leaving a positive legacy for our world Risk management We assess and actively manage risks as part of our business operations. Our Board provides guidance and oversight on enterprise risk management (ERM) activities and processes across the company. To ensure understanding of the risks we face as an enterprise, the Board receives regular management updates on our business operations, financial results and strategy. Our leadership team also keeps the Board informed about emerging or evolving risks as they arise. The Board then discusses and provides guidance with respect to risks impacting our business. As part of our ERM strategy, we proactively seek input from associates. We take a practical approach that incorporates the input of associates at all levels of the company, with special emphasis on the in-store and distribution center associates who know our guests and operations best. We are increasingly using technology to improve our approach, such as facilitating live voting and real-time data analysis of results. In addition to sharing ERM results with our Board and leadership, we also share feedback with participating associates, who appreciate knowing their input is making a difference. In 2021 we made several adjustments to our ERM risk assessment: o Used a fully virtual platform for the first time o Conducted a pre-survey of leaders that yielded additional insights about risk learn more about our business and governance on our Investor Relations web page. Enterprise Risk Management Why is ERM important? o Supports a strong system of internal control o Helps us manage risks and seize opportunities o Complies with regulatory guidance What does Ulta Beauty’s ERM team do? o Facilitates discussions about risk o Gathers information and data on emerging risks o Shares findings to inform Board and management decision-making How do they engage? o Risk assessment workshops o Executive and Board presentations o Regular check-ins with executive team Environment Product People Supplemental Data Community 2021 ESG Report 8 Introduction