<SEC-DOCUMENT>0001214659-19-001764.txt : 20190305
<SEC-HEADER>0001214659-19-001764.hdr.sgml : 20190305
<ACCEPTANCE-DATETIME>20190304195638
ACCESSION NUMBER:		0001214659-19-001764
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190305
DATE AS OF CHANGE:		20190304
EFFECTIVENESS DATE:		20190305

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FASTENAL CO
		CENTRAL INDEX KEY:			0000815556
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY [5200]
		IRS NUMBER:				410948415
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16125
		FILM NUMBER:		19656173

	BUSINESS ADDRESS:	
		STREET 1:		2001 THEURER BLVD
		CITY:			WINONA
		STATE:			MN
		ZIP:			55987
		BUSINESS PHONE:		5074545374

	MAIL ADDRESS:	
		STREET 1:		2001 THEURER BLVD
		CITY:			WINONA
		STATE:			MN
		ZIP:			55987

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1611 TELEGRAPH AVE.
		STREET 2:		SUITE 1450
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		1611 TELEGRAPH AVE.
		STREET 2:		SUITE 1450
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
</SEC-HEADER>
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<FILENAME>r34190px14a6g.htm
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;<IMG SRC="asyousowlogo.jpg" ALT=""></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY MEMO</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Fastenal Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption:&nbsp;<I>As You Sow</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of persons relying on exemption: 1611 Telegraph Ave.,
Suite 1450, Oakland, CA 94612</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Andrew Behar, As You Sow, abehar@asyousow.org</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal No. 4 on Fastenal
Company 2019 Proxy Statement:<BR>
Shareholder Proposal Relating to Diversity Reporting</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are writing to urge you to <B>VOTE &ldquo;YES&rdquo; ON PROPOSAL
4</B> on the Fastenal Proxy Statement, which asks the Company to provide metrics on workforce diversity. The Proposal makes the
following specific request:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>RESOLVED</B>: Shareholders request that the Board
of Directors issue a report to shareholders by 180 days after the 2019 Annual Meeting, at reasonable expense and excluding confidential
information, assessing the diversity of our company's workforce.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proponents recommend that the assessment include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Metrics on the percentages of gender categories for global operations, and the standard EEO-1 racial and ethnic group categories
for U.S. operations, disaggregated, at a minimum, into management (Executive/Senior-Level, and First/Mid-Level Officials) and non-managerial
employees (all other EEO-1 Standard Occupational Classifications);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The amounts of any legal or regulatory fines and settlements associated with diversity issues;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A description of our policies and programs for fostering diversity of employees across our global operations.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="asyousowlogo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rationale for a &ldquo;YES&rdquo; vote:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diversity reporting is financially material for Fastenal&rsquo;s
investors. As the Sustainability Accounting Standards Board (SASB) notes,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[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.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For these reasons the SASB has determined that &ldquo;Workforce
Diversity and Inclusion&rdquo; is a sustainability issue &ldquo;most likely to impact the operating performance or financial condition
of the typical company in [the Multiline and Specialty Retailers &amp; Distributors] industry.&rdquo;</P>

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

<P STYLE="font: 10pt 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; Disclosure of both of these metrics is recommended in the
Supporting Statement of the Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s opposition to the Proposal centers on:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Its &ldquo;policy to provide equal employment opportunity / affirmative action to all employees and applicants for employment
in accordance with all applicable federal, state, or local, executive orders, regulations and laws;&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The implementation of &ldquo;several initiatives designed to foster diversity of employees across our global operations,&rdquo;
including centralized application review by Fastenal&rsquo;s Diversity and Compliance Team, distributing job postings to more than
600 diversity websites, and recruiting trainings focusing on equal employment opportunity and affirmative action;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The assertion that, &ldquo;we do not believe that EEO-1 data is a reliable measure of our global commitment to equal opportunity
employment and, as with all data, it can be subject to misinterpretation or abusive practices by competitors.&rdquo; In addition,
the Company expresses a desire to &ldquo;[keep] our employees' personal information strictly confidential, unless disclosure is
required by law or regulation.&rdquo;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP></FONT> 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s first two points are appreciated and laudable,
but don&rsquo;t satisfy the needs of investors who require material disclosure to monitor the progress of workforce diversity.
The third point is dubious.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material disclosure is the basis of the Proposal, and the
basis of federal securities law </B></P>

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

<P STYLE="font: 10pt 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;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
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;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></P>

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

<P STYLE="font: 10pt 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>.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
The Court arrived at a definition of materiality that is now widely known:</P>

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

<P STYLE="font: 10pt 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.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></P>

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

<P STYLE="font: 10pt 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;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT> Comparability
has been recently showcased as a core principle of the Securities and Exchange Commission&rsquo;s disclosure requirements by Chairman
Clayton.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT> Comparability can extend
along the dimension of time as well as across a universe of firms, as investors desire to evaluate corporate performance from period
to period, even for a single company.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
Comparability is stifled, however, in the absence of metrics.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>
<FONT STYLE="background-color: white"><I>Basic v. Levinson</I>, 485 U.S. 230 (1988).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><SUP>4</SUP></B> <I>TSC Industries, Inc. v. Northway,
Inc.</I>, 426 U.S. 438 (1976).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT>
<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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT>
40 Fed. Reg. 51,662 (Nov. 6, 1975)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> 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</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> <I>Id.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The dearth of metrics in sustainability disclosure has frustrated
the reasonable investor</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sustainability Accounting Standards Board (SASB) has produced
a series of exhaustive analyses of U.S. issuers&rsquo; financial disclosures.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>
The Board has 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;),<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>
&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;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT> 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;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT>
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;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT></P>

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

<P STYLE="font: 10pt 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;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT>
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. Fastenal may be an inclusive company and its workforce may be diverse, or not; this
is irrelevant to its investors if the Company&rsquo;s current body of disclosure does not meet the test of comparability. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material diversity proposals are supported by investors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SASB&rsquo;s standards have attracted wide support from
the investment community. The SASB Investor Advisory Group, 32 global asset owners and asset managers, includes six 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;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT>
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.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> <I>Id</I>.
at 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> <I>Id.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT> <I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT>
<I>Id</I>. at 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> <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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> https://www.sasb.org/investor-use/supporters/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> https://www.sasb.org/alliance-membership/organizational-members/</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Both proxy advisers and investment advisers are on record as
explicitly considering SASB&rsquo;s financially material standards to guide their voting recommendations. For example, Glass Lewis
has pledged to &ldquo;integrate SASB&rsquo;s industry-specific materiality guidance across research and vote management products.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT>
Investment advisers such as Neuberger and Berman advertise their &ldquo;commitment to integrating the [SASB&rsquo;s] guidance on
materiality into our evaluation of the proxy votes that we cast on behalf of clients.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholder resolutions regarding diversity, and those explicitly
referencing EEO-1 category percentage disclosures, are increasing over time and receiving increasing support as well. This table
summarizes numbers of EEO-1 resolutions filed, and average level of shareholder support, that are available in the Ceres database
by year since 2015:<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; text-align: center"><B>Year</B></TD>
    <TD STYLE="width: 33%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; text-align: center"><B>Number of </B><BR>
<B>proposals filed</B></TD>
    <TD STYLE="width: 33%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; text-align: center"><B>Average </B><BR>
<B>support level (%)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; text-align: center"><B>2015</B></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center">3</TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center">24.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center">4</TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center">27.0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; text-align: center"><B>2017</B></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center">9</TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center">32.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; text-align: center"><B>2018</B></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center">9</TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center">40.6</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
It should be noted that these proposals request more detailed information in terms of the number of EEO-1 categories specified
than is requested in our Proposal.</P>

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



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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> http://www.glasslewis.com/glass-lewis-to-integrate-sasbs-industry-specific-materiality-guidance-across-research-and-vote-management-products/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT> https://www.nb.com/pages/public/global/insights/voting-the-votes-materiality-one-year-later.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT> https://www.ceres.org/resources/tools/climate-and-sustainability-shareholder-resolutions-database</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This information should not be considered to be confidential</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. corporations have long sought to conceal their diversity
statistics under the cloak of &ldquo;confidentiality,&rdquo; or by arguing that EEO-1 data are misleading. The Department of Labor
(DoL) has traditionally sided with business in refusing Freedom of Information Act (FOIA) requests for diversity statistics on
this basis. In response to a 2017 lawsuit filed by the Center for Investigative Reporting, however, the Department determined in
October, 2018 that it will release EEO-1 data over the objections of government contractors from now on.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20</SUP></FONT>
Reluctance to disclose about diversity can sometimes be instructive. Palantir Technologies, in its attempt to block the DoL from
complying with a FOIA EEO-1 request, declared that a diverse workforce is more &ldquo;than just a legal concept; it is a business
imperative.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21</SUP></FONT> But the company&rsquo;s
forced disclosure revealed that only 23% of its managers were female. Palantir, accused of hiring discrimination by the U.S. government,
recently settled for $1.7 million.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22</SUP></FONT>
The investor protection and public interest aspects of EEO-1 diversity disclosure dwarf sometimes sham concerns about confidentiality
and misinterpretation.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fastenal 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 4 on the 2019 Fastenal Proxy Statement.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT> Will Evans
and Sinduja Rangarajan, &ldquo;We got the government to reverse its longtime policy to get Silicon Valley diversity data,&rdquo;
https://www.revealnews.org/blog/we-got-the-government-to-reverse-its-longtime-policy-to-get-silicon-valley-diversity-data/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT> <I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT> &ldquo;US
DEPARTMENT OF LABOR SETTLES CHARGES OF HIRING DISCRIMINATION WITH SILICON VALLEY COMPANY,&rdquo; Press Release, April 25, 2017.
<I>Available at</I> https://www.dol.gov/newsroom/releases/ofccp/ofccp20170425.</P>





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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
