1. JPMorgan Small/Mid Cap Conference Boston, MA – November 13 th, 2006

2. 2 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see Lennox Internationals publicly available filings with the Securities and Exchange Commission. LII disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A reconciliation of information presented to U.S. Generally Accepted Accounting Principles (GAAP) is posted on the companys website at www.lennoxinternational.com.

3. 3 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Investment Highlights Leading climate control solutions provider with 111-year history of product innovation operating in over 100 countries Positive operating earnings growth trend with expected FY 06 adjusted EPS up 15%+ A strong balance sheet with Debt : Capitalization of 13% provides a solid foundation for growth Mitigating $60 mil in estimated commodities headwinds in 2006 Successful transition to 13 SEER resulting in product mix benefits Exposure to residential new construction limited to an estimated 20% of total sales 4.7 million shares repurchased in first 9 months of 2006 Dividend increased 10% in December 2005 CEO succession plan for smooth transition

4. 4 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Packaged Rooftop Units, Split Systems Cold Storage Applications, Primarily for Food Preservation HVAC Equipment Sales, Installation, Maintenance, and Service Central Air Conditioning, Furnaces, Heat Pumps, IAQ Equipment, Fireplaces RefrigerationService Experts Residential Heating & Cooling Focused on Four Related Businesses STRONG BRANDS SOLD THROUGH MULTI-CHANNEL DISTRIBUTION RevenueSegment Profit Notes: Data is TTM to 09/30/06; segment profit is before unallocated corporate expense; residential is net of eliminations Commercial Heating & Cooling

5. 5 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Business Mix Customer Residential Commercial Source: Company estimates Americas Europe Asia Pacific Geography Replacement New Construction End Market 5%

6. 6 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Manufacturing Footprint 27 PLANTS IN 11 COUNTRIES Residential Heating & Cooling Commercial Heating & Cooling Refrigeration Joint Ventures

7. 7 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts HVACR Market Fundamentals Maturing markets with mid-single digit growth Increasing shift in end markets from new construction to replacement Economic conditions, new construction, and weather drive demand Regulatory environment impacts product offering Strong competitive environment with some pricing power Value in brands and established distribution relationships

8. 8 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts LIIs Historical Growth SALES IN $ MILLIONS Note - 2004 sales from continuing operations Armstrong Refrigeration International Service Experts Clearing the decks A new era of growth

9. 9 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Growth & Profit Improvement Initiatives Residential Heating & Cooling Continue to invest in product leadership Increase sales in under-penetrated sunbelt markets Commercial Heating & Cooling Solidify new construction position Penetrate replacement market opportunities Service Experts Protection plans to strengthen relationship with homeowners Customer contact center to improve conversion rates Field automation to improve efficiency Refrigeration Extend successful domestic business model into developing markets Leverage internal and external intellectual property to drive innovation Explore acquisitions to enhance capabilities and extend product reach Acquisitions provide upside Strategic acquisitions Strong balance sheet Disciplined acquisition

10. 10 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Replacements Drive Residential Growth NORTH AMERICA RESIDENTIAL UNIT SHIPMENTS VS HOUSING STARTS Source: ARI, GAMA, HRAI, NAHB, CMHC Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

11. 11 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Multi-Channel Distribution OEMDistributorDealerHome Owner BY REVENUEBY UNIT Generating $1.5 billion* Delivering 2.8M units* 1-Step 2-Step * 2005 company data Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

12. 12 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Product Innovation XC21 … The worlds first central air conditioner rated at 20+ SEER HSX15 … The quietest central air conditioning system G61V … The quietest gas furnace SignatureStat … Humidity and temperature control in one device PureAir … Cleans the air in your home better than any other single system Humiditrol … Whole home dehumidification system Approximately 30% of 2005 manufacturing equipment revenue came from products introduced in the past 3 years Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

13. 13 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts LII Market Share GROWTH OPPORTUNITY IN LARGE AND GROWING SUNBELT MARKETS At or above average market share Lower than average market share Sunbelt Market Focus Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

14. 14 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Sunbelt Opportunity Top 5 states represent 40% of all shipments Sunbelt states represent 60% of all shipments Growth in sunbelt outpacing others 2005 U.S. Industry Shipments Source: ARI, GAMA Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

15. 15 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts The State of the RNC Industry Sources: NAHB, single and multi-family Units New Construction Market Forecast Remains Above Robust Years Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

16. 16 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Strong Position with 17 of Top 20 Builders LENNOX SHARE % : 1-33% 34-66% 67-100% Source: 2005 GIANTS Listing, Builder Magazine Builder05 Closings DR Horton 51,383 Pulte45,630 Lennar 36,204 Centex 37,822 KB 31,646 Beazer 16,417 Hovnanian 17,783 Ryland 16,673 MDC 15,387 NVR 13,787 Builder05 Closings Standard Pacific 11,694 TOUSA 9,435 Meritage9,406 Toll Brothers 8,769 Shea Homes 6,901 Weyerhaeuser 5,274 Morrison 4,422 M/I Homes4,303 David Weekley 3,952 Taylor Woodrow3,635 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

17. 17 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Replacement New Construction Total Market Commercial End Market Mix INCREASING MORE PROFITABLE REPLACEMENT SALES Lennox Replacement Sales Growth Source: Industry data and company estimates 36% CAGR Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

18. 18 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Commercial Regional Distribution Centers INCREASE PENETRATION IN REPLACEMENT MARKET 24 - 48 Hour Response Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

19. 19 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Commercial Market Segmentation NEW CONSTRUCTION (Square Footage) Source: 2Q06 Dodge Analytics & company estimates Retail Parking Garage/Auto Svc Education Commercial Warehouses Office and Bank Other Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

20. 20 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts A Strong Base in Retail NEW CONSTRUCTION (Square Footage) Retail Parking Garage/Auto Svc Education Commercial Warehouses Office and Bank Other Strengthen Position Source: 2Q06 Dodge Analytics & company estimates Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

21. 21 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts New Segment Opportunities NEW CONSTRUCTION (Square Footage) Retail Parking Garage/Auto Svc Education Commercial Warehouses Office and Bank Other New Focus/New Products Source: 2Q06 Dodge Analytics & company estimates Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

22. 22 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Continuous Improvements at Service Experts Over 78% of sales focused on more profitable and stable service/replacement opportunities Common IT system, financial controls, and regional accounting centers deployed Inventory Management & Replenishment program reducing working capital requirements to <8% of sales 49 graduates of GM Fast Track development program adding bench strength Home Health Report Card - IAQ revenue growing over 40% in 2006 Continued roll-out of common branding & Standards of Excellence Profitable IBS commercial business model growing over 20% CAGR since 2000 Over 85% of service technicians are NATE certified Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

23. 23 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Renewals Demand Service OPPORTUNITY Demand Service OPPORTUNITY Replacement Sales Accessories/IAQ Sales Accessories/IAQ Sales Protection Plans Tune-Ups TRUST Tune-Ups TRUST Protection Plan Programs ONLY 1 IN 20 HOMEOWNERS HAS A SERVICE AGREEMENT Closing Rate More Than Double for Protection Plan Customers Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

24. 24 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Customer Contact Center Current situation: First contact is with a local Customer Service Representative High CSR turnover (45%) Little or no marketing intelligence collected on customers Inability to consistently implement sales and marketing initiatives Future situation: Consolidate calls into two outsourced locations to exclusively support Service Experts Inbound calls Receive, handle or route all customer/prospect calls Warm transfer to local center Outbound calls Customer satisfaction survey Maintenance appointment setting Telemarketing Net Result is Low Call Conversion Rates (52%) Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

25. 25 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Improve Technician Efficiency Project FAST (Field Automation for Service Technicians) Deploy mobile wireless solution to improve the efficiency (cost reduction) and effectiveness (revenue increase) of field technicians Strengthen Service Experts control environment Key Functionality Early phases –Electronic service work orders –Driving directions (with GPS) –Interactive time stamps and enhanced paging –Up-sell prompts –Credit card, check, cash transactions with signature capture Future phases –Full integration with business system –Immediate revenue recognition –Inventory management system with bar-coding –Equipment diagnostics Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

26. 26 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Demand Enablers Conversion Rate Improvement 10% 20% 30% Service Revenue Opportunity $18m $36m $54m Additional Calls Per Tech 2/week 3/week 4/week Service Revenue Opportunity $24m $36m $48m Customer Contact Center Driving Demand Field Application for Service Technicians Exploiting Demand Efficiently Creating a World Class Service Organization Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

27. 27 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Worldwide Product Segments $17.5 BILLION TOTAL MARKET ($ BILLIONS) $1.2 Walk-in Coolers $2.9 Refrigerated Cases/Display $3.1 Transport Refrigeration $2.3 Industrial/Ammonia $2.1 Self Contained/Reach-In $1.9 Vending Ice Machines $0.8 Specialty Chillers $1.0 Non-Food Ultra Low Temp $2.2 Commercial Systems $2.2 Commercial Systems Sources: Fredonia, Census Bureau, Frost and Sullivan, company estimates Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

28. 28 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Organic Roadmap STRATEGIC DRIVERS Product Leadership Product Development Strategy 3 year roadmap Stage Gate® Open innovation Brand strategy Plan development and execution >8% revenue growth/year 20042005200620072008 Customer Interface Strategy Service alignment Customer segmentation Plan development and execution Manufacturing Excellence Strategy Low-cost product platforms Open innovation Customer Intimacy Operational Excellence Unparalleled customer service >15% cost reduction Plan development and execution Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

29. 29 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Developing Markets STRATEGIC DRIVERS Represent approximately 20-25% of global refrigeration market today Developing refrigeration infrastructure Development of retail food channels Average per capita spend ~10% of developed markets Emerging economies and infrastructure offer attractive market growth rates China ~12-14% India ~12-14% Southeast Asia ~ 9-11% South America ~6-9% Source: McKinsey report, internal estimates Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts 16% CAGR 10%+ REVENUE EBIT Heatcraft Model in Place in Brazil

30. 30 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Potential Adjacent Markets Common customer base and channels Leverage technology and manufacturing processes Supporting services and technology Expands our influence to key end use sectors Expands available market Food RetailFood ProductionFood Service Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

31. 31 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts $2.2 Commercial Systems $9.5 Expanded Market Opportunity $9.5 Expanded Market Opportunity Sources Fredonia, Census Bureau, Frost and Sullivan, company estimates $1.2 Walk-in Coolers $2.9 Refrigerated Cases/Display $3.1 Transport Refrigeration $2.3 Industrial/Ammonia $2.1 Self Contained/Reach-In $1.9 Vending Ice Machines $0.8 Specialty Chillers $1.0 Non-Food Ultra Low Temp Worldwide Product Segments $17.5 BILLION TOTAL MARKET ($ BILLIONS) Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts

32. 32 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Financial Overview

33. 33 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts 5 Years of Sales & Profit Growth $ MILLIONS EXCEPT PER SHARE DATA * Exclusive of restructuring, non-recurring items, non-operating gains/losses and goodwill impairment charges Adjusted Income From Continuing Operations* SalesAdjusted EPS*

34. 34 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Solid First 9 Months Performance $ MILLIONS EXCEPT PER SHARE AND RATIO DATA 20062005% Chg Sales$ 2,808.7 $ 2,495.6+13% Net Income120.6108.9 Discontinued Operations # … ----1.3 (Gains), losses & other expenses # *3.1(15.9) Restructuring charge #… 8.51.6 Tax items …… (8.8)---- Cumulative effect of accounting change # … ----(0.2) Adjusted Income from Continuing Operations$123.4$95.7+29% Diluted EPS, as adjusted1.651.37+20% Total Debt at 09/30$120.0$236.1-49% Debt : Cap at 09/3013% 27% * Net of realized gains on settled futures contracts # Net of income tax

35. 35 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts A Stronger Balance Sheet Reduced Total Debt by $570 Million in Past 5 Years * As of September 30, 2006

36. 36 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts Financial Objectives FULL-YEAR 2006 GUIDANCE (provided 10/26/06) GAAP EPS of $2.00 to $2.10; adjusted EPS exceeding this range Revenue growth of approximately 10% Capital expenditures of approximately $70 million LONG-TERM Annual revenue growth of 6 to 8% plus acquisition activity 10% segment profit margin…a minimum of 50 bps improvement per year ROIC = 5% greater than cost of capital Debt : Capitalization below 40%

37. 37 Residential Heating & Cooling Commercial Heating & Cooling RefrigerationService Experts