Jon Oringer, Founder & CEO Tim 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. A Global Marketplace for Imagery 3 Company Snapshot Revenue Key Facts (M) • 25 million images $170 $51 • 1 million video clips • 750,000 paying customers $38 • 40,000 contributors $120 • 150 countries, 18 languages $83 • Headquartered in New York City $61 • 262 employees • 20% Adjusted EBITDA margin 20092010 2011 2012 Q1 2012 Q1 2013 4 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 5 World-Class Leadership Executive Team 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 Board of Directors 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 6 All Businesses Need Images Leading Ad Agency Fortune 500 Large Publisher Freelancer Small Business Blogger 7 Challenges in Licensing Images Web Search Commissioned Traditional Stock • Unlicensed • $2,000 to $20,000+ • Often $200-$500+ • Mixed quality • Days to weeks • Time consuming • Time-consuming • Uncertain results • Complex licensing 8 A Highly Disruptive Solution Simple Immediate Affordable 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. Large and Growing Market Market for Commercial Imagery Key Trends (B) $13 • Growth in websites $11 • Growth in advertising • Tablet and mobile browsing Commissioned • Commissioned Stock • Traditional Marketplaces $6$6 Bn Stock $4$4 Bn 2011 2016 10 Source: L.E.K. Consulting LLC, August 2012 Why Do Customers Choose Shutterstock? Content Largest and freshest library Search Fast, relevant and unbiased Value Simple and frictionless 11 Powerful Network Effects Data Customers Contributors Data 12 Multiple Growth Opportunities Increased Penetration in All Markets Emerging Content Types Large Enterprises and Ad Agencies 13 Market Leading Innovation Instant Offset 14 Highly Loyal Customers Revenue by Cohort - Each Year Builds on a Stronger Base $175M $140M $105M $70M $35M $0M 2006 15 Note: Excludes inorganic growth. Highly Loyal Customers Revenue by Cohort - Each Year Builds on a Stronger Base $175M $140M $105M $70M $35M $0M 2006 2007 2008 2009 2010 2011 2012 16 Note: Excludes inorganic growth. Highly Loyal Customers Revenue by Cohort - Each Year Builds on a Stronger Base $175M $140M $105M $70M $35M 2007 Cohort Earlier Cohorts $0M 2006 2007 2008 2009 2010 2011 2012 17 Note: Excludes inorganic growth. Highly Loyal Customers Revenue by Cohort - Each Year Builds on a Stronger Base $175M $140M $105M $70M $35M 2007 Cohort Earlier Cohorts $0M 2006 2007 2008 2009 2010 2011 2012 18 Note: Excludes inorganic growth. Highly Loyal Customers Revenue by Cohort - Each Year Builds on a Stronger Base $175M $140M 2012 Cohort $105M 2011 Cohort $70M 2010 Cohort 2009 Cohort $35M 2008 Cohort 2007 Cohort Earlier Cohorts $0M 2006 2007 2008 2009 2010 2011 2012 19 Note: Excludes inorganic growth. Highly Loyal Customers Revenue by Cohort - Each Year Builds on a Stronger Base $175M $140M 2012 Cohort $105M 2011 Cohort $70M 2010 Cohort 2009 Cohort $35M 2008 Cohort 2007 Cohort Earlier Cohorts $0M 2006 2007 2008 2009 2010 2011 2012 20 Note: Excludes inorganic growth. Profitable Customer Acquisition Customers Acquired in Q1 2010 $3.5M $12M Gross Profit or $4M Marketing spend 4x recovered in first year ROI after 3 years $3M $3M $3M $1.5M Investment Marketing Gross Profit Q1 2010 Next 3 Qtrs 2nd year 3rd year 21 Note: Only includes customers whose first purchase was in Q1 2010. Growing, Predictable & Profitable Business Model Growing 41% revenue CAGR (2009-2012) Increasing number of images, customers, paid downloads Predictable ~100% annual revenue retention Strong repeat behavior across all plans Profitable Profitable for 23 consecutive quarters High degree of control over margins 22 Note: Year-to-year revenue retention statistic based on average of the last five years (2008-2012) Growth in Key Metrics Images in Library Active Customers Paid Downloads (M) (K) (M) 23 786 76 17 59 552 13 44 34 9 322 175 20092010 2011 2012 20092010 2011 2012 2009 2010 2011 2012 $1.80 $1.88 $2.05 $2.23 Revenue per download 23 Strong and Consistent Revenue Growth Revenue $51 (M) $49 $42 $41 $38 $35 $31 $29 $25 $24 $21 $19 $20 1Q’10 2Q’10 3Q’10 4Q’10 1Q’11 2Q’11 3Q’11 4Q’111Q’12 2Q’12 3Q’12 4Q’12 1Q’13 24 Diverse Revenue Sources All Geographies All Company Sizes No Concentration 43% 45% 12% EMEA Americas Asia/Pacific Top 25 Customers <3% of Revenue Self Employed 2-5 6-50 51-500 500+ 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) Profitable, Scalable Customer Acquisition Model Unit Economics Sales and Marketing Spend (M) $45 ~$100 $32 ~$350 $18 $11 $9 $7 Lifetime Acquisition Cost of Lifetime 2007 2008 2009 2010 2011 2012 Revenue Costs Goods Contribution 26 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 27.