<SEC-DOCUMENT>0001214659-20-002898.txt : 20200325
<SEC-HEADER>0001214659-20-002898.hdr.sgml : 20200325
<ACCEPTANCE-DATETIME>20200325095231
ACCESSION NUMBER:		0001214659-20-002898
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200325
DATE AS OF CHANGE:		20200325
EFFECTIVENESS DATE:		20200325

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:		20740300

	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
		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>r324200px14a6g.htm
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">&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">Notice of Exempt Solicitation Pursuant to Rule 14a-103</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">Name of the Registrant: Fastenal Company (FAST)<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: 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: bold 10pt 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: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">Fastenal
Company (FAST)<BR>
Vote Yes: Item #4&ndash; Human Capital Management Disclosures&nbsp;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: April 25, 2020&nbsp;</B></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></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">Shareholders request that the Board of Directors issue a report
to shareholders by 180 days after the 2020 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: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></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, at a minimum:</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"></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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>and the amounts of any legal or regulatory fines and settlements associated with diversity issues.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This is a resubmission of a 2019 proposal that received more
than 41% support, yet our Company refuses to implement the request. The 2020 proposal actually calls for somewhat narrower disclosure
than the 2019 proposal.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE
FOR A YES VOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></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 0.25in">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>1</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt">_______________________</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"><SUP>1</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt"></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">Fastenal Company | Human Capital Management Disclosures</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt"></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">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"></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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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"></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, recruiting trainings focusing on equal
employment opportunity and affirmative action, a recent update (December 2019) of the &quot;Social Responsibility&quot; page on
its website highlighting generalized statistical information associated with historical levels of female and minority employees,
distributing job postings to more than 600 diversity websites, and a commitment to inclusion of diverse candidates in future board
and/or CEO searches;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Dismissal of a &ldquo;rigorous analysis from an esteemed organization&rdquo; referenced in the proposal contradicting Fastenal&rsquo;s
belief that its workforce is becoming more diverse;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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"></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 informatio<FONT STYLE="font-size: 10pt">n strictly confidential,
unless disclosure is required by law or regulation.&rdquo;</FONT></TD></TR></TABLE>

<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"></P>

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<TR>
    <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">Fastenal Company | Human Capital Management Disclosures</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

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

<P STYLE="color: #71C267; 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 and fourth points are 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, <FONT STYLE="background-color: white">&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>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;<SUP>3</SUP></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>.<SUP>4</SUP> 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 0pt 0.5in">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. <FONT STYLE="color: #222222; background-color: white">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>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;<SUP>6</SUP> Comparability is stifled, however, in the absence of metrics.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt">_______________________</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"><SUP>2</SUP> <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"><SUP>3</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <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"><SUP>5</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> 40 Fed. Reg. 51,662 (Nov. 6, 1975)</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">Fastenal Company | Human Capital Management Disclosures</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Increasing Materiali<FONT STYLE="font-size: 10pt">ty
of Human Capital Disclosures</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC has recognized the increasing materiality of human capital
disclosures concerning diversity. 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>7</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>8</SUP> One important source
for input on this matter is a report submitted by the SEC Investor Advisory Committee (IAC).<SUP>9</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>10</SUP> Among the IAC&rsquo;s specific material disclosure recommendations were those concerning &ldquo;race/ethnicity
and gender diversity data.&rdquo;<SUP>11</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>12</SUP> Investors have a right to <U>material</U> and <U>comparable</U> Human Capital
Management disclosure from Fastenal.</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 SASB has produced a series of exhaustive analyses of U.S.
issuers&rsquo; financial disclosures.<SUP>13</SUP> 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;),<SUP>14</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>15</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>16</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 sustainabil<FONT STYLE="font-size: 10pt">ity disclosure.&rdquo;<SUP>17</SUP></FONT></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">&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;<SUP>18</SUP> 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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt">_______________________</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"><SUP>7</SUP> 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <I>Id</I>. At 48.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <I>Id</I>. At 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <I>Id. </I>At 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> 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"><SUP>13</SUP> 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"><SUP>14</SUP> <I>Id</I>. at 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> <I>Id.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <I>Id</I>. at 3.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</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>

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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">Fastenal Company | Human Capital Management Disclosures</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267">&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">&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, 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>19</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>20</SUP></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, 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>21</SUP></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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 10pt">Year </FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-size: 10pt">Number of proposals filed</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-size: 10pt">Average support level (%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">24.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">27.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">32.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">40.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">42.6</FONT></TD></TR>
</TABLE>
<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"><FONT STYLE="color: black"><B>The study reference</B></FONT><B>d
in the proposal is significant and should not be dismissed</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 Massachusetts Institute of Technology Sloan Management Review
teamed with CultureX and Glassdoor on the Culture 500 project to rank companies based on a series of cultural factors, culled from
employee comments on the Glassdoor website.<SUP>22</SUP> Based on an analysis of Glassdoor reviews, Fastenal ranks 478 out of 496
major corporations on the diversity dimension. In the Supply Chain and Logistics Industry Grouping, Fastenal ranks 17 out of 18.
Even more concerning from a governance standpoint is Fastenal&rsquo;s ranking on the Integrity dimension, explained as, &ldquo;Employees
consistently act in an honest and ethical manner. Do the right thing; Be ethical; Play by the rules.&rdquo; Here, Fastenal ranks
445 out of 527. In the Supply Chain and Logistics Industry Grouping, Fastenal ranks 15 out of 18.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt">_______________________</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"><SUP>19</SUP> https://www.sasb.org/investor-use/supporters/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.sasb.org/alliance-membership/organizational-members/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> Donald Sull, Charles Sull, and Andrew Chamberlain,
Measuring Culture In Leading Companies, June 24, 2019. <I>Available at</I> https://sloanreview.mit.edu/projects/measuring-culture-in-leading-companies/</P>
<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</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">Fastenal Company | Human Capital Management Disclosures</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; color: #71C267"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #71C267; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="color: #71C267; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While our Company glosses over the study by stating that &ldquo;[w]e
do not believe the study cited in the proposal should be viewed as the conclusive authority on such matters,&rdquo; Glassdoor data
have been used in academic studies to predict both financial returns and financial fraud. For example, Ning <I>et al</I>. found
a positive correlation between general employee satisfaction as measured on Glassdoor and corporate performance. <SUP>23</SUP>
Ji <I>et al. </I>discovered that firms with lower levels of job satisfaction (as measured by employees) and lower levels of &ldquo;culture
and values&rdquo; are more likely to be subjected to SEC fraud enforcement actions and securities class action lawsuits.<SUP>24</SUP></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.<SUP>25</SUP> 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;<SUP>26</SUP>
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.<SUP>27</SUP> 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: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></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 2020 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">--<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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt">_______________________</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"><SUP>23</SUP> Ning Luo, Yilu Zhou and John J. Shon, Employee
Satisfaction and Corporate Performance: Mining Employee Reviews on Glassdoor.com, Thirty Seventh International Conference on Information
Systems, Dublin 2016, <I>available at </I>https://pdfs.semanticscholar.org/b784/71ca2ac990e3ab2d70283e42e2bb5d3a8f7a.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> Ji, Yuan and Rozenbaum, Oded and Welch, Kyle,
Corporate Culture and Financial Reporting Risk: Looking Through the Glassdoor (June 1, 2017). <I>Available at SSRN</I>: https://ssrn.com/abstract=2945745</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> 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"><SUP>26</SUP> <I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> &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>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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

<P STYLE="margin: 0; text-align: right">6</P>

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