Harley Davidson Investment Analysis

INVESTMENT ANALYSIS: ACQUISITION OF THE

HARLEY DAVIDSON MOTORCYCLE COMPANY

by

Robert K. Beltz

Investment Analysis:

Acquisition of the

Harley Davidson Motorcycle Company

for

Embry Investment Group

by

Robert K. Beltz

ENGL 221 Technical Report Writing

Professor David Brandstein

Embry Riddle Aeronautical University

August 6, 2011

August 6, 2011

Mr. Mark Evans

Embry Investment Group

600 South Clyde Morris Blvd.

Daytona Beach, FL, 32114

Dear Mr. Evans:

I am pleased to submit my analysis regarding the acquisition of the Harley Davidson Motorcycle Company.

In keeping with your established guidelines, a financial evaluation was conducted utilizing public financial records, SEC filings, historical company annual reports and consolidated operating and earnings statements. Based on an extensive analysis and an in depth study of this information I recommend that the Embry Investment Group accept any offer or proposal to acquire the Harley Davidson Motorcycle Company as a long term investment. This recommendation is based on the overall performance of the company during the last eleven years and the current economic situation.

Please take a moment to read through my report and its findings. I and my staff are available to assist you with any questions or concerns that you may have regarding the analysis and recommendation concerning this matter.

Sincerely,

Robert Beltz

President

RKB Market Research & Investment LLC.

TABLE OF CONTENTS

LETTER OF TRANSMITTAL …...……………………………………………………..……… ii

FIGURES AND TABLES …………...……………………………………………………….… iv

ABSTRACT...………………………………………………………………………………….... v

INTRODUCTION ...…………………………………………………………………………..… 1

HARLEY DAVIDSON ...……………………………………………………………………..… 1

The Early Years ...…..…………………………………………………………………… 1

The World Wars and Depression ...……………………………………………………… 2

Tarnished Reputation and Rebuilding ...………………………………………………… 3

Growth and Vision...……………..………….…………………………………………… 4...