Polaris Industries Investor Presentation — October 2020

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Third Quarter 2020 Earnings Results

October 27, 2020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 products tomeet increasing demand ;the

continuation oftheincreasing consumer demand fortheCompany’s products ;product offerings, promotional activities andpricing strategies bycompetitors ;economic conditions that

impact consumer spending ;disruptions inmanufacturing facilities; acquisition integration costs;product recalls and/or warranty expenses ;impact ofchanges inPolaris stock price on

incentive compensation plancosts;foreign currency exchange ratefluctuations ;environmental andproduct safety regulatory activity ;effects ofweather ;commodity costs;freight andtariff

costs (tariff relief orability tomitigate 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 are

alsodirected toconsider other risksanduncertainties discussed indocuments filedbytheCompany withtheSecurities andExchange Commission .TheCompany does notundertake any

dutytoanyperson 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

ofouroperating performance .Management believes these measures may beuseful inperforming meaningful comparisons ofpastandpresent operating results, tounderstand the