Target and Ulta Beauty Announce Strategic Partnership MINNEAPOLIS, MN and BOLINGBROOK, IL – November 10, 2020 Two Trusted Retailers Redefine Beauty Experiences with Expanded Access to Prestigious Beauty Brands and Expert-Trained Beauty Consultants with Ulta Beauty at Target, an in-shop boutique ”Ulta Beauty at Target will debut at over 100 Target stores nationwide and online on Target’s website from 2021 Target Corporation (NYSE: TGT) and Ulta Beauty (NASDAQ: ULTA) today announced a long-term strategic partnership to transform the beauty landscape with Ulta Beauty at Target. The shop-in-shop concept will feature established and emerging premium brands online and in select Target locations nationwide starting next year. Target and Ulta Beauty, two trusted distribution leaders who excel in curation, omnichannel engagement and customer-centric experiences, will together create a new way for beauty enthusiasts to discover exciting premium brands. This partnership brings Ulta Beauty’s best beauty authority to millions of customers who love the ease and convenience of Target’s unique shopping experience. It also offers beauty brands the opportunity to grow and develop into a new industry-leading omnichannel retail experience. “The sustainable strategy we have developed has made Target a leading shopping destination. The ease and convenience of our stores and fulfillment services provide broad reach and relevance to the select brands our customers love, ”said Brian Cornell, President and CEO of Target. “Partnering with Ulta Beauty, a company that shares our deep customer focus, we are able to expand our growing beauty business with exciting new brands, an immersive experience and loyalty benefits to transform the way which our customers buy for all their beauty needs. “” Ulta Beauty at Target reflects the continuing evolution of our omnichannel strategy, rooted in unleashing the potential of our physical and digital footprints, creating smoother shopping opportunities for our loyal customers and continuing to lead the The beauty industry. More than ever, it’s time for innovation in retail, “said Mary Dillon, CEO of Ulta Beauty.” This partnership is a great way to further reinvent customer experiences with a partner who shares our company values. We are delighted to bring our beauty expertise, unmatched assortment and digital innovation to life in a new channel to delight and retain our existing customers and introduce Ulta Beauty to new customers Ulta Beauty at Target Ulta Beauty at Target will debut at over 100 Target locations starting in 2021, with plans to scale up to hundreds more over time. Planned placements will complement the Ulta Beauty store’s current footprint, welcoming new customers to the brand and building on Target’s existing assortment of beauty options. The distinctive and branded shop-in-shop will function as an extension of the welcoming Ulta Beauty experience, mirroring existing retail stores and designed to discover established and emerging prestige brands. With approximately 1,000 square feet of retail space, Ulta Beauty at Target will be prominent next to the existing beauty section. To bring to life Ultra Beauty’s cutting-edge expertise and well-established customer-centric experiences, the company will train newly-hired Target team members to become experts on premium beauty offerings, in accordance with the Target’s goal of providing customer service with in-depth product expertise. The shop-in-shop is expected to be enhanced with Ultra Beauty’s immersive in-store digital discovery tools, such as GLAMLab, a virtual testing tool that provides safe testing across all beauty categories. Customers who purchase Ulta Beauty from Target online will benefit from free shipping available on qualifying orders as well as Target’s same-day fulfillment services, peak, order pick-up and same-day delivery at participating stores. . As always, Drive-Up and Order Pickup are free on all orders. The online experience on Target’s website and Target app will mirror the look and feel of the elevated Ulta Beauty experience for an immersive and engaging way to find favorite beauty products and new products. The Ulta Beauty at Target assortment will be available on Target’s website and in select stores in the second half of 2021. Reaching New Customers Together, the two major retailers have more than 100 million active members in the Target loyalty program Circle and Ultamate Rewards. In addition to providing customers with enhanced offerings and expertise, the partnership will seek to create integrated and compelling opportunities to harness the power of these loyal customers and reward them when they shop at Ulta Beauty at Target. In recent years, Target has reinvented its beauty business, including expanding its assortment and creating an engaging in-store shopping experience. The investments resulted in strong category sales and market share gains. Likewise, as a leading beauty destination and market share leader in the category, Ulta Beauty has strong brand awareness and is a premier destination for discovery and service, significantly connecting with growing and influential teens and Latinx audience. The partnership between Ulta Beauty and Target aims to redefine beauty experiences, create new opportunities for customers and partner brands, and strategically and collaboratively advance the retail industry. Forward-Looking Statements Statements in this release regarding the timing and number of Target stores that will include Ulta Beauty at Target; assortment, availability, timing and pricing of products available in store and online; and the purchasing experience and benefits of the strategic partnership are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties which could cause actual results to differ materially of these forward-looking statements. The most significant risks and uncertainties to Target are described in its public filings with the Securities and Exchange Commission (the SEC), including the risk factors contained in its annual report on Form 10-K for the year ended. February 1, 2020, as such. have been completed in its quarterly report on Form 10-Q for the quarterly period ended May 2, 2020. The most significant risks and uncertainties to Ulta Beauty are detailed in its public documents with the SEC, including the risk factors contained in its annual report on Form 10-K for the fiscal year ended February 1, 2020, as such, have been amended and supplemented in its quarterly report on Form 10-Q for the quarterly period ended May 2, 2020. Forward-looking statements speak only as of the date they are made, and neither Target nor Ulta Beauty makes any commitment to update any forward-looking statements.