HARLEY-DAVIDSON STRATEGY

HARDWIRE STAGE II TARGETS - 2021 – 2025E HDMC HDFS LiveWire +5 to 7% Revenue CAGR* 2021 2025E -3 to -5% Op Income Growth** 2021 2025E ~53K Annual Units by 2025 15% +3 to 5% Operating Margin by 2025 Op Income Growth** 2022E2025E +140% Revenue CAGR*** 2021 2025E EPS: Low Double Digit Growth * HDMC Revenue 2021-2025E Guidance excludes Livewire One branded motorcycles. Includes HD branded Motorcycle, P&A, A&L, and Experiences ** HDFS 2022- 2025 operating income growth target of +3 - 5%; 2021 base impacted by reserve release & historically low losses *** Livewire Revenue Guidance 2021-2025E is based on 2021 Livewire One branded motorcycles Revenue of $27M 44

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