Investor Presentation

May, 2015

POLARIS INDUSTRIES INC.

Polaris Industries Inc. – A Global Corporation

~8,100 Employees Worldwide

15 Manufacturing Locations

5 Research & Development Centers of Excellence

~1,850 Dealers In North America

~1,400 Dealers Outside North America

>380,000 Units Shipped Worldwide in 2014

>100 Countries – Polaris Products Sold

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3

Corporate Overview: 2014 Sales

IR May 2015

Sales by Component*Sales by Geography

62%

17%

7%

8%

6%

75%15%

10%

BILLION UP

International

Canada

United States

PG&A

Snowmobiles

Global AdjacentMarkets

Motorcycles

Off-Road Vehicles

*Reclassified for new Global Adjacent Markets organizational structure

4

Polaris at a Glance – Key Financial Metrics

IR May 2015

$1,991

$2,657

$3,210

$3,777

+19%$4,480

$147$228

$312

$381

$454

NET INCOMEUP

9% TO 12%

2010 2011 2012 2013 2014 2015Guidance

Sales Guidance Net Income*

2014 - 5th Straight Year of Exceptional Financial Performance

SALES UP9% TO 12%

EPS* $2.14+40%

$7.27 TO $7.42UP 9% TO 12%

5-Year CAGRSales +23%EPS* +34%

$3.20+50%

$4.40+38%

$5.40+23%

$6.65+23%

*from continuing operations

Polaris Strategic Objectives

Vision & StrategyVISION STRATEGYFuel the passion of riders, workers and outdoor enthusiasts around the world by delivering innovative, high quality vehicles, products, services and experiences that enrich their lives.

Polaris will be a highly profitable, customer centric, $8B global enterprise by 2020. We will make the best off-road and on-road vehicles and products for recreation, transportation and work supporting consumer, commercial and military applications. Our winning advantage is our innovative culture, operational speed and flexibility, and passion to make quality products that deliver value to our customers.

Strategic Objectives Best in Powersports PLUS Global Market Leadership Strong Financial

Performance

Growth Through Adjacencies LEAN Enterprise is Competitive Advantage

5-8% annual organic growth >33% of Polaris revenue

>$2B from acquisitions & new markets Significant Quality, Delivery & Cost Improvement

Sustainable, profitable growthNet Income Margin >10%

Guiding Principles

Performance Priorities

Best People, Best Team

Safety & Ethics Always

Customer Loyalty

Growth

Margin Expansion

Product & Quality Leadership

LEAN Enterprise

GROW SALES >$8 Billion by 2020 12% CAGR INCREASE NET INCOME >10% of Sales by 2020 13% CAGR

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6

Off-Road Vehicles

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#1 in Market Share – Double the Nearest Competitor

$2,226$2,522

$2,909

2012 2013 2014

$ in

Milli

ons

3-Yr CAGR +17%Sales

FY 2014(Reclassified)

FY 2015Guidance

Up mid-single digits %

(unchanged)+15%$2,793*

*2014 reclassified to exclude Defense and Commercial Sales

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Motorcycles

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Amazing Products & Launches – Big Opportunity!

$196 $220

$349

2012 2013 2014 FY 2015Guidance

$ in

Milli

ons

Est. 1998

Acquired 2011

Est. 2014

Up 55% to 70%(increased)

3-Yr CAGR +38%Sales

+59%

8

Snowmobiles

IR May 2015

Solid #2 – Growing Market Share & Continuous Quality Improvement

$283 $302 $322

2012 2013 2014 FY 2015Guidance

$ in

Milli

ons

Down low-singledigits %

(increased)

3-Yr CAGR +5%Sales

+7%

9

Global Adjacent Markets

IR May 2015

Growing Outside Powersports

Military

Work & Transportation*

*Small Vehicles + Commercial

$221$273

2013(Reclassified)

2014(Reclassified)

FY 2015Guidance

$ in

Milli

ons

**Beginning in 2015 the organization restructured by combining Small Vehicles, Commercial & Military into “Global Adjacent Markets”

Up 5% to 10%(decreased)

Total Sales**

+24%

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Parts, Garments & Accessories (PG&A)

IR May 2015

Growing Core Brands; Leveraging Aftermarket Opportunities

$461$611

$742

2012 2013 2014 FY 2015Guidance

$ in

Milli

ons

3-Yr CAGR +22%Sales

Accessories

MotorcyclesSmallVehicles

Other

GarmentsSnow

Parts

Off-RoadVehicles

FY 2014 FY 2014

+21%

Up high-teens %(unchanged)

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International

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Focused on Execution in Challenging Markets and F/X Pressures

2014 Sales by Geography2014 Sales by Product

ORV46%

Small Vehicles

19%

PG&A16%

Europe68%

Latin America

7%

Asia 4%

Aus / NZ12%

ME / Africa9%

$461$592

$685

2012 2013 2014

3-Yr CAGR +17%

Latin America

Asia/Pacific

Europe, Middle East& Africa

Motorcycles11%

Snow 8%

Total International Sales ($ in millions)

FY 2015Guidance

Down low-singledigits %

(decreased)+16%

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Appendices

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SlideConsistent Financial Performance 14Q1 2015 Sales and Income 15N.A. Retail Sales & Q1 2015 16Dealer Inventory – Q1 2015 172015 Full Year Detailed Guidance 182015 Gross Profit Margin Guidance 19Foreign Currencies Exposures for Polaris 20Balance Sheet and Liquidity Profile 21LEAN is a Competitive Advantage 22Customer Profiles 23Recent Acquisitions 24

Consistent Financial Performance

14IR May 2015

Return on Invested Capital (2010-2014)Return on Assets (2010-2014)

Dividends (Per Share)5+Year Total Return Dec. 31, 2009 – April 24, 2015

Polaris Peer Average (ACAT, BC, DE, HOG, WGO, TTC) S&P 500 Average

5-year dividend payout $457 million

Dividends increased 20% per year compounded annually for the past 5 years

Expectation

16%20%

23% 24% 24%

4%

7%9%

13%

9%9%

6% 6% 7% 6%

2010 2011 2012 2013 2014

33%

41% 42% 42% 42%

6%12%

15%

21%

14%11% 12%

7% 8% 6%

2010 2011 2012 2013 2014

$0.80 $0.90

$1.48$1.68

$1.92$2.12

2010 2011 2012 2013 2014 2015

617%

203%111% 90% 73%

Polaris PeerAvg.

S&PMidcap

400

S&P500

DJIA

Record 1st quarter sales, operating income and net incomeSales of Motorcycles +74%; PG&A +12%; ORV +11%Sales in EMEA -15%; Asia Pacific +6%; Latin America +75%

Earnings per share increased 9% to a record $1.30Gross profit margin down 66 bps, primarily currency and mix pressuresOperating income margin up 28 bpsPretax profit impacted by $16 million currency hit in Q1

15IR May 2015

$888.3

Q1 2014 Q1 2015

Q1 Net IncomeQ1 Sales

Record Results In-spite of Stiff Currency Pressures

Q1 2015 Sales and Income ($ in millions)

Q1 Operating Income

$126.7$150.3

Q1 2014 Q1 2015

$80.9$88.6

Q1 2014 Q1 2015

$1,033.3

16IR May 2015

Polaris Retail Sales

Solid Retail Quarter for Most Businesses; Slingshot Strong

7%

15%12% 13%

8%

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

Polaris N.A. retail 8% for Q1 2015 vs. Q1 2014Gained share in powersports driven by motorcyclesORV market share flat in Q1 – Intense competitive promotional pressure

Motorcycle Q1 retail strong; double last yearIndian and Victory and gaining share; Slingshot stronger than expectations

Polaris N.A. Snow retail high-single digits for season driving increased market share, but Q1 low-double digits %

N.A. Snowmobile industry ended the season mid-single digits %, strongest year since ’08/’09

N.A. Powersports Retail Sales – Q1 2015Industry Retail Sales

+4% +4%

IndustryQ1 2014

IndustryQ1 2015

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2015

2014

2013

2012

17IR May 2015

N.A. Dealer Inventory

ORV Dealer Inventory High, but Expect to Improve by Year-end

Dealer Inventory – Q1 2015

4% Existing ORV Models 3% New ORV Models3% ACE / New Segments2% Snowmobiles1% Slingshot4% New Dealers

17% Total Increase

Polaris Q1 2015 N.A. dealer inventory 17% vs. 2014ORV mid-teens % driven primarily by more new models & market categories & RFM ATV segment stockingMotorcycles about 20%; Indian motorcycles and Slingshots , Victory low double-digits %Snowmobiles mid-twenties % due to lower snowfall levels in key regions

Continue to optimize RFM business model in ATVsImproving model to be more flexible/nimble going forwardCurrent ORV capacity limitations requiring level-loaded production ahead of key spring and fall seasonalityTargeting year-over-year unit and percent decreases throughout 2015 through improved turns

METRIC GUIDANCESales Components

Off-Road Vehicles Up mid-single digits % (reclassified 2014 actuals)

Snowmobiles Down low-single digits %

Motorcycles Up 55% to 70%

Global Adjacent Markets Up 5% to 10% (reclassified 2014 actuals)

PG&A Up high-teens %

International Down low-single digits %

Total Company sales Up 9% to 12%

Gross profit margin Flat to Up 20 bps

Operating expenses (% of sales) About flatIncome from financial services Up mid-single digits %Income taxes 34.75% to 35.25% of pretax income

Net income Up 9% to 12%

EPS, diluted $7.27 to $7.42 (+9% to +12%)

Solid Growth Expectations

2015 Full Year Guidance

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Change in GuidanceIncreased/ favorable

Decreased/unfavorable

Unchanged

Narrowed

METRICActual

Q1 2014Actual

Q1 2015GuidanceFY 2015

Prior period 29.0% 29.1% 29.4%

Production volume/capacity

Product cost reduction efforts

Commodity costs

Currency rates

Higher selling prices

Product mix

New plant start-up costs

Warranty costs

Depreciation/Tooling amortization

Sales promotional costs

Current period 29.1% 28.4% 29.4% to 29.6%

Change +10 bps -66 bps Flat to Up +20 bps

2015 Gross Profit Margin Guidance

Improvement to gross profit margin % Impairment to gross profit margin % Neutral to gross profit margin %

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Significant Impact in Q1 2015, Expected to Persist for Remainder of 201520

Foreign Currency Exposures for Polaris

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Foreign Currency Hedging Contracts Currency Impact on Net Income% of Remaining Notional Avg. Exchange Compared to Prior Year Period

Foreign CurrencyCurrencyPosition

2015 Cash FlowExposure

Amounts(US $ in Thousands)

Rate of OpenContracts

Q1 2015 Est. Remainderof 2015

Canadian Dollar (CAD) Long 75% $205,200 $0.79 to 1 CAD Negative Negative

Australian Dollar (AUD) Long 30% $10,700 $0.81 to 1 AUD Negative Negative

Euro (EUR) Long 0% - - Negative Negative

Japanese Yen (JPY) Short 70% $16,900 110 Yen to $1 Positive Positive

Mexican Peso (MXN) Short 70% $28,000 14.3 Peso to $1 Positive Positive

F/X Impacts vs. 2014($ in millions)

ActualQ1 2015

FY 2015 Expectations*(Included in Guidance)

Sales ($32) ($140 - $160)

Gross Profit ($12) ($65 - $75)Operating Expenses $5 $15 - $17Other Expense ($9) ($15 - $17)Pretax Income ($16) ($65 - $75)

*Assumes exchange rates remain in about same range as of the end of Q1. Net income expectations for 2015 include the impact of existing F/X hedging contracts below.

Open F/X Hedging Contracts as of April 23, 2015

Balance Sheet and Liquidity Profile $ In millions

(except per share and rate data) Q1 2015Fav / (UnFav)

Q1 2014 2015 Full Year Guidance

Cash $111.0 9% Increase from 2014

Debt / Capital lease obligations $329.1 1% Similar to 2014

Credit facility $500.0 43% Increased $150M from 2014

Factory inventory $629.3 (30%) Improved Turns

Capital expenditures $30.8 (22%) >$250M

Depreciation and amortization $37.1 (32%) Increase about 20% from 2014

Operating cash flowfrom continuing operations $4.2 ($40.5) Increase at higher % than net

income

Dividend (per share) $0.53 10% Increase 10% over 2014

Polaris Acceptance receivables $1,221.9 28% About flat with 2014

Retail credit – Approval rate– Penetration rate

56%32%

+4%+2% Rates stable

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Production delays in motorcycles – paint system, new product readinessBegan shipping Indian Scouts very late in Q1

New paint system ramped-up throughout Q1; progress acceleratingGross Profit Margin in Q1 due to currency and product mix pressures

New LEAN Value Improvement Process (VIP) implemented to improve quality, delivery & cost

Factory inventory up 30% vs. 2014; PG&A, raw materials, mix and acquisitionsPolaris product quality good and improving; #1 in NPS for motorcycles, SxS & ATVs

22IR May 2015

Q1 2014 Q1 2015 FY 2015Guidance

Gross Profit Margin

Challenging Circumstances in Q1

LEAN is a Competitive Advantage

29.1% -66 bps28.4%

Up to +20 bps29.4% to 29.6%

Future Plant Rendering – 600,000 sq ft

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Customer Profiles

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OFF-ROAD VEHICLES MOTORCYCLES SNOWMOBILES

Avg.Age 49 43 44 47 52 25 to 55 42

Income ~$100k ~$100k ~$90k ~$90k ~$100-$125k ~$150k ~$90k

Male / Female 95% / 5% 90% / 10% 90% / 10% 75% / 25% 90% / 10% 90% / 10% 90% / 10%

Primary Usage

Mostly WorkFarming/Ranchi

ngProperty Maint.

Rec/TrailHunt

Mostly PlayRec/TrailDunes

Property

Work & PlayRec/Trail

Property Maint.Hunt

Rec/TrailHuntUtility

CruisingDay trips

Around townCommute

CruisingDay trips

Around townCommute

Recreationon & off trail

24IR May 2015

Hammerhead AcquisitionTimbersled Acquisition

Complementary to Snow Business

Recent Acquisitions

Builds on Growing Asian Business

Light Utility Vehicles

(Gas/Electric)MSRP-US

$3,499 - $5,499

Adult go-kartsMSRP-US

$1,999-$2,799

Youth go-kartsMSRP-US

$1,099 - $1,699

Leverage low-cost supplier/manufacturing baseExpand entry level go-kart / ORV business Increase emerging market access Cultural fit - western educated, ORV background

New snow category complements mountain businessFast growing and profitableNew customer base – off-road motorcyclists in snowbelt

Mountain Horse Conversion KitMSRP-US $5,300 - $6,500

Safe HarborExcept for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2015 sales, shipments, margins, currencies, net income and cash flow, the opportunities for expansion and diversification of the Company’s business and the Company’s guidance on earnings per share from continuing operations are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as product offerings, promotional activities and pricing strategies by competitors; manufacturing operation expansion initiatives; acquisition integration costs; warranty expenses; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performance of affiliate partners; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in our 2014 annual report and Form 10-K filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements.

The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and compiled by the Company or Company estimates. The Company must rely on information that its dealers supply concerning retail sales, and other retail sales data sources and this information is subject to revision.

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