<SEC-DOCUMENT>0001214659-20-003093.txt : 20200402
<SEC-HEADER>0001214659-20-003093.hdr.sgml : 20200402
<ACCEPTANCE-DATETIME>20200401201851
ACCESSION NUMBER:		0001214659-20-003093
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200402
DATE AS OF CHANGE:		20200401
EFFECTIVENESS DATE:		20200402

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			O REILLY AUTOMOTIVE INC
		CENTRAL INDEX KEY:			0000898173
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		IRS NUMBER:				274358837
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21318
		FILM NUMBER:		20767101

	BUSINESS ADDRESS:	
		STREET 1:		233 S PATTERSON AVE
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65802
		BUSINESS PHONE:		417-829-5878

	MAIL ADDRESS:	
		STREET 1:		233 S PATTERSON AVE
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65802

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>r41201px14a6g.htm
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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">2150 Kittredge St. Suite 450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">
Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: <B>O&rsquo;Reilly Automotive Inc. </B>(ORLY)<BR>
Name of persons relying on exemption:&nbsp;As You Sow<BR>
Address of persons relying on exemption: 2150 Kittredge St. Suite 450, Berkeley, CA 94704</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule,
but is made voluntarily in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">O&rsquo;Reilly Automotive Inc. (ORLY)<BR>
Vote Yes: Item #6 &ndash; Material Human Capital Risks and Opportunities</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 14, 2020</B> </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Andrew Behar | abehar@asyousow.org</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE PROPOSAL</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders request that the Board of Directors issue a report
to shareholders describing the company&rsquo;s policies, performance, and improvement targets related to material human capital
risks and opportunities by 180 days after the 2020 Annual Meeting, at reasonable expense and excluding confidential information,
prepared in consideration of the metrics and guidelines set forth in the SASB Multiline and Specialty Retailers &amp; Distributors
standard&rsquo;s provisions on workforce diversity and inclusion and labor practices requirements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE
FOR A YES VOTE</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Human capital management disclosures are garnering attention
in Congress<SUP>1</SUP> and the SEC.<SUP>2</SUP> Proponents are requesting human capital management disclosure that is financially
material to investor decision-making. This disclosure concerns both diversity and inclusion, and fair labor practices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Diversity reporting is financially material for O&rsquo;Reilly
Automotive&rsquo;s investors. As the Sustainability Accounting Standards Board (SASB) notes,</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-size: 9pt">Dana Wilkie, &ldquo;Workplace
May Be New Battleground for 2019-20 Congress,&rdquo; November 7, 2018. <I>Available at </I>https://www.shrm.org/hr-today/news/hr-news/pages/2018-mid-term-election-workplace-legislation.aspx
</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-size: 9pt">Securities And Exchange
Commission 17 CFR 229, 239, and 240 [Release Nos. 33-10668; 34-86614; File No. S7-11-19] RIN 3235-AL78. Modernization of Regulation
S-K Items 101, 103, and 105. <I>Available at </I>https://www.sec.gov/rules/proposed/2019/33-10668.pdf</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%; font-size: 11pt"><B><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2020 Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">O'Reilly Automotive, Inc. | Material Human Capital Risks and Opportunities</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">[t]he Multiline and Specialty Retailers &amp; Distributors
industry is consumer-facing and relies on the ability to communicate effectively with customers during the sales process and adapt
to changing consumer demands for products. As the populations of many developed markets undergo a massive demographic shift, including
increases in minority populations, companies in this industry can benefit from ensuring that their company culture and hiring and
promotion practices embrace the building of a diverse workforce at management- and junior-level positions. Retailers that respond
to this demographic shift and employ staff who will be able to recognize the needs of diverse populations may be better able to
capture demand from segments that have traditionally been overlooked, which can provide companies a competitive advantage. Furthermore,
such companies may benefit from decreased legal and regulatory risks, as well as improved reputational value.<SUP>3</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The SASB has created financially material disclosure standards
based on decision-useful, comparable metrics that allow investors to measure the impact of workforce diversity on operating performance
and financial condition. The metrics referenced by the SASB standard are &ldquo;[p]ercentage of gender and racial/ethnic group
representation for (1) management and (2) all other employees,&rdquo; and &ldquo;[t]otal amount of monetary losses as a result
of legal proceedings associated with employment discrimination.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The SASB has also opined on the financial materiality of labor
practices in the specialty retailer industry: &ldquo;The low-average wages in the industry, which help companies maintain low prices
on products, may increase&hellip;labor-related risks. Since customers regularly interact directly with employees, companies can
face a decrease in market share and revenue from negative consumer sentiment due to public disagreement between companies and their
workers.&rdquo;<SUP>4</SUP> The metrics referenced by the SASB Labor Practices standard are &ldquo;[a]verage hourly wage and percentage
of in-store employees earning minimum wage,&rdquo; &ldquo;[v]oluntary and involuntary turnover rate for in-store employees,&rdquo;
and &ldquo;[t]otal amount of monetary losses as a result of legal proceedings associated with labor law violations.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal requests nothing more than enhanced disclosure
concerning financially material human capital management metrics. Investors deserve to be informed of these metrics so that they
can appropriately evaluate the risks to our company from its human capital policies and procedures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">The Board&rsquo;s opposition
to the Proposal centers on:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Its belief that the Company&rsquo;s existing public disclosures <B>adequately</B>
describe its approach to, and the importance to the Company of, <B>material</B> human capital risks and opportunities, including
workforce diversity and inclusion and labor practices;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company&rsquo;s commitment to workforce diversity and promoting
an inclusive environment, also its commitment to sound labor practices;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol;">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Its belief that the requested report would not provide sufficient
benefits to justify the required time and expense, particularly in light of the information already
available on the Company&rsquo;s website or otherwise publicly available.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> MULTILINE AND SPECIALTY RETAILERS &amp; DISTRIBUTORS,
Sustainability Accounting Standard, Prepared by the Sustainability Accounting Standards Board, October 2018, p.16. <I>Available
at</I> https://www.sasb.org/wp-content/uploads/2018/11/Multiline_and_Specialty_Retailers_Distributors_Standard_2018.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <I>Id. </I>At 13.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    </FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2020 Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">O'Reilly Automotive, Inc. | Material Human Capital Risks and Opportunities</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s commitments to workforce diversity and sound
labor practices are appreciated and laudable. Unfortunately, O&rsquo;Reilly&rsquo;s extant reporting doesn&rsquo;t satisfy the
needs of investors who require material disclosure to monitor the progress of its human capital management practices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Material disclosure is the
basis of the Proposal, and the basis of federal securities law </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Disclosure is the bedrock concept of federal securities law.
As the Supreme Court has stated, &ldquo;&lsquo;[t]his Court &ldquo;repeatedly has described the &lsquo;fundamental purpose&rsquo;
of the [1934 Securities Exchange] Act as implementing a &lsquo;philosophy of full disclosure.&rsquo;&rdquo;<SUP>5 </SUP>The most
salient aspect in considering whether disclosures are helpful to investors is related to materiality, a concept which has been
considered &ldquo;the cornerstone of the federal securities laws since Congress incorporated this principle in the first of these
laws in the 1930s.&rdquo;<SUP>6</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Supreme Court took up the definition of materiality in 1976&rsquo;s
<I>TSC Industries v. Northway</I>.<SUP>7</SUP> The Court arrived at a definition of materiality that is now widely known:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">What the standard does contemplate is a showing of a substantial
likelihood that, under all the circumstances, the omitted fact would have assumed actual significance in the deliberations of the
reasonable shareholder. Put another way, there must be a substantial likelihood that the disclosure of the omitted fact would have
been viewed by the reasonable investor as having significantly altered the &lsquo;total mix&rsquo; of information made available.<SUP>8</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Court&rsquo;s exposition of materiality therefore highlighted
that the essential aspect of the materiality test was that a fact be decision-useful in the eyes of the reasonable investor. Decision-usefulness
necessarily implies comparability, as &ldquo;&hellip;investment decisions essentially involve a choice between competing investment
alternatives.&rdquo;<SUP>9</SUP> Comparability is stifled, however, in the absence of metrics.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="background-color: white"><I>Basic v.
Levinson</I>, 485 U.S. 230 (1988).</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> Business Roundtable, The Materiality Standard for
Public Company Disclosure: Maintain What Works, 3 (Oct. 2015), http://businessroundtable.org/sites/default/files/reports/Materiality%20White%20Paper%20FINAL%2009-29-15.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> <I>TSC Industries, Inc. v. Northway, Inc.</I>, 426
U.S. 438 (1976).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <I>Id</I>. at 449; See also <FONT STYLE="background-color: white"><I>Basic
v. Levinson</I>, 485 U.S. 224, 232 (1988) (&ldquo;We now expressly adopt the <I>TSC Industries</I> standard of materiality for
the &sect; 10(b) and Rule 10b-5 context.&rdquo;); </FONT><I>Halliburton Co. v. Erica P. John Fund, Inc.</I>, 134 S. Ct. 2398, 2413
(2014) (reaffirming this standard of materiality).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> 40 Fed. Reg. 51,662 (Nov. 6, 1975)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%; font-size: 11pt"><B><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2020 Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">O'Reilly Automotive, Inc. | Material Human Capital Risks and Opportunities</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Increasing Materiality
of Human Capital Disclosures</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC has recognized the increasing materiality of human capital
disclosures. Last year, the Commission issued a release proposing for public comment amendments to modernize the description of
business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K.<SUP>10</SUP>
Among the discussion topics proposed for &ldquo;Narrative Description of Business,&rdquo; Item 101(c), were proposals for the modernization
of human capital management disclosures. The Commission noted that, &ldquo;[b]ecause human capital may represent an important resource
and driver of performance for certain companies, and as part of our efforts to modernize disclosure, we propose to amend Item 101(c)
to refocus registrants&rsquo; human capital resources disclosures.&rdquo;<SUP>11</SUP> One important source for input on this matter
is a report submitted by the SEC Investor Advisory Committee (IAC).<SUP>12</SUP> The IAC found that, &ldquo;[i]nstitutional and
retail investors have a pronounced interest in clear and <U>comparable</U> information about how firms approach [Human Capital
Management]. <U>This interest is reflected in ongoing projects by the Sustainability Accounting Standards Board (SASB)</U> (emphasis
added).&rdquo;<SUP>13</SUP> Among the IAC&rsquo;s specific material disclosure recommendations were those concerning &ldquo;the
stability of the workforce, including voluntary and involuntary turnover,&rdquo; and &ldquo;race/ethnicity and gender diversity
data.&rdquo;<SUP>14</SUP> SEC Chair Jay Clayton, in addressing the IAC with reference to Human Capital Management, re-iterated
that the Commission&rsquo;s disclosure requirements must be rooted in the principles of materiality and comparability, and noted
that, &ldquo;for human capital, I believe it is important that the <U>metrics</U> allow for period to period <U>comparability</U>
for the company (emphasis added).&rdquo;<SUP>15</SUP> Investors have a right to <B>material</B> and <B>comparable</B> Human Capital
Management disclosure metrics from O&rsquo;Reilly Automotive.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>The dearth of metrics in
sustainability disclosure has frustrated the reasonable investor</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The SASB has produced a series of exhaustive analyses of U.S.
issuers&rsquo; financial disclosures.<SUP>16</SUP> It found that while most issuers already address most SASB topics in their filings
(&ldquo;73 percent of companies in the analysis reported on at least three-quarters of the sustainability topics included in their
industry standard&rdquo;),<SUP>17</SUP> &ldquo;most sustainability disclosure consists of boilerplate language, which is largely
useless to investors: The most common form of disclosure across the majority of industries and topics was generic boilerplate language,
which is inadequate for investment decision-making.&rdquo;<SUP>18</SUP> Moreover, &ldquo;[s]ustainability performance metrics are
rarely disclosed and lack comparability when they are: Companies used metrics&mdash;obviously more useful to investment analysis&mdash;in
around 29 percent of the cases in which a disclosure occurred. Importantly, even in these cases, the metrics were non-standardized
and therefore lacked comparability from one firm to the next.&rdquo;<SUP>19</SUP> The SASB sums up the issue of ESG disclosure
with the statement, &ldquo;&hellip;by and large, companies continue to take a minimally compliant approach to sustainability disclosure.&rdquo;<SUP>20</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="font-size: 9pt">SECURITIES AND EXCHANGE
COMMISSION 17 CFR 229, 239, and 240 [Release Nos. 33-10668; 34-86614; File No. S7-11-19] RIN 3235-AL78. Modernization of Regulation
S-K Items 101, 103, and 105, https://www.sec.gov/rules/proposed/2019/33-10668.pdf</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <I>Id</I>. At 48.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Recommendation of the Investor Advisory Committee,
Human Capital Management Disclosure, March 28, 2019. https://www.sec.gov/spotlight/investor-advisory-committee-2012/human-capital-disclosure-recommendation.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> <I>Id</I>. At 2.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <I>Id. </I>At 4.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> <FONT STYLE="font-size: 9pt">Remarks for Telephone
Call with SEC Investor Advisory Committee Members, Chairman Jay Clayton, Feb. 6, 2019. <I>Available at: </I>https://www.sec.gov/news/public-statement/clayton-remarks-investor-advisory-committee-call-020619</FONT></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <FONT STYLE="font-size: 9pt">Sustainability Accounting
Standards Board [SASB], State of Disclosure Report 2017, (2017) https://www.sasb.org/wp-content/uploads/2017/12/2017State-of-Disclosure-Report-web.pdf</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <I>Id</I>. at 2.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <I>Id.</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <I>Id</I>.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> <I>Id</I>. at 3.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    </FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2020 Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">O'Reilly Automotive, Inc. | Material Human Capital Risks and Opportunities</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Investor frustration with the lack of metrics in sustainability
reporting is palpable: According to PwC, &ldquo;[m]ore than nine out of ten investors (92%) say companies are not disclosing ESG
data in a way that makes it easy to compare to other companies...&rdquo;<SUP>21</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Because the SASB&rsquo;s standards are exclusively concerned
with comparable, material disclosures, they have attracted wide support from the investment community. The SASB Investor Advisory
Group, 48 global asset owners and asset managers, includes seven of the world&rsquo;s ten largest investment advisers. Members
of this group &ldquo;[b]elieve SASB&rsquo;s approach&mdash;which is industry-specific and materiality-focused&mdash;will help provide
investors with relevant and decision-useful information,&rdquo; and &ldquo;[b]elieve that SASB standards can inform integration
of sustainability factors into investment and/or stewardship processes, such as corporate engagement and proxy voting.&rdquo;<SUP>22</SUP>
Members of the SASB Investor Advisory Group and SASB Alliance, &ldquo;a growing movement of organizations that believe standardized,
industry-specific, and materiality-based standards help companies and investors adapt to the market&rsquo;s expectations,&rdquo;
comprise among others pension funds of six states.<SUP>23</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Clearly, disclosure that is not grounded in metrics, or relies
on metrics that are not comparable, cannot meet the test of being decision-useful to the reasonable investor. If the Company&rsquo;s
disclosure does not qualify as decision-useful in the eyes of a reasonable investor, then it does not meet the materiality standard
requested by the Proposal. This point was thrown into sharp relief when O&rsquo;Reilly requested that the SEC allow the company
to exclude this proposal from the proxy on the basis that it had been substantially implemented.<SUP>24</SUP> The SEC was unable
to concur with the exclusion.<SUP>25</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Material diversity proposals
are supported by investors</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholder resolutions regarding diversity, and those explicitly
referencing EEO-1 category percentage disclosures, receive increasing support over time. This table summarizes numbers of EEO-1
resolutions filed, and average level of shareholder support, that are available in the Ceres and Trillium databases by year since
2015:<SUP>26</SUP></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="font-variant: small-caps">PWC Governance
Insights Center, Investors, Corporates, and ESG: Bridging the Gap</FONT>, 6 (Oct. 2016), https://www.pwc.com/us/en/governance-insights-center/publications/assets/investors-corporates-and-esg-bridging-the-gap.pdf.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.sasb.org/investor-use/supporters/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.sasb.org/alliance-membership/organizational-members/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> RE: O&rsquo;Reilly Automotive, Inc. Securities
Exchange Act of 1934 &ndash; Rule 14a-8 Exclusion of Shareholder Proposal of Terry L Miller, Debra Shank Miller, The Virginia Lopez
Family Trust and Yu &amp; Ho Liv Tr Sep Prop. <I>Available at</I> https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2019/asyousowmillers122719-14a8-incoming.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> 2019-2020 Shareholder Proposal No-Action Responses.
<I>Available at </I>https://www.sec.gov/divisions/corpfin/shareholder-proposals-2019-2020.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.ceres.org/resources/tools/climate-and-sustainability-shareholder-resolutions-database;
https://trilliuminvest.com/approach-to-sri/shareholder-proposals/?wpv-company=0&amp;wpv-issue-type=workplace-diversity&amp;wpv_filter_submit=Search</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%; font-size: 11pt"><B><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2020 Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">O'Reilly Automotive, Inc. | Material Human Capital Risks and Opportunities</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year </FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of proposals filed</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average support level (%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">24.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">27.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">32.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">40.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 73.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">42.6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">O&rsquo;Reilly Automotive Company opposes issuing financially
material disclosure that provides decision-useful investor protection as it serves the public interest. We therefore urge a <B>&ldquo;Yes&rdquo;
vote for Proposal 6 on the 2020 O&rsquo;Reilly Automotive Proxy Statement.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">--<BR>
THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL
MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF
DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR MORE OF THE CO-FILERS. PROXY CARDS WILL
NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS
ON YOUR PROXY CARD<I>.</I></P>

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