<SUBMISSION>
<ACCESSION-NUMBER>0000950134-04-003297
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>15
<PERIOD>20040422
<FILING-DATE>20040311
<EFFECTIVENESS-DATE>20040311
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>POLARIS INDUSTRIES INC/MN
<CIK>0000931015
<ASSIGNED-SIC>3790
<IRS-NUMBER>411790959
<STATE-OF-INCORPORATION>MN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-11411
<FILM-NUMBER>04663006
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2100 HIGHWAY 55
<CITY>MEDINA
<STATE>MN
<ZIP>55340
<PHONE>(763) 542-0500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2100 HIGHWAY 55
<STREET2>NONE
<CITY>MEDINA
<STATE>MN
<ZIP>55340
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c82498ddef14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B>SCHEDULE 14A</B>

<DIV align="center">
<B>(Rule 14a-101)</B>
</DIV>

<P align="center">
<B>INFORMATION REQUIRED IN PROXY STATEMENT</B>

<P align="center">
<B>SCHEDULE 14A INFORMATION</B>

<DIV align="center">
<B>Proxy Statement Pursuant to Section 14(a) of the
Securities</B>
</DIV>

<DIV align="center">
<B>Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;)</B>
</DIV>

<P align="left">
Filed by the registrant <FONT face="wingdings">&#120;
</FONT>

<P align="left">
Filed by a party other than the registrant
<FONT face="wingdings">&#111;
</FONT>

<P align="left">
Check the appropriate box:

<P align="left">
<FONT face="wingdings">&#111;</FONT>&nbsp;Preliminary proxy
statement

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="40%"></TD>
        <TD width="3%"></TD>
        <TD width="57%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT face="wingdings">&#111;</FONT>&nbsp;</TD>
        <TD align="left">
        Confidential, for Use of the Commission Only (as permitted by
        Rule&nbsp;14a-6(e)(2))</TD>
</TR>

</TABLE>

<P align="left">
<FONT face="wingdings">&#120;</FONT>&nbsp;Definitive proxy
statement

<P align="left">
<FONT face="wingdings">&#111;</FONT>&nbsp;Definitive additional
materials

<P align="left">
<FONT face="wingdings">&#111;</FONT>&nbsp;Soliciting material
pursuant to Rule 14a-12

<P align="left">
<DIV align="center">
POLARIS INDUSTRIES INC.</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
(Name of Registrant as Specified in Its Charter)
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)
</DIV>

<P align="left">
Payment of filing fee (Check the appropriate box):

<P align="left">
<FONT face="wingdings">&#120;</FONT>&nbsp;No fee required.

<P align="left">
<FONT face="wingdings">&#111;</FONT>&nbsp;Fee computed on table
below per Exchange Act Rules 14a-6(i)(1) and 0-11.

<P align="left">
(1)&nbsp;Title of each class of securities to which transaction
applies:

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
(2)&nbsp;Aggregate number of securities to which transaction
applies:

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
(3)&nbsp;Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the
amount on which the filing fee is calculated and state how it
was determined):

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
(4)&nbsp;Proposed maximum aggregate value of transaction:

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
(5)&nbsp;Total fee paid:

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
<FONT face="wingdings">&#111;</FONT>&nbsp;Fee paid previously
with preliminary materials.

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
<FONT face="wingdings">&#111;</FONT>&nbsp;Check box if any part
of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the form or schedule and
the date of its filing.

<P align="left">
(1)&nbsp;Amount previously paid:

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
(2)&nbsp;Form, schedule or registration statement no.:

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
(3)&nbsp;Filing party:

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
(4)&nbsp;Date filed:

<P align="left">
<HR size="1" width="100%" align="left" noshade>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<IMG src="c82498dc8249869.gif" alt="(POLARIS LOGO)">
</DIV>

<P align="left">
<B><FONT size="2">Polaris Industries Inc.</FONT></B>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="60%"></TD>
    <TD width="40%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">2100 Highway 55
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Medina, Minnesota 55340
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">763-542-0500 <BR>
     Fax: 763-542-0599
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<FONT size="2">March&nbsp;11, 2004
</FONT>

<P align="left">
<FONT size="2">Dear Fellow Shareholder:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors of Polaris Industries Inc.
joins me in extending a cordial invitation to attend our 2004
Annual Meeting of Shareholders which will be held at our
corporate headquarters, 2100 Highway 55, Medina, Minnesota
55340, on Thursday, April&nbsp;22, 2004 at 9:00&nbsp;a.m. local
time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to voting on the matters described in
the accompanying Notice of Annual Meeting and Proxy Statement,
we will review Polaris&#146; 2003 business and discuss our
direction for the coming years. There will also be an
opportunity, after conclusion of the formal business of the
meeting, to discuss other matters of interest to you as a
shareholder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">It is important that your shares be represented
at the meeting whether or not you plan to attend in person.
Please vote by returning your signed proxy card in the envelope
provided or by using the telephone or on-line voting options
indicated on the proxy card. If you do attend the meeting and
desire to vote in person, you may do so even though you have
previously sent a proxy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We hope that you will be able to attend the
meeting and we look forward to seeing you.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Sincerely,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="c82498dc8249801.gif" alt="-s- GREGORY R. PALEN"></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Gregory R. Palen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Chairman of the Board</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Enclosures
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">POLARIS INDUSTRIES INC.</FONT></B>

<DIV align="center">
<B><FONT size="2">2100 Highway 55</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Medina, Minnesota 55340</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">March&nbsp;11, 2004</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="37%" align="center" noshade>

<P align="center">
<B><FONT size="2">NOTICE OF ANNUAL MEETING OF
SHAREHOLDERS</FONT></B>

<P align="center">
<HR size="1" width="37%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Polaris Industries Inc. will hold its 2004 Annual
Meeting of Shareholders at its corporate headquarters located at
2100 Highway 55, Medina, Minnesota 55340, on Thursday,
April&nbsp;22, 2004. The meeting will begin at 9:00&nbsp;a.m.
local time. At the meeting, we will:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">1.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Elect two Class&nbsp;I directors for three year
    terms ending in 2007.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">2.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Approve the Polaris Industries Inc. Senior
    Executive Annual Incentive Compensation Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">3.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Approve the Polaris Industries Inc. Long Term
    Incentive Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">4.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Approve amendments to the Polaris Industries Inc.
    1995 Stock Option Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">5.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Act on any other matters that may properly come
    before the meeting.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board recommends that shareholders vote
<B><I>FOR</I></B> the director nominees named in the
accompanying Proxy Statement. The Board recommends that
shareholders vote <B><I>FOR</I></B> the approval of the Senior
Executive Annual Incentive Compensation Plan, the Long Term
Incentive Plan, and the amendments to the 1995 Stock Option
Plan, as each is described in the accompanying Proxy Statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only shareholders of record at the close of
business on March&nbsp;1, 2004 may vote at the Annual Meeting or
any adjournment thereof.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="c82498dmalonemw.gif" alt="-s- MICHAEL W. MALONE"></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Michael W. Malone
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Vice President-Finance,</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Chief Financial Officer and
    Secretary</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">YOUR VOTE IS IMPORTANT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Whether or not you plan to attend the meeting, we
urge you to vote as soon as possible by telephone, Internet or
mail.
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B>TABLE OF CONTENTS</B>

<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="87%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#101'>Questions and Answers
    About the Annual Meeting and Voting</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#102'>Security Ownership of
    Certain Beneficial Owners and Management</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#103'></FONT></I></B><FONT size="2">Stock
    Ownership Guidelines</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#104'>Corporate
    Governance</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#105'></FONT></I></B><FONT size="2">Corporate
    Governance Guidelines and Independence</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#106'></FONT></I></B><FONT size="2">Communications
    with the Board</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#107'></FONT></I></B><FONT size="2">Director
    Compensation</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#108'></FONT></I></B><FONT size="2">Board
    Meetings</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#109'></FONT></I></B><FONT size="2">Committees
    of the Board and Meetings</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#110'></FONT></I></B><FONT size="2">Certain
    Relationships and Related Transactions</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#111'></FONT></I></B><FONT size="2">Compensation
    Committee Interlocks and Insider Participation</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#112'></FONT></I></B><FONT size="2">Section&nbsp;16
    Beneficial Ownership Reporting Compliance</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#113'>Audit Committee
    Report</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#114'>Independent
    Auditors</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#115'>Proposal&nbsp;1&nbsp;&#151;
    Election of Directors</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#116'></FONT></I></B><FONT size="2">General
    Information</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#117'></FONT></I></B><FONT size="2">Information
    Concerning Nominees and Directors</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#118'>Annual and Long Term
    Incentive Compensation Plan Proposals</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#119'>Proposal&nbsp;2&nbsp;&#151;
    Approval of Senior Executive Annual Incentive Compensation
    Plan</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#120'></FONT></I></B><FONT size="2">General
    Provisions</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#121'></FONT></I></B><FONT size="2">Vote
    Required</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#122'></FONT></I></B><FONT size="2">Board
    Recommendation</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#123'>Proposal&nbsp;3&nbsp;&#151;
    Approval of Long Term Incentive Plan</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#124'></FONT></I></B><FONT size="2">General
    Provisions</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#125'></FONT></I></B><FONT size="2">Vote
    Required</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#126'></FONT></I></B><FONT size="2">Board
    Recommendation</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#127'>Proposal&nbsp;4&nbsp;&#151;
    Approval of Amendments to 1995 Stock Option
    Plan</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#128'></FONT></I></B><FONT size="2">General
    Information</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#129'></FONT></I></B><FONT size="2">General
    Provisions</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#130'></FONT></I></B><FONT size="2">Vote
    Required</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#131'></FONT></I></B><FONT size="2">Board
    Recommendation</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#132'>Equity Compensation
    Plans</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#136'>Executive Compensation
    and Stock Option Information</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#137'></FONT></I></B><FONT size="2">Executive
    Compensation Summary</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#138'></FONT></I></B><FONT size="2">Option
    Grants in 2003</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#139'></FONT></I></B><FONT size="2">Option
    Exercises and Values for 2003</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#140'></FONT></I></B><FONT size="2">Employment,
    Termination and Change in Control Agreements</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#141'>Compensation Committee
    Report on Executive Compensation</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#142'></FONT></I></B><FONT size="2">Executive
    Compensation Philosophy</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#143'></FONT></I></B><FONT size="2">2003
    Executive Compensation</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#144'></FONT></I></B><FONT size="2">2003
    Chief Executive Officer Compensation</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#145'>Stock Performance
    Graph</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#146'>Other
    Matters</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#147'>Submission of
    Shareholder Proposals and Nominations</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#148'>Additional
    Information</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#149'>Audit Committee
    Charter</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#150'>Senior Executive
    Annual Incentive Compensation Plan</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">B-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#151'>Long Term Incentive
    Plan</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">C-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">&nbsp;<A HREF='#152'>1995 Stock Option
    Plan</A></FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">D-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center"><FONT size="2">ii
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="4">POLARIS INDUSTRIES INC.</FONT></B>

<DIV align="center">
<B>2100 Highway 55</B>
</DIV>

<DIV align="center">
<B>Medina, Minnesota 55340</B>
</DIV>

<DIV align="center">
<HR size="1" width="37%" align="center" noshade>
</DIV>

<P align="center">
<B>PROXY STATEMENT</B>

<DIV align="center">
<HR size="1" width="37%" align="center" noshade>
</DIV>

<P align="left">
<A name='101'></A>

<!-- link1 "QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING AND VOTING" -->

<P align="center">
<B><FONT size="2">QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING
AND VOTING</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">Who can vote?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You can vote if you were a shareholder at the
    close of business on the record date of March&nbsp;1, 2004.
    There were a total of 21,546,956&nbsp;shares, on a pre-split
    basis, of the Company&#146;s common stock outstanding on
    March&nbsp;1, 2004. This Proxy Statement and proxy card, along
    with the Annual Report for 2003, are being mailed to
    shareholders beginning March&nbsp;11, 2004. The Proxy Statement
    summarizes the information you need to vote at the Annual
    Meeting.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What am&nbsp;I voting on?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You are voting on:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Election of two nominees as
    Class&nbsp;I directors for three year terms ending in 2007. The
    Board of Directors&#146; nominees are Andris A. Baltins and
    Thomas C. Tiller.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Approving the Senior Executive Annual
    Incentive Compensation Plan
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Approving the Long Term Incentive
    Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Approving amendments to the 1995
    Stock Option Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How does the Board recommend&nbsp;I vote on
    the proposals?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Board recommends you vote <I>FOR</I> the
    election of each nominee. The Board recommends you vote
    <I>FOR</I> the approval of the Senior Executive Annual Incentive
    Compensation Plan, the Long Term Incentive Plan, and the
    amendments to the 1995 Stock Option Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q.</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How many votes are required to approve each
    proposal?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A.</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <I><FONT size="2">Election of Directors:
    </FONT></I><FONT size="2">In the election of directors, the
    nominees who receive the affirmative vote of a majority of the
    outstanding shares of Polaris common stock present and entitled
    to vote will be elected. For this purpose, a properly executed
    proxy marked &#147;WITHHOLD&#148; with respect to the election
    of directors nominees will be counted for purposes of
    determining whether there is a quorum, but will not be
    considered present in person or by proxy and entitled to vote on
    the election of directors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I><FONT size="2">Other Items: </FONT></I><FONT size="2">For
    approval of the Senior Executive Annual Incentive Compensation
    Plan, the Long Term Incentive Plan, and the amendments to the
    1995 Stock Option Plan, and any other proposals that properly
    come before the Annual Meeting, the affirmative vote of a
    majority of the outstanding shares of Polaris common stock
    present and entitled to vote must be cast in favor of the
    proposal. A properly executed proxy marked &#147;ABSTAIN&#148;
    with respect to any such matter will be counted for purposes of
    determining whether there is a quorum and will be considered
    present in person or by proxy and entitled to vote, but will not
    be deemed to have been voted in favor of such matter.
    Accordingly, an abstention will have the effect of a negative
    vote.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What is a &#147;quorum&#148;?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">A quorum is the number of shares that must be
    present to conduct business at the Annual Meeting. As of the
    record date, 21,546,956&nbsp;shares, on a pre-split basis, of
    Polaris common stock were issued and
    </FONT></TD>
</TR>

</TABLE>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">outstanding. A majority of the shares of our
    common stock outstanding on the record date, present or
    represented by proxy, constitutes a quorum for the purpose of
    electing directors or adopting proposals at the Annual Meeting.
    If you submit a valid proxy card or attend the Annual Meeting,
    your shares will be counted to determine whether there is a
    quorum. Abstentions and broker non-votes count toward the quorum.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How will shares referred to as &#147;broker
    non-votes&#148; be treated?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">A &#147;broker non-vote&#148; occurs when
    nominees (such as banks and brokers) that hold shares on behalf
    of beneficial owners do not receive voting instructions from the
    beneficial owners at least ten days before the meeting and do
    not have discretionary voting authority to vote those shares on
    a particular matter. In that case, the shares covered by such a
    &#147;non-vote&#148; proxy will be considered present at the
    meeting for purposes of determining a quorum but will not be
    considered to be represented at the Annual Meeting for purposes
    of calculating the vote required for approval of such matter.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How will the proxies vote on any other
    business brought up at the meeting?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">By submitting your proxy card, you authorize the
    proxies to use their judgment to determine how to vote on any
    other matter brought before the Annual Meeting. The Company does
    not know of any other business to be considered at the Annual
    Meeting.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The proxies&#146; authority to vote according to
    their judgment applies only to shares you own as the shareholder
    of record.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How do&nbsp;I cast my vote?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you are a shareholder whose shares are
    registered in your name, you may vote your shares in person at
    the Annual Meeting or by using one of the three following
    methods:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Vote by phone, by dialing
    1-800-560-1965 and following the instructions for telephone
    voting shown on the enclosed proxy card.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Vote by Internet, by going to the web
    address <I>http://www.eproxy.com/pii/</I> and following the
    instructions for Internet voting shown on the enclosed proxy
    card.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Vote by proxy card, by completing,
    signing, dating and mailing the enclosed proxy card in the
    envelope provided. If you vote by phone or Internet, please do
    not mail your proxy card.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you are a street-name shareholder (meaning
    that your shares are registered in the name of your bank or
    broker), you will receive instructions from your bank, broker or
    other nominee describing how to vote your shares.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Whichever method you use, the proxies identified
    on the back of the proxy card will vote the shares of which you
    are the shareholder of record in accordance with your
    instructions. If you submit a proxy card without giving specific
    voting instructions, the proxies will vote those shares as
    recommended by the Board of Directors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">Can&nbsp;I revoke or change my vote?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You can revoke your proxy at any time before it
    is voted by:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Submitting a new proxy with a more
    recent date than that of the first proxy given by
    (1)&nbsp;following the telephone voting instructions or
    (2)&nbsp;following the Internet voting instructions or
    (3)&nbsp;completing, signing, dating and returning a new proxy
    card to the Company;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Giving written notice before the
    meeting to the Secretary of the Company, stating that you are
    revoking your proxy;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Attending the meeting and voting your
    shares in person.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Unless you decide to vote your shares in person,
    you should revoke your prior proxy in the same way you initially
    submitted it&nbsp;&#151; that is, by telephone, Internet or mail.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">2
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">Who will count the votes?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Wells Fargo Bank Minnesota, N.A., the independent
    proxy tabulator used by the Company, will count the votes. A
    representative of Wells Fargo Bank Minnesota, N.A. and Mark
    McCormick, the corporate controller of the Company, will act as
    inspectors of election for the meeting.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">Is my vote confidential?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">All proxy cards and all vote tabulations that
    identify an individual shareholder are confidential. Your vote
    will not be disclosed except:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;To allow Wells Fargo Bank Minnesota,
    N.A. to tabulate the vote;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;To allow Mark McCormick, the
    corporate controller of the Company, and a representative of
    Wells Fargo Bank Minnesota, N.A. to certify the results of the
    vote;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;To meet applicable legal requirements.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What shares are included on my proxy
    card?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Your proxy card represents all shares registered
    to your account in the same social security number and address,
    including any full and fractional shares you own under the
    Polaris Restricted Stock Plan, the Polaris Employee Stock
    Ownership Plan, the Polaris Employee Stock Purchase Plan and the
    Polaris 401(k) Retirement Saving Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How are Polaris common shares in the Polaris
    Employee Stock Ownership Plan voted?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you hold shares of Polaris common stock
    through the Polaris Employee Stock Ownership Plan, your proxy
    card will instruct the trustee of the plan how to vote the
    shares allocated to your plan account. If you do not return your
    proxy card (or you submit it with an unclear voting designation
    or with no voting designation at all), then the plan trustee
    will vote the shares in your account as directed by the
    committee that administers the plan. Votes under the Polaris
    Employee Stock Ownership Plan receive the same confidentiality
    as all other votes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How are Polaris common shares in the Polaris
    401(k) Retirement Savings Plan voted?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you hold shares of Polaris common stock
    through the Polaris 401(k) Retirement Savings Plan, your proxy
    card will instruct the trustee of the plan how to vote the
    shares allocated to your plan account. If you do not return your
    proxy card (or you submit it with an unclear voting designation
    or with no voting designation at all), then the plan trustee
    will vote the shares in your account in proportion to the way
    the other 401(k) Retirement Savings Plan participants vote their
    shares. Votes under the Polaris 401(k) Retirement Savings Plan
    receive the same confidentiality as all other votes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What does it mean if&nbsp;I get more than one
    proxy card?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Your shares are probably registered in more than
    one account. You should vote each proxy card you receive.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How many votes can&nbsp;I cast?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You are entitled to one vote per share on all
    matters presented at the meeting.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">When are shareholder proposals due for the
    2005 Annual Meeting of the Shareholders?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you want to present a proposal from the floor
    at the 2005 annual meeting, you must give the Company written
    notice of your proposal no later than January&nbsp;31, 2005.
    Your notice should be sent to the Secretary, Polaris Industries
    Inc., 2100 Highway 55, Medina, Minnesota 55340.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If instead of presenting your proposal at the
    meeting you want your proposal to be considered for inclusion in
    next year&#146;s proxy statement, you must submit the proposal
    in writing to the Secretary so it is received at the above
    address by November&nbsp;17, 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">3
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">Q:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">How is this proxy solicitation being
    conducted?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B><FONT size="2">A:</FONT></B></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2"> Polaris hired D.F.&nbsp;King&nbsp;&#38; Co.,
    Inc. to assist in the distribution of proxy materials and the
    solicitation of votes for a fee of $8,500, plus out-of-pocket
    expenses. Polaris will reimburse brokerage houses and other
    custodians, nominees and fiduciaries for their reasonable
    out-of-pocket expenses for forwarding proxy and solicitation
    materials to shareholders. In addition, some employees of the
    Company and its subsidiaries may solicit proxies.
    D.F.&nbsp;King&nbsp;&#38; Co., Inc. and employees of the Company
    may solicit proxies in person, by telephone and by mail. No
    employee of the Company will receive special compensation for
    these services, which the employees will perform as part of
    their regular duties.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">4
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='102'></A>
</DIV>

<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->

<P align="center">
<B><FONT size="2">SECURITY OWNERSHIP OF CERTAIN</FONT></B>

<DIV align="center">
<B><FONT size="2">BENEFICIAL OWNERS AND MANAGEMENT</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth certain
information with respect to the beneficial ownership of the
Company&#146;s common stock as of March&nbsp;1, 2004 by each
person known to the Company who then beneficially owned more
than 5% of the outstanding shares of common stock, each director
of the Company, each nominee for director, each executive
officer named in the Summary Compensation Table on page&nbsp;29
and all executive officers and directors as a group. As of
March&nbsp;1, 2004, there were 21,546,956&nbsp;shares, on a
pre-split basis, of common stock outstanding (representing
43,093,912 shares on a post-split basis). Except as otherwise
indicated, the named beneficial owner has sole voting and
investment powers with respect to the shares held by such
beneficial owner. The table also includes information with
respect to common stock equivalents credited as of March&nbsp;1,
2004 to the accounts of each director under the Company&#146;s
Deferred Compensation Plan for Directors that is described in
this Proxy Statement under the heading &#147;Corporate
Governance&nbsp;&#151; Director Compensation.&#148; The number
of securities appearing in the following table have been
adjusted to reflect the two-for-one split of the Company&#146;s
common stock paid in the form of a stock dividend on
March&nbsp;8, 2004 to shareholders of record on March&nbsp;1,
2004.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Address of Beneficial Owner</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Owned(6)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Class</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Equivalents(7)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kayne Anderson Rudnick Investment Management,
    LLC(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,449,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thomas C. Tiller(2)(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,772,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer, President and Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Bjorkman(2)(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,452</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Vice President&nbsp;&#151; Operations
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John B. Corness(2)(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,360</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Vice President&nbsp;&#151; Human Resources
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael W. Malone(2)(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96,826</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Vice President&nbsp;&#151; Finance, Chief
    Financial Officer and Secretary
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kenneth J. Sobaski(2)(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Vice President&nbsp;&#151; Sales, Marketing and
    Business Development
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Andris A. Baltins(4)(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,316</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Annette K. Clayton(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">William E. Fruhan, Jr.(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,484</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John R. Menard, Jr.(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,653</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Gregory R. Palen(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Non-executive Chairman of the Board of Directors
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">R. M. (Mark) Schreck(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,890</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,366</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. Richard Stonesifer(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,366</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Richard A. Zona(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All directors and executive officers as a group
    (14 persons)(2)(3)(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,209,828</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.9</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,847</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="31%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;*&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Indicates ownership of less than 1%.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The address for Kayne Anderson Rudnick Investment
    Management, LLC (&#147;Kayne&#148;) is 1800&nbsp;Avenue of the
    Stars, Second Floor, Los Angeles, CA 90067. Kayne, an investment
    adviser, has sole voting power and sole dispositive power with
    respect to 2,449,910&nbsp;shares, as adjusted to reflect the
    two-for-one split of
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <FONT size="2">the Company&#146;s common stock. The information
    set forth herein is based on the Schedule&nbsp;13G dated
    February&nbsp;9, 2004 filed by Kayne with the Securities and
    Exchange Commission.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 190,000, 12,950, 12,020, 9,250 and
    35,400&nbsp;restricted shares of common stock awarded to
    Messrs.&nbsp;Tiller, Bjorkman, Corness, Malone and Sobaski,
    respectively, and 269,620&nbsp;aggregate restricted shares of
    common stock awarded to all executive officers as a group under
    the Polaris Industries Inc. 1996 Restricted Stock Plan. An
    aggregate of 100,000&nbsp;restricted shares become freely
    tradeable only upon the Company achieving certain compounded
    earnings growth targets within a four year period and an
    aggregate of 169,620&nbsp;restricted shares become freely
    tradeable three years after the date of issuance provided that
    the holder continues to be an employee of the Company. The
    number of shares of restricted stock have been adjusted to
    reflect the two-for-one split of the Company&#146;s common stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 1,550,000, 52,800, 46,000, and
    26,054&nbsp;shares subject to stock options that were granted to
    Messrs.&nbsp;Tiller, Bjorkman, Corness and Malone, respectively,
    and 1,674,854&nbsp;aggregate shares subject to stock options
    that were granted to all executive officers as a group under the
    Polaris Industries Inc. 1995 Stock Option Plan which are or will
    become vested and exercisable on or before May&nbsp;11, 2004.
    The number of shares subject to stock options has been adjusted
    to reflect the two-for-one stock split of the Company&#146;s
    common stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Other members of the law firm of Kaplan, Strangis
    and Kaplan, P.A., of which Mr.&nbsp;Baltins is a member and
    which serves of counsel to the Company, beneficially own
    9,580&nbsp;shares, as adjusted for the two-for-one split of the
    Company&#146;s common stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 4,000&nbsp;shares, on a post-split
    basis, subject to stock options that were granted to each of the
    non-employee directors with respect to the initial annual grant
    under the Polaris Industries Inc. 2003 Non-Employee Director
    Stock Option Plan, which will become vested and exercisable on
    or before May&nbsp;11, 2004.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Number of shares have been adjusted to reflect
    the two-for-one split of the Company&#146;s common stock. Does
    not include common stock equivalents credited to the accounts of
    the Company&#146;s non-employee directors. The number of common
    stock equivalents credited to such accounts is listed in the
    last column of this table.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Represents the number of common stock equivalents
    credited as of March&nbsp;1, 2004 to the accounts of each
    non-employee director as maintained by the Company under the
    Polaris Industries Inc. Deferred Compensation Plan for
    Directors. A director will receive one share of common stock for
    every common stock equivalent held by that director upon his or
    her termination of service as a member of the Board of
    Directors. The plan is described in this Proxy Statement under
    the heading &#147;Corporate Governance&nbsp;&#151; Director
    Compensation.&#148; Number of common stock equivalents has been
    adjusted to reflect the two-for-one stock split of the
    Company&#146;s common stock.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name='103'></A>
</DIV>

<!-- link1 "Stock Ownership Guidelines" -->

<P align="left">
<B><FONT size="2">Stock Ownership Guidelines</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Board of Directors has adopted stock
ownership guidelines, which provide that each non-employee
director is expected to own, directly or indirectly, on
January&nbsp;22, 2007, shares of Polaris common stock or common
stock equivalents having a value of at least three times the
amount of the annual retainer fee paid to such director. Each
non-employee director who is elected for the first time after
January&nbsp;23, 2003 will be expected to satisfy such
guidelines at the end of a period of four years commencing on
the date such director is elected. The stock ownership
guidelines also provide that the Chief Executive Officer and
other executive officers of the Company are expected to own,
directly or indirectly, shares of common stock or restricted
share awards having a value of at least five and three times,
respectively, their annual base salaries. The Chief Executive
Officer and other executive officers of the Company that held
office as of January&nbsp;23, 2003 currently satisfy these
guidelines and any person becoming an executive officer of the
Company after January&nbsp;23, 2003 will be expected to satisfy
the guidelines at the end of a period of four years commencing
on the date of becoming an executive officer of the Company.
</FONT>

<P align="center"><FONT size="2">6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='104'></A>
</DIV>

<!-- link1 "CORPORATE GOVERNANCE" -->

<P align="center">
<B><FONT size="2">CORPORATE GOVERNANCE</FONT></B>

<DIV align="left">
<A name='105'></A>
</DIV>

<!-- link1 "Corporate Governance Guidelines and Independence" -->

<P align="left">
<B><FONT size="2">Corporate Governance Guidelines and
Independence</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Board of Directors has adopted Corporate
Governance Guidelines, which may be viewed online on our website
at <I>www.polarisindustries.com</I>. Under our Corporate
Governance Guidelines, which adopt the current standards for
&#147;independence&#148; established by the NYSE, a majority of
the members of the Board of Directors must be independent as
determined by the Board of Directors. In making its
determination of independence, among other things, the Board of
Directors must have determined that the director has no material
relationship with Polaris either directly or indirectly as a
partner, shareholder or officer of an organization that has a
relationship with Polaris. The Board of Directors has determined
that Ms.&nbsp;Clayton and Messrs.&nbsp;Fruhan, Menard, Schreck,
Stonesifer and Zona are independent. The Board of Directors has
also determined that Mr.&nbsp;Baltins is independent for all
purposes other than service on the Company&#146;s Audit
Committee because he is a member of one of the law firms that
provides legal services to the Company. Mr.&nbsp;Palen, our
non-Executive Chairman of the Board, is the Chairman and Chief
Executive Officer of Spectro Alloys, an aluminum manufacturing
company that served as a supplier to the Company until June
2003. Under our Corporate Governance Guidelines, Mr.&nbsp;Palen
will be regarded as non-independent until June 2006, three years
following the termination of the Spectro Alloys relationship
with Polaris. Mr.&nbsp;Tiller, our President and Chief Executive
Officer is not considered to be independent by the Board of
Directors. Accordingly, a substantial majority of our Board of
Directors is considered to be independent. Additionally, all
current members of our Audit, Compensation and Corporate
Governance and Nominating Committees are considered to be
independent.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have also adopted a Code of Business Conduct
and Ethics applicable to all employees, including our Chief
Executive Officer, our Chief Financial Officer and all other
senior executives, and the directors. A copy of the Polaris Code
of Business Conduct and Ethics is available on our website at
<I>www.polarisindustries.com.</I>
</FONT>

<DIV align="left">
<A name='106'></A>
</DIV>

<!-- link1 "Communications with the Board" -->

<P align="left">
<B><FONT size="2">Communications with the Board</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under our Corporate Governance Guidelines, a
process has been established by which shareholders may
communicate with members of the Board of Directors. Any
shareholder who desires to communicate with the Board of
Directors, individually or as a group, may do so by writing to
the intended member or members of the Board of Directors,
c/o&nbsp;Corporate Secretary, Polaris Industries Inc., 2100
Highway&nbsp;55,&nbsp;Medina, Minnesota&nbsp;55340.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All communications received in accordance with
these procedures will be reviewed initially by the office of our
Corporate Secretary to determine that the communication is a
message to our directors and will be relayed to the appropriate
director or directors unless the Corporate Secretary determines
that the communication is an advertisement or other promotional
material. The director or directors who receive any such
communication will have discretion to determine whether the
subject matter of the communication should be brought to the
attention of the full Board of Directors or one or more of its
committees and whether any response to the person sending the
communication is appropriate.
</FONT>

<DIV align="left">
<A name='107'></A>
</DIV>

<!-- link1 "Director Compensation" -->

<P align="left">
<B><FONT size="2">Director Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Directors who are employees of the Company
receive no compensation for their services as directors or as
members of committees. Compensation for non-employee directors
is divided into cash and stock components. The Company presently
pays each non-employee director other than our Chairman,
Mr.&nbsp;Palen, an annual director&#146;s fee of $40,000, at
least $5,000 of which will be payable in common stock
equivalents (as described below). Mr.&nbsp;Palen, our
non-executive Chairman of the Board of Directors, currently
receives an annual fee of $100,000 in lieu of the annual
director&#146;s fee received by other non-employee directors.
The Chairs of the Audit Committee, Compensation Committee,
Corporate Governance and Nominating Committee and Technology
Committee currently receive an annual committee chairman&#146;s
fee of $10,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company maintains a deferred compensation
plan for directors, the Polaris Industries Inc. Deferred
Compensation Plan for Directors (the &#147;Deferred Compensation
Plan&#148;) for directors who are not officers or
</FONT>

<P align="center"><FONT size="2">7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">employees of the Company (&#147;Outside
Directors&#148;). As of each quarterly date on which retainer
fees are payable to Outside Directors, each Outside Director
will automatically receive an award of common stock equivalents
having a fair market value of $1,250. An Outside Director can
also defer all or a portion of the director and/or chair fees
that would otherwise be paid to him or her in cash. Such
deferred amounts will be converted into additional common stock
equivalents based on the then fair market value of the common
stock. These &#147;common stock equivalents&#148; are phantom
stock units, i.e., each common stock equivalent represents the
economic equivalent of one share of common stock. Dividends will
be credited to Outside Directors as if the common stock
equivalents were outstanding shares of common stock. Such
dividends will be converted into additional common stock
equivalents.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As soon as practicable after an Outside
Directors&#146; service on the Board terminates, he or she will
receive a distribution of a number of shares of common stock
equal to the number of common stock equivalents then credited to
him or her under the Deferred Compensation Plan. Upon the death
of an Outside Director, the shares will be issued to his or her
beneficiary. Upon a change in control of the Company (as defined
in the Deferred Compensation Plan), however, each Outside
Director will receive a cash payment equal to the value of his
or her accumulated common stock equivalents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A maximum of 150,000&nbsp;shares of common stock
(on a post-split basis) are reserved for issuance under the
Deferred Compensation Plan. Of that total, 39,941&nbsp;shares of
common stock (on a post-split basis) remain available for future
grants. The Deferred Compensation Plan will remain effective
until May&nbsp;10, 2005, unless terminated earlier by the Board
of Directors. The Deferred Compensation Plan may be terminated
or amended at any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the 2003 Non-Employee Director Stock Option
Plan, each non-employee director elected at an annual meeting of
shareholders or who continues to serve as a director after such
annual meeting will receive an automatic annual grant of stock
options to purchase 4,000&nbsp;shares (on a post-split basis) of
the Company&#146;s common stock at an exercise price equal to
fair market value on the date of grant. The initial grant of
options under the 2003 Non-Employee Director Stock Option Plan
was made following the 2003 Annual Meeting at which the plan was
approved by shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additionally, the Company makes Polaris products
available to its Outside Directors at no charge to encourage a
first-hand understanding of the riding experience of Polaris
customers.
</FONT>

<DIV align="left">
<A name='108'></A>
</DIV>

<!-- link1 "Board Meetings" -->

<P align="left">
<B><FONT size="2">Board Meetings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2003, the full Board of Directors met five
times. Each of those meetings was preceded and/or followed by an
executive session of the Board of Directors without management
in attendance, chaired by either Mr.&nbsp;Palen or the chair of
the Corporate Governance and Nominating Committee. Each of our
directors attended 75% percent or more of the meetings of the
Board of Directors and any committee on which they served in
2003. The Board also acted through one written action in 2003.
The Company does not maintain a formal policy regarding the
Board&#146;s attendance at annual shareholder meetings; however,
Board members are expected to regularly attend all Board
meetings and meetings of the committees on which they serve. All
members of the Board of Directors attended our 2003 Annual
Meeting.
</FONT>

<DIV align="left">
<A name='109'></A>
</DIV>

<!-- link1 "Committees of the Board and Meetings" -->

<P align="left">
<B><FONT size="2">Committees of the Board and Meetings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has designated five
standing committees. The Audit Committee, the Compensation
Committee, the Corporate Governance and Nominating Committee and
the Technology Committee each operate under a written charter
which is available for review on our website at
<I>http://www.polarisindustries.com.</I> The current membership
of each committee and its principal functions, as well as the
number of times it met during fiscal 2003, are described below.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Executive Committee</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Members:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Gregory R. Palen
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Thomas C. Tiller, Chair
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Purpose:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Reviews and makes recommendations to the Board of
    Directors regarding the strategic plans and allocation of
    resources of the Company and exercises the authority of the
    Board of Directors on specific matters as delegated to it from
    time to time. This committee acted through one written action
    during 2003.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Audit Committee</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Members:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Annette K. Clayton
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">William E. Fruhan, Jr.
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Richard A. Zona, Chair
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">All members of the Audit Committee have been
    determined to be &#147;independent&#148; and &#147;financially
    literate&#148; by the Board of Directors in accordance with our
    Corporate Governance Guidelines and the applicable listing
    requirements of the New&nbsp;York Stock Exchange. Additionally,
    Mr.&nbsp;Zona and Mr.&nbsp;Fruhan have each been determined by
    the Board of Directors to be an &#147;Audit Committee Financial
    Expert&#148; as that term has been defined by the Securities and
    Exchange Commission (the &#147;SEC&#148;). The Board of
    Directors has determined that Mr.&nbsp;Zona&#146;s service on
    the audit committee of three other public companies does not
    impair his ability to effectively serve on the Company&#146;s
    Audit Committee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Purpose:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">A copy of the current Audit Committee Charter, as
    amended by the Board of Directors on January&nbsp;22, 2004 is
    attached as Annex&nbsp;A to this Proxy Statement. The Audit
    Committee assists the Board of Directors in fulfilling its
    fiduciary responsibilities by overseeing the Company&#146;s
    financial reporting and public disclosure activities. The Audit
    Committee&#146;s primary purposes are to:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;assist the Board of Directors in its
    oversight of (a)&nbsp;the integrity of the Company&#146;s
    financial statements, (b)&nbsp;the Company&#146;s compliance
    with legal and regulatory requirements, (c)&nbsp;the independent
    auditor&#146;s qualifications and independence, (d)&nbsp;the
    responsibilities, performance, budget and staffing of the
    Company&#146;s internal audit function and (e)&nbsp;the
    performance of the Company&#146;s independent auditor;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;prepare the Audit Committee Report
    that appears later in this Proxy Statement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;serve as an independent and objective
    party to oversee the Company&#146;s financial reporting process
    and internal control system;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;provide an open avenue of
    communication among the independent auditor, financial and
    senior management, the internal auditors and the Board of
    Directors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Audit Committee, in its capacity as a
    committee of the Board of Directors, is directly responsible for
    the appointment, compensation, and oversight of the work of any
    independent auditor employed by the Company (including
    resolution of disagreements between management and the auditor
    regarding financial reporting) for the purpose of preparing or
    issuing an audit report or related work or performing other
    audit, review or attest services for the Company, and each such
    independent auditor reports directly to the Audit Committee.
    This committee met eleven times during 2003.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Compensation Committee</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Members:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">William E. Fruhan, Jr.
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">J. Richard Stonesifer, Chair
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Richard A. Zona
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">All members of the Compensation Committee have
    been determined to be &#147;independent&#148; by the Board of
    Directors in accordance with our Corporate Governance Guidelines
    and the applicable listing requirements of the New&nbsp;York
    Stock Exchange.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Purpose:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Compensation Committee assists the Board of
    Directors in establishing a philosophy and policies regarding
    executive and director compensation, provides oversight to the
    administration of the Company&#146;s director and executive
    compensation programs and administers the Company&#146;s stock
    option, restricted share and other equity based plans, reviews
    the compensation of directors, executive officers and senior
    management, and prepares any report on executive compensation
    required by the rules and regulations of the SEC or other
    regulatory body, including the Compensation Committee Report on
    Executive Compensation that appears later in this Proxy
    Statement. In addition, the Compensation Committee periodically
    reviews with the Chief Executive Officer a written procedure for
    the efficient transfer of his responsibilities in the event of
    his sudden incapacitation or departure, including
    recommendations for longer-term succession planning. This
    committee met seven times during 2003 and acted through three
    written actions.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Corporate Governance and Nominating
    Committee</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Members:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Andris A. Baltins, Chair
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">William E. Fruhan, Jr.
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">R. M. (Mark) Schreck
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">All members of the Corporate Governance and
    Nominating Committee have been determined to be
    &#147;independent&#148; by the Board of Directors in accordance
    with our Corporate Governance Guidelines and the applicable
    listing requirements of the New&nbsp;York Stock Exchange.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Purpose:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Corporate Governance and Nominating Committee
    provides oversight and guidance to the Board of Directors to
    ensure that the membership, structure, policies and processes of
    the Board and its committees facilitate the effective exercise
    of the Board&#146;s role in the governance of the Company. The
    committee reviews and evaluates the policies and practices with
    respect to the size, composition and functioning of the Board,
    evaluates the qualifications of possible candidates for the
    Board of Directors and recommends the nominees for directors to
    the Board of Directors for approval. The committee will consider
    individuals recommended by shareholders for nomination as a
    director in accordance with the procedures described under
    &#147;Submission of Shareholder Proposals and Nominations&#148;
    that appears later in this Proxy Statement. The committee also
    is responsible for recommending to the Board of Directors any
    revisions to the Company&#146;s Corporate Governance Guidelines.
    This committee met three times and acted through one written
    action during 2003.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Technology Committee</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Members:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Annette K. Clayton
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">John R. Menard, Jr.
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Gregory R. Palen
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">R. M. (Mark) Schreck, Chair
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Thomas C. Tiller
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT size="2">Purpose:</FONT></I></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Provides oversight of the product and technology
    plans at the Company to ensure that the Polaris management team:
    (1) continues to provide leadership products across all product
    lines; (2)&nbsp;addresses regulatory and competitive challenges
    in a
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">10
</FONT>

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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">timely and appropriate manner; (3)&nbsp;provides
    adequate investment funds across product lines;
    (4)&nbsp;addresses major facility opportunities and issues, such
    as expansions, and in-source/out source opportunities; and
    (5)&nbsp;properly assesses the risk and benefits associated with
    major product and facility changes. This committee met three
    times during 2003.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name='110'></A>
</DIV>

<!-- link1 "Certain Relationships and Related Transactions" -->

<P align="left">
<B><FONT size="2">Certain Relationships and Related
Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The law firm of Kaplan, Strangis and Kaplan, P.A.
(&#147;KSK&#148;) provides ongoing legal services to the Company
and certain subsidiaries in connection with various matters.
Andris A. Baltins, a member of the Board of Directors, is a
member of that firm. During 2003, KSK received $522,500 in legal
fees from the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Gregory R. Palen, the non-Executive Chairman of
the Board of Directors, is the Chairman and Chief Executive
Officer of Spectro Alloys, an aluminum manufacturing company
that served as a supplier to the Company until June&nbsp;2003.
Under our Corporate Governance Guidelines, Mr.&nbsp;Palen will
be regarded as non-independent until June 2006, three years
following the termination of the Spectro Alloys relationship
with Polaris. Mr.&nbsp;Palen voluntarily resigned from the Audit
Committee and the Corporate Governance and Nominating Committee
in January&nbsp;2004 in order that such committees be comprised
of independent directors as required under the current NYSE
rules. The Audit Committee is currently comprised of
Messrs.&nbsp;Fruhan and Zona and Ms.&nbsp;Clayton, each of whom
are independent directors. The Corporate Governance and
Nominating Committee is currently comprised of
Messrs.&nbsp;Baltins, Fruhan, and Schreck, all of whom are
independent directors.
</FONT>

<DIV align="left">
<A name='111'></A>
</DIV>

<!-- link1 "Compensation Committee Interlocks and Insider Participation" -->

<P align="left">
<B><FONT size="2">Compensation Committee Interlocks and Insider
Participation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All current members of the Compensation Committee
are considered independent under our Corporate Governance
Guidelines. No interlocking relationships exist between the
Board of Directors or the Compensation Committee and the Board
of Directors or compensation committee of any other company.
</FONT>

<DIV align="left">
<A name='112'></A>
</DIV>

<!-- link1 "Section 16 Beneficial Ownership Reporting Compliance" -->

<P align="left">
<B><FONT size="2">Section&nbsp;16 Beneficial Ownership Reporting
Compliance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;16(a) of the Securities Exchange Act
of 1934 requires the Company&#146;s directors and executive
officers to file initial reports of ownership and reports of
changes of ownership of the Company&#146;s common stock with the
SEC. Executive officers and directors are required to furnish
the Company with copies of all Section&nbsp;16(a) reports that
they file. To the Company&#146;s knowledge, based solely upon a
review of the copies of those reports furnished to the Company
during 2003 and written representations that no other reports
were required, the Company believes that, during the year ended
December&nbsp;31, 2003, all filing requirements applicable to
its directors, executive officers and 10% beneficial owners, if
any, were complied with, except that the Company inadvertently
failed to report credits to all directors of the Company other
than Mr.&nbsp;Tiller of an aggregate of 12,231 common stock
equivalents (on a post-split basis) under the Deferred
Compensation Plan for Directors that were made on April&nbsp;1,
2003, July&nbsp;1, 2003, October&nbsp;1, 2003 and
January&nbsp;1, 2004. In addition, due to an administrative
oversight, the Company failed to timely report an aggregate of
176,000 stock options (on a post-split basis) granted under the
1995 Stock Option Plan to the Company&#146;s senior executive
officers on November&nbsp;3, 2003 and a grant of
50,000&nbsp;shares of restricted stock (on a post-split basis)
under the 1996 Restricted Stock Plan to Mr.&nbsp;Tiller on
November&nbsp;3, 2003. Form&nbsp;4s have been filed reporting
the common stock equivalent credits, stock options and
restricted stock award.
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<DIV align="left">
<A name='113'></A>
</DIV>

<!-- link1 "AUDIT COMMITTEE REPORT" -->

<P align="center">
<B><FONT size="2">AUDIT COMMITTEE REPORT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee reports to and acts on behalf
of the Board of Directors by providing oversight of (1)&nbsp;the
integrity of the Company&#146;s financial statements,
(2)&nbsp;the Company&#146;s compliance with legal and regulatory
requirements, (3)&nbsp;the independent auditor&#146;s
qualifications and independence, (4)&nbsp;the responsibilities,
performance, budget and staffing of the Company&#146;s internal
audit function, and (5)&nbsp;the performance of the
Company&#146;s independent auditor, which reports directly to
the Audit Committee. The Audit Committee is comprised of three
directors, all of whom meet the standards of independence
adopted by the SEC and the New&nbsp;York Stock Exchange.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In performing our oversight responsibilities, we
have reviewed and discussed the audited financial statements of
the Company for the year ended December&nbsp;31, 2003 with
management and with representatives of Ernst&nbsp;&#38; Young
LLP, the Company&#146;s independent auditors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We also discussed with the independent auditors
matters required to be discussed by Statement on Auditing
Standards No.&nbsp;61, <I>Communications with Audit
Committees,</I> as amended by Statement on Auditing Standards
No.&nbsp;90. We have received from the Company&#146;s
independent auditors the written disclosures and the letter
required by Independence Standards Board No.&nbsp;1,
<I>Independence Discussions with Audit Committees,</I> and
discussed the independence of Ernst&nbsp;&#38; Young LLP with
representatives of such firm. We are satisfied that the
non-audit services provided to the Company by the independent
auditors are compatible with maintaining their independence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management is responsible for Polaris&#146;
system of internal controls and the financial reporting process.
Ernst&nbsp;&#38; Young LLP is responsible for performing an
independent audit of the consolidated financial statements in
accordance with generally accepted auditing standards and
issuing a report thereon. Our committee&#146;s responsibility is
to monitor and oversee these processes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In reliance on the reviews and discussions
referred to in this Report, and subject to the limitations of
our role, we recommended to the Board of Directors, and the
Board has approved, that the audited financial statements be
included in the Company&#146;s Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2003.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AUDIT COMMITTEE
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Richard A. Zona, Chair <BR>
     Annette K. Clayton <BR>
     William E. Fruhan, Jr.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>

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<DIV align="left">
<A name='114'></A>
</DIV>

<!-- link1 "INDEPENDENT AUDITORS" -->

<P align="center">
<B><FONT size="2">INDEPENDENT AUDITORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;15, 2002, the Board of Directors of
the Company and its Audit Committee dismissed Arthur Andersen
LLP (&#147;Arthur Andersen&#148;) as the Company&#146;s
independent auditors and engaged Ernst&nbsp;&#38; Young LLP
(&#147;E&#38;Y&#148;) to serve as the Company&#146;s independent
auditors for the fiscal year ending December&nbsp;31, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Arthur Andersen&#146;s report on the
Company&#146;s consolidated financial statements for the year
ended December&nbsp;31, 2001 did not contain an adverse opinion
or disclaimer of opinion, nor was it qualified or modified as to
uncertainty, audit scope or accounting principles.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the year ended December&nbsp;31, 2001 and
through March&nbsp;15, 2002, there were no disagreements with
Arthur Andersen on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure which, if not resolved to Arthur Andersen&#146;s
satisfaction, would have caused them to make reference to the
subject matter of the disagreements in connection with their
report on the Company&#146;s financial statements for such year;
and there were no reportable events as defined in
Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K of the SEC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the year ended December&nbsp;31, 2001 and
through March&nbsp;15, 2002, the Company did not consult E&#38;Y
with respect to the application of accounting principles to a
specified transaction, either completed or proposed, or the type
of audit opinion that might be rendered on the Company&#146;s
consolidated financial statements, or any other matters or
reportable events as set forth in Items&nbsp;304(a)(2)(i) and
(ii)&nbsp;of Regulation&nbsp;S-K of the SEC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee of the Board of Directors has
engaged E&#38;Y as independent auditors to examine the
Company&#146;s accounts for the fiscal year ending
December&nbsp;31, 2003. Representatives of E&#38;Y will be
present at the Annual Meeting, will have an opportunity to make
a statement if they so desire, and will be available to respond
to appropriate questions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit Fees. </FONT></I><FONT size="2">The
aggregate audit fees paid to E&#38;Y for the fiscal years ended
December&nbsp;31, 2003 and December&nbsp;31, 2002, were $300,000
and $210,000, respectively. These fees include amounts for the
audit of the Company&#146;s consolidated annual financial
statements, statutory audits at certain foreign subsidiaries,
and the reviews of the consolidated financial statements
included in the Company&#146;s Quarterly Reports on
Form&nbsp;10-Q, including services related thereto such as
attest services and consents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit-Related Fees.
</FONT></I><FONT size="2">The aggregate audit-related fees paid
to E&#38;Y for the fiscal years 2003 and 2002 were $114,000 and
$60,000, respectively. These fees related to the audit of
Polaris Acceptance, the audit of employee benefit plans and the
issuance of certain industry reports. The 2003 amount includes
general assistance with the implementation of the SEC rules
pursuant to the Sarbanes-Oxley Act of 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Tax Fees. </FONT></I><FONT size="2">The
aggregate fees billed by E&#38;Y for tax services rendered for
the fiscal years 2003 and 2002 were $319,000 and $890,000,
respectively. Of the amounts paid in 2003 and 2002, $75,000 and
$500,000, respectively, were paid under a deferred billing
arrangement entered into by the Company with E&#38;Y prior to
its engagement as the Company&#146;s auditors in March 2002 with
respect to tax planning services rendered in 2001. The remaining
fees paid in each of those years primarily related to tax
planning and compliance services and assistance related to the
establishment of foreign subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">All Other Fees.
</FONT></I><FONT size="2">There were no other fees paid to
E&#38;Y for the years ended December&nbsp;31, 2003 and
December&nbsp;31, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit Committee Pre-Approval Requirements.
</FONT></I><FONT size="2">The Audit Committee&#146;s charter
provides that it has the sole authority to review in advance and
grant any pre-approvals of (i)&nbsp;all auditing services to be
provided by the independent auditor, (ii)&nbsp;all significant
non-audit services to be provided by the independent auditors as
permitted by Section&nbsp;10A of the Securities Exchange Act of
1934, and (iii)&nbsp;all fees and the terms of engagement with
respect to such services. All audit and non-audit services
performed by Ernst&nbsp;&#38; Young during fiscal 2003 were
pre-approved pursuant to the procedures outlined above.
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<DIV align="left">
<A name='115'></A>
</DIV>

<!-- link1 "PROPOSAL 1 -- ELECTION OF DIRECTORS" -->

<P align="center">
<B><FONT size="2">PROPOSAL&nbsp;1&nbsp;&#151; ELECTION OF
DIRECTORS</FONT></B>

<DIV align="left">
<A name='116'></A>
</DIV>

<!-- link1 "General Information" -->

<P align="left">
<B><FONT size="2">General Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors of the Company is divided
into three classes. The members of one class are elected at each
annual meeting of shareholders to serve three-year terms. The
Class&nbsp;I directors currently serving on the Board, whose
terms expire at the 2004 Annual Meeting, are Messrs.&nbsp;Andris
A.&nbsp;Baltins, J.&nbsp;Richard Stonesifer and Thomas
C.&nbsp;Tiller. Mr.&nbsp;Stonesifer, currently a Class&nbsp;I
director, is not standing for reelection. The Board of Directors
has not presently identified a nominee to fill the Class&nbsp;I
vacancy created by Mr.&nbsp;Stonesifer&#146;s decision not to
stand for reelection and will reduce the size of the Board of
Directors to eight members to eliminate the Class&nbsp;I
directorship being vacated by Mr.&nbsp;Stonesifer until such
time as an appropriate director candidate is identified for
election to the Board.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the recommendation of the Corporate
Governance and Nominating Committee of the Board, the Board of
Directors proposes that the following nominees, both of whom are
currently serving as Class&nbsp;I Directors, be elected as
Class&nbsp;I directors for three-year terms expiring in 2007:
</FONT>

<P align="center">
<FONT size="2">Andris A. Baltins
</FONT>

<DIV align="center">
<FONT size="2">Thomas C. Tiller
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The persons named in the enclosed proxy intend to
vote your proxy for the election of each of the two nominees,
unless you indicate on the proxy card that your vote should be
withheld from any or all of the nominees. If you are voting by
telephone or on the Internet, you will be told how to withhold
your vote from some or all of the nominees. Each nominee elected
as a Director will continue in office until his successor has
been elected, or until his death, resignation or retirement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Other incumbent directors are not up for election
this year and will continue in office for the remainder of their
terms. After the election of two Class&nbsp;I directors at the
Annual Meeting, the Board will consist of eight directors,
including the six continuing directors whose present terms
extend beyond this Annual Meeting (Classes&nbsp;II and III will
consist of three members each and Class&nbsp;I will consist of
two members.) There are no family relationships between or among
any executive officers or directors of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect each nominee standing for election as a
Class&nbsp;I director to be able to serve if elected. If any
nominee is not able to serve, proxies will be voted in favor of
the remainder of those nominated and may be voted for substitute
nominees designated by the Board, unless an instruction to the
contrary is indicated on the proxy card.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The Board of Directors unanimously recommends
a vote FOR the election of these nominees as
Directors.</FONT></B>

<P align="center"><FONT size="2">14
</FONT>

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<DIV align="left">
<A name='117'></A>
</DIV>

<!-- link1 "Information Concerning Nominees and Directors" -->

<P align="left">
<B><FONT size="2">Information Concerning Nominees and
Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The principal occupation and certain other
information about the nominees and other directors whose terms
of office continue after the Annual Meeting are set forth on the
following pages.
</FONT>

<P align="center">
<B><FONT size="2">Director Nominees&nbsp;&#151; Class&nbsp;I
(Term Ending 2007)</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <IMG src="c82498dpbaltins.gif" alt="(ANDRIS A. BALTINS PHOTO)"></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Andris A.
    Baltins&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since 1994<BR>
    Mr.&nbsp;Baltins, 58, has been a member of the law firm of
    Kaplan, Strangis and Kaplan, P.A. since 1979. He is a director
    of AOA Holding, LLC and Adams Outdoor Advertising, Inc.
    Mr.&nbsp;Baltins is also a director of various private and
    non-profit corporations. Mr.&nbsp;Baltins serves as the Chair of
    our Corporate Governance and Nominating Committee.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <IMG src="c82498dptiller.gif" alt="(THOMAS C. TILLER)"></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Thomas C.
    Tiller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since 1998<BR>
    Mr.&nbsp;Tiller, 42, is the President and Chief Executive
    Officer of the Company and was the President and Chief Operating
    Officer of the Company from July&nbsp;15, 1998 to May&nbsp;20,
    1999. From 1983 to 1998, Mr.&nbsp;Tiller held a number of
    design, marketing and plant management positions with General
    Electric Company, most recently as Vice President and General
    Manager of G.E. Silicones. Mr.&nbsp;Tiller serves as the Chair
    of our Executive Committee and is also a member of our
    Technology Committee.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <B><FONT size="2">Directors Continuing in Office&nbsp;&#151;
    Class&nbsp;II (Term Ending 2005)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <IMG src="c82498dpfruhan.gif" alt="(WILLIAM E. FRUHAN PHOTO)"></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">William E. Fruhan,
    Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since 2000<BR>
    Mr.&nbsp;Fruhan, 61, has been the Professor of Business
    Administration at Harvard Business School since 1979.
    Mr.&nbsp;Fruhan also serves as a director of various private
    corporations, including PQ Corporation and Brierley and
    Partners, Inc. Mr.&nbsp;Fruhan serves as a member of our Audit
    Committee, Compensation Committee and Corporate Governance and
    Nominating Committee.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <IMG src="c82498dpschreck.gif" alt="(R. M. (MARK) SCHRECK PHOTO)"></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">R. M. (Mark)
    Schreck&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since 2000<BR>
    Mr.&nbsp;Schreck, 59, a registered professional engineer, has
    been the President of RMS Engineering, LLC, an engineering and
    business consulting company, since January 1998. He has also
    been a member of the staff of the University of Louisville
    College of Engineering since January 1998. Mr.&nbsp;Schreck is a
    former Vice President and General Manager, Technology, of GE
    Appliances. Mr.&nbsp;Schreck is also a director of the Kentucky
    Science and Technology Corporation, a private, nonprofit
    organization. Mr.&nbsp;Schreck serves as the Chair of our
    Technology Committee and is also a member of our Corporate
    Governance and Nominating Committee.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <IMG src="c82498dpmenard.gif" alt="(JOHN R. MENARD, JR. PHOTO)"></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">John R. Menard,
    Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since 2001<BR>
    Mr.&nbsp;Menard, 64, has been the President and a director of
    Menard, Inc., a building materials and home improvement
    retailing business, since February 1960. Mr.&nbsp;Menard serves
    as a member of our Technology Committee.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">16
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <B><FONT size="2">Directors Continuing in Office&nbsp;&#151;
    Class&nbsp;III (Term Ending 2006)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <IMG src="c82498dppalen.gif" alt="(GREGORY R. PALEN PHOTO)"></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Gregory R.
    Palen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since 1994<BR>
    Mr.&nbsp;Palen, 48, was elected to serve as the non-executive
    Chairman of our Board of Directors in May 2002 and has been
    Chairman and Chief Executive Officer of Spectro Alloys, an
    aluminum manufacturing company, since 1989 and Chief Executive
    Officer of Palen/ Kimball Company, a heating and air
    conditioning company, since 1983. He is a director of Valspar
    Corporation, a painting and coating manufacturing company.
    Mr.&nbsp;Palen also serves as a director of Opus Northwest, LLC,
    a construction and real estate development company.
    Mr.&nbsp;Palen is also a director of various private and
    non-profit corporations, including St. John&#146;s University.
    Mr.&nbsp;Palen is a member of our Executive Committee and our
    Technology Committee.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <IMG src="c82498dpzona.gif" alt="(RICHARD A. ZONA PHOTO)"></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Richard A.
    Zona&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since 2000<BR>
    Mr.&nbsp;Zona, 59, has been the Chief Executive Officer of Zona
    Financial, LLC, a financial advisory firm, since December 2000.
    Mr.&nbsp;Zona was the Vice-Chairman of U.S.&nbsp;Bancorp, a
    regional bank holding company, from 1996 to 2000. Mr.&nbsp;Zona
    joined U.S.&nbsp;Bancorp, then known as First Bank System, Inc.,
    as Executive Vice President and Chief Financial Officer in 1989
    and served as Vice Chairman and Chief Financial Officer from
    1991 to 1996. Mr.&nbsp;Zona, a certified public accountant, was
    with Ernst&nbsp;&#38; Young from 1970 to 1989. Mr.&nbsp;Zona is
    a director of New Century Financial Corporation, a mortgage
    banking and financial services company, ShopKo Stores, Inc., a
    consumer retailing company, and Piper Jaffray Companies, a
    securities brokerage firm. He also serves as a director of ING
    Direct Bank, fsb. Mr.&nbsp;Zona serves as the Chair of our Audit
    Committee and is also a member of our Compensation Committee.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <IMG src="c82498dclayton.gif" alt="(ANNETTE K. CLAYTON PHOTO)"></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Annette K.
    Clayton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since 2003<BR>
    Ms.&nbsp;Clayton, 40, has been the President and a director of
    Saturn Corporation, a subsidiary of General Motors Corporation,
    since April 2001. She was the Executive Director of Global
    Manufacturing Systems-Quality of General Motors Corporation from
    April 2000 to April 2001. From 1983 to 2000, Ms.&nbsp;Clayton
    held a number of production, engineering and management
    positions at General Motors&#146; assembly plants in Moraine,
    Ohio, Fort&nbsp;Wayne, Indiana, and Oshawa, Ontario. She is a
    member of the External Advisory Board for the College of
    Engineering and Computer Science at Wright State University.
    Ms.&nbsp;Clayton is a member of our Audit Committee and our
    Technology Committee.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">17
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='118'></A>
</DIV>

<!-- link1 "ANNUAL AND LONG TERM INCENTIVE COMPENSATION PLAN PROPOSALS" -->

<P align="center">
<B><FONT size="2">ANNUAL AND LONG TERM INCENTIVE COMPENSATION
PLAN PROPOSALS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;162(m) of the Internal Revenue Code
limits the tax deduction available to a public company for
compensation paid to certain executive officers, unless the
compensation qualifies as &#147;performance based.&#148; The
Board of Directors believes that in light of
Section&nbsp;162(m), it is desirable to adopt two new cash-based
incentive compensation plans to provide for objective
performance goals, and to submit the plans for shareholder
approval. The Senior Executive Annual Incentive Compensation
Plan (the &#147;Senior Executive Incentive Plan&#148;) is an
annual performance-based bonus plan for senior executives of the
Company. The Long Term Incentive Plan (the &#147;LTIP&#148;) is
a plan providing for cash compensation awards to designated
employees based on performance over award periods of three
consecutive calendar years. It is the Board of Directors&#146;
intention that incentive awards will be made under the Senior
Executive Incentive Plan in lieu of awards under the
Company&#146;s existing annual profit sharing plan. It is also
intended that awards will be made under the LTIP in substitution
for awards previously made to our employees under the 1995
Restricted Stock Plan. Awards made under the 1995 Restricted
Stock Plan will be limited to awards made to Mr.&nbsp;Tiller
under the terms of his employment agreement and discretionary
awards made to new hires or in recognition of significant
contributions to the Company. The approval of these plans by the
shareholders will enable payments to the executives under the
plans to qualify as &#147;performance based&#148; compensation
for purposes of Section&nbsp;162(m), and thereby be deductible
by the Company without regard to the deduction limit otherwise
imposed by that Section.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No awards have been made under the Senior
Executive Incentive Plan or the LTIP. Assuming shareholders
approve the Senior Executive Incentive Plan and the LTIP at the
Annual Meeting, the following table illustrates the amounts that
would have been paid under the Senior Executive Incentive Plan
and the LTIP for fiscal year 2003 if the plans had then been in
effect, using the methodologies expected to be applied by the
Compensation Committee for fiscal year 2004:
</FONT>

<P align="center">
<B><FONT size="2">NEW PLAN BENEFITS</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Dollar Value($)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Senior Executive</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name and Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Incentive Plan</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">LTIP</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thomas C. Tiller
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,210,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chief Executive Officer and President
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Bjorkman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#151; Operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John B. Corness
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,900</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#151; Human Resources
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael W. Malone
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">118,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#151; Finance, Chief
    Financial Officer and Secretary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kenneth J. Sobaski
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#151; Sales, Marketing and
    Business Development
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All Executive Officers as a group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,210,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">403,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All non-executive directors as a group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All non-executive officer employees as a group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">-0-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,670,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="31%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Tiller would not have received an award
    under the LTIP because he received a restricted stock grant for
    fiscal year 2003 under the terms of his employment agreement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Sobaski would not have been eligible to
    receive an award under the LTIP had it been in effect during
    2003 because he was not an employee of the Company for the
    entire three-year performance period ended December&nbsp;31,
    2003.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">18
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='119'></A>
</DIV>

<!-- link1 "PROPOSAL 2 -- APPROVAL OF SENIOR EXECUTIVE ANNUAL INCENTIVE COMPENSATION PLAN" -->

<P align="center">
<B><FONT size="2">PROPOSAL&nbsp;2&nbsp;&#151; APPROVAL OF SENIOR
EXECUTIVE</FONT></B>

<DIV align="center">
<B><FONT size="2">ANNUAL INCENTIVE COMPENSATION PLAN</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the recommendation of the Compensation
Committee, the Board of Directors has adopted the Senior
Executive Incentive Plan and is submitting it to the
shareholders for approval. If approved by shareholders, the
Senior Executive Incentive Plan will become effective as of
January&nbsp;1, 2004. It is the Board of Directors&#146;
intention that incentive awards will be made under the Senior
Executive Incentive Plan in lieu of awards under the
Company&#146;s existing annual profit sharing plan. The approval
of this plan by the shareholders will enable payments to the
executives under the plan to qualify as &#147;performance
based&#148; compensation for purposes of Section&nbsp;162(m).
The following summary of the Senior Executive Incentive Plan is
qualified in its entirety by reference to the complete text of
the Senior Executive Incentive Plan, which is attached as
Annex&nbsp;B.
</FONT>

<DIV align="left">
<A name='120'></A>
</DIV>

<!-- link1 "General Provisions" -->

<P align="left">
<B><FONT size="2">General Provisions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Purpose. </FONT></I><FONT size="2">The purpose
of the Senior Executive Incentive Plan is to provide incentives
for senior executives to attain and maintain the highest
standards of performance, to attract and retain executives of
outstanding competence and ability, to stimulate the active
interest of key executives in the development and financial
success of the Company, to further align the interests of
employees with those of the shareholders and to reward
executives for outstanding performance when certain annual
performance objectives are achieved.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Administration. </FONT></I><FONT size="2">The
Compensation Committee has been designated to administer the
Senior Executive Incentive Plan. The Compensation Committee will
interpret the Senior Executive Incentive Plan, prescribe, amend,
and rescind rules relating to it, select eligible participants,
and take all other actions necessary for its administration,
which actions will be final and binding upon all participants.
To the extent not otherwise provided for under the
Company&#146;s Articles and By-laws, all members of the Board of
Directors, including the members of the Compensation Committee,
are entitled to be indemnified by the Company with respect to
claims relating to their actions in the administration of the
Senior Executive Incentive Plan, so long as such action is taken
in good faith and within the scope of the Compensation
Committee&#146;s authority under the Senior Executive Incentive
Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Selection of Participants.
</FONT></I><FONT size="2">For each calendar year, the
Compensation Committee will determine in writing the
participants who will be eligible to receive an incentive award
under the Senior Executive Incentive Plan for such period. Only
senior executive officers of the Company are eligible to
participate in the Senior Executive Incentive Plan
(6&nbsp;individuals as of January&nbsp;1, 2004). The
Compensation Committee will make its determination of
participants prior to the commencement of the calendar year, or
at such other time as permitted by Section&nbsp;162(m) of the
Internal Revenue Code.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Performance Objectives.
</FONT></I><FONT size="2">For each calendar year, the
Compensation Committee will establish the applicable performance
objectives in writing prior to the commencement of the calendar
year, or at such other time as permitted by Section&nbsp;162(m)
of the Internal Revenue Code. The performance objectives
selected shall be relative or absolute measures of any one or
more of the Business Criteria (described below). The performance
objectives will, subject to the required certification described
below, state an objective method for computing the amount of
bonus payable to the participant upon attainment of the
performance objectives. The formula will set the target level of
performance required for the performance objectives to be
attained.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Business Criteria.
</FONT></I><FONT size="2">The Business Criteria for purposes of
the Senior Executive Incentive Plan are specified levels of one
or more of the following:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating Income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Net Income
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pre-Tax Income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Customer Retention
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash Flow
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Investment
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on Capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Revenue
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Revenue Growth
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Total Shareholder Return
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on Sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Stock Price
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Expense Targets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Market Share
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Customer Satisfaction
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Productivity Targets
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Earnings Per Share
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sales Growth
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Earnings Per Share Growth
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Economic Value Added
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The above terms have the same meaning as in the
Company&#146;s financial statements, or if the terms are not
used in the Company&#146;s financial statements, as applied
pursuant to generally accepted accounting principles, or as used
in the industry, as applicable. As determined by the
Compensation Committee, the Business Criteria shall be applied
(i)&nbsp;in absolute terms or relative to one or more other
companies or indices and (ii)&nbsp;to a business unit,
geographic region, one or more separately incorporated entities,
or the Company as a whole.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Extraordinary or Unusual Events.
</FONT></I><FONT size="2">The Compensation Committee may, in its
discretion, disregard the impact of any extraordinary or unusual
event (in accordance with generally accepted accounting
procedures) in determining whether a performance objective has
been attained or may make appropriate adjustments in any
performance objective to reflect such extraordinary or unusual
event.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Incentive Award Certification.
</FONT></I><FONT size="2">The Compensation Committee will
certify in writing prior to payment of the incentive award that
the performance objective has been attained and the incentive
award is payable. With respect to Compensation Committee
certification, approved minutes of the meeting in which the
certification is made will be treated as written certification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Maximum Incentive Award Payable.
</FONT></I><FONT size="2">The maximum incentive award payable
under the Senior Executive Incentive Plan to any participant for
any calendar year is $2,500,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Discretion to Reduce Rewards.
</FONT></I><FONT size="2">The Compensation Committee, in its
sole and absolute discretion, may reduce the amount of any award
otherwise payable to a participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Active Employment Requirement.
</FONT></I><FONT size="2">An incentive award will be paid for a
calendar year only to a participant who is actively employed by
the Company (or on approved vacation or other approved leave of
absence) throughout the calendar year and who is employed by the
Company on the date the bonus is paid. To the extent consistent
with the deductibility of awards under Section&nbsp;162(m) of
the Internal Revenue Code and regulations thereunder, the
Compensation Committee may in its sole discretion grant an
incentive award for the calendar year to a participant who is
first employed or who is promoted to a position eligible to
become a participant under the Senior Executive Incentive Plan
during the calendar year, or whose employment is terminated
during the calendar year because of the participant&#146;s
retirement under the Company&#146;s 401(k) plan, death, or
because of disability as defined in Section&nbsp;22(e)(3) of the
Internal Revenue Code. In such cases of partial active
employment, a pro rata incentive award may be paid for the
calendar year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Payment of Incentive Awards.
</FONT></I><FONT size="2">Incentive awards will be paid to
participants for a calendar year in such form and at such time
as the Compensation Committee may determine.
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Shareholder Approval.
</FONT></I><FONT size="2">No incentive award will be payable
under the Senior Executive Incentive Plan unless the Senior
Executive Incentive Plan is approved by the shareholders in
accordance with Section&nbsp;162(m) of the Internal Revenue Code
and regulations thereunder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Amendment and Termination of the Senior
Executive Incentive Plan. </FONT></I><FONT size="2">The
Compensation Committee may amend or terminate the Senior
Executive Incentive Plan at any time, except that no amendment
or termination shall be made which would impair the rights of
any participant to an incentive award which would be payable
were the participant to terminate employment on the effective
date of such amendment or termination, unless the participant
consents to such amendment or termination. The Senior Executive
Incentive Plan will automatically terminate on January&nbsp;1,
2009, unless sooner terminated by action of the Compensation
Committee.
</FONT>

<DIV align="left">
<A name='121'></A>
</DIV>

<!-- link1 "Vote Required" -->

<P align="left">
<B><FONT size="2">Vote Required</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approval of the Senior Executive Incentive Plan
will require the affirmative vote of at least a majority of the
outstanding shares of Polaris common stock present in person or
by proxy and entitled to vote at the Annual Meeting, assuming
the presence of a quorum at the Annual Meeting.
</FONT>

<DIV align="left">
<A name='122'></A>
</DIV>

<!-- link1 "Board Recommendation" -->

<P align="left">
<B><FONT size="2">Board Recommendation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except where authority has been withheld by a
shareholder, the enclosed proxy will be voted for the approval
of the Senior Executive Incentive Plan. <B>The Board of
Directors unanimously recommends a vote &#147;FOR&#148; the
proposal to approve the Senior Executive Incentive Plan.</B>
</FONT>

<P align="center"><FONT size="2">21
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='123'></A>
</DIV>

<!-- link1 "PROPOSAL 3 -- APPROVAL OF LONG TERM INCENTIVE PLAN" -->

<P align="center">
<B><FONT size="2">PROPOSAL&nbsp;3&nbsp;&#151; APPROVAL OF LONG
TERM INCENTIVE PLAN</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the recommendation of the Compensation
Committee, the Board of Directors has adopted the LTIP and is
submitting it to the shareholders for approval. If approved by
shareholders, the LTIP will become effective as of
January&nbsp;1, 2004. It is the Board of Directors&#146;
intention that awards will be made under the LTIP in
substitution for awards previously made to our employees under
the 1995 Restricted Stock Plan. Awards made under the 1995
Restricted Stock Plan will be limited to awards made to
Mr.&nbsp;Tiller under the terms of his employment agreement and
discretionary awards made to new hires or in recognition of
significant contributions to the Company. The following summary
of the LTIP is qualified in its entirety by reference to the
complete text of the LTIP, which is attached as Annex&nbsp;C.
</FONT>

<DIV align="left">
<A name='124'></A>
</DIV>

<!-- link1 "General Provisions" -->

<P align="left">
<B><FONT size="2">General Provisions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Purpose. </FONT></I><FONT size="2">The purpose
of the LTIP is to provide incentives for certain key employees
to attain and maintain the highest standards of performance, to
attract and retain employees of outstanding competence and
ability, to stimulate the active interest of key employees in
the development and financial success of the Company, to further
align the interests of employees with those of the shareholders
and to reward key employees for outstanding performance when
certain long-term performance objectives are achieved.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Administration. </FONT></I><FONT size="2">The
Compensation Committee has been designated to administer the
LTIP. The Compensation Committee will interpret the LTIP,
prescribe, amend, and rescind rules relating to it, select
eligible participants, and take all other actions necessary for
its administration, which actions will be final and binding upon
all participants. To the extent not otherwise provided for under
the Company&#146;s Articles and By-laws, all members of the
Board of Directors, including the members of the Compensation
Committee, are entitled to be indemnified by the Company with
respect to claims relating to their actions in the
administration of the LTIP, so long as such action is taken in
good faith and within the scope of the Compensation
Committee&#146;s authority under the LTIP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Selection of Participants.
</FONT></I><FONT size="2">For each performance period (as
defined under <I>Performance Objectives</I> below), the
Compensation Committee will determine in writing the
participants who will be eligible to receive an award under the
LTIP for such period. Any employee of the Company may be
designated to participate in the LTIP (approximately 3,500
individuals as of January&nbsp;1, 2004). The Compensation
Committee will make its determination of participants prior to
the commencement of the performance period, or at such other
time as permitted by Section&nbsp;162(m) of the Internal Revenue
Code.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Performance Objectives.
</FONT></I><FONT size="2">The performance objectives that apply
to awards under the LTIP will be measured over a period of three
consecutive calendar years. This three-year period is referred
to in this summary as the &#147;performance period.&#148; For
each performance period, the Compensation Committee will
establish the applicable performance objectives in writing prior
to the commencement of the performance period, or at such other
time as permitted by Section&nbsp;162(m) of the Code. The
performance objectives selected shall be relative or absolute
measures of any one or more of the Business Criteria (described
below). The performance objectives will, subject to the required
certification described below, state an objective method for
computing the amount of the award payable to the participant
upon attainment of the performance objectives. The formula will
set the target level of performance required for the performance
objectives to be attained. The amount of an award payable to a
participant may be denominated in cash and, under the terms
established by the Compensation Committee, at a
participant&#146;s election may be adjusted to reflect changes
in the market price of the Company&#146;s common stock during
the applicable performance period, provided that all amounts
paid under the LTIP will be paid in cash.
</FONT>

<P align="center"><FONT size="2">22
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Business Criteria.
</FONT></I><FONT size="2">The Business Criteria for purposes of
the LTIP are specified levels of one or more of the following:
</FONT>

<CENTER>
<TABLE width="40%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating Income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Net Income
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pre-Tax Income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Customer Retention
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash Flow
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Investment
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on Capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Revenue
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Revenue Growth
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Total Shareholder Return
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on Sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Stock Price
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Expense Targets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Market Share
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Customer Satisfaction
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Productivity Targets
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Earnings Per Share
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sales Growth
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Earnings Per Share Growth
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Economic Value Added
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The above terms have the same meaning as in the
Company&#146;s financial statements, or if the terms are not
used in the Company&#146;s financial statements, as applied
pursuant to generally accepted accounting principles, or as used
in the industry, as applicable. As determined by the
Compensation Committee, the Business Criteria shall be applied
(i)&nbsp;in absolute terms or relative to one or more other
companies or indices and (ii)&nbsp;to a business unit,
geographic region, one or more separately incorporated entities,
or the Company as a whole.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Extraordinary or Unusual Events.
</FONT></I><FONT size="2">The Compensation Committee may, in its
discretion, disregard the impact of any extraordinary or unusual
event (in accordance with generally accepted accounting
procedures) in determining whether a performance objective has
been attained or may make appropriate adjustments in any
performance objective to reflect such extraordinary or unusual
event.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Award Certification.
</FONT></I><FONT size="2">The Compensation Committee will
certify in writing prior to payment of the award that the
performance objective has been attained and the award is
payable. With respect to Compensation Committee certification,
approved minutes of the meeting in which the certification is
made will be treated as written certification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Maximum Award Payable.
</FONT></I><FONT size="2">The maximum award payable under the
LTIP to any participant for any calendar year is 200% of such
participant&#146;s base salary (up to a maximum base salary of
$1,000,000).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Discretion to Reduce Rewards.
</FONT></I><FONT size="2">The Compensation Committee, in its
sole and absolute discretion, may reduce the amount of any award
otherwise payable to a participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Active Employment Requirement.
</FONT></I><FONT size="2">An award will be paid for a
performance period only to a participant who is actively
employed by the Company (or on approved vacation or other
approved leave of absence) throughout the performance period and
who is employed by the Company on the date the bonus is paid. To
the extent consistent with the deductibility of awards under
Section&nbsp;162(m) of the Internal Revenue Code and regulation
thereunder, the Compensation Committee may in its sole
discretion grant an award for the performance period to a
participant who is first employed or who is promoted to a
position eligible to become a participant under the LTIP during
the performance period, or whose employment is terminated during
the performance period because of the participant&#146;s
retirement under the Company&#146;s 401(k) plan, death, or
because of disability as defined in Section&nbsp;22(e)(3) of the
Internal Revenue Code. In such cases of partial active
employment, a pro rata award may be paid for the performance
period.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Payment of Awards.
</FONT></I><FONT size="2">Awards will be paid to participants
for a performance period in such form and at such time as the
Compensation Committee may determine.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Shareholder Approval.
</FONT></I><FONT size="2">No award will be payable under the
LTIP unless the LTIP is approved by the shareholders in
accordance with Section&nbsp;162(m) of the Internal Revenue Code
and regulations thereunder.
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Amendment and Termination of the LTIP.
</FONT></I><FONT size="2">The Compensation Committee may amend
or terminate the LTIP at any time, except that no amendment or
termination shall be made which would impair the rights of any
participant to an award which would be payable were the
participant to terminate employment on the effective date of
such amendment or termination, unless the participant consents
to such amendment or termination. The LTIP will automatically
terminate on January&nbsp;1, 2009, unless sooner terminated by
action of the Compensation Committee.
</FONT>

<DIV align="left">
<A name='125'></A>
</DIV>

<!-- link1 "Vote Required" -->

<P align="left">
<B><FONT size="2">Vote Required</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approval of the LTIP will require the affirmative
vote of at least a majority of the outstanding shares of Polaris
common stock present in person or by proxy and entitled to vote
at the Annual Meeting, assuming the presence of a quorum at the
Annual Meeting.
</FONT>

<DIV align="left">
<A name='126'></A>
</DIV>

<!-- link1 "Board Recommendation" -->

<P align="left">
<B><FONT size="2">Board Recommendation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except where authority has been withheld by a
shareholder, the enclosed proxy will be voted for the approval
of the LTIP. <B>The Board of Directors unanimously recommends a
vote &#147;FOR&#148; the proposal to approve the LTIP.</B>
</FONT>

<P align="center"><FONT size="2">24
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='127'></A>
</DIV>

<!-- link1 "PROPOSAL 4 -- APPROVAL OF AMENDMENTS TO 1995 STOCK OPTION PLAN" -->

<P align="center">
<B><FONT size="2">PROPOSAL&nbsp;4&nbsp;&#151; APPROVAL OF
AMENDMENTS TO 1995</FONT></B>

<DIV align="center">
<B><FONT size="2">STOCK OPTION PLAN</FONT></B>
</DIV>

<DIV align="left">
<A name='128'></A>
</DIV>

<!-- link1 "General Information" -->

<P align="left">
<B><FONT size="2">General Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the recommendation of the Compensation
Committee, the Board of Directors has recommended that the
shareholders of the Company approve the Company&#146;s 1995
Stock Option Plan, as amended and restated on January&nbsp;18,
2001 and approved by the Company&#146;s shareholders on
May&nbsp;3, 2001 (the &#147;Original Stock Option Plan&#148;),
as amended by the Board of Directors on January&nbsp;22, 2004
(the &#147;Amended Stock Option Plan&#148;). A vote in favor of
the Amended Stock Option Plan will be a vote in favor of the
amendments to the Original Stock Option Plan which will
(1)&nbsp;increase the number of shares of Polaris common stock
reserved for issuance thereunder by 2,000,000&nbsp;shares, on a
post-split basis, (2)&nbsp;increase the number of shares of
Polaris common stock that may be awarded to a participant in any
calendar year from 600,000 to 1,200,000, on a post-split basis,
and (3)&nbsp;extend the expiration date of the plan from
March&nbsp;15, 2005 to March&nbsp;15, 2010.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The reserve of shares of common stock under the
Original Stock Option Plan is subject to appropriate adjustment
in the event of certain changes in the common stock, including
by reason of a stock split. As of the record date for the Annual
Meeting, 6,200,000&nbsp;shares of common stock (on a post-split
basis) were reserved for issuance under the Original Stock
Option Plan. Of that total, 242,864&nbsp;shares of common stock
(on a post-split basis) remained available for future grants. If
the proposed amendment is approved, there will be an aggregate
of 2,242,864&nbsp;shares available for future grants. The Board
of Directors believes that the grant of stock options to
officers and key employees, consultants and independent
contractors of the Company is a vital factor in attracting and
retaining effective and capable personnel who contribute to the
growth and success of the Company and in establishing a direct
link between the financial interests of such individuals and of
the Company&#146;s shareholders and that it is prudent to
increase the number of shares of common stock available for
future grants at this time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following summary of the Amended Stock Option
Plan is qualified in its entirety by reference to the complete
text of the Amended Stock Option Plan, which is attached as
Annex&nbsp;D.
</FONT>

<DIV align="left">
<A name='129'></A>
</DIV>

<!-- link1 "General Provisions" -->

<P align="left">
<B><FONT size="2">General Provisions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Duration of the Amended Stock Option Plan;
Shares to be Issued.</FONT></I><FONT size="2"> The Original
Stock Option Plan became effective on March&nbsp;15, 1995. If
the proposed amendment is approved, the Amended Stock Option
Plan will remain effective until March&nbsp;15, 2010 unless
terminated earlier by the Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The shares of common stock to be issued or
delivered under the Amended Stock Option Plan will be authorized
and unissued shares or previously issued and outstanding shares
of common stock reacquired by the Company. Shares of common
stock covered by any unexercised portions of terminated options
and shares of common stock subject to any awards which are
otherwise surrendered by participants without receiving any
payment or other benefit with respect thereto may again be
subject to new awards under the Amended Stock Option Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;1, 2004, the closing price of
Polaris common stock on the New&nbsp;York Stock Exchange was
$86.66&nbsp;per share, on a pre-split basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Administration. </FONT></I><FONT size="2">The
Amended Stock Option Plan is administered by the Compensation
Committee of the Board of Directors. The Compensation Committee
is comprised solely of non-employee independent directors of the
Company who are not eligible to participate in the Amended Stock
Option Plan. The Compensation Committee determines the employees
who will be eligible for and granted awards, determines the
amount and type of awards, establishes rules and guidelines
relating to the Amended Stock Option Plan, establishes, modifies
and determines terms and conditions of awards and takes such
other action as may be necessary for the proper administration
of the Amended Stock Option Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Participants. </FONT></I><FONT size="2">Any
employee, consultant or independent contractor of the Company or
its subsidiaries may be selected by the Compensation Committee
to receive an award under the Amended Stock Option Plan.
Presently, there are approximately 3,500 persons eligible to
participate in the Amended Stock Option Plan. It
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<DIV align="left">
<FONT size="2">is not possible at this time to determine the
amount of stock options to be allocated to specific persons or
groups from the additional number of shares being added to the
pool of shares available under the Amended Stock Option Plan. If
the proposed amendment is approved, no participant may receive
stock option awards in respect of more than
1,200,000&nbsp;shares of common stock in any calendar year.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Awards Available Under Amended Stock Option
Plan. </FONT></I><FONT size="2">Awards to participants under the
Amended Stock Option Plan may take the form of stock options
meeting the requirements of Section&nbsp;422 of the Internal
Revenue Code (&#147;Incentive Stock Options&#148;) and stock
options which do not meet such requirements (&#147;Nonqualified
Stock Options&#148;). The duration of each option will be
determined by the Compensation Committee, but no option will be
exercisable more than ten years after the date of grant. The
exercise price for stock options must be at least equal to 100%
of the fair market value of the common stock on the date of
grant of such option. The exercise price will be payable in cash
or in such other form as the Compensation Committee may approve
in the applicable award agreement, including, without
limitation, by a cashless exercise through a broker or the
delivery to the Company of (i)&nbsp;a promissory note equal to
the exercise price (but the par value of the shares must be paid
in cash) or (ii)&nbsp;shares of common stock owned by the
participant for at least six months.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The options will be subject to restrictions on
exercise, such as exercise in periodic installments or upon
attainment of specified performance criteria, as determined by
the Compensation Committee. Stock options granted under the
Amended Stock Option Plan will not be transferable except by
will or the laws of descent and distribution and may be
exercised only by a participant during his or her lifetime.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise determined by the Compensation
Committee and provided in the applicable option agreement,
options will be exercisable within thirty days of any
termination of services other than termination due to
disability, death or normal retirement (but not later than the
expiration date of the option). The options will be exercisable
within one year of a termination of services by reason of
disability, death or normal retirement (but not later than the
expiration date of the option), but an Incentive Stock Option
will not be exercisable more than three months after retirement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Termination and Amendment.
</FONT></I><FONT size="2">The Board may amend or terminate the
Amended Stock Option Plan at any time but, without a participant
consent, no such action will affect or in any way impair the
rights of such participant under any award granted prior to such
action, and no amendment will be made without the approval of
the Company&#146;s shareholders if such approval is required to
maintain the compliance of the Amended Stock Option Plan with
Section&nbsp;162 (m) of the Internal Revenue Code.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Antidilution Provisions.
</FONT></I><FONT size="2">The amount of shares authorized to be
issued under the Amended Stock Option Plan, and the terms of
outstanding stock options, may be adjusted to prevent dilution
or enlargement of rights in the event of any stock dividend,
reorganization, reclassification, recapitalization, stock split,
combination, merger, consolidation or other capitalization
change of similar effect.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Withholding Obligations.
</FONT></I><FONT size="2">The Company has the right to deduct
from a participant&#146;s salary, bonus or other compensation
any taxes required to be withheld with respect to options
granted under the Amended Stock Option Plan. Alternatively, a
participant can satisfy his or her tax withholding obligations
under the Amended Stock Option Plan by tendering shares of
Polaris common stock owned by such participant or reducing the
number of shares issuable pursuant to the award.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Certain Federal Income Tax Consequences.
</FONT></I><FONT size="2">The following is a brief summary of
the principal federal income tax consequences of awards under
the Amended Stock Option Plan to United States citizens based
upon current federal income tax laws. The summary is not
intended to be exhaustive and, among other things, does not
describe state, local or foreign tax consequences. Changes in
the law and the regulations may modify the discussion, and, in
some cases, changes may be retroactive. In addition, tax
consequences may vary depending upon the personal circumstances
of individual holders of options and the tax requirements
applicable to residents of countries other than the United
States.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An option holder will not recognize income upon
the grant of an option under the Amended Stock Option Plan or at
any other time prior to the exercise of the option. Upon
exercise of a Nonqualified Stock Option, the option holder will
recognize compensation taxable as ordinary income in an amount
equal to the excess of the
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<DIV align="left">
<FONT size="2">fair market value of the common stock on the date
the option is exercised over the exercise price of the option.
This income is subject to withholding and other employment
taxes. The Company is entitled to a deduction in a like amount
for compensation income recognized by the option holder.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A subsequent taxable disposition of shares of
common stock acquired upon exercise of a Nonqualified Stock
Option will generally result in a capital gain or loss measured
by the difference between the fair market value of the common
stock on the date the option was exercised and the amount
realized on later disposition. The gain or loss will be
long-term if the shares of common stock are held for more than
one year, and short-term if held for one year or less.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An option holder will not recognize income upon
the grant or exercise of an Incentive Stock Option under the
Amended Stock Option Plan. The difference between the fair
market value of the common stock on the date of exercise and the
exercise price, however, is an item of adjustment for purposes
of the alternative minimum tax.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If an option holder who has acquired shares of
common stock by the exercise of an Incentive Stock Option makes
a taxable disposition of the stock at least two years after the
date the option was granted and at least one year after the
transfer of the stock to the option holder, the option holder
generally will recognize a long-term capital gain or loss
measured by the difference between the exercise price and the
selling price.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If an option holder who has acquired shares of
common stock by the exercise of an Incentive Stock Option makes
a taxable disposition of the stock within two years from the
date the option was granted or within one year after the
transfer of the stock to the option holder, a disqualifying
disposition occurs. In that event, the option holder recognizes
ordinary income equal to the lesser of the actual gain on the
disposition or the difference between the exercise price and the
fair market value of the common stock on the date of exercise.
The Company is entitled to a deduction in a like amount for
compensation income recognized by the option holder. If a loss
is sustained on such a disposition, the loss will generally be
treated as a capital loss. If the amount received on the
disqualifying disposition exceeds the fair market value of the
common stock on the date of exercise, the excess will generally
be either a long-term or short-term capital gain, depending on
the holding period of the shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The deductibility by the Company of amounts
recognized as ordinary income by option holders upon the
exercise or disposition of stock options may be limited under
certain provisions of the Internal Revenue Code, including the
$1&nbsp;million deduction limit per executive under
Section&nbsp;162(m) and the limit with respect to certain
payments in connection with a change in control under
Section&nbsp;280G.
</FONT>

<DIV align="left">
<A name='130'></A>
</DIV>

<!-- link1 "Vote Required" -->

<P align="left">
<B><FONT size="2">Vote Required</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approval of the Amended Stock Option Plan will
require the affirmative vote of at least a majority of the
outstanding shares of Polaris common stock present in person or
by proxy at the Annual Meeting, assuming the presence of a
quorum at the Annual Meeting.
</FONT>

<DIV align="left">
<A name='131'></A>
</DIV>

<!-- link1 "Board Recommendation" -->

<P align="left">
<B><FONT size="2">Board Recommendation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except where authority has been withheld by a
shareholder, the enclosed proxy will be voted for the approval
of the Amended Stock Option Plan. <B>The Board of Directors
unanimously recommends a vote &#147;FOR&#148; the proposal to
approve the Amended Stock Option Plan.</B>
</FONT>

<DIV align="left">
<A name='132'></A>
</DIV>

<!-- link1 "EQUITY COMPENSATION PLANS" -->

<P align="center">
<B><FONT size="2">EQUITY COMPENSATION PLANS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<A name='133'></A>

<!-- link1 "Equity Compensation Plans Approved by Shareholders." -->

<DIV align="left">
<I><FONT size="2">Equity Compensation Plans Approved by
Shareholders. </FONT></I><FONT size="2">Our shareholders have
approved the Polaris Industries Inc. 1995 Stock Option Plan, the
Polaris Industries Inc. 1996 Restricted Stock Plan, the Polaris
Industries Inc. Employee Stock Purchase Plan, the Polaris
Industries Inc. Deferred Compensation Plan for Directors and the
2003 Non-Employee Director Stock Option Plan.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<A name='134'></A>

<!-- link1 "Equity Compensation Plans Not Approved by Shareholders." -->

<DIV align="left">
<I><FONT size="2">Equity Compensation Plans Not Approved by
Shareholders.</FONT></I><FONT size="2"> The Polaris Industries
Inc. 1999 Broad-Based Stock Option Plan was approved by the
Board of Directors, but was not approved by the shareholders.
</FONT>
</DIV>

<P align="center"><FONT size="2">27
</FONT>

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<DIV align="left">
<FONT size="2">Neither the NYSE rules nor federal law required
shareholder approval at the time the 1999 Broad-Based Stock
Option Plan was adopted and accordingly it was not submitted for
shareholder approval.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Polaris Industries Inc. 1999
Broad-Based Stock Option Plan, each of the Company&#146;s
full-time employees, and any part-time employee who had
performed at least 1,000&nbsp;hours of service prior to the date
of grant, received a one-time award of non-qualified stock
options to purchase shares of Polaris common stock. The
Company&#146;s executive officers and directors are not eligible
to participate in this plan. On April&nbsp;1, 1999, an aggregate
of 675,400 options, as adjusted to reflect the two-for-one split
of the Company&#146;s common stock, were granted under the plan,
consisting of an option to each fulltime employee to purchase
200&nbsp;shares and an option to each part-time employee to
purchase 100&nbsp;shares of Polaris common stock, each as
adjusted to reflect the two-for-one split of the Company&#146;s
common stock. These grants were made at the fair market value of
Polaris common stock as of the grant date. Of the 675,400
options initially granted under the plan, an aggregate of
518,400 options, as adjusted for the two-for-one split of the
Company&#146;s common stock, vested on March&nbsp;7, 2002 when
the closing price of Polaris common stock, as reported on the
NYSE, was two times the per share exercise price of such
options. The Board of Directors does not intend to grant any
future options under this plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<A name='135'></A>

<!-- link1 "Summary Table." -->

<DIV align="left">
<I><FONT size="2">Summary Table. </FONT></I><FONT size="2">The
following table sets forth certain information as of
December&nbsp;31, 2003, with respect to compensation plans under
which shares of Polaris common stock may be issued. The number
of securities appearing in the following table have been
adjusted to reflect the two-for-one split of the Company&#146;s
common stock.
</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">securities</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">remaining available</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">for future issuance</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">under equity</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">securities to be</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">compensation</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">issued upon</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted-average</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">plans (excluding</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">exercise of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">exercise price of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">securities reflected</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">outstanding options,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">outstanding options,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">in the first</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Plan Category</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">warrants and rights</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">warrants and rights</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">column)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity Compensation plans approved by security
    holders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,702,612</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.21</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">991,760</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity compensation plans not approved by
    security holders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,900</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,801,512</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">991,760</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Does not include an aggregate of
    57,216&nbsp;common stock equivalents acquired on various dates
    between 1995 and December&nbsp;31, 2003 pursuant to the
    Company&#146;s Deferred Compensation Plan for Directors at
    prices ranging from $10.37 to $41.31, as adjusted for the
    two-for-one split of the Company&#146;s common stock. A director
    will receive one share of common stock for every common stock
    equivalent held by that director upon his or her termination of
    service as a member of the Board of Directors.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">28
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='136'></A>
</DIV>

<!-- link1 "EXECUTIVE COMPENSATION AND STOCK OPTION INFORMATION" -->

<P align="center">
<B><FONT size="2">EXECUTIVE COMPENSATION AND STOCK OPTION
INFORMATION</FONT></B>

<DIV align="left">
<A name='137'></A>
</DIV>

<!-- link1 "Executive Compensation Summary" -->

<P align="left">
<B><FONT size="2">Executive Compensation Summary</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows, for each of the last
three fiscal years, the annual compensation paid to or earned by
the Company&#146;s Chief Executive Officer and the other four
most highly compensated executive officers (the &#147;Executive
Officers&#148;) in all capacities in which they served.
</FONT>

<P align="center">
<B><FONT size="2">Summary Compensation Table</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Awards</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Annual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Restricted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">All Other</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Salary</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Bonus</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1"># of Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)&nbsp;(A)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)&nbsp;(B)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)&nbsp;(C)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)&nbsp;(D)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(#) (E)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)&nbsp;(F)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thomas C. Tiller
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">675,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,210,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2,150,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91,982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chief Executive Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">614,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,165,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,424,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">85,956</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">and President
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">571,157</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,085,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2,002,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">950,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">77,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Bjorkman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">249,038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">210,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24,202</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#150;
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">225,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">210,863</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">16,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">203,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">185,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">123,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">19,404</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John B. Corness
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">224,231</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">189,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">15,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21,077</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#150; Human
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">204,229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">180,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">184,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">14,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">19,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Resources
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">185,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">170,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">123,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">18,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael W. Malone
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">203,076</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">173,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">15,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">19,904</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#150;&nbsp;Finance,
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">184,806</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">160,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">158,147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">17,490</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chief Financial Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">172,404</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">145,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">82,325</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">8,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">17,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">and Secretary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kenneth J. Sobaski
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">330,769</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">225,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91,515</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">16,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#150; Sales,
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">307,693</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">250,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">210,863</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">16,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Marketing and Business
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">111,538</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">70,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">623,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">60,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1,154</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Development&nbsp;(G)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(A)</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes amounts deferred by the Executive
    Officers under the Company&#146;s 401(k) Retirement Saving Plan
    and Supplemental Retirement/ Savings Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(B)</FONT></TD>
    <TD align="left">
    <FONT size="2">Profit sharing bonus payments are reported for
    the year in which the related services were performed.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(C)</FONT></TD>
    <TD align="left">
    <FONT size="2">The Company provides club memberships, club dues,
    financial planning and tax preparation, relocation benefits,
    Exec-U-Care coverage, as well as standard employee medical,
    dental, and disability coverage to its Executive Officers. The
    value of all &#147;Other Annual Compensation&#148; is less than
    the minimum of $50,000 or 10%&nbsp;of the total cash
    compensation for each person reported above, except for
    Mr.&nbsp;Sobaski who in 2003 received a one-time relocation
    payment of $39,659 and a medical reimbursement payment of
    $49,775 under the Exec-U-Care coverage.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(D)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Company granted restricted stock awards to
    employees (including the Executive Officers) in 2001, 2002 and
    2003. All restricted stock awards were approved by the
    appropriate committee of the Board of Directors and were granted
    in accordance with the Company&#146;s 1996 Restricted Stock
    Plan. The amounts shown in this column were calculated by
    multiplying the closing market price of Polaris&#146; common
    stock on the date of grant by the number of shares granted. An
    aggregate of 100,000 restricted shares, on a post-split basis,
    become freely tradeable only upon the Company achieving certain
    compounded earnings growth targets within a four year period and
    an aggregate of 159,620 restricted shares, on a post-split
    basis, become freely tradeable three years after the date of
    issuance provided that the holder continues to be an employee of
    the Company. The total number and value of restricted stock
    holdings as of December&nbsp;31, 2003 (the last trading day of
    calendar year 2003), calculated by multiplying the closing
    market price of Polaris&#146; common stock on December&nbsp;31,
    2003 of $44.29&nbsp;per share, as adjusted for the two-for one
    stock split, by the number of restricted shares held, for the
    named officers are as follows: Messrs.&nbsp;Tiller, 190,000,
    $8,415,100; Bjorkman, 12,950, $573,556; Corness, 12,020,
    $532,366; Malone, 9,250, $409,683 and Sobaski, 35,400,
    $1,567,866. The number of shares of restricted stock have been
    adjusted to reflect the two-for-one split of the Company&#146;s
    common stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(E)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Company granted stock options to employees
    (including the Executive Officers) in 2001, 2002 and 2003. All
    stock option grants were approved by the appropriate committee
    of the Board of Directors and granted in accordance
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">29
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">with the Company&#146;s 1995 Stock Option Plan.
    These numbers have been adjusted to reflect the two-for-one
    stock split of the Company&#146;s common stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(F)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Consists of Company matching contributions to the
    Polaris 401(k) Retirement Saving Plan and Supplemental
    Retirement/ Savings Plan. The Supplemental Retirement/ Savings
    Plan began July&nbsp;1, 1995 and is a nonqualified plan which
    mirrors the Polaris 401(k) Retirement Saving Plan without the
    Internal Revenue Service contribution limitations. The Executive
    Officers each received $12,000 in matching contributions to the
    Polaris 401(k) Retirement Saving Plan during 2003, except for
    Mr.&nbsp;Sobaski. The Supplemental Retirement/ Savings Plan
    contributions during 2003 were $79,982, $12,202, $9,077, $7,904
    and $0, respectively, for Messrs.&nbsp;Tiller, Bjorkman,
    Corness, Malone and Sobaski.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(G)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Mr.&nbsp;Sobaski joined the Company in October
    2001.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company does not maintain any defined benefit
or actuarial pension plan under which benefits are determined
primarily by final compensation and years of service.
</FONT>

<DIV align="left">
<A name='138'></A>
</DIV>

<!-- link1 "Option Grants in 2003" -->

<P align="left">
<B><FONT size="2">Option Grants in 2003</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows all options to purchase
Polaris common stock granted in 2003 to each of our Executive
Officers named in the Summary Compensation Table and the
potential value of such grants at stock price appreciation rates
of 5% and 10%, compounded annually over the maximum ten-year
term of the options. The 5% and 10% rates of appreciation are
required to be disclosed by SEC rules and are not intended to
forecast possible future appreciation, if any, in our stock
price. The actual future value of the options will depend on the
market value of the Company&#146;s common stock.
</FONT>

<P align="center">
<B><FONT size="2">OPTION GRANTS DURING 2003 AND</FONT></B>

<DIV align="center">
<B><FONT size="2">ASSUMED POTENTIAL REALIZABLE VALUES</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Individual Grants</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Potential Realizable Value at</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Assumed Annual Rates of</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">% of Total Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Stock Price Appreciation for</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Granted to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Option Term</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Employees in</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Price</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expiration</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Granted(A)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fiscal Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($/Share)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">5%</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">10%</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thomas C. Tiller
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36.27</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43.015</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11/3/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,705,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,855,483</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Bjorkman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.25</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43.015</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11/3/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">541,038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,371,097</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John B. Corness
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.44</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43.015</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11/3/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">405,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,028,322</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael W. Malone
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.44</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43.015</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11/3/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">405,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,028,322</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kenneth J. Sobaski
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.80</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43.015</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11/3/2013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">432,830</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,096,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="31%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(A)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The options were granted at an exercise price
    based on $43.015, the closing price of the Company&#146;s common
    stock on the grant date, as adjusted for the two-for-one split
    of the Company&#146;s common stock. All of the options become
    exercisable on November&nbsp;3, 2006, the third anniversary of
    the date of grant.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">30
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='139'></A>
</DIV>

<!-- link1 "Option Exercises and Values for 2003" -->

<P align="left">
<B><FONT size="2">Option Exercises and Values for 2003</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table gives information for options
exercised by each of the Executive Officers in 2003 and the
value (stock price less exercise price) of the remaining options
held by those Executive Officers at year-end measured in terms
of the closing price of Polaris common stock on
December&nbsp;31, 2003, the last trading day of the year.
</FONT>

<P align="center">
<B><FONT size="2">AGGREGATED OPTION EXERCISES DURING 2003
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">OPTION VALUES ON DECEMBER&nbsp;31,
2003</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Value of In-the-Money</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Shares Covered by</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Outstanding Options</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Outstanding Options (A)</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">12/31/03(B)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares Covered</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gain at</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">by Exercises(A)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise Date</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unexercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unexercisable</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thomas C. Tiller
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,550,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">650,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,162,450</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,756,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey A. Bjorkman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">467,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,473,885</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">542,700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John B. Corness
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,284,327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">504,735</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael W. Malone
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">183,702</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">763,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">384,985</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kenneth J. Sobaski
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,610,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="31%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(A)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Numbers of shares have been adjusted to reflect
    the two-for-one split of the Company&#146;s common stock.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(B)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">For purposes of this column, the value of
    unexercised options means the difference between the option
    exercise price and the market value of the underlying shares
    based on $44.29, the closing price for the Company&#146;s common
    stock on December&nbsp;31, 2003, as adjusted to reflect the
    two-for-one split of the Company&#146;s common stock. As used in
    this column, an option was in-the-money on December&nbsp;31,
    2003 if the option exercise price is less than the market value
    of the underlying shares based on the closing price for the
    Company&#146;s common stock on that date.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name='140'></A>
</DIV>

<!-- link1 "Employment, Termination and Change in Control Agreements" -->

<P align="left">
<B><FONT size="2">Employment, Termination and Change in Control
Agreements</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Agreement with Mr.&nbsp;Tiller</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Tiller and Polaris entered into an
employment agreement effective January&nbsp;1, 2001, which
replaced all prior agreements, except for his Change of Control
Agreement dated April&nbsp;1, 1998, which remains in effect. The
employment agreement provides that Mr.&nbsp;Tiller will continue
to be employed as Chief Executive Officer and President of the
Company through at least December&nbsp;31, 2005.
Mr.&nbsp;Tiller&#146;s agreement provides for:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an annual base salary of at least $600,000, which
    will be reviewed twice during the term of his employment by the
    Compensation Committee of the Board of Directors. The
    Compensation Committee reviewed and increased his base salary to
    $675,000, effective as of November&nbsp;1, 2002;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a target annual bonus of 200% of his base salary
    under the Company&#146;s bonus/profit sharing arrangements,
    subject to attainment of performance criteria as determined by
    the Compensation Committee of the Board of Directors;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an annual stock option grant to purchase at least
    100,000&nbsp;shares of common stock, as adjusted for the
    two-for-one split of the Company&#146;s common stock, under the
    Company&#146;s 1995 Stock Option Plan at exercise prices equal
    to the fair market value of such shares on the dates of grant,
    which option will vest upon the achievement of goals and
    milestones established by the Compensation Committee;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an annual performance restricted share award for
    at least 50,000&nbsp;shares of common stock, as adjusted for the
    two-for-one split of the Company&#146;s common stock, under the
    Company&#146;s 1996 Restricted Stock Plan, which restricted
    share award will vest upon the achievement of goals and
    milestones established by the Compensation Committee.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">31
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If Mr.&nbsp;Tiller&#146;s employment terminates
as a result of his death or disability, he or his designated
beneficiaries, as appropriate, will receive payments equal to
(i)&nbsp;his base salary earned through the date of termination
payable when such salary would customarily be paid; (ii)&nbsp;a
pro rata bonus payment for the year of termination based on the
average of the annual bonuses paid or payable to him for the two
calendar years preceding the year in which the termination
occurs payable when bonuses for such period are customarily
paid; and (iii)&nbsp;any annual bonus for a preceding year that
remains unpaid at the time of termination payable when such
bonuses are paid to other executives of the Company. In
addition, all of his outstanding stock options and restricted
share awards will vest immediately.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If Mr.&nbsp;Tiller&#146;s employment is
terminated by the Company for cause or by him without good
reason, he will receive (i)&nbsp;his base salary earned through
the date of termination; and (ii)&nbsp;any annual bonus for a
preceding year that remains unpaid at the time of termination
payable when such bonuses are paid to other executives of the
Company. Upon termination under these circumstances, all stock
options and unvested restricted share awards will terminate
immediately and he may purchase health insurance under the
Company&#146;s then existing health insurance plan in accordance
with applicable government requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If Mr.&nbsp;Tiller&#146;s employment is
terminated by the Company without cause or by him for good
reason, he will receive payments equal to (i)&nbsp;his base
salary earned through the date of termination; (ii)&nbsp;a pro
rata bonus payment for the year of termination based on the
average of the annual bonuses paid or payable to him for the two
calendar years preceding the year in which the termination
occurs payable when bonuses for such period are customarily
paid; (iii)&nbsp;his base salary as then in effect for a
two-year period, payable in monthly installments at the times
such base salary would customarily be paid; (iv)&nbsp;a pro rata
bonus payment in each of the two years following termination
based on the average of the annual bonuses paid or payable to
him for the two calendar years preceding the year in which the
termination occurs payable when the annual bonuses for such
years are paid; and (v)&nbsp;any annual bonus for a preceding
year that remains unpaid at the time of termination payable when
such bonuses are paid to other executives of the Company. In
addition, the Company will provide him with medical and dental
insurance coverage for a period ending on the earlier of the
second anniversary of the date of termination or the date on
which another employer employs him. Any stock options and
restricted share awards that would, by their terms, vest on or
before the first anniversary of the date of termination will
vest immediately, and in the case of stock options, be
exercisable until the first anniversary of the date of
termination.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under his employment agreement, Mr.&nbsp;Tiller
has agreed not to engage in competitive activities for a
specified period of time following his termination of employment.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Change in Control Agreements</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has entered into change in control
agreements (the &#147;Agreements&#148;) with the Executive
Officers named in the Summary Compensation Table which become
effective only upon a Change in Control (as defined in the
Agreements). If upon or within 24&nbsp;months after a Change in
Control, any of the Executive Officers terminates his employment
for Good Reason or such employee&#146;s employment is terminated
without Cause (as such terms are defined in the Agreements), he
will be entitled to all accrued but unpaid compensation and
benefits and a lump-sum cash payment equal to two times his
average annual cash compensation (including cash bonuses, but
excluding the award or exercise of stock options or stock
grants) for the three fiscal years (or lesser number of years if
such employee&#146;s employment has been of shorter duration) of
the Company immediately preceding such termination. If such
termination occurs before a cash bonus for any preceding fiscal
year has been paid, the Company is required to pay to the
employee the amount of the employee&#146;s cash bonus for such
preceding fiscal year as soon as it is determinable and such
amount is to be included in the determination of the payment to
be made pursuant to the Agreement. No cash bonus shall be paid
for any part of the fiscal year in which the termination occurs.
</FONT>

<P align="center"><FONT size="2">32
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='141'></A>
</DIV>

<!-- link1 "COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION" -->

<P align="center">
<B><FONT size="2">COMPENSATION COMMITTEE REPORT ON EXECUTIVE
COMPENSATION</FONT></B>

<DIV align="left">
<A name='142'></A>
</DIV>

<!-- link1 "Executive Compensation Philosophy" -->

<P align="left">
<B><FONT size="2">Executive Compensation Philosophy</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s executive total compensation
program is tied closely to Company performance and aimed at
enabling the Company to attract and retain the best possible
executive talent, aligning the financial interests of the
Company&#146;s management with those of its shareholders and
rewarding those executives commensurably with their ability to
drive increases in shareholder value. The program consists of a
combination of base salary, annual profit sharing awards, stock
options and restricted stock.
</FONT>

<DIV align="left">
<A name='143'></A>
</DIV>

<!-- link1 "2003 Executive Compensation" -->

<P align="left">
<B><FONT size="2">2003 Executive Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The goal of Polaris&#146; executive total
compensation program is to significantly correlate the level of
executive compensation, when taken as a whole, with the level of
Company performance. This is accomplished through the use of a
combination of annual profit sharing bonus payments and
long-term stock-based compensation programs in conjunction with
base compensation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;162(m) of the Internal Revenue Code
generally provides that a publicly held corporation will not be
entitled to deduct for federal income tax purposes compensation
paid to either its chief executive officer or any of its four
other most highly compensated executive officers in excess of
$1&nbsp;million in any year. Compensation based upon company
performance is not subject to the deduction limit if certain
requirements are met. Grants under the Company&#146;s stock
based compensation programs are generally performance based.
There is a likelihood, however, that the Company will not be
entitled to deduct a portion of the compensation arising out of
the vesting of certain restricted stock awards that were granted
to the Chief Executive Officer in 2000 and 2001 as well as
annual profit sharing bonuses to executive officers because
those bonuses do not meet Section&nbsp;162(m)&#146;s requirement
that they be &#147;payable solely on account of attainment of
one or more performance goals.&#148; A proposal is being
submitted to the shareholders at the Annual Meeting for approval
of the Senior Executive Annual Incentive Compensation Plan that
will meet the requirements of Section&nbsp;162(m). A description
of this plan can be found on page&nbsp;19 of this Proxy
Statement. Additionally, the Company has reduced its reliance
upon the issuance of non-performance based restricted stock
awards as part of its compensation philosophy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2003, an independent consulting firm
conducted a study that compared the total cash compensation
(base salary and annual incentives) of executives at Polaris to
that of their counterparts at peer companies. The results of
that analysis indicated that the four most highly compensated
executives of the Company (excluding the Chief Executive
Officer) had, in aggregate, total cash compensation that was
slightly below the 75th percentile of the market. The analysis
indicated that the Chief Executive Officer&#146;s total cash
compensation was significantly above the 75th percentile of the
market. This reflects Polaris&#146; compensation philosophy of
correlating a significant portion of the Chief Executive
Officer&#146;s compensation to the overall financial performance
of the Company and his personal performance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Annual profit sharing bonuses for 2003 were paid
in accordance with the established Company profit sharing plan.
Stock option grants and restricted share awards for 2003 were
approved by the Compensation Committee of the Board of Directors
and were issued in accordance with the Company&#146;s 1995 Stock
Option Plan and its 1996 Restricted Stock Plan, respectively.
</FONT>

<DIV align="left">
<A name='144'></A>
</DIV>

<!-- link1 "2003 Chief Executive Officer Compensation" -->

<P align="left">
<B><FONT size="2">2003 Chief Executive Officer
Compensation</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">2003 Chief Executive Officer Base Salary,
    Benefits and Perquisites</FONT></I></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">The base salary of Mr.&nbsp;Tiller, Polaris&#146;
    Chief Executive Officer, has been $675,000 since his most recent
    salary increase on November&nbsp;1, 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Benefits and perquisites paid or made available
    to Mr.&nbsp;Tiller during 2003 included club memberships, club
    dues, financial planning and tax preparation, Exec-U-Care as
    well as standard employee medical and dental benefits and 401(k)
    retirement savings plan participation augmented by a
    supplemental retirement/savings plan designed to mirror the
    401(k) retirement savings plan.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">33
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">2003 Chief Executive Officer Annual Bonus
    (Profit Sharing Award)</FONT></I></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">In accordance with the established Company profit
    sharing plan, Mr.&nbsp;Tiller received a profit sharing bonus of
    $1,210,000 in February 2004 for his 2003 performance. The
    aggregate amount of funding for the profit sharing plan is
    determined by Company performance. The specific amount of
    Mr.&nbsp;Tiller&#146;s award was determined by the Compensation
    Committee of the Board of Directors and the independent
    directors based on his individual contributions to the
    Company&#146;s success.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">2003 Chief Executive Officer Stock Option
    Grants and Restricted Share Awards</FONT></I></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">On November&nbsp;3, 2003, in accordance with his
    employment agreement with the Company, Mr.&nbsp;Tiller was
    granted stock options with an exercise price of $43.015&nbsp;per
    share for 100,000&nbsp;shares of common stock and restricted
    share awards with respect to 50,000&nbsp;shares of common stock,
    each as adjusted to reflect the two-for-one split of the
    Company&#146;s common stock. Both the stock option grants and
    the restricted share awards are considered performance-based for
    purposes of Section&nbsp;162(m) of the Internal Revenue Code.
    The stock options were granted in accordance with the
    Company&#146;s 1995 Stock Option Plan and vest on the third
    anniversary of the date of grant. The restricted share awards
    were granted in accordance with the Company&#146;s 1996
    Restricted Stock Plan and the restricted shares of common stock
    granted thereunder become freely tradeable only upon the Company
    achieving certain compounded earnings growth targets within a
    four year period.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">COMPENSATION COMMITTEE
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">J. Richard Stonesifer, Chair
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">William E. Fruhan, Jr.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Richard A. Zona
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">34
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='145'></A>
</DIV>

<!-- link1 "STOCK PERFORMANCE GRAPH" -->

<P align="center">
<B><FONT size="2">STOCK PERFORMANCE GRAPH</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The graph below compares the five-year cumulative
total return to shareholders (stock price appreciation plus
reinvested dividends) for the Company&#146;s common stock with
the comparable cumulative return of two indexes: Russell 2000
Index and Media General&#146;s Recreational Vehicles Industry
Group Index. The graph assumes the investment of $100 on
January&nbsp;1, 1999 in common stock of the Company and in each
of the indexes, and the reinvestment of all dividends. Points on
the graph represent the performance as of the last business day
of each of the years indicated.
</FONT>

<P align="center">
<B><FONT size="2">Comparison of 5-Year Cumulative Total Return
Among</FONT></B>

<DIV align="center">
<B><FONT size="2">Polaris Industries Inc., Recreational Vehicle
Index and Russell 2000 Index</FONT></B>
</DIV>

<P align="center">
<IMG src="c82498dc8249803.gif" alt="(PERFORMANCE GRAPH)">

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">At December&nbsp;31</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Polaris Industries Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94.60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">106.66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">158.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">163.58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">252.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Recreational Vehicles Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113.94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">129.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">178.79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">161.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">186.77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Russell 2000 Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114.43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">115.60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">131.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">Assumes $100 Invested on Jan.&nbsp;1, 1999
</FONT>

<DIV align="center">
<FONT size="2">Assumes Dividend Reinvested
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Fiscal Year Ended Dec.&nbsp;31, 2003
</FONT>
</DIV>

<P align="left">
<I><FONT size="2">Source: Media General Financial
Services</FONT></I>

<DIV align="left">
<A name='146'></A>
</DIV>

<!-- link1 "OTHER MATTERS" -->

<P align="center">
<B><FONT size="2">OTHER MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board is not aware of any matters that are
expected to come before the 2004 Annual Meeting other than those
referred to in this Proxy Statement. If any other matter should
come before the Annual Meeting, the persons named in the
accompanying proxy intend to vote the proxies in accordance with
their best judgment.
</FONT>

<DIV align="left">
<A name='147'></A>
</DIV>

<!-- link1 "SUBMISSION OF SHAREHOLDER PROPOSALS AND NOMINATIONS" -->

<P align="center">
<B><FONT size="2">SUBMISSION OF SHAREHOLDER PROPOSALS AND
NOMINATIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the rules of the Securities and Exchange
Commission, if a shareholder wants us to include a proposal in
our proxy statement and form of proxy for presentation at our
2005 Annual Meeting of
</FONT>

<P align="center"><FONT size="2">35
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">Shareholders the proposal must be submitted in
writing and received by the Secretary of the Company at our
principal executive offices by November&nbsp;17, 2004. If a
shareholder intends to introduce an item of business at the 2005
Annual Meeting, without including the proposal in the proxy
statement, the Company must receive notice of that intention no
later than January&nbsp;31, 2005. If we do not receive a notice
by January&nbsp;31, 2005, the persons named as proxies in the
proxy materials relating to the 2005 Annual Meeting will use
their discretion in voting the proxies when these matters are
raised at the meeting.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a shareholder wishes to have the Corporate
Governance and Nominating Committee consider a candidate for
nomination as a director, the notice of nomination must be
submitted in writing and received by the Secretary of the
Company at our principal executive offices by November&nbsp;17,
2004. The notice given by a shareholder who proposes a candidate
for nomination must include (i)&nbsp;the submitting
shareholder&#146;s name and address, (ii)&nbsp;a signed
statement as to the submitting shareholder&#146;s current status
as a shareholder, the number of shares currently owned and the
length of such ownership; (iii)&nbsp;the name of the candidate
and a resume or a listing of the candidate&#146;s qualifications
to be a director, and (iv)&nbsp;a document evidencing the
candidate&#146;s willingness to serve as a director if selected
by the Corporate Governance and Nominating Committee and
nominated by the Board of Directors.
</FONT>

<DIV align="left">
<A name='148'></A>
</DIV>

<!-- link1 "ADDITIONAL INFORMATION" -->

<P align="center">
<B><FONT size="2">ADDITIONAL INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A copy of the Annual Report of the Company for
the year ended December&nbsp;31, 2003 is being sent to
shareholders with this Proxy Statement. A copy of the
Company&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2003, as filed with the Securities and
Exchange Commission, is included as a part of the Annual Report
being sent to shareholders with this Proxy Statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additional copies of the Annual Report, the
Notice of Annual Meeting, this Proxy Statement and the
accompanying proxy may be obtained from Michael W. Malone, the
Vice President-Finance, Chief Financial Officer and Secretary of
the Company. Copies of exhibits to Form&nbsp;10-K may be
obtained upon payment to the Company of the reasonable expense
incurred in providing such exhibits.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="c82498dmalonemw.gif" alt="-s- MICHAEL W. MALONE"></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Michael W. Malone
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Vice President&nbsp;&#151; Finance,
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Chief Financial Officer and Secretary
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">36
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="right">
<B><FONT size="2">ANNEX A</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">POLARIS INDUSTRIES INC</FONT></B>

<P align="center">
<B><FONT size="2">BOARD OF DIRECTORS</FONT></B>

<DIV align="center">
<B><FONT size="2">AUDIT COMMITTEE CHARTER</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">Adopted May&nbsp;18, 2000</FONT></B>

<P align="center">
<B><FONT size="2">Revised January&nbsp;24, 2002,
January&nbsp;23, 2003 and January&nbsp;22, 2004</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">I.</FONT></B></TD>
    <TD>
    <B><FONT size="2">INTRODUCTION AND PURPOSE</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Polaris Industries Inc. (the &#147;Company&#148;)
is a publicly held company and operates in a complex, dynamic,
highly competitive, and regulated environment. In order to
assure the kind of informed decision-making beneficial to the
Company and its shareholders, much of the Board&#146;s oversight
occurs through the standing committees of the Board, such as the
Audit Committee. The primary function of the Audit Committee is
to assist the Board of Directors in fulfilling its fiduciary
responsibilities by overseeing the Company&#146;s financial
reporting and public disclosure activities. The Audit
Committee&#146;s primary purposes are to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Assist Board oversight of (1)&nbsp;the integrity
    of the Company&#146;s financial statements, (2)&nbsp;the
    Company&#146;s compliance with legal and regulatory
    requirements, (3)&nbsp;the independent auditor&#146;s
    qualifications and independence, (4)&nbsp;the responsibilities,
    performance, budget and staffing of the Company&#146;s internal
    audit function, and (5)&nbsp;the performance of the
    Company&#146;s independent auditor.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Prepare the report that the Securities and
    Exchange Commission (&#147;SEC&#148;) rules require to be
    included in the Company&#146;s annual proxy statement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Serve as an independent and objective party to
    monitor the Company&#146;s financial reporting process and
    internal control system.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Provide an open avenue of communication among the
    independent auditor, financial and senior management, the
    internal auditors and the Board of Directors.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee, in its capacity as a
committee of the Board of Directors, shall be directly
responsible for the appointment, compensation, and oversight of
the work of any independent auditor employed by the Company
(including resolution of disagreements between management and
the auditor regarding financial reporting) for the purpose of
preparing or issuing an audit report or related work or
performing other audit, review or attest services for the
Company, and each such independent auditor shall report directly
to the Audit Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee will primarily fulfill these
responsibilities by carrying out the activities specified in
Section&nbsp;IV of this Charter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although the Audit Committee has the
responsibilities and powers set forth in this Charter, the role
of the Audit Committee is oversight. The members of the Audit
Committee are not employees of the Company and may or may not be
auditors or accountants by profession and it is not the duty or
responsibility of the Audit Committee to plan or conduct audits
or to determine that the Company&#146;s financial statements are
in accordance with generally accepted accounting principles.
These are the responsibilities of Company management and the
independent auditor.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">II.</FONT></B></TD>
    <TD>
    <B><FONT size="2">COMPOSITION</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee shall be comprised of three
or more Directors as determined by the Board and be elected by
the Board at the annual organizational meeting of the Board on
the recommendation of the Corporate Governance and Nominating
Committee; members shall serve until their successors shall be
duly elected and qualified. Unless a Chair is elected by the
full Board, the members of the Audit Committee may designate a
chair by majority vote of the full Audit Committee membership.
If an Audit Committee member desires to serve on the Audit
Committees of more than three public companies, then in each
such case, the
</FONT>

<P align="center"><FONT size="2">A-1
</FONT>

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<DIV align="left">
<FONT size="2">Board must determine that such simultaneous
service would not impair the ability of such member to
effectively serve on the Company&#146;s Audit Committee, and
such determination shall be disclosed in the Company&#146;s
annual proxy statement.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee may, in its discretion, form
and delegate authority to a subcommittee of the Audit Committee
or to the Chair.
</FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Independence</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each member of the Audit Committee shall have
been affirmatively determined by the Board to meet the standards
of independence required by the SEC and the New&nbsp;York Stock
Exchange, and shall be free from any relationship that, in the
opinion of the Board, may interfere with their independence from
management and the Company.
</FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Financial
Literacy and Expertise</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each member of the Audit Committee shall be
financially literate, as such qualification is interpreted by
the Company&#146;s Board of Directors in its business judgment,
or must become financially literate within a reasonable period
of time after his or her appointment to the Audit Committee. At
least one member of the Audit Committee shall have been
determined by the Board of Directors of the Company to have
accounting or financial management expertise, which
qualification shall be conclusively presumed if the person is an
&#147;Audit Committee Financial Expert&#148; as such term is
defined by the SEC.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">III.</FONT></B></TD>
    <TD>
    <B><FONT size="2">MEETINGS AND COMMITTEE OPERATIONS</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee shall meet in person or
telephonically at least four times annually, with additional
meetings as often as necessary, at times and places determined
by the Chair, with further actions to be taken by unanimous
written consent, when deemed necessary or desirable by the Audit
Committee or its Chair. To the extent practicable, each of the
Audit Committee members shall attend each of the regularly
scheduled meetings in person. The Audit Committee shall
periodically make time available during its regularly scheduled
meetings to meet with management, the internal auditors and the
independent auditors in separate sessions to discuss any matters
that the Audit Committee or any of these groups believe should
be discussed privately.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A majority of the Audit Committee members
currently holding office constitutes a quorum for the
transaction of business. The Audit Committee shall take action
by the affirmative vote of a majority of the Audit Committee
members present at a duly held meeting or by unanimous written
action.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">IV.</FONT></B></TD>
    <TD>
    <B><FONT size="2">COMMITTEE DUTIES AND
    RESPONSIBILITIES</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee shall undertake the following
responsibilities and duties:
</FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Documents/
Financial Statements/ Reports</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review and reassess the adequacy of this Charter
    at least annually.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review and discuss with management and the
    independent auditor the Company&#146;s quarterly financial
    statements, including the Company&#146;s disclosures under
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and the independent
    auditor&#146;s review of the quarterly financial statements
    together with the accompanying quarterly report on
    Form&nbsp;10-Q prior to submission to shareholders, any
    governmental body, any stock exchange or the public.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review and discuss with management and the
    independent auditor the Company&#146;s annual financial
    statements, including the Company&#146;s disclosures under
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and the annual audit
    together with the accompanying annual report on Form&nbsp;10-K
    prior to submission to shareholders, any governmental body, any
    stock exchange or the public.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-2
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review the significant recommendations made to
    management by the independent auditor and the internal auditors
    and management&#146;s responses.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Recommend to the Board of Directors, if
    appropriate, that the Company&#146;s annual audited financial
    statements be included in the Company&#146;s annual report on
    Form&nbsp;10-K for filing with the SEC.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Discuss with the independent auditor the matters
    required to be discussed by Statement on Auditing Standards
    No.&nbsp;61, as amended by Statement on Auditing Standards
    No.&nbsp;90, relating to the conduct of the audit.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Prepare the report required by the SEC to be
    included in the Company&#146;s annual proxy statement and any
    other Audit Committee reports required by applicable securities
    laws or stock exchange listing requirements or rules.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Independent
Auditors</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Be directly responsible for the appointment,
    compensation and oversight of the work of any independent
    auditor (including resolution of disagreements between
    management and the independent auditor regarding financial
    reporting) for the purpose of preparing its audit report or
    related work or performing other audit, review or attest
    services for the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Have the sole authority to review in advance, and
    grant any appropriate pre-approvals of, (i)&nbsp;all auditing
    services to be provided by the independent auditor and
    (ii)&nbsp;all significant non-audit services to be provided by
    the independent auditor as permitted by Section&nbsp;10A of the
    Securities and Exchange Act of 1934, and in connection therewith
    to approve all fees and terms of engagement. The Audit Committee
    shall also review and approve disclosures required to be
    included in periodic reports filed under Section&nbsp;13(a) of
    the Securities and Exchange Act of 1934 with respect to
    non-audit services.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">At least annually, obtain and review a report by
    the independent auditor describing: the firm&#146;s internal
    quality-control procedures; any material issues raised by the
    most recent internal quality-control review, or peer review, of
    the firm, or by any inquiry or investigation by governmental or
    professional authorities, within the preceding five years,
    respecting one or more independent audits carried out by the
    firm, and any steps taken to deal with any such issues.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">On an annual basis, the Audit Committee shall
    receive from the independent auditor a written statement
    delineating all significant relationships (and related fees) the
    Company&#146;s independent auditor has with the Company to
    consider in the evaluation of the independent auditor&#146;s
    independence. The Audit Committee is responsible for actively
    engaging in a dialogue with the independent auditor with respect
    to any disclosed relationships or services that may impact the
    objectivity and independence of the independent auditor and for
    taking appropriate action in response to the independent
    auditor&#146;s report to satisfy itself of the independent
    auditor&#146;s independence.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Confirm that neither the lead audit partner nor
    the audit partner responsible for reviewing the audit for the
    Company&#146;s independent auditor performs audit services for
    the Company for more than five consecutive years.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review all reports required to be submitted by
    the independent auditor to the Audit Committee under
    Section&nbsp;10A of the Securities and Exchange Act of 1934.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review any communications between the independent
    auditor&#146;s audit team and the independent auditor&#146;s
    national office respecting auditing or accounting issues
    presented by the engagement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Periodically consult with the Company&#146;s
    independent auditor (outside of the presence of management)
    about the independent auditor&#146;s judgments about the
    appropriateness, quality, and acceptability of the
    Company&#146;s accounting principles as applied to its financial
    reporting, and the Company&#146;s internal controls and the
    completeness and accuracy of the Company&#146;s financial
    statements.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-3
</FONT>

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<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;Financial
Reporting Processes</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In consultation with the Company&#146;s
    independent auditor, and the Company&#146;s internal auditors,
    monitor the integrity of the Company&#146;s financial reporting
    processes, both internal and external.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review and discuss the scope of the annual audit
    plans for both the internal and independent auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review major issues regarding, and approve if
    appropriate, significant changes to the Company&#146;s
    accounting principles and practices, financial reporting process
    and presentations, and system of internal controls, as suggested
    by the Company&#146;s independent auditor, management, or the
    internal auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review with management, the independent auditor,
    the internal auditors and the Company&#146;s legal counsel, as
    appropriate, any legal, regulatory or compliance matters,
    including off balance sheet structures, that could have a
    significant impact on the Company&#146;s financial statements,
    including significant changes in accounting initiatives,
    standards or rules as promulgated by the Financial Statements
    Accounting Standards Board, the SEC or other regulatory
    authorities with relevant jurisdiction.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;Process
Analysis and Review</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review the systems of reporting to the Audit
    Committee by each of management, the independent auditor and the
    internal auditors regarding any significant financial reporting
    issues and judgments made in connection with the preparation of
    the financial statements, including the effect of alternative
    GAAP methods, and the view of each as to the appropriateness of
    such judgments.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Following completion of the annual audit, review
    with the independent auditor any audit problems or difficulties
    or significant disagreement with management encountered during
    the course of the audit, including any restrictions on the scope
    of work or access to requested information, and
    management&#146;s response.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review with the independent auditor any
    accounting adjustments that were noted or proposed by the
    auditor but were &#147;passed&#148; (as immaterial or otherwise).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review with the Company&#146;s independent
    auditor, the internal auditors and management the extent to
    which significant changes or improvements in financial or
    accounting practices, as approved by the Audit Committee, have
    been implemented.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Discuss with management, the type and
    presentation of information to be included in earnings press
    releases (paying particular attention to any use of &#147;pro
    forma,&#148; or &#147;adjusted&#148; non-GAAP, information), as
    well as review any financial information and earnings guidance
    provided to analysts and rating agencies prior to public release.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;Other</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Ensure appropriate procedures are established and
    maintained for (i)&nbsp;the receipt, retention, and treatment of
    complaints received by the Company regarding accounting,
    internal accounting controls, or auditing matters; and
    (ii)&nbsp;the confidential, anonymous submission by employees of
    the Company of concerns regarding questionable accounting or
    auditing matters to the Audit Committee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Review and discuss with management (i)&nbsp;the
    Company&#146;s major financial risk exposures and the steps
    management has taken to monitor and control such exposures
    (including management&#146;s guidelines and policies with
    respect to risk assessment and risk management); and
    (ii)&nbsp;the program that management has established to monitor
    compliance with its code of business conduct and ethics for
    directors, officers and employees.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Report regularly to the Board of Directors on the
    activities of the Audit Committee and make such recommendations
    with respect to the above matters as the Audit Committee may
    deem necessary or appropriate. This report shall include a
    review of any issues that arise with respect to the quality or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-4
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">integrity of the Company&#146;s financial
    statements, the Company&#146;s compliance with legal or
    regulatory requirements, the performance and independence of the
    Company&#146;s independent auditor, or the performance of the
    internal auditor.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIRING
GUIDELINES FOR INDEPENDENT AUDITOR EMPLOYEES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has adopted the following
practices regarding the hiring by the Company of any partner,
director, manager, advising member of the department of
professional practice, reviewing actuary, reviewing tax
professional and any other persons having similar responsibility
for providing audit assurance (including all work that results
in the expression of an opinion on financial statements and
audits of statutory accounts) to the Company&#146;s independent
auditor on any aspect of its certification of the Company&#146;s
financial statements:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">No member, with the position listed above, of an
    audit team that is auditing the Company or any of its businesses
    can be hired by the Company for a period of two years following
    association with that audit.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">No former employee of the independent auditor may
    sign a Company SEC filing for 5&nbsp;years following employment
    with the independent auditor.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">No former employee of the independent auditor may
    be named an officer of the Company or any of its subsidiaries
    for 3&nbsp;years following employment by the independent auditor.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The Company&#146;s Chief Financial Officer must
    approve all hires from an independent auditor.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The Company&#146;s Chief Financial Officer must
    report annually to the Audit Committee any hires from the
    independent auditor during the preceding year.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">VI.</FONT></B></TD>
    <TD>
    <B><FONT size="2">PROCESS FOR HANDLING QUESTIONS, CONCERNS AND
    COMPLAINTS ABOUT ACCOUNTING OR AUDITING MATTERS</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has established the following
procedures for: (i)&nbsp;the receipt, retention, and treatment
of questions, concerns or complaints received by the Company
regarding accounting, internal accounting controls, or auditing
matters; and (ii)&nbsp;the confidential, anonymous submission by
Company employees of questions, concerns or complaints regarding
questionable accounting or auditing matters:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The Company has published on its website mail and
    email addresses and telephone numbers for its Internal Audit
    Manager and its Chief Financial Officer and the Chairman of the
    Audit Committee for receiving questions, concerns or complaints
    regarding accounting, internal accounting controls, or auditing
    matters.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Copies of all such questions, concerns or
    complaints will be sent to members of the Audit Committee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">All questions, concerns and complaints will be
    tracked by the Audit Committee, but handled by the
    Company&#146;s finance staff and legal counsel in the normal
    manner, except as the Audit Committee may request.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The status of all questions, concerns or
    complaints will be reported on a quarterly basis to the Audit
    Committee, and, if the Audit Committee so directs, to the full
    Board of Directors of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The Audit Committee may request special
    treatment, including the retention of outside legal counsel or
    other advisors, for any question, concern or complaint.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMITTEE
REPORTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;At the time of or in advance of the
annual shareholders meeting held each year, present an annual
performance evaluation of the Audit Committee, which shall
assess the performance of the Audit Committee in fulfilling the
requirements of this charter, recommend any amendments to this
charter, and set forth the goals and objectives of the Audit
Committee for the ensuing twelve months.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;Transmit to the Board notices of Audit
Committee meetings, agendas, and meeting minutes.
</FONT>

<P align="center"><FONT size="2">A-5
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">VIII.</FONT></B></TD>
    <TD>
    <B><FONT size="2">RESOURCES AND AUTHORITY OF THE
    COMMITTEE</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee shall have such resources and
authority as it deems necessary to discharge its duties and
responsibilities, including the sole authority to retain,
discharge, and approve fees and other terms for retention of the
independent auditors, independent legal counsel, and other
independent experts or advisors. The Company shall provide
appropriate funding, as determined by the Audit Committee, in
its capacity as a committee of the Board of Directors of the
Company, for the payment of compensation of the independent
auditors, independent legal counsel, and other independent
experts or advisors so retained by the Audit Committee and
ordinary administrative expenses that are necessary and
appropriate to carry out its duties. The Audit Committee may
direct any officer or employee of the Company or request any
employee of the Company&#146;s independent auditor or outside
legal counsel to attend an Audit Committee meeting or meet with
any Audit Committee members.
</FONT>

<P align="center"><FONT size="2">A-6
</FONT>

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<DIV align="right">
<B><FONT size="2">ANNEX B</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">POLARIS INDUSTRIES INC.</FONT></B>

<DIV align="left">
<A name='150'></A>
</DIV>

<!-- link1 "SENIOR EXECUTIVE ANNUAL INCENTIVE COMPENSATION PLAN" -->

<P align="center">
<B><FONT size="2">SENIOR EXECUTIVE ANNUAL INCENTIVE COMPENSATION
PLAN</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;<I>Purpose. </I>The Polaris Industries
Inc. Senior Executive Annual Incentive Compensation Plan is
intended to provide incentives for Eligible Senior Executives to
attain and maintain the highest standards of performance, to
attract and retain key executives of outstanding competence and
ability, to stimulate the active interest of key executives in
the development and financial success of the Company, to further
align the identity of interests of employees with those of the
Company&#146;s shareholders generally and to reward executives
for outstanding performance when certain objectives are achieved.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;<I>Definitions. </I>As used herein, the
terms set forth below shall have the following respective
meanings:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;<I>&#147;Board&#148;</I> means the Board
    of Directors of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;<I>&#147;Business Criteria&#148;</I>
    means the business criteria listed in Section&nbsp;6 of this
    Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;<I>&#147;Code&#148;</I> means the
    Internal Revenue Code of 1986, as amended from time to time.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;<I>&#147;Committee&#148;</I> means the
    Committee appointed by the Board to administer the Plan. The
    Committee shall be constituted at all times so as to meet the
    outside director requirements of Section&nbsp;162(m) of the Code.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;<I>&#147;Company&#148;</I> means Polaris
    Industries Inc. and its successors and assigns.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;<I>&#147;Effective Date&#148;</I> means
    January&nbsp;1, 2004.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;<I>&#147;Eligible Senior
    Executive&#148;</I> means any senior executive employee of the
    Company designated by the Committee as an Eligible Senior
    Executive.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;<I>&#147;Incentive Compensation
    Award&#148;</I> means an incentive compensation award payable
    under this Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;<I>&#147;Incentive Compensation Award
    Period&#148;</I> means, with respect to an Incentive
    Compensation Award, as determined by the Committee, the calendar
    year beginning on or after the Effective Date with respect to
    which such Incentive Compensation Award is to be determined. It
    is expressly intended that any particular calendar year may be
    included in the Performance Period of multiple Incentive
    Compensation Awards.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(j)&nbsp;<I>&#147;Participant&#148;</I> means,
    with respect to an Incentive Compensation Award Period, the
    Eligible Senior Executives selected by the Committee to be
    eligible to receive an Incentive Compensation Award for such
    Incentive Compensation Award Period as provided in
    Section&nbsp;5 of this Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(k)&nbsp;<I>&#147;Performance Objective&#148;</I>
    means the performance objective or objectives established
    pursuant to Section&nbsp;5 of the Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(l)&nbsp;<I>&#147;Plan&#148;</I> means the
    Polaris Industries Inc. Senior Executive Annual Incentive
    Compensation Plan, as it may be amended from time to time.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;<I>Administration.</I> The Committee
shall interpret the Plan, prescribe, amend, and rescind rules
relating to it, select eligible Participants, and take all other
actions necessary for its administration, which actions shall be
final and binding upon all Participants. To the extent permitted
by law, all members of the Board of Directors, including the
members of the Committee, shall be indemnified and held harmless
by the Company with respect to any loss, cost, liability or
expense that may be reasonably incurred in connection with any
claim, action, suit or proceeding which arises by reason of any
act or omission under the Plan so long as such act or omission
is taken in good faith and within the scope of the authority
delegated herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.&nbsp;<I>Compliance with
Section&nbsp;162(m).</I> The Plan shall be administered to
comply with Section&nbsp;162(m) of the Code and regulations
promulgated thereunder, and if any Plan provision is found not
to be in compliance
</FONT>

<P align="center"><FONT size="2">B-1
</FONT>

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<DIV align="left">
<FONT size="2">with Section&nbsp;162(m) of the Code, the
provision shall be deemed modified as necessary to meet the
requirements of Section&nbsp;162(m) of the Code.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.&nbsp;<I>Selection of Participants and
Performance Objective.</I> Prior to the commencement of each
Incentive Compensation Award Period, or at such later time as
permitted by Section&nbsp;162(m) of the Code and regulations
thereunder, the Committee shall determine in writing
(i)&nbsp;the Participants who shall be eligible to receive an
Incentive Compensation Award for such Incentive Compensation
Award Period, (ii)&nbsp;the Performance Objective, which shall
consist of any one or more of the Business Criteria, and
(iii)&nbsp;the formula for computing the amount of the Incentive
Compensation Award payable to each Participant if the
Performance Objective is achieved, which formula shall comply
with the requirements applicable to performance-based
compensation plans under Section&nbsp;162(m) of the Code. The
amount of an Incentive Compensation Award may be denominated in
cash and/or in shares of the Company&#146;s common stock,
provided that all amounts paid under the Plan shall be in cash.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.&nbsp;<I>Business Criteria.</I> The Business
Criteria will include specified levels of one or more of the
following:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Income
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Net Income
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Pre-Tax Income
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Customer Retention
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Cash Flow
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Investment
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Capital
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Revenue
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Equity
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Revenue Growth
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Assets
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Total Shareholder Return
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Sales
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Stock Price
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Expense Targets
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Market Share
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Customer Satisfaction
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Productivity Targets
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sales
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Earnings Per Share
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sales Growth
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Earnings Per Share Growth
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Economic Value Added
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The above terms shall have the same meaning as in
the Company&#146;s financial statements, or if the terms are not
used in the Company&#146;s financial statements, as applied
pursuant to generally accepted accounting principles, or as used
in the Company&#146;s industry, as applicable. As determined by
the Committee, the Business Criteria shall be applied
(i)&nbsp;in absolute terms or relative to one or more other
companies or indices and (ii)&nbsp;to a business unit,
geographic region, one or more separately incorporated entities,
or the Company as a whole).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.&nbsp;<I>Incentive Compensation Award
Certification.</I> The Committee shall certify in writing prior
to payment of the Incentive Compensation Award that the
Performance Objective has been attained and the Incentive
Compensation Award is payable. With respect to Committee
certification, approved minutes of the meeting in which the
certification is made shall be treated as written certification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.&nbsp;<I>Maximum Incentive Compensation Award
Payable.</I> The maximum amount payable with respect to an
Incentive Compensation Award to any Participant is $2,500,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.&nbsp;<I>Extraordinary or Unusual Events.</I>
The Committee may, in its discretion, disregard the impact of
any extraordinary or unusual event (in accordance with generally
accepted accounting procedures) in determining whether a
Performance Objective has been obtained or may make appropriate
adjustments in any Performance Objective to reflect such
extraordinary or unusual event.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.&nbsp;<I>Discretion to Reduce Awards.</I> The
Committee, in its sole and absolute discretion, may reduce the
amount of any award otherwise payable to a Participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">11.&nbsp;<I>Active Employment Requirement.</I>
Except as provided below, an Incentive Compensation Award shall
be paid for an Incentive Compensation Award Period only to a
Participant who is actively employed by the Company (or on
approved vacation or other approved leave of absence) throughout
the Incentive
</FONT>

<P align="center"><FONT size="2">B-2
</FONT>
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<DIV align="left">
<FONT size="2">Compensation Award Period and who is employed by
the Company on the date the Incentive Compensation Award is
paid. To the extent consistent with the deductibility of awards
under Section&nbsp;162(m) of the Code and regulations
thereunder, the Committee may in its sole discretion grant an
Incentive Compensation Award for the Incentive Compensation
Award Period to a Participant who is first employed or who is
promoted to a position eligible to become a Participant under
this Plan during the Incentive Compensation Award Period, or
whose employment is terminated during the Incentive Compensation
Award Period because of the Participant&#146;s retirement under
the Company&#146;s 401(k) plan, death, or because of disability
as defined in Section&nbsp;22(e)(3) of the Code. In such cases
of active employment for part of an Incentive Compensation Award
Period, a pro rata Incentive Compensation Award may be paid for
the Incentive Compensation Award Period.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">12.&nbsp;<I>Payment of Incentive Compensation
Award.</I> An Incentive Compensation Award shall be paid to the
Participant for the Incentive Compensation Award Period as
provided in this Plan. The Company shall pay the Incentive
Compensation Award to the Participant in such form as the
Committee may determine and at such time as the Committee may
determine after the Committee certifies that the Incentive
Compensation Award is payable as provided in Section&nbsp;7. A
Participant may defer receipt of an Incentive Compensation Award
in accordance with procedures established by the Committee from
time to time. In the event of the Participant&#146;s
incompetency, the Company in its sole discretion may pay any
Incentive Compensation Award to the Participant&#146;s guardian
or directly to the Participant. In the event of the
Participant&#146;s death, any Incentive Compensation Award shall
be paid to the Participant&#146;s spouse or, if there is no
surviving spouse, the Participant&#146;s estate. Payments under
this Section shall operate as a complete discharge of the
Committee and the Company. The Company shall deduct from any
Incentive Compensation Award paid under the Plan the amount of
any taxes required to be withheld by the federal or any state or
local government.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">13.&nbsp;<I>Shareholder Approval.</I> No
Incentive Compensation Award shall be payable under this Plan
unless the Plan is disclosed to and approved by the shareholders
of the Company in accordance with Section&nbsp;162(m) of the
Code and regulations thereunder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.&nbsp;<I>Limitation of Rights.</I> Nothing in
this Plan shall be construed to (a)&nbsp;give any employee of
the Company any right to be awarded any Incentive Compensation
Award other than that set forth herein, as determined by the
Committee; (b)&nbsp;give a Participant any rights whatsoever
with respect to shares of common stock of the Company;
(c)&nbsp;limit in any way the right of the Company to terminate
an employee&#146;s employment with the Company at any time for
any reason or no reason; (d)&nbsp;give a Participant or any
other person any interest in any fund or in any specific asset
or assets of the Company; or (e)&nbsp;be evidence of any
agreement or understanding, express or implied, that the Company
will employ an employee in any particular position or at any
particular rate of remuneration.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">15.&nbsp;<I>Non-Exclusive Arrangement.</I> The
adoption and operation of this Plan shall not preclude the Board
or the Committee from approving other short-term incentive
compensation arrangements for the benefit of individuals who are
Participants hereunder as the Board or Committee, as the case
may be, deems appropriate and in the best interests of the
Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">16.&nbsp;<I>Nonassignment.</I> The right of a
Participant to the payment of any Incentive Compensation Award
under the Plan may not be assigned, transferred, pledged, or
encumbered, nor shall such right or other interests be subject
to attachment, garnishment, execution, or other legal process.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">17.&nbsp;<I>Amendment or Termination of the
Plan.</I> The Board may amend or terminate the Plan at any time,
except that no amendment or termination shall be made that would
impair the rights of any Participant to a Incentive Compensation
Award that would be payable were the Participant to terminate
employment on the effective date of such amendment or
termination, unless the Participant consents to such amendment
or termination. The Plan shall automatically terminate on
January&nbsp;1, 2009 unless sooner terminated by action of the
Board or extended with the approval of the Board and the
Company&#146;s shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">18.&nbsp;<I>Governing Law.</I> The validity,
construction, interpretation, administration and effect of the
Plan and of its rules and regulations, and rights relating to
the Plan, shall be determined solely in accordance with the laws
of the State of Minnesota, other than the conflict of law
provisions of such laws.
</FONT>

<P align="center"><FONT size="2">B-3
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="right">
<B><FONT size="2">ANNEX C</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">POLARIS INDUSTRIES INC.</FONT></B>

<P align="left">
<A name='151'></A>

<!-- link1 "LONG TERM INCENTIVE PLAN" -->

<DIV align="center">
<B><FONT size="2">LONG TERM INCENTIVE PLAN</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;<I>Purpose.</I> The Polaris Industries
Inc. Long Term Incentive Plan is intended to increase incentives
for Eligible Employees to attain and maintain the highest
standards of performance, to attract and retain key executives
of outstanding competence and ability, to stimulate the active
interest of key executives in the development and financial
success of the Company, to further the identity of interests of
employees with those of the Company&#146;s shareholders
generally and to reward executives for outstanding performance
when certain objectives are achieved.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;<I>Definitions.</I> As used herein, the
terms set forth below shall have the following respective
meanings:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;<I>&#147;Board&#148;</I> means the Board
    of Directors of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;<I>&#147;Business Criteria&#148;</I>
    means the business criteria listed in Section&nbsp;6 of this
    Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;<I>&#147;Code&#148;</I> means the
    Internal Revenue Code of 1986, as amended from time to time.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;<I>&#147;Committee&#148;</I> means the
    Committee appointed by the Board to administer the Plan. The
    Committee shall be constituted at all times so as to meet the
    outside director requirements of Section&nbsp;162(m) of the Code.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;<I>&#147;Company&#148;</I> means Polaris
    Industries Inc. and its successors and assigns.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;<I>&#147;Effective Date&#148;</I> means
    January&nbsp;1, 2004.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;<I>&#147;Eligible Employee&#148;</I>
    means any employee of the Company designated by the Committee as
    an Eligible Employee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;<I>&#147;Incentive Compensation
    Award&#148;</I> means an incentive compensation award payable
    under this Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;<I>&#147;Incentive Compensation Award
    Period&#148;</I> means, with respect to an Incentive
    Compensation Award, as determined by the Committee, the three
    consecutive calendar years beginning on or after the Effective
    Date with respect to which such Incentive Compensation Award is
    to be paid.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(j)&nbsp;<I>&#147;Participant&#148;</I> means,
    with respect to an Incentive Compensation Award Period, the
    Eligible Employees selected by the Committee to be eligible to
    receive an Incentive Compensation Award for such Incentive
    Compensation Award Period as provided in Section&nbsp;5 of this
    Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(k)&nbsp;<I>&#147;Performance Objective&#148;</I>
    means the performance objective or objectives established
    pursuant to Section&nbsp;5 of the Plan.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(l)&nbsp;<I>&#147;Plan&#148;</I> means the
    Polaris Industries Inc. Long Term Incentive Plan, as it may be
    amended from time to time.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;<I>Administration.</I> The Committee
shall interpret the Plan, prescribe, amend, and rescind rules
relating to it, select eligible Participants, and take all other
actions necessary for its administration, which actions shall be
final and binding upon all Participants. To the extent permitted
by law, all members of the Board of Directors, including the
members of the Committee, shall be indemnified and held harmless
by the Company with respect to any loss, cost, liability or
expense that may be reasonably incurred in connection with any
claim, action, suit or proceeding which arises by reason of any
act or omission under the Plan so long as such act or omission
is taken in good faith and within the scope of the authority
delegated herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.&nbsp;<I>Compliance with
Section&nbsp;162(m).</I> The Plan shall be administered to
comply with Section&nbsp;162(m) of the Code and regulations
promulgated thereunder, and if any Plan provision is found not
to be in compliance with Section&nbsp;162(m) of the Code, the
provision shall be deemed modified as necessary to meet the
requirements of Section&nbsp;162(m) of the Code.
</FONT>

<P align="center"><FONT size="2">C-1
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.&nbsp;<I>Selection of Participants and
Performance Objective.</I> Prior to the commencement of each
Incentive Compensation Award Period, or at such later time as
permitted by Section&nbsp;162(m) of the Code and regulations
thereunder, the Committee shall determine in writing
(i)&nbsp;the Participants who shall be eligible to receive an
Incentive Compensation Award for such Incentive Compensation
Award Period, (ii)&nbsp;the Performance Objective, which shall
consist of any one or more of the Business Criteria, and
(iii)&nbsp;the formula for computing the amount of the Incentive
Compensation Award payable to each Participant if the
Performance Objective is achieved, which formula shall comply
with the requirements applicable to performance-based
compensation plans under Section&nbsp;162(m) of the Code. The
amount of an Incentive Compensation Award payable to a
Participant may be denominated in cash and, pursuant to terms
established by the Committee, at the election of a Participant
may be adjusted to reflect changes in the market price of the
Company&#146;s common stock during an Incentive Compensation
Award Period, provided that all amounts paid under the Plan
shall be paid in cash.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.&nbsp;<I>Business Criteria.</I> The Business
Criteria will include specified levels of one or more of the
following:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Operating Income
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Net Income
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Pre-Tax Income
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Customer Retention
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Cash Flow
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Investment
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Capital
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Revenue
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Equity
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Revenue Growth
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Assets
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Total Shareholder Return
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Return on Sales
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Stock Price
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Expense Targets
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Market Share
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Customer Satisfaction
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Productivity Targets
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sales
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Earnings Per Share
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sales Growth
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Earnings Per Share Growth
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Economic Value Added
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The above terms shall have the same meaning as in
the Company&#146;s financial statements, or if the terms are not
used in the Company&#146;s financial statements, as applied
pursuant to generally accepted accounting principles, or as used
in the Company&#146;s industry, as applicable. As determined by
the Committee, the Business Criteria shall be applied
(i)&nbsp;in absolute terms or relative to one or more other
companies or indices and (ii)&nbsp;to a business unit,
geographic region, one or more separately incorporated entities,
or the Company as a whole.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.&nbsp;<I>Incentive Compensation Award
Certification.</I> The Committee shall certify in writing prior
to payment of the Incentive Compensation Award that the
Performance Objective has been attained and the Incentive
Compensation Award is payable. With respect to Committee
certification, approved minutes of the meeting in which the
certification is made shall be treated as written certification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.&nbsp;<I>Maximum Incentive Compensation Award
Payable.</I> The maximum amount payable with respect to an
Incentive Compensation Award to any Participant is 200% of such
Participant&#146;s base salary (up to a maximum of base salary
of $1,000,000).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.&nbsp;<I>Extraordinary or Unusual Events.</I>
The Committee may, in its discretion, disregard the impact of
any extraordinary or unusual event (in accordance with generally
accepted accounting procedures) in determining whether a
Performance Objective has been obtained or may make appropriate
adjustments in any Performance Objective to reflect such
extraordinary or unusual event.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.&nbsp;<I>Discretion to Reduce Awards.</I> The
Committee, in its sole and absolute discretion, may reduce the
amount of any award otherwise payable to a Participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">11.&nbsp;<I>Active Employment Requirement.</I>
Except as provided below, an Incentive Compensation Award shall
be paid for an Incentive Compensation Award Period only to a
Participant who is actively employed by the Company (or on
approved vacation or other approved leave of absence) throughout
the Incentive
</FONT>

<P align="center"><FONT size="2">C-2
</FONT>
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<DIV align="left">
<FONT size="2">Compensation Award Period and who is employed by
the Company on the date the Incentive Compensation Award is
paid. To the extent consistent with the deductibility of awards
under Section&nbsp;162(m) of the Code and regulations
thereunder, the Committee may in its sole discretion grant an
Incentive Compensation Award for the Incentive Compensation
Award Period to a Participant who is first employed or who is
promoted to a position eligible to become a Participant under
this Plan during the Incentive Compensation Award Period, or
whose employment is terminated during the Incentive Compensation
Award Period because of the Participant&#146;s retirement under
the Company&#146;s 401(k) plan, death, or because of disability
as defined in Section&nbsp;22(e)(3) of the Code. In such cases
of active employment for part of an Incentive Compensation Award
Period, a pro rata Incentive Compensation Award may be paid for
the Incentive Compensation Award Period.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">12.&nbsp;<I>Payment of Incentive Compensation
Award.</I> An Incentive Compensation Award shall be paid to the
Participant for the Incentive Compensation Award Period as
provided in this Plan. The Company shall pay the Incentive
Compensation Award to the Participant in such form as the
Committee may determine and at such time as the Committee may
determine after the Committee certifies that the Incentive
Compensation Award is payable as provided in Section&nbsp;7. A
Participant may defer receipt of an Incentive Compensation Award
in accordance with procedures established by the Committee from
time to time. In the event of the Participant&#146;s
incompetency, the Company in its sole discretion may pay any
Incentive Compensation Award to the Participant&#146;s guardian
or directly to the Participant. In the event of the
Participant&#146;s death, any Incentive Compensation Award shall
be paid to the Participant&#146;s spouse or, if there is no
surviving spouse, the Participant&#146;s estate. Payments under
this Section shall operate as a complete discharge of the
Committee and the Company. The Company shall deduct from any
Incentive Compensation Award paid under the Plan the amount of
any taxes required to be withheld by the federal or any state or
local government.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">13.&nbsp;<I>Shareholder Approval.</I> No
Incentive Compensation Award shall be payable under this Plan
unless the Plan is disclosed to and approved by the shareholders
of the Company in accordance with Section&nbsp;162(m) of the
Code and regulations thereunder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.&nbsp;<I>Limitation of Rights.</I> Nothing in
this Plan shall be construed to (a)&nbsp;give any employee of
the Company any right to be awarded any Incentive Compensation
Award other than that set forth herein, as determined by the
Committee; (b)&nbsp;give a Participant any rights whatsoever
with respect to shares of common stock of the Company;
(c)&nbsp;limit in any way the right of the Company to terminate
an employee&#146;s employment with the Company at any time for
any reason or no reason; (d)&nbsp;give a Participant or any
other person any interest in any fund or in any specific asset
or assets of the Company; or (e)&nbsp;be evidence of any
agreement or understanding, express or implied, that the Company
will employ an employee in any particular position or at any
particular rate of remuneration.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">15.&nbsp;<I>Non-Exclusive Arrangement.</I> The
adoption and operation of this Plan shall not preclude the Board
or the Committee from approving other short-term incentive
compensation arrangements for the benefit of individuals who are
Participants hereunder as the Board or Committee, as the case
may be, deems appropriate and in the best interests of the
Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">16.&nbsp;<I>Nonassignment.</I> The right of a
Participant to the payment of any Incentive Compensation Award
under the Plan may not be assigned, transferred, pledged, or
encumbered, nor shall such right or other interests be subject
to attachment, garnishment, execution, or other legal process.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">17.&nbsp;<I>Amendment or Termination of the
Plan.</I> The Board may amend or terminate the Plan at any time,
except that no amendment or termination shall be made that would
impair the rights of any Participant to a Incentive Compensation
Award that would be payable were the Participant to terminate
employment on the effective date of such amendment or
termination, unless the Participant consents to such amendment
or termination. The Plan shall automatically terminate on
January&nbsp;1, 2009 unless sooner terminated by action of the
Board or extended with the approval of the Board and the
Company&#146;s shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">18.&nbsp;<I>Governing Law.</I> The validity,
construction, interpretation, administration and effect of the
Plan and of its rules and regulations, and rights relating to
the Plan, shall be determined solely in accordance with the laws
of the State of Minnesota, other than the conflict of law
provisions of such laws.
</FONT>

<P align="center"><FONT size="2">C-3
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="right">
<B><FONT size="2">ANNEX D</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">POLARIS INDUSTRIES INC.</FONT></B>

<P align="left">
<A name='152'></A>

<!-- link1 "1995 STOCK OPTION PLAN Amended and Restated as of January 22, 2004" -->

<DIV align="center">
<B><FONT size="2">1995 STOCK OPTION PLAN</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Amended and Restated as of January&nbsp;22,
2004</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;<I>Purpose of the Plan.</I> The purpose
of the Polaris Industries Inc. 1995 Stock Option Plan (the
&#147;PLAN&#148;) is to promote the interest of Polaris
Industries Inc. (the &#147;COMPANY&#148;) and its subsidiaries
(the &#147;SUBSIDIARIES&#148;) by (i)&nbsp;attracting and
retaining employees, consultants and independent contractors of
outstanding ability, (ii)&nbsp;motivating employees, consultants
and independent contractors, by means of performance-related
incentives, to achieve longer-range performance goals and
(iii)&nbsp;enabling employees, consultants and independent
contractors to participate in the long-term growth and financial
success of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;<I>Administration.</I> The Plan shall be
administered by the Compensation Committee (the
&#147;COMMITTEE&#148;) of the Board of Directors of the Company
(the &#147;BOARD&#148;). The Committee shall have the sole and
absolute power, authority and discretion to interpret the Plan,
to prescribe, amend and rescind rules and regulations to further
the purposes of the Plan, and to make all other determinations
necessary for the administration of the Plan. All such actions
by the Committee shall be final and binding. To the extent
permitted by law, members of the Committee shall be indemnified
and held harmless by the Company with respect to any loss, cost,
liability or expense that may be reasonably incurred in
connection with any claim, action, suit or proceeding which
arises by reason of any act or omission under the Plan so long
as such act or omission is taken in good faith and within the
scope of the authority delegated herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;<I>Incentive and Nonqualified Stock
Options.</I> Awards under the Plan may be in the form of stock
options (&#147;OPTIONS&#148;) which qualify as &#147;incentive
stock options&#148; (&#147;INCENTIVE STOCK OPTIONS&#148;) within
the meaning of Section&nbsp;422 or any successor provision of
the Internal Revenue Code of 1986, as amended (the
&#147;CODE&#148;), or stock options which do not so qualify
(&#147;NONQUALIFIED STOCK OPTIONS&#148;). Each award of an
Option shall be designated in the applicable award agreement as
an Incentive Stock Option or a Nonqualified Stock Option, as
appropriate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.&nbsp;<I>Shares Subject to the Plan.</I>
Options in respect of an aggregate of up to
8,200,000&nbsp;shares of the Common Stock of the Company, par
value $.01&nbsp;per share (the &#147;COMMON STOCK&#148;), as
adjusted for the two-for-one split of the Company&#146;s Common
Stock to be effected on March&nbsp;1, 2004, shall be available
for award under the Plan. In any calendar year during the term
of this Plan, no employee shall be awarded Options in respect of
more than 1,200,000&nbsp;shares of Common Stock. No more than
8,200,000&nbsp;shares of Common Stock may be issued pursuant to
Incentive Stock Option awards. If any Option shall cease to be
exercisable in whole or in part for any reason, the shares which
were covered by such Option but as to which the Option had not
been exercised shall again be available under the Plan. Shares
issuable under the Plan shall be made available from authorized
and unissued or previously issued and outstanding shares of
Common Stock reacquired by the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.&nbsp;<I>Participants; Option Awards.</I> The
Committee shall determine and designate from time to time those
employees, consultants and independent contractors of the
Company and the Subsidiaries who shall be awarded Options under
the Plan and the number of shares of Common Stock to be covered
by each such Option. Incentive Stock Options may be awarded only
to individuals who, on the date of grant, are employees of the
Company or any of its Subsidiaries. In making its
determinations, the Committee shall take into account the
present and potential contributions of the respective employees,
consultants and independent contractors to the success of the
Company and the Subsidiaries, and such other factors as the
Committee shall deem relevant in connection with accomplishing
the purposes of the Plan. Each Option award shall be evidenced
by an award agreement in such form as the Committee shall
approve from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.&nbsp;<I>Fair Market Value.</I> For all
purposes under the Plan, the term &#147;FAIR MARKET VALUE&#148;
shall mean, as of any applicable date: (i)&nbsp;if the Common
Stock is listed on a national securities exchange or is
authorized for quotation on the National Association of
Securities Dealers Inc.&#146;s NASDAQ National Market
</FONT>

<P align="center"><FONT size="2">D-1
</FONT>

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<DIV align="left">
<FONT size="2">System (&#147;NASDAQ/ NMS&#148;), the closing
price, regular way, of the Common Stock on such exchange or
NASDAQ/ NMS, as the case may be, or if no such reported sale of
the Common Stock shall have occurred on such date, on the next
preceding date on which there was such a reported sale; or
(ii)&nbsp;if the Common Stock is not listed for trading on a
national securities exchange or authorized for quotation on
NASDAQ/ NMS, the closing bid price as reported by the National
Association of Securities Dealers Automated Quotation System
(&#147;NASDAQ&#148;), or if no such prices shall have been so
reported for such date, on the next preceding date for which
such prices were so reported; or (iii)&nbsp;if the Common Stock
is not listed for trading on a national securities exchange or
authorized for quotation on NASDAQ, the last reported bid price
published in the &#147;pink sheets&#148; or displayed on the
NASD Electronic Bulletin Board, as the case may be; or
(iv)&nbsp;if the Common Stock is not listed for trading on a
national securities exchange, or is not authorized for quotation
on NASDAQ/ NMS or NASDAQ, or is not published in the &#147;pink
sheets&#148; or displayed on the NASD Electronic Bulletin Board,
the Fair Market Value of the Common Stock as determined in good
faith by the Committee.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.&nbsp;<I>Exercise Price.</I> Options shall be
granted at an exercise price of not less than 100% of the Fair
Market Value of the underlying shares of Common Stock on the
date of grant; provided, however, that Incentive Stock Options
granted to a participant who at the time of such grant owns
(within the meaning of Section&nbsp;424(d) of the Code) more
than ten percent of the total combined voting power of all
classes of stock of the Company or its parent or subsidiary
corporation (a &#147;10% HOLDER&#148;) shall be granted at an
exercise price of not less 110% of the Fair Market Value of the
underlying shares of Common Stock on the date of grant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.&nbsp;<I>Option Period.</I> The Committee shall
determine the period or periods of time within which Options may
be exercised by participants, in whole or in part, provided,
however, that the term of an Option shall not exceed ten years
from the date of grant; and provided further, however, that the
term of an Incentive Stock Option granted to a 10% Holder shall
not exceed five years from the date of grant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.&nbsp;<I>Other Terms and Conditions.</I> The
Committee shall have the discretion to determine terms and
conditions, consistent with this Plan, that will be applicable
to Options granted hereunder. Options granted to the same or
different participants, or at the same or different times, need
not contain similar provisions. The aggregate Fair Market Value
(determined on the date of grant) of Common Stock with respect
to which Incentive Stock Options granted to a participant become
exercisable for the first time in any single calendar year shall
not exceed $100,000. The Committee shall have the discretion to
accelerate the exercise date of an Option whenever it decides,
in its absolute discretion, that such action is in the best
interests of the Company and is equitable to the participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">10.&nbsp;<I>Payment for Common Stock.</I> Full
payment for shares of Common Stock purchased upon the exercise
of the Option shall be made at the time the Option is exercised
in whole or in part. Payment of the purchase price shall be made
in cash or in such other form as the Committee may approve in
the applicable award agreement, including, without limitation,
payment in accordance with a cashless exercise program under
which, if so instructed by the participant, shares may be issued
directly to the participant&#146;s broker or dealer upon receipt
of the purchase price in cash from the broker or dealer, or by
the delivery to the Company by the participant of (i)&nbsp;a
full recourse promissory note containing such terms as the
Committee may determine or (ii)&nbsp;shares of Common Stock that
have been held by the participant for at least six months prior
to exercise of the Option, valued at the Fair Market Value of
such shares on the date of exercise; provided, however, that if
payment is made pursuant to clause&nbsp;(i), the par value of
the purchased shares shall be paid in cash. No shares of Common
Stock shall be issued to the participant until such payment has
been made, and a participant shall have none of the rights of a
stockholder with respect to Options held except to the extent
such Options have been exercised.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">11.&nbsp;<I>Termination of Options.</I> Unless
otherwise determined by the Committee and provided in the
applicable award agreement or an amendment thereto, a
participant shall be entitled to exercise the participant&#146;s
Options, to the extent such Options were exercisable on the date
of termination, for a period of (a)&nbsp;thirty (30)&nbsp;days
(but not after the scheduled expiration date of such Options)
following the date of termination of the participant&#146;s
services for any reason other than the participant&#146;s
disability (within the
</FONT>

<P align="center"><FONT size="2">D-2
</FONT>

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<DIV align="left">
<FONT size="2">meaning of Section&nbsp;22(e)(3) of the Internal
Revenue Code), death or retirement on or after his normal
retirement age in accordance with the Company&#146;s retirement
policy for officers and/or employees, as appropriate, and
(b)&nbsp;one (1)&nbsp;year (but not after the scheduled
expiration date of such Options) following the date of
termination of services by reason of the participant&#146;s
disability (within the meaning of Section&nbsp;22(e)(3) of the
Internal Revenue Code), death or retirement on or after his
normal retirement age in accordance with the Company&#146;s
retirement policy for employees; provided, however, that an
Incentive Stock Option shall not be exercisable more than three
(3)&nbsp;months after the participant&#146;s retirement.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">12.&nbsp;<I>Effect of Change in Stock Subject to
the Plan.</I> In the event of any subdivision or combination of
the outstanding shares of Common Stock, stock dividend,
recapitalization, reclassification of shares, sale, lease or
transfer of substantially all of the assets of the Company,
substantial distributions to stockholders, merger, consolidation
or other corporate transactions which would result in a
substantial dilution or enlargement of the rights or economic
benefits inuring to participants hereunder, the Committee shall
make such equitable adjustments as it may deem appropriate in
the Plan and the outstanding Options, including, without
limitation, any adjustment in the total number of shares of
Common Stock which may thereafter be available under the Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">13.&nbsp;<I>Nonassignability.</I> Options shall
not be transferable other than by will or the laws of descent
and distribution and are exercisable during participant&#146;s
lifetime only by the participant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">14.&nbsp;<I>Withholding.</I> The Company shall
have the right to deduct from all amounts paid to a participant
in cash as salary, bonus or other compensation any taxes
required by law to be withheld in respect of Options under this
Plan. In the Committee&#146;s discretion, a participant may be
permitted to elect to have withheld from the shares otherwise
issuable to the participant upon exercise of an Option, or to
tender to the Company, the number of shares of Common Stock
whose Fair Market Value equals the amount required to be
withheld.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">15.&nbsp;<I>Construction of the Plan.</I> The
validity, construction, interpretation, administration and
effect of the Plan and of its rules and regulations, and rights
relating to the Plan, shall be determined solely in accordance
with the laws of the State of Minnesota, other than the conflict
of law provisions of such laws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">16.&nbsp;<I>Amendment.</I> The Board may, by
resolution, amend or revise the Plan, except that such action
shall not be effective without stockholder approval if such
stockholder approval is required to maintain the compliance of
the Plan and/or awards granted hereunder with the deductibility
limits of Section&nbsp;162(m) of the Code. The Board may not
alter or impair any Options previously granted under the Plan
without the consent of the holders thereof, except in accordance
with the provisions of Paragraph&nbsp;12.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">17.&nbsp;<I>Effective Date; Termination of
Plan.</I> The Plan shall become effective on the date on which
it is adopted by the Board of Directors, subject to the approval
of the Plan by the stockholders of the Company. The Plan shall
terminate on March&nbsp;15, 2010, unless it is sooner terminated
by the Board. The Board may terminate the Plan at any time, in
whole or in part, in its sole discretion. Termination of the
Plan shall not affect Options previously granted under the Plan.
</FONT>

<P align="center"><FONT size="2">D-3
</FONT>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><IMG src="c82498dc8249801a.gif" alt="(LOGO1)">



<P align="center" style="font-size: 10pt"><B>POLARIS INDUSTRIES INC.</B>



<P align="center" style="font-size: 10pt"><B>ANNUAL MEETING OF SHAREHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>THURSDAY, APRIL 22, 2004<BR>
9:00 a.m.</B>



<P align="center" style="font-size: 10pt"><B>Corporate Headquarters<BR>
2100 Highway 55<BR>
Medina, MN 55340</B>



<P align="center" style="font-size: 10pt">&nbsp;


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="c82498dc8249801b.gif" alt="(LOGO2)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Polaris Industries Inc.<br>
2100 Highway 55<br>
Medina, MN 55340</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><B>proxy</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade></DIV>


<P align="left" style="font-size: 10pt"><B>This proxy is solicited by the Board of Directors for use at the Annual Meeting
on April&nbsp;22, 2004.</B>


<P align="left" style="font-size: 10pt">The shares of stock you hold in your account or in a dividend reinvestment
account will be voted as you specify below.


<P align="left" style="font-size: 10pt"><B>If no choice is specified, the proxy will be voted &#147;FOR&#148; Items 1, 2, 3, 4 and
5.</B>


<P align="left" style="font-size: 10pt">By signing this proxy, you revoke all prior proxies and appoint Thomas C.
Tiller and Michael W. Malone, and each of them, as Proxies, with full power of
substitution, to vote your shares of Common Stock, $.01 par value of Polaris
Industries Inc., on the matters shown on the reverse side and any other matters
which may come before the Annual Meeting of Shareholders to be held on April
22, 2004, or any postponements or adjournments thereof.



<P align="center" style="font-size: 10pt"><I>See reverse for voting instructions.</I>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>There are three ways to vote your Proxy</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>COMPANY #</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Your telephone or Internet vote authorizes the Named Proxies to vote your
shares in the same manner as if you marked, signed and returned your
proxy card.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>VOTE BY PHONE &#151; TOLL FREE &#151; 1-800-560-1965 &#151; QUICK***EASY***IMMEDIATE</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Use any touch-tone telephone to vote your proxy 24 hours a day, 7&nbsp;days a
week, until 12:00&nbsp;p.m. (CT)&nbsp;on Wednesday April&nbsp;21, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please have your proxy card and the last four digits of your Social
Security Number available. Follow the simple instructions the voice
provides you.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>VOTE BY INTERNET &#151; http://www.eproxy.com/pii/ &#151; QUICK***EASY***IMMEDIATE</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Use the Internet to vote your proxy 24 hours a day, 7&nbsp;days a week, until
12:00&nbsp;p.m. (CT)&nbsp;on April&nbsp;21, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please have your proxy card and the last four digits of your Social
Security Number available. Follow the simple instructions to obtain your
records and create an electronic ballot.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>VOTE BY MAIL</B>


<P align="left" style="font-size: 10pt">Mark, sign and date your proxy card and return it in the postage-paid envelope
we&#146;ve provided or return it to <B>Polaris Industries Inc., </B>c/o Shareowner
Services<SUP>SM</SUP>, P.O. Box 64873, St. Paul, MN 55164-0873.



<P align="center" style="font-size: 10pt"><B>If you vote by Phone or Internet, please do not mail your Proxy Card</B>



<P align="center" style="font-size: 10pt"><B>The Board of Directors Recommends a Vote FOR Items 1, 2, 3, 4 and 5.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1.</B>&nbsp;&nbsp;Election of Class&nbsp;I Directors for three year terms ending in 2007:<br>
01 Andris A. Baltins&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02 Thomas C. Tiller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vote FOR<br>
all nominees<br>
(except as marked)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vote WITHHELD<br>
from all nominees</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>(Instructions: To withhold authority to vote for any indicated nominee,<br>
write the number(s) of the nominee(s) in the box provided to the right.)</B>
</DIV></TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><I>Please fold here</I><BR>
<HR size="1" noshade>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2.</B>&nbsp;&nbsp;Approval of the Polaris Industries Inc. Senior Executive Annual Incentive
Compensation Plan.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Against
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Abstain</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>3.</B>&nbsp;&nbsp;Approval of the Polaris Industries Inc. Long Term Incentive Plan.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Against
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Abstain</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.</B>&nbsp;&nbsp;Approval of amendments to the Polaris Industries Inc. 1995 Stock
Option Plan.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Against
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Abstain</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>5.</B>&nbsp;&nbsp;Upon such other business as may properly come before the meeting or any
adjournments thereof.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Against
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Abstain</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION IS GIVEN, WILL BE VOTED
FOR EACH PROPOSAL.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Address Change? Mark Box
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indicate changes below:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="right" style="font-size: 10pt">Date <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature(s) in Box</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please sign exactly as your name(s) appears on Proxy. If
held in joint tenancy, all persons must sign. Trustees, administrators, etc., should include title and authority. Corporations
should provide full name of corporation and title of authorized
officer signing the proxy. If a partnership, please sign in partnership name by authorized person.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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