ICR XChange William Blair Conference Miami Beach, Florida

Chicago, 2012 Chicago Illinois Jan 11 11, June 15, 2011

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, or the Exchange Act, 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, 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 b us will b achieved. S h f t l t d by ill be hi d Such forward-looking statements are subject t various risks and uncertainties, which d l ki t t t bj t to i i k d t i ti hi h include, without limitation: the impact of weakness in the economy; changes in the overall level of consumer spending; changes in the wholesale cost of our products; the possibility that we may be unable to compete effectively in our highly competitive markets; 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 that new store openings may be impacted by developer or co tenant issues; the possibility that the capacity of our distribution and order fulfillment infrastructure may co-tenant not be adequate to support our recent growth and expected future growth plans; the possibility of material disruptions to our information systems; weather conditions that could negatively impact sales; 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 10-K Risk Factors, Business, Legal Proceedings and Managements Discussion and Analysis of Financial Condition and Results of Operations and any of those made in our Quarterly Reports on Form 10-Q and 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 uncertainties, statements. Also, statements represent our managements 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.

Chuck Rubin
President & Chief Executive Officer

Why Invest in ULTA?

Fast Growth Retailer with 45% Penetration into 1,000 U.S. Store Plan , Proven Concept Growing Profitability at a 38% 5-Year Net Income CAGR 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 and Free Cash Flow Generation Well Defined Growth Strategies Targeting 25-30% Annual Net Income Growth and Mid-Teen Operating Margin
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Who We Are
Largest Beauty Retailer of Prestige, Mass and Salon Products and M dS l P d t d Services Under One Roof in the U.S. Unique Combination of Superstore and Specialty Retail Experience Over 8.5 Million Active Loyalty Program Members Stores Are Approximately 10,000 Square Feet d C F t and Carry Over 20,000 SKU O 20 000 SKUs 449 Stores in 43 States as of December 3 , 0 31, 2011 Core Marketing Strategies Drive Traffic and Excitement; Communicate Value Proposition P iti

Guest Proposition: y p Beauty Superstore Attributes

One-Stop Shopping for Beauty Mass Salon Prestige Compelling Value Proposition
Loyalty Program Private Label Promotions

Convenient Off Mall Location Off-Mall

Full Service Full-Service Salon

Guest Proposition: p y p . . . With a Specialty Store Experience

Exciting Modern Store Design g g

Friendly, Trained, Non-Commission Sales Associates Experiential Boutiques & Testers

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Recent Trends
Holiday Sales Results
Increased net sales 24.4% Grew comparable store sales 12.6%, on top of a 9.5% gain last year Strong traffic growth of 12.1% Strong broad based category performance Pleased with margins and inventory coming out of the holiday period

Comparable Store Sales (%)

Sales Growth (%)

*Q4 2011 Comparable Store Sales and Sales Growth represent the mid-point of guidance given on January 5, 2012. 8

Demonstrated Track Record of Growth

449 346 311 196 249 CAGR +18% 389

Number of Stores at Year End

2006

2007

2008

2009

2010 $1,455

2011 $1,770 * CAGR +19%

Sales and Comp Store Sales Growth

Sales

$755

$912 $

$ , $1,085

$1,223

2006 Comps 14.5%

2007 6.4%

2008 0.2%

2009 1.4%

2010 11.0% $71

2011E 10.6% $117 *

Net Income
Growth

$23

$25

$25

$39

CAGR +38%

2006 41.2%

2007 12.4%

2008 (0.3%)

2009 55.8%

2010 80.5%

2011E 64.8%
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* Note: FY 2011 Comparable Store Sales, Sales Growth and Net Income represent the mid-point of guidance given on January 5, 2012.

Large Addressable Beauty Market

$93 Billion U.S. Market
$40 Billion
Salon Services Market
Hair Care

$53 Billion
Beauty Products Market
11%
Skin Care

11%
Hair Care Services Cosmetics

39%

10%
Fragrance

6%
Nail Salons Other(1)

4%

19%

ULTA Is the ONLY Retailer That Offers Products and Services Across ALL Segments of the Beauty Market S i A S t f th B t M k t
Source: 2010A data from Euromonitor (May 2011) and IBIS World (August 2011). (1) Other includes: baby care, bath and shower, deodorants, depilatories, oral care, sun care.

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Experienced & Disciplined Management Team

Name Chuck Rubin Gregg Bodnar G B d Janet Taake Kimberley Grayson Cindy Payne Robert Guttman Alex Lelli Rob Mills Dennis Mullahy Jim Scarfone Bill Miller Erwin Winkler Mary Bolyard Barbara Zamudio Holly Schmidt Phil Horvath Title President & CEO CFO SVP, Merchandising Chief Marketing Officer SVP, Store Operations SVP, General Counsel , SVP, Growth & Dev. CIO SVP, Merchandise Operations SVP, Human Resources VP, Supply Chain VP, VP Brand Identity SVP, Prestige Cosmetics VP, Mass VP, Fragrance & Skincare VP, Salon Previous Experience Office Depot, Accenture, Federated Stores Borders, C B d Coopers & L b Lybrand d Babies R Us, Sears, Mervyns/Target The Childrens Place, Gap, Aerosoles, Bloomingdales Davids Bridal, Casual Corner, Disney Reynolds & Reynolds, Sears Borders, Meijer, K-Mart , j , Sears Meijer, Accenture Duane Reade, Toys R Us The Childrens Place, Davids Bridal, Target JP Stevens/Ralph Lauren Home Furnishings, C Coach Johnson & Johnson Sears, K-Mart Sears, Mercantile Stores Calco Hair, Regis Corp. Years of Retail / Beauty Experience 29 18 31 28 31 18 28 11 23 25 29 21 26 13 22 21 Year Joined ULTA 2010 2006 2008 2010 2010 2007 2005 2011 2011 2011 2011 2004 2002 2007 2008 1999 11

Well Defined Growth Strategies

Accelerate Pace of New Store Expansion 1,000 Store Plan in the U.S. Continue Offering Expansion with New Products, Services and Brands Enhance Successful Loyalty Program Broaden Marketing Reach Increase Focus On ULTA.Com to Support Multi Channel

Long-Term Target Annual Square Footage Growth: Annual Comparable Store Sales Growth: 15% - 20% 3% - 5%
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1,000 U.S. Store Plan with p Proven National Concept

Few Geographic Barriers g p Established Presence in Large Metro Markets Successful Single-Store Markets Accelerate Pace of New Store Expansion
Expanded square footage by 16% in 2011 Expect to grow square footage at the high end of our 15% to 20% target range in 2012

449 Stores in 43 States

Note: Store data as of December 31, 2011. N t St d t fD b 31 2011

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Continue Offering Expansion

2008
Fragrance

Proven Ability to Add New Brands 2009 2010

2011

Pioneering Innovative In-Store Brand Boutique

Bare Escentuals Benefit Philosophy

Mens Shop p

Dermalogica g

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Enhance Successful Loyalty Program

Over 8.5 Million Active Customer Loyalty Program Members p Represents Over 50% of Sales Higher Shopping Frequency and Spend Than Non-Members Continuing Prudent Conversion to New Customer Preferred Program ULTAmate Rewards Program, ULTAmate Rewards Customer Can Redeem Points In-Store and Online for Cash Discounts on Purchases Provides a Robust Database of Customer Information and Shopping Behavior for CRM Applications P id Si ifi Provides Significant O t Opportunity for Segmentation Based on Customer Behaviors t it f S t ti B d C t B h i Facilitates Tailored, One-On-One Marketing Initiatives to Customers

Long Term Opportunity g pp y

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Broaden Marketing Reach

Primarily Have Utilized Print Advertising Attractive Opportunity to Continue to Evolve Into New Marketing Channels Customized One-on-One Marketing, Facilitated by Enhanced CRM Capabilities

Direct Mail / Catalogues / Newspaper Inserts

National Print

Digital Media

Radio

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Increase Focus on Ulta.Com to Support Multi Channel

Dual Purpose: Drive Online Revenue and Support Store Business Extension of Marketing and Prospecting Strategies

Enhanced Customer
Engagement Expand E-Commerce Sales ( o Single g e e a o ) (Low S g e Digit Penetration) Investment in ULTA.Com Development: D li Delivery of E t t i f Entertainment and t d Educational Functionality On Site M bil C Mobile Commerce Assortment Expansion

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Gregg Bodnar
Chief Financial Officer

Continued Strong Performance

Est. FY 11 Net Sales Growth of 22%* Double Digit Operating Margin*

1-Yr Comp 2-Yr Comp(1)

11.1% 21.9%

11.3% 22.1%

9.6% 21.8%

10.5%* 20.9%

Operating Income 8.2% Margin

10.9%

Earnings Per Share Growth of 59%* g

Highlights of 2011 g g
Consistent revenue growth Significant operating margin expansion Delivered double digit operating margin Accelerating square footage growth Delivered Free Cash Flow

Note: $ in millions, except per share data. (1)2-Yr Comp equals the 1-Yr Comp plus the prior year comparative period. * Q4 2011 Comparable Store Sales and Sales Growth and Fiscal 2011 Earnings Per Share Growth represent the mid-point of guidance given on January 5, 2012.

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Long-Term Financial Targets

Annual Square Footage Growth: Annual Comparable Store Sales Growth: Operating Margins: Annual Net Income Growth: Return on Equity:

15% 20% 3% - 5% Mid Teens 25% 30% 26% - 27%

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Compelling New Store Economics

Store Size
10,000 Square Feet
Current Model

Leasehold and Fixtures, Net

$0.3 0.4 0.2 $0.9 $0 9

New Store Investment

Inventory, Net of Payables Pre-Opening Expenses Total Initial Investment

Year One

Year Three

Year Five
(Maturity)

Sales S l Sales Growth(1)

$2.6 $2 6

$3.5 $3 5 13%

$4.0 $4 0 3% 100% $0.8 $ $400 340%

Unit Economics

Sales as % of Year 5 Sales Store-Level Cash Flow Sales Per Square Foot Cumulative Cash-on-Cash Return Payback Period P b kP i d

67% $0.4 $ $260 40%

88% $0.7 $ $350 168% 2.0 Years 20Y

Note: $ millions except for sales per square foot data. (1) Sales growth from preceding year.

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Incremental Earnings Growth Through Margin Expansion

Supply Chain Efficiencies Automated Material Handling Technology and Equipment, Labor Management Tools and Network Design Merchandising Productivity Improvements Demand Planning and Forecasting, Promotion/Management and Business Planning Tools Store Level Operating Leverage from Same Store Sales Growth Leverage Corporate Operations Increased Use of Process Automation Technology Expanding Store Base Existing Print Media More Efficient One-to-One Marketing
Operating Margin
8.2% 2010 10.9% 5.6% 2009

Gross Margin

2011E

SG&A

Marketing Program Leverage

Store Operations Engineered Processes and Labor Management Tools

Operating Margin Expansion: Annual Net Income Growth:

2011 Estimate 270 bps 65%

Long Term Target Mid Teens 25% - 30%

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Increasing Returns & Self-Funded Growth

New Store Model Economics

Proven Disciplined Investment Strategy for New Store Program Lower Up-Front Investment Costs Up Front Shorter Payback Period Reduced Average Inventory p Store by 6.1% g y per y in 2010 Without Impacting Customer Experience Projected 1% to 3% Average Inventory per Store Reduction in 2011 Further Inventory Efficiencies Through Increasing Use of Technology

Cumulative Cash-on-Cash Return (1)

NWC as % of Net Sales (2)

Net Working Capital Efficiencies

Free Cash Flow ($ in millions) (3)

Debt-Free Balance Sheet Strong Cash Flow From Operations No Need for Additional Equity $200M Credit Facility Through 2016

Self SelfFunded Growth

Return on Equity:
(1) (2) (3)

2009 Actual 14.6%

2010 Actual 20.4%

Long Term Long-Term Target 26% - 27%

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Cumulative store level EBITDA divided by total new store investment. Average networking capital / sales. Networking capital defined as current assets (excluding cash and cash equivalents) less current liabilities. Cash provided by operating activities less purchases of property and equipment.

Thank You