SHUTTERSTOCK INC

Ticker: SSTK CUSIP: 825690100 Class: Common Stock

TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA's Holding History (CIK: 0000315038)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014

Shares 21,807 Value ($000) $1,507 Avg Close $72.53 Range $58.26 - $84.06

Q3 2014

Shares 37,595 Value ($000) $2,684 Avg Close $75.95 Range $69.30 - $86.79

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	21,807	$1,507	$72.53	$58.26 - $84.06
Q3 2014	37,595	$2,684	$75.95	$69.30 - $86.79