2014 THIRD-QUARTER EARNINGS REVIEW October 28, 2014 WHIRLPOOL - PowerPoint PPT Presentation

2014 THIRD-QUARTER EARNINGS REVIEW October 28, 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, including risks associated with our acquisitions of Hefei Sanyo and Indesit; (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. Whirlpool Corporation Third-Quarter Earnings Review — 2 10/28/2014

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 (loss), ongoing business operating margin, ongoing business earnings (loss) before income taxes, ongoing business earnings per diluted share, ongoing business segment operating profit (loss) 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 37-44 (2) Free cash flow is a non-GAAP measure. See appendix slides 37 and 43 Whirlpool Corporation Third-Quarter Earnings Review — 3 10/28/2014

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. Whirlpool Corporation Third-Quarter Earnings Review — 4 10/28/2014

2014 THIRD-QUARTER HIGHLIGHTS  Record Q3 operating profit and earnings  Ongoing margin expansion and sales growth  Ongoing cost productivity and restructuring benefits  Continued investment in brands and new products, with robust launch schedule  Closed acquisitions of majority interests in Indesit and Hefei Sanyo  On track to deliver record ongoing operating profit and earnings with strong free cash flow for the year Whirlpool Corporation Third-Quarter Earnings Review — 5 10/28/2014

2014 THIRD-QUARTER RESULTS Net Sales Ongoing (Excluding Diluted EPS Net Sales Business Currency and (GAAP) Diluted EPS (1) BEFIEX) 2014 $4.8B $4.8B $2.88 $3.04 2013 $4.7B $4.7B $2.42 $2.72 $0.1B $0.1B $0.46 $0.32 Change +3.0% +4.0% +19.0% +11.8% REVENUE GROWTH, MARGIN EXPANSION, AND RECORD EARNINGS Whirlpool Corporation Third-Quarter Earnings Review — 6 10/28/2014

FULL-YEAR 2014 INDUSTY DEMAND ASSUMPTIONS Previous Current Region Outlook Outlook North America ~+5% ~+5% Europe, Middle East & Africa Flat to +2% Flat to +2% Latin America Flat to -3% -4 to -5% Asia Flat Flat Whirlpool Corporation Third-Quarter Earnings Review — 7 10/28/2014

Maytag brand advertising campaign with the new face of dependability. Whirlpool Corporation Third-Quarter Earnings Review — 8 10/28/2014

NORTH AMERICA THIRD-QUARTER RESULTS Third Quarter Better/(Worse) 2014 2013 2013 % (USD in millions) Net Sales 6.3% $ 2,792 $ 2,627 $ 165 Operating Profit (GAAP) 5.3% $ 304 $ 289 $ 15 Operating Margin % (GAAP) 10.9% 11.0% (0.1pts) Ongoing Business Operating Profit (1) $ 304 $ 289 $ 15 5.3% Ongoing Business Operating Margin % (1) 10.9% 11.0% (0.1pts) + Unit growth − Product transitions + Ongoing cost productivity − Raw materials − Currency impact RECORD OPERATING PROFIT WHILE INVESTING IN SIGNIFICANT SECOND-HALF PRODUCT LAUNCHES Whirlpool Corporation Third-Quarter Earnings Review — 9 10/28/2014

NORTH AMERICA OPERATIONS  Record operating profit  Positive trends in industry growth from housing, replacement and discretionary demand  Ongoing cost productivity  Strong, new innovative product launches in the second- half of 2014  Continued investments in technology and products  Grow beyond the core Whirlpool Corporation Third-Quarter Earnings Review — 10 10/28/2014

NORTH AMERICA PRODUCT LEADERSHIP The all-new Whirlpool Cabrio: design, The Whirlpool HybridCare dryer delivers energy capacity and intelligence make clothing efficient ventless technology for the first time to the care easier than ever. U.S. market. REVOLUTIONARY TOP-LOAD LAUNDRY AND INNOVATIVE ENERGY EFFICIENCY Whirlpool Corporation Third-Quarter Earnings Review — 11 10/28/2014

KitchenAid Vertigo wine cooler and refrigerator Whirlpool Corporation Third-Quarter Earnings Review — 12 10/28/2014

EUROPE, MIDDLE EAST AND AFRICA THIRD-QUARTER RESULTS Third Quarter Better/(Worse) 2014 2013 2013 % (USD in millions) Net Sales 1.0% $ 785 $ 778 $ 7 Operating Profit (GAAP) nm $ 9 $ - $ 9 Operating Margin % (GAAP) 1.2% 0.1% 1.1pts Ongoing Business Operating Profit (1) $ 9 $ - $ 9 nm Ongoing Business Operating Margin % (1) 1.2% 0.1 % 1.1pts + Unit Growth − Product price and mix + Ongoing cost productivity − Currency impact + Cost and capacity-reductions CONTINUED STRONG EXECUTION OF ACTIONS TO EXPAND MARGINS nm = not meaningful Whirlpool Corporation Third-Quarter Earnings Review — 13 10/28/2014

EUROPE, MIDDLE EAST AND AFRICA OPERATIONS  Continued slow market recovery  Ongoing cost productivity programs  Cost and capacity-reduction initiatives  Innovative new product launches  Grow beyond the core  Closed acquisition of majority interest in Indesit and launched Mandatory Tender Offer Whirlpool Corporation Third-Quarter Earnings Review — 14 10/28/2014

INDESIT APPROVALS AND ESTIMATED IMPACT Estimated Impact Event Status • Indesit continues to be a  European Commission Antitrust Approval publicly traded company • Limited in what we can say Purchase of 60.4% of shares from Fineldo  due to timing of acquisition S.p.A. and members of the Merloni family • Minimal Q4 2014 impact to  Filed Notice to Launch Mandatory Tender Offer ongoing earnings at a consolidated level Today Purchase remaining shares outstanding • Moderately positive Q4 Expected between Q4 2014 impact to free cash 2014 and Q1 flow 2015 De-list Indesit Company S.p.A. • Meaningfully accretive to ongoing earnings in 2015 OPPORTUNITY TO TRANSFORM WHIRLPOOL'S POSITION IN EUROPE Whirlpool Corporation Third-Quarter Earnings Review — 15 10/28/2014