Analyst / Investor DayWyoming, MNJune 14, 2018 POLARIS INDUSTRIES INC.

Welcome!Richard Edwards, VP – Investor RelationsJune 14, 2018 Analyst / Investor Day POLARIS INDUSTRIES INC.

AGENDA – Analyst / Investor Meeting Thank You for Joining Us! 3 Webcast Link at: ir.polaris.com CDT Topic Presenter 8:00 – 8:10 Welcome / Opening Remarks Scott Wine, Chairman & CEO 8:10 – 8:25 Financial Overview Mike Speetzen, EVP - CFO 8:25 – 8:45 Operations Overview Ken Pucel, EVP – Operations 8:45 – 9:05 Off-Road Vehicles Chris Musso, President – ORV 9:05 – 9:20 Customer Engagement–Polaris Julie Gilbert / Chief Customer Experience & Growth Officer 9:20 – 9:30 Customer Engagement–Motorcycles Pam Kermisch, VP Marketing - Motorcycles 9:30 – 9:50 Engineering & Innovation Mike Donoughe, SVP – CTO 9:50 –10:00 Q&A 10:00 –10:45 Facility Tour 10:45 –11:30 Lunch 11:30 – 2:00 ORV & Slingshot Rides Thursday, June 14, 20188:00 AM – 10:00 AM Central TimeWyoming, Minnesota PII Analyst Day 6/14/18

SAFE HARBOR & NON-GAAP MEASURES 4 Except for historical information contained herein, the matters set forth in this presentation, including management’s expectations regarding 2018 future sales, shipments, net income, and net income per share, operational initiatives and impact of tax reform are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations expansion initiatives; product offerings; promotional activities and pricing strategies by competitors; economic conditions that impact consumer spending; the Company’s acquisition of Boat Holdings, LLC may not be completed during the timeframe expected or at all; acquisition integration costs; product recalls, warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; freight and tariff costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performance of affiliate partners; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements. This presentation contains certain non-GAAP financial measures, consisting of “Adjusted” sales, gross profit, income before taxes, net income and net income per diluted share as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of its ongoing operations and how management views the business. Reconciliations of Adjusted non-GAAP measures to reported GAAP measures are included in the Appendix of this presentation. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP. PII Analyst Day 6/14/18

Scott W. Wine Chairman & CEO June 14, 2018 Analyst / Investor Day POLARIS INDUSTRIES INC.

PII Analyst Day 6/14/18 6 Vision & Strategy VISION Fuel the passion of riders, workers and outdoor enthusiasts around the world by delivering innovative, high quality vehicles, products, services and experiences that enrich their lives. STRATEGIC PURPOSE Polaris is commited to being a customer centric, highly efficient growth company. We relentlessly pursue product superiority, safety and value improvement in all that we do. We enhance the lives of customers around the world by providing the best off-road and on-road vehicles and related offerings fro recreation, transportation and work. Out winning advantages are our innovative culture and dedicated team, operational speed and flexibility, and passion to create quality products and experiences. Strategic Objectives BEST IN POWERSPORTS PLUS ACCELERATING GLOBAL GROWTH PRODUCTIVITY POWERHOUSE GROWTH THROUGH ADJACENCIES SAFETY & QUALITY AS A COMPETITIVE ADVANTAGE Industry leading organic growth Profitably increase International revenue % Consistently improve earnings leverage and asset utilization Strategic acquisitions and new market expansion Continuously drive customer and dealer satisfaction Guiding Principles Best People, Best Team Safety & Ethics Always Customer Loyalty Performance Priorities Growth Margin Expansion Products & Quality Leadership LEAN Enterprise SALES CAGR >5% NET INCOME CAGR >15% through 2022

Analyst / Investor Day POLARIS INDUSTRIES INC. Mike Speetzen EVP – Finance & CFOJune 14, 2018

AGENDA Retail UpdateCDK Data AccuracyRevised Guidance Reporting StructureReturn on Invested CapitalCapital Deployment PII Analyst Day 6/14/18 8

NORTH AMERICAN QUARTERLY RETAIL SALES ORV retail improved significantly in May; April was weak due to weather New ORV model shipments accelerating Indian Motorcycle retail also improved in May Inventory levels trending as expected; Q2 anticipated up due to new product launches PII Analyst Day 6/14/18 9 Retail Performance Consistent with Expectations +3% (+5% excl. snow) Up mid-single digits % Up high double digits % Down mid-single digits % May April Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 QTD (Apr/May) -6% -3% +13% -1% +3% (+5% excl. snow) April May

CDK RETAIL SALES COMPARISON Monthly/Quarterly CDK volume deviation approx. 5 percentage points from PII actuals more than half the timeReasons for Variances:Dealer sample base: ~35-40% surveyedOEM exclusions (ex. Deere/Kubota)Promotional program timing: Start/end dates varyPrograms vary by geography U.S. Side-by-Sides Retail Sales Quarterly Change Polaris Actual vs. CDK 10 CDK Data Not a Reliable Predictor of PII Actual Retail Sales (5.9%) (4.3%) (4.0%) (3.9%) 8.5% 6.6% 7.0% (8.0%) PII Analyst Day 6/14/18 0%

POLARIS EPS ADJUSTMENTS FY 2017 FY 2018 Guidance Actual Low High $4.85 $6.05 $6.20 Remains unchanged from Q1 Earnings Call % Change +25% +28% Adjustments Intangible amortization +$0.25 +$0.28 +$0.28 TAP / Aixam / Taylor Dunn Boat Holdings EPS accretion $ − +$0.10 +$0.10 ~5 months anticipated after close $5.10 $6.43 $6.58 Beginning Q2’18 % Change +26% +29% Revised EPS Structure Beginning Q2’18 PII Analyst Day 6/14/18 11 Provides Transparency and Better Reflects True Underlying Earnings Power of Polaris Revised 2018 EPS Guidance* *See Appendix for GAAP/Non-GAAP Reconciliation and 2018 Guidance Adjustments 2018 EPS Guidance* Historical intangible amortization approximately $0.06 per quarter in 2017; $0.07 in Q1 2018Q2 2018 to be reported using new reporting structureWill exclude intangible amortization of approx. $0.07 of share

RETURN ON INVESTED CAPITAL 12 PII Analyst Day 6/14/18 ROIC critical to all aspects of company management WACC of ~9% utilized as investments are analyzed Capital deployed in 3 major categories: organic investment, returned to shareholders & acquisitions:1. Organically invested ~$2+ billion over last 5 years in R&D, Capital & Tooling Organic returns substantially higher than WACC Plant investments impact historical ROIC due to unused capacity2. Returned ~$0.7+ billion to shareholders & repurchased ~$1.2 billion of PII shares over the last 5 years23 consecutive years of dividend growth; important component of shareholder return Opportunistic repurchases based on intrinsic value hurdle exceeding WACC3. Deployed ~$1 billion in acquisitions Returns trending up as acquisitions mature, ROIC of acquired businesses improved from 2% in 2016 to 5% in 2017, excluding Boat Holdings Return on Investment is a Key Metric in Evaluating Deployment of Capital

INVESTMENT BASE & ROIC – 2010 to 2017 13 PII Analyst Day 6/14/18 ROIC > WACC and Well Ahead of Peers and S&P 500 33% ROIC >16% ROIC 28% ROIC Core ROIC down from 33% to 28% Capacity impacted by plant investments Acquisitions impact on ROICTAP early in acquisition timeline Other acquisitions performance improving ~$1B ~$2B ~$3B '10 Investment base Current Assets PPE/Tooling Other Investment in Polaris Acceptance Organic Acquisition Balue EPPL '17 Investment base

INVESTMENT BASE & ROIC - 2017 to 2022 14 PII Analyst Day 6/14/18 Improving Due to Volume, VIP Initiatives, Acquisitions Performance; Exiting of Underperforming Assets >16% ROIC ~25% ROIC Important Drivers Acquisitions improving to mid-teens % Leveraging Huntsville and Opole Exiting EPPL ~$3B ~$4.5B '17 Invesment base Current Assets PPE/Tooling Other Boat Holdings Investment in Polaris Acceptance Other '22 Investment base

Capital Deployment Framework 15 PII Analyst Day 6/14/18 #1 Priority: Organic Investment Enables innovation Generating high returns#2 Priority: Return to Shareholders Dividends: 23 consecutive years of increasing, important component of shareholder return Established based on targeted payout range of operating cash flow Indicator of strong cash flow; key component of shareholder return Share Repurchases: Target to hold share count flat over time Opportunistic buys based on intrinsic value hurdle#3 Priority: Acquisitions Criteria: Strategic AND best brand, product and distribution in their space Criteria: Return > WACC

Mike Speetzen EVP – Finance & CFOQuestions? Analyst / Investor Day POLARIS INDUSTRIES INC.

Analyst / Investor Day POLARIS INDUSTRIES INC. Ken Pucel EVP – Operations, Engineering & LeanJune 14, 2018

POLARIS GLOBAL OPERATIONS 2018-2022 STRATEGY 18 Polaris Operations Strategy Targets Best-in-Class Performance Polaris Operations strategy is focused on delivering Operational performance to support the Polaris Strategy. We will achieve Best-in-Class performance in SQDC-New Products. 2022 Goals: Safety: Continued strong workplace safety Quality: ~30% improvement of key metrics Delivery: 40% faster to drive RFM performance Cost: $500 million Gross VIP New Products: Focused on Safety, Quality, Delivery and Speed of Innovation PII Analyst Day 6/14/18

OCCUPATIONAL SAFETY, QUALITY, DELIVERY, COST – 2018 PERFORMANCE Quality (Rework %) Occupational Safety (TRIR) Focused on the Fundamentals that Drive Safety, Delivery, Quality and Cost Adjusted Gross Profit % Delivery Product Delivery ATV Ranger RZR Snow Motorcycles Slingshot TOTAL G G G G G G G 19 Driving a Zero Incidents Culture Focused on Improving Performance Plant Capacity Huntsville Roseau Spirit Lake Monterrey Opole Osceola TOTAL G G G G G G G Operational productivity driven by VIP Savings Lower Warranty costs Foreign Exchange Product mix Freight Commodity costs TAP TAP PII Analyst Day 6/14/18 2014 2015 2016 2017 1Q 2018 2014 2015 2016 2017 1Q 2018 25.4% 25.4% 1Q 2017 1Q 2018

SAFETY AND QUALITY SYSTEMS PROGRESS 20 PII Analyst Day 6/14/18 Safety and Quality Continuously Improves Polaris aims to continually improving product safety and quality by focusing on systems and execution. Quality System Focus Areas Warranty Claims / Unit 25% Rework 50% Supplier PPM 25% 2018 Improvements (vs. same time 2017)

COMMODITY AND LOGISTICS UPDATE Managing Commodity/Logistics Headwinds Q2-Q4 21 2017 Economics Related Spend ~$400M Commodity and Logistic Trends Logistics Line-haul 1Q 2018: Higher Industry rates due to driver shortage and strong U.S. economic conditions FY 2018: Mitigations include route optimization and negotiationsSteel1Q 2018: Exposure largely mitigated via price locks FY 2018: Section 232 tariff driving market price increases Incremental headwinds if Section 301 tariff enacted Aluminum 1Q 2018: Exposure largely mitigated via price locks FY 2018: Section 232 tariff (including CAN/MEX/EU) driving market price increases Section 301 tariff impact if enacted Rate per Mile $ per Pound $ per Aluminum PII Analyst Day 6/14/18 '15 '16 '17 '18 1.80 1.60 1.40 1.20 Rate per Mile $ per Pound 0.40 0.30 0.20 '15 '16 '17 '18 $ per Aluminum 1.00 0.80 0.60 '15 '16 '17 '18

GROSS PROFIT DYNAMICS 22 PII Gross Profit % Productivity, Improving Quality and Leverage to Drive Margin Expansion Headwinds/Tailwinds ’15-’17 ’18-’22 VIP Price / Promo Warranty Leverage Mix FX Pricing Environment Improves and Supply Chain Transformation Savings Ramp-up * See Appendix for GAAP/Non-GAAP Reconciliation** Ex. Boat Holdings Acquisition; See Appendix for GAAP/Non-GAAP Guidance Adjustments PII Analyst Day 6/14/18 28.4% 25.9%* 2015 2017 2022E ~30%*

VIP – VALUE IMPROVEMENT PROGRAM Value Improvement Program Continues to Drive Productivity Key Strategies Performance Summary >4,500 Lean and Continuous Improvement projects complete 2015-20182018-2022 VIP Contribution: Materials $300M Supply Chain Transformation Project >$200MManufacturing (Lean and PNO) $100MLogistics (Routes and Rates) $100M 23 2015 – 2017 2018 – 2022 $500M $400M PII Analyst Day 6/14/18

SUPPLY CHAIN TRANSFORMATION PROGRAM Supply Chain Transformation Program will Drive Substantial Results 24 Supplier Rationalization 60%Fewer Improved Quality <150PPM Rejects 4 Waves / 4 Years Project Timing Cost Savings Target >$200 Million Wave 1 Highlights Fabrication Plastics Logistics Fabrication Cast/Machine Drivelines Batteries ~$1 billion annual spend, $80M+ target900 Suppliers Engaged, 75% new to Polaris On target through step 5 of 11 step process Savings begins Q4 2018Run rate achieved Q4 2019 PII Analyst Day 6/14/18

POLARIS MANUFACTURING CAPACITY UTILIZATION Polaris Manufacturing Will Lever Fixed Cost Over Period 25 ~$50M of Leverage Savings While Delivering RFM Leverage volume growth: Fully lever Monterrey Grow Huntsville - Ranger/Slingshot Motorcycle growth in Spirit Lake Plant Network Configuration Optimization: Configure for RFM Delivery Insource capabilities into Roseau Milford Closure - Complete Lean improvements drive productivity Expand capabilities PII Analyst Day 6/14/18 58% 2017 86% 2022 Target Utilization 85% Spirit Lake, IA Huntsville, AL Roseau, MN Monterrey, Mexico

Ken Pucel EVP – Operations, Engineering & LeanQuestions? Analyst / Investor Day POLARIS INDUSTRIES INC.

Analyst / Investor Day POLARIS INDUSTRIES INC. Chris Musso President – Off-Road Vehicles June 14, 2018

PII Analyst Day 6/14/18 28

2016 MARKET EVOLUTION 2018 2008 2012 2014 2015 RZR Creates True Sports SxS Market RANGER XP 900 Launch Transforms Utility Industry RZR XP 1000 Resets the Performance Game Competitive Attack in Utility Market RZR Turbo – Ultimate Performance Competitive Attack in High Performance Rec SxS Thermal Recalls General Achieves #1in Rec-Util Polaris Returns to Retail & Share Growth In SxS & ATVCPSC Settlement PII Analyst Day 6/14/18 2017 RANGER XP 1000 Launch Transforms Utility Industry… Again 29

40% of units 43% of revenue3 YR unit CAGR MSD growth Grow Overall SxS Position Drive Share Across Segments ORV INDUSTRY OVERVIEW 12% of units 20% of revenue 3 YR unit CAGR MSD growth OPPORTUNITY PII Analyst Day 6/14/18 N.A. INDUSTRY BREAKDOWN 30 ORV INDUSTRY OVERVIEW UTILITY SXS ATV Other 40% of units 25% of revenue 3 YR unit GAGR LSD decline CROSSOVER SxS 6% units 10% of revenue 3 YR unit CAGR HSD growth

#1 #1 #1 #1 #1 #1 #1 #1 STRONG BRAND POSITION 31 PII Analyst Day 6/14/18

STRONG DEALER PARTNERSHIP PII Analyst Day 6/14/18 Preferred OEM Partner POLARIS If you could only do business with one of any of your current OEM partners, which one would you choose? *Source: 2018 Power Sports Business Market Data Book 32 POLARIS BRP Kawasaki Honda Yamaha Harley-Davidson BMW CF MOTO Textron Suzuki Cub Badet Rover Hyosung 32% 14% 10% 10% 9% 7% 3% 3% 3% 3% 2% 2% 2%

Big Steps in Last 18 Months Yielding Measurable Results 33 84% of dealers surveyed view Polaris as “equally (17%) or more (67%) profitable compared to other OEMs” 3rd Party Profitability Survey Dealers leveraging 5 profit centers think more positively of Polaris profitability PII programs designed to support dealer profitability throughout the dealership PII promo spending shifted to support dealer profitability Investment in dealer rewards 3x vs. 2015/2016 PII offering the strongest MAP policy in the industry Robust and consistent management/enforcement Coverage across 100% of ORV portfolio vs. 80% in prior years Extends 3 months longer than prior years Actively top-grading dealer network STRIDES IN DEALER PROFITABILITY PII Analyst Day 6/14/18 33

PG&A Installed ORV Fleet PII Wholegoods Retail STRONG DEALER PARTNERSHIP ORV Dealer Count (from websites) MOST PROFITABLE PARTNER POLARIS CAN-AM HONDA YAMAHA 11PT MARGIN/DEALER DEALERSAVINGS $10,500 PROGRAMS UNITS/DEALER 2.2X POLARISORV 3.5 X 4.7 X Retail Rewards MORETHAN 3X 2016 AVERAGEDEALER $45,000 INSTALLED BASE/DEALER 2.5X POLARISORV 2 X 4 X PII Analyst Day 6/14/18 1072 TO 1025 ~1,450 34

OFF TO A STRONG START YTD REVENUE RETAIL WARRANTY per Unit PROMOTIONAL Spendper Unit ATV & Sxs share PII Analyst Day 6/14/18 35

HOW WE WIN Customer-centric approach LeapfrogProductInnovation Best partner in Powersports New market AttackS PII Analyst Day 6/14/18 36

CUSTOMER-CENTRIC APPROACH CUSTOMER AS TRUE NORTH ACROSS BRAND NEEDS-BASEDPRODUCT DEVELOPMENT SUPER COMPELLING CONTENT ACTIVATE 2M+ INSTALLED BASE Current Customers New to Polaris ORV Digital Investment Lead Generation & Conversion Target New Markets Personalized Messaging Tailored Promo Unique Experiences Leverage CRM Precision Targeting ATTRACTING NEW CUSTOMERS PII Analyst Day 6/14/18 37

Consistent Launch Cadence More Price New Products Have No Rebates Minimal Dealer Discounting PRODUCT INNOVATION: LEAPFROGGING THE COMPETITION YoY Growth >2X Market PII Analyst Day 6/14/18 38

ENGINEERING INVESTMENT DRIVING FEATURES & DEMAND ENGINEERING INVESTMENT UP SIGNIFICANTLY PII Analyst Day 6/14/18 IMPROVED POWERTRAIN POLARIS PULSE BUSBAR ACTIVE SUSPENSION DRIVER CONNECTIVITY NORTHSTAR EDITION ACCESSORIES CLEARVIEW DOORS RAPID RECOVERY WINCH ?? 39

BEST PARTNER IN POWERSPORTS PII Analyst Day 6/14/18 FROM TO RFM MAP Sales Transformation In-store Experience Sales Training Dealer Standards ELEVATING THE DEALER GAME ELEVATINGOUR GAME 40

POLARIS ORV – GREAT OPPORTUNITY CONTINUING TO WIN > OUTGROWING INDUSTRY IN VOLUME, REVENUE AND MARGINS POWERSPORTS #1 IN BEST DEALER PARTNER Enhancing Profitability LARGEST CUSTOMER BASE Building Loyalty, Finding New Customers NEW PRODUCTS & PIPELINE Beat All Competitors LARGEST CUSTOMER BASE BUILDING LOYALTY, FINDING NEW CUSTOMERS #1 PII Analyst Day 6/14/18 41

Chris Musso President – Off-Road Vehicles Questions ? Analyst / Investor Day POLARIS INDUSTRIES INC. 42

Analyst / Investor Day POLARIS INDUSTRIES INC. Julie Gilbert Chief Customer Experience & Growth Officer June 14, 2018 43

SNOWMOBILES MOTORCYCLES ATVs LIFE-LONG RIDER POWERSPORTS ENTHUSIAST PII Analyst Day 6/14/18 44

Founder & CEO of 20+ YEARS GROWING BRANDS & BUSINESSES New Market & Business Development PII Analyst Day 6/14/18 Mobile Engaging Communications, Marketing and Big Data Analytics Finance & Consulting Global Fortune 100 to 500 Clients, Spanning North America, Asia, Europe and Others Founder & CEO of BS, MBA, 25+ Year CPA 45

BOLD GOALS PII Analyst Day 6/14/18 in Powersports Space Expand Market Size in Powersports Engage New Customers for Customers Create New Engagement Models 46

47 Average Age 90% Male 81% Married/with Partner$96KMedian Income 17% Military Veteran POWERSPORTS CUSTOMER PROFILE PII Analyst Day 6/14/18 Customer-Centric CRM/Big Data Polaris Adventures ??? CURRENT CUSTOMER BASE ~3M TARGET AUDIENCE % of 13 Million Multi-Acre Homeowners Age Ranges Multicultural Women > > > > ~25M 47

Julie Gilbert Chief Customer Experience & Growth OfficerQuestions? Analyst / Investor Day POLARIS INDUSTRIES INC. 48

Analyst / Investor Day POLARIS INDUSTRIES INC. Pam Kermisch VP of Marketing - Motorcycles June 14, 2018 49

Digital is Key to Winning at Retail 24 touchpoints before a customer is ready to purchase Direct Mail 1.3 dealer visits before purchase 2000 2010 2017 I CAN’T KEEP CALM SEVEN DAYS TO GO THERE’S ONLY 90% of customers that buy, buy within 1 week of visiting a dealership 95% use online sources CUSTOMER BEHAVIOR IS CHANGING PII Analyst Day 6/14/18 50

GROWTH STRATEGIES 50 PII Analyst Day 6/14/18 Cultivate Our Customer Base Enable the Shopping Experience Make Owners Our VIPs Expand to New Targets Driving Momentum 51

CULTIVATE OUR CUSTOMER BASE PII Analyst Day 6/14/18 Score and Segment Our Customers SCORE What’s Your #? VERY HOT WARM COLD SEGMENT MARKET 52

CULTIVATE OUR CUSTOMER BASE PII Analyst Day 6/14/18 Relevant Messaging to Each Customer 53

ENABLE THE SHOPPING EXPERIENCE PII Analyst Day 6/14/18 Make it Easy to Get What They Want, When They Want it Inventory Search Ratings & Reviews Build and Quote Trade in Valuator 54

ENABLE THE SHOPPING EXPERIENCE 55 PII Analyst Day 6/14/18 Focus on the Dealership Experience 55

MAKE OWNERS OUR VIPS PII Analyst Day 6/14/18 Customer Experience Drives Repeat & Referral Exclusive Content Private Events Recognition Access Global Presence 56

EXPAND TO NEW TARGETS PII Analyst Day 6/14/18 Introducing Indian Motorcycle to More Riders Indian Scout Market Share Low 20’s % … and Growing 57

Pam KermischVP of Marketing - MotorcyclesQuestions? Analyst / Investor Day POLARIS INDUSTRIES INC. 58

Analyst / Investor Day POLARIS INDUSTRIES INC. Mike Donoughe SVP – Chief Technical Officer June 14, 2018 59

INTRODUCTIONS – MIKE DONOUGHE Career History: BSME, MSME, MBA Automotive Career Focused on The “Front Lines” of Product Creation: Engineering | Manufacturing | Supply Chain | Quality Since 2012 – Focused on Technology Development & Commercialization PII Analyst Day 6/14/18 60

WHY POLARIS? PII Analyst Day 6/14/18 PRODUCT PEOPLE POTENTIAL 61

ENGINEERING “PRODUCT CREATION POWERHOUSE” PII Analyst Day 6/14/18 ROLLING FORWARD TO “ACHIEVE EXCELLENCE IN EVERYTHING WE DO” Innovative Technology Application Efficient &Effective Execution Accountability Best People, Best Team Transparent Communication Disciplined Agility Safety & Quality Analysis Led Design Platform Mindset Customer Focused Product Creation Powerhouse ENGINEERING VISION Establish a Product Creation Powerhouse with a customer-centric focus that results in products that meet/exceed total ownership experience expectations across Polaris’ product portfolio. 62

PII Analyst Day 6/14/18 Accountability Best People, Best Team Transparent Communication Disciplined Agility Customer Focused Product Creation Powerhouse EFFICIENT & EFFECTIVE EXECUTION Optimize Polaris’ engineering capacity and capability with gains in efficiency and productivity ANALYSIS LED DESIGN Polaris embraces Analysis Led Design methods to achieve excellence in execution, better performing and cost-optimized products, with improved time-to-market delivery PLATFORM MINDSET Polaris leverages its platforms, at the vehicle system and subsystem levels to achieve greater efficiencies, quality and scale economies across its diverse product portfolio INNOVATIVE TECHNOLOGY APPLICATION As powersports industry leader, Polaris continues to innovate with technologies to enhance our customers’ experiences SAFETY & QUALITY As powersports industry leader, Polaris leads in Safety & Quality Efficient &Effective Execution Analysis Led Design Platform Mindset Innovative Technology Application Safety & Quality STRATEGIC THEMES 63

ATTRIBUTES PII Analyst Day 6/14/18 Innovative Technology Application Efficient &Effective Execution Analysis Led Design Platform Mindset Safety &Quality Efficient &Effective Execution Analysis Led Design Platform Mindset Innovative Technology Application Safety &Quality Customer Focused Product Creation Powerhouse Efficient &Effective Execution Accountability Best People, Best Team Transparent Communication Disciplined Agility VISION Ensure the basic attributes of Polaris’ Product Creation Powerhouse serve to enable creation of Customer Focused products that truly resonate with their desired experiences Best People, Best Team Focused on culture and talent management – acquisition, development and deployment Transparent Communication Focused on dealing with reality as it is, when it is so we can deal with it rationally Disciplined Agility Focused rigorous planning and execution while being adaptive to changing conditions Accountability Focused on holding ourselves accountable for the Product Creation responsibilities we hold OBJECTIVES Accountability Best People, Best Team Transparent Communication Disciplined Agility 64

POLARIS GLOBAL ENGINEERING FOOTPRINT Operating Considerations Technical Talent Availability Organizational Synergies (co-location)Product Proximity(embed teams in manufacturing locations)“Follow the Sun” Effectiveness and Efficiency Location What We Do Wyoming, MN ORV Product Development MC Product Development CGD Product Development Powertrain Systems Engineering Testing and Validation Central Engineering Roseau, MN Snow Product Development ATV Product Development Manufacturing Sustaining Engineering Medina, MN Industrial Design Plymouth, MN Electronics and Software Havasu, AZ Product Testing Sunnyvale, CA Software Engineering User Interface San Diego, CA Industrial Design Battle Ground, WA Electronics Novi, MI Industrial Design Huntsville, AL Spirit Lake, IA Osceola, WI Monterrey, Mexico Opole, Poland Manufacturing Sustaining Engineering Rolle, Switzerland Swiss Auto London, UK Engine Design Vadodara, India Engineering support Benagluru, India Design (future) Hanoi, Vietnam Manufacturing Sustaining Engineering (future) Shanghai, China Manufacturing Sustaining Engineering (future) WYOMING, MN ORV Product Development MC Product Development CGD Product Development Powertrain Systems Engineering Testing and Validation Central Engineering PII Analyst Day 6/14/18 65

FUTURE ADVANCED TECHNOLOGY & INNOVATION FOCUS PII Analyst Day 6/14/18 LIGHT WEIGHTING, ADVANCED MATERIALS AND PROCESSES ELECTRIFICATION ADVANCED DRIVER ASSISTANCE SYSTEMS CONNECTED VEHICLES AND EXPERIENCES POWERTRAIN & DRIVELINE 66

NEW PRODUCT DEVELOPMENT Product Design Focus Product Development Vitality Index Increasing Investments in Product Development for Innovation R&D Spend By Business Unit R&D Investment % Contribution to Sales of Vehicles Introduced in Past 3 Years Increasing Investments into a Product Creation Powerhouse Product Innovation: Superior Ride and Handling Electrification and Autonomy Exceptional Powertrains – Gas and Electric Connected Vehicles and Experiences Advanced Materials and Processes Cross-Functional Design for Value, Manufacturing, Assembly, and Service PII Analyst Day 6/14/18 72% 86% 75% 80% 84% 2014 2015 2016 2017 2018 YTD $149M $167M $185M $238M $65M 2014 2015 2016 2017 2018 Q1 ORV MC Snow Adj Markets Aftermarkets Central Teams Fully Allocated 67

POLARIS WYOMING PRODUCT DEVELOPMENT SITE Site Summary 620 Acres to accommodate on-site tests and riding Total facility 283,000 SFPh 1: 126,000 SF / April 2005Ph 2: 157,000 SF / June 2012Product Dev. Staff = ~750Designed for project teams efficiency Product group presence in Wyoming Motorcycles - Indian, Slingshot ORV - RZR, ATV, RANGER, GENERAL Military Electric Vehicles Powertrain Labs PII Analyst Day 6/14/18 68

WYOMING R&D TOUR – WHAT YOU WILL SEE & EXPERIENCE PII Analyst Day 6/14/18 69

Mike Donoughe SVP – Chief Technical Officer Questions ? Analyst / Investor Day POLARIS INDUSTRIES INC. 70

Q & A Analyst / Investor Day POLARIS INDUSTRIES INC. 71

APPENDIX FY 2017 NON-GAAP RECONCILIATIONSQ1 2018 NON-GAAP RECONCILIATIONS2018 GUIDANCE ADJUSTMENTS PII Analyst Day 6/14/18 72

FY 2017 NON-GAAP RECONCILIATIONS Key Definitions: Throughout this presentation, the word “Adjusted” is used to refer to GAAP results excluding: TAP inventory step-up purchase accounting, TAP integration expenses, impacts associated with the Victory Motorcycles® wind down, restructuring and realignment costs, and impacts of the tax reform. Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results (In Thousands, except per share data; Unaudited) Adjustments: (1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel (2) Represents adjustments for TAP integration expenses (3) Represents adjustments for corporate restructuring and network realignment costs (4) Represents an adjustment for impacts of a charge in its income tax provision due to the remeasurement of its deferred income tax positions at the new corporate income tax rate of 23.8 percent (from 37.1 percent) (5) The Company used its estimated statutory tax rate of 37.1% for the non-GAAP adjustments, except for the non-deductible items and the tax reform related changes noted in Item 4 2016 Reclassified Results: 2016 sales and gross profit results for ORV/Snowmobiles, Motorcycles and Aftermarket are reclassified for the new Aftermarket reporting segment. Years ended December 31, Years ended December 31, 2017 2017 2016 2016 Sales $5,428,477 $4,516,629 Victory wind down (1) (1,857) — Restructuring & realignment (3) 1,048 — Adjusted sales 5,427,668 4,516,629 Gross profit 1,324,651 1,105,623 Victory wind down (1) 57,844 — TAP (2) 12,950 8,803 Restructuring & realignment (3) 12,980 — Adjusted gross profit 1,408,425 1,114,426 Income before taxes 318,791 313,251 Victory wind down (1) 77,398 — TAP (2) 26,921 21,454 Restructuring & realignment (3) 22,116 — Adjusted income before taxes 445,226 334,705 Net income $172,492 212,948 Victory wind down (1) 52,366 — TAP (2) 16,923 13,515 Restructuring & realignment (3) 13,902 — Tax reform (4) 55,398 — Adjusted net income (5) $311,081 $226,463 Diluted EPS $2.69 $ 3.27 Victory wind down (1) 0.82 — TAP (2) 0.26 0.21 Restructuring & realignment (3) 0.22 — Tax reform (4) 0.86 — Adjusted EPS (5) $ 4.85 $ 3.48 PII Analyst Day 6/14/18 73

Q1 2018 NON-GAAP RECONCILIATIONS Key Definitions: Throughout this presentation, the word “Adjusted” is used to refer to GAAP results excluding: TAP inventory step-up purchase accounting / integration expenses, corporate restructuring, network realignment and supply chain transformation costs, EPPL impairment, gain on Brammo investment, and impacts associated with the Victory Motorcycles® wind down. Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results (In Thousands, Except Per Share Data; Unaudited) Three months ended March 31, Three months ended March 31, 2018 2018 2017 2017 Sales $1,297,473 $ 1,153,782 Victory wind down (1) (549 ) 5,104 Restructuring & realignment (3) 470 — Adjusted sales 1,297,394 1,158,886 Gross profit 323,481 242,491 Victory wind down (1) 52 38,563 TAP (2) — 12,897 Restructuring & realignment (3) 5,792 — Adjusted gross profit 329,325 293,951 Income (loss) before taxes 73,692 (333 ) Victory wind down (1) 669 57,580 TAP (2) 2,080 16,200 Restructuring & realignment (3) 6,197 — EPPL impairment (5) 19,630 — Brammo (6) (13,478 ) — Adjusted income before taxes 88,790 73,447 Net income 55,714 (2,911 ) Victory wind down (1) 510 41,021 TAP (2) 1,585 10,183 Restructuring & realignment (3) 4,721 — EPPL impairment (5) 19,417 — Brammo (6) (13,113 ) — Tax reform (4) 270 — Adjusted net income (7) $ 69,104 $ 48,293 Diluted EPS $ 0.85 $ (0.05 ) Victory wind down (1) 0.01 0.64 TAP (2) 0.02 0.16 Restructuring & realignment (3) 0.08 — EPPL impairment (5) 0.30 — Brammo (6) (0.20 ) — Tax reform (4) — — Adjusted EPS (7) $ 1.06 $0.75 Adjustments: (1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel (2) Represents adjustments for TAP integration expenses and purchase accounting adjustments (3) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation (4) Represents adjustments for the impacts of tax reform (5) Represents adjustments for the impairment of the Company's equity investment in Eicher-Polaris Private Limited (EPPL) (6) Represents a gain on the Company's investment in Brammo, Inc. (7) The Company used its estimated statutory tax rate of 23.8% and 37.1% for the non-GAAP adjustments in 2018 and 2017, respectively, except for the non-deductible items and the tax reform related changes noted in Item 4 PII Analyst Day 6/14/18 74

2018 GUIDANCE ADJUSTMENTS 2018 guidance excludes the pre-tax effect of acquisition integration costs of approximately $10 million, supply chain transformation costs of approximately $10 million to $20 million, network realignment costs of approximately $5 million and the remaining impacts associated with the Victory wind down which is estimated to be in the range of $5 million to $10 million. Additionally, 2018 guidance excludes the pre-tax gain of $13 million related to the Company's investment in Brammo and charges of $20 million, including the impairment of the Company's equity investment in the Eicher-Polaris joint venture in India, both recorded in the 2018 first quarter. Additional costs associated with the wind down of the joint venture, if any, are expected to be immaterial for the remainder of 2018. 2018 adjusted sales guidance excludes any Victory wholegood, accessories and apparel sales and corresponding promotional costs as the Company is in the process of exiting the brand. The Company has not provided reconciliations of guidance for adjusted diluted net income per share, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include costs associated with the Victory wind down that are difficult to predict in advance in order to include in a GAAP estimate. PII Analyst Day 6/14/18 75