X0306 4 2016-09-27 0 0001600033 e.l.f. Beauty, Inc. ELF 0001448992 Milsten Scott C/O E.L.F. BEAUTY, INC. 570 10TH STREET OAKLAND CA 94607 0 1 0 0 See remarks Common Stock, $0.01 par value 2016-09-27 4 C 0 179267 A 179399 I By Milsten/Conner Trust dated October 17, 2008 Common Stock, $0.01 par value 301030 D Convertible Preferred Stock, $0.01 par value 2016-09-27 4 C 0 649.519 D Common Stock 179267 0 I By Milsten/Conner Trust dated October 17, 2008 The shares of the Issuer's Convertible Preferred Stock automatically converted into shares of the Issuer's Common Stock, for no additional consideration, on a 1:276 basis immediately prior to the consummation of the Issuer's initial public offering. Includes 33,310 Restricted Stock Units. The securities are immediately convertible. The expiration date is not relevant to the conversion of these securities. Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer /s/ Scott K. Milsten 2016-09-27