Polaris Industries Investor Presentation — April 2017

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First Quarter 2017 Earnings Results

April 25, 2017POLARIS INDUSTRIES INC. SAFE HARBOR & NON

2 Q1'17 EarningsExcept for historical information contained herein, the matters set forth in this presentation, including management’s expectations regarding 2017

future sales, shipments, net income, and net income per share, and operational initiatives are forward -looking statements that i nvolve certain risks

and uncertainties that could cause actual results to differ materially from those forward -looking statements. Potential risks a nd uncertainties include

such factors as the Company’s ability to successfully implement its manufacturing operations expansion initiatives, product o fferings, promotional

activities and pricing strategies by competitors; economic conditions that impact consumer spending; acquisition integration costs; product recalls,

warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange r atefluctuations;

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, inclu ding inflation, consumer

confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks an d uncertainties

discussed in documents 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 subj ectto revision.

This presentation contains certain non -GAAP financial measures, consisting of “adjusted” sales, gross profit, operating expenses, net income and

net income per diluted share” as measures of our operating performance. Management believes these measures may be useful in p erforming

meaningful comparisons of past and present operating results, to understand the performance of its ongoing operations and how management

views the business. Reconciliations of adjusted non -GAAP measures to reported GAAP measures are included in the appendix contained in this

presentation. These measures, however, should not be construed as an alternative to any other measure of performance determin ed in accordance