Ulta Beauty Investor Day Presentation Deck

Why Invest in ULTA? # # · # 1 ULTA BEAUTY Fast Growth Retailer with 39% Penetration into 1,000 Store Plan Proven Concept Growing Profitability at a 34% 5-Year Net Income CAGR(1) Strong Performance Through Economic Cycles with over 10 Consecutive Years of Positive Comp Store Sales Customers Continuing to Choose ULTA Shopping Experience, Driving Market Share Gains Talented, Experienced Team in Place to Continue to Deliver Strategies Strong Operating Cash Flow Enabling Self-Funded Growth Well Defined Growth Strategies Targeting 25-30% Annual Net Income Growth (Calculated based on estimates using the mid-point of updated Q4 guidance provided on January 6, 2011. 5

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