SHUTTERSTOCK INC

Ticker: SSTK CUSIP: 825690100 Class: Common Stock

REGENTS OF THE UNIVERSITY OF CALIFORNIA's Holding History (CIK: 0000315054)

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

Q1 2017

Shares 17,987 Value ($000) $744 Avg Close $47.66 Range $39.66 - $55.07

Q4 2016

Shares 35,975 Value ($000) $1,710 Avg Close $53.37 Range $44.20 - $64.81

Q3 2016

Shares 53,963 Value ($000) $3,437 Avg Close $57.50 Range $45.01 - $65.16

Q2 2016

Shares 51,266 Value ($000) $2,348 Avg Close $41.32 Range $35.75 - $47.24

Q1 2016

Shares 53,963 Value ($000) $1,982 Avg Close $32.35 Range $25.44 - $37.92

Q4 2015

Shares 53,963 Value ($000) $1,745 Avg Close $32.92 Range $27.50 - $38.86

Q3 2015

Shares 53,963 Value ($000) $1,632 Avg Close $40.16 Range $28.96 - $59.56

Q2 2015

Shares 53,963 Value ($000) $3,164 Avg Close $65.37 Range $57.94 - $74.30

Q1 2015

Shares 53,963 Value ($000) $3,706 Avg Close $60.73 Range $54.46 - $71.66

Q4 2014

Shares 53,963 Value ($000) $3,729 Avg Close $72.53 Range $58.26 - $84.06

Q3 2014

Shares 51,548 Value ($000) $3,679 Avg Close $75.95 Range $69.30 - $86.79

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	17,987	$744	$47.66	$39.66 - $55.07
Q4 2016	35,975	$1,710	$53.37	$44.20 - $64.81
Q3 2016	53,963	$3,437	$57.50	$45.01 - $65.16
Q2 2016	51,266	$2,348	$41.32	$35.75 - $47.24
Q1 2016	53,963	$1,982	$32.35	$25.44 - $37.92
Q4 2015	53,963	$1,745	$32.92	$27.50 - $38.86
Q3 2015	53,963	$1,632	$40.16	$28.96 - $59.56
Q2 2015	53,963	$3,164	$65.37	$57.94 - $74.30
Q1 2015	53,963	$3,706	$60.73	$54.46 - $71.66
Q4 2014	53,963	$3,729	$72.53	$58.26 - $84.06
Q3 2014	51,548	$3,679	$75.95	$69.30 - $86.79