U.S. Army Awards $10.3 Million ATV Contract to Polaris Industries; U.S. Special Operations Command Will Use All-Terrain Vehicles In Iraq, Afghanistan

MINNEAPOLIS--April 29, 2004--Polaris Industries this week was awarded a 5-year, $10.3 million contract by the United States Department of Defense's Special Operations Command for the production and delivery of up to 700 Polaris all-terrain vehicles. U.S. military forces in Afghanistan and Iraq currently use Polaris ATVs.

"We're honored to do our part to help defend the United States of America by providing the world's toughest ATVs to the world's toughest military," said Tom Tiller, Polaris CEO and president. "Polaris builds ATVs capable of withstanding rigorous use on some of the world's toughest terrain. The confidence our nation's military has in our product gives this company a tremendous amount of pride."

The agreement, a result of more than two years of collaborative design work with Special Operations Command (SOCOM), includes the Polaris Sportsman MV (Military Version) model designed specifically for military use. The MV boasts the chassis and engine of a standard Sportsman 700, the most powerful automatic-transmission all-terrain vehicle in the world, but incorporates a number of unique features, making it ideal for military use in all types of terrain. Each Sportsman MV features:

-- Infrared lights for enhanced night vision

-- A roll bar to protect the vehicle

-- Run-flat tires & Keyless ignition

-- A fortified steel exoskeleton & enhanced suspension for greater support, increased protection, and the ability to cover rough terrain.

-- Metal front and back racks that can carry two-times the cargo of a standard all-terrain vehicle

-- Front and back winches capable of towing 2,500 lbs. each

-- Increased fuel capacity for longer range travel

The agreement also includes Polaris Sportsman 6x6 models also modified to meet military specifications. Polaris began producing finished MVs for SOCOM in March of 2003, and has supplied hundreds of additional models to other branches of the military based on existing RANGER 6x6, Sportsman 6x6 and Sportsman 500 models.

About Polaris Industries

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

This year marks the 50th Anniversary of Polaris Industries. Celebrations will be held in Roseau, Minnesota, birthplace of Polaris, on June 18-19, 2004 and a worldwide celebration will take place in St. Paul at the Minnesota State Fairgrounds on July 24, 2004. Visit polarisindustries.com or call 1-800-POLARIS for more information.

Polaris designs, engineers, manufactures and markets snowmobiles, all-terrain vehicles, personal watercraft, Victory motorcycles and the Polaris RANGER for recreational and utility use. The Polaris Professional Series, a line of heavy duty Workmobiles(TM) targeted at lawn and landscape companies, equipment rental companies and construction operations, marks Polaris' expansion into the commercial equipment marketplace.

With annual 2003 sales of over $1.6 billion, Polaris is a recognized leader in the snowmobile industry; one of the largest manufacturers of all terrain vehicles (ATVs) in the world; and a leading manufacturer of personal watercraft. Victory motorcycles was established in 1998, and represents the first all-new American-made motorcycle in nearly 60 years, is 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. Consumers can also purchase apparel and vehicle accessories anytime at polarisindustries.com

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.