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Stock Trading History of Monaco Partners, L.p.

The following table details the trading activities (stock purchases, stock sales, and stock option exercises) reported to the Securities and Exchange Commission (SEC) by insider Monaco Partners, L.p. since year 2005. The trader's CIK number is 1376801. At the time of this reporting, Monaco Partners, L.p. is the 10% Owner of Shutterfly Inc (stock ticker symbol SFLY).

Stock purchases, sales, and option exercises reported by *Monaco Partners, L.p.* since 2005.
Trade Date	Symbol	Company Name (Issuer)	Trade Type	Shares	Price ($)	Value ($)
2007-11-13	SFLY	Shutterfly Inc	Sale	18,042	31.09	560,925
2007-11-09	SFLY	Shutterfly Inc	Sale	50,000	30.41	1,520,500
2007-11-08	SFLY	Shutterfly Inc	Sale	50,000	30.32	1,516,000
2007-11-07	SFLY	Shutterfly Inc	Sale	6,787	31.46	213,519
2007-11-06	SFLY	Shutterfly Inc	Sale	50,000	31.51	1,575,500

Insider trading activities including stock purchases, stock sales, and option exercises listed in the above table cannot be completely guaranteed as to their accuracy. For more information regarding the trades made by Monaco Partners, L.p. (10% Owner of Shutterfly Inc at the time of this reporting) see the Securities and Exchange Commission (SEC) website.