Shutterfly Names Bernie Blegen Vice President & Corporate Controller

Nov 30, 2007

REDWOOD CITY, Calif., Nov 30, 2007 (BUSINESS WIRE) — Shutterfly, Inc. (NASDAQ:SFLY), the leading Internet-based social expression and personal publishing service, announced today that Bernie Blegen has been named vice president and corporate controller. In his new role, Mr. Blegen will oversee all corporate accounting, financial reporting, compliance, internal reporting, M&A accounting and due diligence. Mr. Blegen will work closely with the business planning and analysis teams, as well as Shutterfly’s manufacturing and operations organizations, to provide the analytical framework and financial metrics to enable informed business decisions.

“Bernie’s broad based finance background and his deep management and leadership experience adds further bench strength to Shutterfly’s Finance team,” said Shutterfly president and chief executive officer, Jeffrey Housenbold. “Bernie will lead our financial reporting, accounting and compliance functions and help drive business objectives through strategic insight, operational efficiency and process and systems scalability.”

Mr. Blegen has more than 25 years of experience in finance within the semiconductor, software and communication industries. Prior to joining Shutterfly, Mr. Blegen served as the vice president finance and corporate controller for Credence Systems, where he was responsible for corporate accounting, consolidations, FP&A, operational financial support, and credit and SEC reporting. Previously, he was senior director of finance for Xilinx, where he was responsible for financial management of the company’s 1,800 employee R&D and supply chain management functions.

Prior to Xilinx, he served as vice president and chief financial officer for Luminate, where he led all facets of the company’s financial, legal, IT, HR and administrative functions. Mr. Blegen’s financial operations expertise also encompasses roles as the vice president and corporate controller for Merant / Micro Focus and vice president of finance for Times Mirror Education Group.

Mr. Blegen serves as President of the Board for the Diabetes Society. He earned his Bachelor of Arts in Economics from the University of California at Santa Barbara and became a CPA in the State of California.

Today, Mr. Blegen received an employment inducement stock option grant award. He may purchase up to 50,000 shares of the Company’s common stock at an exercise price of $28.49 per share pursuant to an inducement stock option that is not under a shareholder approved plan but is pursuant to a Nasdaq approved exception. The shares subject to the stock option vest over a four-year period.

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. The Company has more than 1.5 billion images stored in its digital archive. More information about Shutterfly (NASDAQ:SFLY) is available at www.shutterfly.com. Shutterfly and Shutterfly.com are trademarks of Shutterfly, Inc.

SOURCE: Shutterfly, Inc.

Shutterfly, Inc.
Marilyn Lattin, 650-610-5853 (Investor Relations)
mlattin@shutterfly.com
Bridgette Thomas, 650-610-3519 (Media Relations)
bthomas@Shutterfly.com

Copyright Business Wire 2007

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