Polaris Industries Investor Presentation — January 2018

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Fourth Quarter & Full Year 2017

January 30, 2018POLARIS INDUSTRIES INC. SAFE HARBOR & NON

2 Q4 & FY'17 EarningsExcept for historical information contained herein, the matters set forth in this presentation, including management’s expect ations regarding 2018

future sales, shipments, net income, and net income per share, operational initiatives and impact of tax reform are forward -looking statements that

involve certain risks and uncertainties that could cause actual results to differ materially from those forward -looking statemen ts. Potential risks and

uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations expansion initiatives, product

offerings, promotional activities and pricing strategies by competitors; economic conditions that impact consumer spending; a cquisition integration

costs; product recalls, warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; for eign currency

exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsu redproduct 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 ar e also directed to

consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commissio n. 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 Com pany 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.

This presentation contains certain non -GAAP financial measures, consisting of “Adjusted ” sales (total and organic), gross profit, operating

expenses, net income and net income per diluted share as measures of our operating performance. Management believes these mea sures may be

useful in performing meaningful comparisons of past and present operating results, to understand the performance of its ongoi ng operations and

how management views the business. Reconciliations of Adjusted non-GAAP measures to reported GAAP measures are included on slides 4 and

5 in this presentation. These measures, however, should not be construed as an alternative to any other measure of performanc e determined in