CONTACT: Whirlpool Corporation
                                                  Media: Tom Kline, 269/923-3738
                                              thomas_e_kline@email.whirlpool.com
                                        Financial: Thomas Filstrup, 269/923-3189
                                           thomas_c_filstrup@email.whirlpool.com


             WHIRLPOOL CORP. TO RECOGNIZE CHARGE FOR AIRCRAFT LEASE
                       ASSETS IN DISCONTINUED OPERATIONS

                   United Airlines Bankruptcy Reduces Value of
                       Whirlpool's Leveraged Lease Assets

   $68 Million Charge to Discontinued Operations in Fourth Quarter Consistent
               with the Company's Disclosure in Third Quarter 2002

BENTON HARBOR, Mich., Jan. 16, 2003-Whirlpool Corporation (NYSE: WHR) today
announced that the company, consistent with its August 2002 disclosure, will
recognize a non-cash charge of approximately $68 million, or $43 million after
tax, related to aircraft lease assets in discontinued operations. Whirlpool
previously disclosed that these assets could be reduced in value if UAL Corp.
filed for bankruptcy protection. The fourth-quarter charge to discontinued
operations is estimated at approximately $0.62 per diluted share and will have
no impact on Whirlpool's appliance business.

       In addition, Whirlpool will accelerate the payment of up to $49 million
in long-term deferred income taxes related to the lease assets. For 2003, the
payments will be sourced from the company's cash flow, but have no impact on
earnings.

       The aircraft leases are part of a Whirlpool subsidiary's leveraged lease
portfolio in discontinued operations. The portfolio is part of Whirlpool
Financial Corporation, the financial services subsidiary whose operations were
discontinued in 1997.

       Whirlpool Corporation is the world's leading manufacturer and marketer of
major home appliances, with annual sales of over $11 billion, 65,000 employees,
and nearly 50 manufacturing and technology research centers around the globe.
The company markets Whirlpool, KitchenAid, Brastemp, Bauknecht, Consul and other
major brand names to consumers in more than 170 countries. Additional
information about the company can be found on the Internet at
www.whirlpoolcorp.com.

       This news release contains forward-looking statements, as that term is
defined in the Private Securities Litigation Reform Act of 1995. In addition to
the expected appliance industry results for 2003 noted in this news release,
there are certain factors that could cause results to differ materially from
those anticipated by some of the statements made. These factors are listed in
the company's most recently filed Form 10-Q and/or Form 10-K.

                                      # # #