Investor Presentation

November 2014

POLARIS INDUSTRIES INC.

Polaris Industries Inc. – A Global Corporation

SALES

$3.8 BILLION

UP 18%

NET INCOME*

$381 MILLION

UP 22%

Total Company FY 2013

>7,000 Employees Worldwide

11 Manufacturing Locations

5 Research & Development Centers of Excellence

~1,750 Dealers In North America

~1,400 Dealers Outside North America

>300,000 Units Shipped in 2013

>100 Countries – Polaris Products Sold

* from continuing operations IR Nov-2014 2

A Global Corporation with Industry Leading Brands

3 IR Nov-2014

2013 Sales by Geography

Polaris Brands 2013 Sales by Product Line

67% 16%

8% 6%

3%

OFF

-RO

AD

VEH

ICLE

S M

OTO

R-

CYC

LES

SNO

W

SMAL

L VE

HIC

LES

PG&

A 72%

16%

12%

PG&A

Snowmobiles

Small Vehicles

Motorcycles

ORV

International

Canada

United States

Polaris Strategic Objectives

Vision & Strategy

Strategic Objectives

VISION STRATEGY Fuel 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.

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 growth Net 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

IR Nov-2014 4

$116.9 $140.8

Q3 2013 Q3 2014

Q3 2014 Sales and Net Income

Record 3rd quarter sales and net income* Motorcycles up 28%; PG&A up 24%; ORV sales increased 17%; Snowmobiles up 13% International up 9%; APLA up 40%; EMEA up 1%

N.A. retail sales increased 12%; ORV, motorcycles & snowmobiles up strong Earnings per share* increased 26% to a record $2.06

Operating income increased 23% to $222.6 million Net income margins* were up 21 bps to 10.8%

$1,102.6 $1,302.3

Q3 2013 Q3 2014

Another Strong Quarter

Q3 Net Income* Q3 Sales (in millions) (in millions)

+20% +18%

IR Nov-2014 5 * from continuing operations

Full Year 2014 Guidance

Record sales and earnings projected for 2014

North American retail sales growth and market share gains continue Industry trends expected to remain unchanged for balance of 2014

Improving operational and commercial execution drives profitable growth

6 IR Nov-2014

$3,777

2013 Actual FY 2014Guidance

$5.40

2013 Actual FY 2014Guidance

Increased Full Year 2014 EPS* Guidance

Diluted EPS* Total Company Sales

Up 17% to 18% $4,425 to $4,475

Up 21% to 23% $6.55 to $6.65

(in millions)

* from continuing operations

Business Unit Performance

7 IR Nov-2014

Snowmobiles Off-Road Vehicles

PG&A

SxS SxS SxS

ATV ATV

ATV

2012 2013 FY 2014Guidance

$283 $302

2012 2013 FY 2014Guidance

$196

2012 2013 FY 2014Guidance

$461

2012 2013 FY 2014Guidance

+13% $2,522

$2,226 +7%

*Includes Kolpin acquisition in April 2014

Motorcycles

Up mid-single

digits %

The All New

Platform

Up 13% to 14%

Up 65% to 75%

+12% $220

Up about 20%*

+33%* $611

LOCK & RIDE® PRO-FIT™ X CAB SYSTEM

Best in Powersports PLUS

MY’15 ACE 570 MY’15 600 Switchback PRO-S

MY’15 Indian Scout

Powersports Market Share

8 IR Nov-2014

#1 Share Position in Major Powersports Markets

EMEA Market Share

2006 2007 2008 2009 2010 2011 2012 2013

Consolidated Market Share in Units (Using Total Motorcycle Industry)

Honda Harley

Yamaha Kawasaki Can Am

Deere Arctic Cat Suzuki Kubota KTM BMW Triumph Piaggio Ducati

Best in Powersports Plus

North American Market Share

Off-Road Vehicles #1 Polaris #2 BRP #3 Kymco #4 Yamaha #5 CF Moto #6 Honda

Motorcycles #1 Harley #2 BMW #3 Victory/

Indian #4 Triumph #5 Honda #6 Suzuki

Snowmobiles #1 Ski-Doo/Lynx #2 Polaris #3 Yamaha #4 Arctic Cat

NOTE: EMEA market share data is YTD thru June 2014; Motorcycles is Heavyweight Cruiser/Touring only

Commercial Defense

Business Unit Performance

9 IR Nov-2014

Small Vehicles

$44

2012 2013 FY 2014Guidance

Sales

2012 2013 FY 2014Expectations

Sales

2012 2013 FY 2014Expectations

Sales Up

25% to 30%*

+177% $123

DAGOR™

MY’14 Aixam Vision GRAVELY© ATLAS

Adjacencies

*Aixam acquisition included

Motorcycles

Unveiled July 2014

2 models: Base & Premium (SL) $19,999 - $23,999 MSRP (U.S.)

>360 dealers signed & committed Shipping expected to begin in November 2014

Extremely high initial interest >1 billion media impressions in first 4 weeks

Assembly in Spirit Lake, Iowa

Adjacencies

IR Nov-2014 10

International

11 IR Nov-2014

2013 International Sales by Geography 2013 International Sales by Product

New Plant in Opole, Poland International Sales

Expanding EMEA, Asia Pacific and Latin America

2012 2013 FY 2014Guidance

ORV 47%

Small Vehicles

17%

PG&A 16%

*Includes Aixam Acquisition beginning 4/2013

Snow 13%

Motorcycles 7%

Up low-teens digits % +29%*

$592 $461

Europe 73%

Latin America

7%

Asia 3%

Aus / NZ 11%

ME / Africa 6%

2010 2011 2012 2013 2014Expectations

3-Year CAGR +10.7%

Operational Excellence

12 IR Nov-2014

QUALITY SAFETY

2010 2011 2012 2013 2014Expectations

Delivering Major Improvements Across All Operations

GROSS MARGINS DELIVERY

Polaris Total Recordable Injury Rate 86% Improvement in 48 Months

26.6% 27.9% 28.8% 29.7% Down

20–30 bps

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

1000

2000

3000

4000

5000

6000

7000

2010 2011 2012 2013 2014Guidance

Materials Labor & Overhead GM %

0.00%

0.02%

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

0.16%

0.18%

2010 2011 2012 2013 2014Expectations

Rework expected to be 21% from 2010

LEAN Enterprise is Competitive Advantage

Safe Harbor Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2014 and 2015 sales, shipments, margins, net income and cash flow, the trend toward producing more of the Company’s own engines for its vehicles, the opportunities for expansion and diversification of the Company’s business, the impact of the repurchase of shares on the Company’s full year 2014 earnings per share 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 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 2013 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.

IR Nov-2014 13

14

Appendices

IR Nov-2014

Slide Financial Performance 15 New MY 2015 Product Introductions 16 N.A. Retail Sales & Dealer Inventory – YTD Q3 2014 17 2014 Full Year Detailed Guidance 18 2014 Full Year Gross Margin Guidance 19 YTD Q3 2014 Balance Sheet and Liquidity Profile 20 Income from Financial Services 21 Global Manufacturing Operations 22 – 23 Polaris/Eicher Joint Venture (EPPL) 24 Customer Profiles 25

Return on Invested Capital Return on Assets

Consistent Financial Performance

15 IR Nov-2014

Sales & Net Income

Return on Shareholder Equity Dividends (per share) 5-Year Total Return

13% 16%

20% 23% 24%

0% 4% 7%

9% 13%

10%

9% 6%

6% 7%

2009 2010 2011 2012 2013

26% 32%

42% 44% 43%

0% 6% 12%

15% 21%

7% 11% 12%

7%

8%

2009 2010 2011 2012 2013

$1,566 $1,991

$2,657 $3,210

$3,777

$1.53 $2.14

$3.20 $4.40

$5.40

2009 2010 2011 2012 2013

Sales EPS

594%

212% 89% 84% 70%

Polaris PeerAvg.

Russell2000

S&P500

DJIA

49% 40%

46% 45%

71%

2009 2010 2011 2012 2013

5-Year CAGR Sales = 14% Net Income* = 27%

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

$0.78 $0.80 $0.90

$1.48 $1.68

$1.92

2009 2010 2011 2012 2013 2014

5-year dividend payout $380 million

Dividends increased 18% per year compounded annually for the past 5 years

Expectation

Oct. 26, 2009 – Oct. 24, 2014

* From Continuing Operations

18 N

EW O

ff-R

oad

Vehi

cles

5

NEW

Mot

orcy

cles

16 IR Nov-2014

NEW Model Year 2015 Product Introductions

Industry-Leading Products in All Categories

PG&

A

Over 300 NEW MY’15 Accessories

XP 1000 High Lifter Edition

900 TRAIL, 50”

S 900, 60”

900 XC EDITION XP 4 1000

XP 1000 XP 1000

ACE 570

ETX

X2 570

TOURING 570 SP

TOURING XP 1000

ETX 570 570 FULL SIZE

CREW 570 CREW 570 FULL SIZE XP900

MAGNUM ROADMASTER SLINGSHOT SL Two-tone Paint

SCOUT

Q3 2013 Q3 2014

3% Existing Models

9% New models/ categories

3% New Dealers

15% Total Increase

PolarisQ3 2014

IndustryQ3 2014

N.A. Retail Sales & Dealer Inventory – Q3 2014

Dealer Inventory Adequate – Some 2015 High-demand Models Limited

N.A. Dealer Inventory N.A. Powersports Retail Sales

Best in Powersports Plus

Polaris N.A. retail up 12% for Q3 2014 vs. Q3 2013 Gained share in all businesses - ORV, motorcycles and snowmobiles

Polaris Q3 2014 N.A. dealer inventory up 15% vs. Q3 2013 ORV up mid-teens % - new models and market segments Motorcycles up low-double digits; Indian distribution and expanded product line; Victory down Snowmobiles up mid-teens percent – timing of shipments; new models

+5%

+12%

IR Nov-2014 17

+15%

Improved Earnings Expectations

2014 Full Year Guidance METRIC GUIDANCE Product line sales

Off-Road Vehicles Up 13% to 14%

Snowmobiles Up mid-single digits %

Motorcycles Up 65% to 75%

Small Vehicles Up 25% to 30%

PG&A Up about 20%

International Up low-teens %

Total Company sales Up 17% to 18%

Gross profit margin Down 20 to 30 bps

Operating expenses Down 50 to 70 bps Income from financial services Up about 25% Income taxes 34.5% to 35.5% of pretax income Net income from continuing operations Up 17% to 19%

EPS, diluted from continuing operations $6.55 - $6.65 (+21% to 23%)

Share count Down about 3%

Change in Guidance Increased/ favorable Decreased/ unfavorable Unchanged Narrowed

IR Nov-2014 18

METRIC Actual

Q3 2013 Actual

Q3 2014 Guidance FY 2014

Prior period 29.5% 30.4% 29.7%

Production volume adjustments

Product cost reduction efforts

Commodity costs

Currency rates

Higher selling prices

Product mix

New plant start-up costs

Warranty costs

Tooling amortization

Sales promotional costs

Contract dispute charge in 2013

Current period 30.4% 29.8% 29.4% to 29.5% Change +84 bps -55 bps -20 to -30 bps

2014 Gross Profit Margin Guidance

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

IR Nov-2014 19

Balance Sheet and Liquidity Profile $ In millions

(except per share and rate data)

YTD 2014 Fav / (UnFav)

YTD 2013 2014 Full Year Guidance vs. 2013

Cash $169.0 ($218.8) Increase

Debt / Capital lease obligations $228.0 ($120.8) Decrease

Credit facility $350.0 Flat Unchanged

Factory inventory $582.2 ($121.6) Increase faster than sales %

Capital expenditures $146.5 $45.9 Lower, but > $200M

Depreciation and amortization $91.0 $26.7 Increase about 40% from 2013

Operating cash flow from continuing operations $380.4 ($1.4) Increase at slightly higher % than

net income

Dividend (per share) $1.44 $0.18 Increase 14% over 2013

Polaris Acceptance receivables $1,072.4 ($220.6) Increase at slightly lower % than sales

Retail credit – Approval rate – Penetration rate

57% 32%

(1%) (2%)

Approval rates stable; aggressive financing from other banks

IR Nov-2014 20

Retail Credit Approval Rate Wholesale Credit PA Receivables ($M)

Income from Financial Services

21 IR Nov-2014

Income from Financial Services ($M)

Ample Wholesale and Retail Credit Availability

Retail Credit Penetration Rate

Full Year income from financial services expected to increase about 25%

Increased dealer inventories

Higher retail credit income

Polaris Acceptance 50/50 joint venture with GE for U.S. Dealer Financing 19-year joint venture contract for renewal in 2017 Three-year Avg. ROI = 29%

Third party arrangements: Capital One – 2014, Synchrony Bank (formerly GE) – 2016 and Sheffield – 2016 No Credit or funding risk to Polaris Approval and penetration rates at acceptable levels

Other Other

Wholesale Credit

Wholesale Credit

Retail Financing

Retail Financing

2012 2013 2014Expectations

$34

$46

Up about 25%

$767 $928

$1,072

2012 2013 YTDQ3 2014

60% 58% 57%

2012 2013 YTDQ3 2014

34% 32% 32%

2012 2013 YTDQ3 2014

Global Manufacturing Operations

22 IR Nov-2014

Expanding into Europe and Asia

Current Polaris MFG Locations

Future Polaris MFG Locations

Monterrey MEXICO

SxS, Engines

Spirit Lake/Milford IOWA

SxS, Motorcycles, GEM, Commercial

Roseau MINNESOTA

Snow, ATV, SxS Osceola

WISCONSIN Engines

Bourran FRANCE Goupil

Chanas, Aix-les-Bains

FRANCE Aixam Mega

Opole POLAND ATV, SxS

Jaipur INDIA

Eicher JV

23

NEW European Manufacturing in Opole, Poland

IR Nov-2014

Grand Opening September 23, 2014

First Polaris plant dedicated to manufacturing Off-Road Vehicles outside of North America

345,000 square-foot facility

300+ Employees

Shipments expected to begin in Q1 2015

Anticipated annualized savings $20+ million at maturity

Next Steps JV Overview

Polaris/Eicher Joint Venture (EPPL)

24 IR Nov-2014

Partner Overview

$1.3 Billion Revenue Established in 1959 Commercial Vehicles JV w/ Volvo Top 3 Market Share Iconic Brand Market Leader 300CC+ 178,000 Sold in 2013 50% growth

50/50 JV, $50M Investment Signed July 2012

New Operating Team New Product Development New Operational Footprint New Distribution Channel Global Emerging Market Focus

Building a Partnership and Foundation in a Critical Long Term Growth Market

Q3 ‘14 Dealer Recruitment

Q4 ‘14 New Factory Complete

Q1 ‘15 Market Launch

Q2 ‘15 Start of production

NEW Manufacturing Plant in Jaipur, India (180,000 sq. ft.)

Customer Profiles

OFF-ROAD VEHICLES MOTORCYCLES SNOWMOBILES

Average Age 49 43 44 47 52 42

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

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

Primary Usage

Mostly Work Farming/Ranching

Property Maint. Rec/Trail

Hunt

Mostly Play Rec/Trail Dunes

Property

Work & Play Rec/Trail

Property Maint. Hunt

Rec/Trail Hunt Utility

Cruising Day trips

Around town Commute

Recreation on & off trail

IR Nov-2014 25