Second Quarter 2017 Earnings Results  July 20, 2017  POLARIS INDUSTRIES INC.  

 SAFE HARBOR & NON-GAAP MEASURES  2  Q2'17 Earnings  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.This presentation contains certain non-GAAP financial measures, consisting of “adjusted” sales, 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 for Q2 are included on slide 3 and Q2 year-to-date 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.    

 Q2 NON-GAAP DISCLOSURE  3  Q2'17 Earnings  Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results (In Thousands, Except Per Share Data; Unaudited)  Key Definitions: Throughout this presentation, the word “Adjusted” is used to refer to GAAP results excluding: TAP inventory step-up purchase accounting, TAP integration expenses, impacts associated with the Victory Motorcycles® wind down and manufacturing network realignment costs.Adjustments: (1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel (2) Represents adjustments for TAP acquisition inventory step-up and TAP integration expenses (3) Represents adjustments for manufacturing network realignment costs (4) The Company used its estimated statutory tax rate of 37.1% for the non-GAAP adjustments, except for the non-deductible items2016 Reclassified Results: 2016 sales and gross profit results for ORV/Snowmobiles, Motorcycles and Aftermarket are reclassified for the new Aftermarket reporting segment.    Reported GAAP Measures  Reported GAAP Measures                2017 Adjustments(4)  2017 Adjustments(4)                        Adjusted Measures  Adjusted Measures                  Three months ended June 30,  Three months ended June 30,                Three months ended June 30,  Three months ended June 30,                        Three months ended June 30,  Three months ended June 30,                  2017  2017    2016  2016    % Change      VictoryWind Down(1)  VictoryWind Down(1)    TAP(2)  TAP(2)    Realignment(3)  Realignment(3)    Total  Total      2017  2017    2016  2016    % Change      Sales                                                                ORV/Snowmobiles  $  845,508    $  799,332    6  %      —      —      —      —      $  845,508    $  799,332    6  %    Motorcycles    197,997      228,392    (13  )%    $  (6,157  )    —      —    $  (6,157  )      191,840      228,392    (16  )%    Global Adj. Markets    97,022      90,959    7  %      —      —      —      —        97,022      90,959    7  %    Aftermarket    224,393      12,094    1,755  %      —      —      —      —        224,393      12,094    1,755  %    Total sales    1,364,920      1,130,777    21  %      (6,157  )    —      —      (6,157  )      1,358,763      1,130,777    20  %    Gross profit                                                                ORV/Snowmobiles    266,150      228,494    16  %      —      —      —      —        266,150      228,494    16  %    % of sales    31.5  %    28.6  %  +289 bps                                  31.5  %    28.6  %  +289 bps      Motorcycles    21,116      38,915    (46  )%      8,852      —      —      8,852        29,968      38,915    (23  )%    % of sales    10.7  %    17.0  %  -637 bps                                  15.6  %    17.0  %  -142 bps      Global Adj. Markets    21,216      23,952    (11  )%      —      —      4,303      4,303        25,519      23,952    7  %    % of sales    21.9  %    26.3  %  -447 bps                                  26.3  %    26.3  %  -3 bps      Aftermarket    59,918      2,982    1,909  %      —      53      —      53        59,971      2,982    1,911  %    % of sales    26.7  %    24.7  %  +205 bps                                  26.7  %    24.7  %  +207 bps      Corporate    (18,014  )    (9,840  )          —      —      —      —        (18,014  )    (9,840  )        Total gross profit    350,386      284,503    23  %      8,852      53      4,303      13,208        363,595      284,503    28  %    Gross profit %    25.7  %    25.2  %  +51 bps                                  26.8  %    25.2  %  +160 bps      Operating expenses    270,347      187,965    44  %      (1,999  )    (3,714  )    —      (5,713  )      264,634      187,965    41  %    Other expense (income), net    (2,152  )    1,805    NM        —      —      —      —        (2,152  )    1,805    NM                                                                      Net income  $  62,041    $  71,166    (13  )%    $  6,820    $  2,368    $  2,705    $  11,893      $  73,934    $  71,166    4  %    Diluted EPS  $  0.97    $  1.09    (11  )%    $  0.11    $  0.04    $  0.04    $  0.19      $  1.16    $  1.09    6  %                                                                   

 Scott W. Wine, Chairman & CEO  Second Quarter 2017 Earnings Results  July 20, 2017     POLARIS INDUSTRIES INC.  

 Q2 SUMMARY  5  Q2'17 Earnings  Q2 Slightly Ahead of Plan – Raising Sales Guidance and Lower End of EPS Guidance Range  Foundational improvements gaining momentumOperational execution offset impact of major headwinds:Competitive ORV industryORV retail sales building momentum SxS retail up slightly in Q2; RZR sales up for first time in 6 quarters; ORV share remains challengedIndian Motorcycle retail up 17% - share gains acceleratingSlingshot weakness continues; Victory wind down progressing wellInternational and PG&A outperformingAdjacent markets / Aftermarket business growth on planTAP integration on track   * See GAAP/Non-GAAP Reconciliation on Slide #3 

 NORTH AMERICAN POWERSPORTS RETAIL SALES  Polaris N.A. retail down 3% for Q2 2017 vs. Q2 2016Indian Motorcycle retail was up 17% - two new motorcycles launchedORV retail down, but improved sequentiallyNorth American Industry up slightlySxS growth driven by new products; ATVs weakOil & gas/ag industry challenges ongoing   (# vehicle units)  POLARIS  INDUSTRY  Off-Road Vehicles   low-single digits %   mid-single digits % (estimated)   Side-by-Sides ATVs   low-single digits % high-single digits %    Motorcycles   low-single digits %   mid-single digits % (900cc & above)   Indian Slingshot   high-teens % significantly    Snowmobiles(season-end Mar’17)  (off-season)  (off-season)        SxS Retail Turned Positive After 6 Quarter Decline Driven by RZR  Q2’17 Retail Sales by Business (vs. Q2’16)  Polaris Retail Sales  Q2'17 Earnings  6  Year-Over-Year Retail % Change (units) 

 Polaris Q2 2017 N.A. dealer inventory down 6% vs. Q2 2016ORV down 6%, RZR down double digits %Motorcycles up as expected, new productsSxS RFM implementation to start by year-endDealer inventory at year-end expected flat to prior year  Healthy Dealer Inventory Levels; Working to Improve On-time Delivery  Q2 Total N.A. Dealer Inventory  Polaris N.A. Total Dealer Inventory  NORTH AMERICAN DEALER INVENTORY  -6%  Q2'17 Earnings  7  2017 YE expectations ~flat vs. LY(unchanged)  -6%  Year-over-year % Change in Units    -7%  +2%  -2%  +1%  -10%vs. 2015  -8%vs. 2015  -8%  – – – 2017 expectations        

 CRUSHING THE COMPETITIONWON OVER 3/4 OF ALL RACES33 Championship Wins106 Podium Finishes  RACING  DOMINATING THE FLAT TRACK9 Championship Wins out of 10 Races23 Podium Finishes out of 30  Racing Success a Reflection of Product Expertise  Indian Motorcycle  Polaris RZR  Q2'17 Earnings  8 

 TRANSAMERICAN AUTO PARTS (TAP) UPDATE  9  Q2'17 Earnings  Acquisition Performing as Expected  $209 million in sales in Q2; $411 million year-to-dateOperating performance on plan, integration progressing as expectedOpened four new 4Wheel Parts Stores year-to-dateCost synergies of ~$20 million by 2019; slightly ahead of planFull-year sales expectation of $775 to $800 million (unchanged) 

 Mike Speetzen, EVP Finance & CFO  Second Quarter 2017 Earnings Results  July 20, 2017     POLARIS INDUSTRIES INC.  

 Q2 2017 Sales and Income  Q2 reported sales were $1,365 million, up 21% from Q2 2016; Reported net income was $62 million, down 13% from prior yearAdjusted* sales were up 20% finishing ahead of expectationsAcquisition of Transamerican Auto Parts (TAP) added $209 million of sales in Q2 2017Q2 2016 includes Victory sales of $54 million ORV/Snowmobile sales up 6%; Motorcycles down 13% (up 10% excluding Victory); Global Adjacent Markets up 7%; Aftermarket up significantly (TAP)Adjusted* earnings reported at $1.16 per diluted share, up 6% from prior year (GAAP earnings per share at $0.97, down 11%)Adjusted* gross profit margin up 160 bps:  VIP,  product mix,  promo (GAAP gross profit margin up 51 bps)  Results Slightly Ahead of Expectations on an Adjusted* Basis  Q2 2017 Net Income  Q2 2017 Sales  ($ millions)  ($ millions)  Q2'17 Earnings  11   * See GAAP/Non-GAAP Reconciliation on Slide #3 

 Sales Guidance by Segment (1)   Adjusted* Earnings Per Share Guidance  Q2'17 Earnings  Total Company Adjusted* Sales Guidance  Full Year Sales Guidance Increased & EPS Guidance Narrowed  2017 FULL YEAR SALES GUIDANCE  Powersports market improving globallyOrganic** revenue expectations flat to +2%TAP FY’17 = incremental $665 to $690, unchangedVictory wind down / FX = ~($175)  + $120M non-recurring warranty, legal and other recall related costs+ TAP accretive in 2017 approx. 25¢ to 30¢+ VIP positive+ Lower tax rate+ Share count– Higher R&D expense– Higher promotional costs– Higher variable compensation costs– Negative FX impact  ($ millions)  +12% to +14%$5,050 to $5,150(increased)      +25% to +29%$4.35 to $4.50(narrowed)   *See appendix for discussion regarding non-GAAP adjustments excluded from 2017 guidance**Organic revenue excludes TAP, Victory sales and the effects of FX  ORV/SNOW APPROX. FLAT  MOTORCYCLES HIGH-TEENS % (Victory included in 2016 #’s)  MID-SINGLE DIGITS %(2) (Victory excluded in 2016 #’s)  ADJACENT MARKETS MID-SINGLE DIGITS %  AFTERMARKET SIGNIFICANTLY  (1) Includes respective PG&A. 2016 sales, for comparison purposes, have been reclassified to account for the new Aftermarket segment which included aftermarket brands previously reported in their respective segments(2) On a comparable basis, motorcycle expectations is “Up mid-single digits %” in 2017 after adjusting for Victory wholegood, accessories and apparel sales reported in 2016  12 

 GROSS PROFIT MARGIN GUIDANCE  Adjusted* Gross Profit 2017 Guidance  Gross Profit Q2 2017  GM Growth Drivers+ VIP+ One-time warranty+ Acquisitions– Quality feature adds – Promos / Incentives– FX  Q2 2017 Gross Margin Improvement Driven Primarily by VIP & Product Mix  Q2'17 Earnings  13  Increase up to ~180 bps  KEY:  Improvement  Headwind  Neutral    Adjusted* GM by Segment  Q2 2016  Q2 2017  ORV/Snow  28.6%  31.5%  Motorcycles*  17.0%  15.6%  Adjacent Markets*  26.3%  26.3%  Aftermarket*  24.7%  26.7%  Adjusted* GM by Segment  2017Expectations    ORV/Snow        Motorcycles        Adjacent Markets       Aftermarket         *See appendix for discussion regarding non-GAAP adjustments excluded from 2017 guidance  GM Growth Drivers+ Product Mix+ VIP+ Acquisitions– Promos / Incentives 

   OFF-ROAD VEHICLES (ORV) / SNOWMOBILES  Q2 2017 ORV/Snow Segment Sales  ORV up 6% in Q2 2017 vs. Q2 2016Growth in all product linesPG&A up 5%ORV average selling price up 3% in Q2’172017 Guidance: Approx. Flat (increased)PII ORV improving worldwidePromotional levels remain elevated  Regaining Footing as Leading Powersports Manufacturer  Q2'17 Earnings  14  6%$846  ORV  PG&A  Snow  $799  ORV  PG&A  Snow   5%  22%   6%    % ∆  ($ millions)  (1) 2016 sales, for comparison purposes, have been reclassified to account for the new Aftermarket segment which included aftermarket brands previously reported in their respective segments  Reclassified(1)   THE MOSTEXPANSIVELINE-UP OF CUSTOMIZABLEOFF-ROADVEHICLESIN THEINDUSTRY 

  4%  17%     1%  90%   8%    Reported sales down 13%; Adjusted* sales down 16%Motorcycles up 10% excluding $54M of Victory sales reported in 2016Indian shipments up; Slingshot sales lowerAverage selling price, excl. Victory, was down 1% in Q22017 Guidance: Down high-teens %** (lowered)On a comparable basis, motorcycle expectations is “Up mid-single digits %” in 2017 after adjusting for Victory wholegood, apparel and accessories sales reported in 2016Overall motorcycle market remains weak  % ∆  MOTORCYCLES  Q2 2017 Motorcycles Segment Sales  Continued Market Share Gains for Indian Motorcycle; Momentum Accelerating   Q2'17 Earnings  15  16%$192  PG&A  $228  PG&A  IndianSlingshot  IndianSlingshot  ($ millions)  Victory   * See GAAP/Non-GAAP Reconciliation on Slide #3** See appendix for 2017 guidance adjustments(1) 2016 sales, for comparison purposes, have been reclassified to account for the new Aftermarket segment which included aftermarket brands previously reported in their respective segments  Reclassified(1)   PG&A  IndianSlingshot  % ∆  13%$198  Victory 

 13%   5%    GLOBAL ADJACENT MARKETS (GAM)  Q2 2017 GAM Segment Sales  GAM 7% due to Aixam and Goupil strong performance; PG&AAverage selling price for GAM was down 1% in Q2’172017 Sales Guidance: Up mid-single digits % (increased)  Aixam and Goupil Driving Increase in Q2  Q2'17 Earnings  16  7%$97  PG&A  $91  PG&A  % ∆  W&T /Defense  W&T /Defense  ($ millions)  Aixam Ambiance 3 Quadricycle 

 AFTERMARKET  Q2 2017 Aftermarket Segment Sales  TAP added $209 million to Q2 salesIntegration on plan, moving Pro Armor® production to TAP facility2017 Sales Guidance: Up significantly from TAP sales (unchanged)  TAP Performing Well; Integration on Track  Q2'17 Earnings  17  ($ millions)   Significantly  $209  Other AftermarketBrands  Reclassified*  *2016 sales, for comparison purposes, have been reclassified to account for the new Aftermarket segment which included aftermarket brands previously reported in their respective segments    $12  First Minnesota StoreGrand Opening July 22nd Brooklyn Park, MN 

 2017 POLARIS FINANCIAL POSITION  18  Q2'17 Earnings  Capital Summary June 2017  Cash Drivers      Variance toJune 2016  Cash  $ 127  -13%  Debt /Capital Lease Obligations  $1,068  +128%  Shareholders’ Equity  $ 854  -8%  Total Capital  $1,922  +38%  Debt to Total Capital   56%  -22 % points  2015Operating cash flow down, as expectedFactory inventory up sequentially from Q1, new model year introductionCap Ex expected to be lower than 2016 (unchanged)Operating cash flow expected to be down significantly – timing of accrual payments, Victory wind down and manufacturing realignment  Operating Cash Flow  Financial Position Unchanged – Solid    ($ millions)  ($ millions)  ($ millions)  Q2 Year-to-date 2017 Summary  FY 2017 Expectations  Down significantly   Expectations  +$264  -$73  -$82  -$79  -$66  +$36 

 Retail Credit  Wholesale Credit PA Receivables  19  Q2'17 Earnings  Income from Financial Services  Portfolio Remains Healthy  INCOME FROM FINANCIAL SERVICES  Polaris Acceptance (PA) receivables down, trending with dealer inventoryQ2 income from financial services down – lower wholesale and retail incomeFY 2017 Guidance: Income from financial services down about 10% (unchanged)  $20  6%$19  9%$1,078  $1,180  ($ millions)  ($ millions)  Approval Rate  Penetration Rate  WholesaleCredit  Retail Financing  Retail Financing 

 Scott W. Wine, Chairman & CEO  Second Quarter 2017 Earnings Results  July 20, 2017     POLARIS INDUSTRIES INC.  

 21  Q2'17 Earnings  CLOSING COMMENTS  2nd Half Performance Expected Up Significantly on a Year-over-year Basis   Powersports market outlook improved globally; remains highly competitive Polaris ORV business, particularly SxS, regaining footingIndian Motorcycle market share gains continueSafety and Quality processes/results improvingCost & Productivity initiatives gaining traction; VIP savings acceleratingDealer show will kickoff 2nd half: product news, quality, dealer relations  

 Thank You  Questions?  POLARIS INDUSTRIES INC.  

 APPENDIX    Q2 2017 SUPPLEMENTAL SALES PERFORMANCE (PG&A / INTERNATIONAL)Q2 YEAR-TO-DATE NON-GAAP DISCLOSURE2017 GUIDANCE ADJUSTMENTS2017 OTHER FULL YEAR EXPECTATIONS 

 International**  Core Parts, Garments & Accessories (PG&A)*  24  Q2'17 Earnings  Q2 2017 SUPPLEMENTAL SALES PERFORMANCE  Motorcycles  Global Adjacent Markets (GAM)  2% Snowmobiles  Motorcycles  Global Adjacent Markets (GAM)  Apparel  LatinAmerica  20%  11%  11%  19%   9%  11%  Q2 Sales 4% to 193 Million  Q2 Sales 12% to $191 Million   ∆ from Q2'16  ∆ from Q2'16  *Based on GAAP reporting; does not include Aftermarket  **Based on GAAP reporting 

 Q2 YEAR-TO-DATE NON-GAAP DISCLOSURE  25  Q2'17 Earnings  Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results (In Thousands, Except Per Share Data; Unaudited)    Reported GAAP Measures  Reported GAAP Measures                2017 Adjustments(3)  2017 Adjustments(3)                        Adjusted Measures  Adjusted Measures                  Six months ended June 30,  Six months ended June 30,                Six months ended June 30,  Six months ended June 30,                        Six months ended June 30,  Six months ended June 30,                  2017  2017    2016  2016    % Change      VictoryWind Down(1)  VictoryWind Down(1)    TAP(2)  TAP(2)    Realignment(3)  Realignment(3)    Total  Total      2017  2017    2016  2016    % Change      Sales                                                                ORV/Snowmobiles  $  1,569,611    $  1,507,435    4  %      —      —      —      —      $  1,569,611    $  1,507,435    4  %    Motorcycles    318,286      413,659    (23  )%    $  (1,053  )    —      —    $  (1,053  )      317,233      413,659    (23  )%    Global Adj. Markets    188,577      165,068    14  %      —      —      —      —        188,577      165,068    14  %    Aftermarket    442,228      27,611    1,502  %      —      —      —      —        442,228      27,611    1,502  %    Total sales    2,518,702      2,113,773    19  %      (1,053  )    —      —      (1,053  )      2,517,649      2,113,773    19  %    Gross profit                                                                ORV/Snowmobiles    479,109      434,481    10  %      —      —      —      —        479,109      434,481    10  %    % of sales    30.5  %    28.8  %  +170 bps                                  30.5  %    28.8  %  +170 bps      Motorcycles    1,235      66,174    (98  )%      47,415      —      —      47,415        48,650      66,174    (26  )%    % of sales    0.4  %    16.0  %  -1,561 bps                                  15.3  %    16.0  %  -66 bps      Global Adj. Markets    49,314      44,335    11  %      —      —      4,303      4,303        53,617      44,335    21  %    % of sales    26.2  %    26.9  %  -71 bps                                  28.4  %    26.9  %  +157 bps      Aftermarket    101,482      7,681    1,221  %      —      12,950      —      12,950        114,432      7,681    1,390  %    % of sales    22.9  %    27.8  %  -487 bps                                  25.9  %    27.8  %  -194 bps      Corporate    (38,263  )    (20,590  )          —      —      —      —        (38,263  )    (20,590  )        Total gross profit    592,877      532,081    11  %      47,415      12,950      4,303      64,668        657,545      532,081    24  %    Gross profit %    23.5  %    25.2  %  -163 bps                                  26.1  %    25.2  %  +95 bps      Operating expenses    512,179      377,895    36  %      (8,016  )    (7,017  )    —      (15,033  )      497,146      377,895    32  %    Other expense (income), net    9,456      1,886    401  %      (13,000  )    —      —      (13,000  )      (3,544  )    1,886    NM                                                                      Net income  $  59,130    $  118,055    (50  )%    $  47,841    $  12,551    $  2,705    $  63,097      $  122,227    $  118,055    4  %    Diluted EPS  $  0.92    $  1.80    (49  )%    $  0.75    $  0.20    $  0.04    $  0.99      $  1.91    $  1.80    6  %                                                                    Key Definitions: Throughout this presentation, the word “Adjusted” is used to refer to GAAP results excluding: TAP inventory step-up purchase accounting, TAP integration expenses, impacts associated with the Victory Motorcycles® wind down and manufacturing network realignment costs.Adjustments: (1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel (2) Represents adjustments for TAP acquisition inventory step-up and TAP integration expenses (3) Represents adjustments for manufacturing network realignment costs (4) The Company used its estimated statutory tax rate of 37.1% for the non-GAAP adjustments, except for the non-deductible items2016 Reclassified Results: 2016 sales and gross profit results for ORV/Snowmobiles, Motorcycles and Aftermarket are reclassified for the new Aftermarket reporting segment. 

 2017 GUIDANCE ADJUSTMENTS  26  Q2'17 Earnings    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, manufacturing network realignment costs of approx. $10 million to $15 million and the impacts associated with the Victory wind down which is estimated to be in the range of $80 million to $90 million. 2017 adjusted sales guidance excludes any Victory wholegood, accessories and apparel sales and corresponding promotional costs as the Company is in the process of exiting the brand. The Company has not provided reconciliations of guidance for adjusted diluted net income per share, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include costs associated with the Victory wind down that are difficult to predict in advance in order to include in a GAAP estimate. 

 2017 OTHER FULL YEAR EXPECTATIONS  27  Q2'17 Earnings    Gross Margins: increase up to 180 bps (unchanged)Adjusted operating expenses: increase in the 60 to 70 bps range, as a percent of sales (lowered) Increased R&D – up high-teens % excluding TAP; quality & innovationHigher variable compensation costsTAP operating expenseIncome from financial services: down ~10% due to lower dealer inventory levels and lower retail credit income (unchanged)Interest expense: more than double due to TAP acquisition funding (unchanged)Income taxes: approximately 34.0% of pretax profits (lowered)Supplemental:International sales: up over 2016 (increased)PG&A: up mid-single digits % (increased)Diluted shares outstanding: down 1% to 2% (improved) 

 28  Q2'17 Earnings