POLARIS ANNOUNCES EXTENSION OF EMPLOYMENT AGREEMENT WITH CEO; COMPANY ALSO ANNOUNCES RULE 10B5-1 TRADING PLAN
02 February 2005 - Polaris Industries, Inc.

Polaris Industries Inc. announced today that it has renewed and extended the employment agreement with its President and Chief Executive Officer, Tom Tiller.

The current term of the new agreement runs through 2006. Mr. Tiller, 43, joined Polaris as its President and Chief Operating Officer in 1998 after 15 years in various management positions with General Electric Corporation and became Polaris'' President and Chief Executive Officer in 1999. Mr. Tiller will also continue to serve on the company''s Board of Directors.

''We are pleased that Tom will continue to lead Polaris into the future,'' stated Polaris Chairman Greg Palen. ''Polaris has performed exceptionally well under Tom''s leadership. The results speak for themselves. Since Tom arrived, the company has completed 27 consecutive quarters of revenue and earnings growth and our shareholders have received superior returns on their investment in Polaris. A $10,000 investment in Polaris stock in 1998 was worth over $50,000 on December 31, 2004, which represents a total return to shareholders of over 400 percent over the past seven years.''

The company also announced that Mr. Tiller has established a plan under Rule 10b5-1 of the Securities and Exchange Commission to provide for the predetermined sale of a portion of his Polaris common stock over the next three months.

The trading plan, effective for an initial term of three months commencing February 7, 2005, will permit Mr. Tiller to dispose of 500,000 shares of Polaris common stock to be acquired upon the exercise of previously vested stock options (out of approximately 2.8 million shares held by Mr. Tiller either directly or in the form of stock options or restricted shares) without limitations on price or other conditions.

''The trading plan provides me the opportunity to exercise vested options and sell shares for personal, diversification and tax reasons. The net effect of the option exercise, stock disposition and the stock based performance incentives that are part of the new contract will be to reduce the number of shares and options that I hold in Polaris by less than 10 percent. After the sale I will continue to be one of the largest shareholders in the company,'' said Mr. Tiller. ''I do not anticipate selling any additional Polaris shares this year. My confidence in Polaris'' bright future is evidenced by the extended employment agreement and my intention to continue to invest my energy and the vast majority of my net worth in Polaris.''

About Polaris

Information about the complete line of Polaris products is available from authorized Polaris dealers or from the Polaris homepage at www.polarisindustries.com.

With annual 2004 sales of $1.8 billion, Polaris designs, engineers, manufactures and markets snowmobiles, all-terrain vehicles (ATVs), Victory motorcycles and the Polaris RANGER for recreational and utility use.

www.polarisindustries.com

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