#1HARLEY DAVIDSON CHELL 130 2009 CHITE INVESTOR DISCUSSION JULY 14, 2023 Our comments will include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted in our latest filings with the SEC. Harley-Davidson disclaims any obligation to update information in this Presentation. 1#2FORWARD LOOKING STATEMENTS The Company intends that certain matters discussed in this presentation and our associated comments are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the company "believes," "anticipates," "expects," "plans," "may," "will," "estimates," "targets," "intends," "forecasts," "is on track,” “sees," "feels," or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments, or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this presentation. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this presentation are only made as of April 27, 2023. Such statements do not reflect subsequent events, circumstances, or changes in expectations. Inclusion of such forward-looking statements does not constitute a reaffirmation of such statements as of any subsequent date and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including The Hardwire, each of the pillars, and the evolution of LiveWire as a standalone brand, which includes the risks noted below; (b) manage supply chain and logistics issues, including quality issues, availability of semiconductor chip components and the ability to find alternative sources of those components in a timely manner, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine, or natural disasters and longer shipping times and increased logistics costs, including by successfully implementing pricing surcharges; (c) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to: (1) execute its plans to develop, produce, market and sell its electric vehicles; (2) achieve profitability, which is dependent on the successful development and commercial introduction and acceptance of its electric vehicles, and its services, which may not occur; (3) adequately control the costs of its operations as a new entrant into a new space; (4) develop, maintain and strengthen its brand; (5) execute its plans to develop, produce, market and sell its electric vehicles on expected timelines; and (6) effectively establish and maintain cooperation from its retail partners, largely drawn from the Company's traditional motorcycle dealer network, to be able to effectively establish or maintain relationships with customers for electric vehicles; (ii) competition; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in "Risk Factors" under Item 1.A of LiveWire Group Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022; (d) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (e) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (f) successfully carry out its global manufacturing and assembly operations; (g) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (h) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (i) manage ongoing risks related to the impact of the COVID-19 pandemic, such as supply chain disruptions, its ability to carry out business as usual, and government actions and restrictive measures implemented in response; (j) manage the regulatory compliance matter relating to a third-party supplier's component part in a manner that avoids additional costs or recall expenses that are material (k) manage the quality issue relating to brake hose assemblies provided by Proterial Cable America (PCA), including (i) the nature and extent of the issue and the ability of the supplier to remedy the potential issue, and (ii) the effects that the production suspension caused by the quality issue relating to the PCA brake hose assemblies may have on its business, including on retail sales of new motorcycles; (I) successfully appeal: (i) the revocation of the Binding Origin Information ("BOI") decisions that allowed the Company to supply its European Union ("EU") market with certain of its motorcycles produced at its Thailand operations at a reduced tariff rate and (ii) the denial of the Company's application for temporary relief from the effect of the revocation of the BOI decisions; (m) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products internationally, and the cost of raw materials and components, including the temporary lifting of the Section 232 steel and aluminum tariffs and incremental tariffs on motorcycles imported into the EU from the U.S., between the U.S. and EU, which expires on December 31, 2023; (n) prevent, detect and remediate any issues with its motorcycles or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (o) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (p) successfully manage and reduce costs throughout the business; (q) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, particularly with the recent turmoil in the banking industry, and the changing domestic and international political environments, including as a result of the conflict in Ukraine; (r) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (s) continue to develop and maintain a productive relationship with Zhejiang Qianjiang Motorcycle Co., Ltd. and launch related products in a timely manner; (t) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (u) successfully maintain a manner in which to sell motorcycles in China and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (v) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (w) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (x) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (y) prevent a cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding data security; (z) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (aa) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company's business; (bb) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (cc) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (dd) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations; Continued on Next Slide 2#3FORWARD LOOKING STATEMENTS CONTINUED (ee) manage its exposure to product liability claims and commercial or contractual disputes; (ff) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (gg) achieve anticipated results with respect to the Company's pre-owned motorcycle program, Harley-Davidson Certified, the Company's H-D1 Marketplace, and Apparel and Licensing; (hh) accurately predict the margins of its segments in light of, among other things, tariffs, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (ii) optimize capital allocation in light of the Company's capital allocation priorities; and (jj) manage through the effects increased environmental, safety, emissions or other regulations or other influences may have on the business and its operating results. The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, the impact of the COVID-19 pandemic, or other factors. In recent years, Harley-Davidson Financial Services (HDFS) experienced historically low levels of retail credit losses, but credit losses have been normalizing to higher levels in recent quarters. Further, the Company believes that HDFS's retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation, and HDFS' efforts to adjust underwriting criteria based on market and economic conditions, as well as actions that the Company has taken and could take that impact motorcycle values. The Company's operations, demand for its products, and its liquidity could be adversely impacted by work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine, or other factors. Refer to "Risk Factors" under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above. 3#4SELE { Mission More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Vision Building our legend and leading through innovation, evolution and emotion. → Ambition Harley-Davidson as the most desirable motorcycle & lifestyle brand in the world, building upon a 120-year history and leading. motorcycle culture into the future. 4#5FABLEX-DA (1 HARLEY KEY INVESTMENT HIGHLIGHTS 1 One of the most powerful and the most desirable motorcycle brands in the world 2. Evolving as a global lifestyle brand rooted in moto- culture, growing beyond motorcycles 3 Executing Hardwire Stage II - our strategic plan for profitable growth 4. Projecting strong financial profile 5#6ab HARDWIRE STAGE II PILLARS 2 3 Profit Selective focus expansion & redefinition Lead in electric 1 5 6 Growth beyond bikes Integrated customer experience Inclusive stakeholder management 4 60#79 Key Hardwire Stage II Initiatives 7#8PILLAR 1: PROFIT FOCUS CVO AS CLEAR EXAMPLE OF INNOVATION IN THE CORE HARLE Data sourced from Harley-Davidson social/digital teams June 7 - July 11, 2023 • Top 20 trending placement for tease video. • 1.5M visits to H-D.com • 235K visits to product page • 200K YouTube views . 80% positive sentiment • 5.4M views on H-D social media • . 2M emails with 27% open rate in first 24h Successful launches in key global markets 8#9PILLAR 2: SELECTIVE EXPANSION AND REDEFINITION LEADERSHIP IN THE MOST PROFITABLE MARKETS North America Preserve unrivalled leadership position of most profitable motorcycle market in the world LATAM Prioritize profitability over volume EMEA Play to win with our most premium motorcycles Expand with new product lines where our profitability targets are met APAC Emphasize growth of premium in the region Strive for leadership positions in most profitable markets 9#10LEVERS TO CAPTURE PARTS & ACCESSORIES OPPORTUNITY PILLAR 4: GROWTH BEYOND BIKES B Grow with incremental new and used MC volume and maximize share of Wallet Increase accessorization on new motorcycle purchases Maximize opportunity with used motorcycles Leverage service as a key growth driver Enable growth through digital 10 10#11PILLAR 4: GROWTH BEYOND BIKES APPEAL OF HARLEY-DAVIDSON BRAND HARLE DAVIDS HARLEY DASON HARLEY-DAVIDSO NO HARLEY DAVIDSO HARLEY DA RACING SON DIVICION متمان Davids &SERV EX Harley Davidson SALES&SERVICE MILWAUKEE, WI 11#12Building a leadership team with A&L expertise and executing on brand consistency across our own and licensed products PILLAR 4: GROWTH BEYOND BIKES PLAN TO GROW IN APPAREL AND LICENSING Evolve H-D Motorclothes - Execute seasonal and 3-year line plan Modernize aesthetic Create min assortment & sell thru KPI's Create & Scale H-D Lifestyle - - Create modern H-D aesthetic Attract new (female) consumers Lead in U.S., accelerate internationally Fewer. Deeper. Bolder. Manage SKU productivity & lifecycles - Deliver milestone accountabilities - Segment by product & channel 12#13PILLAR 5: INTEGRATED CUSTOMER EXPERIENCE EVOLVING THE CUSTOMER EXPERIENCE Customer Experience Integrated through Digital and Physical Test Ride Financing Offers Request a Quote Reserve PURCHASE OPTIONS -> Online research Search or configure Find online or in store Online customization & complete in store Transaction facilitation Physical connection fit & test Pre-order or quote & book Right selection in store or easily available Dav In-store purchase & pick up Flexible delivery and returns Service excellence On-going customer relationship Experiences Enabled by Online Inventory search Bike builder Pre-selling Transaction simplification Allocation management Order tracking - Post purchase engagement - Single view of customer Modern dealer network 13#14PILLAR 5: INTEGRATED CUSTOMER EXPERIENCE INVESTMENT IN OUR DEALERSHIP EXPERIENCE NEARLY $2B expected investment by U.S. dealers over 10 years (2021-2030) to upgrade and modernize facilities - Strengthen the representation of the brand Welcome all riders and non-riders Provide digitally enabled integrated sales processes Build the Harley-Davidson community Energize riders 20% of U.S. network committed to the program Opportunity for Harley-Davidson and dealers to invest in further optimizing network to drive desirability in key markets while maintaining national coverage ABC CITY HARLEY-DAVIDSON = 14#15PILLAR 5: INTEGRATED CUSTOMER EXPERIENCE FIRST COMPLETED FUEL FACILITY: HARLEY-DAVIDSON OF WESLEY CHAPEL venture Touring TO THE FAMILY WELCOME TO THE FAMILY SMOTOR HARLEY-DAVIDSON SYCLES CHINT COL AVIDSONS SAERTS HARLEY SAVEDION DAVI SMOTPRZ HARLEY-DAVIDSON CYCLES 15#16PILLAR 5: INTEGRATED CUSTOMER EXPERIENCE FIRST COMPLETED FUEL FACILITY: HARLEY-DAVIDSON OF WESLEY CHAPEL HARLEY-DAVIDSON STYLE 豆豆 17.1 WESLEY PARTS & ACCE Finished exterior Finished interior VCC 1160#17PILLAR 5: INTEGRATED CUSTOMER EXPERIENCE PLAN FOR WICKED WEST HARLEY-DAVIDSON SMOTOR HARLEY-DAVIDSON HARLEY-DAVIDSON Customization ARLEY-DAVIDSON Planned exterior Planned interior 17#18PILLAR 5: INTEGRATED CUSTOMER EXPERIENCE PLAN FOR LONE STAR HARLEY-DAVIDSON HARLEY-DAVIDSON LONE STAR HARLEY-DAVIDSON 승 Planned exterior Planned interior 18#19PILLAR 5: INTEGRATED CUSTOMER EXPERIENCE MEMBERSHIP & LOYALTY AIMED AT BUILDING AND RETAINING RIDERS Cerritos Re • Launched June 20th Free and paid tiers • Includes enhanced Harley Owners Group • • - Over 500K U.S. members – up over 10% since launch of H-D Membership across all tiers Over 500 participating H-D dealers • High member engagement on H-D app • Member incremental value of ~3X Addresses drivers to build and retain riders 19#209 Financials 20 20#21HDMC UNIT PROFITABILITY EXPECTED TO RETURN TO HISTORICALLY HEALTHY LEVELS Excludes LiveWire Results for 2020-2022 ~$3,700/Unit HDMC Unit Profitability 1,2,3 ~ $1,300/Unit ~$3,500/Unit '14A '15A '16A '17A '18A '19A '21A '22A Key Drivers Since Rewire: • • ~23,000 fewer Wholesale units driven by strategic market exits and model pruning (e.g. Sportster) Improved profitability through reduced incentives, pricing and cost productivity Key drivers include continued unit mix shift and step-up in supply chain cost productivity 1 HDMC - Unit Profitability" is measured as HDMC Operating Income (includes Motorcycles, P&A, Apparel, Licensing, Other) divided by Wholesale Shipment Units for a given time period 2 HDMC Operating Income excludes LiveWire results for 2020-2022. HDMC historical results for 2020 and later have been updated retrospectively to exclude LiveWire results. 3 2020A Figure is excluded where HDMC Operating Income was negative in the period as a result of COVID shutdowns and Rewire Actions; in 2020A "HDMC - Unit Profitability" was a loss of ~ $700 per unit 21#22WHAT WE ACHIEVED WITH THE REWIRE AND HARDWIRE HDMC Revenue1 ($ millions) $4,969 $4,573 $4,888 $4,504 $3,233 2018 2019 2020 2021 2022 HDMC Operating Margin² 8.5% 6.3% 2018 2019 -3.4% 2020 13.9% 10.6% 2021 2022 - Restructured the Company Simplified the portfolio & footprint - Reduced reliance on promotions and discounts - Emphasized cost efficiency Returned $418M to shareholders in 20223 1 HDMC Revenue and Operating Income excludes LiveWire results for 2020-2022. HDMC historical results for 2020 and later have been updated retrospectively to exclude LiveWire results. 2 HDMC restructuring expense/(benefit) (in millions) was $(0.5), $2.7, $119.1, $32.4 and $93.4 in 2022, 2021, 2020, 2019 and 2018, respectively. 3 Returned $418M to shareholders in 2022, in the form of $93.4M in dividends and $324.5M in share repurchase. 22 22#23MOO Q&A 23#24HARLEY-DAVIDSON Ⓡ