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Ulta Beauty Investor Day Presentation Deck

1,000 Store Opportunity with Proven National Concept . 0 # • D Suburban 10,000 sq. ft. Model Excludes Urban & Smaller Store Opportunities Excludes International Established Presence in Large Metro Markets Successful Single-Store Markets Seasoned Team, Disciplined and Successful Process Accelerate Pace of New Store Expansion · Increased Square Footage Growth to 13%, or 47 Stores, in 2010 Targeting 15% in 2011 Expect Long Term Square Footage Growth of 15% to 20% Note: Store data as of January 6, 2011. Stone (ULTA 389 Stores in 40 States 11 BEAUTY 12 12 De 1 NO 6 11

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