August 29, 2013

Shutterfly Acquires R&R Images

Acquisition Further Strengthens Premium Printing and Product Design Capabilities

REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Shutterfly, Inc. (NASDAQ:SFLY), the leading manufacturer and digital retailer of high-quality personalized products and services, announced today that it has acquired R&R Images, a boutique, high variability printer focused on premium stationery printing and product design. R&R Images is privately-held and located in Phoenix, Arizona.

Initially, the acquisition will have limited impact on Shutterfly revenue, but will enhance the company's enterprise and consumer product innovation, design and printing capabilities.

"As Shutterfly continues to grow, we are making additional strategic investments in our manufacturing footprint focused on providing our customers with innovative, high quality personalized products while efficiently scaling and managing our costs," said Jeffrey Housenbold, president and CEO of Shutterfly. "We are excited to combine R&R Images' product innovation and expertise in premium, flexible printing with Shutterfly's manufacturing scale and infrastructure to enhance our capabilities and continue delighting our enterprise clients and consumers."

Inducement Grant Disclosure

In accordance with NASDAQ Listing Rule 5635(c)(4), Shutterfly granted an inducement grant to Rod Key, R&R Images' founder. The inducement grant consists of a restricted stock unit award representing the right to receive up to 38,492 shares of Shutterfly's common stock. The award will vest over three years, with 33 percent of the underlying shares vesting on each of the first, second, and third anniversaries of the initial August 29, 2013 grant date. The grant is being made as an inducement material to Mr. Key's acceptance of employment with Shutterfly, in accordance with NASDAQ Listing Rule 5635(c)(4). Vesting of the award is subject to Mr. Key's continuous service through each vesting date.

About Shutterfly, Inc.

Shutterfly, Inc. is the leading manufacturer and digital retailer of high-quality personalized products and services offered through a family of lifestyle brands. Founded in 1999, the Shutterfly, Inc. family of brands includes Shutterfly, where your photos come to life in photo books, cards and gifts; Tiny Prints, premium cards and stationery for all life's occasions; Wedding Paper Divas, wedding invitations and stationery for every step of the planning process; Treat, personalized greeting cards that really stand out; and MyPublisher, one of the pioneers in the photo book industry and creator of easy-to-use photo book-making software. For more information about Shutterfly, Inc. (NASDAQ:SFLY), visit www.shutterflyinc.com.

Shutterfly, Inc.
Investors:
Michael Look, 650-610-5910
mlook@shutterfly.com
Media:
Gretchen Sloan, 650-610-5276
gsloan@shutterfly.com

Source: Shutterfly, Inc.

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