ELF

SEC source: 0001567619-19-018750 · doc1.xml · nonDerivative · entry 1

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 3,651,001

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $17.95 to $18.25, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

SEC source: 0001567619-19-018751 · doc1.xml · nonDerivative · entry 1

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 142,819

F1 · kind: The shares were sold solely to satisfy tax or other government withholding obligations in connection with the vesting of Restricted Stock Units ("RSUs") of the Issuer.

F2 · balance_after: Includes 6,661 Restricted Stock Units.

SEC source: 0001567619-19-018753 · doc1.xml · nonDerivative · entry 1

Baruch Richard F Jr · CIK 0001553469 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 185,404

F1 · kind: The shares were sold solely to satisfy tax or other government withholding obligations in connection with the vesting of Restricted Stock Units ("RSUs") of the Issuer.

F2 · balance_after: Includes 6,661 RSUs. The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.

SEC source: 0001567619-19-018620 · doc1.xml · nonDerivative · entry 6

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 615,978

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

SEC source: 0001567619-19-018620 · doc1.xml · nonDerivative · entry 5

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 615,978

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

SEC source: 0001567619-19-018620 · doc1.xml · nonDerivative · entry 4

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 3,669,288

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

SEC source: 0001567619-19-018620 · doc1.xml · nonDerivative · entry 3

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 617,741

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

SEC source: 0001567619-19-018620 · doc1.xml · nonDerivative · entry 2

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 617,741

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

SEC source: 0001567619-19-018620 · doc1.xml · nonDerivative · entry 1

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 3,670,228

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $16.95 to $17.07, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

SEC source: 0001567619-19-018212 · doc1.xml · nonDerivative · entry 5

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 3,689,455

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F6 · price: The transaction was executed in multiple trades in prices ranging from $16.00 to $16.23, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Reflects the transfer of 1,047,885 shares previously held directly by the reporting person into a family trust.

SEC source: 0001567619-19-018212 · doc1.xml · nonDerivative · entry 4

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 3,704,164

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F5 · price: The transaction was executed in multiple trades in prices ranging from $16.00 to $16.02, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Reflects the transfer of 1,047,885 shares previously held directly by the reporting person into a family trust.

SEC source: 0001567619-19-018212 · doc1.xml · nonDerivative · entry 3

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 619,504

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: The transaction was executed in multiple trades in prices ranging from $16.00 to $16.66, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

SEC source: 0001567619-19-018212 · doc1.xml · nonDerivative · entry 2

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 619,504

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: The transaction was executed in multiple trades in prices ranging from $16.00 to $16.66, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

SEC source: 0001567619-19-018212 · doc1.xml · nonDerivative · entry 1

AMIN TARANG · CIK 0001513988 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Trust

Disclosed balance after: 3,710,887

F1 · kind: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $16.00 to $16.70, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Reflects the transfer of 1,047,885 shares previously held directly by the reporting person into a family trust.

SEC source: 0001387131-19-006593 · elf-form4_082819.xml · nonDerivative · entry 1

TPG Growth II Advisors, Inc. · CIK 0001631279 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,241,968

F1 · ownership.nature: David Bonderman and James G. Coulter are sole shareholders of TPG Growth II Advisors, Inc. ("Growth II Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the general partner of TPG elf Holdings, L.P. ("TPG elf Holdings"), which directly holds 7,241,968 shares of common stock ("Common Stock") of e.l.f. Beauty, Inc. (the "Issuer").

F2 · ownership.nature: Because of the relationship between the Reporting Persons and TPG elf Holdings, the Reporting Persons may be deemed to beneficially own the securities reported herein to the extent of the greater of their respective direct or indirect pecuniary interests in the profits or capital accounts of TPG elf Holdings. Each Reporting Person and TPG elf Holdings disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's or TPG elf Holdings's pecuniary interest therein, if any.

F3 · ownership.nature: TPG elf Holdings has entered into a Second Amended and Restated Stockholders Agreement, dated as of March 3, 2017 (as amended, the "Stockholders Agreement"), with certain other holders (the "Holders") of shares of Common Stock. Because of the relationship between TPG elf Holdings and the Holders as a result of the Stockholders Agreement, the Reporting Persons may be deemed, pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to beneficially own the shares of Common Stock held in the aggregate by the Holders. Each Reporting Person and TPG elf Holdings disclaims beneficial ownership of shares of Common Stock held by the Holders.

F4 · ownership.nature: Pursuant to Rule 16a-1(a)(4) under the Exchange Act, this filing shall not be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities in excess of their respective pecuniary interests.

SEC source: 0001567619-19-017550 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · By Milsten/Conner Trust dated October 17, 2008

Disclosed balance after: 52,363

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $19.00 to $19.08, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

SEC source: 0001567619-19-017422 · doc1.xml · nonDerivative · entry 4

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · By Milsten/Conner Trust dated October 17, 2008

Disclosed balance after: 79,455

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F6 · price: The transaction was executed in multiple trades in prices ranging from $17.63 to $17.67, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

SEC source: 0001567619-19-017422 · doc1.xml · nonDerivative · entry 3

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · By Milsten/Conner Trust dated October 17, 2008

Disclosed balance after: 79,655

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F5 · price: The transaction was executed in multiple trades in prices ranging from $16.62 to $17.61, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

SEC source: 0001567619-19-017422 · doc1.xml · nonDerivative · entry 2

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 246,319

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F4 · price: The transaction was executed in multiple trades in prices ranging from $17.64 to $18.00, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Includes 16,654 RSUs.

SEC source: 0001567619-19-017422 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 249,526

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $16.62 to $17.53, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Includes 16,654 RSUs.

SEC source: 0001567619-19-016533 · doc1.xml · derivative · entry 3

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 129,168

Underlying: Common Stock · 3,926 shares

Expires 2026-08-09

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F4 · derivative.exercise_date: Twenty percent (20%) of the stock options vest and become exercisable on each anniversary of July 18, 2016 until all such stock options have vested and become exercisable, subject to the Reporting Person's continued service relationship with the Issuer on each such vesting date.

SEC source: 0001567619-19-016533 · doc1.xml · nonDerivative · entry 2

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 145,163

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F3 · price: The transaction was executed in multiple trades in prices ranging from $16.55 to $16.92, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F2 · balance_after: Includes 13,323 Restricted Stock Units.

SEC source: 0001567619-19-016533 · doc1.xml · nonDerivative · entry 1

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,089

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · balance_after: Includes 13,323 Restricted Stock Units.

SEC source: 0001567619-19-016350 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · By Milsten/Conner Trust dated October 17, 2008

Disclosed balance after: 85,455

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $17.50 to $18.18, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

SEC source: 0001567619-19-015020 · doc1.xml · nonDerivative · entry 2

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · By Milsten/Conner Trust dated October 17, 2008

Disclosed balance after: 144,455

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

SEC source: 0001567619-19-015020 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 253,019

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $16.56 to $16.86, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Includes 16,654 RSUs.

SEC source: 0001567619-19-014790 · doc1.xml · derivative · entry 3

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 133,094

Underlying: Common Stock · 3,926 shares

Expires 2026-08-09

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F4 · derivative.exercise_date: Twenty percent (20%) of the stock options vest and become exercisable on each anniversary of July 18, 2016 until all such stock options have vested and become exercisable, subject to the Reporting Person's continued service relationship with the Issuer on each such vesting date.

SEC source: 0001567619-19-014790 · doc1.xml · nonDerivative · entry 2

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 145,163

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F3 · price: The transaction was executed in multiple trades in prices ranging from $16.39 to $16.68, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F2 · balance_after: Includes 13,323 Restricted Stock Units.

SEC source: 0001567619-19-014790 · doc1.xml · nonDerivative · entry 1

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,089

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · balance_after: Includes 13,323 Restricted Stock Units.

SEC source: 0001567619-19-014686 · doc1.xml · nonDerivative · entry 2

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · By Milsten/Conner Trust dated October 17, 2008

Disclosed balance after: 146,455

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

SEC source: 0001567619-19-014686 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 259,719

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · balance_after: Includes 16,654 RSUs.

SEC source: 0001567619-19-014635 · doc1.xml · derivative · entry 3

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 137,020

Underlying: Common Stock · 39,260 shares

Expires 2026-08-09

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F3 · derivative.exercise_date: Twenty percent (20%) of the stock options vest and become exercisable on each anniversary of July 18, 2016 until all such stock options have vested and become exercisable, subject to the Reporting Person's continued service relationship with the Issuer on each such vesting date.

SEC source: 0001567619-19-014635 · doc1.xml · nonDerivative · entry 2

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 145,163

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · balance_after: Includes 13,323 Restricted Stock Units.

SEC source: 0001567619-19-014635 · doc1.xml · nonDerivative · entry 1

Fieldman Jonathan T. · CIK 0001520396 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 184,423

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · balance_after: Includes 13,323 Restricted Stock Units.

SEC source: 0001567619-19-013978 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 266,775

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · balance_after: Includes 16,654 RSUs.

SEC source: 0001567619-19-013610 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 293,775

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · balance_after: Includes 16,654 RSUs.

SEC source: 0001567619-19-013229 · doc1.xml · nonDerivative · entry 1

Watson Maureen C. · CIK 0001683795 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,808

F1 · kind: The shares were sold to cover tax obligations from the vesting of RSUs held by the Reporting Person.

F2 · balance_after: Includes 18,353 RSUs.

SEC source: 0001387131-19-004073 · tpg_form4.xml · nonDerivative · entry 1

TPG Growth II Advisors, Inc. · CIK 0001631279 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 10,510,828

F1 · ownership.nature: David Bonderman and James G. Coulter are sole shareholders of TPG Growth II Advisors, Inc. ("Growth II Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the general partner of TPG elf Holdings, L.P. ("TPG elf Holdings"), which directly holds 10,510,828 shares of common stock ("Common Stock") of e.l.f. Beauty, Inc. (the "Issuer").

F2 · ownership.nature: Because of the relationship between the Reporting Persons and TPG elf Holdings, the Reporting Persons may be deemed to beneficially own the securities reported herein to the extent of the greater of their respective direct or indirect pecuniary interests in the profits or capital accounts of TPG elf Holdings. Each Reporting Person and TPG elf Holdings disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's or TPG elf Holdings's pecuniary interest therein, if any.

F3 · ownership.nature: TPG elf Holdings has entered into a Second Amended and Restated Stockholders Agreement, dated as of March 3, 2017 (as amended, the "Stockholders Agreement"), with certain other holders (the "Holders") of shares of Common Stock. Because of the relationship between TPG elf Holdings and the Holders as a result of the Stockholders Agreement, the Reporting Persons may be deemed, pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to beneficially own the shares of Common Stock held in the aggregate by the Holders. Each Reporting Person and TPG elf Holdings disclaims beneficial ownership of shares of Common Stock held by the Holders.

F4 · ownership.nature: Pursuant to Rule 16a-1(a)(4) under the Exchange Act, this filing shall not be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities in excess of their respective pecuniary interests.

SEC source: 0001567619-19-011993 · doc1.xml · nonDerivative · entry 2

SIMMONS SABRINA · CIK 0001411337 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,481

F3 · kind: The shares were sold to settle tax obligations on the vesting of RSUs held by the Reporting Person.

F2 · balance_after: Includes 14,403 RSUs.

SEC source: 0001567619-19-011991 · doc1.xml · nonDerivative · entry 1

Perry Kirk · CIK 0001685154 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,613

F1 · shares: Grant of Restricted Stock Units ("RSU"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.

F2 · balance_after: Includes 18,518 RSUs.

SEC source: 0001567619-19-011989 · doc1.xml · nonDerivative · entry 1

Levitan Lauren Cooks · CIK 0001683786 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,270

F1 · shares: Grant of Restricted Stock Units ("RSU"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.

F2 · balance_after: Includes 14,403 RSUs.

SEC source: 0001567619-19-011994 · doc1.xml · nonDerivative · entry 1

Watson Maureen C. · CIK 0001683795 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,808

F1 · shares: Grant of Restricted Stock Units ("RSU"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.

F2 · balance_after: Includes 18,353 RSUs.

SEC source: 0001567619-19-011988 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 297,475

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $12.00 to $12.09, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Includes 16,654 RSUs.

SEC source: 0001567619-19-011993 · doc1.xml · nonDerivative · entry 1

SIMMONS SABRINA · CIK 0001411337 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,681

F1 · shares: Grant of Restricted Stock Units ("RSU"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.

F2 · balance_after: Includes 14,403 RSUs.

SEC source: 0001567619-19-011995 · doc1.xml · nonDerivative · entry 1

WOLFORD RICHARD G · CIK 0001243112 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,773

F1 · shares: Grant of Restricted Stock Units ("RSU"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.

F2 · balance_after: Includes 18,724 RSUs.

SEC source: 0001567619-19-011992 · doc1.xml · nonDerivative · entry 1

PRITCHARD BETH M · CIK 0001228598 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,194

F1 · shares: Grant of Restricted Stock Units ("RSU"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.

F2 · balance_after: Includes 14,403 RSUs.

SEC source: 0001567619-19-011990 · doc1.xml · nonDerivative · entry 1

Parham Richelle P · CIK 0001550078 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,804

F1 · shares: Grant of Restricted Stock Units ("RSU"). The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof.

F2 · balance_after: Consists of 14,403 RSUs.

SEC source: 0001567619-19-009122 · doc1.xml · derivative · entry 2

FIELDS MANDY J · CIK 0001773316 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 83,760

Underlying: Common Stock · 83,760 shares

Expires 2029-04-22

F1 · derivative.exercise_date: Option vests with respect to 25% of the total shares subject thereto on each of the first, second, third and fourth anniversary of April 22, 2019, subject to the Reporting Person continuing to provide services to the Issuer as an employee, consultant, director or officer of the Company through each applicable vesting date.

SEC source: 0001567619-19-009122 · doc1.xml · nonDerivative · entry 1

FIELDS MANDY J · CIK 0001773316 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 130,930

SEC source: 0001567619-19-008982 · doc1.xml · nonDerivative · entry 1

Milsten Scott · CIK 0001448992 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 301,175

F1 · kind: Transaction made pursuant to a 10b5-1 plan adopted by the Reporting Person.

F2 · price: The transaction was executed in multiple trades in prices ranging from $12.56 to $13.06, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The reporting person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Includes 16,654 RSUs.