Polaris Inc. — Director's Dealing 2011

May 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2011-04-28

Reporting Person: Morgan Bennett J (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-28	Common Stock	M	4824	$43.015	Acquired	64729	Direct
2011-04-28	Common Stock	M	12500	$19.80	Acquired	77229	Direct
2011-04-28	Common Stock	S	15000	$105.16	Disposed	62229	Direct
2011-04-28	Common Stock	G	240	$0.00	Disposed	20533	Indirect
2011-04-28	Common Stock	G	120	$0.00	Disposed	2452	Indirect
2011-04-28	Common Stock	G	120	$0.00	Acquired	120	Indirect
2011-04-28	Common Stock	G	240	$0.00	Acquired	420	Indirect
2011-04-29	Common Stock	M	6000	$59.45	Acquired	68229	Direct
2011-04-29	Common Stock	M	9176	$43.015	Acquired	77405	Direct
2011-04-29	Common Stock	S	15176	$105.03	Disposed	62229	Direct
2011-04-29	Common Stock	S	120	$105.1426	Disposed	0	Indirect
2011-04-29	Common Stock	S	420	$105.13	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-28	Employee Stock Options (Right-to-buy)	$43.015	M	4824	Disposed	2013-11-03	Common Stock (4824)	Direct
2011-04-28	Employee Stock Options (Right-to-buy)	$19.80	M	12500	Disposed	2019-02-02	Common Stock (12500)	Direct
2011-04-29	Employee Stock Options (Right-to-buy)	$59.45	M	6000	Disposed	2014-11-01	Common Stock (6000)	Direct
2011-04-29	Employee Stock Options (Right-to-buy)	$43.015	M	9176	Disposed	2013-11-03	Common Stock (9176)	Direct

Footnotes

F1: Reflects the weighted average price of 15,000 shares of Common Stock sold by the reporting person in multiple transactions on April 28, 2011 with sale prices ranging from $105.00 to $105.63 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: This transaction involved a gift of securities by the Sharon Morgan Living Trust, of which the reporting person and his spouse are trustees to the reporting person's son who shares reporting person's household. The reporting person disclaims beneficial ownership of the shares held by his son, 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.

F3: This transaction involved a gift of securities by the Sharon Morgan and Bennett Morgan Living Trusts, of which the reporting person and his spouse are trustees, to the reporting person's daughter, who shares the reporting person's household. The reporting person disclaims beneficial ownership of the shares held by his daughter, and this report should not be deemed an admission that the reporting person is the beneficial owner of his daughter's shares for purposes of Section 16 or for any other purpose.

F4: Reflects the weighted average price of 15,176 shares of Common Stock sold by the reporting person in multiple transactions on April 29, 2011 with sale prices ranging from $105.00 to $106.00 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.

F5: Reflects the weighted average price of 420 shares of Common Stock sold by the reporting person in multiple transactions on April 29, 2011 with sale prices ranging from $105.10 to $105.16 per share inclusive. 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.