Polaris Inc. — Director's Dealing 2011

Feb 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2011-01-31

Reporting Person: Swenson Scott A. (VP Snowmobiles & PG&A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-31	Common Stock	M	9000	$46.66	Acquired	20184	Direct
2011-01-31	Common Stock	S	8200	$76.96	Disposed	11984	Direct
2011-02-01	Common Stock	M	6500	$59.45	Acquired	18484	Direct
2011-02-01	Common Stock	M	2000	$48.13	Acquired	20484	Direct
2011-02-01	Common Stock	S	8500	$78.00	Disposed	11984	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-31	Employee Stock Options (Right to Buy)	$76.92	A	10000	Acquired	2021-01-31	Common Stock (10000)	Direct
2011-01-31	Employee Stock Options (Right to Buy)	$46.66	M	9000	Disposed	2017-01-29	Common Stock (9000)	Direct
2011-02-01	Employee Stock Options (Right to Buy)	$59.45	M	6500	Disposed	2014-11-01	Common Stock (6500)	Direct
2011-02-01	Employee Stock Options (Right to Buy)	$48.13	M	2000	Disposed	2016-04-17	Common Stock (2000)	Direct

Footnotes

F1: Reflects the weighted average price of 9,000 shares of Common Stock sold by the reporting person in multiple transactions on January 31, 2011 with sale prices ranging from $76.89 to $77.13 per share. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F2: The option vests in two equal installments on January 31, 2013 and January 31, 2015.