Raymond James Institutional Investors Conference  Scott W. Wine, Chairman & CEO  March 7, 2017  POLARIS INDUSTRIES INC.  

  1954 Year Polaris was Founded ~10,000 Employees Worldwide 19 Manufacturing Locations 5 Research & Development Centers ~1,800 Dealers In North America ~1,700 Dealers Outside North America ~370,000 Units Shipped Worldwide in 2016 >100 Countries – Polaris Products Sold   POLARIS AT A GLANCE    *2012-2015 EPS from Continuing Operations; 2016-2017 Net Income & EPS “Adjusted” - See GAAP Reconciliation Schedule in Appendix  EPS*  $6.752%  $4.25 TO $4.5022% TO 29%  $4.4038%  $5.4023%  $6.6523%  $3.4848%  10% to 13% $4,950 to $5,100  RJames 3-7-17  2 

 Recalls 13 safety bulletins / majority of $120M charge  Oil/Ag Industry Oil  mid-teens % / Ag  mid-single digits %  Currency NegativePre-tax Profit  ~40 million  ORV Share Loss 2+ points  Dealer Sentiment   2016 YEAR IN REVIEW  Indian Retail Growth  20%+ year-over-year  VIP / Factory Inventory+$150M Gross VIP; Factory Inventory  $110M*  Transamerican Auto Parts~$750M Truck & Jeep Aftermarket Accessories  New Safety & Quality OrganizationRecord recall effectiveness: RZR Turbo >85%  Huntsville Plant Start-upOn time / on budget  2016 DIFFICULT YEAR; MANY LESSONS LEARNED  SUCCESSES  CHALLENGES  RJames 3-7-17  3  *excluding acquisitions 

 POWERSPORTS MARKET SHARE LEADER    Honda  Harley  Yamaha  Kawasaki  Can Am    Other  RJames 3-7-17  4  Note: Amounts based on industry data & Company estimates 

   POLARIS 2017 – A MORE DIVERSE COMPANY  2017 Expectations*  2008  OVER $1 BILLION INVESTED IN ACQUISITIONS SINCE 2008  RJames 3-7-17  5  Global AdjacentMarkets  Motorcycles  Off-RoadVehicles/Snow  *Based on mid-point of 2017 Guidance Range  Aftermarket  Motorcycles  Off-RoadVehicles/Snow  2008  >>  2010  2011  2012  2013  2014  2015  2016                    Private Limited  TOTAL COMPANY SALES$5.0* BILLION  TOTAL COMPANY SALES$1.9 BILLION 

 6  RJames 3-7-17      Strategic Objectives   >$8 Billion by 2020  12% CAGR  >10% of Sales by 2020   13% CAGR  Best in Powersports PLUS 5-8% annual organic growthGrowth through Adjacencies >$2B from acquisitions & new marketsGlobal Market Leadership >33% of Polaris revenueLEAN Enterprise is Competitive Advantage Significant Quality, Delivery & Cost ImprovementStrong Financial Performance Sustainable, profitable growth Net Income Margin >10%            = Under Review  VISION & STRATEGY REMAIN UNCHANGED, REVIEWING FINANCIAL GOALS GIVEN RECENT PERFORMANCE  2016-2020 Required CAGR 15%  2016-2020 Required CAGR 39% 

 OFF-ROAD VEHICLES (ORV) / SNOWMOBILES  7  RJames 3-7-17  REGAINING FOOTING AS LEADING POWERSPORTS MANUFACTURER  Move Past RecallsContinuous Improvement in Safety & Quality  Improve Market Share TrajectoryRANGER, RZR, ATV and Snowmobiles  Aggressively Market Portfolio Increased Advertising / Targeted Promotions  Deliver Better Service & Improve Distribution  Drive Accelerated Product Innovation  2017 FOCUS AREAS    NEW! MY’18 Polaris Titan® 

 Technology      Configurator  RJames 3-7-17  8 

 VICTORY WIND DOWN  25 Industry Awards  Industry-Leading NPS 74.4  Passionate Riders  Laid Foundation for  1998 - 2016  RJames 3-7-17  9  EXPERIENCE AND KNOWLEDGE GAIN INVALUABLE 

 INDIAN MOTORCYCLE  10  RJames 3-7-17  GROW AMERICA’S OLDEST MOTORCYCLE BRAND  Drive Awareness  Continue to Grow Share  Introduce Differentiated Product  Build Brand Partnerships  Reignite Indian Factory Racing  NEW MY’18 Indian Roadmaster® Classic  2017 FOCUS AREAS 

 SLINGSHOT  Increase Awareness of Brand & Lifestyle  Fuel Slingshot Customization  Utilize Partnerships/Influencers to Amplify the Brand  Slingshot Racing in 2017  2017 FOCUS AREAS  RJames 3-7-17  11  BUILD BRAND AWARENESS – GROW PROFITABILITY 

 INTERNATIONAL  RJames 3-7-17  12  CONTINUE TO BUILD INTERNATIONAL BUSINESS FOUNDATION  Latin America+12%(CC +27%)  Asia Pacific(includes Australia/New Zealand)-5%(CC -3%)  EMEAFLAT(CC +1%)  2016 Sales by Region  Regain Off-Road Momentum Defend/Grow #1 Market Share  Grow Motorcycles AggressivelyIndian/Slingshot  Maximize Mexico – All Product LinesMexico Up 30%+ in 2016  Drive Global SynergiesOperations/Aftermarket /Adjacent Markets  2017 FOCUS AREAS  2016 SALES$652 MILLION  CC = Constant Currency 

 TRANSAMERICAN AUTO PARTS (TAP)  Founded in 1961; Acquired Nov. 2016  Leader in Truck & Jeep Aftermarket  Vertically Integrated Model  7 Leading Brands  77 Retail 4-WHEEL PARTS Stores  Omni-channel with Strong E-Commerce Platform    FY 2016 Sales by Channel  Wholesale  E-Commerce/Direct  Retail Stores  RJames 3-7-17  13  2016 REVENUE OF ~$750 MILLION - PROFITABLE 

 SAFETY, QUALITY & INNOVATION  R&D Investment  DRIVING FOR BEST-IN-INDUSTRY PRODUCT INOVATION, SAFETY & QUALITY FOR CUSTOMERS  14  Innovation Vitality Index*  2017 FOCUS AREAS  Established Central Safety & Quality TeamGDP goal in 2017  Proactive Safety Engineering & Product Plan  Significant Increase In R&D  RJames 3-7-17  ($ in millions)  Up mid-teens %  *Sales of products introduced in past 3 years 

 LEAN  Inventory Reduction  LEAN JOURNEY ACCELERATING – BECOMING STANDARD OPERATING PRACTICES  15  Value Improvement Process (VIP)  2017 FOCUS AREAS  RFM Go-to-Market Process for SxS  Material Flow / Plant Capabilities lead times /  inventory / on-going VIP savings  Product Development Process (PDP)Improved quality with Polaris speed/innovation  LEAN Business ProcessesMore value / less waste throughout organization  Flattish  -8%  RJames 3-7-17  ($110)  *excluding acquisitions  ($ in millions)  ($ in millions)  (Units)  (in dollars) 

 16  RJames 3-7-17  CLOSING COMMENTS  Get Back to #1 in Quality  Accelerate Product Innovation  Play Offense... Aggressively: Protect Share  Successfully Integrate TAP  Improve the Dealer Channel and Relationships  Meet Our Commitments – Financial, Operational  Quality, Product Innovation and Aggressively Defending in 2017 

 NON-GAAP INFORMATION DISCLOSED IN THIS PRESENTATIONPOLARIS CUSTOMER USAGE PROFILES2017 FULL YEAR GUIDANCE – SALES & EPS2017 FULL YEAR GUIDANCE BY SEGMENTSGROSS PROFIT MARGIN GUIDANCEOTHER FULL YEAR 2017 EXPECTATIONSN.A. POWERSPORTS RETAIL SALESN.A. DEALER INVENTORYINCOME FROM FINANCIAL SERVICES 2016 POLARIS FINANCIAL POSITION2016 PG&A / INTERNATIONALMANUFACTURING LOCATIONSGAAP / NON-GAAP RECONCILIATION SCHEDULESSAFE HARBOR  17  RJames 3-7-17  APPENDICES 

 NON-GAAP INFORMATION DISCLOSED IN THIS PRESENTATION  18  RJames 3-7-17    Throughout this presentation, the word “Adjusted” is used to refer to GAAP results minus the following: TAP inventory step-up purchase accountingTAP acquisition costs and integration expensesImpacts associated with the Victory wind downBeginning in 2017 a new reporting segment called “Aftermarket” was established which includes TAP plus our five aftermarket brands; 509, Klim, Kolpin, Pro Armor and Trail Tech, that were previously included in the ORV/Snowmobiles and Motorcycles reporting segments. 2016 sales and gross profit results will be reclassified to account for the fourth segment beginning in 2017 for comparison purposes.See “GAAP / NON-GAAP RECONCILIATION SCHEDULES” included in the appendix of this presentation. 

 Snowmobiles  Motorcycles  POLARIS CUSTOMER USAGE PROFILES  RJames 3-7-17  Off-Road Vehicles    19                        AVERAGEAGE  50  43  44  43  47    52  56    42  INCOME  ~$100k  ~$100k  --  ~$90k  ~$90k    ~$100k - $125k  $160k    ~$90k  MALEFEMALE  91% 9%  91% 9%  98% 2%  87%13%  75%25%    90%10%  95%5%    90%10%  PRIMARYUSE  Work & PlayFarm/RanchProperty Maint.Rec/TrailHunt  Mostly PlayRec/TrailDunesProperty  Play & Work Rec/TrailPropertyFarm/Ranch  Work & PlayRec/TrailProperty Maint.Hunt  Rec/TrailHuntUtility    Cruising, Day tripsaround townCommute  Cruising, Day trips,Commute    Recreationon & off trail  MY15, except GENERAL (MY16) 

 Powersports market weakOrganic revenue expectations +1% to -1%TAP FY’17 = $775 to $800Victory wind down / FX headwinds  2017 SALES & EARNINGS GUIDANCE UP YEAR-OVER-YEAR ON ADJUSTED BASIS  Total Company Adjusted** EPS  Total Company Sales  20  RJames 3-7-17  2017 FULL YEAR GUIDANCE  + $120M non-recurring warranty, legal and other recall related+ TAP accretive in 2017 approx. 25¢ to 30¢+ VIP drives positive results+ Opportunity to drive organic volume growth– Increased R&D – up mid-teens %; quality & innovation– Higher promotional costs– Negative FX impact– Higher variable compensation costs  ($ in millions)  Non-Recurring Warranty/R&D/Variable Comp (Net)  (1%) to +1%  +10% to +13%$4,950 to $5,100   * Organic sales represents revenue excluding TAP, Victory sales and the effects of FX ** See appendix for discussion regarding non-GAAP adjustments excluded from 2017 guidance  2016 Adj. Sales ~$4,250 (Excl. Victory/TAP/FX)  

 Aftermarket  ORV/Snowmobiles  AFTERMARKET SEGMENT ADDITION IN 2017 TO INCLUDE TAP + OTHER AFTERMARKET BRANDS  21  RJames 3-7-17  2017 FULL YEAR GUIDANCE BY SEGMENTS  Global Adjacent Markets  Motorcycles  Down low-single digits %  $3,284  ORV  PG&A  Snow  ORV  PG&A  Snow  PG&A  $699  VictoryIndianSlingshot  PG&A  Downlow-doubledigits %(2)  IndianSlingshot  PG&A  PG&A  W&TDefense   W&TDefense  Up low-single digits %  $342  Up Significantly  $192  ($ in millions)   (1)    (1)   (1) Full Year 2016 sales have been reclassified to account for new Aftermarket segment reporting which includes aftermarket brands previously reported in their respective segments(2) On a comparable basis, motorcycle expectations is “Up low-double digits %” in 2017 after adjusting for Victory wholegood sales reported in 2016 

 Adjusted** Gross Margin 2017 Guidance  Adjusted* Gross Margin FY 2016  22  RJames 3-7-17  Adjusted* Gross Margin Q4 2016  2017 GROSS MARGIN IMPROVEMENT DRIVEN PRIMARILY BY VIP & 2016 NON-RECURRING EVENTS  GROSS PROFIT MARGIN GUIDANCE  Increase up to ~180 bps  KEY:  Improvement  Headwind  Neutral   * See appendix for non-GAAP reconciliations** See appendix for discussion regarding non-GAAP adjustments excluded from 2017 guidance   Product Mix VIP Acquisitions   Promos / Incentives Warranty FX     VIP Product Mix   Warranty Promos / Incentives FX   VIP One-time warranty   FX Promos / Incentives Product mix  GM by Segment  Q4 2015  Q4 2016  ORV/Snow  30.5%  28.6%  Motorcycles  14.8%  1.5%  Adjacent Markets  27.4%  29.5%  GM by Segment  FY 2015  FY 2016  ORV/Snow  32.1%  27.7%  Motorcycles  13.9%  12.9%  Adjacent Markets  27.0%  27.8%  GM by Segment  2017 Expectations    ORV/Snow        Motorcycles        Adjacent Markets       Aftermarket       

 OTHER FY 2017 EXPECTATIONS  23  RJames 3-7-17  Adjusted operating expenses: increase mid-teens % (slight increase as a % of sales)  R&D Legal and other related costs Operating expense from acquired companies Variable compensationIncome from financial services: down ~10% due to lower dealer inventory levelsInterest expense: more than double due to TAP acquisition funding Income taxes: approximately 34.5% of pretax profitsInternational sales: about flat with 2016 on a constant currency basisPG&A: up low-single digits %Diluted shares outstanding: approximately flatOperating cash flow: down significantly 

 Polaris N.A. retail down 4% for Q4 2016 vs. Q4 2015Indian Motorcycle retail up about 20% in Q4, total motorcycles down, primarily SlingshotORV down; RZR recall disruptions, competition and weak ATV industryNorth American Industry retail trends continued soft Oil/Gas, Ag remain weak  MARKETS REMAIN WEAK / VOLATILE  Q4’16 Retail Sales by Business (vs. Q4’15)  Polaris Retail Sales & Market Share  N.A. POWERSPORTS RETAIL SALES   (# vehicle units)  POLARIS  INDUSTRY  Off-Road Vehicles   mid-single digits %  ~flat*   Side-by-Sides ATVs   low-single digits % high-single digits %    Motorcycles(900cc & above)   mid-single digits %   low-single digits %  Snowmobiles    about 1%  ~flat  *estimated  Retail % change, # vehicle units  Consolidated Market Share in UnitsUsing Total Motorcycle Industry  RJames 3-7-17  24 

 Polaris Q4 2016 N.A. dealer inventory down 8% vs. Q4 2015ORV down 11% year-over-yearMotorcycles up ~30% as expected, inventory at appropriate RFM levelsSnowmobiles down, as expectedDealer inventory levels ongoing priority – SxS moving to RFM in 2017  DEALER INVENTORY LEVELS FINISHED AS EXPECTED  Q4 Total N.A. Dealer Inventory  Polaris N.A. Total Dealer Inventory  N.A. DEALER INVENTORY  -8%  -8%    RJames 3-7-17  25 

 Retail Credit  Wholesale Credit PA Receivables  26  RJames 3-7-17  Income from Financial Services  PORTFOLIO REMAINS HEALTHY  INCOME FROM FINANCIAL SERVICES  2017 financial services expectations: down ~10% due to lower dealer inventory levels Q4 and FY income from financial services up – volume related, higher penetration rates & extended service contracts  7%$19.3  13%$78.5  8%$1,206.9  $1,305.3  ($ millions)  ($ millions)  Approval Rate  Penetration Rate 

 2016 POLARIS FINANCIAL POSITION  27  RJames 3-7-17  Capital Summary December 2016  Cash Drivers      Fav/(Unfav)Dec 2015  Cash  $ 127  -18%  Debt /Capital Lease Obligations  $1,142  +147%  Shareholders’ Equity  $ 867  -12%  Total Capital  $2,009  +39%  Debt to Total Capital   57%  (-25%)  2015Operating cash flow upFactory inventory down significantly year-over-year, excluding acquisitionsCap Ex expected to be lower than 2016Operating cash flow expected to be down significantly – timing of accrual payments and Victory wind down  Operating Cash Flow  FINANCIAL POSITION REMAINS SOLID  Down significantly     ($ millions)  ($ millions)  ($ millions)  Expectations  FY 2016 Summary  2017 Expectations 

 International  Parts, Garments & Accessories (PG&A)*    28  RJames 3-7-17  Q4 2016 SUPPLEMENTAL SALES PERFORMANCE  Motorcycles  Global Adjacent Markets (GAM)  Snowmobiles  Motorcycles  Global Adjacent Markets (GAM)  Apparel   8%  23%  LatinAmerica  24%  21%   7%   7%   6%   2%   4%   2%   6%  16%   2%  Q4 Sales 9% to 214.4 Million  ∆ from Q4'15  ∆ from Q4'15  Q4 Sales 2% to $178.2 Million (~flat constant currency)  ∆ from Q4'15  ∆ from Q4'15  *Does not include TAP 

 19 IN-HOUSE MANUFACTURING FACILITIES WORLDWIDE  MANUFACTURING LOCATIONS                  Monterrey MEXICOSxS, Engines  1) Spirit Lake & 2) Milford, IOWAMotorcycles,SxS, ACE, GEM  RoseauMINNESOTASnow, ATV, SxS  OsceolaWISCONSINEngines  BourranFRANCEGoupil  1) Chanas &2) Aix-les-BainsFRANCEAixam Mega    Cuyahoga FallsOHIO Kolpin  Riverside, CALIFORNIA Pro Armor  Shanghai, CHINAHammerhead            HuntsvilleALABAMASxS, Slingshot  OpolePOLANDATV, SxS  JaipurINDIAEicher JV  SandpointIDAHOTimbersled      SpearfishSOUTH DAKOTAMotorcycle Paint    Anaheim, CALIFORNIA Taylor-Dunn  1) Chula Vista, CA2) Banning, CA CALIFORNIA Transamerican Auto Parts    RJames 3-7-17  29 

 GAAP / NON-GAAP RECONCILIATION SCHEDULES  30  RJames 3-7-17  Adjustments:(1) Represents inventory step-up related to the TAP acquisition(2) Represents the acquisition costs and integration expenses related to the TAP acquisition(3) The company used its estimated statutory tax rate of ~37% for the non-GAAP adjustments2017 Adjusted Guidance: 2017 guidance excludes the pre-tax effect of TAP inventory step-up purchase accounting of approx. $15 million, acquisition integration costs of approx. $15 million and the impacts associated with the Victory wind down which could be in a range of $50 to $70 million in 2017. The Company is in the process of finalizing its analysis of the anticipated total costs to wind down the Victory motorcycle business and will provide more clarity as the analysis is completed and the costs are incurred throughout the year. 2017 sales guidance excludes any Victory wholegoods sales as the Company is exiting the brand beginning in 2017.   Q4 2016  Reported GAAP Measures          Adjustments      Adjusted Measures          Q4 2016  Q4 2015  $ Chg  % Chg    Q4 2016  Q4 2015    Q4 2016  Q4 2015  $ Chg  % Chg  Sales   $1,217,789    $1,105,618    $ 112,171   10%     $ -    -      $1,217,789    $1,105,618    $ 112,171   10%  Gross Profit   312,772    310,274    2,498  1%     8,803 (1)    -      321,575    310,274    11,301   4%  Gross Profit %  25.7%  28.1%  -  (238) bps          26.4%  28.1%  -  (165) bps  Operating Exp.   233,332    169,072    64,260   38%     (12,651)(2)    -      220,681    169,072    51,609   31%  Net Income   62,581    110,682    (48,101)  (43%)     13,515 (3)    -      76,096    110,682    (34,586)  (31%)  Diluted EPS   $ 0.97    $ 1.66    $ (0.69)  (42%)     $ 0.21    -      $ 1.18    $ 1.66    $ (0.48)  (29%)                                  FY 2016  Reported GAAP Measures          Adjustments      Adjusted Measures          FY 2016  FY 2015  $ Chg  % Chg    FY 2016  FY 2015    FY 2016  FY 2015  $ Chg  % Chg  Sales   $4,516,629    $4,719,290    $(202,661)  (4%)     $ -    -      $4,516,629    $4,719,290    $(202,661)  (4%)  Gross Profit   1,105,623    1,339,042    (233,419)  (17%)     8,803 (1)    -      1,114,426    1,339,042    (224,616)  (17%)  Gross Profit %  24.5%  28.4%  -  (389) bps          24.7%  28.4%  -  (370) bps  Operating Exp.   833,803    692,206    141,597   20%     (12,651)(2)    -      821,152    692,206    128,946   19%  Net Income   212,948    455,361    (242,413)  (53%)     13,515 (3)    -      226,463    455,361    (228,898)  (50%)  Diluted EPS   $ 3.27    $ 6.75    $ (3.48)  (52%)     $ 0.21    -      $ 3.48    $ 6.75    $ (3.27)  (48%)  Reconciliation of GAAP "Reported" Results to "Adjusted" Results (unaudited) 

 SAFE HARBOR & NON-GAAP MEASURES  31  RJames 3-7-17  Except for historical information contained herein, the matters set forth in this presentation, including management’s expectations regarding 2017 future sales, shipments, net income, and net income per share, and operational initiatives 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 the Company’s ability to successfully implement its manufacturing operations expansion initiatives, product offerings, promotional activities and pricing strategies by competitors; economic conditions that impact consumer spending; acquisition integration costs; product recalls, warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; 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 documents 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.Non-GAAP Measures - Constant Currency Reporting. This presentation includes information regarding the Company’s 2016 actual results and 2017 full year expectations on a constant currency basis, which is a non-GAAP measure, as well as on a GAAP basis. For purpose of comparison, the results on a constant currency basis uses the respective prior year exchange rates for the comparative period to enhance the visibility of the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations.This presentation also contains certain non-GAAP financial measures, consisting of “adjusted” gross profit, operating expenses, net income and net income per diluted share” as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of its ongoing operations and how management views the business. Reconciliations of adjusted non-GAAP measures to reported GAAP measures are included in the appendix 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.    

 32  RJames 3-7-17