X0306 4 2017-04-05 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 2017-04-05 4 S 0 136260 25.8525 D 225370 D Common Stock, $0.01 par value 179399 I By Milsten/Conner Trust dated October 17, 2008 The transaction reported herein was consummated as part of an underwritten offering of common stock, as more fully detailed in the prospectus filed by the Issuer pursuant to rule 424(b)(4) on March 31, 2017. Includes 33,310 Restricted Stock Units ("RSUs"). The reporting person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof. Senior Vice President, General Counsel, Corporate Secretary & Chief People Officer /s/ Scott K. Milsten 2017-04-06