HARLEY-DAVIDSON STRATEGY

HARLEY-DAVIDSON INC, HARDWIRE STAGE II TARGETS AHEAD OF ORIGINAL EXPECTATIONS Hardwire 2021 - 2025 Hardwire Stage II 2021 - 2025 Revenue: HDMC + LiveWire Operating Margin: HDMC + LiveWire HDFS Annual Capital: HDMC + LiveWire + Mid Single Digit Steady Margin Growth + Double Digits $190 – 220M +9 - 11% 12% By 2025 -3 to -5% $250 $300M - per year * Operating Margin: HDMC 15% by 2025 and LiveWire -6.2% by 2025 52 52

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