1. CCC Investments Acquisition of Arctic Cat Jack Brown Logan Handibode Keith Preston Kurt Wunderlich Marty Christensen

2. CCC Investments Fund I Funds 2008 CCC Investments Fund III LP $700 Million 2006 CCC Investments Fund II LP $450 Million 2004 CCC Investments Fund I LP $250 Million Fund life = 7 years (2015) Areas of Expertise: Business Services Operations Management Finance Consumer Services Legal Media/Communications

3. CCC Fund III – Investment Criteria

4. Management Team Over 40 Years Mgmt Experience including: Corporate Finance Manufacturing Operations R&D Engineering Logistics M&A and PE transactional experience Legal

5. Artic Cat Inc. Background Thief River Falls, Minnesota Products: Snowmobiles, ATV’s, and General Parts & Accessories Design, engineer, manufacture and market snowmobiles and ATV’s as well as related parts/service operations Market through distributors/dealers network (US, Canada , EU) Strong brand +40 years Nasdaq ticker: ACAT NO FINANCING ARM: Customers rely heavily on independent financing

6. ACAT Financial Highlights Price (11/7/08) = $7.62 Market Cap = $137M EPS (end 3/30/08): ($.18) 52 week range: $17.95 - $6.30 No long-term debt Future EPS Consensus (3/30/09): $.11

7. ACAT Product Info SNOWMOBILES: Full line of snowmobiles including 41 total models Retail prices range from $5,500-$13,000 per unit Model categories are: Performance, Mountain, Crossover, Touring & Utility ATV’S: First model produced in Dec ’95 Offering has grown to 24 models Retail prices range from $3,600 to $10,500 per unit Model categories are: Performance, Mountain, Crossover, Touring & Utility Parts, Garments & Accessories Growing segment for ACAT

8. ACAT Product Breakdown

9. Industry Background Snowmobiles 1950’s to 1970’s dramatic industry expansion Reached peak of over 100 mfg’s & 500K units sold in 1971 After consolidation - 4 main participants: Arctic Cat Bombardier (BRP) Polaris Yamaha Barriers to Entry – increased brand loyalty, longstanding dealer/distributor networks, limited engine sources, high start up costs

10. Industry Background All-Terrain Vehicles (ATV’s) Early 1970’s evolution to the current 4 wheel model Sales climbed to 535K units in 1986, fell to low of 147K by 1991 Sales in 2007 domestic reached 637K units and 88K units in Canada Major players include: Arctic Cat Honda Yamaha Kawazaki Bombardier Polaris Suzuki

11. Industry Analysis Adverse affects of “credit crunch”, recessionary pressures Unexpected increase in raw materials Increased competition in ATV and snowmobile markets Impact of weather – inadequate snowfall Increased consolidation within industry Customer demographics (lower income groups) are greatly impacted by constrained credit market and macroeconomic concerns Overall ATV industry sales decline of 20 -30%

12. Industry Outlook is Negative

13. ACAT’s Largest Competitor - Polaris Revenue = $1.8B (3x ACAT) Market cap = $1.05B (7.7x ACAT) Synergies with ACAT: Geography – all mfg and product development in MN and surrounding states Dual product line – ATV, snowmobiles Customer base – mostly North America Also looking for growth internationally

14. Comparables (Polaris 2007)

15. ACAT as Polaris (ACAT 2009)

16. Leisure/Power Sports Industry Comparables

17. APV Valuation APV Valuation = $187.7M Based on 5 year forecast with the following assumptions Several declining years of revenue before rebounding conservatively(-20%, -12%, 2%, 7%, 7%) due to macro pressures - ATV outlook forecasts 20% decline 2008 EBIT = -1.5% of revenue that eventually returns to 4% in 2013 Rise in revenue 2011-2013 based on Mesirow Financial's Econ. Forecast that by end of 2009 personal consumption and disposable income will begin to rise Depreciation and Amortization kept steady at ACAT's avg of 3% of revenue Taxes held constant at historical rate of 31.02% Changes in Net Working Capital based on last 5 years of history (% of revenue - approx. 18%) CAPEX decreasing in 2009 as business declines, keeping in line w/ revenues - begins ramping back up in 2010 as business begins growth through 2013 6% rate on Senior Bank Debt due to our AAA rating Risk free rate is 3.5% based on 10 yr Treasury Note as of 11/10/08

18. Transaction Structure/Funding Agreement and Plan of Merger 18.07M shares issued and outstanding $10.10/share of capital stock Purchase Price = $182.5M CCC expect to fund $63M in equity and $63M in senior secured debt Suzuki Motor Corporation will rollover its 33% stake valued at $62.1M

20. CCC Value-Add Reduction in total models, phasing out of older or unsuccessful models Grow international sales: EU & Asia July 2005, acquired 100% interest in EU company marketing ATV Broader engine strategy: development, technology, manufacture, engineering expertise (Suzuki partnership 30%) Conform operational process and production to create pre-merger synergies for trade sale with Polaris Financial engineering though Debt financing, utilize tax shield

21. Exit Strategy Primary: Trade Sale – Polaris Synergies: operations, location (MN), component sourcing, customers, etc. ACAT is appropriate size for acquisition (1/3 of Polaris) Polaris can expand customer financing to ACAT customers Secondary: Trade Sale - Suzuki Motor Corp. Gain entrance into the U.S. market with an established ATV and snowmobile producer Allow Suzuki to move more of its products such as motorcycles and scooters into the U.S. Directly compete with Polaris Advantage of being familiar with Arctic Cat

22. Exit Strategy Cont’d Third: Trade Sale to Bombardier (BRP) Fourth: IPO U.S. markets should pick up in the next several years Lastly: LBO of LBO Operational and financial value-add

23. Deal Summary

24. Questions???