Richard Cockerill claimed his side's second successive win in Pool 4 "was nothing to get too excited about" despite the fact they are sitting two points clear at the top.
But the Leicester Tigers head coach was delighted to be sending Ulster back to Ravenhill without a point after a tight game that swung the home side's way with Matt Smith's 67th minute try.
"It's a good win, but there is still a long way to go. We are pleased, but we won't be celebrating," said Cockerill.
"We are grateful for the victory because they put us under pressure at times, But our set piece was good and we did enough to win the game.
"It was a good, hard-fought game and they made us work very, very hard. They are a very good side and, for the first time this season, our defence was outstanding.
"I was pleased to see us get the win and pleased to send Ulster home without anything. We know it is going to be very difficult to play them over there.
"That makes it five wins in a row and that is a statistic we can start talking about after a difficult start to the season.
"Europe is very special to this club and the fans. They keep turning up and always keep the faith, so it was nice to give them something to shout about.
"It is part of the journey in the European Pool and nothing to get excited about. The Pool is wide open and we have two huge games against ASM Clermont Auvergne to come next.
"Clermont is a tough place to go and their stated ambition this their centenary season is to win both the French Championship and the Heineken Cup."
While Cockerill was delighted to see England scrum half Ben Youngs get back into action after a knee problem, there was further damage to his midfield with centre Andy Forstyh being helped off with a suspected broken ankle.
"We have been looking after Ben for the last four weeks and his knee is in good nick again now. It was good news for him and us getting him back into the fold," added Cockerill.
The directors of ERC voted unanimously at a Board meeting to postpone all decisions including the release of further instalments of ERC's distributable central revenues to the six shareholder countries until 19 February next when the Board will meet again to reconsider the issue.