Whirlpool Corporation Investor Presentation — January 2020

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Fourth-Quarter 2019 Earnings Review

Tuesday, January 28, 2020

Fourth-Quarter 2019 Earnings Review Whirlpool Corporation 2 Whirlpool Corporation 2GLOBAL OVERVIEW

Chief Executive Officer

Fourth-Quarter 2019 Earnings Review Whirlpool Corporation Whirlpool Corporation

2019 FOURTH-QUARTER HIGHLIGHTS

3▪Significant ongoing EBIT(1) Margin expansion of 100 bps to 7.2%

▪All regions profitable, with North America delivering record EBIT(3)

▪Positive EBIT(3) in EMEA as strategic actions remain on track

▪Strong free cash flow through working capital improvements and

lower capital expenditures; positive in all regions

▪Significant progress toward long-term Gross Debt/EBITDA target

4.5% $912M (+1.2% organic(4))

(4) Organic net sales reflects YoY change in net sales adjusted

for currency and the Embraco divestiture. See Organic Net

Sales reconciliation in the appendix.

*Reflects full-year (12 months) Free Cash Flow Fourth-Quarter 2019 Earnings Review Whirlpool Corporation Whirlpool Corporation

2019 FULL-YEAR HIGHLIGHTS

4Delivered very strong results which exceeded previous guidance

▪Ongoing EPS(1) of $16.00

▪Ongoing EBIT(1) margin expansion of 60 bps

▪Free Cash Flow of $912M

We took decisive actions in a challenging environment

▪Executed price/mix actions to offset substantial cost increases from

tariff and material cost inflation

▪Targeted cost takeout and value chain optimization

... while continuing to invest for growth and drive shareholder value

▪Maintained historical capex and R&D funding levels

▪Returned significant cash to shareholders through share repurchases

and increased dividends

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