ULTA SALON, COSMETICS & FRAGRANCE, INC. BUILDING 2 BOLINGBROOK CORPORATE CENTER WEST TH STREET BOLINGBROOK, ILLINOIS

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1 ULTA SALON, COSMETICS & FRAGRANCE, INC. BUILDING 2 BOLINGBROOK CORPORATE CENTER WEST TH STREET BOLINGBROOK, ILLINOIS Jeffrey C. Smith, P.E. IDI, Inc. Vice President Leasing & Development jsmith@idi.com

2 TABLE OF CONTENTS ULTA Salon, Cosmetics & Fragrance, Inc. I. Proposal II. Bolingbrook Corporate Center West Bolingbrook, Illinois Location Map Aerial Photo Park Plan III. Building 2 Bolingbrook Corporate Center West Bolingbrook, Illinois Rendering Site Plan Outline Specification IV. IDI Overview About IDI IDI Office and Project Locations Map

3 I. PROPOSAL

4 February 18, 2009 Mr. Jack Rosenberg Mr. Fred Regnery Colliers, Bennett & Kahnweiler 6250 North River Road Suite Rosemont, IL RE: ULTA Salon, Cosmetics & Fragrance, Inc. Building 2 - Bolingbrook Corporate Center West th Street Bolingbrook, Illinois Gentlemen, IDI is pleased to submit this proposal to lease to ULTA Salon, Cosmetics & Fragrance, Inc. ( ULTA ) a portion of Building 2 located in IDI s Bolingbrook Corporate Center West Corporate Park, Bolingbrook, Illinois. This proposal is based upon information provided by Colliers, Bennett & Kahnweiler and is further clarified by the attached site plan E1 dated 2/13/09. The following is a summary of our proposal: LOCATION The building site is approximately acres Zoned I-1 and is located in IDI s 73 acre Bolingbrook Corporate Center West ( BCC West ), Bolingbrook, Illinois. BCC West is located at the corner of 115 th Street and Weber Road, approximately one mile north of the Weber Road interchange at I-55. Additionally, BCC West offers convenient access to the I-55/Rt. 53 interchange via the recently completed Remington Road extension. IDI 500 Park Boulevard, Suite 750, Itasca, Illinois (630) Fax: (630)

5 Mr. Jack Rosenberg Mr. Fred Regnery Bolingbrook Corporate Center West Building 2 Proposal February 18, 2009 Page 2 of 5 FACILITY The facility totals approximately 453,090 SF of which IDI proposes to lease approximately 324,014 SF to ULTA. The space proposed would include the following: Square Footage: 453,090 Total Building Tenant Warehouse: 314,014 Tenant Office: 10,000 Tenant Total: 324,014 Car Parking: Truck Docks: 211 (expandable) 34 (expandable) Drive-in Doors: 1 Trailer Parking: 68 Office Build-Out Allowance: Electrical Service: Warehouse Light Fixtures: A $650,000 allowance (10,000 SF at $65/SF). The allowance includes all costs incurred by IDI on behalf of Tenant for design, permit, supervision, and construction associated with the office build-out. 2,000 amp, 277/480 volt, 3-phase service T-5 HO fluorescent fixtures providing 36 footcandles arranged in a general lighting pattern with energy saving photocell operation at the staging bays and motion detectors on 50% of the remaining interior warehouse fixtures.

6 Mr. Jack Rosenberg Mr. Fred Regnery Bolingbrook Corporate Center West Building 2 Proposal February 18, 2009 Page 3 of 5 FACILITY Battery Charging Stations: Signage: We have provided power and disconnects for 25 battery chargers located on the south exterior wall adjacent to the office. Provisions include ventilation, acid neutralization basin, eyewash, and drain. A building monument sign is provided for tenant signage. Cost of individual graphics and logo is by Tenant. This building is being designed and built with the intention of obtaining Silver LEED certification for sustainable design and energy conservation. Please refer to the attached Outline Specification for a more detailed description of these items and the general building components. TERMS IDI proposes to lease the aforementioned space to ULTA for the following rates: 5 YEAR & 3 MONTH TERM 10 YEAR & 3 MONTH TERM Years: Rate: Years: Rate: 1 $3.10/SF/YR 1 $3.10/SF/YR % Annual Escalations % Annual Escalations The rates quoted are net with Landlord having responsibility for roof and structure and ULTA having responsibility for all other costs of occupancy. A security deposit equal to one month s net rent will be required.

7 Mr. Jack Rosenberg Mr. Fred Regnery Bolingbrook Corporate Center West Building 2 Proposal February 18, 2009 Page 4 of 5 EXPENSES The following estimates are provided for budgeting purposes only: Taxes: $0.90/SF/YR - $1.00/SF/YR (Fully Assessed) $0.31/SF/YR (2008 Taxes Payable 2009) Insurance: $0.05/SF/YR Building CAM: $0.35/SF/YR - $0.45/SF/YR Management: 3% SCHEDULE If a lease with ULTA is fully executed by May 1, 2009, the following dates will apply. Occupancy/Lease Commencement February 1, 2010 Rent Commencement May 1, 2010 (3 months net rent abatement) Only a fully executed Lease Agreement shall constitute a binding agreement between parties. This letter does not create or imply the existence of any legal obligation of ULTA Salon, Cosmetics & Fragrance, Inc. or IDI.

8 Mr. Jack Rosenberg Mr. Fred Regnery Bolingbrook Corporate Center West Building 2 Proposal February 18, 2009 Page 5 of 5 Thank you for the opportunity to present this proposal. We hope we have provided the information you require. We look forward to meeting with you and ULTA to discuss this requirement further. Sincerely, Jeffrey C. Smith Vice President Leasing & Development JCS/kad Attachments cc: Ben Cremer, NAI Hiffman Mike Robbins, NAI Hiffman

9 II. BOLINGBROOK CORPORATE CENTER WEST BOLINGBROOK, ILLINOIS

10 Bolingbrook Corporate Center West Bolingbrook, Illinois

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13 III. BUILDING 2 BOLINGBROOK CORPORATE CENTER WEST BOLINGBROOK, ILLINOIS

14 Building 2 Bolingbrook Corporate Center West TH Street Bolingbrook, Illinois

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16 February 18, 2009 ULTA Salon, Cosmetics & Fragrance, Inc. Outline Specification Bolingbrook Corporate Center West Building 2 Bolingbrook, Illinois Site Area: Building Area: Acres + 339,741 SF Total Building Tenant Space: 314,014 SF Warehouse 10,000 SF Office 324,014 SF Total Parking: Exterior docks: 211 cars (expandable) 34 (expandable) Trailer Storage: 68 Drive-in Doors: 1 Office Build-Out: Clear Height: Site Paving: Curbs: 10,000 SF from a $650,000 allowance (10,000 SF at $65/SF). The allowance includes all costs incurred by IDI on behalf of Tenant for design, permit, supervision, and construction associated with the office build-out. 32 to underside of joists Sidewalks - 5 slab on 3 stone base Car Parking -3 bituminous on 8 stone base Truck Maneuvering 2 bituminous surface course over 4 binder coarse on a 12 stone base Truck Apron - 8 concrete on 4 stone base Street entry aprons - 8 concrete on 4 stone base. Parking lots, driveways, and trailer storage areas bounded by B6-12 concrete curb and gutter. Page 1 of 4

17 Landscaping: Irrigation: Roof: Roof Drainage: *Water efficient landscaping to include a blend of sod, turf, naturalized plantings, perennials, ornamental and deciduous trees. An overall increase of green space (non-building or hard surface) to 12.6% of total site representing a 25% increase over the village requirement. Irrigation will be provided as required on a smaller scale to reduce overall water usage and depletion of resources. This will also save on operating costs. *Single ply 45 mil., TPO mechanically fastened system with 10-year manufacturer s standard warranty to eliminate heat island effect and interior heat build-up. 3.4 of Polyisocyanurate roof insulation with a minimum R-Value of 20.6 contributing to the total operating energy reduction of 25.8%. Interior downspouts located around the perimeter of the building. Roof drainage conducted underground to park storm water system. Exterior walls: Smooth precast with cast in reveals and an R-value of 12. Precast joints are caulked inside and out. Exterior of precast is stained with Benjamin Moore SuperPaint or equivalent. Interior of precast panels are painted white.* 3 x 9 borrowed lights to provide natural light in the warehouse. Floor Slab: Site Lighting: Exit & Emergency Lighting: A seven inch (7 ) thick floor slab on 6 of aggregate base with a burnished finish and a flatness/levelness rating of Ff35/Fl25. Provided by wall and pole mounted shoebox fixtures. Lighting levels designed per LEED standards for additional energy savings. Estimated savings of 22,000 KWH per year based on 5 hours operation per night. Battery operated emergency lighting and exit lighting will be provided for the base building. Additional requirements due to tenant fixturing and racking will be by tenant. Page 2 of 4

18 Electrical Service: Battery Charging Stations: Warehouse Heat: Warehouse Lighting: Fire Sprinkler: Interior Metal Deck: Interior Walls: Skylights: 2,000 amp, 277/480 volt, 3-phase service We have provided power and disconnects for 25 battery chargers located on the south exterior wall adjacent to the office. Provisions include ventilation, acid neutralization basin, eyewash, and drain. *Provided by 4 direct-fired, positive pressure units. *T-5 HO Fluorescent fixtures arranged in a general lighting pattern providing 36 foot-candles of light. Fixtures will be controlled via daylight sensors in the staging bays and motion detectors on 50% of the remaining interior bay warehouse fixtures. Exit and battery pack lights for shell space only. Additional units required due to Tenant racking by Tenant. ESFR coverage in warehouse area. One hose station provided for each 10,000 SF of rack storage area. Prime painted white. Interior precast walls are painted white. Insulated skylights combined with clear story glass designed to provide up to 25 foot candles of natural light as measured at 36 A.F.F. Warehouse can essentially be operated with no additional lighting on sunny days. Dock Equipment: 34 each at 35,000 LB DLM mechanical levelers (7 x 8 ), Fairborn dock seals, DLM truck restraints, and swing-arm dock lights. Dock levelers include full range toe guards and weather seals. Overhead Doors: Solid foam filled panelized doors with baked on enamel finish and two (2) vision windows per door R=17 to enhance energy efficiency. Dock doors (9 x 10 ) to be manually operated. Drive-in door (12 x14 ) to be motor operated with push button control. Page 3 of 4

19 Security System: By Tenant *Designed to meet LEED requirements of sustainable design and energy conservation. Page 4 of 4

20 IV. IDI OVERVIEW

21 ABOUT IDI With a single focus on industrial real estate and eight regional development offices across the United States, IDI delivers unmatched development, investment, property management and leasing services. IDI s state-of-the-art warehouse, distribution and light-manufacturing facilities enable clients to improve employee productivity, reduce operational costs and achieve global supply-chain efficiencies. To date, Atlanta-based IDI has developed 117 million square feet of space across North America for a growing roster of international clients. IDI s build-to-suit program provides a variety of high-profile clients with customized space in single- and multiple-facility rollouts, for long-term leasing or direct ownership. In the case of direct ownership, we take care of project details, including design, site selection, feasibility and construction management. IDI is also a major buyer and seller of industrial assets in top and emerging markets. Our subsidiary, IDI Services Group, provides comprehensive property management, leasing and construction management services. It currently manages more than 65 million square feet of property for third-party owners such as pension funds and insurance companies.

22 IDI Office & Project Locations Map