Harley-Davidson Investor Discussion

HDMC 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

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