Polaris Industries Investor Presentation — April 2020

Document content

Fourth Quarter & Full Year

2019 Earnings Results

Q4-FY'19 Earnings 2Except for historical information contained herein, the matters set forth in this news release, including management’s expect ations regarding 2020 and 2022 future sales,

shipments, net income, and net income per share, future cash flows and capital requirements, operational initiatives, tariffs , currency fluctuations, interest rates, and

commodity costs, 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 the Company’s ability to successfully implement its man ufacturing operations expansion and supply chain

initiatives, product offerings, promotional activities and pricing strategies by competitors; economic conditions that impact consumer spending; disruptions in manufacturing

facilities; acquisition integration costs; product recalls, warranty expenses; impact of changes in Polaris stock price on in centive compensation plan costs; foreign currency

exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; freigh t costs; the impact of tariffs and the ability of the

Company to obtain expected tariff mitigation through its supply chain initiatives or expected tariff relief through the USTR exclusion process; changes to international trade

policies and agreements; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performa nceof affiliate partners; changes in tax policy;

relationships with dealers and suppliers; and the general overall economic and political environment. Investors are also dire cted to consider other risks and uncertainties

discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any d utyto 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 dealer s in North America compiled by the Company or

Company estimates and other industry data sources. The Company must rely on information that its dealers supply concerning re tail sales, and other retail sales data sources

related to Polaris and the powersports industry, and this information is subject to revision. Retail sales references to tota l Company retail sales includes only ORV,

snowmobiles and motorcycles in North America unless otherwise noted.

This presentation contains certain non -GAAP financial measures, consisting of “adjusted" sales, gross profit, income before taxe s, net income and net income per diluted