September 7, 2016

Goldman Sachs 23rd Annual Global Retailing Conference Mary Dillon Chief Executive Officer

Scott Settersten Chief Financial Officer

This presentation contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 (as amended), and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “strategies” or other comparable words. Any forward-looking statements contained in this presentation are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties, which include, without limitation: the impact of weakness in the economy; changes in the overall level of consumer spending; the possibility that we may be unable to compete effectively in our highly competitive markets; the possibility that cybersecurity breaches and other disruptions could compromise our information or result in the unauthorized disclosure of confidential information; the possibility that the capacity of our distribution and order fulfillment infrastructure and the performance of our newly opened and to be opened distribution centers may not be adequate to support our recent growth and expected future growth plans; our ability to gauge beauty trends and react to changing consumer preferences in a timely manner; our ability to attract and retain key executive personnel; customer acceptance of our rewards program and technological and marketing initiatives; our ability to sustain our growth plans and successfully implement our long-range

strategic and financial plan; the possibility that our continued opening of new stores could strain our resources and have a material adverse effect on our business and financial performance; the possibility of material disruptions to our information systems; changes in the wholesale cost of our products; the possibility that new store openings and existing locations may be impacted by developer or co-tenant issues; weather conditions that could negatively impact sales; our ability to successfully execute our common stock repurchase program or implement future common stock repurchase programs; and other risk factors detailed in our public filings with the SEC. You are urged to carefully review the disclosures we make concerning the risks, uncertainties and assumptions that may affect our business and operating results, including, but not limited to, the risks, uncertainties and assumptions set forth in our most recent Annual Report on Form 10-K under the captions “Risk Factors,” “Business,” “Legal Proceedings” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and any of those made in our other reports filed with the SEC. Please consider our forward-looking statements in light of those risks, uncertainties and assumptions as you evaluate this presentation. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of the relevant document. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We undertake no obligation to update any forward-looking statements after the date of this presentation, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws and regulations.

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SAFE HARBOR STATEMENT

CORE INSIGHTS THAT DIFFERENTIATE ULTA BEAUTY

907 convenient locations in 48 states,

90% off-mall

20,000+ SKUs, 500+ brands: All Things Beauty All In One Place

Full service salon with hair, skin and brow

services in every store TM

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3% SHARE OF AN ATTRACTIVE, GROWING MARKET

$74 billion beauty products market

$53 billion salon services market

11% Skincare

10% Cosmetics

5% Fragrance

23% Other

41% Haircare Services,

Skincare Services

and Nail Salons

10% Haircare

$127 BILLION US MARKET

Source: July 2015 Euromonitor and November 2015 IBIS World Reports. *Other includes: bath and shower, deodorants, depilatories, men’s grooming, oral care and sun care products.

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TARGETING A HIGHLY ENGAGED CONSUMER SEGMENT

EXECUTING AGAINST SIX STRATEGIC IMPERATIVES

1 2 3 4 5 6

Acquire new guests and

deepen loyalty with

existing guests

Differentiate by delivering a

distinctive and personalized

guest experience across all channels

Offer relevant, innovative, and often exclusive

products that excite our

guests

Deliver exceptional services in three core areas: hair, skin health, and brows

Grow stores and

e-commerce to reach and serve more

guests

Invest in infrastructure to

support our guest experience and

growth, and capture scale efficiencies

TALENT THAT DRIVES A WINNING CULTURE: GUEST-CENTRIC, VALUES-BASED, HIGH PERFORMANCE

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2011 2012 2013 2014 2015 2016

Active Membership

ULTAMATE REWARDS LOYALTY PROGRAM IS A HIGHLY VALUABLE ASSET

Member transactions account for >80% of store sales.

20.6 million

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ULTAMATE REWARDS CREDIT CARD ENHANCES MEMBER ENGAGEMENT

GROWING BRAND AWARENESS SUPPORTED BY EVOLUTION IN MARKETING MIX

• Focus on strengthening targeted offers and loyalty program and reducing reliance on broad discounting

• 360 integrated marketing campaign including national TV, radio, digital, social media, PR

• Aided awareness improved to 84% vs. 77% in 2015

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BENEFITTING FROM A BALANCED AND PROFITABLE PORTFOLIO

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SIGNIFICANT NEW BRAND PARTNERS ADDED IN 2015

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INCREASING ACCESS TO NEW BRANDS

2016 LAUNCHES

NEWNESS Drives our Business

BOUTIQUES ENHANCE OUR BEAUTY AUTHORITY AND PRODUCTIVITY

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ACCELERATING THE ROLL OUT OF PRESTIGE BRAND BOUTIQUES IN 2016

HEIGHTENED FOCUS ON EXCLUSIVITY

• Ulta Beauty Collection and exclusive brands represent ~6% of sales

• Enhanced presentation of Ulta Beauty Collection in ~600 stores by year end 2016

• Continued focus on developing “new and only at Ulta Beauty” products with our brand partners

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SERVICES ARE A KEY DIFFERENTIATOR AND OPPORTUNITY

SALON CUSTOMERS ARE OUR BEST CUSTOMERS: • Spend 2.5 times more than non-salon customers

• Shop twice as frequently as non-salon customers

• Represent less than 7% of loyalty program members

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NEWNESS Drives our Business

A HIGHLY PRODUCTIVE STORE MODEL

NET COST TO OPEN A NEW 10,000 SQ FT STORE: $1.2 MILLION

LEASEHOLD AND FIXTURES

INVENTORY PRE-OPENING

EXPENSE TOTAL

INVESTMENT

• $1.2M gross • $0.8M gross • $0.1M • $2.1M gross

• -$0.6M in landlord allowances

• - $0.3M for accounts payable

• -$0.9M

• $0.6M net

• $0.5M net

• $0.1M net

• $1.2M net

PAYBACK PERIOD = TWO YEARS

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COMPELLING NEW STORE ECONOMICS

Average Store Maturation Cycle

Year 1 Year 2 Year 3 Year 4 Year 5

($ in millions)

$2.8 $3.2

$3.5 $3.7

$4.0

Store Level Cash Flow

Sales

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ON TRACK TO OPEN 100 NEW STORES PER YEAR

Projecting 974 Ulta Beauty Stores EOY 2016

Assortment at parity with retail stores after adding professional haircare, Clinique, and Lancôme in 2015

5.6% of total sales in FY2015, targeting 10% penetration

>60% of site traffic via mobile

Dramatic improvement in fulfillment capabilities

DRIVING RAPID GROWTH IN E-COMMERCE

ULTA BEAUTY’S E-COMMERCE SALES ($ IN MILLIONS)

$41.3 $55.1

$95.8

$149.9

$221.1

2011 2012 2013 2014 2015

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SIGNIFICANT PROGRESS IN SUPPLY CHAIN AND SYSTEMS CAPABILITIES

Opened Greenwood, Indiana Distribution Center in August 2015

Opened Dallas Distribution Center in July 2016

Implementing core merchandising systems to drive efficiencies in forecasting, replenishment, space planning, assortment optimization

Sales grew 22.8% to $2.1 billion

Comparable sales rose 14.8%

E-Commerce sales increased 46.0%

Earnings per share grew 32.0%

Square footage increased 11%

1H 2016 FINANCIAL PERFORMANCE

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GUIDANCE PROVIDED AUGUST 25, 2016

• Deliver annual comparable sales growth between 11% and 13%

• Open approximately 100 stores and remodel twelve stores (11% square footage growth)

• Grow E-Commerce ~40%

• Deliver earnings per share growth in the low to mid twenties percent range, including supply chain and systems investments, accelerated rollout of prestige brand boutiques, and share repurchase programs

FY 2016 FINANCIAL OUTLOOK

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CAPITAL ALLOCATION STRATEGY

$390

$97 $129

$189 $226 $249

$299

2010 2011 2012 2013 2014 2015 2016E

• Planning capital expenditures of ~$390 million in 2016, including ~$80 million for accelerated rollout of prestige brand boutiques and enhancements to the Ulta Beauty Collection and fragrance fixtures

• Pristine balance sheet with no debt

• Share repurchase program:

Repurchased ~1 million shares for $167 million in FY2015

YTD 2016, including ASR and 10b5-1 plan, repurchased ~1.3 million shares at an average per share price of $198.69

$193 million remaining authorization at the end of Q2 2016

CAPEX ($ in millions)

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WHY INVEST IN ULTA BEAUTY?

High growth retailer targeting 1,200+ stores in the US

Differentiated retail concept taking share in a fragmented market

Attractive beauty industry and favorable demographic shifts

Improved merchandise assortment across categories

Well-defined strategic imperatives supporting long term financial performance

Experienced team in place to deliver strategy

Strong operating cash flow enabling self-funded growth and free cash flow generation

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