Harley Davidson SPAC Presentation Deck

Risk Factors (continued) RISKS RELATED TO LIVEWIRE'S BUSINESS AND INDUSTRY (CONTINUED) • Our use of "open source" software could subject our proprietary software to general release, adversely affect our ability to sell our products and services, and subject us to possible litigation, claims or proceedings • We cannot be certain that our products and our business do not, or will not, infringe the intellectual property rights of third parties. We are from time to time, and may in the future become, subject to patent, trademark or other intellectual property infringement claims, which may be time-consuming, cause us to incur significant liability and increase our costs of doing business. • If our trademarks, patents, or other intellectual property expire or are not maintained, or if our patent applications are not granted or patent rights are contested, circumvented, invalidated or limited in scope, we may not be able to prevent others from selling, developing or exploiting competing technologies or products, which could have a material and adverse effect on our business, prospects, financial condition, results of operations and cash flows. We depend on revenue generated from a limited number of models and in the foreseeable future will be significantly dependent on a limited number of models. • We are an early stage company with a history of losses and expect to incur significant expenses and continuing losses for several years. We have yet to achieve positive operating cash flow and, given our projected funding needs, our ability to generate positive cash flow is uncertain. • As we continue to grow, we may not be able to effectively manage our growth, which could negatively impact our brand and financial performance. • The unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for electric vehicles and domestically produced vehicles could have a material adverse effect on our business, financial condition, operating results, and prospects. If dealers are unwilling to participate in the Company's go-to-market business model, it may have negative impacts on the Company's business. • Issues with our StaCyc products and business, two-wheeled EV bikes for kids, present reputational, business, and financial risk that could negatively impact the Company. • We face challenges providing charging solutions for our vehicles The U.S. government's pending rules and regulations concerning mandatory COVID-19 vaccination of U.S.-based employees of companies that work on or in support of federal contracts, or have 100 or more employees, could materially and adversely affect our results of operations, financial condition, and cash flows. • The Company's inability to retain and/or obtain necessary licenses and permits to operate the business may negatively impact the Company's financial results. ● RISKS RELATED TO THE CARVE-OUT TRANSACTION Our business and that of H-D overlap. H-D's competition with us and use of our intellectual property in certain markets may affect our ability to build and maintain relationships with partners, dealers, suppliers, and customers. . ● 55 Our inability to maintain a strong relationship with H-D or to resolve favorably any disputes that may arise between us and H-D could result in a significant reduction of our revenue. In connection with the carve-out, we will not have our own manufacturing capability, and will receive contract manufacturing services exclusively from H-D to make many of our products for a certain period of time. If the Contract Manufacturing Agreement with H-D terminates, we will have to engage another third party contract manufacturer or build our own in-house manufacturing capability to make our products, which could cause us to incur significant cost and expense.

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