1

InvestorTeleconferencePresentationThirdQuarter2021

FastenalCompanyOctober12,2021

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SafeHarborStatementAll statementsmadeherein thatarenothistorical facts (e.g., futureoperatingresultsand business activity in light of the COVID-19 pandemic, as well as expectationsregarding operations, including gross margin, future inventory levels, pricing, Onsiteand weighted FMI device signings, and capital expenditures) are “forward-lookingstatements”withinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Such statements involve known and unknown risks, uncertainties, and other factorsthatmaycauseactualresultstodiffermaterially.MoreinformationregardingsuchriskscanbefoundinourmostrecentannualandquarterlyreportsfiledwiththeSecuritiesandExchangeCommission.Anynumericalorotherrepresentationsinthispresentationdonotrepresentguidancebymanagementandshouldnotbeconstruedassuch.Theappendix to the following presentation includes a discussion of certain non-GAAPfinancial measures. Information required by Regulation G with respect to such non-GAAPfinancialmeasurescanbefoundintheappendix.

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$0.37 $0.38$0.42

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21$0.00

$0.05

$0.10$0.15

$0.20

$0.25

$0.30

$0.35$0.40

$0.45

$0.50

◦ Net sales grew 10.0% in 3Q21, and 11.1% in September.Core endmarkets andmost product lines grewmid-teensorbetter.Pre-taxandnet incomegrowth largelymatchednetsales.

◦ Theorganizationachievedgoodtwo-yearleveragein3Q21vs.3Q19.Relativetothepre-pandemicperiod,wearemoreproductive and we continue to make investments toenhanceproductivityandgrowth.

◦ At September 2020, our FASTBin installed base was 705Machine Equivalent Units (MEUs; 0.2% of sales) andFASTStock was 6.2% of sales; at September 2021, thesewere2,599MEU(1.0%ofsales)and10.7%,respectively.

◦ Product and shipping cost inflation remains high; still,wewereable tomitigate thedirect impact onour financials.Supplychaindisruptionandlaborshortagesremainacute.Despite this, our entrepreneurial culture is able to sustainhighcustomerservicelevels,reflectingtheeffectivenessofourmodelandpromotingsharegains.

◦ The conversations and effort required to navigate theseimpactsconsumeconsiderableenergyacrossoursandourcustomer's organizations, which is lengthening the salescycleforcustomeracquisitionandgrowthdriversignings.

12.2%

7.9%

6.1%

3.7%2.8%

10.3%

2.5%

6.4%5.3%

10.0%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q210%

2%

4%

6%

8%

10%

12%

14%

16%

18%

EPS(FullyDiluted)

CEOMessageson3Q21DailySalesRate(DSR)Growth

(0.1%)

4

◦ Onsites:Wehad75 signings in3Q21 (230YTD)and finishedwith 1,367 active sites, +10.6% from 3Q20. Daily sales,excludingtransferredbranchsales,grewmorethan20%from3Q20.Wenowanticipatesigning285to325Onsitelocationsin2021,downfromourpriorrangeof300to350locations.

◦ Fastenal Managed Inventory (FMI): We signed 4,813weighteddevicesin3Q21(15,339YTD),versus4,791in3Q20,with an ending installed base of 90,493 weighted devices,+10.0%from3Q20.FMIdevicesconstituted33.0%ofsalesin3Q21,versus25.0%ofsalesin3Q20.WenowexpectweightedFASTVend and FASTBin device signings in 2021 of 20,500 to22,000MEUs,downfromourpriorrangeof23,000to25,000MEUs.

◦ E-commerce:dailysalesrose43.4%in3Q21.Largecustomer-orientedEDIwasup41.5%,whilewebsaleswereup49.2%.

◦ OurDigitalFootprintin3Q21was43.7%ofsales.

◦ Total in-market1 locations were 3,226 at the end of 3Q21,down 1.3% from 3,269 at 3Q20. We closed/converted 63traditionalbranchesand23Onsitesin3Q21.

1In-marketlocationsincludeglobalpublicbranchesandOnsites2Dataexcludes~12.5Knon-weightedvendingdevicesrelatedtoalockerleaseprogram

Signings ActiveLocations

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q210

30

60

90

120

150

0

300

600

900

1,200

1,500

Signings Installations

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q210

2

4

6

8

0

20

40

60

80

100

WeightedFMIDeviceSigningsandInstallations2

OnsiteSigningsandActiveLocations

3Q21GrowthDriverUpdate1,367

75

4,813

90,493

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Nine-monthPeriod Three-monthPeriod

2021 2019 Change 2021 2019 Change

Netsales $ 4,479.0 $ 4,056.8 10.4% $ 1,554.2 $ 1,379.1 12.7%

Grossprofit $ 2,064.3 $ 1,917.0 7.7% $ 720.2 $ 651.1 10.6%

%ofnetsales 46.1% 47.3% 46.3% 47.2%

Operatingandadministrativeexpenses $ 1,147.8 $ 1,098.7 4.5% $ 401.8 $ 369.2 8.8%

%ofnetsales 25.6% 27.1% 25.9% 26.8%

Operatingincome $ 916.5 $ 818.3 12.0% $ 318.4 $ 281.9 13.0%

%ofnetsales 20.5% 20.2% 20.5% 20.4%

Netearnings $ 693.8 $ 612.2 13.3% $ 243.5 $ 213.5 14.1%

Netcashprovidedbyoperatingactivities $ 613.7 $ 590.3 4.0% $ 167.4 $ 257.3 (34.9%)

%ofnetearnings 88.5% 96.4% 68.8% 120.5%

TwoYearResultsofOperations(Comparisonto2019Periods)

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◦ U.S.PMIaveraged60.2in3Q21.U.S.IndustrialProductioninJul/Aug2021 increased6.2%versus3Q20.Thedatareflectscontinuedstrongmanufacturingconditions.

◦ In3Q21,fastenerdailysalesrose20.2%onfirmingdemandandarelativelyeasycomparison.Safetydailysalesfell2.9%,with a decline in COVID-affected parts being only partlyoffset by growth of non-COVID-affected parts thatapproximated our fastener growth. Other products dailysalesrose9.2%.Janitorialproductsdeclined,butmostothercategorieswereupinthemid-tohigh-teens.

◦ We saw an uptick in demand for certain COVID-relatedsuppliesin3Q21,butwithminimalsaleseffect.Theproductrangewasnarrow,themarketorderlyandwellsupplied,andunitpricesareconsiderablylower.Thegreatereffectwastoexacerbatealreadyexistinglaborandsupplychainissues.

◦ NationalAccounts'dailysalesrose16.8%in3Q21,with74ofourTop100customersgrowing.Non-NationalAccountdailysalesrose2.2%in3Q21,with68%ofourbranchesgrowing.Growth from traditional manufacturing and constructioncustomers was partly offset by a 40.5% decline inGovernmentsales.

HeavyEquipment TotalMfg Construction

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21-20%

-10%

0%

10%

20%

30%

40%

Fasteners(33.4%ofNetSales) SafetySupplies(21.1%ofNetSales)

RemainingProducts(45.5%ofNetSales)

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

EndMarketDailySalesRate(DSR)Growth

ProductCategoryDailySalesRate(DSR)Growth

3Q21BusinessCadence

20.2%

9.2%

(2.9)%

26.2%

20.8%

10.5%

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◦ Higher gross margin reflected two items. First, strongdemand contributed to good overhead/organizational costleverage, including favorable net rebates. Second, productmargin improved, particularly for safety products wheremargins on COVID-affected supplies improved and werelower as a percentage of total safety sales. The impact ofproduct/customermixwasimmaterialin3Q21.

◦ Price added 230 to 260 bps to growth in 3Q21, reflectingactionstakenthepastfewquarterstoaddressinflation.Thisallowed us to largely offset higher material (particularlyfasteners)andtransportation(particularlyoverseasshipping)costs.Themarketplaceremainsinflationary.

◦ Operating margin was stable at 20.5%, with incrementalmargin at 20.1%.Operating expenses as a percent of saleswere+110bpsyear-to-year,mostlymatchingtheincreaseingrossmargin.

◦ Absenceof leverageowes significantly tovarious 'resets'asthe economy normalizes post-COVID. These include higherincentive pay (+40.7%), health/general insurance (+38.2%),fuel for selling-related vehicles (+49.6%), and travel-relatedexpenses (+164.9%).Weexpecttomoreeffectively leverageatsimilargrowthin2022.

3Q21MarginSummary

20.4% 20.5% 20.5%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q2116%

18%

20%

22%

24%

47.2%

45.3%46.3%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q2135%

40%

45%

50%GrossProfitMargin

OperatingIncomeMargin

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◦ 3Q21operatingcashflowwas$167.4,or68.8%ofnetincome.Weareexperiencingmeaningfulworkingcapital increases tosupport growth and account for inflation. We also paidapproximately $30.0 in payroll taxes that had been deferredfrom2020aspartoftheCOVID-relatedlegislation.

◦ Inventory rose 4.4%, reflecting additions to support growthand inflation. This was partly offset by cuts in pandemic-relatedstock,branchclosures,andinternaleffortstoimproveinternalsupplychainefficiency.Weexpectmaterialgrowthininventoryin4Q21duebothtothetimingofreceiptofimportproduct,aswellasinflation.

◦ Net capital spending was $45.5 in 3Q21, up from $30.0 in3Q20duemostsignificantlytohigherspendingonanon-hubbuilding project in Winona. We now expect net capitalspending in 2021 of $155.0 to $175.0, down from our priorrange of $170.0 to $200.0 due to supply chain-relateddifficulties buying vehicles, branch supplies, and otherequipment.

◦ Balance sheet debt was 11.0% of total capital. Our revolverremains unused, providing us ample liquidity. We returned$161.0Mofcapitaltoshareholdersthroughdividendsin3Q21.

PercentagesabovethebarrepresentOCFasa%ofNetEarnings

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q210

50

100

150

200

250

300

350

NetCapitalExpenditures=Property&Equipment,netofProceedsfromSales

$59.7

$45.5

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q210

20

40

60

80

100

2021(E)NetCapEx:$155.0to$175.0;2020(A)NetCapex:$157.5

OperatingCashFlow(inmillions)

NetCapitalExpenditures(inmillions)

3Q21CashFlowProfile

$30.0

120.5%130.5%

68.8%

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AppendixNon-GAAPFinancialMeasuresTheappendixincludesinformationonourReturnonInvestedCapital(‘ROIC’),whichisanon-GAAPfinancialmeasure.WedefineROICasnetoperatingprofitlessincometaxexpensedividedbyaverageinvestedcapitaloverthetrailing12months.WebelieveROICisausefulfinancialmeasureforinvestorsinevaluatingtheefficiencyandeffectivenessofouruse of capital and believe ROIC is an important driver of shareholder return over the long-term. Our method ofdeterminingROICmaydifferfromthemethodsofothercompanies,andthereforemaynotbecomparabletothoseusedbyothercompanies.ManagementdoesnotuseROICforanypurposeotherthanthereasonsstatedabove.

Thetablesthatfollowonpage10includeareconciliationofthecalculationofourreturnontotalassets(‘ROA’)(whichisthemostcloselycomparableGAAPfinancialmeasure)tothecalculationofourROICfortheperiodspresented.

StockSplitShareandpershareinformationinthisdocumenthasbeenadjustedtoreflectthetwo-for-onestockspliteffectiveatthecloseofbusinessonMay22,2019.

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(Amountsinmillions)

TTM3Q21

TTM3Q20

OperatingIncome $ 1,180.9 1,116.3(IncomeTaxExpense) (281.5) (265.2)

NOPAT $ 899.4 851.1

TotalCurrentAssets $ 2,708.5 2,573.8CashandCashEquivalents (291.2) (261.5)AccountsPayable (233.7) (212.8)AccruedExpenses (268.1) (249.8)Property&Equipment,Net 1,021.5 1,010.7OtherAssets 435.6 314.5 (1)

InvestedCapital $ 3,372.6 3,174.9

ROIC 26.7% 26.8%

(Amountsinmillions)

TTM3Q21

TTM3Q20

NetEarnings $ 889.9 841.7TotalAssets $ 4,165.6 3,961.4ROA 21.4% 21.2%

NOPAT $ 899.4 851.1Add:IncomeTaxExpense 281.5 265.2

OperatingIncome 1,180.9 1,116.3Add:InterestIncome 0.4 0.4Subtract:InterestExpense (9.9) (9.8)Subtract:IncomeTaxExpense (281.5) (265.2)

NetEarnings $ 889.9 841.7InvestedCapital $ 3,372.6 3,174.9

Add:CashandCashEquivalents 291.2 261.5Add:AccountsPayable 233.7 212.8Add:AccruedExpenses 268.1 249.8Add:ExcludedOtherAssets — 62.5 (1)

TotalAssets $ 4,165.6 3,961.4

CalculationofReturnonInvestedCapital ReconciliationofROICtoReturnonAssets(ROA)

(1)OtherAssetsexcludesaverageunamortizedvalueofacquirednon-operating intangibleassets.

ReturnonInvestedCapital*

*Amountsmaynotfootduetoroundingdifferences.

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DailySalesRate(DSR)BENCHMARKS

Cum.Chg.,Jan.toMar.

Cum.Chg.,Jan.toJun.

Cum.Chg.,Jan.toSep.

Cum.Chg.,Jan.toOct.Jan.* Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.

BENCHMARK** (1.0%) 1.2% 3.1% 4.3% 0.1% 1.7% 1.8% 8.1% (3.4%) 3.3% 2.2% 10.3% (2.5%) 7.5% (4.0%) (7.4%)

2021DSR 0.9% (2.3%) 5.6% 3.1% (2.2%) 5.6% 1.6% 8.2% (3.4%) 3.1% 4.8% 13.0%

Deltav.Benchmark 1.9% (3.5%) 2.5% (1.2%) (2.3%) 3.9% (0.2%) 0.1% 0.0% (0.2%) 2.6% 2.7%

2020DSR (1.3%) 2.5% (0.3%) 2.2% 3.9% 10.4% (3.3%) 13.3% (10.5%) 3.8% 2.9% 8.3% (2.6%) 5.5% (0.6%) (7.4%)

Deltav.Benchmark (0.3%) 1.3% (3.4%) (2.2%) 3.8% 8.7% (5.1%) 5.2% (7.0%) 0.5% 0.6% (2.0%) (0.1%) (2.0%) 3.4% 0.0%

2019DSR (0.5%) 1.4% 4.2% 5.6% (2.4%) 2.5% 1.4% 7.1% (4.4%) 3.9% 3.1% 9.8% (4.4%) 4.9% (3.1%) (9.5%)

Deltav.Benchmark 0.4% 0.2% 1.1% 1.3% (2.5%) 0.8% (0.4%) (1.0%) (1.0%) 0.6% 0.9% (0.5%) (1.9%) (2.6%) 1.0% (2.1%)

2018DSR (1.3%) 4.0% 2.1% 6.2% 2.4% 0.6% 3.7% 13.5% (3.6%) 3.8% 3.6% 17.5% (3.0%) 13.9% (4.4%) (5.3%)

Deltav.Benchmark (0.3)% 2.8% (1.0)% 1.8% 2.3% (1.1)% 2.0% 5.4% (0.2)% 0.5% 1.3% 7.2% (0.5)% 6.4% (0.3)% 2.1%

DaysCount Total2022 21 20 23 21 21 22 20 23 21 21 21 20 2542021 20 20 23 22 20 22 21 22 21 21 21 20 2532020 22 20 22 22 20 22 22 21 21 22 20 21 255

SequentialTrends*

*TheJanuaryaverageisbasedonthehistoricalchangeinJanuaryvs.October.Allothermonthsaresequential.**Thebenchmarkforeachmonthistheaverageofthepreviousfiveyearsforthatmonth(excludingtheimpactoftheMarch2017ManscoAcquisition).SurgesalesassociatedwithCOVID-19makesequentialaveragesin2020unrepresentative.Asaresult,the2021benchmarkusesaprecedingfive-yearaveragethatexcludes2020.

Notes:◦ GoodFridaywasinAprilof2019vs.Marchof2018.GoodFridayremainedinAprilof2020and2021.◦ Amountsmaynotfootduetoroundingdifferences.

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AbsoluteCount

HEADCOUNTSTATISTICS

3Q21 2Q21

ChangeSince2Q21 4Q20

ChangeSince4Q20 3Q20

ChangeSince3Q20

In-marketlocations(branches&Onsites) 12,347 12,446 (0.8%) 12,680 (2.6%) 12,708 (2.8%)

Non-in-marketselling 2,080 2,044 1.8% 1,952 6.6% 1,921 8.3%

Sellingsubtotal 14,427 14,490 (0.4%) 14,632 (1.4%) 14,629 (1.4%)

Distribution/Transportation 3,562 3,593 (0.9%) 3,583 (0.6%) 3,593 (0.9%)

Manufacturing 653 649 0.6% 639 2.2% 657 (0.6%)

Administrative2 1,589 1,585 0.3% 1,511 5.2% 1,457 9.1%

Non-sellingsubtotal 5,804 5,827 (0.4%) 5,733 1.2% 5,707 1.7%

Total 20,231 20,317 (0.4%) 20,365 (0.7%) 20,336 (0.5%)

FTECount1

3Q21 2Q21

ChangeSince2Q21 4Q20

ChangeSince4Q20 3Q20

ChangeSince3Q20

11,104 11,390 (2.5%) 11,260 (1.4%) 11,302 (1.8%)

2,049 2,021 1.4% 1,923 6.6% 1,895 8.1%

13,153 13,411 (1.9%) 13,183 (0.2%) 13,197 (0.3%)

2,560 2,691 (4.9%) 2,591 (1.2%) 2,638 (3.0%)

616 618 (0.3%) 607 1.5% 618 (0.3%)

1,531 1,533 (0.1%) 1,455 5.2% 1,409 8.7%

4,707 4,842 (2.8%) 4,653 1.2% 4,665 0.9%

17,860 18,253 (2.2%) 17,836 0.1% 17,862 0.0%

EmployeeStatistics

NOTES:1FTE–“Full-TimeEquivalent”.FTEisbasedon40hoursperweek.2Administrationprimarily includesourSalesSupport, InformationTechnology,FinanceandAccounting,HumanResources,andseniorleadershiprolesandfunctions.

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BRANCHSTATISTICS 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

NewBranchOpenings

1Q 37 28 11 9 2 17 5 0 3 3 2

2Q 38 25 22 8 6 10 5 5 3 4 5

3Q 19 20 11 5 5 8 5 3 2 3 1

4Q 28 7 9 2 28 5 3 3 4 2

Cumulative 122 80 53 24 41 40 18 11 12 12 8

Closed/ConvertedBranches,Net(Annual) (27) (13) (18) (74) (56) (159) (138) (167) (125) (123) (152)

BranchCount 2,585 2,652 2,687 2,637 2,622 2,503 2,383 2,227 2,114 2,003 1,859

ActiveOnsites 214 264 401 605 894 1,114 1,265 1,367

TOTALIN-MARKETLOCATIONS 2,585 2,652 2,687 2,851 2,886 2,904 2,988 3,121 3,228 3,268 3,226

In-MarketLocationStatistics

NOTES:◦ AsofSeptember30,2021,includes2,674in-marketlocationsintheU.S.,261inCanada,167inMexico&Caribbean,

and124intherestoftheworld.◦ BranchCount includesall locationsthatsell tomultiplecustomeraccounts (primarilyourtraditionalandoverseas

branches)andexcludeslocationsthatselltosinglecustomeraccounts(primarilyourOnsitelocations).◦ Onsitelocationinformationpriorto2014isintentionallyomitted.Whilesuchlocationshaveexistedsince1992,we

didnotspecificallytracktheirnumberuntilweidentifiedourOnsiteprogramasagrowthdriverin2014.

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MAJORSEGMENTGROWTH Year-to-Date(DailySalesrates) Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.

Manufacturing 2021 4.8% 0.6% 10.8% 30.8% 18.9% 24.3% 22.5% 19.7% 20.1% 16.7%(incl.HeavyEquip.) 2020 4.3% 6.2% (1.1%) (15.6%) (4.2%) (8.2%) (5.5%) (5.0%) (3.8%) (0.1%) 1.4% 4.6% (2.5%)

Construction 2021 (8.9%) (14.4%) 0.0% 11.9% 4.4% 2.5% 9.5% 10.1% 11.7% 2.9%2020 3.2% 4.9% (7.8%) (15.5%) (9.8%) (5.5%) (9.6%) (13.5%) (11.3%) (9.9%) (10.2%) (8.6%) (8.1%)

Manufacturing,39.0%

Mfg-HeavyEquip.,23.4%

Construction,11.3%

Reseller,8.0%

Gov't/Education,8.1%

Transportation/Warehousing,6.9%

Other,3.3%

EndMarketProfile

Manufacturing,41.6%

Mfg-HeavyEquip.,26.0%

Construction,12.9%

Reseller,9.2%

Gov't/Education,3.7%

Transportation/Warehousing,2.6%

Other,4.0%

EndMarketMix—2019 EndMarketMix—2020