2. -5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
-15.00% 5.00% 25.00% 45.00% 65.00% 85.00% 105.00% 125.00%
V'/A'
ROA' FY+1
Consumer
Sector

3. V/A’ Driven Intrinsic Valuation
-1.00
1.00
3.00
5.00
7.00
9.00
11.00
13.00
15.00
18.00% 23.00% 28.00% 33.00% 38.00% 43.00% 48.00%
V'/Asset
ROA'

4. V/A’ Driven Intrinsic Valuation
Net Assets Prime 1,609
Expected V/A' 8.1
ROA' (t+5) 38.0%
Required Rate of Return 6.0%
Growth Rate (5 year CAGR) 8.5%
Implied Enterprise Value 13,092
Less Total Debt and Other Claims 979
Less Minority Interest 0
Plus Non-Operating EV (excess cash) 19
Equity value 12,131
Share count 66
Per share equity value 184.59
10/23/2014 Price per share
143.50
Upside/Downside
29%

5. Market Share
Source: Polaris Analyst-Investor Meeting Presentations 7-28-14

6. Steady Growth, Improving ROA’

7. Off-Road Vehicles
FROM TO

8. Alternative & Small Vehicles
FROM TO

9. Source: Polaris Investor Presentation 8-5-14
= Global Distribution

10. Management
• Ethical Culture
• Aligned for Long-Term Value Creation
– Does NOT encourage Risk & Leverage

11. Buy Polaris
• Ethical
• Fulfill Unmet Customer Needs
• Target Untapped Markets
• Deliver
• Innovative
• Strong Brand