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Important Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. Certain statements contained herein do not relate strictly to historical or current facts and may contain forward-looking statements that reflect our current views with respect to future events and financial performance. As such, they are considered "forward-looking statements" which provide current expectations or forecasts of future events. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," and similar words or expressions. Our forward-looking statements generally relate to our growth strategies, financial results, product development, sales efforts, and, specific to the above, potential financial and supply chain impacts from coronavirus. These forward-looking statements should be considered with the understanding that such statements involve a variety of risks and uncertainties, known and unknown, and may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially.

We undertake no obligation to update any forward-looking statement, and investors are advised to review disclosures in our filings with the SEC. It is not possible to foresee or identify all factors that could cause actual results to differ from expected or historic results. Therefore, investors should not consider the foregoing factors to be an exhaustive statement of all risks, uncertainties, or factors that could potentially cause actual results to differ from forward-looking statements.

Except as otherwise noted, each answer above speaks only as of the date of our most recent quarterly earnings materials. We do not intend to update, and undertake no obligation to update, such answers, until the date of our next quarterly earnings materials.


French Competition Authority Investigation

As previously disclosed, in 2013 the French Competition Authority (FCA) commenced an investigation of appliance manufacturers and retailers in France, including Whirlpool and Indesit. The FCA investigation was split into two parts. Whirlpool France settled the first part of the investigation in 2018 and during the first quarter of 2023 received a Statement of Objections from the FCA in the second part of the investigation. The Company has agreed to a preliminary settlement range with the FCA and expects to record a total non-recurring charge of approximately $69 million in the first half of 2023, including $41 million previously accrued in the first quarter of 2023. The Company expects the settlement amount to be finalized in the fourth quarter of 2023, and to make payment to the FCA in 2024.

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Whirlpool Russia Sale

On June 27, 2022, Whirlpool Corporation (the “Company”), through its subsidiary Whirlpool EMEA SpA, entered into a share purchase agreement with Arçelik A.Ş.(“Arcelik”) to sell the Company’s Russian business to Arcelik for deferred payments.

The sale closed on August 31, 2022. See Note 15 to the consolidated condensed financial statements in our second quarter 2022 Form 10-Q, linked here, for further information on the transaction.

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February 24, 2022

We are monitoring the developments in and around Ukraine, including potential impacts to our business. The situation is very fluid and could change quickly. Our primary focus remains the safety and security of our employees. We have put the appropriate proactive measures in place to protect our employees and to support business continuity.

Whirlpool Corporation has manufacturing operations in Russia with approximately 2,500 employees. Net sales attributed to Whirlpool Corporation’s operations in Russia in 2021 were approximately $500 million. The Company has a sales and distribution presence in Ukraine, with revenues that are immaterial to our Europe, Middle East and Africa operations or to the Company's consolidated results.

We will provide further updates on our first-quarter earnings call in April.

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Whirlpool Reaches Agreement to Acquire Majority Interest in Elica PB India

  • In 2018, Whirlpool of India Limited (Whirlpool India), a majority-owned subsidiary of Whirlpool Corporation, acquired a 49% equity interest in Elica PB India Private Limited (Elica PB India) for $22 million
  • On September 27, 2021, Whirlpool India entered into a share purchase agreement to acquire an additional approximately 38% equity interest in Elica PB India for $57 million
  • Following the closing of the transaction, which occurred on September 29, 2021, Elica PB India will be consolidated within Whirlpool India’s and Whirlpool Corporation’s financial statements, and Elica will remain a minority shareholder in Elica PB India
  • This transaction is expected to be accretive to Whirlpool Corporation’s results and is aligned to our capital allocation priority of opportunistic M&A with a high ROIC threshold

Both Whirlpool India and the non-Whirlpool India shareholders retain options for Whirlpool India to purchase the remaining equity interest in Elica PB India.

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