Polaris Industries Investor Presentation — January 2022

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Fourth Quarter & Full Year 2021

Earnings Presentation

Q4/FY'21 Earnings 1/25/22 2Safe Harbor & Non -GAAP Measures

Except forhistorical information contained herein, thematters setforth inthispresentation anddiscussed inthecorresponding earnings callareforward -looking statements thatinvolve

certain risksanduncertainties thatcould cause actual results todiffer materially from those forward -looking statements .Potential risksanduncertainties include suchfactors astheseverity

andduration oftheCOVID -19pandemic andtheresulting impact ontheCompany’s business, supply chain, andtheglobal economy ;theCompany’s ability tosuccessfully implement its

manufacturing 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 forthe

Company’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 ;product rework costs;impact ofchanges inPolaris stock price onincentive compensation plancosts;

foreign currency exchange ratefluctuations ;environmental andproduct safety regulatory activity ;effects ofweather ;commodity costs;freight andtariff costs (tariff relief orability to

mitigate tariffs); changes tointernational trade policies andagreements ;uninsured product liability claims ;uncertainty intheretail andwholesale credit markets ;performance ofaffiliate

partners ;changes intaxpolicy ;relationships withdealers andsuppliers; andthegeneral overall economic, social andpolitical environment .Investors arealsodirected toconsider other

risks anduncertainties discussed indocuments filedbytheCompany 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 .