SHUTTERSTOCK INC

Ticker: SSTK CUSIP: 825690100 Class: Common Stock

D.A. DAVIDSON & CO.'s Holding History (CIK: 0001080107)

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

Q4 2016

Shares 4,078 Value ($000) $193 Avg Close $53.37 Range $44.20 - $64.81

Q3 2016

Shares 4,025 Value ($000) $256 Avg Close $57.50 Range $45.01 - $65.16

Q2 2016

Shares 3,915 Value ($000) $178 Avg Close $41.32 Range $35.75 - $47.24

Q1 2016

Shares 3,633 Value ($000) $132 Avg Close $32.35 Range $25.44 - $37.92

Q4 2015

Shares 3,796 Value ($000) $121 Avg Close $32.92 Range $27.50 - $38.86

Q3 2015

Shares 2,667 Value ($000) $80 Avg Close $40.16 Range $28.96 - $59.56

Q2 2015

Shares 1,907 Value ($000) $111 Avg Close $65.37 Range $57.94 - $74.30

Q1 2015

Shares 1,745 Value ($000) $119 Avg Close $60.73 Range $54.46 - $71.66

Q4 2014

Shares 150 Value ($000) $10 Avg Close $72.53 Range $58.26 - $84.06

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	4,078	$193	$53.37	$44.20 - $64.81
Q3 2016	4,025	$256	$57.50	$45.01 - $65.16
Q2 2016	3,915	$178	$41.32	$35.75 - $47.24
Q1 2016	3,633	$132	$32.35	$25.44 - $37.92
Q4 2015	3,796	$121	$32.92	$27.50 - $38.86
Q3 2015	2,667	$80	$40.16	$28.96 - $59.56
Q2 2015	1,907	$111	$65.37	$57.94 - $74.30
Q1 2015	1,745	$119	$60.73	$54.46 - $71.66
Q4 2014	150	$10	$72.53	$58.26 - $84.06