SHUTTERSTOCK INC

Ticker: SSTK CUSIP: 825690100 Class: Common Stock

GILDER GAGNON HOWE & CO LLC's Holding History (CIK: 0000902464)

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

Q2 2016

Shares 7,700 Value ($000) $353 Avg Close $41.32 Range $35.75 - $47.24

Q1 2016

Shares 10,023 Value ($000) $368 Avg Close $32.35 Range $25.44 - $37.92

Q4 2015

Shares 10,133 Value ($000) $328 Avg Close $32.92 Range $27.50 - $38.86

Q3 2015

Shares 64,510 Value ($000) $1,951 Avg Close $40.16 Range $28.96 - $59.56

Q2 2015

Shares 179,173 Value ($000) $10,507 Avg Close $65.37 Range $57.94 - $74.30

Q1 2015

Shares 179,794 Value ($000) $12,346 Avg Close $60.73 Range $54.46 - $71.66

Q4 2014

Shares 220,835 Value ($000) $15,260 Avg Close $72.53 Range $58.26 - $84.06

Q3 2014

Shares 281,753 Value ($000) $20,112 Avg Close $75.95 Range $69.30 - $86.79

Q2 2014

Shares 279,877 Value ($000) $23,224 Avg Close $72.58 Range $60.01 - $86.84

Q1 2014

Shares 286,535 Value ($000) $20,805 Avg Close $84.48 Range $72.45 - $103.01

Q4 2013

Shares 294,601 Value ($000) $24,637 Avg Close $74.07 Range $64.01 - $85.70

Q3 2013

Shares 293,311 Value ($000) $21,330 Avg Close $57.09 Range $48.05 - $76.12

Q2 2013

Shares 319,839 Value ($000) $17,840,619 Avg Close $45.87 Range $37.37 - $57.49

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	7,700	$353	$41.32	$35.75 - $47.24
Q1 2016	10,023	$368	$32.35	$25.44 - $37.92
Q4 2015	10,133	$328	$32.92	$27.50 - $38.86
Q3 2015	64,510	$1,951	$40.16	$28.96 - $59.56
Q2 2015	179,173	$10,507	$65.37	$57.94 - $74.30
Q1 2015	179,794	$12,346	$60.73	$54.46 - $71.66
Q4 2014	220,835	$15,260	$72.53	$58.26 - $84.06
Q3 2014	281,753	$20,112	$75.95	$69.30 - $86.79
Q2 2014	279,877	$23,224	$72.58	$60.01 - $86.84
Q1 2014	286,535	$20,805	$84.48	$72.45 - $103.01
Q4 2013	294,601	$24,637	$74.07	$64.01 - $85.70
Q3 2013	293,311	$21,330	$57.09	$48.05 - $76.12
Q2 2013	319,839	$17,840,619	$45.87	$37.37 - $57.49