HARLEY-DAVIDSON, INC. INVESTOR MEETING

February 28, 2017 | Investor Meeting Presentation FEBRUARY 28, 2017 CREATE NEW CUSTOMERS

FOR THE FULL EXPERIENCE…

PLEASE TAKE ADVANTAGE OF THE WEBCAST PRESENTATION THAT COMBINES SLIDES WITH SOUND AND VIDEO OF SPEAKERS DISCUSSING EACH SLIDE. FEATURE VIDEOS AND ENGINE SOUND CLIPS CAN ALSO BE EXPERIENCED IN THE COMPREHENSIVE WEBCAST.

February 28, 2017 | Investor Meeting Presentation 2 2017 INVESTOR MEETING

FORWARD LOOKING STATEMENTS

This presentation and our associated comments include forward-looking statements that are subject to risks that could cause actual results to be materially different. Without limitation, this presentation discusses and presents details regarding our strategic plan. All of the content, including in particular all references in the presentation and associated comments to plans, strategies, objectives and similar concepts regarding 2017, the next 3 – 5 years, through 2021 and the next ten years, involves forward looking statements. Risks that could cause results to differ include, among others, matters we have noted in our latest earnings release and filings with the SEC. Nothing in this presentation updates guidance provided in the Company’s Annual Report on Form 10-K filed on February 21, 2017 or on the Company’s January 31, 2017 earnings call. Each reference to such guidance in this presentation or our associated comments is intended to be made only to the Company’s expectations as of the date the Company disclosed such guidance. Harley- Davidson disclaims any obligation to update information in this presentation. Additional information and risk factors are included at the end of this presentation.

February 28, 2017 | Investor Meeting Presentation 3 2017 INVESTOR MEETING

AGENDA 9:00 a.m. . WELCOME – Amy Giuffre, Director Investor Relations . THE NEXT CHAPTER STRATEGY – Matt Levatich, President and CEO . THREE-YEAR STRATEGIC FOCUS – Sean Cummings, SVP Global Demand . STRATEGIC ENABLER: PRODUCT – Michelle Kumbier, SVP HDMC Product & Operations / Brad Richards, VP Styling & Design / Jim Federico, VP Engineering 10:35 a.m. . BREAK 10:50 a.m. . STRATEGIC ENABLER: HDFS – Larry Hund, President HDFS . FINANCIAL PERSPECTIVE – John Olin, SVP and CFO . Q&A – All presenters 12:00 p.m. . LUNCH 1:00 p.m. . TOUR of the Harley-Davidson Museum

February 28, 2017 | Investor Meeting Presentation 4 THE NEXT CHAPTER STRATEGY MATT LEVATICH, CEO

February 28, 2017 | Investor Meeting Presentation THE NEXT CHAPTER

To Build the Next Generation of Harley-Davidson Riders, Globally

February 28, 2017 | Investor Meeting Presentation 6 OUR DYNAMIC WORLD

.Global macro economic conditions

.World currency shifts

.Increased pace and intensity of global competition

.Political, regulatory, trade and tax…

February 28, 2017 | Investor Meeting Presentation 7 STRONG AND FOCUSED

. Core capability growth –Deep insights • Customers • Markets • Brand relevance • Health of the sport –Flexible, responsive manufacturing –High impact new product • Targeted at customer growth opportunities • Delivered with excellence –Focus, alignment & commitment – a company competing to win

February 28, 2017 | Investor Meeting Presentation 8 CORE INSIGHTS

.International, particularly Asia, a solid growth engine

.Growth in the U.S. market requires we build new riders

.Focus and discipline in our work is paramount

February 28, 2017 | Investor Meeting Presentation 9 OUR 10-YEAR OBJECTIVES

1 Build 2 Million New Harley-Davidson Riders in the U.S.

2 Grow International Business to 50% of Annual Volume

3 Launch 100 New High Impact Harley-Davidson Motorcycles

Deliver Superior Return on Invested Capital for HDMC 4 (S&P 500 Top 25%)

Grow our Business without Growing our 5 Environmental Impact

February 28, 2017 | Investor Meeting Presentation 10 BUILDING THE NEXT GENERATION OF H-D RIDERS

1 2 3 4 5 Deliver Superior Grow our Business Build 2 Million Grow International Launch 100 New Return on Invested without Growing New H-D Riders Business to 50% High Impact Capital for HDMC our Environmental 10-YEAR in the U.S. of Annual Volume H-D Motorcycles OBJECTIVES (S&P 500 top 25%) Impact

OUR Grow ridership Grow reach and impact Nail the fundamentals STRATEGIES Grow share AND profit Grow share AND profit to compete and win

1. Create New Customers 1. Expand Dealer Network 1. Serve the Customer

OUR 2. Strengthen the Dealer 2. Target Competitive 2. Maintain Premium Network Riders Brand

THREE-YEAR 3. Improve Organizational 3. Expand H-D Touring STRATEGIC 3. Localize Effectiveness

FOCUS Competitiveness 4. Build Brand Awareness 4. Drive Cost 4. Embrace Used H-D Through Apparel Competitiveness

Motorcycles 5. Leverage Strategy as a Competitive Advantage

PRODUCTS & SERVICES ENABLING FUNCTIONS OUR STRATEGIC PARTS & GENERAL FINANCIAL GLOBAL CORPORATE MOTORCYCLES ENABLERS ACCESSORIES MERCHANDISE SERVICES DEMAND SERVICES

February 28, 2017 | Investor Meeting Presentation GLOBAL DEMAND STRATEGIC FOCUS AREAS SEAN CUMMINGS, SENIOR VICE PRESIDENT, GLOBAL DEMAND

February 28, 2017 | Investor Meeting Presentation TOP SEVEN MACRO TRENDS

Population Growth

Accelerated Age-Related Urbanization Demographics

Asia Economic Rapid Digital Growth & Rising Innovation Middle Class

Growth of Increased Sustainable Regulation Technology

February 28, 2017 | Investor Meeting Presentation 13 GLOBAL OPPORTUNITY

TOTAL BIKES IN OPERATION AROUND THE WORLD - 2016

8 million+

US International (developed)* International (emerging)**

* Europe, Canada, Japan, Australia +Based on motorcycles in operation data in the US as of 1-1-2016 from IHS Markit for the on-highway and dual motorcycles ** Estimated China, India, ASEAN segments with engines sizes of 50cc and above February 28, 2017 | Investor Meeting Presentation 14 GLOBAL DEMAND

1 2 3 4 5 Deliver Superior Grow our Business Build 2 Million Grow International Launch 100 New Return on Invested without Growing New H-D Riders Business to 50% High Impact Capital for HDMC our Environmental 10-YEAR in the U.S. of Annual Volume H-D Motorcycles OBJECTIVES (S&P 500 top 25%) Impact

GLOBAL DEMAND 3-YEAR STRATEGIES STRATEGIC FOCUS

Grow 1. Create New Customers ridership 2. Strengthen the Dealer Network Grow share 3. Localize Competitiveness AND profit 4. Embrace Used H-D Motorcycles

February 28, 2017 | Investor Meeting Presentation 15 CREATE NEW CUSTOMERS

U.S. NEW-TO-BRAND CUSTOMER OPPORTUNITIES*

COMPETITIVE OWNERS WITH H-D INTEREST PLANNING TO PURCHASE 2.4m WITHIN 3 YEARS

MOTORCYCLE INTENDERS WITH H-D INTEREST PLANNING TO PURCHASE A MOTORCYCLE 15.0m WITHIN 3 YEARS

SLEEPING LICENSE HOLDERS WITHOUT MOTORCYCLE ** 7.8m

**Not mutually exclusive to Intenders

* Proprietary Company Data

February 28, 2017 | Investor Meeting Presentation 16 CREATE NEW CUSTOMERS

STRATEGIES THAT WORK ACROSS THE CUSTOMER JOURNEY

INTENDER OWNERSHIP PATH

February 28, 2017 | Investor Meeting Presentation 17 CREATE NEW CUSTOMERS

VIDEO – ONE DAY

February 28, 2017 | Investor Meeting Presentation 18 STRENGTHEN THE U.S. DEALER NETWORK

Our dealer network is already an incredible competitive advantage . We intend to step up efforts to raise dealer performance through – Expanded best practice sharing – Facility upgrades – Enhanced retail experiences & operational efficiencies

February 28, 2017 | Investor Meeting Presentation 19 LOCALIZE U.S. COMPETITIVENESS

Deliver Superior Grow our Business We are here to compete and win Return on Invested without Growing Capital for HDMC our Environmental –Market share is won locally (S&P top 25%) Impact –Expand presence in highest- potential urban markets –Assure the quality of the H-D experience (CXI & local events) –We will be targeted and aggressive

Grow reach and impact Grow share AND profit

February 28, 2017 | Investor Meeting Presentation 20 LOCALIZE COMPETITIVENESS

VIDEO – CUT LOOSE

February 28, 2017 | Investor Meeting Presentation 21 EMBRACE USED – U.S.

In 2016 29% New Deliver Superior Grow our Business . 563,000 U.S. H-D motorcycle sales were Return on Invested without Growing 1 Capital for 71%HDMC our EnvironmentalUsed transacted. Of that total, 71% were used (S&P top 25%) Impact

. The sale of used H-D motorcycles to young New adults was three times as high as the sale of Used new H-D bikes to young adults1

. About 1 in 3 used sales took place through H-D the Harley-Davidson dealer network2 Dealer Other

1Based on calendar year end 2016 IHS Markit used registrations of Harley-Davidson motorcycles by young adults (18-34 year olds) compared to Harley-Davidson reported new sales transactions to 18-34 year olds. 2Proprietary Company Data

February 28, 2017 | Investor Meeting Presentation 22 GLOBAL DEMAND

1 2 3 4 5 Deliver Superior Grow our Business Build 2 Million Grow International Launch 100 New Return on Invested without Growing New H-D Riders Business to 50% High Impact Capital for HDMC our Environmental 10-YEAR in the U.S. of Annual Volume H-D Motorcycles OBJECTIVES (S&P 500 top 25%) Impact

GLOBAL DEMAND 3-YEAR STRATEGIES STRATEGIC FOCUS

Grow reach 1. Expand Dealer Network and impact 2. Target Competitive Riders

3. Expand H-D Touring Grow share 4. Build Brand Awareness AND profit Through Apparel

February 28, 2017 | Investor Meeting Presentation 23 EXPAND INTERNATIONAL DEALER NETWORK

. Increase strength of Deliver Superior Grow our Business Return on Invested without Growing developed markets, Capital for HDMC our Environmental maximize potential in (S&P top 25%) Impact emerging markets –Add 150 – 200 dealer points between 2016 and 2020 . Increase dealer through-put

Grow reach and impact Grow share AND profit

February 28, 2017 | Investor Meeting Presentation 24 TARGET INTERNATIONAL COMPETITIVE RIDERS

. Targeted marketing –Passport to Freedom –Increase test rides by 80,000 a year . Leverage new product and customization credentials –Battle of the Kings

February 28, 2017 | Investor Meeting Presentation 25 TARGET COMPETITIVE RIDERS

VIDEO – PASSPORT TO FREEDOM

February 28, 2017 | Investor Meeting Presentation 26 EXPAND H-D TOURING

Deliver Superior Grow our Business . Significant opportunity in Return on Invested without Growing Capital for HDMC our Environmental International markets (S&P top 25%) Impact . Targeted marketing –Discover More –Increase test rides and conversion –Increase share of Touring

. Optimize new product impact 2017 Harley-Davidson Road King® Special Grow reach and impact Just Launched Grow share AND profit

February 28, 2017 | Investor Meeting Presentation 27 CREATE NEW CUSTOMERS

VIDEO – DISCOVER MORE / EMEA

February 28, 2017 | Investor Meeting Presentation 28 BUILD BRAND AWARENESS THROUGH APPAREL

. In developed markets – Apparel is a natural extension of the motorcycle . In emerging markets – Apparel will build brand awareness ahead of the motorcycle

It’s all about exposure to the brand

February 28, 2017 | Investor Meeting Presentation 29 GLOBAL DEMAND

Grow Reach Grow Impact Grow Share AND Profit

Building the Next Generation of Harley- Davidson Riders Globally

February 28, 2017 | Investor Meeting Presentation 30 2017 INVESTOR MEETING MICHELLE KUMBIER, SVP HDMC PRODUCT & OPERATIONS

February 28, 2017 | Investor Meeting Presentation PRODUCT DEVELOPMENT – ENABLING GROWTH

. Product Development Overview • Product Strategy – Starts with customer insight • Life-Cycle Planning – Effective, efficient • Product Design & Development – Driving innovation

. Through New Product We Will • Extend our leadership in existing spaces • Stretch our portfolio reach • Boldly reinvent our product portfolio • Grow volume

February 28, 2017 | Investor Meeting Presentation 32 PRODUCT & OPERATIONS STRATEGY

PRODUCT & OPERATIONS

3-YEAR STRATEGIC ENABLER STRATEGIC FOCUS

1. Deliver High Impact Product MOTORCYCLES 2. Drive Best in Class Operational Performance

PARTS & 3. Deliver Premium Quality ACCESSORIES 4. Ensure Global Cost Competitiveness

GENERAL 5. Aggressively Improve the MERCHANDISE Environmental Impact of our Product & Operations

February 28, 2017 | Investor Meeting Presentation 33 PRODUCT DEVELOPMENT JOURNEY

In Full Stride 2017-2021: • Customer Focused • Bold & Creative Design • Innovative • Quality Excellence • Process Excellence/Waste Reduction

February 28, 2017 | Investor Meeting Presentation 34 STAGES OF PRODUCT DEVELOPMENT

February 28, 2017 | Investor Meeting Presentation 35 PRODUCT STRATEGY

“Opportunity Scan” Trends Consumer Research Market / Industry Research 15 year Planning Horizon

.

February 28, 2017 | Investor Meeting Presentation 36 PRODUCT STRATEGY - MACRO TRENDS

Population Growth

Accelerated Age-Related Urbanization Demographics

Asia Economic Rapid Digital Growth & Rising Innovation Middle Class

Growth of Increased Sustainable Regulation Technology

February 28, 2017 | Investor Meeting Presentation 37 STAGES OF PRODUCT DEVELOPMENT

February 28, 2017 | Investor Meeting Presentation 38 LIFE CYCLE PLANNING

ONLY THE BEST IDEAS

Strategic Fit Project Project Brand / Differentiation

Financial Reward Cost / Affordability Project

Design Feasibility Regulatory / Sustainability

Draft Life Cycle Plan

February 28, 2017 | Investor Meeting Presentation 39 LIFE CYCLE PLANNING

CUSTOMER IMPACT & BALANCED GROWTH

Domestic Core Domestic Outreach

Developed

Emerging

International

February 28, 2017 | Investor Meeting Presentation 40 LIFE CYCLE PLANNING – CUSTOMER LED

The Market through the Customer’s Eyes

H-D Current Market Coverage

February 28, 2017 | Investor Meeting Presentation 41 LIFE CYCLE PLANNING – CUSTOMER LED

The Market through the Customer’s Eyes

H-D Current Market Coverage Future Anticipated Customer Coverage

February 28, 2017 | Investor Meeting Presentation 42 LIFE CYCLE PLANNING - INVESTMENT

PRODUCT DEVELOPMENT INVESTMENT

High impact products at

a faster cadence $ $ Millions

2012-20142012-2014 2015-2016 2016 +3+3-5-5 Yrs.Yrs.

. 2012-2014 – Increased investment included improved capabilities and capacity

. 2016 – Investment doubled from 2012-2014 levels

. +3-5 years and beyond – Invest to deliver high impact products at a faster cadence

February 28, 2017 | Investor Meeting Presentation 43 STAGES OF PRODUCT DEVELOPMENT

February 28, 2017 | Investor Meeting Presentation 44 PRODUCT DESIGN & DEVELOPMENT

MARKET LEADER IN PRODUCT CHARACTERISTICS THAT ARE KEY H-D DIFFERENTIATORS

• Emotional H-D experience focused design Look • Form follows function and they both report to emotion

• Industry leading motorcycle sound quality Sound • Powerful audio with minimal distortion

• Powertrains - character, torquey, responsive • Ride - solid, muscular feel, dynamic, less weight, Feel comfort • Components - craftsmanship & quality

• Customizable by design Personalization • Inspire emotional attachment • Convenient in time & cost

Connected Riding • In service of the riding experience Experience • Connect people to people, the bike, the ride

February 28, 2017 | Investor Meeting Presentation 45 2017 INVESTOR MEETING BRAD RICHARDS, VP STYLING AND DESIGN

February 28, 2017 | Investor Meeting Presentation PRODUCT DESIGN & DEVELOPMENT

MARKET LEADER IN PRODUCT CHARACTERISTICS THAT ARE KEY H-D DIFFERENTIATORS

• Emotional H-D experience focused design Look • Form follows function and they both report to emotion

• Industry leading motorcycle sound quality Sound • Powerful audio with minimal distortion

• Powertrains - characterful, torquey, responsive • Ride - solid, muscular feel, dynamic, less weight, Feel comfort • Components - craftsmanship & quality

• Customizable by design Personalization • Inspire emotional attachment • Convenient in time & cost

Connected Riding • In service of the riding experience Experience • Connect people to people, the bike, the ride

February 28, 2017 | Investor Meeting Presentation 47 THE LOOK Form Follows Function & Both Report to Emotion

February 28, 2017 | Investor Meeting Presentation 48 THE LOOK More than a machine…

We create family heirlooms… A Harley-Davidson motorcycle is a transformative device.

February 28, 2017 | Investor Meeting Presentation 49 THE LOOK How do we Translate this? Through Great H-D Styling & Design

- Understanding the power of our unique DNA

- Paying attention to the details in our products that convey that DNA

- Maintaining the balance between evolution and revolution and between legacy and innovation

- Hard to do, hard to copy

February 28, 2017 | Investor Meeting Presentation 50 THE LOOK How do we Translate this? Through Great H-D Styling & Design

An example: LOW RIDER S

February 28, 2017 | Investor Meeting Presentation 51 THE LOOK: PROJECT - LOW RIDER S MARKET OPPORTUNITY:

February 28, 2017 | Investor Meeting Presentation 52 THE LOOK: PROJECT - LOW RIDER S MOOD BOARD:

February 28, 2017 | Investor Meeting Presentation 53 THE LOOK: PROJECT - LOW RIDER S DESIGN PROCESS:

February 28, 2017 | Investor Meeting Presentation 54 THE LOOK: PROJECT - LOW RIDER S FINAL THEME:

February 28, 2017 | Investor Meeting Presentation 55 THE LOOK: PROJECT - LOW RIDER S MEDIA REACTION:

February 28, 2017 | Investor Meeting Presentation 56 2017 INVESTOR MEETING JIM FEDERICO, VP ENGINEERING

February 28, 2017 | Investor Meeting Presentation PRODUCT DESIGN & DEVELOPMENT

MARKET LEADER IN PRODUCT CHARACTERISTICS THAT ARE KEY H-D DIFFERENTIATORS

• Emotional H-D experience focused design Look • Form follows function and they both report to emotion

• Industry leading motorcycle sound quality Sound • Powerful audio with minimal distortion

• Powertrains - character, torquey, responsive Feel • Ride- solid, muscular feel, dynamic, less weight, comfort • Components - craftsmanship & quality

• Customizable by design Personalization • Inspire emotional attachment • Convenient in time & cost

Connected Riding • In service of the riding experience Experience • Connect people to people, the bike, the ride

February 28, 2017 | Investor Meeting Presentation 58 PRODUCT DESIGN & DEVELOPMENT

MARKET LEADER IN PRODUCT CHARACTERISTICS THAT ARE KEY H-D DIFFERENTIATORS

• Emotional H-D experience focused design Look • Form follows function and they both report to emotion

• Industry leading motorcycle sound quality Sound • Powerful audio with minimal distortion

• Powertrains- character, torquey, responsive Feel • Ride- solid, muscular feel, dynamic, less weight, comfort • Components- craftsmanship & quality

• Customizable by design Personalization • Inspire emotional attachment • Convenient in time & cost

Connected Riding • In service of the riding experience Experience • Connect people to people, the bike, the ride

February 28, 2017 | Investor Meeting Presentation 59 THE SOUND

World Class Sound and Vibration Engineers and Acoustic Laboratory

Harley-Davidson @ Idle VS. Key Competitor @ Idle

60

February 28, 2017 | Investor Meeting Presentation 60 PRODUCT DESIGN & DEVELOPMENT

MARKET LEADER IN PRODUCT CHARACTERISTICS THAT ARE KEY H-D DIFFERENTIATORS

• Emotional H-D experience focused design Look • Form follows function and they both report to emotion

• Industry leading motorcycle sound quality Sound • Powerful audio with minimal distortion

• Powertrains - character, torquey, responsive Feel • Ride- solid, muscular feel, dynamic, less weight, comfort • Components - craftsmanship & quality

• Customizable by design Personalization • Inspire emotional attachment • Convenient in time & cost

Connected Riding • In service of the riding experience Experience • Connect people to people, the bike, the ride

February 28, 2017 | Investor Meeting Presentation 61 THE FEEL

Milwaukee- Eight™

“The Milwaukee-Eight just might be a 10” – MotorMouth

Industry leading aerodynamic comfort – state of the art simulation capabilities

February 28, 2017 | Investor Meeting Presentation 62 THE EVERYTHING!!

Look Sound Feel

February 28, 2017 | Investor Meeting Presentation 63 PRODUCT DESIGN & DEVELOPMENT

MARKET LEADER IN PRODUCT CHARACTERISTICS THAT ARE KEY H-D DIFFERENTIATORS

• Emotional H-D experience focused design Look • Form follows function and they both report to emotion

• Industry leading motorcycle sound quality Sound • Powerful audio with minimal distortion

• Powertrains- character, torquey, responsive Feel • Ride- solid, muscular feel, dynamic, less weight, comfort • Components- craftsmanship & quality

• Customizable by design Personalization • Inspire emotional attachment • Convenient in time & cost

Connected Riding • In service of the riding experience Experience • Connect people to people, the bike, the ride

February 28, 2017 | Investor Meeting Presentation 64 PERSONALIZATION

Look Sound Feel

MORE THAN 90% OF OUR CUSTOMERS CUSTOMIZE THEIR BIKES WITH GENUINE HARLEY-DAVIDSON PARTS & ACCESSORIES

Daymaker™ LED Projector lighting Boom Audio Screamin’ Eagle Performance

65

February 28, 2017 | Investor Meeting Presentation 65 PRODUCT DESIGN & DEVELOPMENT

MARKET LEADER IN PRODUCT CHARACTERISTICS THAT ARE KEY H-D DIFFERENTIATORS

• Emotional H-D experience focused design Look • Form follows function and they both report to emotion

• Industry leading motorcycle sound quality Sound • Powerful audio with minimal distortion

• Powertrains- character, torquey, responsive Feel • Ride- solid, muscular feel, dynamic, less weight, comfort • Components- craftsmanship & quality

• Customizable by design Personalization • Inspire emotional attachment • Convenient in time & cost

Connected Riding • In service of the riding experience Experience • Connect people to people, the bike, the ride

February 28, 2017 | Investor Meeting Presentation 66 THE CONNECTED RIDING EXPERIENCE

Infotainment Connectivity Customer-Centered Connectivity Strategy 67

February 28, 2017 | Investor Meeting Presentation 67 PRODUCT DEVELOPMENT SUMMARY

PRODUCT DEVELOPMENT IN FULL STRIDE • The best Life Cycle Plan ever – cadence and impact • The capabilities and capacity to deliver it • With even more innovation that is aligned with customer expectations

February 28, 2017 | Investor Meeting Presentation 68 2017 INVESTOR MEETING LARRY HUND, PRESIDENT HARLEY-DAVIDSON FINANCIAL SERVICES

February 28, 2017 | Investor Meeting Presentation HARLEY-DAVIDSON FINANCIAL SERVICES

HDFS IS A KEY COMPETITIVE ADVANTAGE…

BRAND DISTRIBUTION

PRODUCT HDFS

…OUR ADVANTAGES ARE INEXTRICABLY LINKED

February 28, 2017 | Investor Meeting Presentation 70 HARLEY-DAVIDSON FINANCIAL SERVICES

PROVIDES A FULL LINE OF FINANCIAL PRODUCTS TO RIDERS AND DEALERS

2016 Revenue Retail Financing • Full Spectrum lending • Riding Academy program • First Time Buyer / Limited HDFS $0.7B Credit programs

Commercial Lending • Motorcycle floor plan lending • P&A and General Merchandise lending HDMC $5.3B

Insurance and Other Products • Extended Service Plans Harley-Davidson Financial Services • Motorcycle Insurance Harley-Davidson Motor Company • H-D Visa / Gift cards (Motorcycles and Related Products)

February 28, 2017 | Investor Meeting Presentation 71

71 HARLEY-DAVIDSON FINANCIAL SERVICES

HDFS IS A SIGNIFICANT CONTRIBUTOR TO OVERALL COMPANY EARNINGS

2016 Revenue 2016 Operating Income

12.1%

26.3%

87.9% 73.7%

Harley-Davidson Financial Services Harley-Davidson Financial Services

Harley-Davidson Motor Company Harley-Davidson Motor Company (Motorcycles and Related Products) (Motorcycles and Related Products)

February 28, 2017 | Investor Meeting Presentation 72 HARLEY-DAVIDSON FINANCIAL SERVICES

STRATEGIES

HARLEY-DAVIDSON FINANCIAL SERVICES 3-YEAR STRATEGIC ENABLER STRATEGIC FOCUS

1. Be a strategic advantage for HDMC

2. Enable H-D Dealer success FINANCIAL SERVICES 3. Enhance the Rider experience

4. Use capital efficiently and generate attractive returns

February 28, 2017 | Investor Meeting Presentation 73 HARLEY-DAVIDSON FINANCIAL SERVICES

HDFS HAS MANY COMPETITIVE ADVANTAGES

. Full credit spectrum retail lending

- Data driven approach to risk management - Experienced and well-trained underwriting team . Promotions to drive traffic and incremental sales

. One stop shop for riders’ F&I needs

. Robust system capabilities provide ease of use for dealers

. Experienced and certified F&I field team

. Commercial financing programs

. Strong and flexible dealer training

February 28, 2017 | Investor Meeting Presentation 74 HARLEY-DAVIDSON FINANCIAL SERVICES

HDFS PROVIDES MANY BENEFITS TO H-D, INC. AND DEALERS

. Drives incremental new and used motorcycle sales

. Supports sales of P&A and General Merchandise

. Provides consistent and attractive returns

. Enhances brand loyalty with riders

. Enhances and supports relationship with dealers

. Provides reliable source of financing during an economic downturn

. Enables focused joint marketing opportunities with HDMC

. Provides programs that attract riders to the dealership

February 28, 2017 | Investor Meeting Presentation 75 HARLEY-DAVIDSON FINANCIAL SERVICES

STRONG U.S. MARKET SHARE

Share of U.S. New Motorcycles Sales % Financed by HDFS

62.2% 61.7%

56.8%

54.5%

50.9%

2012 2013 2014 2015 2016

February 28, 2017 | Investor Meeting Presentation 76 HARLEY-DAVIDSON FINANCIAL SERVICES

DELIVERED SIGNIFICANT AND STABLE EARNINGS IN THE FACE OF RISING CREDIT LOSSES AND HIGHER BORROWING COSTS

HDFS Operating Income ($M)

$278 $280 $276

2014 2015 2016

Provision for Credit Losses ($M) Interest Expense ($M) 2014 2015 2016 2014 2015 2016 $81 $101 $137 $161 $162 $174

February 28, 2017 | Investor Meeting Presentation 77 HARLEY-DAVIDSON FINANCIAL SERVICES

GROWN RETAIL PORTFOLIO BEHIND INCREASING MARKET SHARES, INCREASED USED H-D FINANCING, AND HIGHER RETAIL SALES PRICING

HDFS Managed Retail Loan Portfolio ($B)

$6.0 $5.8 $5.4

$3.0 $3.2 $3.1

2014 2015 2016 * Retail Originations Retail Outstandings at Period End

* Includes receivables that were previously sold but are still being serviced by HDFS

February 28, 2017 | Investor Meeting Presentation 78 HARLEY-DAVIDSON FINANCIAL SERVICES

DELINQUENCIES

Retail 30+ Day Delinquency*

6.50%

5.96% 6.00% 5.39% 5.50%

5.00%

4.50% 4.25% Owned 4.12% Managed 4.00% 3.83% 3.61% 3.78%

Percentage of Principal Balance 3.50%

3.00% 2005-2007 Avg. 2008-2010 Avg. 2011-2013 Avg. 2014 2015 2016 Retail Managed 30+ Delinquency Retail Owned 30+ Delinquency

Drivers Actions - Higher delinquencies across the - Consistent monitoring and adjustment portfolio to credit parameters - Economic conditions in oil - Tighter underwriting in oil dependent dependent areas areas

* As of 12/31

February 28, 2017 | Investor Meeting Presentation 79 HARLEY-DAVIDSON FINANCIAL SERVICES

RETAIL LOSSES Retail Credit Losses*

2.75%

2.42% 2.25%

1.83% Owned 1.80% Managed 1.75% 1.54% 1.42% 1.22% 1.25%

1.03% Percentage of Principal Balance

0.75% 2005-2007 Avg. 2008-2010 Avg. 2011-2013 Avg. 2014 2015 2016

Retail Net Managed Motorcycle Credit Losses Retail Net Owned Motorcycle Credit Losses

Drivers Actions - Vehicle finance industry trends - Enhanced collection strategies - Economic conditions in oil - Tighter underwriting in oil dependent areas dependent areas - Lower used bike values at auction - Enhanced remarketing strategies

* As of 12/31

February 28, 2017 | Investor Meeting Presentation 80 HARLEY-DAVIDSON FINANCIAL SERVICES

HDFS HAS STRENGTHENED AND FURTHER DIVERSIFIED SINCE THE DOWNTURN 2006 2016 Avg. retail funding $15,500 $17,100 STRONG Retail mkt. share 48.5% 61.7% REVENUES AND Used as % of total units 23.1% 42.7% MARGINS Net interest margin (M) $332.4 $553.0

2006 2016 % Prime1 76% 79% CREDIT PROFILE % Subprime1 24% 21% IMPROVED Avg. FICO (US)2 692 706 CONSIDERABLY # of credit attributes 400+ 960+

2006 2016 Liquidity commitment N/A 12 mo. LIQUIDITY Debt Composition: IMPROVED AND ABS 72% 13% DIVERSIFIED MTN 10% 67% C.P. 15% 17% Other 3% 3%

1 %’s reflect on balance sheet receivables as of 12/31, 2 average of retail originations for the year

February 28, 2017 | Investor Meeting Presentation 81 HARLEY-DAVIDSON FINANCIAL SERVICES

H-D IS AMONG A SELECT GROUP OF MOTORCYCLE COMPANIES THAT HAVE THEIR OWN CAPTIVE FINANCE SUBSIDIARY

Integral to selling process – Assures Reliable Funding Source Mfg. w/ captive finance Mfg. w/o captive Motorcycle Harley-Davidson All others Honda BMW Yamaha

Automotive Ford, Toyota, GM Chrysler Honda, Mercedes-Benz Subaru VW, BMW, Nissan, Hyundai Mazda

Trucks Freightliner Navistar Kenworth Peterbilt Volvo

Heavy Caterpillar Equipment Deere CNH

February 28, 2017 | Investor Meeting Presentation 82 HARLEY-DAVIDSON FINANCIAL SERVICES

BEST-IN-CLASS1 RETURNS

Peer Group Rank HDFS Average (1)

Return on Assets 1 2.6% 1.3%

Return on Equity 1 17.6% 10.7%

Debt / Capital 3 5.9x 7.4x

Pre-Tax Income as % of Revenue 1 39.5% 22.7%

(1) Peer Group includes the following 7 companies with publicly available financial information: American Honda Finance Corporati on, Caterpillar Financial Services Corporation, John Deere Capital Corporation, Ford Motor Credit Company LLC, General Motors Financial Company, Inc., Paccar Financial Corp and Toyota Motor Credit Corporation; Results for year ended 12/31/15, except for John Deere Capital Corporation which is 10/31/2015 and American Honda Finance Corporation and Toyota Motor Credit Corporation which is 3/31/2016.

February 28, 2017 | Investor Meeting Presentation 83 HARLEY-DAVIDSON FINANCIAL SERVICES

HDFS VALUE IS IMMEASUREABLE

. Key Competitive Advantage . Enables Motorcycle Sales . Numerous Synergies and Benefits . Leader amongst peers

February 28, 2017 | Investor Meeting Presentation 84 2017 INVESTOR MEETING JOHN OLIN, SENIOR VICE PRESIDENT & CFO, HARLEY-DAVIDSON, INC.

February 28, 2017 | Investor Meeting Presentation NAVIGATING MACRO ECONOMIC IMPACTS

HARLEY-DAVIDSON, INC.

2006 2008 2009-2013 2014-2015 2016 - 2021 Pre-recession Recession Restructuring to World currency Invest in Aggressively drive motorcycle transformation shift triggers growth, demand sales peak discounting leverage (U.S.) frenzy (Q4 14) capabilities

US R AU

Through various market conditions and competitive environments, we believe Harley-Davidson is a much stronger company and remains committed to:

• Leveraging and enhancing our premium brand position • Managing the company for the long-term

February 28, 2017 | Investor Meeting Presentation 86 HARLEY-DAVIDSON HAS GROWN STRONGER

Strong business fundamentals H-D Market Share 601+cc (New) – Global brand leadership 51.2% – Global market share 49.4% – Inventory turns 10.8% – Total demand (U.S. new and used) 9.1%

2006 2016 2006 2016 U.S. Europe

Growing distribution footprint, more diverse customer base H-D International H-D U.S. Outreach Motorcycle Shipments Customers – Added 216 new international dealer points 2009-2016 38% 40% 34% – International shipment mix 22% – U.S. Outreach success 2006 2016 2010 2016 % of total WW shipments % of total H-D U.S. motorcycle sales

February 28, 2017 | Investor Meeting Presentation 87 HARLEY-DAVIDSON HAS GROWN STRONGER

Improved cost structure, increased manufacturing flexibility 2006 2016 – Lower fixed costs Fixed Costs (% of total) 25-30 15-20 – Increased productivity Hourly Employees 5,191 2,468 - Units per EE 68 106

1 Safety 2.37 0.18 Mfg. Sq. Ft. (M) 3.3 2.9

Surge capability No Yes

Improved HDFS underwriting capabilities and a stronger liquidity position 2006 2016 – Strong market share U.S. retail market share % 48.5 61.7 – Revenues and margins have grown Net interest margin ($M) 332.4 553.0 – Liquidity improved and principle-based % Subprime 2 24 21 Avg. FICO (U.S.) 692 706 # of credit attributes 400+ 960+ Liquidity commitment N/A 12 mo.

1Lost Time OSHA Recordable Injury Case Rate 2 %’s reflect on balance sheet receivables as of 12/31

February 28, 2017 | Investor Meeting Presentation 88 HARLEY-DAVIDSON HAS GROWN STRONGER…

…AND IS WELL-POSITIONED FOR THE FUTURE

Incredible Brand Strength

. Market Share . Growing Ridership – US 51.2%, +1.0 pts. in 2016 – 65,000 U.S. riders trained in 2016 -- up 35% yr./yr. –U.S. used market share +0.8 pts. in 2016 – Focus on new-to-brand, new to sport – Europe 10.8%, +0.3 pts. in 2016 – Embracing used – #1 in Japan, Australia, India, Canada, Mexico, Korea . Enduring customer loyalty . U.S. outreach focus delivering strong results – Grew over 2X core rate between 2011-2016

– #1 share position for each target

U.S. Outreach Customer Segments Share

February 28, 2017 | Investor Meeting Presentation 89 HARLEY-DAVIDSON, INC.

FOCUSED, DISCIPLINED INVESTMENTS … TO DELIVER PROFITABLE GROWTH

. Accelerate the cadence and impact of new products – 50 new models in 5 years – New segments, reaching new customers . Grow ridership in the U.S. Next 3-5 years… (Sustainable customer base) – Continued focus on Outreach customers Global Market share – Embrace used

– Attract new to sport, new to H-D – Encourage repurchase through new product Operating margin – Deepen and broaden rider training

. Increase and enhance brand access (International expansion) – Expand dealer network – Increase dealer through-put – Develop brand in emerging markets

February 28, 2017 | Investor Meeting Presentation 90 THE NEXT CHAPTER

BUILDING THE NEXT GENERATION OF HARLEY-DAVIDSON RIDERS

1 2 3 4 5 Deliver Superior Grow our Business Build 2 Million Grow International Launch 100 New Return on Invested without Growing New H-D Riders Business to 50% High Impact 10-YEAR Capital for HDMC our Environmental in the U.S. of Annual Volume H-D Motorcycles OBJECTIVES (S&P 500 top 25%) Impact

INVESTMENT FOCUS

CASH FLOW INVESTMENT RETURNS SHAREHOLDER DISTRIBUTION Leverage strong Invest in strong return Deliver Return all excess cash to shareholders business model and projects to drive organic • HDMC ROIC top $1,526* brand to generate growth (revenue and margin) quartile S&P 500 industry-leading • High impact product margins and • HDFS ROE Best- $604 $1.40 1 $1.24 cash flow • Ridership in-class $1.10 $459 • International reach 2014 2015 2016 • Operational excellence 2014 2015 2016 . Dividends . Share repurchase per share ($ Millions) * Funded by $750 debt issuance

(1) Peer Group includes the following 7 companies with publicly available financial information: American Honda Finance Corporati on, Caterpillar Financial Services Corporation, John Deere Capital Corporation, Ford Motor Credit Company LLC, General Motors Financial Company, Inc., Paccar Financial Corp and Toyota Motor Credit Corporation. Results for year ended 12/31/15, except for John Deere Capital Corporation which is 10/31/2015 and American Honda Finance Corporation and Toyota Motor Credit Corporation which is 3/31/2016. February 28, 2017 | Investor Meeting Presentation 91 PERFORMANCE DRIVERS THROUGH 2021

HARLEY-DAVIDSON, INC. Deliver strong shareholder returns

Operating cash flow/ Net income ($M) . Maintain strong balance sheet 1,147 1,100 1,174 – 12 months of projected liquidity 977 845 801 734 752 692 – Prudent management of asset base & 624 working capital

. Cash generation and returns 2012 2013 2014 2015 2016 – Strong margins and cash flow . Cash flow . Net income – Attractive HDMC and HDFS returns Diluted EPS ($) . Capital allocation 3.88 3.83

– Disciplined investment primarily to 3.28 18.2% 3.69 3.8% 2.72 drive organic growth 20.0% (4.9)% – Return excess cash to shareholders 17.0% – Increasing dividends – Share repurchases

2012 2013 2014 2015 2016 +3-5 yrs.

February 28, 2017 | Investor Meeting Presentation 92 PERFORMANCE DRIVERS THROUGH 2021

HARLEY-DAVIDSON, INC. 2014 - 2016 +3-5 Years

Cash generation 1,147 1,100 1,174 ($ Millions) Deliver strong operating cash 845 752 692 . Capital spending . 2017 between $200-$220M . +3-5 yrs. to average 2015/2016 levels

2014 2015 2016 . Operating cash flow . Net income

Investment returns Deliver attractive returns 29.8% 31.9% 31.7% . HDMC ROIC in top quartile of S&P 500 . HDFS ROE Best-in-Class 18.3% 17.6% 18.0%

2014 2015 2016 . HDMC ROIC . HDFS ROE

$1,526* Capital allocation Return excess cash to shareholders . Increasing dividends (Q1 ‘17 increased to $0.365) $604 . Share repurchases $1.24 $1.40 $1.10 $459

2014 2015 2016 2014 2015 2016 . Dividends per share . Share repurchases (M) * Funded by $750 debt issuance February 28, 2017 | Investor Meeting Presentation 93 PERFORMANCE DRIVERS THROUGH 2021

HARLEY-DAVIDSON MOTOR COMPANY

Grow Share AND Profit

. Grow Global Retail Sales and Market Share – Motorcycles – new products, new customers, Next 3-5 years… new reach U.S. SHARE STRENGTH – P&A and General Merchandise EUROPE SHARE GROWTH • Leverage personalization globally • Build brand awareness in emerging GLOBAL SHARE GROWTH markets through apparel

HDMC Operating Margin . Expand Margins

16.6% 18.0% 16.5% – Modest gross margin improvement 14.5% 14.7% – Revenue to grow faster than SG&A

2012 2013 2014 2015 2016 +3-5 yrs. . Deliver Strong Returns – ROIC top quartile (S&P 500) – Prudent management of balance sheet

February 28, 2017 | Investor Meeting Presentation 94 PERFORMANCE DRIVERS THROUGH 2021

HARLEY-DAVIDSON MOTOR COMPANY 2014 - 2016 +3-5 Years Shipments/Retail Sales ~flat to  International sales expected to grow Shipments down modestly faster than U.S. (thousands) 271 266 262 to 2016 - Add 150-200 intl. dealers 2016-2020 Higher shipments - Increase dealer through-put  Grow ridership overall –including continued Outreach momentum 2014 2015 2016 2017 2018-2021 Margin Drivers Gross Margin  Pricing • Product mix neutral ~in line 36.4% 36.8%  Currency 35.1% with 2016  Raw materials Modest gross  Manufacturing margin growth - Productivity to offset inflation - Margin per incremental unit (~47%) 2014 2015 2016 2017 2018-2021

SG&A ~in line Focused Investments ($ thousands) $1,077 $1,078 with 2016 $1,022  High impact product SG&A increase % of rev.  Ridership 20.3% 20.5% SG&A % of ~flat to Decrease as a  International reach 18.4% 2016 Revenue % of revenue 2014 2015 2016 2017 2018-2021

February 28, 2017 | Investor Meeting Presentation 95 PERFORMANCE DRIVERS THROUGH 2021

HARLEY-DAVIDSON FINANCIAL SERVICES

Enable the sale of H-D motorcycles

. Highly valued strategic asset – Enable sales of H-D motorcycles and related products – Reliable source of financing – Lending across all credit tiers 2014 2015 2016 +3-5 yrs.

ROA 2.7% 2.6% 2.4% Best- . Integrated into the H-D sales process in- Class – Easy, seamless, branded ROE 18.3% 17.6% 18.0%

. Highly profitable, attractive returns – Revenue growth to generally track U.S. retail motorcycle sales growth – Anticipate increased credit losses – Well-positioned for rising interest rates – Focused on delivering best-in-class ROA and ROE

February 28, 2017 | Investor Meeting Presentation 96 PERFORMANCE DRIVERS THROUGH 2021

HARLEY-DAVIDSON FINANCIAL SERVICES 2014 - 2016 +3-5 Years ~ flat to $725.1 2016 HDFS revenue Revenue 5.6% $686.7 . 2017 flat to prior year ($ Millions) $660.8 3.9% . 3-5 yrs. growth to generally track 3.0% U.S. retail H-D motorcycle growth

2014 2015 2016 2017 2018-2021 Anticipate higher credit losses . 2017 anticipate higher yr./yr. losses Credit Losses 1.83% . Normalizing delinquencies 1.42% 1.22% . Lower auction recovery values . 3-5 yrs. anticipate higher credit losses

2014 2015 2017 2018-2021 2016 Maintain Best-in-Class ROE . 2017 operating income down yr./yr. down Operating from . Lapping $9.3M gain on full ABS $280.2 2016 . Higher int. costs & credit losses partially Income $277.8 $275.5 ($ Millions) Best-in- offset by 1/17 lending rate increase Class . 3-5 yrs. higher credit losses offset by lower ROE borrowing costs on retirement of high rate debt 2014 2015 2016 2017 2018-2021

February 28, 2017 | Investor Meeting Presentation 97 PERFORMANCE DRIVERS THROUGH 2021

Through disciplined and focused investment, Harley-Davidson plans to:

. Drive demand . Increase reach & impact . Further broaden appeal of our sport & brand . Deliver strong value to shareholders

Deliver Superior Return on Invested Capital for HDMC (S&P 500 top 25%)

February 28, 2017 | Investor Meeting Presentation 98 FORWARD-LOOKING STATEMENTS

The company intends that certain matters discussed in this presentation are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward- looking statements can generally be identified as such because the context of the statement will include words such as the company "believes," "anticipates," "expects," "plans," or "estimates" or words of similar meaning. Similarly, statements that describe future plans, objectives, outlooks, targets, guidance or goals are also forward-looking statements. Such forward- looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this presentation. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward- looking statements included in this presentation are only made as of the date of this presentation, and the company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

The company's ability to meet the targets and expectations noted depends upon, among other factors, the company's ability to (i) execute its business strategy, (ii) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing political environment, (iii) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices, (iv) prevent a cybersecurity breach involving consumer, employee, dealer, supplier, or company data and respond to evolving regulatory requirements regarding data security, (v) drive demand by executing its marketing strategy of appealing to and growing sales to multi-generational and multi-cultural customers worldwide in an increasingly competitive marketplace, (vi) develop and introduce products, services and experiences that are successful in the marketplace, (vii) manage the credit quality, the loan servicing and collection activities, and the recovery rates of HDFS' loan portfolio, (viii) balance production volumes for its new motorcycles with consumer demand, including in circumstances where competitors may be supplying new motorcycles to the market in excess of demand at reduced prices, (ix) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles,

Cont.

February 28, 2017 | Investor Meeting Presentation 99 FORWARD-LOOKING STATEMENTS

(x) prevent and detect any issues with its motorcycles or any associated manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, (xi) continue to develop the capabilities of its distributors and dealers and manage the risks that its independent dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand, (xii) manage risks that arise through expanding international manufacturing, operations and sales, (xiii) adjust to tax reform, healthcare inflation and reform and pension reform, (xiv) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles, (xv) manage supply chain issues, including quality issues and any unexpected interruptions or price increases caused by raw material shortages or natural disasters, (xvi) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities, (xvii) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations, (xviii) manage its exposure to product liability claims and commercial or contractual disputes, (xix) execute its flexible production strategy, (xx) retain and attract talented employees, (xxi) successfully access the capital and/or credit markets on terms (including interest rates) that are acceptable to the company and within its expectations, and (xxii) continue to manage the relationships and agreements that the company has with its labor unions to help drive long -term competitiveness.

In addition, the company could experience delays or disruptions in its operations as a result of work stoppages, strikes, natural causes, terrorism or other factors. Other factors are described in risk factors that the company has disclosed in documents previously filed with the Securities and Exchange Commission.

The company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the company's independent dealers to sell its motorcycles and related products and services to retail customers. The company depends on the capability and financial capacity of its independent dealers and distributors to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the company. In addition, the company's independent dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions or other factors.

February 28, 2017 | Investor Meeting Presentation 100