Scott W. Wine, Chairman & CEO Raymond James Investor ConferenceMarch 6, 2018  POLARIS INDUSTRIES INC.  

 VIDEO: Levi Lavallee Super Bowl Jump  2  PII RJames 3/6/18 

   $5.4B20%  POLARIS INDUSTRIES INC. – A GLOBAL CORPORATION  3  PII RJames 3/6/18   1954 Year Polaris was Founded ~11,000 Employees Worldwide 17 Manufacturing Locations 5 Research & Development Centers ~1,800 Dealers In North America ~1,400 Dealers Outside North America >370,000 Units Shipped Worldwide in 2017 >100 Countries – Polaris Products Sold   AdjacentMarkets16%  ORV/Snow9%  Motorcycles7% excl. Victory  Aftermarket362%  2017 Sales* by Segment   *FY 2017 Sales results are adjusted; see Appendix for GAAP/Non-GAAP Reconciliation 

     N.A. POWERSPORTS CONSOLIDATED MARKET SHARE  4  CLEAR #1 IN N.A. POWERSPORTS  Honda  Harley  Yamaha  Kawasaki  Can Am    Other    LEADER   POWERSPORTSMARKET SHARE  PII RJames 3/6/18 

 STRONG TRACK RECORD OF GROWTH  5  PII RJames 3/6/18  2017 Sales*  2009 Sales  $1.6 BILLION  Off-RoadVehicles/Snow  Motorcycles  $5.4 BILLION  Off-RoadVehicles/Snow  Aftermarket  Global Adjacent Markets  Motorcycles  GLOBAL EXPANSION  PLANT INVESTMENTS   INDIAN MOTORCYCLES   STRATEGIC ACQUISITIONS  AFTERMARKET – TAP / PG&A  ORGANIC GROWTH   A MORE DIVERSE GROWTH COMPANY   *Adjusted Results: See Q4/FY’17 Appendix for GAAP/Non-GAAP Reconciliation 

 $5.4 BILLION  Off-Road Vehicles/Snowmobiles  Aftermarket  Global Adjacent Markets  Motorcycles  Platforms for Growth  STRONG TRACK RECORD OF GROWTH  6  PII RJames 3/6/18  $3.6B  $885M    2017 Sales*  $5.4 BILLION  $574M  $397M  Off-Road Vehicles/Snowmobiles  Aftermarket  Motorcycles  Global Adjacent Markets   *FY 2017 Sales results are adjusted; see Appendix for GAAP/Non-GAAP Reconciliation 

 PII RJames 3/6/18  7 

 8     2018    BUILDING A CUSTOMER-CENTRIC, HIGHLY EFFICIENT GROWTH COMPANY  PII RJames 3/6/18 

 2018 FULL YEAR GUIDANCE BY SEGMENT  2018 GUIDANCE     GROWTH           3% - 5%  Adjusted* Sales Guidance  $5.6 - $5.7 Billion     EFFICIENCY           24% - 28%  Adjusted* EPS Guidance  $6.00 to $6.20   PII RJames 3/6/18  9  Aftermarket  ORV/Snowmobiles  Adjacent Markets  Motorcycles  low tomid-single digits %  $3,572  $574  high-singledigits %  mid-single digits %  $397  high-single digits %  $885   ($ in millions; PG&A sales included in each respective segment)           *FY 2017 Sales results and 2018 Sales & EPS guidance are adjusted; see Appendix for GAAP/Non-GAAP Reconciliation 

 ORV / Snowmobile Segment Sales*  10  Remain Clear #1 in Market Share  OFF-ROAD VEHICLES  Drive InnovationActivate the CoreFlawless Delivery / ExecutionResolve Regulatory Issues  Key Strategies  $3.3B  ORV  PG&A  Snow  ORV  PG&A  Snow   9%$3.6B  Reclassified(1)   Guidance  Up low tomid-single digits %  ORV  PG&A  Snow   * See GAAP/Non-GAAP Reconciliation in Appendix (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  PII RJames 3/6/18  $ in billions; includes related PG&A Sales 

 VIDEO: RZR XP TURBO S  11  PII RJames 3/6/18  60 Sec. VideoNEED MP4/WMV FILEInsert picture of Turbo S 

 ORV / Snowmobile Segment Sales*  12  PII RJames 3/6/18  Remains One of Our Most Profitable Businesses  SNOWMOBILES  Win the CoreDrive InnovationCreate New Segments  Key Strategies  $3.3B  ORV  PG&A  Snow  ORV  PG&A  Snow   9%$3.6B  Reclassified(1)   Guidance  Up low tomid-single digits %  ORV  PG&A  Snow   * See GAAP/Non-GAAP Reconciliation in Appendix (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  $ in billions; includes related PG&A Sales 

 Motorcycle Segment Sales*  13  On-going Sales & Margin Expansion in 2018  MOTORCYCLES  Drive Global AwarenessDeliver On-going InnovationMargin Improvement  Key Strategies  Reclassified(1)   Guidance  $699  18%(7% Excl. Victory) $574  Adjusted*  Up high-singledigits %  $ in millions; includes related PG&A Sales   * See GAAP/Non-GAAP Reconciliation in Appendix (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  PII RJames 3/6/18 

 GAM Segment Sales  14  PII RJames 3/6/18  Building on Strong Momentum  GLOBAL ADJACENT MARKETS (GAM)  Capitalize on Emerging TrendsExpand Products and ChannelsDrive Autonomous Capability  Key Strategies  Up mid-single digits %  Guidance  $ in millions; includes related PG&A Sales  $342  16%$397 

 PII RJames 3/6/18  15  WEST GLAMIS    Unforgettable ride and drive experiences nationwidehttps://adventures.polaris.com/  

 Core PG&A Sales  16  PG&A is Integral in Providing Industry-Leading Customer Experience  CORE PARTS, GARMENTS & ACCESSORIES (PG&A)  Up mid-single digits %   8%$784  Guidance  $ in millions  $727  Motorcycles  Adjacent Markets (GAM)  Snowmobiles  3%Apparel  Build on Growth FoundationE-commerce AccelerationImproved New Product Readiness  Key Strategies  2017 Sales by Segment  2017 Sales by Category  PII RJames 3/6/18 

 Aftermarket Segment Sales  17  TAP Providing Access to the $10+ Billion Jeep & Truck Accessories Market  AFTERMARKET  Brand and Product LeadershipSales / Channel OptimizationSupply Chain Excellence  Key Strategies  Up high-single digits %  Reclassified(1)   Guidance  $ in millions  $192   (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  Transamerican Auto Parts  Other Aftermarket Brands   Significantly$885  PII RJames 3/6/18 

 International Sales  18  Solid Execution in All Markets  INTERNATIONAL  Grow ORV / MotorcyclesMaximize SnowLeverage Local Manufacturing  Key Strategies  Up mid-single digits %  Guidance  $ in millions; includes related PG&A Sales  $652  11%$725  PII RJames 3/6/18  2017 Sales by Business  Opole, Poland 

 2018 FOCUS AREAS  19  PII RJames 3/6/18  Driving Customer Satisfaction & Profitability Through Improved Productivity  SAFETY & QUALITYIncreased investments: safety, quality, advanced technologyR&D expense up ~40% over 2 years (2017–2018E)  PRODUCTIVITY POWERHOUSEImproved profitability – motorcycles / PG&A / AftermarketProduct cost / Productivity: Sourcing, Plants, Op Expense  DEALER & CUSTOMER EXCELLENCEImproved order visibility and product availabilityIndustry-leading buying and owning experience   

 ~$1BANNUALSPEND  MULTI-YEAR STRATEGIC SOURCING TRANSFORMATION  Partnering with an experienced global sourcing consulting firmFully resourced for success – over 60 people re-allocated to projectProven 11 gate sourcing process; 4 Waves over strategic periodWave 1: Global Preferred Supplier Conference – March 2018- Over 1,500 attendees confirmed  PII RJames 3/6/18  20  Enables Improved Productivity, Quality, Innovation and Delivery  SIGNIFICANT SUPPLIER RATIONALIZATION  IMPROVED QUALITY  <150PPM REJECTS  COST SAVINGS TARGET  >$200 Million(annual gross savings)      Logistics  Fabrications & Metal Tube/Pipe  Driveline  Cast & Machine  Plastics  Batteries  Wave 1 Categories for Strategic Supplier Alliances 

 New product launches accelerating; 8 in past six monthsORV – Playing OffenseIndian – winning in the market and on the trackPG&A + TAP + Aftermarket = $1.7B – sizable foundation for growthInternational – leveraging momentumSafety, Quality, Dealer/Consumer Excellence Improved  A Customer-centric Highly Efficient Growth Company  21  PII RJames 3/6/18  SUMMARY 

 SAFE HARBOR & NON-GAAP MEASURES  22  PII RJames 3/6/18  Except for historical information contained herein, the matters set forth in this presentation, including management’s expectations regarding 2018 future sales, shipments, net income, and net income per share, operational initiatives and impact of tax reform 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 (total and organic), 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 on slides 4 and 5 in this presentation. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.  

 QUESTIONS?          Raymond James Investor ConferenceMarch 6, 2018  POLARIS INDUSTRIES INC.  

 APPENDIX          Raymond James Investor ConferenceMarch 6, 2018  POLARIS INDUSTRIES INC.  

 APPENDIX: NON-GAAP RECONCILIATIONS  25  PII RJames 3/6/18  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, restructuring and realignment costs, and impacts of the tax reform.  Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results (In Thousands, except per share data; Unaudited)  Adjustments:  (1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel  (2) Represents adjustments for TAP integration expenses  (3) Represents adjustments for corporate restructuring and network realignment costs  (4) Represents an adjustment for impacts of a charge in its income tax provision due to the remeasurement of its deferred income tax positions at the new corporate income tax rate of 23.8 percent (from 37.1 percent)  (5) The Company used its estimated statutory tax rate of 37.1% for the non-GAAP adjustments, except for the non-deductible items and the tax reform related changes noted in Item 4  2016 Reclassified Results: 2016 sales and gross profit results for ORV/Snowmobiles, Motorcycles and Aftermarket are reclassified for the new Aftermarket reporting segment.    Three months ended December 31,  Three months ended December 31,            Years ended December 31,  Years ended December 31,              2017  2017    2016  2016      2017  2017    2016  2016      Sales  $  1,431,049    $  1,217,789      $  5,428,477    $  4,516,629      Victory wind down (1)    (2,364  )    —        (1,857  )    —      Restructuring & realignment (3)    1,048      —        1,048      —      Adjusted sales    1,429,733      1,217,789        5,427,668      4,516,629                                    Gross profit    367,812      312,772        1,324,651      1,105,623      Victory wind down (1)    2,874      —        57,844      —      TAP (2)    —      8,803        12,950      8,803      Restructuring & realignment (3)    2,463      —        12,980      —      Adjusted gross profit    373,149      321,575        1,408,425      1,114,426                                    Income before taxes    117,977      85,459        318,791      313,251      Victory wind down (1)    164      —        77,398      —      TAP (2)    3,463      21,454        26,921      21,454      Restructuring & realignment (3)    11,598      —        22,116      —      Adjusted income before taxes    133,202      106,913        445,226      334,705                                    Net income    31,475      62,581      $  172,492      212,948      Victory wind down (1)    (1,012  )    —        52,366      —      TAP (2)    2,177      13,515        16,923      13,515      Restructuring & realignment (3)    7,291      —        13,902      —      Tax reform (4)    55,398      —        55,398      —      Adjusted net income (5)  $  95,329    $  76,096      $  311,081    $  226,463                                    Diluted EPS  $  0.49    $  0.97      $  2.69    $  3.27      Victory wind down (1)    (0.02  )    —        0.82      —      TAP (2)    0.03      0.21        0.26      0.21      Restructuring & realignment (3)    0.11      —        0.22      —      Tax reform (4)    0.86      —        0.86      —      Adjusted EPS (5)  $  1.47    $  1.18      $  4.85    $  3.48                                   

 APPENDIX: NON-GAAP RECONCILIATIONS - SEGMENTS  26  PII RJames 3/6/18  Non-GAAP Reconciliation of Segment Results (In Thousands; Unaudited)  Adjustments:  (1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel  (2) Represents adjustments for TAP integration expenses  (3) Represents adjustments for corporate restructuring and network realignment costs  (4) Represents adjustments for costs related to supply chain transformation.  2016 Reclassified Results: 2016 sales and gross profit results for ORV/Snowmobiles, Motorcycles and Aftermarket are reclassified for the new Aftermarket reporting segment.    Three months ended December 31,  Three months ended December 31,            Years ended December 31,  Years ended December 31,              2017  2017    2016  2016      2017  2017    2016  2016      SEGMENT SALES                              ORV/Snow segment sales  $  993,750    $  880,905      $  3,570,753    $  3,283,890      Restructuring & realignment (3)    1,048      —        1,048      —      Adjusted ORV/Snow segment sales    994,798      880,905        3,571,801      3,283,890                                    Motorcycles segment sales    102,723      104,331        576,068      699,171      Victory wind down (1)    (2,364  )    —        (1,857  )    —      Adjusted Motorcycles segment sales    100,359      104,331        574,211      699,171                                    Global Adjacent Markets (GAM) segment sales    116,612      98,384        396,764      341,937      No adjustment    —      —        —      —      Adjusted GAM segment sales    116,612      98,384        396,764      341,937                                    Aftermarket segment sales    217,964      134,169        884,892      191,631      No adjustment    —      —        —      —      Adjusted Aftermarket sales    217,964      134,169        884,892      191,631                                    Total sales    1,431,049      1,217,789        5,428,477      4,516,629      Total adjustments    (1,316  )    —        (809  )    —      Adjusted total sales  $  1,429,733    $  1,217,789      $  5,427,668    $  4,516,629                                      Three months ended December 31,            Years ended December 31,            2017    2016        2017    2016      SEGMENT GROSS PROFIT                         ORV/Snow segment gross profit  278,544    251,521        1,054,557    907,597      Restructuring & realignment (3)  1,048    —        1,048    —      Adjusted ORV/Snow segment gross profit  279,592    251,521        1,055,605    907,597                              Motorcycles segment gross profit  5,108    1,063        16,697    87,538      Victory wind down (1)  2,874    —        57,844    —      Adjusted Motorcycles segment gross profit  7,982    1,063        74,541    87,538                              Global Adjacent Markets (GAM) segment gross profit  29,623    28,986        94,920    95,149      Restructuring & realignment (3)  415    —        10,932    —      Adjusted GAM segment gross profit   30,038    28,986        105,852    95,149                              Aftermarket segment gross profit  60,777    28,017        225,498    46,289      TAP (2)  —    8,803        12,950    8,803      Adjusted Aftermarket segment gross profit   60,777    36,820        238,448    55,092                              Corporate segment gross profit  (6,240  )  3,185        (67,021  )  (30,950  )    Restructuring & realignment (4)  1,000    —        1,000    —      Adjusted Corporate segment gross profit  (5,240  )  3,185        (66,021  )  (30,950  )                            Total gross profit  367,812    312,772        1,324,651    1,105,623      Total adjustments  5,337    8,803        83,774    8,803      Adjusted total gross profit  373,149    321,575        1,408,425    1,114,426     

 APPENDIX: 2018 GUIDANCE DISCLOSURES  27  PII RJames 3/6/18    2018 guidance excludes the pre-tax effect of acquisition integration costs of approx. $10 million, supply chain transformation costs of approx. $10 million to $20 million and the remaining impacts associated with the Victory wind down which is estimated to be in the range of $5 million to $10 million. 2018 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.Product Quality Update:  As previously disclosed, Polaris is working with regulators to resolve ongoing product issues.  The Company expects to resolve, in the near term, a late reporting penalty with the CPSC related to previously announced recalls.  An estimated amount for the pending penalty has been previously accrued for in Polaris’ prior year financial statements.