Polaris Inc. — Director's Dealing 2012

May 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2012-05-01

Reporting Person: SCHRECK R MARK (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-01	Common Stock	M	8000	$13.3375	Acquired	14780	Direct
2012-05-01	Common Stock	S	4000	$80.8515	Disposed	10780	Direct
2012-05-01	Common Stock	S	4000	$80.7689	Disposed	6780	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-01	Stock Option (Right to Buy)	$13.3375	M	8000	Disposed	2013-05-01	Common Stock (8000)	Direct

Footnotes

F1: Amount has been adjusted pursuant to a two-for-one stock split effected on September 12, 2011.

F2: Reflects the weighted average price of 4,000 shares of Common Stock sold by the reporting person in multiple transactions on May 1, 2012 with sale prices ranging from $80.78 to $80.91 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.

F3: Reflects the weighted average price of 4,000 shares of Common Stock sold by the reporting person in multiple transactions on May 1, 2012 with sale prices ranging from $80.73 to $80.885 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.