Ulta Beauty Investor Day Presentation Deck

Increasing Returns & Self-Funded Growth (ULTA New Store Model Economics Net Working Capital Efficiencies Self- Funded Growth . H N Proven Disciplined Investment Strategy for New Store Program Lower Up-Front Investment Costs Shorter Payback Period Reduced Average Inventory per Store by 12.9% in 2009 Without Impacting Customer Experience Projected 3% to 5% Average Inventory per Store Reduction in 2010 Further Inventory Efficiencies Through Increasing Use of Technology Debt-Free Balance Sheet Strong Cash Flow From Operations No Need for Additional Equity $200M Credit Facility Through 2013 Return on Equity: (1) Cumulative store level EBITDA divided by total new store investment. 2009 15% Cumulative Cash-on-Cash Return(¹) 95% Year 3 2008 Store Model 14.7% $106 2008 2008 NWC as % of Net Sales BEAUTY 3-4 Yr. Target 20 - 22% 50 144% Year 3 2009 Forward Store Model 2009 Total Debt ($ in millions) Total Debt 11.2% 2009 50 Q3 2010 19

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