Polaris Signs Licensing Agreement with Browning to Offer Ultimate Hunting Vehicles
Agreement brings limited-edition Browning ATV and RANGER models to market

Minneapolis, January 17, 2006 – Polaris Industries today announced a three-year licensing agreement with Browning to offer limited-edition Polaris/Browning ATV and RANGER models. The agreement aligns the premier firearms manufacturer with Polaris’ innovative technologies to create the perfect vehicle for hunting enthusiasts.

“Polaris is excited to offer exclusive Browning vehicles as part of our 2006 limited-edition line up,” said Bow Crosby, product manager for the Polaris ATV Division. “Coupling Browning’s stature among sportsmen with exclusive Polaris features such as Lock & Ride™, EFI and on-demand, all-wheel drive provides sportsmen with the ultimate hunting vehicles.”

“We are very excited about our new relationship with Polaris,” said Travis Hall, VP Sales and Marketing for Browning. “Sportsmen are big advocates of ATV products, so it makes sense for our two companies to give them a product they can be comfortable with.”

The Browning editions will be available this spring and summer, in limited quantities, at select Polaris ATV and Polaris RANGER dealers. Select Sportsman ATV models and the RANGER XP in Mossy Oak, the industry leader in camouflage design and a trademark of Haas Outdoors Inc. company, will carry the limited-edition design. For more information, visit www.browningoffroad.com.

About Browning
Since 1878, Browning has been recognized as a leader in offering quality innovative firearms to the discriminating sportsman. Today Browning offers a complete line of shotguns, rifles and pistols as well as gun safes, gun cases, shooting accessories, knives, flashlights, outdoor apparel and many other products for the outdoorsman.

About Polaris
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.

Polaris is a recognized leader in the snowmobile industry; and one of the largest manufacturers of ATVs in the world. Victory motorcycles, established in 1998 and representing the first all-new American-made motorcycle from a major company in nearly 60 years, are rapidly making impressive in-roads into the motorcycle cruiser marketplace. Polaris also enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.

Polaris Industries Inc. trades on the New York Stock Exchange and Pacific Stock Exchange under the symbol “PII,” and the Company is included in the S&P Small-Cap 600 stock price index.

Information about the complete line of Polaris products, apparel and vehicle accessories is available from authorized Polaris dealers or anytime from the Polaris homepage at www.polarisindustries.com.