leaving a positive legacy for our world Since announcing our 2021 commitments, we have made significant strides to amplify our DEI efforts, internally and externally—and we know the work is far from complete. The beauty category is emotional, personal and deeply connected. Our dedication to this work ensures those attributes remain at the heart of the beauty community, giving way to welcoming, equal experiences for every Ulta Beauty associate, guest and partner.” Dave Kimbell Chief Executive Officer Beyond our workforce, Ulta Beauty can influence our industry and world with meaningful DEI efforts. As a retailer offering goods and services that shape trends and deliver beauty for all, we recognize our responsibility to be part of the conversation around who is represented in beauty and who has a seat at the table. Amplifying underrepresented voices We recognize the importance of elevating, celebrating and consistently supporting the influence underrepresented voices bring to the beauty industry. To celebrate these changemakers externally, this year we will: o Dedicate approximately $25 million in media investments with multicultural platforms to nurture personal connections with Latine, Black and other multicultural beauty enthusiasts. Notably, 10% of this investment will be directly spent with Black- and Latine-owned media outlets, outpacing media industry benchmarks. This reflects a $5 million increase from 2021. o Build upon our widely proclaimed MUSE platform that launched in 2021 to magnify, uplift, support and empower Black voices in beauty. As part of last year’s programming, we revealed the MUSE 100, a celebration of 100 Black changemakers in beauty who received $10K grants to further their impact. o Invest $8.5 million to brand marketing support for Black-owned, Black- founded and Black-led brands within the company’s assortment, more than doubling last year’s investment to reflect the retailers’ expanded Black- owned assortment. Curating and nurturing a diverse assortment In 2021, Ulta Beauty proudly joined the Fifteen Percent Pledge. This year, we will continue building upon our work to help diverse leaders, founders and entrepreneurs thrive in the beauty industry with the following efforts: o We will launch a Brand Partner Accelerator Program focused on early-stage BIPOC beauty brands. Ulta Beauty will provide time, resources and mentorship to educate, inspire and support accelerator participants with brand development for retail readiness. o To offer founders of color greater access, capital and expertise, the company will invest $5 million in New Voices, a venture capital firm that partners with and invests in entrepreneurs of color to drive scalable, sustainable businesses and create generational wealth. As the VC’s beauty retail partner, Ulta Beauty will provide priority access to shelf space, merchandising and marketing support. o The company will allocate $3.5 million to in-store merchandising support so guests can more readily find the Black-owned, Black-founded and Black-led brands within the Ulta Beauty assortment. With a formalized internal governance in place across the enterprise, Ulta Beauty is committed to progress and will share updates as we continue to build upon our diversity, equity and inclusion efforts. Additionally, Tracee Ellis Ross will continue in her role as our external DEI advisor. We take great pride in these efforts and will continue to prioritize them and remain accountable to all of our guests, associates and the communities we serve. 2021 ESG Report 17 People Introduction Environment Product Supplemental Data Community