2014 FIRST-QUARTER EARNINGS REVIEW April 25, 2014 WHIRLPOOL - PowerPoint PPT Presentation

2014 FIRST-QUARTER EARNINGS REVIEW April 25, 2014

WHIRLPOOL CORPORATION ADDITIONAL INFORMATION This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries (“Whirlpool”) that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward - looking statements in this document may include, but are not limited to, statements regarding expected earnings per share, cash flow, productivity and material and oil-related prices. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry reflecting the impact of both new and established global competitors, including Asian and European manufacturers; (2) Whirlpool's ability to continue its relationship with significant trade customers and the ability of these trade customers to maintain or increase market share; (3) acquisition and investment-related risk; (4) changes in economic conditions which affect demand for our products, including the strength of the building industry and the level of interest rates; (5) product liability and product recall costs; (6) inventory and other asset risk; (7) risks related to our international operations, including changes in foreign regulations, regulatory compliance and disruptions arising from natural disasters or terrorist attacks; (8) the uncertain global economy; (9) the ability of Whirlpool to achieve its business plans, productivity improvements, cost control, price increases, leveraging of its global operating platform, and acceleration of the rate of innovation; (10) Whirlpool's ability to maintain its reputation and brand image; (11) fluctuations in the cost of key materials (including steel, plastic, resins, copper and aluminum) and components and the ability of Whirlpool to offset cost increases; (12) litigation, tax, and legal compliance risk and costs, especially costs which may be materially different from the amount we expect to incur or have accrued for; (13) the effects and costs of governmental investigations or related actions by third parties; (14) Whirlpool's ability to obtain and protect intellectual property rights; (15) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost- effective manner; (16) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (17) information technology system failures and data security breaches; (18) the impact of labor relations; (19) our ability to attract, develop and retain executives and other qualified employees; (20) changes in the legal and regulatory environment including environmental and health and safety regulations; and (21) the ability of Whirlpool to manage foreign currency fluctuations. Additional information concerning these and other factors can be found in Whirlpool's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. First-Quarter Earnings Review — 4/25/2014 2 Whirlpool Corporation

USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain non-GAAP financial measures, which we refer to as “ongoing business” (1) measures: Ongoing business operating profit, ongoing business operating margin, ongoing business earnings (loss) before income taxes, ongoing business earnings per diluted share, ongoing business segment operating profit and ongoing business segment operating margin Other non-GAAP financial measures included in this presentation are free cash flow (2) and sales (excluding currency and BEFIEX). Please refer to the appendix for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. (1) Ongoing business measures are non-GAAP measures. See appendix slides 35-41 (2) Free cash flow is a non-GAAP measure. See appendix slides 35 and 42 First-Quarter Earnings Review — 4/25/2014 3 Whirlpool Corporation

OVERVIEW KitchenAid brand helps home chefs around the globe make each dish better than the last with best- in-class appliances that can take on everything from avocado-corn salsa to zabaglione. 4/25/2014 First-Quarter Earnings Review — 4 Whirlpool Corporation

2014 FIRST-QUARTER HIGHLIGHTS  Continued revenue growth and margin expansion  Record first-quarter operating profit  Four quarters of revenue growth and nine quarters of year- over-year ongoing business (1) margin expansion  Increasing investments in brands and new products, with robust innovation pipeline  Firmly on track to deliver operating profit margin, earnings per share and free cash flow guidance for the year First-Quarter Earnings Review — 4/25/2014 5 Whirlpool Corporation

2014 FIRST-QUARTER RESULTS Net Sales Ongoing Net (Excluding Diluted EPS Free Cash Business Flow (2) Sales Currency (GAAP) Diluted EPS (1) and BEFIEX) 2014 $4.4B $4.5B $2.02 $2.20 $(0.5)B 2013 $4.2B $4.2B $3.12 $1.97 $(0.4)B Change $0.2B $0.3B $(1.10) $0.23 $(0.1)B NET SALES EXCLUDING CURRENCY AND BEFIEX UP ~6% First-Quarter Earnings Review — 4/25/2014 6 Whirlpool Corporation

FULL-YEAR 2014 INDUSTRY DEMAND ASSUMPTIONS Region Outlook North America +5% to +7% Europe, Middle Flat to +2% East & Africa Latin America Flat Asia Flat to +3% First-Quarter Earnings Review — 4/25/2014 7 Whirlpool Corporation

NORTH AMERICA OPERATIONS Maytag brand advertising campaign with the new face of dependability. First-Quarter Earnings Review — 8 Whirlpool Corporation 4/25/2014

NORTH AMERICA FIRST-QUARTER RESULTS First Quarter Better/(Worse) (USD in millions) 2014 2013 2013 % $ 2,331 $ 2,235 $ 96 Net Sales 4% Operating Profit (GAAP) $ $ 218 $ 5% 228 10 Operating Margin % (GAAP) 0.1 pts 9.8% 9.7% Ongoing Business Operating Profit (1) $ $ 218 $ 10 5% 228 Ongoing Business Operating Margin % (1) 0.1 pts 9.8% 9.7% + Sales growth / market share − Raw Materials + Ongoing cost productivity SALES GROWTH AND REINVESTMENT IN THE BUSINESS First-Quarter Earnings Review — 4/25/2014 9 Whirlpool Corporation

NORTH AMERICA OPERATIONS  Positive recent trends in industry growth  Remain optimistic about full-year industry growth from housing, replacement and discretionary demand  Ongoing cost productivity programs  Innovative new product launches, particularly during second and third quarters  Investments in marketing, technology and products  Grow beyond the core First-Quarter Earnings Review — 4/25/2014 10 Whirlpool Corporation

NORTH AMERICA PRODUCT LEADERSHIP MAYTAG PRODUCTS … DURABLE, RELIABLE, POWERFUL First-Quarter Earnings Review — 4/25/2014 11 Whirlpool Corporation

EUROPE, MIDDLE EAST AND AFRICA KitchenAid Vertigo wine cooler and refrigerator First-Quarter Earnings Review — 4/25/2014 12 Whirlpool Corporation

EUROPE, MIDDLE EAST AND AFRICA (EMEA) FIRST-QUARTER RESULTS First Quarter Better/(Worse) (USD in millions) 2014 2013 2013 % 720 $ 668 Net Sales $ $ 52 8% Operating Profit (GAAP) $ $ (8) $ 15 nm 7 Operating Margin % (GAAP) 2.2 pts 1.0% (1.2)% Ongoing Business Operating Profit (1) $ $ (8) $ 15 nm 7 Ongoing Business Operating Margin % (1) 2.2 pts 1.0% (1.2)% + Sales growth / market share + Ongoing cost productivity + Cost and capacity-reductions STRONG EXECUTION OF ACTIONS TO EXPAND MARGINS nm = not meaningful First-Quarter Earnings Review — 4/25/2014 13 Whirlpool Corporation

EUROPE, MIDDLE EAST AND AFRICA (EMEA) OPERATIONS  Industry demand recovery  Ongoing cost productivity programs  Cost and capacity-reduction initiatives  Innovative new product launches  Grow beyond the core First-Quarter Earnings Review — 4/25/2014 14 Whirlpool Corporation

EUROPE, MIDDLE EAST AND AFRICA (EMEA) PRODUCT LEADERSHIP Multiple designs to complement a variety of kitchen styles High-power, high-efficiency burners Maximum flexibility with twin and full-coverage grids NEW LINE OF GAS COOKTOPS WITH GLASS SURFACES First-Quarter Earnings Review — 4/25/2014 15 Whirlpool Corporation

LATIN AMERICA Brastemp Clean Timer range and ventilation hood First-Quarter Earnings Review — 4/25/2014 16 Whirlpool Corporation

LATIN AMERICA FIRST-QUARTER RESULTS First Quarter Better/(Worse) (USD in millions) 2014 2013 2013 % $ 1,187 $ 1,197 $ Net Sales (10) (1)% Operating Profit (GAAP) $ $ 130 $ (7) (6)% 123 Operating Margin % (GAAP) (0.6) pts 10.3% 10.9% Ongoing Business Operating Profit (1) $ $ 114 $ (5) (5)% 109 Ongoing Business Operating Margin % (1) (0.4) pts 9.2% 9.6% + Sales growth of ~11% (ex BEFIEX & currency) − Raw materials + Market share gains − Foreign currency + Favorable price/mix + Ongoing cost productivity SALES GROWTH WITH SHARE GAINS First-Quarter Earnings Review — 4/25/2014 17 Whirlpool Corporation

LATIN AMERICA OPERATIONS  Market share gains  Price increases to offset inflation and currency  Innovative new product launches  Grow beyond the core First-Quarter Earnings Review — 4/25/2014 18 Whirlpool Corporation