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Arctic Cat Announces Additional Share Repurchase Program

17 March 1999

Arctic Cat Announces Additional Share Repurchase Program

    THIEF RIVER FALLS, Minn.--March 17, 1999--Arctic Cat Inc. announced today that its Board of Directors has authorized the Company to repurchase up to 1.5 million additional shares of its common stock from time to time in open market transactions. This repurchase authorization represents approximately 6 percent of the Company's current common shares outstanding and follows the completion of two previously authorized share repurchase programs in which the Company repurchased and cancelled 3.0 million common shares.
    Commenting on the additional repurchase authorization, Chris Twomey, Arctic Cat president and CEO stated, "We create leading product's in the snowmobile, ATV and personal watercraft markets. We believe that our shares are undervalued and our Board of Directors continues to believe that the repurchase of our shares is an excellent use of our cash."
    Arctic Cat currently has just over 27.2 million common and Class B common shares outstanding. Approximately 28 percent of all shares are Class B common shares and are held by Suzuki Motor Corporation, a supplier of engines to the Company. No Class B common stock will be repurchased.
    Arctic Cat Inc. designs, engineers, manufactures and markets snowmobiles and all-terrain vehicles (ATVs) under the Arctic Cat(R) brand name, and personal watercraft under the Tigershark(R) brand name, as well as related parts, garments and accessories.