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: MALONE MICHAEL W (VP Finance & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-28	Common Stock	M	12500	$19.80	Acquired	50819	Direct
2011-04-28	Common Stock	S	12500	$105.13	Disposed	38319	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-28	Employee Stock Options (Right to Buy)	$19.80	M	12500	Disposed	2019-02-02	Common Stock (12500)	Direct

Footnotes

F1: Reflects the weighted average price of 12,500 shares of Common Stock sold by the reporting person in multiple transactions on April 28, 2011 with sale prices ranging from $104.86 to $105.53 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.