X0306 4 2018-03-05 0 0001125920 SHUTTERFLY INC SFLY 0001647246 LAYNEY TRACY C/O SHUTTERFLY, INC. 2800 BRIDGE PARKWAY REDWOOD CITY CA 94065 0 1 0 0 SVP, Chief HR Officer Common Stock 2018-03-05 4 M 0 8380 44.75 A 31706 D Common Stock 2018-03-05 4 S 0 4770 80.3038 D 26936 D Common Stock 2018-03-05 4 S 0 5186 80.8784 D 21750 D Employee Stock Option (right to buy) 44.75 2018-03-05 4 M 0 8380 0 D 2024-02-13 Common Stock 8380 25140 D This transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $79.66 to $80.65 per share. The Reporting Person has provided to the Issuer, and undertakes to provide to the staff of the Securities and Exchange Commission or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $80.66 to $81.13 per share. The Reporting Person has provided to the Issuer, and undertakes to provide to the staff of the Securities and Exchange Commission or any security holder of the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range. The stock option vested and became exercisable as to 1/4th of the shares subject to the option on February 14, 2018, and thereafter vests as to 1/48th of the shares in equal monthly installments, until such time as the option is 100% vested, subject to the continuing employment of the Reporting Person on each vesting date. /s/ Jason Sebring, Attorney-in-Fact 2018-03-07