Polaris reported positive second quarter 2018 results with sales up 10% and adjusted net income up 47%. Retail sales in North America increased 6% driven by strong demand for new off-road vehicle and Indian motorcycle models. The company saw solid growth in off-road vehicles, adjacent markets, and international sales. However, tariff and commodity pressures intensified significantly in the quarter and pose ongoing risks. Polaris also recently acquired Boat Holdings to expand into the pontoon and deck boat market.

1. Second Quarter 2018 Earnings Results
July 25, 2018
POLARIS INDUSTRIES INC.

2. SAFE HARBOR & NON-GAAP MEASURES
2Q2'18 Earnings
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, and tariffs and commodity costs are
forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking
statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations
expansion initiatives; product offerings; promotional activities and pricing strategies by competitors; economic conditions that impact consumer
spending; acquisition integration costs; product recalls, warranty expenses; impact of changes in Polaris stock price on incentive compensation
plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs;
freight and tariff costs; changes to international trade agreements; 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.

3. Scott W. Wine, Chairman & CEO
July 25, 2018
Second Quarter 2018 Earnings Results
POLARIS INDUSTRIES INC.

4. SECOND QUARTER 2018 SUMMARY
4Q2'18 Earnings
Positive Momentum Going into 2nd Half of Year
Financial results continued positive momentum
N.A. retail sales up 6%; ORV up mid-single digits %; Side-by-sides up mid-single digits %
Indian motorcycles up mid-single digits %
New product demand strong; RANGER XP 1000, RZR Turbo S, RZR RS1, Indian Chieftain Elite
Announced Boat Holding acquisition; solid addition to portfolio
Tariff and commodity pressures intensified significantly; offsetting for now

5. NORTH AMERICAN POWERSPORTS RETAIL SALES
Polaris N.A. retail up 6% for Q2’18
ORV strong; new products, improved Oil/Gas/Ag regions
Indian retail up mid-single digits; strong Scout/Scout Bobber sales
Polaris promotional expense per unit down year-over-year in Q2
North American Industry retail down low-single digits %
ORV flat; motorcycles down
-3%
Q2 2017 Q2 2018
POLARIS INDUSTRY
Off-Road Vehicles mid-single digits % flat
(estimated)
Side-by-Sides
ATVs
mid-single digits %
mid-single digits %
Motorcycles low-single digits % mid-single digits %
(900cc & above)
Indian
Slingshot
mid-single digits %
mid-single digits %
Snowmobiles
(season-end Mar’18)
(off-season) (off-season)
Q2’18 Retail Sales by Business (vs. Q2’17)Polaris Retail Sales
Q2'18 Earnings 5
Year-Over-Year Retail % Change (units)
ORV
Snowmobiles
Motorcycles
Retails Sales Accelerated in Q2 – Improved Execution / New Product Availability
+6%

6. Q3 Q4 Q1 Q2
Rolling 4 Qtrs Ending Q2'17
Rolling 4 Qtrs Ending Q2'18
Polaris Q2 2018 N.A. dealer inventory up 10% vs. Q2 2017; up 6% excluding Snow (off-season)
ORV up due to improved new product availability
Indian Motorcycles & Slingshot down; moderating shipments in weak market
Side-by-side RFM improving delivering cadence
Q2 Total N.A. Dealer InventoryPolaris N.A. Total Dealer Inventory
NORTH AMERICAN DEALER INVENTORY
Q2 2017 Existing ORV
Models
New ORV
Models
Snowmobiles Motorcycles Q2 2018
+10%
Q2'18 Earnings 6
Year-over-year % Change in Units
+6%
+5%
-1%
Dealer Inventory Adequate in Total, Excluding Snow; Product Mix Improving
0%
+6%
excl. snow
+10%

7. M
FY’17 Sales
BOAT HOLDINGS ACQUISITION
#1 seller of Pontoon Boats in U.S.
~26% market share in 2017
Acquisition closed July 2, 2018
Supports Polaris’ long-term growth and profitable goals
Will operate as a distinct business
Integration team in place
Q2'18 Earnings 7
Broadens Polaris’ Powersports Portfolio of High Quality, Enjoyable Outdoor Products
Jake Vogel
CEO – Boat Holdings
2nd generation leader
10+ years of boat experience
30%
#1 Pontoon Brand
70%
Sterndrive/
outboard boats
#3 Pontoon Brand
#1 Deck Boat Brand

8. MULTI-BRAND DISTRIBUTION CENTER
Fernley, Nevada
Aftermarket and Polaris PG&A
Open Q2 2019
~500,000 sq. ft. distribution center
Will service entire west coast in 1-2 days
Q2'18 Earnings 8
Will Significantly Improve Polaris PG&A / Aftermarket Delivery Times to Customer
Multi-Brand Distribution Center
Fernley, NV
Fernley, NV

9. TARIFFS’ IMPACT
9Q2'18 Earnings
Trade Wars Generating Significant Cost Pressures & Uncertainty in Marketplace
~$40M*
FY’18 Impact
CANADA
CHINA
EUROPEAN
UNION
MEXICO
Youth
vehicles,
steel,
aluminum,
components
Steel,
aluminum
Steel,
aluminum
EU Retaliatory
Tariff,
Motorcycles
232 Steel / Aluminum
Raw steel & aluminum – Polaris procured
Components – supplier procured
Suppler price increases – market driven
301 List 1
Youth vehicles – China produced
Components – Polaris and supplier procured
Supplier price increases – market driven
Retaliatory Tariffs
Motorcycles / Boats
Undefined Potential Future Risks (not in guidance)
301 – lists 2 & 3
232 automobile/auto parts; may impact RZR/RANGER/TAP
NAFTA re-negotiations
Other retaliatory actions from effected countries
*Estimated based on items included and the effective dates of the changes as we understand them today. Assumes no mitigating pricing or sourcing actions and is subject to change as
events continue to develop.
REST OF
WORLD
Steel,
aluminum
Steel,
aluminum
Canada
Retaliatory
Tariff,
Boats

10. Mike Speetzen, EVP–Finance & CFO
July 25, 2018
Second Quarter 2018 Earnings Results
POLARIS INDUSTRIES INC.

11. Q2 2018 FINANCIAL RESULTS
Solid Q2 Results Demonstrate Improved Execution
$ in millions, except EPS
*See GAAP/Non-GAAP Reconciliation in Appendix
Strong ORV, Adjacent Markets including PG&A & International sales growth
Average selling price is up 2% (excluding Victory)
Lower tax rate driven by U.S. tax reform and excess tax benefit from stock options exercised
GAAP
($/% Change)
ADJUSTED*
($/% Change)
$1,359 $1,505
Q2 2017 Q2 2018
$1.22
$1.77
Q2 2017 Q2 2018
45%11%
SALES EPS
$1,503
10%
$1.43
47%
Q2'18 Earnings 11
NET INCOME
$78
$115
Q2 2017 Q2 2018
47%
$93
49%

12. MILLION
OFF-ROAD VEHICLES (ORV) / SNOWMOBILES
New product demand strong; availability improved
Promotional spending per unit down year-over-year
Average selling price for ORV up 3%
Solid Growth Driven by New Product Introductions
Q2'18 Earnings 12
$846
*Adjusted Results: See GAAP/Non-GAAP Reconciliation in Appendix
Off-Road
Vehicles
19%
PG&A
13%
Snowmobiles
21%
Q2 2018 ORV/Snow Segment Sales*
($ millions)
Q2 2017
GAAP*
Q2 2018
GAAP*
Q2 2017
Adjusted*
Q2 2018
Adjusted*
17%
$991
$846
17%
$993

13. MILLION
Q2 2017
GAAP*
Q2 2018
GAAP*
Q2 2017
Adjusted*
Q2 2018
Adjusted*
MOTORCYCLES
Q2 2018 Motorcycles Segment Sales*
Q2'18 Earnings 13
($ millions)
10%
$172
$192
Mid-size (Scout / Scout 60 / Scout Bobber) sales remain strong
Heavyweight sales down – weak industry
Indian gained market share in a down market
Average selling price down 6% (excl. Victory), mid-size mix shift
Indian Motorcycle Market Share Gains Continued
Indian
Slingshot
13%
PG&A
8%
*Adjusted Results: See GAAP/Non-GAAP Reconciliation in Appendix
13%
$171
$198
Indian FTR1200 Custom Concept

14. MILLION
GLOBAL ADJACENT MARKETS (GAM)
Q2 2018 GAM Segment Sales
Growth driven by Goupil and Government/Defense business
PICNIC demand solid for Goupil vehicles
Strong orders for Police/Fire and Defense vehicles
Polaris Adventures on plan and gaining momentum
~50 outfitters signed to-date
Q2'18 Earnings 14
($ millions)
Goupil and Government/Defense Driving Growth in Adjacent Markets
Q2 2017 Q2 2018
17%
$113
$97
Commercial,
Gov’t/Defense,
& Aixam
18%
PG&A
11%

15. AFTERMARKET
Q2 2018 Aftermarket Segment Sales
TAP 4-Wheel Parts retail store sales improved
TAP Proprietary brand sales down due to late Jeep Wrangler shipments
and delayed product development – new products released in June
Countermeasuring to improve results in 2nd half
Other Aftermarket brands up, increase driven by Klim/Kolpin
Q2'18 Earnings 15
($ millions)
Expect 2H Improvement from Improved Execution / Pricing Actions
MILLION
TAP
1%
Other
Aftermarket
8%
Q2 2017 Q2 2018
1%
$227$224
Transamercian Auto Parts

16. Latin America
INTERNATIONAL
Q2 2018 International Sales*
EMEA growth continued strong, particularly France/Scandinavian region
ORV and motorcycles drivers of growth
EU trade war significant risk, working alternatives
Q2'18 Earnings 16
($ millions)
International Q2 Results Strong; Tariffs Concerning
MILLION
Q2 2017 Q2 2018
7%
(cc +3%)
$204$191
Q2 2017 Q2 2018
-1%
(cc +3%)
$20
Asia Pacific
(includes Australia/New Zealand)
Q2 2017 Q2 2018
-3%
(cc -4%)
$36
EMEA
Q2 2017 Q2 2018
+11%
(cc +4%)
$148
ORV / Snow
3%
Global
Adjacent
Markets
12%
Motorcycles
9%
$20
$37
$134
ORV / Snow
Motorcycles
GAM
*Included in respective reporting segments
cc = constant currency
ORV / Snow
Motorcycles
GAM

17. MILLION
MILLION
PG&A
Q2 2018 Core Parts, Garments & Accessories (PG&A) Sales*
Strong accessory growth - all businesses
Fill rate > 95%; stock-outs improving
New west coast distribution center opening in ’19
Will shorten delivery time further
Implemented price increase and freight surcharge
Somewhat offset tariff cost pressures
Q2'18 Earnings 17
($ millions)
Solid Q2 Performance; Countermeasuring to Offset Tariff in 2H 2018
Q2 2017
GAAP
Q2 2018
GAAP
11%
$215
$193 ORV / Snow
13%
Adjacent
Markets
11%
Motorcycles
2%
Accessories
18%
Apparel
54%
Parts
3%
Sales by Segment
Sales by Category
*Included in respective reporting segments

18. SALES
GROSS PROFIT MARGINS
(% of Sales)
OPERATING EXPENSE
($ / % of Sales) TAX RATE Adjusted EPS**
2017 Actuals Adjusted*
Intangible Amortization
$5,428
-
25.9%
-
$1,008 18.6%
(26) (0.5%)
30.5%
-
$4.85
$0.25
Revised 2017 Actuals $5,428 25.9% $ 982 18.1% 30.5% $5.10
2018 Guidance** 11% to 12% 60 to 80 bps 130 to 140 bps
(% of Sales)
~22% $6.48 to $6.58
27% to 29%
Guidance Change Increased Lowered Improved Lowered Narrowed/Revised
• Boats +$260 to $270M
• Pricing actions
• Improved demand
Tariffs/commodity/Boats
Logistics
Intangible amortization
Boats op expense lower
Leverage
Stock-based comp
tax benefits
Intangible amort. $0.28
per share
Boats $0.10 per share
FULL YEAR 2018 GUIDANCE
Full Year 2018 EPS Guidance Narrowed / Adjusted for Acquired Intangible Amortization
Additional Expectations
− Financial Services up low-single digits % (unchanged) − Share count up ~2%, dilutive impacts (unchanged)
− Interest expense up due to debt levels / rising interest rates (increased) − Foreign Exchange slightly favorable at current spot rates lowered (unchanged)
*See GAAP/Non-GAAP Reconciliation in Appendix
**See Appendix for discussion regarding non-GAAP adjustments excluded from 2018 guidance
Q2'18 Earnings 18
(in millions, except EPS)

19. 2018
Guidance
AftermarketORV/Snowmobiles
FY 2017 FY 2018
Guidance
FY 2017 FY 2018
Guidance
ORV & GAM Improvement Continues, Plus Addition of Boats
19Q2'18 Earnings
2018 FULL YEAR GUIDANCE BY SEGMENT
FY 2017
Adjusted*
FY 2018
Guidance
FY 2017 2018
Guidance
Global Adjacent MarketsMotorcycles Boats
high-single
digits %
Increased
$3.6B
ORV
PG&A
Snow
ORV
PG&A
Snow
PG&A
$574
Indian
Slingshot
PG&A
low-single
digits %
Lowered
Indian
Slingshot
PG&A
PG&A
Commercial
Gov’t/
Defense
Aixam
low-double
digits %
Increased$397
mid-single
digits %
Unchanged
$885
($ millions) ($ millions) ($ millions)($ billions)
Commercial
Gov’t/
Defense
Aixam
*See GAAP/Non-GAAP Reconciliation in Appendix
($ millions)
$260 to $270
New Segment
(effective 7/2/18)

20. GROSS PROFIT MARGIN GUIDANCE
Adjusted* Gross Profit Margin FY 2018 GuidanceGross Profit Margin Q2 2018
Q2 ACTUAL 2018 GUIDANCE
Q2 2017
GAAP
Q2 2018
GAAP
Q2 2017
Adjusted*
Q2 2018
Adjusted*
FY 2017
GAAP
FY 2017
Adjusted*
2018
Expectations
YoY Directional Change
from Prior Guidance
ORV/Snow 31.5% 30.0% 31.5% 30.1% 29.5% 29.6% Lowered
Motorcycles 10.7% 14.4% 15.6% 14.5% 2.9% 13.0% Unchanged
Adjacent Markets 21.9% 24.8% 26.3% 24.8% 23.9% 26.7% Lowered
Aftermarket 26.7% 25.5% 26.7% 25.5% 25.5% 26.9% Unchanged
Boats - - - - - - High-teens % New Segment
Q2'18 Earnings 20
2018 Gross Margin Reduction Driven by Increased Tariff / Commodity Costs
KEY: Improvement Headwind Neutral
VIP
Warranty
F/X
Promos/Price
Boats
Tariffs/Commodities
Logistics
Product Mix
25.7% 25.6% 26.8% 25.9%
Q2 2017
GAAP
Q2 2018
GAAP
Q2 2017
Adjusted**
Q2 2018
Adjusted**
VIP
Warranty
F/X
Promos/Price
Tariffs/Commodities
Logistics
Product Mix
FY 2018
Down 60 to 80 bps
Decreased
Gross Profit Margin by Segment
*See GAAP/Non-GAAP Reconciliation in Appendix
**See Appendix for discussion regarding non-GAAP adjustments excluded from 2018 guidance
Guidance

21. $580
FY 2017 FY 2018
Q2 2018 FINANCIAL POSITION & 2018 EXPECTATIONS
21Q2'18 Earnings
Capital Summary June 2018Cash Drivers
Variance to
June 2017
Cash $ 182 +43%
Debt /Capital Lease Obligations $1,113 +4%
Shareholders’ Equity $ 878 +3%
Total Capital $1,991 +4%
Debt to Total Capital 56% Flat
Operating cash flow down as expected, but slightly improved
Factory inventory up, model year change over
Cash Flow expectations improved:
Cap Ex higher than 2017; distribution/tooling
Op cash flow lower; timing of accrual payments & higher w/c needs
Operating Cash Flow
Continued Strong Financial Position – Net Debt Improving
Cash
YE 2017
Operating
Activities
Dividends Capex Net Debt Share
Repurchase
Other Cash
Q2 2018
$138
$182
($ millions) ($ millions)
($ millions)
Q2 2018 Summary
FY 2018 Expectations
Down
High-single
digits %
(Improved)
Expectations
+$165
-$76
-$105
+$201
-$192
+$51
$263
YTD 2017 YTD 2018
-37%
$165

22. Scott W. Wine, Chairman & CEO
July 25, 2018
Second Quarter 2018 Earnings Results
POLARIS INDUSTRIES INC.

23. 23Q2'18 Earnings
CLOSING COMMENTS
Polaris’ Underlying Business Performance Improved; Global Trade War Concerning
First half financial results strong with improving execution
U.S. economy and off-road vehicle market, particularly side-by-sides, remains robust
Global trade war bringing uncertainty and significantly higher cost pressures
Supply chain initiative on pace; logistical phase accelerated given cost pressures
International business growth continuing
New Boat asset brings another financially solid leg to the Polaris Powersports portfolio

24. Thank You
QUESTIONS?
Second Quarter 2018 Earnings Results
POLARIS INDUSTRIES INC.

25. APPENDIX
NON-GAAP RECONCILIATIONS
NON-GAAP RECONCILIATIONS - SEGMENTS
2018 GUIDANCE ADJUSTMENTS
Q2'18 Earnings 25

26. NON-GAAP RECONCILIATIONS
26Q2'18 Earnings
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)
Adjustments:
(1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods,
accessories and apparel
(2) Represents adjustments for integration and acquisition-related 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 and non-recurring litigation expenses
(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) Represents amortization expense for acquisition-related intangible assets
(8) 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

27. NON-GAAP RECONCILIATIONS - SEGMENTS
27Q2'18 Earnings
Non-GAAP Reconciliation of Segment Results (In Thousands, Unaudited)
Three months ended June 30, Six months ended June 30,
SEGMENT SALES 2018 2017 2018 2017
ORV/Snow segment sales $ 990,841 $ 845,508 $ 1,823,405 $ 1,569,611
Restructuring & realignment (3) 1,659 — 2,129 —
Adjusted ORV/Snow segment sales 992,500 845,508 1,825,534 1,569,611
Motorcycles segment sales 171,412 197,997 302,969 318,286
Victory wind down (1) 798 (6,157) 249 (1,053)
Adjusted Motorcycles segment sales 172,210 191,840 303,218 317,233
Global Adjacent Markets (GAM)
segment sales 113,418 97,022 226,745 188,577
No adjustment — — — —
Adjusted GAM segment sales 113,418 97,022 226,745 188,577
Aftermarket segment sales 226,861 224,393 446,886 442,228
No adjustment — — — —
Adjusted Aftermarket sales 226,861 224,393 446,886 442,228
Total sales 1,502,532 1,364,920 2,800,005 2,518,702
Total adjustments 2,457 (6,157) 2,378 (1,053)
Adjusted total sales $ 1,504,989 $ 1,358,763 $ 2,802,383 $ 2,517,649
Adjustments:
(1) Represents adjustments for the wind down of Victory Motorcycles, including wholegoods, accessories and apparel
(2) Represents adjustments for integration expenses and purchase accounting adjustments
(3) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation
Three months ended June 30, Six months ended June 30,
SEGMENT GROSS PROFIT 2018 2017 2018 2017
ORV/Snow segment gross profit $ 297,221 $ 266,150 540,782 479,109
Restructuring & realignment (3) 1,659 — 2,129 —
Adjusted ORV/Snow segment gross profit 298,880 266,150 542,911 479,109
Motorcycles segment gross profit 24,672 21,116 41,240 1,235
Victory wind down (1) (874) 8,852 (822) 47,415
Restructuring & realignment (3) 1,185 — 1,185 —
Adjusted Motorcycles segment gross profit 24,983 29,968 41,603 48,650
Global Adjacent Markets (GAM) segment
gross profit 28,107 21,216 59,365 49,314
Restructuring & realignment (3) (11) 4,303 434 4,303
Adjusted GAM segment gross profit 28,096 25,519 59,799 53,617
Aftermarket segment gross profit 57,747 59,918 116,199 101,482
Acquisition-related costs (2) — 53 — 12,950
Adjusted Aftermarket segment gross profit 57,747 59,971 116,199 114,432
Corporate segment gross profit (22,571) (18,014) (48,929) (38,263)
Restructuring & realignment (3) 3,212 — 8,089 —
Adjusted Corporate segment gross profit (19,359) (18,014) (40,840) (38,263)
Total gross profit 385,176 350,386 708,657 592,877
Total adjustments 5,171 13,208 11,015 64,668
Adjusted total gross profit $ 390,347 $ 363,594 719,672 657,545

28. 2018 GUIDANCE ADJUSTMENTS
28Q2'18 Earnings
2018 guidance excludes the pre-tax effect of acquisition integration costs of approximately $25 million to $30 million, supply
chain transformation and network realignment costs of approximately $20 million to $25 million and the remaining impacts
associated with the Victory wind down which is estimated to be approximately $5 million. Additionally, 2018 guidance excludes
the pre-tax gain of $13 million related to the Company's investment in Brammo and charges of $23 million, including the
impairment of the Company's equity investment in the Eicher-Polaris joint venture in India and related wind down costs, recorded
in the first half of 2018. Additional costs associated with the wind down of the joint venture, if any, are expected to be immaterial
for the remainder of 2018. Intangible amortization related to all acquisitions has also been excluded. 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 and acquisition integration costs that are difficult to
predict in advance in order to include in a GAAP estimate.