Polaris Inc. — Director's Dealing 2011

May 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2011-05-05

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-05	Common Stock	M	900	$28.495	Acquired	12626	Direct
2011-05-05	Common Stock	M	1000	$59.45	Acquired	13626	Direct
2011-05-05	Common Stock	S	800	$104.85	Disposed	12826	Direct
2011-05-05	Common Stock	S	200	$104.88	Disposed	12626	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-05	Employee Stock Options (Right to Buy)	$28.495	M	900	Disposed	2012-10-07	Common Stock (900)	Direct
2011-05-05	Employee Stock Options (Right to Buy)	$59.45	M	1000	Disposed	2014-11-01	Common Stock (1000)	Direct