Whirlpool Corporation · NYSE:WHR

Whirlpool — 2020 Raymond James' Institutional Investor Conference

25 slides from Whirlpool's conference presentation, Mar 2, 2020

1. Slide 1: First-Quarter 2020 Investor Meetings

   First-Quarter 2020 Investor Meetings

2. Slide 2: Whirlpool Overview

   WHIRLPOOL OVERVIEW The World’s Leading Major Home Appliance Company ~$20B 77K 59 Annual Sales (2019) Global Employees Manufacturing and Technology Research Centers Whirlpool Corporation Investor Meetings 2

3. Slide 3: What Matters To Us

   WHAT MATTERS TO US To be the best kitchen & laundry company, in constant pursuit of Vision improving life at home Mission Earn trust and create demand for our brands in a digital world Values RESPECT INTEGRITY INCLUSION ONE WHIRLPOOL SPIRIT OF & DIVERSITY WINNING Whirlpool Corporation Investor Meeti

4. Slide 4: Whirlpool's Value Proposition

   WHIRLPOOL’S VALUE PROPOSITION Best Kitchen and Laundry Company with a Unique Structural Position Global Leading Best Brand Proven Track Record Best Cost Scale Portfolio of Innovation Position Whirlpool Corporation Investor Meetings 4

5. Slide 5: Digital Transformation Provides Significant Long-Term Upside

   DIGITAL TRANSFORMATION PROVIDES SIGNIFICANT LONG-TERM UPSIDE 1 Leader in Connected Appliances and Services ● Incremental revenues from digital products and services ● Unique insights into actual consumer usage behaviors 2 Winning the Digital Consumer Journey ● Increased pre-buy consumer preference a

6. Slide 6: Capitalizing on Demand for Connected Appliances

   CAPITALIZING ON DEMAND FOR CONNECTED APPLIANCES Whirlpool Connected Products in the U.S. Cumulative # of installed connected products Well Positioned for Growth in Connected Products and Services Whirlpool Corporation Investor Meetings 6

7. Slide 7: 2019 Financial Highlights

   2019 FINANCIAL HIGHLIGHTS $20.4B 6.9% $912M $16.00 (2) Net Sales Ongoing EBIT Free Cash Flow Ongoing EPS(1) Margin(1) (2.9)% YoY / +1.6% Organic(4) 0.6pts YoY 4.5% FCF as % of Net Sales +5.5% YoY ● Record results that exceeded guidance, despite continued challenging environment ● Strong global perfo

8. Slide 8: Clear Long-Term Value Creation Goals

   CLEAR LONG-TERM VALUE CREATION GOALS Profitable Growth Margin Expansion Cash Conversion Long-Term ~3% ~10% 6%+ Goals Ongoing Earnings Before Interest Annual Organic Net Sales Growth Free Cash Flow as % of Net Sales and Tax, % of Net Sales YoY Ongoing YoY Free FCF as % Net Sales Change EBIT Margin(1)

9. Slide 9: Regional Catalysts for Growth

   REGIONAL CATALYSTS FOR GROWTH 2020 Guidance Long-Term Goal Industry EBIT(1) % Revenue EBIT % (1)-1% ~13%+ 2-3% 13%+ (CAGR) 1-2% 1.0-1.5% 2-3% ~8% (CAGR) 3-4% ~6%+ 5-6% 10%+ (CAGR) (1)-1% 3-4% 3-4% ~8% (CAGR) Total ~Flat ~7.5% ~3% ~10% Whirlpool Corporation Investor Meetings 9

10. Slide 10: North America

    NORTH AMERICA Record 2019 performance despite macroeconomic challenges and changes in 1 the competitive environment Focus remains on cost discipline and favorable price/mix related to new 2 product introductions Replacement driven demand increasing as % of total industry with further upside 3 - lapp

11. Slide 11: EMEA

    EMEA Structural position remains strong - #1 share position in 3 of our top 4 countries with strong product 1 leadership 2 Focused on restoring profitability through execution of strategic actions - positive 4Q19 EBIT (3) 3 Capitalizing on key growth opportunities, including built-in kitchen business

12. Slide 12: Latin America and Asia

    LATIN AMERICA AND ASIA Latin America Asia Positioned for growth - Brazil critical growth Capitalizing on strong growth potential in India: 1 1 engine distribution, new launches, maximizing mix opportunities, and expansion into new product categories 2 Strong brand positioning across value chain Focu

13. Slide 13: Coronavirus Impact Statement

    CORONAVIRUS IMPACT STATEMENT “Our primary focus remains the health and safety of our employees. We have put the appropriate proactive measures in place to protect our employees and to ensure business continuity. To date, we have not had any confirmed cases of coronavirus within our employee populatio

14. Slide 14: Disciplined Capital Allocation

    DISCIPLINED CAPITAL ALLOCATION Fund the Business Target Status Capex: ~3% of net sales • On-track Capex/R&D R&D: ~3% of net sales • On-track Opportunistic M&A with high • Continue to be opportunistic Mergers & Acquisitions ROIC threshold Return to Shareholders Target Status ~30% of trailing Dividend

15. Slide 15: Whirlpool's Long-Standing Commitment to ESG

    WHIRLPOOL’S LONG-STANDING COMMITMENT TO ESG LETTER TO SHAREHOLDERS “1969 saw continuation of determined efforts on the part of Whirlpool and its subsidiaries to make meaningful contributions to the improvement of the social climate in the communities where our facilities are located. We have long he

16. Slide 16: Our Commitment to ESG Goes Well Beyond the "E"

    OUR COMMITMENT TO ESG GOES WELL BEYOND THE “E” Environmental Social Governance Committed to Being a Our Pursuit to Improve Committed to Strong Responsible Corporate Life at Home Governance Citizen ● Plant Emissions: Achieved 17% ● External Recognition / Awards ● Strong, Diverse & Independent absolut

17. Slide 17: Thank you!

    Thank you! JOIN THE CONVERSATION @WhirlpoolCorp LinkedIn.com/company/Whirlpool-Corporation WhirlpoolCorp.com 17

18. Slide 18: Appendix

    Appendix 18

19. Slide 19: Use of Non-GAAP Financial Measures

    USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain non-GAAP financial measures, which we refer to as “ongoing” (1) measures: Ongoing earnings per diluted share, earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin Other non-GAAP financial measure

20. Slide 20: Index of Supporting Information

    INDEX OF SUPPORTING INFORMATION Slide # Slide Title & Description Source / Notes 2 WHIRLPOOL OVERVIEW The number on major appliance manufacturer in the world claim is based on most recently available publicly reported annual revenues among leading appliance manufacturers. 3 LEADING BRAND PORTFOLIO ●

21. Slide 21: Full-Year Organic Net Sales Reconciliation

    FULL-YEAR ORGANIC NET SALES RECONCILIATION (Approximate impact in billions) 2018 2019 Change Comments Net Sales $21.0B $20.4B (2.9)% Less: Embraco Net Sales $(1.1) $(0.6) • 2019 results include 6 months of net sales (Jan-June) Add-Back: Currency n/a $0.4 • BRL, EUR and GBP Organic Net Sales $19.9B $

22. Slide 22: 2019 Ongoing Earnings Before Interest and Taxes (EBIT)

    2019 ONGOING EARNINGS BEFORE INTEREST AND TAXES (EBIT) The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Wh

23. Slide 23: 2018 Ongoing Earnings Before Interest and Taxes (EBIT)

    2018 ONGOING EARNINGS BEFORE INTEREST AND TAXES (EBIT) The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) availabl

24. Slide 24: Outlook for Ongoing Earnings Before Interest and Taxes (EBIT)

    OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES (EBIT) The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings availabl

25. Slide 25: Free Cash Flow

    FREE CASH FLOW As defined by the Company, free cash flow is cash provided by (used in) operating activities after capital expenditures, proceeds from the sale of assets and businesses and changes in restricted cash. The reconciliation provided below reconciles twelve months ended December 31, 2019 and

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