Polaris Inc. — Director's Dealing 2011

Jan 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2011-01-03

Reporting Person: CAULK ROBERT L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-03	CSE	$	A	16.11	Acquired		Common Stock (16.11)	Direct

Footnotes

F1: Common Stock Equivalents (CSE) are credited to director accounts under the Company's Deferred Compensation Plan for Non-Employee Directors. The Plan has been approved by a vote of shareholders. Upon termination of his/her services, a Director is entitled to receive one share of common stock for each CSE earned.

F2: 1 for 1 conversion

F3: Includes 35.91 CSEs acquired pursuant to a dividend reinvestment feature of the Plan.