28th Annual Piper Jaffray Consumer Conference

June 11, 2008

Authentic

June 11, 2008

Safe Harbor StatementThis presentation contains certain historical and forward-looking information. The forward-looking statementsare made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (“theAct”).

All statements, other than statements of historical facts, which address activities, events or developments that The Company expects or anticipates will or may occur in the future, including such things as future capital Expenditures (including the amount and nature thereof), business strategy, expansion and growth of the Company’s business operations and other such matters are forward-looking statements. To take advantage ofthe safe harbor provided by the Act, the Company is identifying certain factors that could cause actual resultsto differ materially from those expressed in any forward-looking statements, whether oral or written, made byor on behalf of the Company.

All phases of the Company’s operations are subject to influences outside its control. Any one, or a combination,Of these factors could materially affect the results of the Company’s operations. These factors include generaleconomic cycles affecting consumer spending, weather factors, operating factors affecting customersatisfaction, consumer debt levels, pricing and other competitive factors, the ability to attract, train and retainhighly qualified employees, the ability to identify suitable locations and negotiate favorable lease agreements onnew and relocated stores, the timing and acceptance of new products in the stores, the mix of goods sold, thecontinued availability of favorable credit sources, capital market conditions in general and the seasonality of theCompany’s business. Forward-looking statements made by or on behalf of the Company are based on a knowledgeof its business and the environment in which it operates, but because of the factors listed above, actual resultscould differ materially from those reflected by any forward-looking statements. Consequently, all of theforward-looking statements made are qualified by these cautionary statements and there can be no assurancethat the actual results or developments anticipated by the Company will be realized or, even if substantiallyrealized, that they will have the expected consequences to or effects on the Company or its business andoperations.

Compelling Strengths

– Tractor Supply supports a lifestyle

– Track record of solid financial performance

– Opportunity to continue to grow and improve the business

- Average age – 45- Gender – 50% female shoppers- Lifestyle attributes

- Own home, land, horses, pets, pickups

- Higher Discretionary Income- Household income - 15% above

national average- Cost of living - below national

average

Product Categories (% of 2007 Sales)

Customers and Products

The “Out Here” LifestyleVideo

*Video not available on-line

Our Locations

Our Locations

791stores in43 states

Store Format-Average Size

-16,600 sq ft. – retail-18,000 sq. ft. – outside

-Average Store Age-5 ½ years

-Convenient Locations-Easy In / Easy Out

-Destination Store-Silver Mile Locations

Real Estate Strategy- Proven site selection model, analyzing…

- Dept of Agriculture statistics- Census data- Claritas Prizm data- 10 year discounted cash flow

- Stores consistently exceed ProForma

- Identified 1400+ markets for TSC stores

- Past 5 years – opened 320 stores, closed 5

Highly Seasonal

“Get Ready” Quarter

Spring SeasonLawn & Garden

Outdoor Projects

Insulated Work WearHoliday Giftables

Seasonal Transition

2006-7 Sales Breakdown by Quarter

30

33

34

40

147

791

0 200 400 600 800 1000

Limited Competition

Store Count

TSC is 2.8x the size ofthe next five competitors

…combined

Orscheln

Blain’s Farm & Fleet

Mills Fleet & Farm

Atwoods

Rural King

5-Year PerformanceStore CountCAGR = 13.3%

Sales (in $ bil)CAGR = 16.4%

Net Income (in $ mil)CAGR = 14.7%

Earnings Per ShareCAGR = 14.8%

Q1 2008 Performance2008 2007 % Change

Quarter End Store Count 791 698 13.3%

Sales (in $millions) 576.2 559.8 2.9%

Gross Margin (in $millions) 176.9 168.2 5.2%

Earnings Per Share ($0.03) $0.12

Same Store Sales (6.5%) 8.5%

Gross Margin Percentage 30.7% 30.0%

Inventory Per Store ( in $ 000’s) 946 1,030 (8.2%)

* Assumes average inventory cost, excludes inventory in transit

Managing the Business– Economic pressures

• Housing • Credit environment

– Inflationary pressures• Fuel prices• Commodities

– Merchandising trends• Big Ticket• Consumables

Expense Management Program

– To address current environment, without sacrificing customer service, implemented aggressive and proactive expense management program• Managing store payroll to sales levels• Limiting non-strategic hires• Postponing non-critical projects• Reducing non-essential capital expenditures

2008 Priorities

– Grow our business

– Improve our business

– Building our people capital

Grow our Business

– Opening stores in new and existing markets

– Increasing sales at existing stores

– Expanding functionality of e-commerce platform

Improve our Business

- Attributed transactions growing

- Testing multiple direct marketing opportunities

- Deliver the right offer… to the right customer… at the right time

- Leveraging cross-shopping and market basket analysis and improving overall customer analytics

CRM – Customer Relationship Management

Improve our Business– Executing key merchandising initiatives

• Price optimization• Strategic sourcing and private label expansion• Inventory management

People Capital– Expanded Board Expertise

– Continue to develop store and store support teams• Chief Merchandising Officer• Vice President – Logistics and Distribution

– Provide the best possible customer shopping experience

Investment Summary– Growth company in a unique niche

– Serving a lifestyle...a desirable demographic

– Limited and fragmented competition

– Experienced, energized and focused leadership

– Well-positioned to reach our goal of 1400 Tractor Supply stores and beyond

Questions