investor presentation

1. Investor Presentation
November 2014
POLARIS INDUSTRIES INC.

2. Polaris Industries Inc. – A Global Corporation
SALES
$3.8
BILLION
UP 18%
NET INCOME*
$381
MILLION
UP 22%
Total Company FY 2013
>7,000 Employees Worldwide
11 Manufacturing Locations
5 Research & Development
Centers of Excellence
~1,750 Dealers In North America
~1,400 Dealers Outside North America
>300,000 Units Shipped in 2013
>100 Countries – Polaris Products Sold
* from continuing operations IR Nov-2014 2

3. A Global Corporation with Industry Leading Brands
IR Nov-2014 3
2013 Sales by Geography
Polaris Brands
2013 Sales by Product Line
67%
16%
8%
6%
3%
OFF-ROAD VEHICLES
MOTOR- CYCLES
SNOW
SMALL VEHICLES
PG&A
72%
16%
12%
PG&A
Snowmobiles
Small
Vehicles
Motorcycles
ORV
International
Canada
United States

4. Polaris Strategic Objectives
Vision & Strategy
Strategic Objectives
VISION
STRATEGY
Fuel the passion of riders, workers and outdoor enthusiasts around the world by delivering innovative, high quality vehicles, products, services and experiences that enrich their lives.
Polaris will be a highly profitable, customer centric, $8B global enterprise by 2020. We will make the best off-road and on-road vehicles and products for recreation, transportation and work supporting consumer, commercial and military applications. Our winning advantage is our innovative culture, operational speed and flexibility, and passion to make quality products that deliver value to
our customers.
Best in Powersports PLUS
Global Market Leadership
Strong Financial
Performance
Growth through Adjacencies
LEAN Enterprise is
Competitive Advantage
5-8% annual organic growth
>33% of Polaris revenue
>$2B from acquisitions & new markets
Significant Quality,
Delivery & Cost Improvement
Sustainable, profitable growth
Net Income Margin >10%
Guiding Principles
Performance Priorities
Best People, Best Team
Safety & Ethics Always
Customer Loyalty
Growth
Margin Expansion
Product & Quality Leadership
LEAN Enterprise
GROW SALES
>$8 Billion by 2020
12% CAGR
INCREASE NET INCOME
>10% of Sales by 2020
13% CAGR
IR Nov-2014 4

5. $116.9
$140.8
Q3 2013
Q3 2014
Q3 2014 Sales and Net Income
Record 3rd quarter sales and net income*
Motorcycles up 28%; PG&A up 24%; ORV sales increased 17%; Snowmobiles up 13%
International up 9%; APLA up 40%; EMEA up 1%
N.A. retail sales increased 12%; ORV, motorcycles & snowmobiles up strong
Earnings per share* increased26% to a record $2.06
Operating income increased 23% to $222.6 million
Net income margins* were up 21 bps to 10.8%
$1,102.6
$1,302.3
Q3 2013
Q3 2014
Another Strong Quarter
Q3 Net Income*
Q3 Sales
(in millions)
(in millions)
+20%
+18%
IR Nov-2014 5
* from continuing operations

6. Full Year 2014 Guidance
Record sales and earnings projected for 2014
North American retail sales growth and market share gains continue
Industry trends expected to remain unchanged for balance of 2014
Improving operational and commercial execution drives profitable growth
IR Nov-2014 6
$3,777
2013 Actual
FY 2014
Guidance
$5.40
2013 Actual
FY 2014
Guidance
Increased Full Year 2014 EPS* Guidance
Diluted EPS*
Total Company Sales
Up 17% to 18%
$4,425 to $4,475
Up 21% to 23%
$6.55 to $6.65
(in millions)
* from continuing operations

7. Business Unit Performance
IR Nov-2014 7
Snowmobiles
Off-Road Vehicles
PG&A
SxS
SxS
SxS
ATV
ATV
ATV
2012
2013
FY 2014
Guidance
$283
$302
2012
2013
FY 2014
Guidance
$196
2012
2013
FY 2014
Guidance
$461
2012
2013
FY 2014
Guidance
+13%
$2,522
$2,226
+7%
*Includes Kolpin acquisition in April 2014
Motorcycles
Up mid- single digits %
The All New
Platform
Up
13% to 14%
Up
65% to 75%
+12%
$220
Up
about 20%*
+33%*
$611
LOCK & RIDE® PRO-FIT™ X CAB SYSTEM
Best in Powersports PLUS
MY’15 ACE 570
MY’15 600 Switchback PRO-S
MY’15 Indian Scout

8. Powersports Market Share
IR Nov-2014 8
#1 Share Position in Major Powersports Markets
EMEA Market Share
2006
2007
2008
2009
2010
2011
2012
2013
Consolidated Market Share in Units
(Using Total Motorcycle Industry)
Honda
Harley
Yamaha
Kawasaki
Can Am
Deere
Arctic Cat
Suzuki
Kubota
KTM
BMW
Triumph
Piaggio
Ducati
Best in
Powersports Plus
North American Market Share
Off-Road Vehicles
#1
Polaris

#2
BRP

#3
Kymco

#4
Yamaha

#5
CF Moto

#6
Honda

Motorcycles
#1
Harley

#2
BMW

#3
Victory/
Indian

#4
Triumph

#5
Honda

#6
Suzuki

Snowmobiles
#1
Ski-Doo/Lynx

#2
Polaris

#3
Yamaha

#4
Arctic Cat

NOTE: EMEA market share data is YTD thru June 2014; Motorcycles is Heavyweight Cruiser/Touring only

9. Commercial
Defense
Business Unit Performance
IR Nov-2014 9
Small Vehicles
$44
2012
2013
FY 2014
Guidance
Sales
2012
2013
FY 2014
Expectations
Sales
2012
2013
FY 2014
Expectations
Sales
Up
25% to 30%*
+177%
$123
DAGOR™
MY’14 Aixam Vision
GRAVELY© ATLAS
Adjacencies
*Aixam acquisition included

10. Motorcycles
Unveiled July 2014
2 models: Base & Premium (SL)
$19,999 - $23,999 MSRP (U.S.)
>360 dealers signed & committed
Shipping expected to begin in November 2014
Extremely high initial interest
>1 billion media impressions in first 4 weeks
Assembly in Spirit Lake, Iowa
Adjacencies
IR Nov-2014 10

11. International
IR Nov-2014 11
2013 International Sales by Geography
2013 International Sales by Product
New Plant in Opole, Poland
International Sales
Expanding EMEA, Asia Pacific and Latin America
2012
2013
FY 2014
Guidance
ORV 47%
Small Vehicles 17%
PG&A 16%
*Includes Aixam Acquisition beginning 4/2013
Snow
13%
Motorcycles
7%
Up
low-teens digits %
+29%*
$592
$461
Europe 73%
Latin America 7%
Asia 3%
Aus / NZ 11%
ME / Africa 6%

12. 2010
2011
2012
2013
2014
Expectations
3-Year CAGR +10.7%
Operational Excellence
IR Nov-2014 12
QUALITY
SAFETY
2010
2011
2012
2013
2014
Expectations
Delivering Major Improvements Across All Operations
GROSS MARGINS
DELIVERY
Polaris Total Recordable Injury Rate
86% Improvement in 48 Months
26.6%
27.9%
28.8%
29.7%
Down
20–30 bps
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
1000
2000
3000
4000
5000
6000
7000
2010
2011
2012
2013
2014
Guidance
Materials
Labor & Overhead
GM %
0.00%
0.02%
0.04%
0.06%
0.08%
0.10%
0.12%
0.14%
0.16%
0.18%
2010
2011
2012
2013
2014
Expectations
Rework expected to be  21% from 2010
LEAN Enterprise is
Competitive Advantage

13. Safe Harbor
Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2014 and 2015 sales, shipments, margins, net income and cash flow, the trend toward producing more of the Company’s own engines for its vehicles, the opportunities for expansion and diversification of the Company’s business, the impact of the repurchase of shares on the Company’s full year 2014 earnings per share and the Company’s guidance on earnings per share from continuing operations are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as product offerings, promotional activities and pricing strategies by competitors; manufacturing operation initiatives; acquisition integration costs; warranty expenses; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product 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 are also directed to consider other risks and uncertainties discussed in our 2013 annual report and Form 10-K filed by the Company with the Securities and Exchange Commission. 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 Company 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.
IR Nov-2014 13

14. 14
Appendices
IR Nov-2014
Slide
Financial Performance 15
New MY 2015 Product Introductions 16
N.A. Retail Sales & Dealer Inventory – YTD Q3 2014 17
2014 Full Year Detailed Guidance 18
2014 Full Year Gross Margin Guidance 19
YTD Q3 2014 Balance Sheet and Liquidity Profile 20
Income from Financial Services 21
Global Manufacturing Operations 22 – 23
Polaris/Eicher Joint Venture (EPPL) 24
Customer Profiles 25

15. Return on Invested Capital
Return on Assets
Consistent Financial Performance
IR Nov-2014 15
Sales & Net Income
Return on Shareholder Equity
Dividends (per share)
5-Year Total Return
13%
16%
20%
23%
24%
0%
4%
7%
9%
13%
10%
9%
6%
6%
7%
2009
2010
2011
2012
2013
26%
32%
42%
44%
43%
0%
6%
12%
15%
21%
7%
11%
12%
7%
8%
2009
2010
2011
2012
2013
$1,566
$1,991
$2,657
$3,210
$3,777
$1.53
$2.14
$3.20
$4.40
$5.40
2009
2010
2011
2012
2013
Sales
EPS
594%
212%
89%
84%
70%
Polaris
Peer
Avg.
Russell
2000
S&P
500
DJIA
49%
40%
46%
45%
71%
2009
2010
2011
2012
2013
5-Year CAGR
Sales = 14%
Net Income* = 27%
Polaris Peer Average (ACAT, BC, DE, HOG, WGO, TTC) S&P 500 Average
$0.78
$0.80
$0.90
$1.48
$1.68
$1.92
2009
2010
2011
2012
2013
2014
5-year dividend payout $380 million
Dividends increased 18% per year compounded annually for the past 5 years
Expectation
Oct. 26, 2009 – Oct. 24, 2014
* From Continuing Operations

16. 18 NEW Off-Road Vehicles
5 NEW Motorcycles
IR Nov-2014 16
NEW Model Year 2015 Product Introductions
Industry-Leading Products in All Categories
PG&A
Over 300 NEW MY’15 Accessories
XP 1000
High Lifter Edition
900 TRAIL, 50”
S 900, 60”
900 XC EDITION
XP 4 1000
XP 1000
XP 1000
ACE 570
ETX
X2 570
TOURING
570 SP
TOURING
XP 1000
ETX
570
570
FULL SIZE
CREW 570
CREW 570
FULL SIZE
XP900
MAGNUM
ROADMASTER
SLINGSHOT SL
Two-tone Paint
SCOUT

17. Q3 2013
Q3 2014
3% Existing Models
9% New models/ categories
3% New Dealers
15% Total Increase
Polaris
Q3 2014
Industry
Q3 2014
N.A. Retail Sales & Dealer Inventory – Q3 2014
Dealer Inventory Adequate – Some 2015 High-demand Models Limited
N.A. Dealer Inventory
N.A. Powersports Retail Sales
Best in
Powersports Plus
Polaris N.A. retail up 12% for Q3 2014 vs. Q3 2013
Gained share in all businesses - ORV, motorcycles and snowmobiles
Polaris Q3 2014 N.A. dealer inventory up 15% vs. Q3 2013
ORV up mid-teens % - new models and market segments
Motorcycles up low-double digits; Indian distribution and expanded product line; Victory down
Snowmobiles up mid-teens percent – timing of shipments; new models
+5%
+12%
IR Nov-2014 17
+15%

18. Improved Earnings Expectations
2014 Full Year Guidance
METRIC
GUIDANCE
Product line sales
Off-Road Vehicles
Up 13% to 14%
Snowmobiles
Up mid-single digits %
Motorcycles
Up 65% to 75%
Small Vehicles
Up 25% to 30%
PG&A
Up about 20%
International
Up low-teens %
Total Company sales
Up 17% to 18%
Gross profit margin
Down 20 to 30 bps
Operating expenses
Down 50 to 70 bps
Income from financial services
Up about 25%
Income taxes
34.5% to 35.5% of pretax income
Net income
from continuing operations
Up 17% to 19%
EPS, diluted
from continuing operations
$6.55 - $6.65 (+21% to 23%)
Share count
Down about 3%
Change in Guidance
Increased/
favorable
Decreased/
unfavorable
Unchanged
Narrowed
IR Nov-2014 18

19. METRIC
Actual
Q3 2013
Actual
Q3 2014
Guidance
FY 2014
Prior period
29.5%
30.4%
29.7%
Production volume adjustments
Product cost reduction efforts
Commodity costs
Currency rates
Higher selling prices
Product mix
New plant start-up costs
Warranty costs
Tooling amortization
Sales promotional costs
Contract dispute charge in 2013
Current period
30.4%
29.8%
29.4% to 29.5%
Change
+84 bps
-55 bps
-20 to -30 bps
2014 Gross Profit Margin Guidance
Improvement to gross profit margin %
Impairment to gross profit margin %
Neutral to gross profit margin %
IR Nov-2014 19

20. Balance Sheet and Liquidity Profile
$ In millions
(except per share and rate data)
YTD 2014
Fav / (UnFav)
YTD 2013
2014 Full Year Guidance vs. 2013
Cash
$169.0
($218.8)
Increase
Debt / Capital lease obligations
$228.0
($120.8)
Decrease
Credit facility
$350.0
Flat
Unchanged
Factory inventory
$582.2
($121.6)
Increase faster than sales %
Capital expenditures
$146.5
$45.9
Lower, but > $200M
Depreciation and amortization
$91.0
$26.7
Increase about 40% from 2013
Operating cash flow
from continuing operations
$380.4
($1.4)
Increase at slightly higher % than net income
Dividend (per share)
$1.44
$0.18
Increase 14% over 2013
Polaris Acceptance receivables
$1,072.4
($220.6)
Increase at slightly lower % than sales
Retail credit – Approval rate
– Penetration rate
57%
32%
(1%)
(2%)
Approval rates stable; aggressive financing from other banks
IR Nov-2014 20

21. Retail Credit Approval Rate
Wholesale Credit PA Receivables ($M)
Income from Financial Services
IR Nov-2014 21
Income from Financial Services ($M)
Ample Wholesale and Retail Credit Availability
Retail Credit Penetration Rate
Full Year income from financial services expected to increase about 25%
Increased dealer inventories
Higher retail credit income
Polaris Acceptance 50/50 joint venture with GE for U.S. Dealer Financing
19-year joint venture contract for renewal in 2017
Three-year Avg. ROI = 29%
Third party arrangements: Capital One – 2014, Synchrony Bank (formerly GE) – 2016 and Sheffield – 2016
No Credit or funding risk to Polaris
Approval and penetration rates at acceptable levels
Other
Other
Wholesale Credit
Wholesale Credit
Retail Financing
Retail Financing
2012
2013
2014
Expectations
$34
$46
Up about 25%
$767
$928
$1,072
2012
2013
YTD
Q3 2014
60%
58%
57%
2012
2013
YTD
Q3 2014
34%
32%
32%
2012
2013
YTD
Q3 2014

22. Global Manufacturing Operations
IR Nov-2014 22
Expanding into Europe and Asia
Current Polaris MFG Locations
Future Polaris MFG Locations
Monterrey MEXICO
SxS, Engines
Spirit Lake/Milford
IOWA
SxS, Motorcycles,
GEM, Commercial
Roseau
MINNESOTA
Snow, ATV, SxS
Osceola
WISCONSIN
Engines
Bourran
FRANCE
Goupil
Chanas,
Aix-les-Bains
FRANCE
Aixam Mega
Opole
POLAND
ATV, SxS
Jaipur
INDIA
Eicher JV

23. 23
NEW European Manufacturing in Opole, Poland
IR Nov-2014
Grand Opening September 23, 2014
First Polaris plant dedicated to manufacturing Off-Road Vehicles outside of North America
345,000 square-foot facility
300+ Employees
Shipments expected to begin in Q1 2015
Anticipated annualized savings $20+ million at maturity

24. Next Steps
JV Overview
Polaris/Eicher Joint Venture (EPPL)
IR Nov-2014 24
Partner Overview
$1.3 Billion Revenue
Established in 1959
Commercial Vehicles
JV w/ Volvo
Top 3 Market Share
Iconic Brand
Market Leader 300CC+
178,000 Sold in 2013
50% growth
50/50 JV, $50M Investment
Signed July 2012
New Operating Team
New Product Development
New Operational Footprint
New Distribution Channel
Global Emerging Market Focus
Building a Partnership and Foundation in a Critical Long Term Growth Market
Q3 ‘14 Dealer Recruitment
Q4 ‘14 New Factory Complete
Q1 ‘15 Market Launch
Q2 ‘15 Start of production
NEW Manufacturing Plant in Jaipur, India
(180,000 sq. ft.)

25. Customer Profiles
OFF-ROAD VEHICLES
MOTORCYCLES
SNOWMOBILES
Average
Age
49
43
44
47
52
42
Income
~$100k
~$100k
~$90k
~$90K
~$100k - $125k
~$90K
Male / Female
95% / 5%
90% / 10%
90% / 10%
75% / 25%
90% / 10%
90% / 10%
Primary
Usage
Mostly Work
Farming/Ranching
Property Maint.
Rec/Trail
Hunt
Mostly Play
Rec/Trail
Dunes
Property
Work & Play
Rec/Trail
Property Maint.
Hunt
Rec/Trail
Hunt
Utility
Cruising
Day trips
Around town
Commute
Recreation
on & off trail
IR Nov-2014
25