Shutterfly 2009 Annual Report Download - page 111

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__________
*
Represents a management contract or compensatory plan.
**
Confidential treatment has been granted for certain portions of this document pursuant to an application for confidential treatment sent
to the Securities and Exchange Commission. Such portions are omitted from this filing and were filed separately with the Securities and
Exchange Commission.
***
This certification is not deemed
filed
for purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the
Securities Exchange Act of 1934, except to the extent that Shutterfly specifically incorporates it by reference.