Press Releases May 11, 2005


REDWOOD CITY, CALIF. – (May 11, 2005) — Shutterfly, a leading independent e-commerce company specializing in digital photo products and services, today announced new leadership to its finance team: Steve Recht, chief financial officer, and John Kaelle, vice president finance. Reporting to Shutterfly’s President and CEO, Jeffrey Housenbold, Steve Recht will be responsible for the company’s overall financial direction, including finance, investor relations, and corporate governance. John Kaelle will report to Recht and will be responsible for all accounting and finance & planning functions.

“With the additions of Steve and John, Shutterfly is building a world-class financial management team, said Jeffrey Housenbold, president and CEO of Shutterfly. “Their broad-based experience managing finance and operations for high-growth, high-profile companies brings additional experience and discipline to the Shutterfly team as we deliver on our promise of delighting our customers and helping them preserve their memories while aggressively and profitably growing our business.”

With more than 25 years in financial management and operations, Steve Recht will oversee all financial aspects of the company, including operations, investor relations, budgeting, and fiscal planning and analysis for Shutterfly. Prior to joining Shutterfly, Steve served as the COO and CFO at SkyStream Networks. Before SkyStream, Steve was the CEO at Brience Inc., where he completed the successful corporate merger with TSI Telecommunications (Syniverse Technologies). Prior to Brience, Steve was CFO of NetGravity where he led the company’s IPO, completed a $120 million secondary offering and drove a $525 million merger with DoubleClick (NASDAQ: DCLK). Steve earned his Bachelor of Arts degree in economics from Stanford University, received his MBA from the Wharton School at the University of Pennsylvania and became a Certified Public Accountant in 1979.

John Kaelle, Shutterfly’s new Vice President of Finance, most recently held the position of Vice President, Mergers and Acquisitions at Thomas Weisel Partners where his experience included advisory roles on Business Objects’ (NASDAQ: BOBJ) acquisition of Crystal Decisions and Inktomi’s sale to Yahoo! (NASDAQ: YHOO). Kaelle also held senior management positions at TriNet Corporate Realty Trust and Coopers & Lybrand. John earned his Bachelors degree in economics from the University of Michigan, his Masters of Science in Taxation from Golden Gate University and his MBA from The Wharton School at the University of Pennsylvania. John is also a Certified Public Accountant.

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About Shutterfly
Founded in 1999, Shutterfly, Inc. ( ) is a premium photo service specializing in the consumer and professional photography markets. The company provides customers with simple and fun ways to organize, enhance and archive images; share pictures with family and friends; order professional-quality prints and create an assortment of personalized items such as Photo Books, Calendars and Greeting Cards. In 2005, Shutterfly ranked no. 170 on the 24th annual Inc. 500 list of the fastest-growing private companies in the country.

Shutterfly, Shutterfly Collections and are trademarks of Shutterfly, Inc.
Media Contacts:
Bridgette Thomas
(650) 610-3519