Polaris Inc. — Director's Dealing 2012

May 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2012-04-27

Reporting Person: Morgan Bennett J (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-27	Common Stock	M	20000	$29.725	Acquired	127247	Direct
2012-04-27	Common Stock	M	30000	$37.605	Acquired	157247	Direct
2012-04-27	Common Stock	M	40000	$32.70	Acquired	197247	Direct
2012-04-27	Common Stock	S	90000	$80.2571	Disposed	107247	Direct
2012-04-27	Common Stock	S	380	$80.3801	Disposed	0	Indirect
2012-04-27	Common Stock	S	190	$80.3701	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-27	Employee Stock Option (Right to Buy)	$29.725	M	20000	Disposed	2014-11-01	Common Stock (20000)	Direct
2012-04-27	Employee Stock Option (Right to Buy)	$37.605	M	30000	Disposed	2015-04-11	Common Stock (30000)	Direct
2012-04-27	Employee Stock Option (Right to Buy)	$32.70	M	40000	Disposed	2015-04-11	Common Stock (40000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	40876	Indirect
Common Stock	6296	Indirect

Footnotes

F1: Reflects the weighted average price of 90,000 shares of Common Stock sold by the reporting person in multiple transactions on April 27, 2012 with sale prices ranging from $79.83 to $80.99 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: 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.

F3: 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.