Polaris Inc. — Director's Dealing 2012

Nov 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2012-10-31

Reporting Person: Morgan Bennett J (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-10-31	Common Stock	M	55083	$22.455	Acquired	162330	Direct
2012-10-31	Common Stock	S	55083	$84.50	Disposed	107247	Direct
2012-11-01	Common Stock	M	3294	$22.455	Acquired	110541	Direct
2012-11-01	Common Stock	S	3294	$85.7052	Disposed	107247	Direct
2012-11-01	Common Stock	G	150	$0.00	Disposed	107097	Direct
2012-11-01	Common Stock	G	150	$0.00	Disposed	40726	Indirect
2012-11-01	Common Stock	G	150	$0.00	Acquired	150	Indirect
2012-11-01	Common Stock	G	150	$0.00	Acquired	300	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-10-31	Employee Stock Option (Right to Buy)	$22.455	M	55083	Disposed	2015-11-01	Common Stock (55083)	Direct
2012-11-01	Employee Stock Option (Right to Buy)	$22.455	M	3294	Disposed	2015-11-01	Common Stock (3294)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6296	Indirect

Footnotes

F1: Reflects the weighted average price of 3,294 shares of Common Stock sold by the reporting person in multiple transactions on October 31, 2012 with sale prices ranging from $85.60 to $86.00 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.

F2: This transaction involved a gift of securities to the reporting person's son, who shares the reporting person's household.