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Stock Trading History of Clark Ventures, Inc.

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 Clark Ventures, Inc. since year 2005. The trader's CIK number is 1376802. At the time of this reporting, Clark Ventures, Inc. is the 10% Owner of Shutterfly Inc (stock ticker symbol SFLY).

Stock purchases, sales, and option exercises reported by *Clark Ventures, Inc.* since 2005.
Trade Date	Symbol	Company Name (Issuer)	Trade Type	Shares	Price ($)	Value ($)
2007-11-05	SFLY	Shutterfly Inc	Sale	50,000	32.09	1,604,500
2007-11-02	SFLY	Shutterfly Inc	Sale	20,654	31.92	659,275

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 Clark Ventures, Inc. (10% Owner of Shutterfly Inc at the time of this reporting) see the Securities and Exchange Commission (SEC) website.