Polaris Inc. — Director's Dealing 2011

May 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2011-05-19

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-19	Common Stock	M	10000	$19.80	Acquired	21984	Direct
2011-05-19	Common Stock	S	10000	$105.00	Disposed	11984	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-19	Employee Stock Options (Right to Buy)	$19.80	M	10000	Disposed	2019-02-02	Common Stock (10000)	Direct

Footnotes

F1: The option vests in two equal installments on February 2, 2011 and February 2, 2013.