Harley-Davidson, Inc. Announces Results of Annual Shareholder Meeting

Board of Directors Increases Dividend and Authorizes Share Buyback

MILWAUKEE, April 26 -- Harley-Davidson, Inc. announced today that its Board of Directors approved an increased quarterly dividend and the repurchase of Company stock at its Annual Shareholder Meeting held in Milwaukee on April 24, 2004. All items of business presented to shareholders were approved at the meeting.

Harley-Davidson Inc.'s Board of Directors approved a cash dividend of $0.10 per share payable June 24, 2004 to shareholders of record as of June 3, 2004. This represents a 25 percent increase over the previous dividend paid on March 25, 2004. The Board of Directors also authorized the repurchase of up to 20 million shares of the Company's stock.

"Harley-Davidson's continuing strong cash flow has enabled the Company to reinvest in the business, buy back significant amounts of our stock and increase its dividend each year since 1993," said Jeffrey L. Bleustein, chairman and chief executive officer of Harley-Davidson, Inc. The Company currently has approximately 295 million shares of common stock outstanding.

During the meeting, the shareholders approved the reelection of Barry Allen and Richard Beattie as Class I Directors, as well as the Amended Corporate Short Term Incentive Plan and the 2004 Incentive Stock Plan. Ernst & Young, LLP was also ratified as the Company's independent auditor for calendar year 2004.

Company Background

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. 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. Harley-Davidson Financial Services provides wholesale and retail financing and insurance programs to Harley-Davidson dealers and customers.