In re: Ulta Salon, Cosmetics & Fragrance, Inc. Securities Litigation

Summary Notice of Pendency of Class Action, Proposed Settlement and Settlement Hearing

To: All Purchasers of Ulta Salon, Cosmetics &Fragrance, Inc. Common Stock Between October 25, 2007 and December 10, 2007, Inclusive (The Class)

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-captioned action (the "Action") has been conditionally certified as a class action and that a settlement for $3,750,000 has been proposed. A hearing will be held before the Honorable Robert W. Gettleman, United States District Judge on November 16, 2009 at 10:00 a.m. in Courtroom 1703 of the United States Courthouse, 219 South Dearborn Street, Chicago, Illinois 60604, to determine whether:

1. The Class should be finally certified for settlement purposes;
2. The proposed settlement of the Action for $3,750,000, plus interest, is fair, reasonable and adequate and should be approved by the Court;
3. An Order and Final Judgment should be entered dismissing all claims in the Action against the Defendants and dismissing the Action with prejudice, and without costs;
4. The Plan of Distribution of the Net Settlement Fund should be approved; and
5. To award attorneys’ fees and expenses requested by Lead Counsel on behalf of Plaintiffs’ Counsel.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency and Proposed Settlement of Class Action, Settlement Hearing and Application For Attorneys’ Fees (the "Class Notice") and a Proof of Claim form, you may obtain copies of these documents by contacting:

Ulta Salon, Cosmetics & Fragrance, Inc. Securities Litigation
c/o Valley Forge Administrative Services
P.O. Box 220
Villanova, PA 19085

(877) 965-3300
[email protected]

Inquiries, other than requests for the forms of Class Notice and Proof of Claim, may be made to Plaintiffs’ Lead Counsel: Deborah R. Gross, Esquire, Law Offices Bernard M. Gross, P.C., Suite 450, 100 Penn Square East, Philadelphia, Pennsylvania 19107, Telephone (215) 561-3600

To participate in the settlement, you must submit a Proof of Claim no later than December 17, 2009. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Order and Final Judgment of the Court. To exclude yourself from the Class, you must submit a Request for Exclusion postmarked no later than October 30, 2009. If you are a Class Member and do not submit a proper Proof of Claim, you will not share in the settlement but you nevertheless will be bound by the Order and Final Judgment of the Court.

Further information may be obtained by directing your inquiry in writing to Valley Forge Administrative Services, the Claims Administrator, at the address listed above.

Notice of Pendency and Claim Form
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