Polaris Inc. — Director's Dealing 2011

Aug 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2011-08-10

Reporting Person: Dougherty Michael D. (V.P. Global New Market Devel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-10	Common Stock	M	245	$28.495	Acquired	12871	Direct
2011-08-11	Common Stock	G	520	$0.00	Disposed	12351	Direct
2011-08-11	Common Stock	G	260	$0.00	Acquired	1260	Indirect
2011-08-11	Common Stock	G	260	$0.00	Acquired	1260	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-08-10	Employee Stock Options (Right to Buy)	$28.495	M	245	Disposed	2012-10-07	Common Stock (245)	Direct

Footnotes

F1: The reporting person disclaims beneficial ownership of the shares held by his wife as custodian for son under the Uniform Transfers to Minors Act, and this report should not be deemed an admission that the reporting person is the beneficial owner of his son's shares for purposes of Section 16 or for any other purpose.

F2: The reporting person disclaims beneficial ownership of the shares held by his wife as custodian for daughter under the Uniform Transfers to Minors Act, and this report should not be deemed an admission that the reporting person is the beneficial owner of his daughters's shares for purposes of Section 16 or for any other purpose.