23 October 2000

Not for release, publication or distribution in whole or in part in or into the United States, Canada, Australia or Japan

CLARIFICATION RE LAPSE OF OFFER BY
LINCOLN ELECTRIC GLOBAL LIMITED

On 20 October, 2000 Lincoln Electric Global Limited ('Lincoln') announced that the revised recommended final cash offer (the 'Offer') for Charter plc ('Charter') had lapsed and was no longer open for acceptance.

Having discussed the matter with Lincoln and with the Panel on Takeovers and Mergers, Charter believes that the only legitimate reason relied upon by Lincoln to lapse the Offer on 20 October, 2000 was related to the level of acceptances. However, as stated in our announcement of 20 October, 2000, Lincoln, in advance of making the Offer, had contractually undertaken to Charter not to invoke the acceptance condition prior to the last date on which the City Code on Takeovers and Mergers permits the Offer to go unconditional as to acceptances.

In this context, Charter reserves the right to seek legal redress.