Tractor Supply Company Investor Presentation — January 2021

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Supplemental Financial Presentation

January 28, 2021SAFE HARBOR AND NON -GAAP MEASURES

The Company claims the protection of the safe- harbor for forward -looking statements contained in the Private Securities Litigati on Reform Act of 1995.

The information in this presentation contains certain forward- looking statements. These statements discuss, among other things, expectations with

respect to sales, earnings, store growth, capital expenses, margins, debt, payment of dividends and stock repurchases. These forward -looking

statements are based on estimates, projections, beliefs and assumptions, and may be affected by risks or uncertainties including , but not limited to, the

effects of the COVID -19 pandemic, competition, product demand, economic conditions, the ability to open new stores, the effectiveness of

merchandising and marketing initiatives, the ability to realize operational efficiencies, inflation, consumer debt levels, gover nmental approvals, ability to

hire and retain qualified employees, weather, the imposition of tariffs on imported products, etc. The Company intends these forward -looking

statements to speak only as of the time of the presentation and does not undertake any obligation to update or revise them af terthe date hereof or as

more information becomes available.

Actual results may differ materially from anticipated results described in these forward- looking statements. As a result, all of the forward -looking

statements made are qualified by these cautionary statements and those contained in the Risk Factors section of the Company’s Annual Report on for

the fiscal year ended December 28, 2019 and Quarterly Report on Form 10- Q for the quarterly period ended September, 26, 2020, each as filed with

the Securities and Exchange Commission.Tractor Supply reports its financial results in accordance with accounting principles generally accepted in the United States ofAmerica (U.S. GAAP).

Tractor Supply also uses certain non- GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and

Regulation S -K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior r eported results. Non-

GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, Tractor Supply’s non- GAAP measu res are

unlikely to be comparable to similar measures presented by other companies. The presentation of these non- GAAP measures should not be

considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with U .S.GAAP. We believe this