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June 29, 2006

Shutterfly Announces Filing Of Registration Statement For Proposed Initial Public Offering


Redwood City, CA — June 29, 2006 — Shutterfly, an Internet-based social expression and personal publishing service, today announced the filing of a registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common stock. All of the shares of common stock in the offering are being offered by Shutterfly.

Goldman, Sachs & Co. will serve as sole book-running manager for the offering, with J.P. Morgan Securities Inc. acting as joint-lead manager, and Piper Jaffray & Co. and Jefferies & Company, Inc. acting as co-managers. A preliminary prospectus for the offering, when available, may be obtained from Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, New York 10004, by faxing a request to 212-902-9316 or by sending an email to prospectus-ny@ny.email.gs.com

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Shutterfly
Founded in 1999, Shutterfly, Inc. (www.shutterfly.com) is an Internet-based social expression and personal publishing service. Shutterfly provides a full range of products and services that make it easy, convenient and fun for consumers to upload, edit, enhance, organize, find, share, create, print and preserve their digital photos in a creative and thoughtful manner.

Shutterfly and Shutterfly.com are trademarks of Shutterfly, Inc.

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Press Contact:
Judith McGarry
650-610-5825
jmcgarry@shutterfly.com



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