Jon Oringer, Founder & CEOTim Bixby, CFO

May 2013

Safe Harbor This presentation contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, potential market opportunities and the effects of competition.

Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our management’s beliefs and assumptions only as of the date of our most recent public filings. You should read our public filings, including the Risk Factors set forth therein and the documents that we have filed as exhibits to those filings, completely and with the understanding that our actual future results may be materially different from what we currently expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

In addition, as we refer to earnings, we will also refer to adjusted EBITDA, non-GAAP net income and free cash flow. We define adjusted EBITDA as earnings adjusted for interest income/(expense), income taxes, depreciation, amortization and non-cash equity-based compensation; non-GAAP net income as net income excluding the after tax impact of non-cash equity based compensation expense; and free cash flow as cash provided by (or used in) operating activities adjusted for capital expenditures and interest income/(expense). Adjusted EBITDA, non-GAAP net income free cash flow are non-GAAP financial measures. You can find a reconciliation of adjusted EBITDA, non-GAAP net income and free cash flow to the most directly comparable GAAP financial measures in our most recent quarterly earnings release, which is posted on the Investor Relations section of our website. We believe that the use of adjusted EBITDA, non-GAAP net income and free cash flow provides additional insight for investors to use in evaluation of ongoing operating results and trends. However, non-GAAP financial measures such as adjusted EBITDA, non-GAAP net income and free cash flow should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

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A Global Marketplace for Imagery

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Revenue

• 25 million images

• 1 million video clips

• 750,000 paying customers

• 40,000 contributors

• 150 countries, 18 languages

• Headquartered in New York City

• 262 employees

• 20% Adjusted EBITDA margin

Company Snapshot

Key Facts

(M)

4

Q1 2013

$51

Q1 2012

$38

$170

$120

$83

$61

201120102009 2012

Key Investment Highlights

1 Disruptive player in a large, growing market

2 Highly recurring revenues, with profitable growth

3 Scalable customer acquisition model

4 Powerful network effects

5 Multiple future growth opportunities

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6

Jon Oringer Founder, CEO and Chairman

Thilo Semmelbauer President and COO

Tim Bixby Chief Financial Officer

Jim Chou Chief Technology Officer

Miles Williams VP Marketing

Nick Flynn VP Sales

Scott Braut VP Content

Wyatt Jenkins VP Product

Michael Lesser VP/General Counsel

Steven Berns EVP and CFO, Revlon

Jeff Epstein Former EVP and CFO, Oracle

Thomas Evans President and CEO, Bankrate

Jeffrey Lieberman Managing Director, Insight Venture Partners

Jonathan Miller Former CEO, Digital Media Group at News Corp

Executive Team

Board of Directors

World-Class Leadership

All Businesses Need Images

Leading Ad Agency Fortune 500 Large Publisher

Freelancer Small Business Blogger

7

Challenges in Licensing Images

• $2,000 to $20,000+

• Days to weeks

• Uncertain results

• Often $200-$500+

• Time consuming

• Complex licensing

8

Web Search Commissioned Traditional Stock

• Unlicensed

• Mixed quality

• Time-consuming

A Highly Disruptive Solution

Monthly Subscriptions $249 / month

Image Packs $49 for 5 images

Enterprise $10’s to $100’s / image

9 Reflects USD pricing. Shutterstock prices in ten currencies.

Simple

Immediate

Affordable

10

• Growth in websites

• Growth in advertising

• Tablet and mobile browsing

• Commissioned � Stock

• Traditional � Marketplaces

Large and Growing Market

$4 Bn$6 Bn

Market for Commercial Imagery Key Trends

10 Source: L.E.K. Consulting LLC, August 2012

Stock

Commissioned

2016

$13

$6

2011

$11

$4

(B)

Why Do Customers Choose Shutterstock?

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Largest and freshest library

Content

Fast, relevant and unbiased

Search

Simple and frictionless

Value

Powerful Network Effects

Customers Contributors

12

Data

Data

Multiple Growth Opportunities

13

Increased Penetration in All Markets

Emerging Content Types

Large Enterprises and Ad Agencies

Market Leading Innovation

14

Instant

Offset

Highly Loyal Customers

15 Note: Excludes inorganic growth.

2006

$70M

$35M

$105M

$140M

$175M

$0M

Revenue by Cohort - Each Year Builds on a Stronger Base

Highly Loyal Customers

16 Note: Excludes inorganic growth.

2012201120102009200820072006

$70M

$35M

$105M

$140M

$175M

$0M

Revenue by Cohort - Each Year Builds on a Stronger Base

Highly Loyal Customers

17 Note: Excludes inorganic growth.

Earlier Cohorts2007 Cohort

2012201120102009200820072006

$70M

$35M

$105M

$140M

$175M

$0M

Revenue by Cohort - Each Year Builds on a Stronger Base

Highly Loyal Customers

18 Note: Excludes inorganic growth.

Earlier Cohorts2007 Cohort

2012201120102009200820072006

$70M

$35M

$105M

$140M

$175M

$0M

Revenue by Cohort - Each Year Builds on a Stronger Base

Highly Loyal Customers

19 Note: Excludes inorganic growth.

Earlier Cohorts2007 Cohort2008 Cohort

2009 Cohort

2010 Cohort

2011 Cohort

2012 Cohort

2012201120102009200820072006

$70M

$35M

$105M

$140M

$175M

$0M

Revenue by Cohort - Each Year Builds on a Stronger Base

Highly Loyal Customers

20 Note: Excludes inorganic growth.

Earlier Cohorts2007 Cohort2008 Cohort

2009 Cohort

2010 Cohort

2011 Cohort

2012 Cohort

2012201120102009200820072006

$70M

$35M

$105M

$140M

$175M

$0M

Revenue by Cohort - Each Year Builds on a Stronger Base

4xROI

or

after 3 years

Profitable Customer Acquisition

21 Note: Only includes customers whose first purchase was in Q1 2010.

$12MGross Profit

$3MInvestment

$3M

Gross Profit

$1.5M

Marketing

$3M

$3.5M

$4M

Q1 2010

Customers Acquired in Q1 2010

Marketing spend recovered in first year

Next 3 Qtrs 2nd year 3rd year

Growing, Predictable & Profitable Business Model

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41% revenue CAGR (2009-2012)Increasing number of images, customers, paid downloads

Growing

~100% annual revenue retentionStrong repeat behavior across all plans

Predictable

Profitable for 23 consecutive quartersHigh degree of control over margins

Profitable

Note: Year-to-year revenue retention statistic based on average of the last five years (2008-2012)

$1.80 $1.88 $2.05 $2.23

Growth in Key Metrics

Images in Library Active Customers

(M)

Paid Downloads

(K) (M)

23

Revenue per download

23

17

13

9

2009 201220112010

786

552

322

175

201220102009 2011

76

59

44

34

2012201120102009

Strong and Consistent Revenue Growth

Revenue

(M)

24

$49

$42$41

$38$35

$31$29

$25$24

$21$20$19

$51

1Q’124Q’11 4Q’123Q’122Q’123Q’112Q’111Q’114Q’103Q’102Q’101Q’10 1Q’13

Diverse Revenue Sources

All Geographies All Company Sizes No Concentration

Self Employed 2-5

6-50 51-500 500+

Top 25 Customers <3% of RevenueAmericas

EMEA

Asia/Pacific

25 Note: Charts reflect 2012 revenue except company size chart which reflects customer count by company size, via customer survey in July 2011. (n = 2,421)

12%45%

43%

Profitable, Scalable Customer Acquisition Model

Unit Economics Sales and Marketing Spend

(M)

Acquisition Costs

~$100

Lifetime Revenue

Lifetime Contribution

Cost of Goods

~$350

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2012

$32

2011

$45

2007 2008

$11

2009

$9

2010

$18

$7

Key Investment Highlights

1 Disruptive player in a large, growing market

2 Highly recurring revenues, with profitable growth

3 Scalable customer acquisition model

4 Powerful network effects

5 Multiple future growth opportunities

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