Purchase Agreement as an Obligor, assuming all of the obligations and liabilities of an Obligor thereunder. The
Additional Obligor hereby further agrees to comply with, and be bound by, all of the terms and conditions of the Note Purchase Agreement in all respects as an original Obligor thereunder, as if such Additional Obligor was an original signatory
thereto, assuming all obligations and liabilities arising or incurred under the Note Purchase Agreement and the Notes on and after the Closing. The Additional Obligor hereby further acknowledges that such terms and conditions include, without
limitation, joint and several liability with regard to all obligations under the Note Purchase Agreement and the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
<I>Affirmation</I>. The Obligors and the Additional Obligor each hereby ratifies and confirms all of its obligations to the holders, and the Obligors and the Additional Obligor each hereby affirms its absolute and unconditional promise to pay to the
holders all amounts due or to become due and payable to the holders under the Note Purchase Agreement and the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 9.7 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Effectiveness</I>. This Joinder Agreement shall not become effective until, and shall
become effective when, each and every one of the following conditions shall have been satisfied: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) executed counterparts
of this Joinder Agreement, duly executed by the Additional Obligors and agreed and consented to by the Obligors, shall have been delivered to the holders (or counsel to the holders); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the representations and warranties of the Additional Obligors set forth in Section&nbsp;2 hereof are true and correct on
and with respect to the date hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the Additional Obligor shall have delivered an executed allonge to each of the
Notes, which allonge shall add the Additional Obligor as a maker of the Notes, each in form and substance satisfactory to the Required Holders; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the holders shall have received from the Additional Obligor (x)&nbsp;a certificate as to the good standing of such
Additional Obligor from the Secretary of State or other appropriate official of the state of its incorporation or organization, dated as of a recent date; (y)&nbsp;a certificate signed by an authorized responsible officer of such Additional Obligor
containing representations and warranties on behalf of such Additional Obligor to the same effect, <I>mutatis mutandis</I>, as those contained in Section&nbsp;5 of the Note Purchase Agreement (but with respect to such Additional Obligor); and
(z)&nbsp;an opinion of counsel (which may be from internal counsel) reasonably satisfactory to the Required Holders covering such matters relating to such Additional Obligor and this Joinder Agreement as reasonably requested by the Required Holders.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[Add any other provision agreed to by the parties.] </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2. R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Additional Obligor hereby represents and warrants that as of the date hereof and as of the date of execution and delivery of this Joinder
Agreement that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) this Joinder Agreement has been duly authorized by all necessary entity action on the part of the
Additional Obligor and has been executed and delivered by the Additional Obligor, and this Joinder Agreement constitutes the legal, valid and binding obligation of the Additional Obligor enforceable against the Additional Obligor in accordance with
its terms, except as such enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the execution, delivery and performance by the Additional Obligor of this Joinder Agreement will not (i)&nbsp;contravene,
result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Additional Obligor or any of its Subsidiaries under, (A)&nbsp;any indenture, mortgage, deed of trust, loan, purchase or
credit agreement, lease, corporate charter or by-laws, shareholders agreement or (B)&nbsp;any other agreement or instrument evidencing Indebtedness to which the Additional Obligor or any of its Subsidiaries is bound or by which the Obligor or any of
its Subsidiaries or any of their respective properties may be bound or affected, (ii)&nbsp;conflict with or result in breach of any of the terms, conditions or provisions of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9.7-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Additional Obligor or any of its Subsidiaries or (iii)&nbsp;violate any provision of any
statute or other rule or regulation of any Governmental Authority applicable to the Additional Obligor or any of its Subsidiaries; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) no consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is
required in connection with the execution, delivery or performance by the Additional Obligor of this Joinder Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3.
G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">T<SMALL>HIS</SMALL> J<SMALL>OINDER</SMALL> A<SMALL>GREEMENT</SMALL> <SMALL>SHALL</SMALL>
<SMALL>BE</SMALL> <SMALL>CONSTRUED</SMALL> <SMALL>AND</SMALL> <SMALL>ENFORCED</SMALL> <SMALL>IN</SMALL> <SMALL>ACCORDANCE</SMALL> <SMALL>WITH</SMALL>, <SMALL>AND</SMALL> <SMALL>THE</SMALL> <SMALL>RIGHTS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL>
<SMALL>PARTIES</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>GOVERNED</SMALL> <SMALL>BY</SMALL>, <SMALL>THE</SMALL> <SMALL>LAW</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> S<SMALL>TATE</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL>
Y<SMALL>ORK</SMALL> <SMALL>EXCLUDING</SMALL> <SMALL>CHOICE</SMALL>-<SMALL>OF</SMALL>-<SMALL>LAW</SMALL> <SMALL>PRINCIPLES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>LAW</SMALL> <SMALL>OF</SMALL> <SMALL>SUCH</SMALL> S<SMALL>TATE</SMALL>
<SMALL>THAT</SMALL> <SMALL>WOULD</SMALL> <SMALL>PERMIT</SMALL> <SMALL>THE</SMALL> <SMALL>APPLICATION</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>LAWS</SMALL> <SMALL>OF</SMALL> <SMALL>A</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OTHER</SMALL>
<SMALL>THAN</SMALL> <SMALL>SUCH</SMALL> S<SMALL>TATE</SMALL>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4. M<SMALL>ISCELLANEOUS</SMALL>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Note Purchase Agreement and the Notes and all documents, instruments and agreements related thereto are hereby ratified and confirmed by
each of the Obligors and the Additional Obligor in all respects and shall continue in full force and effect. The undersigned agrees that this Joinder Agreement shall be deemed to be, and is hereby made a part of, the Note Purchase Agreement and the
Notes as if set forth therein in full. This Joinder Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which
counterparts taken together shall be deemed to constitute one and the same instrument </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I<SMALL>N</SMALL> W<SMALL>ITNESS</SMALL>
W<SMALL>HEREOF</SMALL>, each the undersigned have caused this Joinder Agreement to be duly executed as of the date first written above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">[S<SMALL>IGNATURES</SMALL>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9.7-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> L<SMALL>IENS</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:21.30pt; font-size:8pt; font-family:Times New Roman"><B>Entity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Obligation Amount</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Obligation Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Property Subject to Lien</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Holder of Lien</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Nanjing Lincoln Electric Co. Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$1,299,373</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Defined benefit pension plan obligation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commercial Building</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nanjing Industrial Group</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Lincoln Electric Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$1,550,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Forgivable loans from Cuyahoga County</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Building</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cuyahoga County</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric do Brasil Industria e Comercio Ltda.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$1,496,552</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Guarantee for disputed VAT tax</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Accounts Receivable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Banco Itau Unibanco</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric do Brasil Industria e Comercio Ltda.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$60,960</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Guarantee for payment of electricity invoices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Accounts Receivable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Banco Itau Unibanco</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Electro-Arco, SA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$95,503</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capital lease of warehouse space</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Warehouse</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Caixa Leasing</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Electro-Arco, SA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$29,203</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capital lease of computers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Computers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SFLAG</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lincoln Electric (UK) Limited</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$29,137</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capital lease of forklift</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Forklift being leased</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BNP Paribas</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 10.6 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N<SMALL>AMES</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESSES</SMALL> <SMALL>OF</SMALL>
P<SMALL>URCHASERS</SMALL> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1095 Avenue of the Americas</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">D</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$22,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
scheduled payments of principal and interest by wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">JPMorgan Chase Bank</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA&nbsp;Routing&nbsp;#:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">021-000-021</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account No.:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">002-2-410591</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account&nbsp;Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Metropolitan Life Insurance Company</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ref:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings 4.02% due 04/01/2045</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate,
maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions
to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Metropolitan
Life Insurance Company</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile:
(973)&nbsp;355-4250 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements</B> to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Metropolitan Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Chief Counsel-Securities Investments (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: sec_invest_law@metlife.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of
Nominee in which Notes are to be issued: None </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> B </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(to Note
Purchase Agreement) </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 13-5581829 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Metropolitan Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Securities Investments, Law Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Dan Scudder, Esq. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>


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<TR>
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<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>M<SMALL>ET</SMALL>L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL> USA</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Metropolitan Life Insurance Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1095 Avenue of the
Americas</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$3,400,000<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$14,900,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
scheduled payments of principal and interest by wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">JPMorgan Chase Bank</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA&nbsp;Routing&nbsp;#:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">021-000-021</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account No.:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">910-2-587434</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account&nbsp;Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">MetLife Insurance Company USA</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ref:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings 3.61% due 04/1/2035 4.02% due 2045</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate,
maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions
to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>MetLife
Insurance Company USA</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o Metropolitan Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile:
(973)&nbsp;355-4250 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements to</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>MetLife Insurance Company USA</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o Metropolitan Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Chief Counsel-Securities Investments (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: sec_invest_law@metlife.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of
Nominee in which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 06-0566090 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>MetLife
Insurance Company USA</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o Metropolitan Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Securities Investments, Law Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New
Jersey 07962-1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Dan Scudder, Esq. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-4 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>E<SMALL>MPLOYERS</SMALL> R<SMALL>EASSURANCE</SMALL> C<SMALL>ORPORATION</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Jane Kipper</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7101 College Boulevard, Suite 1400</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Overland Park, KS 66210</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$600,000<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$6,300,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
scheduled payments of principal and interest by wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">JPMorgan Chase Bank, N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA&nbsp;Routing&nbsp;#:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">021000021</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account No:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">9009002859</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Private Placement Income</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ref :</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">G10190 Employers Reassurance Corporation &#151; Lincoln Electric Holdings 3.61% due 04/01/2035/4.02% due 04/01/2045</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate,
maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions
to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Employers
Reassurance Corporation</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P. O. Box 1902, 10 Park Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number:
(973)&nbsp;355-4250 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements to</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Employers Reassurance Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o MetLife Investment Management, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P. O. Box 1902, 10 Park Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Chief Counsel&nbsp;&#151; Securities Investments (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: sec_invest_law@metlife.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention:
Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account: Employers Reassurance Corp </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">14201 Dallas Parkway&nbsp;&#151; 13th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dallas, TX 75254 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax:
(469)&nbsp;477-1904 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: Cudd&nbsp;&amp; Co. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 48-1024691 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4 Chase Metrotech Center, 3rd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY 11245-0001 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn:
Physical Receive Department (Account G10190, Private Placement Income) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brian Cavanaugh 718-242-0264 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With COPIES OF THE NOTES emailed to lhill@metlife.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-6 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1095 Avenue of the Americas</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">D</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$6,300,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
scheduled payments of principal and interest by wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">State Street Bank</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA&nbsp;Routing&nbsp;#:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">011-000-028</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account No.:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">10370484</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Metropolitan Life Insurance Company &#151; Separate Account 733</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ref:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Fund 75EZ &#151; Lincoln Electric Holdings 4.02% due 04/01/2045</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate,
maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions
to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Metropolitan
Life Insurance Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile:
(973)&nbsp;355-4250 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements to:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Metropolitan Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Chief Counsel-Securities Investments (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: sec_invest_law@metlife.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 13-5581829 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name in which Notes are to be issued: Metropolitan Life Insurance Company, on behalf of its Separate Account 733 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Metropolitan
Life Insurance Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Securities Investments, Law Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">10 Park Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Dan Scudder, Esq. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>E<SMALL>RIE</SMALL> F<SMALL>AMILY</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 Erie Insurance Place</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Erie, PA 16530</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$5,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
scheduled payments of principal and interest by wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank&nbsp;Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Federal Reserve Bank of Boston</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">011001234</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account&nbsp;No.:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">0000048771</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ref:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">EFL-MetLife, EIRF6021912&nbsp;&#151; Lincoln Electric Holdings</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">3.15% due 08/20/2025</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate,
maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions
to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">All notices and communications: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Erie Family Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902, 10 Park Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, New Jersey 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile:
(973)&nbsp;355-4250 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements to:</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Erie Family Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investments, Privates Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P.O. Box 1902, 10 Park Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Morristown, NJ 07962-1902 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Chief Counsel-Securities Investments (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: sec_invest_law@metlife.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Erie Family Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Bradley Postema, Senior Vice President, Chief Investment Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">100 Erie Insurance Place </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Erie,
PA 16530 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: Mac&nbsp;&amp; Co, LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer&nbsp;I.D. Number: 25-1186315 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of
Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>P<SMALL>HYSICAL</SMALL> D<SMALL>ELIVERY</SMALL>&nbsp;&#151; New York</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNY Mellon Asset Servicing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One
Wall Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3rd Floor&nbsp;&#151; Receive Window C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For Credit
to: Erie Family Life Insurance Company, EIRF6021912 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>With COPIES OF THE NOTES emailed to lhill@metlife.com</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-10 </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>J<SMALL>OHN</SMALL> H<SMALL>ANCOCK</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL> (U.S.A.)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o John Hancock Financial Services</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">197 Clarendon Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02116</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Investment Law, C-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (617) 572-9269</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">D</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$15,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments to be by bank wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bank of New York Mellon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">011001234</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">JPPF10010002</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">US PP Collector F008</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For&nbsp;Further&nbsp;Credit&nbsp;to:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">DDA Number 0000048771</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On Order of:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices and Audit Requests </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock Financial Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA
02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Investment Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1799 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: InvestmentAdministration@jhancock.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock Financial Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA
02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Bond and Corporate Finance, C-2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1602 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices shall be sent to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="70%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John&nbsp;Hancock&nbsp;Financial&nbsp;Services</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">and</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">John Hancock Financial Services</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">197 Clarendon Street</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">197 Clarendon Street</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Boston, MA 02116</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Boston, MA 02116</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Attention:&nbsp;Investment&nbsp;Law,&nbsp;C-3</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Attention: Bond and Corporate Finance, C-2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax Number: (617)&nbsp;572-9269</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Fax Number: (617) 572-1602</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax Identification Number: 01-0233346 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock
Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street, C-3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA 02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Pam
Memishian </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>J<SMALL>OHN</SMALL> H<SMALL>ANCOCK</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL>
N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o John Hancock Financial Services</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">197 Clarendon Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02116</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Investment Law, C-3</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (617) 572-9269</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">D</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$10,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments to be by bank wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bank of New York Mellon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">011001234</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">JPPF10010002</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">US PP Collector F008</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For&nbsp;Further&nbsp;Credit&nbsp;to:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">DDA Number 0000048771</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On Order of:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices and Audit Requests </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock Financial Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA
02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Investment Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1799 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: InvestmentAdministration@jhancock.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John
Hancock Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA 02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Bond
and Corporate Finance, C-2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1602 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices shall be sent to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="70%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John&nbsp;Hancock&nbsp;Financial&nbsp;Services</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">and</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">John Hancock Financial Services</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">197 Clarendon Street</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">197 Clarendon Street</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Boston, MA 02116</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Boston, MA 02116</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention: Investment Law, C-3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Attention: Bond and Corporate Finance, C-2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax Number: (617)&nbsp;572-9269</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Fax Number: (617) 572-1602</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax Identification Number: 13-3646501 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock
Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street, C-3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA 02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Pam
Memishian </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>J<SMALL>OHN</SMALL> H<SMALL>ANCOCK</SMALL> L<SMALL>IFE</SMALL> &amp; H<SMALL>EALTH</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o John Hancock Financial Services</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">197 Clarendon Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02116</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Investment Law, C-3</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (617) 572-9269</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">D</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$5,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments to be by bank wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bank of New York Mellon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">011001234</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">JPPF10010002</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">US PP Collector F008</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For&nbsp;Further&nbsp;Credit&nbsp;to:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">DDA Number 0000048771</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On Order of:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices and Audit Requests </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock Financial Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA
02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Investment Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1799 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: InvestmentAdministration@jhancock.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John
Hancock Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA 02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Bond
and Corporate Finance, C-2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1602 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices shall be sent to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="70%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John&nbsp;Hancock&nbsp;Financial&nbsp;Services</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">and</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">John Hancock Financial Services</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">197 Clarendon Street</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">197 Clarendon Street</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Boston, MA 02116</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Boston, MA 02116</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention: Investment Law, C-3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Attention: Bond and Corporate Finance, C-2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax Number: (617)&nbsp;572-9269</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Fax Number: (617) 572-1602</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax Identification Number: 13-3072894 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock
Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street, C-3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA 02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Pam
Memishian </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>M<SMALL>ANULIFE</SMALL> (I<SMALL>NTERNATIONAL</SMALL>) L<SMALL>IMITED</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o John Hancock Financial Services</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">197 Clarendon Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02116</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Investment Law, C-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (617) 572-9269</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">D</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$10,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments to be by bank wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bank of New York Mellon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">011001234</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">JPPF1115002</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">28AA MIL US PP Collector</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For&nbsp;Further&nbsp;Credit&nbsp;to:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">DDA Number 0000048771</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On Order of:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings Inc.</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices and Audit Requests </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock Financial Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA
02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Investment Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1799 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: InvestmentAdministration@jhancock.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John
Hancock Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA 02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Bond
and Corporate Finance, C-2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1602 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">And </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Manulife Asset Management (Asia) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ken Cha, General Account Investments </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">16/F, The Lee Gardens, 33 Hysan Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Causeway Bay, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ken_cha@manulife.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number:
852-2907-2076 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices shall be sent to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="66%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John&nbsp;Hancock&nbsp;Financial&nbsp;Services</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">and</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">John Hancock Financial Services</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">197 Clarendon Street</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">197 Clarendon Street</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Boston, MA 02116</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Boston, MA 02116</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention: Investment Law, C-3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Attention: Bond and Corporate Finance, C-2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax Number: (617)&nbsp;572-9269</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Fax Number: (617) 572-1602</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax Identification Number: 98-0682057 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bank of New
York Mellon Corp. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street, 3rd Floor, Window C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference:
Account JPPF1115002 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Michael Visone </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>M<SMALL>ANUFACTURERS</SMALL> L<SMALL>IFE</SMALL> R<SMALL>EINSURANCE</SMALL> L<SMALL>IMITED</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o John Hancock Financial Services</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">197 Clarendon Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02116</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Investment Law, C-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (617) 572-9269</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">D</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$10,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments to be by bank wire transfer of immediately available funds to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bank Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bank of New York Mellon</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">011001234</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">JPPF1136002</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Account Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">49AA MLRL USPP Collector</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For&nbsp;Further&nbsp;Credit&nbsp;to:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">DDA Number 0000048771</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On Order of:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices and Audit Requests </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John Hancock Financial Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA
02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Investment Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1799 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: InvestmentAdministration@jhancock.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">John
Hancock Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">197 Clarendon Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Boston, MA 02116 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Bond
and Corporate Finance, C-2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number: (617)&nbsp;572-1602 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">And </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Manulife Asset Management (Asia) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ken Cha, General Account Investments </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">16/F, The Lee Gardens, 33 Hysan Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Causeway Bay, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ken_cha@manulife.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax Number:
852-2907-2076 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices shall be sent to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="70%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John&nbsp;Hancock&nbsp;Financial&nbsp;Services</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">and</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">John Hancock Financial Services</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">197 Clarendon Street</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">197 Clarendon Street</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Boston, MA 02116</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Boston, MA 02116</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention: Investment Law, C-3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Attention: Bond and Corporate Finance, C-2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fax Number: (617)&nbsp;572-9269</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Fax Number: (617) 572-1602</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax Identification Number: 20129093 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bank of New
York Mellon Corp. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street, 3rd Floor, Window C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference:
Account JPPF1136002 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Michael Visone </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>TATE</SMALL> F<SMALL>ARM</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment Dept. E-8</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One State Farm Plaza</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">privateplacements@statefarm.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A<BR>B</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$17,000,000<BR>$29,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Wire
Transfer Instructions: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="81%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">JPMorganChase</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA#:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">021000021</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">SSG Private Income Processing</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A/C#</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">9009000200</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For&nbsp;further&nbsp;credit&nbsp;to:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">State Farm Life Insurance Company</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Custody Account # G06893</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">RE:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc., 3.15% Senior Notes due</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">August&nbsp;20,&nbsp;2025</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">PPN&nbsp;#:&nbsp;53359#&nbsp;AA0</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Maturity Date: August 20, 2025</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">RE:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc., 3.35% Senior Notes due</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">August&nbsp;20, 2030</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">PPN #: 53359# AB8</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Maturity Date: August 20, 2030</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Send
notices, financial statements, officer&#146;s certificates and other correspondence to: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State Farm Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investment Dept. E-8 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One State
Farm Plaza </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If by Email: privateplacements@statefarm.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Send confirms to: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State Farm Life
Insurance Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investment Accounting Dept. D-3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One State Farm Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 37-0533090 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4 Chase Metrotech Center </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3rd
Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, New York 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account: G06893 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With a copy via
email to: Christiane M. Stoffer at chris.stoffer.htr4@statefarm.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>TATE</SMALL> F<SMALL>ARM</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANIES</SMALL> E<SMALL>MPLOYEE</SMALL>
R<SMALL>ETIREMENT</SMALL> T<SMALL>RUST</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment Dept. E-8</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One State Farm Plaza</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">privateplacements@statefarm.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wire
Transfer Instructions: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="81%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">JPMorganChase</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA#:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">021000021</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">SSG Private Income Processing</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A/C#</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">9009000200</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For&nbsp;further&nbsp;credit&nbsp;to:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">State Farm Insurance Companies Employee Retirement Trust Custody Account # G07251</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">RE:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc., 3.15% Senior Notes due August&nbsp;20, 2025</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">PPN #: 53359# AA0</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Maturity Date: August 20, 2025</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Send
notices, financial statements, officer&#146;s certificates and other correspondence to: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State Farm Insurance Companies Employee
Retirement Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investment Dept. E-8 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One State Farm Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If by
Email: privateplacements@statefarm.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Send confirms to: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State Farm Insurance Companies Employee Retirement Trust </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investment Accounting Dept. D-3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One State Farm Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which
Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 36-6042145 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4 Chase Metrotech Center </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brooklyn, New York 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Physical Receive Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Account: G07251 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With a copy via email to: Christiane M. Stoffer at chris.stoffer.htr4@statefarm.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>TATE</SMALL> F<SMALL>ARM</SMALL> L<SMALL>IFE</SMALL> <SMALL>AND</SMALL> A<SMALL>CCIDENT</SMALL> A<SMALL>SSURANCE</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>C<SMALL>OMPANY</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment Dept. E-8</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One State Farm Plaza</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">privateplacements@statefarm.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$1,000,000<BR>$1,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Wire
Transfer Instructions: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="81%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">JPMorganChase</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ABA#:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">021000021</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">SSG Private Income Processing</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A/C#</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">9009000200</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For&nbsp;further&nbsp;credit&nbsp;to:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">State Farm Life and Accident Assurance Company</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Custody Account # G06895</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">RE:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc., 3.15% Senior Notes due</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">August&nbsp;20, 2025</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">PPN #: 53359# AA0</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Maturity Date: August 20, 2025</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">RE:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Lincoln Electric Holdings, Inc., 3.35% Senior Notes due</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">August&nbsp;20, 2030</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">PPN #: 53359# AB8</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Maturity Date: August 20, 2030</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Send notices, financial statements, officer&#146;s certificates and other correspondence to: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State Farm Life and Accident Assurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investment Dept. E-8 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One State
Farm Plaza </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If by Email: privateplacements@statefarm.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Send confirms to: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State Farm Life and
Accident Assurance Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investment Accounting Dept. D-3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One State Farm Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61710 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which
Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 37-0805091 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan
Chase Bank, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4 Chase Metrotech Center </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY
11245-0001 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: G06895 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With a copy
via email to: Christiane M. Stoffer at chris.stoffer.htr4@statefarm.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-26 </P>


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<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>V<SMALL>OYA</SMALL> R<SMALL>ETIREMENT</SMALL> I<SMALL>NSURANCE</SMALL> <SMALL>AND</SMALL> A<SMALL>NNUITY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>C<SMALL>OMPANY</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Voya Investment Management
LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia
30327-4347</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax:
(770)&nbsp;690-5342</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A<BR>B</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$5,000,000<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$17,900,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank
of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA#: 021000018 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For scheduled principal and interest payments: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNF: GLA111566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Income
Collection Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For further credit to: VOYA Retiremt Ins and Ann Co/Acct. 216101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Series A PPN&nbsp;53359# AA0 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B PPN&nbsp;53359# AB8 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For all payments other than scheduled principal and interest: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: 2161018400 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: VOYA Retiremt Ins and Ann Co </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Series A PPN&nbsp;53359# AA0, Series B PPN&nbsp;53359# AB8 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the
Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-27 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all notices relating to payments: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Operations/Settlements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5316 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all other
communications and notices: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5342 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in
which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 71-0294708 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of
New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Window A - 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York,
NY 10286 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Joyce Resnick </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email:
Joyce.Resnick@Voya.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-28 </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>V<SMALL>OYA</SMALL> I<SMALL>NSURANCE</SMALL> <SMALL>AND</SMALL> A<SMALL>NNUITY</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Voya Investment Management LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW,
Suite 300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Private
Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5342</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A<BR>B</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$500,000<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$4,300,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank
of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA#: 021000018 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For scheduled principal and interest payments: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNF: GLA111566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Income
Collection Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For further credit to: VOYA Ins and Ann Co-SLDI/Acct. 179369 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Series A PPN 53359# AA0 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B PPN 53359# AB8 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For all payments other than scheduled principal and interest: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: 1793698400 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: VOYA Ins and Ann Co-SLDI </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Series A PPN 53359# AA0, Series B PPN 53359# AB8 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the
Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all notices relating to payments: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Operations/Settlements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5316 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a
copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Insurance Trust Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">101
Barclay 8 West </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Bailey Eng (baileyeng@bankofny.com) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all other communications and notices: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5342 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in
which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 41-0991508 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of
New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Window A - 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York,
NY 10286 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Joyce Resnick </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email:
Joyce.Resnick@Voya.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-30 </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>V<SMALL>OYA</SMALL> I<SMALL>NSURANCE</SMALL> <SMALL>AND</SMALL> A<SMALL>NNUITY</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Voya Investment Management LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW,
Suite 300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Private
Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5342</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,900,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank
of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA#: 021000018 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For scheduled principal and interest payments: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNF: GLA111566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Income
Collection Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For further credit to: Voya Ins and Ann Co GEN AC/Acct. 136373 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Series A PPN 53359# AA0 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For all payments other than scheduled principal and interest: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: 1363738400 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: Voya Ins and Ann Co GEN AC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Series A PPN 53359# AA0 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such
wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal,
premium and interest) of the payment being made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all notices relating to payments: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Operations/Settlements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5316 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all other
communications and notices: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5342 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in
which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 41-0991508 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of
New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Window A - 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York,
NY 10286 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Joyce Resnick </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email:
Joyce.Resnick@Voya.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-32 </P>


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<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>R<SMALL>ELIASTAR</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Voya Investment Management LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW,
Suite 300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Private
Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5342</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$700,000<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$1,900,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank
of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA#: 021000018 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For scheduled principal and interest payments: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNF: GLA111566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Income
Collection Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For further credit to: RLIC/Acct. 187035 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Series A PPN 53359# AA0 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B PPN 53359# AB8 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For all payments other than scheduled principal and interest: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: 1870358400 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: RLIC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference:
Series A PPN&nbsp;53359# AA0, Series B PPN&nbsp;53359# AB8 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such wire transfer should set forth the name of the issuer, the full title (including the
coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all notices relating to payments: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Operations/Settlements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5316 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all other
communications and notices: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5342 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in
which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 41-0451140 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of
New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Window A - 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York,
NY 10286 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Joyce Resnick </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email:
Joyce.Resnick@Voya.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-34 </P>


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<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>ECURITY</SMALL> L<SMALL>IFE</SMALL> <SMALL>OF</SMALL> D<SMALL>ENVER</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Voya Investment Management LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia
30327-4347</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax:
(770)&nbsp;690-5342</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$900,000<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$900,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank
of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA#: 021000018 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For scheduled principal and interest payments: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNF: GLA111566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Income
Collection Department </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For further credit to: SLD/Acct. 178157 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Series A PPN 53359# AA0 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B PPN 53359# AB8 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For all payments other than scheduled principal and interest: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: 1781578400 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: SLD </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference:
Series A PPN 53359# AA0, Series B PPN 53359# AB8 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such wire transfer should set forth the name of the issuer, the full title (including the coupon
rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all notices relating to payments: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Operations/Settlements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5316 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all other
communications and notices: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax:
(770)&nbsp;690-5342 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 84-0499703 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Window A - 3rd
Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment
Management LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Joyce Resnick </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email:
Joyce.Resnick@Voya.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LEO 2013-1 LLC</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Voya Investment
Management LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta,
Georgia 30327-4347</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax:
(770)&nbsp;690-5342</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$3,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Northern
CHGO/Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA#: 071000152 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Credit Wire Account: 5186041000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account No: LEOC01 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name:
LEO 2013-1 LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: PPN&nbsp;53359# AA0 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATTN: INC/DIV (for interest payments) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Maturities (for final principal payments) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Income Collections (for principal amortization payments) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such wire transfer should set forth the name of the issuer, the full
title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all notices relating to
payments: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Operations/Settlements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (770)&nbsp;690-5316 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all other communications and notices: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax:
(770)&nbsp;690-5342 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 98-1104822 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Northern Trust Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Trade Securities Processing, C-1N </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">801 South Canal Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Northern
Account No.: LEOC01 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: LEO 2013-1 LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chicago, IL 60607 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Joyce Resnick </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email:
Joyce.Resnick@Voya.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-38 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>M<SMALL>ELLON</SMALL> T<SMALL>RUST</SMALL> C<SMALL>OMPANY</SMALL>, <SMALL>AS</SMALL> M<SMALL>ASTER</SMALL> T<SMALL>RUSTEE</SMALL>
<SMALL>FOR</SMALL> <SMALL>THE</SMALL> V<SMALL>OYA</SMALL> R<SMALL>ETIREMENT</SMALL> P<SMALL>LAN</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Voya Investment Management LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia
30327-4347</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax:
(770)&nbsp;690-5342</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments related to scheduled and unscheduled principal and interest, premiums and fees on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA#: 011001234 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DDA A/C # 125261
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: MBS Income, Cost Center 1253 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: PPN 53359# AA0 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such wire
transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium
and interest) of the payment being made. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all notices relating to payments: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNYM Mellon Asset Servicing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">11486 Corporate Blvd., Suite 200 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Orlando, FL 32817-8371 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn:
Operations/Settlements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">E-mail: VoyaTradeSupport@bnymellon.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for all other communications and notices: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax:
(770)&nbsp;690-5342 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-39 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 52-1317217 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mellon Securities Trust Co. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3rd Floor-
Receive Window C </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Voya Pension Fund; Acct# IN4F3001002 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Voya Investment
Management LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5780 Powers Ferry Road NW, Suite 300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Atlanta, Georgia 30327-4347 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Joyce Resnick </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email:
Joyce.Resnick@Voya.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-40 </P>


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<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>T<SMALL>HRIVENT</SMALL> F<SMALL>INANCIAL</SMALL> <SMALL>FOR</SMALL> L<SMALL>UTHERANS</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">625 Fourth Avenue South</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minneapolis, Minnesota 55415</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Investment Division-Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax Number:
(612)&nbsp;844-4027</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: privateinvestments@thrivent.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A<BR>A<BR>B<BR>B<BR>B<BR>B</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$5,000,000<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$5,000,000</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$5,000,000</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$5,000,000</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$5,000,000</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$5,000,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payments
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA #011000028 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State
Street Bank&nbsp;&amp; Trust Co. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DDA # A/C &#151; 6813-049-1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fund Number: NCE1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fund Name:
Thrivent Financial for Lutherans </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All payments must include the following information: Security Description, Private Placement Number, Reference Purpose
of Payment and Interest and/or Principal Breakdown. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications to be addressed as first provided above, except notices with respect to payments and written confirmation of such wire
transfers, to be addressed: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Investment Division-Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATT: Martin Rosacker </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thrivent
Financial for Lutherans </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">625 Fourth Avenue South </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Minneapolis, MN 55415 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax:
(612)&nbsp;844-4027 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: privateinvestments@thrivent.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATT: Jeremy
Anderson or Harmon Bergenheier </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">625 Fourth Avenue South </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Minneapolis, Minnesota 55415 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: boxprivateplacement@thrivent.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-41 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: Swanbird&nbsp;&amp; Co. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 39-0123480 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number for
Swanbird&nbsp;&amp; Co.: 04-3475606 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DTCC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Newport Office Center </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">570 Washington Blvd. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jersey
City, NJ 07310 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: 5th floor / NY Window / Robert Mendez </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ref: State Street Account </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Fund
Name: Thrivent Financial for Lutherans </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Fund Number: NCE1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Nominee Name: Swanbird&nbsp;&amp; Co. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Nominee Tax ID Number: 04-3475606 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With a copy to the Thrivent Financial legal team: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Taiesha McBroom, Senior Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">625 Fourth Avenue South, MS 1100 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Minneapolis, MN 55415 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">taiesha.mcbroom@thrivent.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Lisa Corbin, Paralegal </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">625
Fourth Avenue South, MS 1100 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Minneapolis, MN 55415 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">lisa.corbin@thrivent.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-42 </P>


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<TD WIDTH="5%"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AIG P<SMALL>ROPERTY</SMALL> C<SMALL>ASUALTY</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o AIG Asset Management</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2929 Allen Parkway, A36-04</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, Texas 77019-2155</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Compliance</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: complianceprivateplacements@aig.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$6,350,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of
such funds, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>The Bank of New York Mellon</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>ABA # 021-000-018</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account
Name: <B>BNYM Income</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: <B>GLA111566</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For Further Credit to: <B>AIG PROPERTY CASUALTY CO.; Account No: 554903</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: <B>PPN <U>and</U> Prin.: $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>; Int.:
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payment notices, audit confirmations and related correspondence to</U></B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AIG Property Casualty Company (554903) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o AIG Asset Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2929
Allen Parkway, A36-04 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77019-2155 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Portfolio Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: <B>AIGGIGPVTPLACEMENTOPERATIONS@aig.com</B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Duplicate payment notices (only) to</U></B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AIG Property Casualty Company (554903) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: P &amp; I Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Fax: (718)&nbsp;315-3076</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-43 </P>


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<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Compliance reporting information (financial docs, officer&#146;s certificates, etc.) to:</U> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AIG Asset Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2929 Allen
Parkway, A36-04 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77019-2155 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Compliance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: complianceprivateplacements@aig.com </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>*<U>Note</U>:</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>Only two (2) complete sets of compliance information are required for all companies for which AIG Asset Management Group serves as investment adviser. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: HARE&nbsp;&amp; CO., LLC (Tax ID #: <FONT STYLE="white-space:nowrap">13-6062916)</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax I.D. Number for AIG Property Casualty Company: 25-1118791 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of
New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street, 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor &#150; <B>Free Receive Dept.</B> (via
overnight mail) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Sammy Yankanah, Phone: (212)&nbsp;635-7077 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: <B>AIG PROPERTY CASUALTY COMPANY</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: <B>554903</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-44 </P>


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<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A<SMALL>MERICAN</SMALL> G<SMALL>ENERAL</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o AIG Asset Management</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2929 Allen Parkway, A36-04</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77019-2155</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Portfolio
Administration</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: complianceprivateplacements@aig.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$13,150,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of
such funds, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>State Street Bank&nbsp;&amp; Trust Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>ABA # 011-000-028</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account
Name: <B>American General Life Ins. Co. Physical; Fund Number PA40</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: <B>0125-880-5</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: <B>PPN <U>and</U> Prin.: $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>; Int.:
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payment notices, audit confirmations and related correspondence to</U></B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">American General Life Insurance Company (PA40) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o AIG Asset Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2929
Allen Parkway, A36-04 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77019-2155 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Portfolio Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Email: AIGGIGPVTPLACEMENTOPERATIONS@aig.com</B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Duplicate payment notices (only) to</U></B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">American General Life Insurance Company (PA40) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o State Street Bank Corporation, Insurance Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (816)&nbsp;871-5539 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-45 </P>


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<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Compliance reporting information (financial docs, officer&#146;s certificates, etc.) to:</U> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AIG Asset Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2929 Allen
Parkway, A36-04 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77019-2155 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Compliance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Email: complianceprivateplacements@aig.com</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>*<U>Note</U>:</B></TD>
<TD ALIGN="left" VALIGN="top">Only two (2) complete sets of compliance information are required for all companies for which AIG Asset Management Group serves as investment adviser. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: <B>AGL-DEL (Tax ID #: 74-2058550)</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax I.D. Number for American General Life Insurance Company: 25-0598210 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DTCC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Newport Office Center </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">570
Washington Blvd. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jersey City, NJ 07310 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5th Floor / NY Window / Robert Mendez (617-985-2074) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">FBO: State Street Bank&nbsp;&amp; Trust for account <B>PA40</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-46 </P>


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<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="5%"></TD>
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<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U<SMALL>NITED</SMALL> G<SMALL>UARANTY</SMALL> R<SMALL>ESIDENTIAL</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o AIG Asset Management</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2929 Allen Parkway, A36-04</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77019-2155</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Portfolio
Administration</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: complianceprivateplacements@aig.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of
such funds, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>The Bank of New York Mellon</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>ABA # 021-000-018</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account
Name: <B>BNYM Income</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Number: <B>GLA111566</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For Further Credit to: <B>U. S. Bank N.A.; Account No. 117612</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: United Guaranty Residential Ins. Co.; PPN and Prin.:
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>; Int.: $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payment notices, audit
confirmations and related correspondence to</U></B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">United Guaranty Residential Insurance Company (1028783566) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o AIG Asset Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2929
Allen Parkway, A36-04 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77019-2155 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Portfolio Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Email: AIGGIGPVTPLACEMENTOPERATIONS@aig.com</B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Duplicate payment notices (only) to</U></B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">United Guaranty Residential Insurance Company (1028783566) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o U.S. Bank N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Fax: Lisa
Nadel (202)&nbsp;261-0810</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-47 </P>


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<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Compliance reporting information (financial docs, officer&#146;s certificates, etc.) to:</U> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AIG Asset Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2929 Allen
Parkway, A36-04 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77019-2155 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Private Placements Compliance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: <B>complianceprivateplacements@aig.com</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>*<U>Note</U>:</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>Only two (2) complete sets of compliance information are required for all companies for which AIG Asset Management Group serves as investment adviser. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: HARE&nbsp;&amp; CO., LLC (Tax ID #: <FONT STYLE="white-space:nowrap">13-6062916)</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax I.D. Number for United Guaranty Residential Insurance Company: 42-0885398 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of
New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street - 3rd Floor &#150;<B> Free Receive Dept.</B> (via overnight mail) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, N.Y. 10286 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Sammy
Yankanah, Phone: (212)&nbsp;635-7077 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>For account: U.S. Bank N.A. # 117612</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-48 </P>


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL><BR>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A<SMALL>LLIANZ</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL> N<SMALL>ORTH</SMALL>
A<SMALL>MERICA</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Allianz Investment Management</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">55 Greens Farms Road</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Westport, Connecticut 06880</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Phone: (203) 293-1900</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: ppt@allianzlife.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A<BR>C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$15,000,000<BR>$4,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on or in respect of the Notes to be by Federal Funds Wire Transfer to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">MAC&nbsp;&amp; CO., LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA
#: 011001234 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNY Mellon Account No.: AZAF6700422 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DDA 0000125261 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cost Center 1253
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Re: Name of Issuer: Lincoln Electric </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Description of Security: $100,000,000 3.15% Senior Notes, Series A, due </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">August&nbsp;20, 2025, PPN: 53359# AA0 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">$50,000,000 3.61% Senior Notes, Series C, due April&nbsp;1, 2035, PPN: 53359# AC6 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Due Date and Application (as among principal, make whole and interest) of the payment being made </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For Credit to Portfolio Account: AZL Special Investments AZAF6700422 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>All notices of payment on or in
respect of the Notes and written confirmation of each such payment to be addressed as first provided above <B>with a copy to: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kathy
Muhl </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Supervisor &#150; Income Group </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Three Mellon Center &#150; Room 153-1818 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pittsburgh, Pennsylvania 15259 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Phone: 412-234-5192 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email:
kathy.muhl@bnymellon.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-49 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices and communications to be addressed as first provided above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: MAC&nbsp;&amp; CO., LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 41-1366075 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mellon Securities Trust Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3rd Floor
Receive Window C </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For Credit to: Allianz Life Insurance Company of North America, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AZL Special Investments AZAF6700422 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-50 </P>


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<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
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<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>G<SMALL>REAT</SMALL>-W<SMALL>EST</SMALL> L<SMALL>IFE</SMALL>&nbsp;&amp; A<SMALL>NNUITY</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8515 East Orchard Road, 3T2</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Greenwood Village, CO 80111</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Investments Division</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: bond_compliance@greatwest.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax:
(303)&nbsp;737-6193</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A<BR>B</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$4,000,000$11,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on or in respect of the Notes to be made by bank wire transfer of Federal or other immediately available funds to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of
New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA No.: 021-000-018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNF: GLA111566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account No.:
6409358400 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: Great-West Life&nbsp;&amp; Annuity Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Income Collection Dept </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Lincoln Electric Holdings, Inc., 3.15% Senior Notes, Series A, due 2025, PPN&nbsp;53359# AA0, and/or Lincoln Holdings, Inc., 3.35%
Senior Notes, Series B, due 2030, PPN&nbsp;53359# AB8 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications, including notices of payments, on or in respect of the Notes and written confirmation of each such payment to be addressed as
first provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 84-0467907 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3rd Floor, Window A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall
Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Receive/Deliver Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Great-West Life&nbsp;&amp; Annuity Insurance Company/Acct No.&nbsp;640935 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-51 </P>


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<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>T<SMALL>HE</SMALL> G<SMALL>UARDIAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL>
A<SMALL>MERICA</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7 Hanover Square</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY
10004-2616</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Thomas Donohue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment Department 9-A</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FAX: (212) 919-2658</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email Address:
Thomas_donohue@glic.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$15,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on or in respect of the Notes shall be made by wire transfer to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JP Morgan Chase </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">FED ABA #021000021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chase/NYC/CTR/BNF </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">A/C
900-9-000200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference A/C #G05978, Guardian Life, PPN&nbsp;53359# AA0, Lincoln Electric Holdings </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications with
respect to payments and written confirmation of each such payment, to be addressed as first provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name in which Notes are to be issued: None
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 13-5123390 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of
Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JP Morgan Chase Bank, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4 Chase Metrotech Center - 3rd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY 11245-0001 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference A/C #G05978, Guardian Life </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-52 </P>


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<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>T<SMALL>HE</SMALL> P<SMALL>RUDENTIAL</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL>
A<SMALL>MERICA</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Prudential Capital Group</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Two
Prudential Plaza</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">180 N. Stetson Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 5600</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chicago, IL 60601</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attention: Managing Director, Corporate
Finance</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$7,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan
Chase Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA No.: 021000021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name:
Prudential Managed Portfolio </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account No. P86188 (please do not include spaces) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such wire transfer shall set forth the name of the Company, a reference to &#147;3.61% Series C Senior Notes due 1&nbsp;April 2035, Security No.
INV07866, PPN&nbsp;53359# AC6&#148; and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices with respect to payments, and
written confirmation of each such payment, to be addressed to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Prudential Insurance Company of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o Investment Operations Group </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Gateway Center Two, 10th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">100 Mulberry Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Newark, NJ
07102-4077 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Manager, Billings and Collections </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices and communications to be addressed as first provided above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name in which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D.
Number: 22-1211670 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-53 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Send physical security by nationwide overnight delivery service to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Prudential Capital Group </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Two
Prudential Plaza </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">180 N. Stetson Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suite 5600 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chicago, IL 60601
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Kim Maranda </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Telephone: (312)&nbsp;540-4246 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-54 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Z<SMALL>URICH</SMALL> A<SMALL>MERICAN</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prudential Private Placement Investors, L.P.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Prudential
Capital Group</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Two Prudential Plaza</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">180 N. Stetson Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 5600</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chicago, IL 60601</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attention: Managing Director, Corporate Finance</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$7,500,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank
of New York </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA No: 021000018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">BNF: IOC566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: PP P&amp;I
Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ref: ZAIC Private Placements, Cusip </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each such wire transfer shall set forth the name of the Company, a reference to &#147;3.61% Series C Senior Notes due 1&nbsp;April 2035, PPN&nbsp;53359#
AC6&#148; and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices with respect to payments, and written confirmation of each such payment, to be addressed to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Zurich North America </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn:
Treasury T1-19 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1400 American Lane </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Schaumburg, IL 60196-1056 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Contact: Mary Fran Callahan, Vice President-Treasurer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Telephone: (847)&nbsp;605-6447 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile: (847)&nbsp;605-7895 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">E-mail: mary.callahan@zurichna.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other
notices and communications to be addressed as first provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name in which Notes are to be issued: Hare&nbsp;&amp; Co., LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 36-4233459 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-55 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Send physical security by nationwide overnight delivery service to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bank of New York </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Window A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall Street, 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New
York, NY 10286 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please include in the cover letter accompanying the Notes a reference to the Purchaser&#146;s account number (Zurich
American Insurance Co.-Private Placements; Account Number: 399141). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Send copy by nationwide overnight delivery service to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Prudential Capital Group </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Gateway
Center 2, 10th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">100 Mulberry </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Newark, NJ 07102 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention:
Trade Management, Manager </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Telephone: (973)&nbsp;367-3141 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-56 </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL> <SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A<SMALL>MERICAN</SMALL> E<SMALL>QUITY</SMALL> I<SMALL>NVESTMENT</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6000 Westown Parkway</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">West Des
Moines, IA 50266</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Investment Department &#151; Private Placements</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">888-221-1234</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">515-221-0329 (fax)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PrivatePlacements@american-equity.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">B</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$10,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on or in respect of the Notes shall be made in immediately available funds to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State Street Bank&nbsp;&amp; Trust Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA # 011000028 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account #
00076026, Income Collection, BEV3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">REFERENCE: (PPN/CUSIP, Security Description, Interest Rate, Maturity Date, Interest Amount, Principal
and Premium Amount) </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and
communications relating to payments should be addressed to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">American Equity Investment Life Insurance Co. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Asset Administration </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">6000
Westown Parkway </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">West Des Moines, IA 50266 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">515-221-0329 fax </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial information,
covenant compliance and all other non-payment notices and communications to be addressed as first provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to
be issued: CHIMEFISH&nbsp;&amp; CO </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 65-1186810 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-57 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DTCC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Newport Office Center </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">570 Washington Blvd </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jersey City,
NJ 07310 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5th Floor/NY Window/Robert Mendez </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">FBO State Street Bank&nbsp;&amp; Trust for account BEV3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">CUSIP/PPN: 53359# AB8 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Security
Description: Lincoln Electric, 3.35% Senior Notes, Series B, due August&nbsp;20, 2030 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-58 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A<SMALL>MERITAS</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>ORP</SMALL>.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">390 North Cotner Blvd.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Lincoln, NE 68505</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A<BR>B<BR>C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$1,500,000<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$3,000,000</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$500,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments by wire transfer of immediately available funds to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA #021-000-021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DDA Clearing
Account: 9009002859 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Further Credit &#151; Custody Fund P72220 for Ameritas Life Insurance Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: PPN 53359# AA0 (Series A); Lincoln Electric, 3.15% Senior Notes, Series A, due August&nbsp;20, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: PPN 53359# AB8 (Series B); Lincoln Electric, 3.35% Senior Notes, Series B, due August&nbsp;20, 2030 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: PPN 53359# AC6 (Series C); Lincoln Electric, 3.61% Senior Notes, Series C, due April&nbsp;1, 2035 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and source/application of funds (P&amp;I, etc.) </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices of payments and written
confirmations of such wire transfers <U><B>sent</B></U> to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Union Central Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1876 Waycross Rd </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cincinnati, OH
45240 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATTN: Patty Dearing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax #: (513)&nbsp;595-2926 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">All
other communications <U><B>sent</B></U> to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ameritas Life Insurance Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ameritas Investment Partners, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATTN: Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">390
North Cotner Blvd. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Lincoln, NE 68505 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">Contacts:</TD>
<TD ALIGN="left" VALIGN="top">Joe Mick </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Tel: 402-467-7471 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Fax: 402-467-6980 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Email: Joe.Mick@Ameritas.com </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-59 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: CUDD&nbsp;&amp; CO. for the benefit of Ameritas Life Insurance
Corp. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 13-6022143 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical
Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4 Chase Metrotech Center, 3rd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY 11245-0001 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATTN:
Physical Receive Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">REF: Account P72220 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">REF: Ameritas Life Insurance Corp. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AND
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Copy of Certificates sent to Joe Mick, Ameritas Investment Partners, Inc., per above </U></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-60 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A<SMALL>MERITAS</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>ORP</SMALL>. <SMALL>OF</SMALL> N<SMALL>EW</SMALL>
Y<SMALL>ORK</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Ameritas Investment Partners, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">390 North Cotner Blvd.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Lincoln, NE 68505</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A<BR>B<BR>C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="top" ALIGN="right">$500,000<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$1,000,000</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$500,000</P></TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments by wire transfer of immediately available funds to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA #021-000-021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DDA Clearing
Account: 9009002859 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Further Credit &#151; Custody Fund P72225 for Ameritas Life Insurance Corp. of New York </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: PPN 53359# AA0 (Series A); Lincoln Electric, 3.15% Senior Notes, Series A, due August&nbsp;20, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: PPN 53359# AB8 (Series B); Lincoln Electric, 3.35% Senior Notes, Series B, due August&nbsp;20, 2030 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: PPN 53359# AC6 (Series C); Lincoln Electric, 3.61% Senior Notes, Series C, due April&nbsp;1, 2035 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and source/application of funds (P&amp;I, etc.) </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices of payments and written
confirmations of such wire transfers to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Union Central Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1876 Waycross Rd </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cincinnati, OH
45240 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATTN: Patty Dearing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax #: (513)&nbsp;595-2926 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>All other
communications <B><U>sent</U></B> to:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ameritas Life Insurance Corp. of New York </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ameritas Investment Partners, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATTN: Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">390
North Cotner Blvd. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Lincoln, NE 68505 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">Contacts:</TD>
<TD ALIGN="left" VALIGN="top">Joe Mick </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Tel: 402-467-7471 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Fax: 402-467-6980 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Email: Joe.Mick@Ameritas.com </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-61 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: CUDD&nbsp;&amp; CO. for the benefit of Ameritas Life Insurance
Corp. of New York </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 13-3758127 (Ameritas Life Ins. Corp. of NY) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 13-6022143 (CUDD&nbsp;&amp; CO.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan
Chase Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4 Chase Metrotech Center, 3rd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY 11245-0001 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ATTN:
Physical Receive Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">REF: Account P72225 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">REF: Ameritas Life Insurance Corp. of New York </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Copy of Certificates sent to Joe Mick,
Ameritas Investment Partners, Inc., per above </U></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-62 </P>


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<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U<SMALL>NITED</SMALL> <SMALL>OF</SMALL> O<SMALL>MAHA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4 - Investment Management</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mutual of Omaha Plaza</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Omaha, NE 68175-1011</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email Address for Electronic Document
Transmission:</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">privateplacements@mutualofomaha.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
principal and interest payments on the Notes shall be made by wire transfer of immediately available funds to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA #021000021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Private Income
Processing </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For credit to: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">United of Omaha Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account # 900-9000200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">a/c:
G07097 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">PPN&nbsp;53359# AC6 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Interest Amount: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Principal
Amount: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices in respect of
payment of Principal and Interest, Corporate Actions and Reorganization Notifications to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">14201 Dallas Parkway, 13th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dallas, Texas 75254-2917 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Income Processing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">a/c: G07097 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices and
communications (<I>i.e.</I>, Quarterly/Annual Reports, Tax Filings, Modifications, Waivers regarding the indenture) to be addressed as first provided above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer
I.D. Number: 47-0322111 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-63 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4 Chase
Metrotech Center, 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, New York 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account # G07097 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top">It is imperative that the custody account be included on the delivery letter. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Without this information, the security will be returned to the sender. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-64 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>C<SMALL>OMPANION</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4 - Investment Management</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Mutual of Omaha Insurance
Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mutual of Omaha Plaza</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Omaha, NE 68175-1011</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email Address for Electronic Document Transmission:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">privateplacements@mutualofomaha.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
principal and interest payments on the Notes shall be made by wire transfer of immediately available funds to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA #021000021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Private Income
Processing </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For credit to: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Companion Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account # 900-9000200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">a/c:
G07903 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">PPN&nbsp;53359# AC6 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Interest Amount: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Principal
Amount: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices in respect of
payment of Principal and Interest, Corporate Actions and Reorganization Notifications to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">14201 Dallas Parkway, 13th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dallas, Texas 75254-2917 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Income Processing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">a/c: G07903 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All other notices and communications
(<I>i.e.</I>, Quarterly/Annual Reports, Tax Filings, Modifications, Waivers regarding the indenture) to be addressed as first provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of
Nominee in which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 13-1595128 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-65 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4 Chase
Metrotech Center, 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, New York 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account # G07903 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top">It is imperative that the custody account be included on the delivery letter. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Without this information, the security will be returned to the sender. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-66 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A<SMALL>MERICAN</SMALL> U<SMALL>NITED</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Mike Bullock, Securities</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Department</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One American Square, Suite
305W</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Post Office Box 368</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Indianapolis, IN 46206</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$4,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lincoln
Electric Holdings, Inc., shall make payment of principal and interest on the note(s) in immediately available funds by wire transfer to the following bank account: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AMERICAN UNITED LIFE INSURANCE COMPANY </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bank of New York </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA #:
021000018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Credit Account: GLA111566 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: American United Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account #: 186683 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P &amp; I
Breakdown: (Insert) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Re: PPN 53359# AA0 / Lincoln Electric Holdings, Inc., 3.15% Senior Notes, Series A due August&nbsp;20, 2025 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Payments should contain sufficient information to identify the breakdown of principal and interest and should identify the full description of
the note(s) and the payment date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please send all <B>POST-CLOSING</B> documentation to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">American United Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Mike Bullock, Securities Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One American Square, Suite 305W </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Post Office Box 368 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Indianapolis, IN 46206 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which
Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 35-0145825 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-67 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bank of New York </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Wall
Street, 3rd Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10286 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Re: American United Life Insurance Company, Account # 186683 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Anthony Saviano/Window A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">cc: Michele Morris/NYC Physical Desk on all correspondence </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-68 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S<SMALL>TATE</SMALL> <SMALL>OF</SMALL> W<SMALL>ISCONSIN</SMALL> I<SMALL>NVESTMENT</SMALL> B<SMALL>OARD</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">121 East Wilson Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Madison, Wisconsin 53703</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Portfolio Manager, Private Markets Group &#151;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Private Debt Portfolio</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$4,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments are to be made on or before 11:00 a.m. local time on each payment date in immediately available funds to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>FEDERAL RESERVE BANK
OF BOSTON</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA # 011-00-1234 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the account of the State of Wisconsin Investment Board </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">DDA# 0000064300 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Cost
Center 1195 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For: SWBF0335002, Lincoln Electric 3.15% due 2025 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With notice of payment, including a
message as to the source (identifying the security by name and CUSIP number) and application of funds, copy of notice of payment to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Mai Thor, Accounting Specialist </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State of Wisconsin Investment Board </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">121 East Wilson Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P. O. Box
7842 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Madison, Wisconsin 53707-7842 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Phone: (608)&nbsp;267-3742 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax:
(608)&nbsp;266-2436 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for notices other than confirmation of payment is: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Postal Address</U></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State of Wisconsin Investment Board </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">121 East Wilson Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">P. O. Box
7842 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Madison, Wisconsin 53707-7842 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top">Portfolio Manager, Private Markets Group &#151; Wisconsin </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Private Debt Portfolio </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-69 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Street Address</U></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State of Wisconsin Investment Board </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">121 East Wilson Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Madison,
Wisconsin 53703 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top">Portfolio Manager, Private Markets Group &#151; Wisconsin </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Private Debt Portfolio </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Mai Thor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Accounting
Specialist </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">State of Wisconsin Investment Board </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">121 East Wilson Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Madison,
Wisconsin 53707-7842 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes are to be issued: None </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 39-6006423 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-70 </P>


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>C<SMALL>OUNTRY</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1705 N Towanda Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bloomington, IL 61702</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Investments</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: (309) 821-6260</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: (309) 821-6301</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PrivatePlacements@countryfinancial.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on or in respect of the Notes to be by bank wire transfer of Federal or other immediately available funds to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Northern Trust
Chgo/Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA # 071000152 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Wire Account Number 5186041000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">SWIFT BIC: CNORUS44 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For Further
Credit to: 26-02712 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: Country Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Representing P &amp; I on (list security) [BANK] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Accompanying Information: Name of Company, description of security, PPN Number, due date and application (as among principal, premium and
interest) of the payment being made. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications to be addressed as first provided above, except notices with respect to payments and written confirmation of each such payment,
to be addressed: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Country Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Investment Accounting </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1705 N Towanda Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bloomington, Illinois 61702 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Telephone: (309)&nbsp;821-6348 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fax: (309)&nbsp;821-2800 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in
which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 37-0808781 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-71 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Northern Trust Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Trade
Securities Processing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">C1N </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">801 South Canal Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn:
26-02712/Country Life Insurance Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chicago, IL 60607 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Include Acct # and Name in cover letter as well. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-72 </P>


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<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>O<SMALL>HIO</SMALL> N<SMALL>ATIONAL</SMALL> L<SMALL>IFE</SMALL> A<SMALL>SSURANCE</SMALL> C<SMALL>ORPORATION</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Financial Way</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cincinnati, OH 45242</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Investment Department</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax Number:
513-794-4506</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">C</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on or in respect of the Notes to be by bank wire transfer of Federal or other immediately available funds (identifying each payment as &#147;Lincoln Electric, 3.61% Senior Notes Series C due 2035, PPN&nbsp;53359# AC6, principal, premium or
interest&#148;) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">U.S. Bank N.A. (ABA #042-000013) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5th&nbsp;&amp; Walnut Streets </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cincinnati, OH 45202 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For credit
to Ohio National Life Assurance Corporation&#146;s </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account No.&nbsp;865-215-8 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications, including
notices with respect to payments and written confirmation of each such payment, to be addressed as first provided above with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">privateplacements@ohionational.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of
Nominee in which Notes are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 31-0962495 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ohio National
Life Assurance Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Financial Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cincinnati, OH 45242 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention:
Investment Department </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-73 </P>


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<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF</SMALL> N<SMALL>OTES</SMALL><BR><SMALL>TO</SMALL> B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>T<SMALL>HE</SMALL> S<SMALL>TANDARD</SMALL> F<SMALL>IRE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o The Travelers Companies, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9275-NB11B</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">385 Washington Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">St. Paul, Minnesota 55102-1396</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: fixedincomeinvestments@travelers.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on or in respect of the Notes to be by bank wire transfer of Federal or other immediately available funds (identifying each payment as &#147;Lincoln Electric, 3.15% Senior Notes, Series A due 2025, PPN&nbsp;53359# AA0, principal, premium or
interest&#148;) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JP Morgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA #021000021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Wire Account
Name: Travelers Indemnity Company &#151; Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Wire Account Number: 323954448 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications, including
notices with respect to payments and written confirmation of each such payment, to be addressed as first provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes
are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 06-6033509 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Nicole
Ankeny, Senior Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Travelers </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">385 Washington Street, NB16L </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">St.
Paul, MN&nbsp;55102 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-74 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>N<SMALL>AME</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">S<SMALL>ERIES</SMALL></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">P<SMALL>RINCIPAL</SMALL><BR>A<SMALL>MOUNT</SMALL><BR><SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL><BR>B<SMALL>E</SMALL><BR>P<SMALL>URCHASED</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>OODMEN</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> W<SMALL>ORLD</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
S<SMALL>OCIETY</SMALL></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Kim Parrott</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1700 Farnam
Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Omaha, Nebraska 68102</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">kparrott@woodmen.org</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">A</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">$2,000,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All
payments on account of the Notes to be by Federal Funds Wire Transfer to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Northern CHGO/Trust </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA # 071000152 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Credit Wire
Account #5186041000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account #26-58056 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account Name: Woodmen of the World Life Insurance Society-General </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Swift# CN0RUS44 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">RE:</TD>
<TD ALIGN="left" VALIGN="top">Lincoln Electric, 3.15% Senior Notes, Series A, due August&nbsp;20, 2025, PPN&nbsp;53359# AA0, Due Date and Application (as among principal, make whole and interest) of the payment being made </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notices </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices and communications, including
notices with respect to payments and written confirmation of each such payment, to be addressed as first provided above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Nominee in which Notes
are to be issued: None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer I.D. Number: 47-0339250 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Physical Delivery of Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Woodmen of
the World Life Insurance Society </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Kim Parrott </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1700 Farnam Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Omaha,
Nebraska 68102 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-75 </P>

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<FILENAME>d902041dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>LINCOLN ELECTRIC ANNOUNCES $350 MILLION PRIVATE PLACEMENT OF SENIOR NOTES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CLEVELAND, OH, Wednesday, April&nbsp;1, 2015&nbsp;&#151; Lincoln Electric Holdings, Inc. (the &#147;Company&#148;) (Nasdaq: LECO) announced
today that they intend to offer for sale to eligible purchasers in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), $350 million in aggregate principal amount
of senior unsecured notes. These notes will be offered and sold in four tranches with the following fixed interest rates and maturities: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:28.00pt; font-size:8pt; font-family:Times New Roman"><B>Amount</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:31.05pt; font-size:8pt; font-family:Times New Roman"><B>Maturity</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3.15% Series A Notes</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$100 million</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Due August 20, 2025</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3.35% Series B Notes</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$100 million</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Due August 20, 2030</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3.61% Series C Notes</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$50 million</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Due April 1, 2035</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">4.02% Series D Notes</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$100 million</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Due April 1, 2045</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company expects to complete the funding and the issuance of the Series C Notes and the Series D Notes on
April&nbsp;1, 2015. The Series A Notes and the Series B Notes are expected to be funded and issued on August&nbsp;20, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company
intends to use the proceeds from the private placement of the Series A Notes, the Series B Notes, the Series C Notes and the Series D Notes for general corporate purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities, nor shall there be
any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such states. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and
may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities laws. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About Lincoln Electric </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Lincoln
Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys
market.&nbsp;Headquartered in Cleveland, Ohio, Lincoln has 47 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries.&nbsp;For more
information about Lincoln Electric and its products and services, visit the Company&#146;s website at <U>http://www.lincolnelectric.com</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Forward-Looking Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and
results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of forward-looking terminology such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;anticipates,&#148;
&#147;believes,&#148; &#147;estimates,&#148; &#147;predicts,&#148; or &#147;potential&#148; or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate
solely to historical matters. While forward-looking statements reflect the Company&#146;s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could
cause the Company&#146;s future results to differ materially from any <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements, see the section entitled &#147;Risk Factors&#148; in the Company&#146;s annual report on Form 10-K filed on
February&nbsp;20, 2015 and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Contact
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amanda Butler </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director, Investor Relations </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: 216.383.2534 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email:
<U>Amanda_Butler@lincolnelectric.com</U> </P>
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