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Ulta Beauty Investor Day Presentation Deck

Demonstrated Track Record of Growth (ULTA Number of Stores at Year End Sales and Comp Store Sales Growth Net Income Sales 167 2005 $579 2005 Comps 8.3% $16 2005 68.8% 196 2006 $755 2006 14.5% $23 249 2007 $912 2007 6.4% $25 311 2008 $1,085 2008 0.2% $25 2006 2008 2007 41.2% 12.4% (0.3%) Growth Note: $ in millions; ULTA's fiscal year ends January of the following year. Based on estimates using the mid-point of updated Q4 guidance provided on January 6, 2011. 346 2009 $1,223 $1,446 2009 1.4% 389 $39 2010E(¹) 2010E(1) 10.4% $68 2010E(¹) 2009 55.8% 74.4% BEAUTY CAGR +18% CAGR +20% CAGR +34% 8

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