1

InvestorTeleconferencePresentationFourthQuarter2020

FastenalCompanyJanuary20,2021

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SafeHarborStatementAll statementsmadeherein thatarenothistorical facts (e.g., futureoperating resultsand business activity in light of the COVID-19 pandemic, as well as expectationsregarding operations, including grossmargin and capital expenditures) are “forward-lookingstatements”withinthemeaningofthePrivateSecuritiesLitigationReformActof1995. Suchstatements involveknownandunknownrisks,uncertainties,andotherfactors thatmaycauseactual results todiffermaterially.More information regardingsuchriskscanbefoundinFastenal'sForm10-KfortheyearendedDecember31,2019andsubsequentlyfiledForm10-QsfiledwiththeSecuritiesandExchangeCommission.Anynumericalorotherrepresentationsinthispresentationdonotrepresentguidancebymanagementandshouldnotbeconstruedas such.Theappendix to the followingpresentationincludesadiscussionofcertainnon-GAAPfinancialmeasures.Informationrequired by Regulation G with respect to such non-GAAP financial measures can befoundintheappendix.

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$0.31$0.34

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

◦ Dailysalesgrew6.4%,withimprovingindustrialactivityasweexited 2020. TheBlue Team'smanagement of operating costwasexcellent,producing10.6%operatingincomegrowth.

◦ Safetyhasoverperformedover time,providingabout26%ofourgrowthinthetwoyearsfrom2017to2019despitebeinglessthan20%ofsales.In2020,amideconomiccontractionandaCOVID-linked surge inPPEdemand, its contribution swelledto156%.Ourpresenceandcapabilitiesinsafetyallowedustoserve, highlighted our 'problem solving' culture, and shouldopenupnewcustomerandendmarketopportunitiestous.

◦ Customer engagement on growth drivers has improved. Still,COVIDhascausedcustomerstoslowthesalescycleandpaceofsignings,includingamidthe4Q20COVIDcasesurge.

◦ 2020 was important in terms of becoming a better supplychainpartner.OurpurchaseofcertainApexassets,utilizationofe-commerce,commercializationofFASTBin,deploymentofmobility, andevolutionofourbranchmodel is creatingmoreways for the Blue Team to illuminate our customer's supplychainsandbringthem(andourselves)efficiencies.

◦ Strong profits and working capital management producedstrongcashflowin2020,allowingustopayaspecialdividendwhileretainingaconservativecapitalstructure.

13.2% 13.1% 13.0% 13.2%12.2%

7.9%

6.1%

3.7%2.8%

10.3%

2.5%

6.4%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q200%

2%

4%

6%

8%

10%

12%

14%

16%

18%

EPS(FullyDiluted)

CEOMessageson4Q20DailySalesRate(DSR)Growth

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CEOMessageson4Q20ProductDispensesThroughVending,byWeek

Oct'19-Dec'20 BenchmarkOct-Sep(FourYr.Avg.)

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

65

70

75

80

85

90

95

100

105

110

115

120

125

104.78

103.15

76.20

93.30

108.78

103.94

112.49

Note:Dec'20throughDec29th

120.75

115.07

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CEOMessageson4Q20UniqueVendingDeviceUsers,byWeek

Oct'19-Dec'20 BenchmarkOct-Sep(FourYr.Avg.)

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

70

80

90

100

110

120

130

106.51

104.22

84.96

Note:Dec'20throughDec29th

108.74

115.29

101.22

109.18

119.32

122.76

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◦ Onsites: we signed 36 in 4Q20, finishingwith 1,265 active sites,+13.6% from 4Q19. Daily sales growth, excluding transferredbranch sales, rose lowsingle-digits.Weare targeting375 to400signings in 2021, though conditions will need to become morefavorablethanatpresenttoachievethatrange.

◦ Vending:wesigned3,456devicesin4Q20withanendinginstalledbase of 95,733 devices, +6.4% from 4Q19. Daily sales growthincreasedbylow-to-midsingle-digitsin4Q20.

2021willbringacceleratingcommercializationofFASTBin,whichcomplementsvending.Asaresult,in2021wewillreport'weightedFMI device' signings and installations,which expresses combinedvendingandFASTBinactivityasamachine-equivalentunit(MEU).Wearetargeting23,000to25,000MEUsigningsin2021.

◦ E-commerce: daily sales were up 38.3% in 4Q20, acceleratingthrough the period. Large customer-oriented EDI was +43.6%,whilewebsaleswereup23.0%.

◦ Totalin-marketlocationswere3,268atendof4Q20,up1.2%from3,228at4Q19.Weclosed/converted32 traditionalbranchesand29Onsitesin4Q20.1In-marketlocationsincludeglobalpublicbranchesandOnsites2Dataexcludes~15Kvendingdevicesrelatedtoaleasedlockerprogram

Signings ActiveLocations

1Q182Q18 3Q184Q18 1Q19 2Q193Q19 4Q191Q20 2Q203Q20 4Q200

30

60

90

120

150

0

300

600

900

1,200

1,500

Signings InstalledBase

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q200

2

4

6

8

0

30

60

90

120VendingDeviceSigningsandInstalledBase2

OnsiteSigningsandActiveLocations

4Q20GrowthDriverUpdate1,265

95,733

3,456

36

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◦ U.S.PMIaveraged59.2in4Q20.U.S.IndustrialProductioninOct/Nov.2020declined5.3%versus4Q19.Thesemetricsare trending more favorably, supported by encouragingsigns in our business, such as resumption of growth inDecemberofmorecyclicalproductsandourmanufacturingendmarket,risingsalespervendingdevice,etc.

◦ COVIDcontinuestoimpactthemarketplace,especiallyasitrelates to staffingand supply chain.However, in contrastto 2Q20, companies are mostly navigating around theseissuesasopposedtoshuttingdownoperations.

◦ 4Q20 safety daily sales grew34.6%.Activity continues tobe a blend of COVID spending, firming economic activity,morestringentsafetyprotocols,andnewcustomers.

◦ Fastener daily sales fell 2.3% in 4Q20, but grew 0.5% inDecember.Renewedgrowthinmorecyclicallines(materialhandlingalsoresumedgrowthinDecember)reflectsbetteractivity,especiallyincoremanufacturingmarkets.

◦ NationalAccounts'dailysalesrose7.8%in4Q20,andgrewdouble-digits in December. Non-National Account dailyrose4.8%,with52%ofourbranchesgrowingin4Q20.

HeavyEquipment TotalMfg Construction

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20-20%

-10%

0%

10%

20%

Fasteners(30.8%ofNetSales) SafetySupplies(23.5%ofNetSales)

RemainingProducts(45.7%ofNetSales)

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20-20%

-10%

0%

10%

20%

30%

40%

EndMarketDailySalesRate(DSR)Growth

ProductCategoryDailySalesRate(DSR)Growth

4Q20BusinessCadence

34.6%

2.1%

(2.3)%

1.7%

0.9%

(9.8)%

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◦ 4Q20grossmarginwas45.6%,down130bpsfrom4Q19,butbuckedseasonalitytoincreasefrom45.3%in3Q20.

◦ Mixandorganizational factorscontributed to theannualdecline,butwerestablesequentially.Productmarginwaslower,notablyinsafety.Safetymarginsrosesequentially,though,ontargetedpricingactions.Freightwasfavorableannually and sequentially on reduced cost around themovementandstaffingofourtruckingfleet.Wedoexpectshippingandportcoststobeginincreasingin1Q21.

◦ COVID-affectedPPEexceededone-thirdofsafetysalesandhas margins below the broader safety category. Lowermargins are likely to persist well into 2H21 as we sellthrough lowermarginmasks in inventory. These impactsdidmoderate in4Q20versustheprecedingperiod,whichshouldcontinuein2021.

◦ 4Q20operatingmarginwas19.5%,up80bpsfrom4Q19.Operating costswere 26.1% of net sales, down 210 bps.Wetightlycontrolledheadcount,travelcosts,andfacilitiesexpense, had lower vending costs, and benefited fromlowerfuelexpenseandrationalizingourfieldfleet.

Percentagecalculationsmaynotbeabletobereproducedduetoroundingofdollarvalues.

AnnualRatesofChange 4Q20 4Q19 %Chg.Dollaramountsinmillions,exceptpershareamountsNetSales $1,358.0 $1,276.9 6.4%DailySales 21.6 20.3 6.4%

GrossProfit $618.8 $598.4 3.4%GrossProfitMargin 45.6% 46.9% (130)bpsEmployee-RelatedExp. — — 0.9%Occupancy-RelatedExp. — — (0.5%)AllOtherOper/AdminExp. — — (16.0%)

OperatingIncome $264.4 $238.9 10.6%OperatingIncomeMargin 19.5% 18.7% 80bps

EPS(Fully-Diluted) $0.34 $0.31 9.6%

OnsiteSignings 36 79 (54.4%)VendingDeviceSignings 3,456 5,144 (32.8%)In-marketlocationcount 3,268 3,228 1.2%In-marketlocationFTE 11,260 12,236 (8.0%)TotalFTE 17,836 18,968 (6.0%)

OperatingCashFlow $321.0 $252.4 27.2%%ofNetEarnings 163.7% 141.2% —

CapitalExpenditures(Net) $42.6 $60.5 (29.6%)%ofNetSales 3.1% 4.7% —

Dividends $373.2 $126.3 195.5%ShareRepurchases $0.0 $0.0 —

TotalDebt $405.0 $345.0 17.4%Tot.Debt/Capital 12.9% 11.5% —

4Q20ResultsSummary

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◦ 4Q20 operating cash flow was $321.0, or 163.7% of netearnings.Networkingcapitalwasalargesourceofcashintheperiodduetosoftbusinessactivity,goodexecutiononworkingcapitalassets,andpayablestiming.

◦ Accounts receivable rose 3.7% in 4Q20 reflecting highersales, with strong collections generating improvement inDSO.Inventoryfell2.1%onreductionsinbranchstockandmoderating growth in Onsite and hub inventory.We areseeing good sell-through of our COVID-related maskinventory,whichwestillexpectwillcarrywellinto2H21.

◦ Netcapitalspendingwas$42.6in4Q20,downfrom$60.5in4Q19onlowerspendingacrossmosttrackedcategories.Our2021netcapitalspendingrangeis$170.0and$200.0.

◦ We returned $373.2 of capital to shareholders throughdividends in 4Q20, including a $0.40 special dividend inDecember.

◦ Balancesheetdebtwas12.9%oftotalcapital,withampleliquidity to take advantage of growth opportunities. Ourrevolverwasunusedatyearend.

*PercentagesabovethebarrepresentOCFasa%ofNetEarnings

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q200

50

100

150

200

250

300

350

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q200

20

40

60

80

100

2021(E)NetCapEx:$170.0to$200.0;2020(A)NetCapex:$157.5

OperatingCashFlow(inmillions)

NetCapitalExpenditures(inmillions)

4Q20CashFlowProfile

NetCapitalExpenditures=Property&Equipment,netofProceedsfromSales

141.2%

$60.5

163.7%

$42.6

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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.

Thetablesthatfollowonpage11includeareconciliationofthecalculationofourreturnontotalassets(‘ROA’)(whichisthemostcloselycomparableGAAPfinancialmeasure)tothecalculationofourROICfortheperiodspresented.

StockSplitShareandpershareinformationinthisdocumenthasbeenadjustedtoreflectthetwo-for-onestockspliteffectiveatthecloseofbusinessonMay22,2019.

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(Amountsinmillions)

TTM4Q20

TTM4Q19

OperatingIncome $1,141.8 1,057.2(IncomeTaxExpense) (273.6) (252.8)

NOPAT $ 868.2 804.4

TotalCurrentAssets $2,478.4 2,386.7CashandCashEquivalents (210.3) (171.1)AccountsPayable (199.9) (193.2)AccruedExpenses (261.8) (246.2)Property&Equipment,Net 1,027.0 974.0OtherAssets 314.5

x1 313.8

InvestedCapital $3,147.9 3,064.0

ROIC 27.6% 26.3%

(Amountsinmillions)

TTM4Q20

TTM4Q19

NetEarnings $ 859.1 790.9TotalAssets $3,882.3 3,674.5ROA 22.1% 21.5%

NOPAT $ 868.2 804.4Add:IncomeTaxExpense 273.6 252.8

OperatingIncome 1,141.8 1,057.2Add:InterestIncome 0.6 0.4Subtract:InterestExpense (9.7) (13.9)Subtract:IncomeTaxExpense (273.6) (252.8)

NetEarnings $ 859.1 790.9InvestedCapital $3,147.9 3,064.0

Add:CashandCashEquivalents 210.3 171.1Add:AccountsPayable 199.9 193.2Add:AccruedExpenses 261.8 246.2Add:ExcludedOtherAssets 62.5

x1 —

TotalAssets $3,882.3 3,674.5

CalculationofReturnonInvestedCapital ReconciliationofROICtoReturnonAssets(ROA)

Weincludeoperatingleaseright-of-useassetsrelatedtoadoptionofASC842asofJanuary1,2019.Thevaluepriortoadoptionisestimated.

1Referstotheaverageunamortizedvalueofacquirednon-operatingintangibleassets.

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.

2021BENCHMARK*** (0.5%) 1.7% 3.1% 4.3% 0.1% 1.7% 1.8% 8.1% (3.4%) 3.2% 3.0% 11.0% (2.6%) 8.0% (3.6%) (7.2%)

2020BENCHMARK*** (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%)

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%

2017DSR 0.2% 1.5% 3.6% 5.1% 2.2% 1.4% 2.8% 12.0% (2.4%) 2.2% 3.8% 16.0% (2.1%) 13.5% (4.2%) (7.1%)

Deltav.Benchmark 1.2% 0.3% 0.5% 0.8% 2.1% (0.3%) 1.1% 3.9% 1.1% (1.1%) 1.5% 5.7% 0.4% 6.0% (0.2%) 0.3%

DaysCount Total2021 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 2552019 22 20 21 22 22 20 22 22 20 23 20 20 2542018 22 20 22 21 22 21 21 23 19 23 21 19 2542017 21 20 23 20 22 22 20 23 20 22 21 20 254

SequentialTrends*

*AcquisitionofManscoliftedthe2017DSRsforAprilalongwiththeJan.toJune,Jan.toSep.,andJan.toOct.CumulativeChangesby1.3ppseach.**TheJanuaryaverageisbasedonthehistoricalchangeinJanuaryvs.October.Allothermonthsaresequential.*** The benchmark for each month is the average of the previous five years for that month (excluding the impact of the March 2017 ManscoAcquisition).SurgesalesassociatedwithCOVID-19makesequentialaveragesfromMarch2020throughJuly2020unrepresentative.Asaresult,the2021benchmarkforthosemonthsusesaprecedingfive-yearaveragethatexcludes2020.Allothermonthsusetheimmediatelyprecedingfive-yearaverage.

Notes:◦ GoodFridaywasinAprilof2019vs.Marchof2018.GoodFridayremainedinAprilof2020andwillbeinAprilof2021.◦ Amountsmaynotfootduetoroundingdifferences.

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AbsoluteCount

HEADCOUNTSTATISTICS4Q20 3Q20

ChangeSince3Q20 4Q19

ChangeSince4Q19

In-marketlocations(branches&Onsites) 12,680 12,708 (0.2%) 13,977 (9.3%)

Non-in-marketselling 1,952 1,921 1.6% 1,854 5.3%

Sellingsubtotal 14,632 14,629 0.0% 15,831 (7.6%)

Distribution/Transportation 3,583 3,593 (0.3%) 4,012 (10.7%)

Manufacturing 639 657 (2.7%) 711 (10.1%)

Administrative2 1,511 1,457 3.7% 1,394 8.4%

Non-sellingsubtotal 5,733 5,707 0.5% 6,117 (6.3%)

Total 20,365 20,336 0.1% 21,948 (7.2%)

FTECount1

4Q20 3Q20

ChangeSince3Q20 4Q19

ChangeSince4Q19

11,260 11,302 (0.4%) 12,236 (8.0%)

1,923 1,895 1.5% 1,824 5.4%

13,183 13,197 (0.1%) 14,060 (6.2%)

2,591 2,638 (1.8%) 2,895 (10.5%)

607 618 (1.8%) 674 (9.9%)

1,455 1,409 3.3% 1,339 8.7%

4,653 4,665 (0.3%) 4,908 (5.2%)

17,836 17,862 (0.1%) 18,968 (6.0%)

EmployeeStatistics

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

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BRANCHSTATISTICS 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020NewBranchOpenings

1Q 29 37 28 11 9 2 17 5 0 3 32Q 16 38 25 22 8 6 10 5 5 3 43Q 45 19 20 11 5 5 8 5 3 2 34Q 37 28 7 9 2 28 5 3 3 4 2Cumulative 127 122 80 53 24 41 40 18 11 12 12

Closed/ConvertedBranches,Net(Annual) (6) (27) (13) (18) (74) (56) (159) (138) (167) (125) (123)

BranchCount 2,490 2,585 2,652 2,687 2,637 2,622 2,503 2,383 2,227 2,114 2,003ActiveOnsites 214 264 401 605 894 1,114 1,265TOTALIN-MARKETLOCATIONS 2,490 2,585 2,652 2,687 2,851 2,886 2,904 2,988 3,121 3,228 3,268

In-MarketLocationStatistics

NOTES:◦ AsofDecember31,2020,includes1,697branchesintheU.S.,179inCanada,and127intherestoftheworld.◦ BranchCountincludesalllocationsthatselltomultiplecustomeraccounts(primarilyourtraditionalandoverseas

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

didnotspecificallytracktheirnumberuntilweidentifiedourOnsiteprogramasagrowthdriverin2014.

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MAJORSEGMENTGROWTH FullYear(DailySalesrates) Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec.

Manufacturing 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%)(incl.HeavyEquip.) 2019 13.8% 11.6% 14.7% 7.4% 11.5% 8.7% 7.9% 8.8% 6.4% 5.8% 7.5% 1.9% 8.8%

Construction 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%)2019 16.7% 11.0% 12.1% 8.3% 9.9% 3.6% 1.6% 1.4% 6.4% 4.0% 5.0% 0.2% 6.4%

EndMarketMix--2020

EndMarketProfile

Manufacturing,39.0%

Other,3.3%Transportation,6.9%

Gov't/Education,8.1%

Reseller,8.0%

Construction,11.3%

Mfg-HeavyEquip.,23.4%