Polaris Inc. — Director's Dealing 2012

Apr 30, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2012-04-26

Reporting Person: MALONE MICHAEL W (VP Finance & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-26	Common Stock	M	2616	$14.2475	Acquired	82592	Direct
2012-04-26	Common Stock	M	4648	$21.5075	Acquired	87240	Direct
2012-04-26	Common Stock	M	32000	$29.725	Acquired	119240	Direct
2012-04-26	Common Stock	S	32000	$80.5628	Disposed	87240	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-26	Employee Stock Options (Right to Buy)	$14.2475	M	2616	Disposed	2012-10-07	Common Stock (2616)	Direct
2012-04-26	Employee Stock Options (Right to Buy)	$21.5075	M	4648	Disposed	2013-11-03	Common Stock (4648)	Direct
2012-04-26	Employee Stock Options (Right to Buy)	$29.725	M	32000	Disposed	2014-11-01	Common Stock (32000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	53700	Indirect

Footnotes

F1: Reflects the weighted average price of 32,000 shares of Common Stock sold by the reporting person in multiple transactions on April 26, 2012 with sale prices ranging from $80.50 to $80.67 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.