<SEC-DOCUMENT>0001104659-25-041304.txt : 20250429
<SEC-HEADER>0001104659-25-041304.hdr.sgml : 20250429
<ACCEPTANCE-DATETIME>20250429163149
ACCESSION NUMBER:		0001104659-25-041304
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250429
DATE AS OF CHANGE:		20250429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARLEY-DAVIDSON, INC.
		CENTRAL INDEX KEY:			0000793952
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTORCYCLES, BICYCLES & PARTS [3751]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				391382325
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09183
		FILM NUMBER:		25888298

	BUSINESS ADDRESS:	
		STREET 1:		3700 W JUNEAU AVE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53208
		BUSINESS PHONE:		414-343-8553

	MAIL ADDRESS:	
		STREET 1:		3700 W. JUNEAU AVE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53208

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARLEY DAVIDSON INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2512731d11_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No.&nbsp;)</B></P>

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    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
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    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
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    <TD STYLE="vertical-align: top">Definitive Additional Materials &nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to Section&nbsp;240.14a-12</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Harley-Davidson,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s)&nbsp;Filing Proxy
Statement, if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Filing Fee (Check all boxes that apply):</FONT></TD></TR>
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    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required</FONT></TD></TR>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April&nbsp;29, 2025, Harley-Davidson,&nbsp;Inc.
issued a press release in connection with its upcoming 2025 annual meeting of shareholders. A copy of the press release is attached hereto
as Exhibit&nbsp;1.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U><A HREF="tm2512731d11_ex-1.htm" STYLE="-sec-extract: exhibit">Exhibit 1</A></U></P>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>tm2512731d11_ex-1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Harley-Davidson Sets the Record Straight on
H Partners&rsquo; Disingenuous and Harmful Claims</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Highlights the Highly Qualified Board&rsquo;s
Strong Governance and Effective Oversight of the Hardwire Strategic Plan, which is Delivering Results</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Details the Facts Regarding H Partners&rsquo;
Profound Disregard for Good Corporate Governance and its Attempt to Disenfranchise Shareholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Urges Shareholders to Vote &ldquo;FOR ALL&rdquo;
Harley-Davidson Nominees using the WHITE Proxy Card</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Presentations and Other Information Available
at VoteHarleyDavidson.com</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MILWAUKEE, April&nbsp;29, 2025 -- Harley-Davidson,&nbsp;Inc. (the &ldquo;Company&rdquo;
or &ldquo;Harley-Davidson&rdquo;) (NYSE: HOG) has released two presentations detailing Harley-Davidson&rsquo;s execution of its strategic
plan as well as its fit-for-purpose Board of Directors&rsquo; strong governance and effective oversight. The presentations expose the
misleading campaign being run by H Partners, which Harley-Davidson believes is destructive to the interests of <B><U>all</U></B> shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As Harley-Davidson shareholders submit their votes for the May&nbsp;14,
2025 Annual Meeting, these are the critical facts to consider:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harley-Davidson&rsquo;s Board is acting in the best interests of <B><U>all</U></B>
shareholders by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Overseeing management&rsquo;s execution of an ambitious strategic plan that
is building on Harley-Davidson&rsquo;s legacy and that we believe is transforming the business in the face of an extremely challenging
operating environment (especially for discretionary products in the leisure/powersports sectors) and delivering value for all stakeholders
well above the Company&rsquo;s peers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Leading a rigorous and comprehensive CEO search process, as well as ongoing
Board refreshment efforts, that demonstrate strong governance practices.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H Partners is taking the opposite approach. Despite having had every
opportunity to address issues that were important to them during their <B>three years on the Harley-Davidson Board</B> &ndash; during
which time they fully supported the Company&rsquo;s leadership and strategy and <B>always voted with</B> the Board on  decisions<SUP>1</SUP>
 &ndash; H Partners has decided to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Abruptly launch a disruptive campaign that we believe profoundly
                                                                                                               disregards good corporate governance, offers no constructive solutions that will benefit Harley-Davidson or its shareholders, and is
                                                                                                               in our view designed to enable H Partners to appoint unelected and unnamed Directors &ndash; including an H Partners representative
                                                                                                               after their representative just resigned from the Board &ndash; depriving shareholders of their right to choose their own
                                                                                                               representatives.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> H Partners&rsquo; Representative, Dourdeville, never
voted against any matter voted on by the Board and only abstained from four Board decisions since appointment in Feb 2022. Three of those
four abstentions were at Dourdeville&rsquo;s first Board meeting in February 2022 as he was coming up to speed, and the final abstention
was during the Human Resources Committee meeting in May 2024, when Dourdeville abstained from a director compensation vote given that
he elected to forgo director compensation as a representative of H Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Spread misleading claims regarding everything from appropriate peer groups,
to Harley-Davidson&rsquo;s CEO&rsquo;s performance, to their own track record of support for the Company&rsquo;s strategy and for Directors
while on the Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company urges shareholders to protect their investment by voting&nbsp;<B><U>&ldquo;FOR
ALL&rdquo;</U></B> of Harley-Davidson's highly qualified Directors, and visit <U>www.VoteHarleyDavidson.com</U> to view the presentations,
which detail the following key points:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Harley-Davidson&rsquo;s rigorous and comprehensive CEO search
process, as well as its ongoing Board refreshment efforts, reflect good governance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">In September&nbsp;2024, after Mr.&nbsp;Zeitz expressed interest in retiring
in 2025, the Board asked Mr.&nbsp;Zeitz to provide an update on his interest in pursuing retirement at the December&nbsp;Board meeting.
Shortly after the September&nbsp;2024 Board meeting, the Board commenced a CEO search process by hiring a CEO succession expert.
In December&nbsp;2024, after Mr.&nbsp;Zeitz reaffirmed his interest in retiring, the Board began engaging with an executive search firm
and formed a CEO search committee comprised of four Board members, including H Partners executive Jared Dourdeville.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Despite the CEO Search Committee&rsquo;s process not being complete,
                                                                                                               the Board accommodated H Partners&rsquo; demand to make a decision  on H Partners&rsquo;
                                                                                                               preferred CEO candidate before a deadline imposed by the candidate  as the candidate supposedly had other job offers. The
                                                                                                               Board took extraordinary measures to accommodate H Partners, accelerating the Board&rsquo;s interviews of select top candidates. After careful
                                                                                                               evaluation by the independent Directors, H Partners&rsquo; candidate failed to earn majority Board support as the Board determined
                                                                                                               the candidate lacked the skills and qualities needed to uphold Harley-Davidson&rsquo;s rich heritage and drive value for all
                                                                                                               stakeholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD><FONT STYLE="font-size: 10pt">Despite the threat of other job offers for H Partners&rsquo; preferred CEO candidate as a reason to
accelerate the Board&rsquo;s decision deadline, H Partners now asserts that their candidate remains available. And yet, H Partners refuses
to reveal their candidate&rsquo;s identity while they simultaneously revealed the confidential identity of one of the Company&rsquo;s other
CEO candidates.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The gold standard and typical outcome of a CEO search process is unanimous
support from the Board. <B><U>Harley-Davidson shareholders should not have to settle for a CEO candidate who fails to receive even bare
majority support.</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Harley-Davidson&rsquo;s Board also engages in a robust and thoughtful self-evaluation
and refreshment process, which we believe ensures <B><U>the Board and each Committee operate effectively and hold management accountable</U></B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>The Board regularly conducts anonymous evaluations of Directors&rsquo; contributions, performance and collective skills &ndash; a
process in which Mr.&nbsp;Dourdeville was a consistent participant. In the Fall 2024 process, all Directors participated and no Director expressed concern with the
current composition or performance of the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>The Nominating and Corporate Governance Committee has a robust framework and process for identifying, vetting and interviewing Director
candidates, which has resulted in one-third of the Board joining in the last four years, including the addition of two highly qualified
Directors with excellent experience as sitting CEOs at publicly traded companies (assuming the election of Lori Flees at the upcoming
annual meeting).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">H Partners&rsquo; campaign <B><U>seeks shareholder support for unnamed
                                                                                                               Directors</U></B> (<B>including an H Partners representative after <B>their</B> representative just resigned from the Board</B>) <B><U>and
                                                                                                               an unnamed CEO candidate, none of whom will be voted on by the shareholders</U></B> &ndash; demonstrating what we believe is a
                                                                                                               blatant disregard for good governance principles and the right of shareholders to choose their own representatives.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Board is overseeing the execution of Harley-Davidson&rsquo;s
Hardwire strategic plan, which is delivering strong performance relative to industry peers, amid very challenging and volatile macroeconomic
conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Despite operating in one of the most challenging operating environments in
the Company&rsquo;s 120+ year history, Harley-Davidson has outperformed its peers<SUP>2</SUP>, evidenced by:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Operating margins of 13% (2022-2024), <B><U>~4 percentage points above the peer median</U><SUP>3</SUP>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Free cash flow (&ldquo;FCF&rdquo;) as a percent of EBITDA of 70% (2022-2024), which is <B><U>over twice the peer median</U><SUP>4</SUP>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Relative total shareholder return (&ldquo;TSR&rdquo;) of <B><U>~10 percentage points higher than its peer median</U></B> during CEO
Jochen Zeitz&rsquo;s tenure<SUP>5</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company&rsquo;s operating discipline, robust cash flow generation, and
long-term earnings power have allowed it to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Reduce share count by 25% over the last three years, <B><U>the most among Harley-Davidson&rsquo;s peers<SUP>6</SUP></U></B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Increase annualized dividend per share by 14%, from $0.63 (first quarter 2022) to $0.72 (current).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Return <B><U>over $1.4 billion of capital to shareholders</U><SUP>7</SUP></B> via share repurchases and dividends since 2022, representing
78% of Harley-Davidson&rsquo;s FCF<SUP>8</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Peer group: BRP Inc., Brunswick Corp, Polaris Inc., Thor
Industries, Inc. and Winnebago Industries, Inc. This is the same reference benchmarking group &ndash; Leisure reference benchmarking
companies between $800MM and $3B market cap &ndash; that Harley-Davidson used for 2024-2026 performance share awards as part of the Company&rsquo;s
executive compensation plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Operating Margin is a GAAP measure calculated using GAAP-compliant
operating income divided by revenues accumulated from the fiscal year period of 2022 &ndash; 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> FCF is a non-GAAP measure defined as net cash provided
by operating activities less capital expenditures; calculated as sum of 2022-2024 fiscal year FCFs divided by sum of 2022-2024 fiscal
year EBITDA. EBITDA is a non-GAAP measure defined as operating income plus depreciation and amortization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> TSR represents total return of a company assuming reinvested
dividends; Market data as of April 15, 2025, the day prior to H Partners&rsquo; initiation of their Withhold campaign; Jochen Zeitz tenure
is calculated from May 7, 2020 to present (Market data as of April 15, 2025).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> Total Shares repurchased between 2022-2024 over the current
basic shares outstanding as of January 31, 2025. Does not include non-discretionary repurchases related to shares tendered to the Company
by employees to cover tax withholding obligations upon the vesting of restricted stock units and performance share units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> This represents discretionary share repurchases and does
not include non-discretionary repurchases related to shares tendered to the Company by employees to cover tax withholding obligations
upon the vesting of restricted stock units and performance share units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> FCF is a non-GAAP measure defined as net cash provided
by operating activities less capital expenditures; calculated as the sum of 2022-2024 capital returned via discretionary share repurchases
and dividends divided by 2022-2024 FCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>H Partners has demonstrated <B><I>their</I></B> profound disinterest in good
governance, good-faith collaboration and an orderly CEO transition, and we believe <B><I>their</I></B> misguided and disruptive campaign offers no constructive
solutions and is destructive to the interests of all shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">H Partners <B><U>had a voice inside the Harley-Davidson Boardroom for the
past three years</U></B>, with Mr.&nbsp;Dourdeville serving as <B><I>their</I></B> Director representative. They had sufficient opportunities to share their
thoughts with fellow Directors and management through many interactions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">For the entirety of those three years, until recently, Mr.&nbsp;Dourdeville
and H Partners representatives, including Rehan Jaffer, <B><U>supported</U></B> Mr.&nbsp;Zeitz as CEO and even asked for him to commit
to at least two more years in the role, <B><U>endorsed</U></B> the Hardwire strategic plan and management&rsquo;s execution of it, <B><U>voted
in favor</U></B> of all current Directors standing for reelection and <B><U>actively participated</U></B> in the CEO search process &ndash;
all without objection.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Within a matter of days &ndash; just after H Partners&rsquo;
                                                                                                               didn&rsquo;t get their way when their preferred CEO candidate failed to earn majority Board support &ndash; Mr.&nbsp;Dourdeville
                                                                                                               demanded that one-third of the Board resign, and he himself <B><U>abruptly resigned from the Board</U></B> right before a Board
                                                                                                               meeting to discuss his perspectives.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">H Partners suddenly discovered &ldquo;deep misgivings&rdquo; requiring &ldquo;radical
action&rdquo; at Harley-Davidson, disclosed Board confidential information and resorted to a misleading campaign that <B><U>jeopardizes
the strategic and executional progress made to date</U></B>. Further, we believe H Partners&rsquo; campaign is <B><U>undermining</U></B>
the Board&rsquo;s ability to attract the best CEO and future Director candidates, <B><U>disenfranchising shareholders</U>,</B> and impeding
management&rsquo;s <B><U>ability to execute on key initiatives</U></B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Harley-Davidson has already addressed H Partners&rsquo; requests
                                                                                                               &ndash; it accelerated the review of H Partners&rsquo; preferred CEO candidate, and it has conducted and remains committed to
                                                                                                               ongoing Board refreshment. Beyond that, H Partners&rsquo; campaign offers <B><U>no constructive solutions</U></B> that will benefit
                                                                                                               Harley-Davidson or its shareholders and seems to us solely focused on disingenuously attacking Company performance and the Board. H
                                                                                                               Partners&rsquo; campaign is not about &ldquo;accountability&rdquo; &ndash; we believe it puts at risk the progress Harley-Davidson
                                                                                                               has made and the value of shareholders&rsquo; investments.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">At its core, this campaign by H Partners is a further attempt, far outside
the guardrails of good corporate governance, <B><U>to engineer the CEO outcome  <B>they desire</B></U></B>, targeting two independent Directors
with the institutional knowledge that is critical in choosing the strongest CEO candidate to lead Harley-Davidson, as well as the retiring
CEO, who is fully committed to doing what is necessary to support a successful transition<B>.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>H Partners&rsquo; campaign has issued materials that lay
bare <B><I>their</I></B> ignorance around Harley-Davidson&rsquo;s business and strategy and in our view contain numerous
inaccuracies, <B><I>hypocrisies and </I></B> misleading assertions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The facts around just a few of these falsities and misrepresentations
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">H Partners uses a reference benchmark comprised of companies
that have <B><U>little relevance to Harley-Davidson</U></B>. Companies in this benchmark selected by H Partners are egregiously different
from Harley-Davidson in size, core product offering, and scale &ndash; a <B><U>disingenuous framework for comparison by a shareholder
who claims deep understanding of Harley-Davidson</U></B>, much less a shareholder who sat on the Board Committee that determined executive
compensation and selected a peer group used in compensation awards.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>The legitimacy of Harley-Davidson&rsquo;s true core peer group &ndash; leisure and powersports peers between $800MM and $3B market
cap &ndash; is reinforced and validated via overlapping independent analyst coverage. This is the same core peer group that Harley-Davidson
used for 2024-2026 performance share awards as part of the Company&rsquo;s executive compensation plan &ndash; and a peer group that H
Partners approved through Mr.&nbsp;Dourdeville, who sat on the relevant Board Committee when this peer group was voted on.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr.&nbsp;Dourdeville and H Partners consistently supported Harley-Davidson&rsquo;s
executive compensation program. Moreover, <B><U>they were the driving force behind the implementation of the Aspirational Incentive Plan
(&ldquo;AIP&rdquo;),</U></B> a component of the compensation program.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>There has been <B><U>minimal
                                            turnover of the executive leadership team</U></B> with most being in-post since the Hardwire
                                            strategic plan was initiated. Three of the individuals cited by H Partners were not part of
                                            the executive leadership team. Further, <B><U>employee turnover declined under Mr.&nbsp;Zeitz&rsquo;s
                                            leadership</U></B>, with salaried voluntary turnover in 2024 being the <B><U>lowest in Harley-Davidson&rsquo;s
                                            recorded history</U></B>, and 2023 being the second lowest. Turnover in both years also fell
                                            below the national average.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was <B><U>no personal promise ever made</U></B>
                                                                                                               by the Board&rsquo;s Presiding Director, Tom Linebarger, to delay the CEO search process, nor was there any delay whatsoever &ndash;
                                                                                                               the search process commenced shortly after Mr.&nbsp;Zeitz expressed his interest in retiring with the hiring of a CEO succession
                                                                                                               expert.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not believe H Partners is a credible or trustworthy steward of
shareholder value, and their disingenuous actions fly in the face of good corporate governance. For these reasons, the Board of Directors
strongly urges shareholders to vote <B><U>&ldquo;FOR ALL&rdquo;</U></B> Harley-Davidson Director nominees on the <B><U>WHITE</U></B> proxy
card and please <B><U>DISCARD</U></B> any <B><U>BLUE</U></B> proxy card received from H Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The presentations are available on the Resources section of <U>www.VoteHarleyDavidson.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Media</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FGS Global</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen Pettibone/Kelsey Markovich/Bryan Locke/Danielle Berg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HOG@fgsglobal.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Investors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shawn Collins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shawn.collins@Harley-Davidson.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(414) 343-8002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Harley-Davidson</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harley-Davidson,&nbsp;Inc. is the parent company of Harley-Davidson
Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution
and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition
is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture
by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and
apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson
also has a controlling interest in LiveWire Group,&nbsp;Inc., the first publicly traded all-electric motorcycle company in the United
States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from
the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable
electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cautionary Note Regarding Forward-Looking Statements</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All
statements in this press release that do not relate to matters of historical or current fact should be considered forward-looking statements,
including without limitation statements regarding expectations regarding future results of operations and financial position of the Company
including, without limitation, with respect to earnings capacity and shareholder value; potential impacts of macroeconomic conditions
on the Company's business and results of operations; the Hardwire strategic plan priorities and execution, including the results thereof;
industry and business trends, and business strategy, initiatives and opportunities; impacts of the H Partners Management, LLC (&ldquo;H
Partners&rdquo;) campaign related to the Company&rsquo;s 2025 annual meeting of shareholders (the &ldquo;Annual Meeting&rdquo;); and
executive succession and board refreshment, including expected results thereof. These forward-looking statements are based on information
available to the Company as of the time the statements are made as well as the Company&rsquo;s current expectations, assumptions, estimates
and projections and are subject to certain risks and uncertainties that are likely to cause actual results to differ materially, unfavorably
or favorably, from those anticipated. These forward-looking statements can generally be identified by the use of forward-looking terminology,
including the terms &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;expects,&rdquo; &ldquo;plans,&rdquo; &ldquo;projects,&rdquo;
 &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;estimates,&rdquo; &ldquo;targets,&rdquo; &ldquo;intends,&rdquo; &ldquo;forecasts,&rdquo;
 &ldquo;seeks,&rdquo; &ldquo;sees,&rdquo; &ldquo;should,&rdquo; &ldquo;feels,&rdquo; &ldquo;commits,&rdquo; &ldquo;assumes,&rdquo; &ldquo;envisions,&rdquo;
or, in each case, their negative or other variations or comparable terminology, or words of similar meaning. Certain of such risks and
uncertainties are described below, and others are listed in Part&nbsp;I,&nbsp;Item 1A. Risk Factors and in Part&nbsp;II,&nbsp;Item 7.
Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations, of the Company&rsquo;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2024 filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on
February&nbsp;26, 2025, and in the Company&rsquo;s other subsequent reports filed with the SEC, including, among others, quarterly reports
on Form&nbsp;10-Q. Shareholders, potential investors, and other readers should consider these factors in evaluating, and should not place
undue reliance on, the forward-looking statements. Such forward-looking statements speak only as of the date they are first made in this
press release and the Company disclaims any obligation to publicly update or revise any forward-looking statements after such time, whether
as a result of new information, future events or otherwise, except as may be required under applicable securities laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors that may impact such forward-looking statements include, but
are not limited to, risks and uncertainties regarding the Company&rsquo;s ability to execute its business plans and strategies, including
without limitation the Hardwire strategic plan; manage supply chain and logistics issues; manage the impact, and predict potential further
impacts, of new, reinstated or adjusted tariffs on the Company; accurately analyze, predict and react to changing market conditions, interest
rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests; maintain and enhance the
value of the Harley-Davidson brand; manage through changes in general economic and business conditions; develop and successfully introduce
products, services and experiences; realize the expected business benefits from LiveWire operating as a separate business of the Company;
and retain and attract talented employees and leadership; and uncertainties regarding actions that have been taken and may in the future
be taken by H Partners in furtherance of its campaign relating to the Company&rsquo;s 2025 annual meeting of shareholders and potential
costs and management distraction attendant thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information Regarding the 2025 Annual Meeting of Shareholders
and Where to Find It</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harley-Davidson has filed its definitive proxy statement, containing a form of <B><U>WHITE</U></B> proxy card, and a proxy statement supplement,
with the SEC with respect to its solicitation of proxies for the Annual Meeting.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INVESTORS AND SHAREHOLDERS ARE STRONGLY URGED TO READ CAREFULLY AND
IN THEIR ENTIRETY THE PROXY STATEMENT (AS SUPPLEMENTED AND INCLUDING ANY OTHER AMENDMENTS OR SUPPLEMENTS THERETO) AND ACCOMPANYING PROXY
CARD FILED BY HARLEY-DAVIDSON AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT ANY SOLICITATION.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors and shareholders may obtain copies of these documents and
other documents filed with the SEC by Harley-Davidson free of charge through the website maintained by the SEC at www.sec.gov. Copies
of the documents filed by Harley-Davidson are also available free of charge by accessing Harley-Davidson&rsquo;s website at https://investor.harley-davidson.com.</P>

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