Polaris Industries Investor Presentation — January 2019

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Fourth Quarter & Full Year 2018

POLARIS INDUSTRIES INC. SAFE HARBOR & NON

2 Q4-FY'18 PII Earnings 1/29/19Except for historical information contained herein, the matters set forth in this news release, including management’s expect ations regarding 2019

future sales, shipments, net income, and net income per share, operational initiatives, tariffs, currency fluctuations, inter estrates, and commodity

costs, are forward -looking statements that involve certain risks and uncertainties that could cause actual results to differ mat erially from those

forward -looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully imp lement its

manufacturing operations expansion initiatives, product offerings, promotional activities and pricing strategies by competito rs;economic conditions

that impact consumer spending; acquisition integration costs; product recalls, warranty expenses; impact of changes in Polari s stock price on

incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory a ctivity; effects of

weather; commodity costs; freight and tariff costs; changes to international trade agreements; uninsured product liability cl aims; uncertainty in the

retail and wholesale credit markets; performance of affiliate partners; changes in tax policy; relationships with dealers and suppliers; and the

general overall economic and political environment. Investors are also directed to consider other risks and uncertainties di scussed in documents

filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to p rovide updates

to its forward -looking statements.

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 share as measures of our operating performance. Management believes these measures may be useful in pe rforming

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

views the business. Reconciliations of reported GAAP measures to adjusted non -GAAP measures are included in the financial schedu les contained

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

accordance with GAAP. Scott W. Wine, Chairman & CEO

Fourth Quarter & Full Year 2018 Earnings Results

POLARIS INDUSTRIES INC. 2018 SUMMARY

Full year GAAP & adjusted* sales up 12%; GAAP net income up 94%, adjusted* up 28%, year -over -year