HARLEY-DAVIDSON STRATEGY

PATH BACK TO 15% OPERATING MARGIN 9% +1.5 pts 2021 HDMC Operating Margin LiveWire +2.2 pts 15% +1.1 pts +1.2 pts Incremental EU Tariffs* * Assumes an extension of EU tariff suspension, which is currently expected to expire 31 December 2023. ** Gross impact of Pricing and Productivity, net of inflation. Volume & Mix Pricing & Productivity** 2025E HDMC Operating Margin 2 47

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