Setting the Record Straight

H Partners' actions and recent presentation highlights their hypocrisy and, in our view, misleading behavior.

H Partners has fully supported Harley-Davidson’s (“H-D”) Hardwire strategy and always voted with the Board during the 3 years they had a representative in the boardroom.1

H Partners' recent presentation is replete with what we believe are inaccuracies,  hypocrisies and misleading information.

1

H Partners chose an irrelevant and broad reference benchmark (S&P 400 Consumer Discretionary Index comprised of 64 companies) to evaluate H-D’s performance

2

H Partners ignores the broader macroeconomic landscape H-D and its peers have faced and H-D’s relative outperformance versus peers, when it suits H Partners2

3

Jared Dourdeville and H Partners consistently supported H-D’s Executive Compensation Program and architected the Aspirational Incentive Plan (AIP)

4

Mr. Zeitz is a highly active and effective CEO who has created significant value and prioritized engagement with our global customer, dealer and employee base and was fully supported by H Partners for the past three years

5

Less than 3 months ago, H Partners, acting through Dourdeville, voted in favor of all Directors standing for re-election, and over the past 3 years, they fully endorsed H-D’s strategy and never raised any material concerns about the skillset or functioning of the Board

Harley-Davidson’s Board is focused on securing the Company’s future while preserving the Company’s legacy

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1. H Partners’ 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’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.

2.  See slide 10 of H-D's Response Deck filed with the SEC on April 29, 2025.