X0306 4 2016-09-27 0 0001600033 e.l.f. Beauty, Inc. ELF 0001683794 Shamah Joseph A. C/O E.L.F. BEAUTY, INC. 570 10TH STREET OAKLAND CA 94607 1 0 1 0 Common Stock, $0.01 par value 2016-09-27 4 C 0 8273873 A 8279999 I By J.A. Cosmetics Corp. Common Stock, $0.01 par value 2016-09-27 4 S 0 1457901 15.81 D 6822098 I By J.A. Cosmetics Corp. Common Stock, $0.01 par value 86112 D Convertible Preferred Stock, $0.01 par value 2016-09-27 4 C 0 29977.801 D Common Stock 8273873 0 I By J.A. Cosmetics Corp. 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. Represents shares of the Issuer's Convertible Preferred Stock or Common Stock held directly by J.A. Cosmetics Corp. The Reporting Person is an officer, director and stockholder of J.A. Cosmetics Corp. The Reporting Person disclaims beneficial ownership of the shares held by J.A. Cosmetics Corp. except to the extent of his pecuniary interest therein. The shares were sold directly to the underwriters of the Issuer's initial public offering upon the closing of the aforementioned transaction. The securities are immediately convertible. The expiration date is not relevant to the conversion of these securities. /s/ Scott K. Milsten, Attorney-in-Fact for Joseph A. Shamah 2016-09-27