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Press release from Business Wire

Shutterfly Acquires WMSG to Expand Commercial Print Business

<p class='bwalignc'> <i>Acquisition Brings Full Solution to Growing Print-On-Demand Market</i> </p>

Monday, November 08, 2010

Shutterfly Acquires WMSG to Expand Commercial Print Business09:00 EST Monday, November 08, 2010 REDWOOD CITY, Calif. (Business Wire) -- Shutterfly, Inc. (NASDAQ:SFLY), a leading Internet-based social expression and personal publishing service, announced today that it has acquired certain assets and liabilities of WMSG, Inc. (WMSG) to enable a complete solution for variable digital print marketers and other print-on-demand opportunities. WMSG is a privately-held, digital direct marketing specialist with strong data management and marketing analytics capabilities located in Dallas, Texas. “We're excited to combine WMSG's data management and marketing analytics capabilities with Shutterfly's state-of-the-art manufacturing resources. Together, we believe we can bring efficient, scalable end-to-end variable digital marketing solutions to direct marketing campaigns of any size and scope,” said Jeffrey Housenbold, president and CEO of Shutterfly. “The WMSG team brings a wealth of experience delivering high-ROI direct marketing campaigns and other print-on-demand services that will greatly benefit our existing commercial clients and help enable accelerated growth in this large and growing market.” WMSG began operations in 2005, and has earned a reputation for delivering high-performing direct marketing campaigns for marketing agencies and several Fortune 500 clients, including Toyota (NYSE:TM) and Dell (NasdaqGS:DELL). WMSG President Jim Liszewski will join Shutterfly and lead the commercial print initiative reporting to Dwayne Black, senior vice president of Operations. The transaction, which closed on November 5, 2010, was structured as an asset purchase and the acquisition consideration consisted of $6 million cash. The transaction will not have a material impact on Shutterfly net revenues, results of operations or cash flows for the quarter ending December 31, 2010. About Shutterfly Founded in 1999, Shutterfly, Inc. is an Internet-based social expression and personal publishing service. Shutterfly provides high quality products and world class services that make it easy, convenient and fun for consumers to preserve their digital photos in a creative and thoughtful manner. Shutterfly's flagship product is its award-winning photo book line, which helps consumers celebrate memories and tell their stories in professionally bound coffee table books. Shutterfly was recently named one of the top 25 Best Midsized Companies to Work For by the Great Place to Work Institute. More information about Shutterfly (NASDAQ:SFLY) is available at www.shutterfly.com. Shutterfly and Shutterfly.com are trademarks of Shutterfly, Inc. Shutterfly, Inc.John Kaelle, 650-610-3541 (IR)jkaelle@shutterfly.comGretchen Sloan, 650-610-5276 (PR)gsloan@shutterfly.com