Ulta Beauty, Inc. Common Stock Dinari dShares

Ulta Beauty is the largest specialized beauty retailer in the US with more than 1,500 stores and e-commerce. The firm offers cosmetics (38% of 2025 sales), fragrances (13%), skin care (24%), and hair care products (19%). It also has salon services, including hair, makeup, skin, and brow, that account for 4% of its revenue and drive customer traffic. Outside of the US, Ulta operates premium beauty retailer Space NK (86 stores at year-end 2025 in the UK and Ireland), has franchised stores in Mexico, and a joint venture in the Middle East. Ulta was founded in 1990 and is based in Bolingbrook, Illinois. Ulta Beauty, Inc. Common Stock Dinari dShares provides blockchain-based exposure to the listed underlying security ULTA. Dinari represents that each dShare is backed 1:1 by the corresponding underlying security and supports on-chain transfer, settlement, redemption, and applicable corporate actions.