Tractor Supply Company Investor Presentation — October 2020

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October 22, 2020Welcome

Mary Winn Pilkington

SVP, Investor and Public Relatio ns Q3 2020 Earnings RecapHal Lawton

President & CEO Kurt Barton

EVP, CFO & Treasurer

Life Out HereHal Lawton

Deliver Legendary Customer ExperiencesSeth Estep

EVP, Chief Merchandising Officer

Operate the Tractor WayJohn Ordus

EVP, Chief Stores Officer

Advance Our ONETractor CapabilitiesRob Mills

EVP, CTO, Digital & Strategy

Generate Healthy Shareholder Return Kurt Barton

EVP, CFO & Treasurer

Q&A Executive PanelReconciliation of GAAP to Non -GAAP Financial Measures

The Company’s presentations may include certain non- GAAP financial measures such as free cash flow, leverage ratio,

EBITDA and EBITDAR. This supplemental information should not be construed in isolation or as a substitute for related

GAAP measures. The Company believes that free cash flow is useful to investors and management because it provides an

understanding of how much cash the Company has available to pursue opportunities that drive shareholder value such as payment of dividends, share repurchases, payment of debt and investments in the business. The Company believes that

leverage ratio is useful to investors and management as an indicator of the Company's ability to incur additional debt,

service existing debt and comply with covenants in our existing credit facilities.

The Company is not providing a reconciliation for non- GAAP estimates on a forward- looking basis for free cash flow,

leverage ratio, EBITDA and EBITDAR included in this presentation as it is unable to provide a meaningful or accurate

calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred, are out of the

Company’s control and/or cannot be reasonably predicted, and that would impact the Company’s free cash flow, leverage

ratio, EBITDA and EBITDAR. For the same reasons, the Company is unable to address the probable significance of the

unavailable information. Forward- looking non- GAAP financial measures provided without the most directly comparable

GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Q3 2020 Financial Review

President & CEOThank You

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