2010 Credit Suisse Holiday Conference

December 7, 2010

Forward Looking StatementsThe Company claims the protection of the safe-harbor for forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of 1995. You canidentify these statements by forward-looking words such as “expect,” “believe,”“anticipate,” “should,” “plan,” “intend,” “estimate,” “project,” “will” or similar words.In addition, statements contained within this presentation that are not historical facts areforward-looking statements, such as statements discussing among other things,expected growth, store development, CSK DOJ investigation resolution, integration andexpansion strategy, business strategies, future revenues and future performance. Theseforward-looking statements are based on estimates, projections, beliefs and assumptionsand are not guarantees of future events and results. Such statements are subject to risks,uncertainties and assumptions, including, but not limited to, competition, productdemand, the market for auto parts, the economy in general, inflation, consumer debtlevels, governmental approvals, our ability to hire and retain qualified employees, risksassociated with the integration of acquired businesses such as the integration of CSK,weather, terrorist activities, war and the threat of war. Actual results may materiallydiffer from anticipated results described or implied in these forward-looking statements.Please refer to the “Risk Factors” section of the annual report on Form 10-K for theyear ended December 31, 2009, for additional factors that could materially affect ourfinancial performance.

2

3

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

0.000

0.500

1.000

1.500

2.000

2.500

3.000

3.500

19

79

19

80

19

81

19

82

19

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19

87

19

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19

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00

20

01

20

02

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03

20

04

20

05

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06

20

07

20

08

20

09

Miles Driven Gas Prices

Industry Drivers

8

8.5

9

9.5

10

10.5

11

Cars Light Trucks

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Av

era

ge

Ag

e

Source:

2010 Digital Aftermarket Factbook - AAIA 4

Source: AAIA Factbook

U.S. Miles Driven and Gas Prices:

Ga

s p

rice

s in

do

lla

rs p

er g

all

on

Mil

es d

riv

en i

n t

rill

ion

s

92% increase in miles driven from 1979 to 2009

$2.88 - average gas price as of November 30, 2010

0.5% YTD increase in miles driven as of September 30, 2010 – 11.1 billion miles

Continued Aging of U.S. Vehicle Population:

Falling new car sales – 2005 @ 17.5 million and 2009 @ 10.7 million

Tight consumer spending leads to investing in currently owned automobiles

0

10,000

20,000

30,000

40,000

2001 2002 2003 2004 2005 2006 2007 2008 2009

35,238 35,590 35,357 35,405 35,690 35,850 36,224 36,152 35,995

Top 10 Auto Parts Stores Industry

Industry Opportunities

30%

5

Source: AAIA Factbook or latest SEC filing

Source: AAIA Factbook

Top Ten Auto Parts Chains

1. AutoZone Inc. (4,627)

2. Advance Auto Parts (3,540)

3. O’Reilly Auto Parts (3,536)

4. General Parts Inc./CARQUEST (1,500)

5. Genuine Parts/NAPA (1,047)

6. Pep Boys (594)

7. Fisher Auto Parts (300)

8. Uni-Select (281)

9. Replacement Parts Inc. (155)

10. Auto-Wares Group (132)

Fragmented Market:

31% 32% 36%34% 38% 42% 42% 43%

150

175

200

225

250

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

In M

illi

on

s

Total U.S. Light Vehicle

Registrations:

20% increase in Total Light Vehicle

Registrations from 1999 to 2009

6

Company History

• by the O’Reilly family – with 13 original team members

Founded in 1957

• in 1993 – listed on the NASDAQ as ORLY

Initial public offering

• 17 consecutive years of record revenue, operating income, EBITDA and comparable store sales growth

Track record of consistent

performance

7

Company Overview

• 3,536 stores in 38 states as of September 30, 2010Store Count

• 23 Distribution CentersDistribution Centers

• Over 47,000Team Members

• $5.3 billion as of September 30, 2010Last-Twelve-Months Sales

• $8.6 billion at December 6, 2010Market Capitalization

• $5.0 billion as of September 30, 2010Total Assets

8

Dual Market Strategy

9

Established track record of serving both DIY and DIFM customers

Greater market penetration and reduced vulnerability to competition

Leverages our existing retail and distribution infrastructure

Can profitably operate in large and small markets

Enhances service levels offered to our DIY customers

Significant barriers to success in DIFM market

3rd Quarter 2010 Highlights

10

Opened 48 New Stores

11.1% Comparable Store Sales Increase

Adjusted Operating Margin Increased to 14.4%

37% increase in Adjusted Diluted Earnings Per Share to $0.86

$143 million in Free Cash Flow

Raised 2010 Full Year Comparable Store Sales Guidance to 7% - 8%

4th Quarter EPS Guidance of $0.56 - $0.60

Increased 2010 Adjusted EPS Guidance to $2.94 -$2.98--30% to 32% increase over 2009

11

CSK Store Conversions

Seattle

• 194 stores

• Began: Nov. 2009

• Completed: Jan. 2010

Moreno Valley

• 240 stores

• Began: Jan. 2010

• Completed: Mar. 2010

Denver

• 92 stores

• Began: Mar. 2010

• Completed: April 2010

Salt Lake City

• 81 stores

• Began: May 2010

• Completed: Jun. 2010

Stockton

• 278 stores

• Began: Sept. 2010

• Completed: Oct. 2010

Phoenix

• 151 stores

• Completed Overnight November 6, 2010

12

November 2009 thru fall of 2010

13

• Convert Phoenix DC to O’Reilly systems and convert surrounding Checker stores

• Finish resetting West coast stores to O’Reilly retail format

• Complete store décor and graphic package installations

• Complete exterior sign changes

• Complete commercial programs rollout

• Enhance and expand the professional sales team

• Continue to improve Team Member parts knowledge

• Transition to O’Reilly Incentive Pay and Commission Plans

• Refine product mix based on markets

• Increase import OE coverage offerings

CSK Conversion Process – To Be Accomplished

14

23 31 40

232

80 101 121 106 128 140 149 170 190

1,492

150 150

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

0

200

400

600

800

1,000

1,200

1,400

1,600

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010E

Store Growth Sales (in thousands)

Store & Revenue Growth

15

Major acquisitions: 1998 Hi/LO – 182 stores acquired; 2001 Midstate – 82 stores acquired;

2005 Midwest - 72 stores acquired; 2008 CSK Auto – 1,342 stores acquired

2010 Guidance$5.3 to $5.4 billion

Consolidated Comparable Store Sales

16

14.9%

8.9%8.9%

14.4%

6.8%6.8%

9.6%

5.0%

8.8%

3.7%

7.8%

6.8%

7.5%

3.3%3.7%

1.5%

4.6%

5.7%

6.9%

4.8%

7.9%

5.3%

11.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q1

2009

Q1

2010

Q2

2009

Q2

2010

Q3

2009

Q3

2010

2010 Guidance4th Quarter: 4% - 6%

Full Year: 7% - 8%

Consolidated Operating Margin

17

10.8% 11.0% 10.9% 11.0% 11.1%

12.3% 12.4%12.1% 12.0%

7.8%

11.1%

9.7%

13.2%

12.0%

14.2%

11.9%

14.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008

1H

2008

2H

2009 Q1

2009

Q1

2010

Q2

2009

Q2

2010*

Q3

2009

Q3

2010** Adjusted operating margin, excluding the impact of acquisition related charges

Fueling EPS Growth

18

$0.50

$0.63

$0.77

$0.92

$1.09

$1.41

$1.55

$1.67

$1.48

$2.26

$0.46

$0.70 $1.64

$0.81

$0.63

$0.86

$-

$0.25

$0.50

$0.75

$1.00

$1.25

$1.50

$1.75

$2.00

$2.25

$2.50

2000 2001 2002 2003 2004 2005 2006 2007 2008* 2009* Q1

2009

Q1

2010

Q2

2009

Q2

2010*

Q3

2009

Q3

2010*

2010 Guidance4th Quarter: $0.50 - $0.60

Full Year:

Adjusted $2.94 - $2.98*

GAAP $2.79 - $2.83

* Adjusted diluted earnings per share, excluding the impact of acquisition related charges

Free Cash

($200,000)

($100,000)

$0

$100,000

$200,000

$300,000

$400,000

$500,000

2004 2005 2006 2007 2008 2009 YTD

2009

YTD

2010

Change in Net Inventory

Investment

Cap Ex

Free Cash Flow

19

In thousands

2010 Guidance (in millions):

Cap Ex: $375 - $400

Free Cash Flow: $250 - $275

20

O’Reilly Culture Statement

"We are ENTHUSIASTIC,

HARDWORKING PROFESSIONALS who

are DEDICATED to TEAMWORK,

SAFETY, and EXCELLENT CUSTOMER

SERVICE. We will practice EXPENSE

CONTROL while setting an example of

RESPECT, HONESTY, and a WIN-WIN

ATTITUDE in everything we do!"