Harley-Davidson, Inc. Doubles Quarterly Dividend

MILWAUKEE, Dec. 5, 2003 -- Harley-Davidson, Inc. announced today that its Board of Directors approved a quarterly cash dividend of 8 cents per share, payable December 29, 2003 to shareholders of record as of December 15, 2003. This represents a 100 percent increase over the last quarterly dividend.

"The recent change in tax law has increased the attractiveness of dividends as a way of sharing the success of the Company with our shareholders," said Jeffrey L. Bleustein, chairman and chief executive officer of Harley-Davidson, Inc.

The Company currently has approximately 302 million shares of common stock outstanding.

Harley-Davidson, Inc. is the parent company for the group of companies doing business as Harley-Davidson Motor Company, Buell Motorcycle Company and Harley-Davidson Financial Services, Inc. Harley-Davidson Motor Company, the only major U.S.-based motorcycle manufacturer, produces heavyweight motorcycles and offers a complete line of motorcycle parts, accessories, apparel, and general merchandise. Buell Motorcycle Company produces sport motorcycles in addition to motorcycle parts, accessories and apparel. Harley-Davidson Financial Services, Inc. provides wholesale and retail financing and insurance programs to Harley-Davidson dealers and customers.