Polaris Industries Investor Presentation — January 2021

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Fourth Quarter & Full Year

2020 Earnings Results

January 26, 2021Except forhistorical information contained herein, thematters setforth inthispresentation, areforward -looking statements thatinvolve certain risks anduncertainties thatcould cause

actual results todiffer materially from those forward -looking statements .Potential risksanduncertainties include such factors astheseverity andduration oftheCOVID -19pandemic and

theresulting impact ontheCompany’s business, supply chain, andtheglobal economy ;theCompany’s ability tosuccessfully implement itsmanufacturing operations expansion andsupply

chain initiatives ;theCompany’s ability tosuccessfully source necessary parts andmaterials andtheability oftheCompany tomanufacture anddeliver products todealers tomeet

increasing demand andtobring dealer inventory levels back tooptimal levels ;thecontinuation oftheincreasing consumer demand fortheCompany’s products ;product offerings,

promotional activities andpricing strategies bycompetitors ;economic conditions thatimpact consumer spending ;disruptions inmanufacturing facilities ;acquisition integration costs;

product recalls and/or warranty expenses ;impact ofchanges inPolaris stock price onincentive compensation plancosts;foreign currency exchange ratefluctuations ;environmental and

product safety regulatory activity ;effects ofweather ;commodity costs;freight andtariff costs (tariff relief orability tomitigate tariffs); changes tointernational trade policies and

agreements ;uninsured product liability claims ;uncertainty intheretail andwholesale credit markets ;performance ofaffiliate partners ;changes intaxpolicy ;relationships withdealers and

suppliers; andthegeneral overall economic, social andpolitical environment .Investors arealsodirected toconsider other risks anduncertainties discussed indocuments filedbythe

Company withtheSecurities andExchange Commission .TheCompany does notundertake anydutytoanyperson toprovide updates toitsforward -looking statements .

Thedatasource forretail sales figures included inthispresentation isregistration information provided byPolaris dealers inNorth America compiled bytheCompany orCompany estimates

andother industry data sources .TheCompany must relyoninformation thatitsdealers supply concerning retail sales, andother retail sales data sources related toPolaris andthe

powersports industry, andthisinformation issubject torevision .Retail sales references tototal Company retail sales includes onlyORV, snowmobiles andmotorcycles inNorth America

unless otherwise noted .

Thispresentation contains certain non-GAAP financial measures, consisting of“adjusted" sales, gross profit, income before taxes, netincome andnetincome perdiluted share asmeasures