Dolby Laboratories, Inc. — Director's Dealing 2010

May 3, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2010-04-30

Reporting Person: Haidamus Ramzi (EVP, Sales and Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-04-30	Class A Common Stock	M	13500	$48.15	Acquired	52248	Direct
2010-04-30	Class A Common Stock	S	13500	$68.31	Disposed	38748	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-04-30	Employee Stock Option (Right to Buy)	$48.15	M	13500	Disposed	2018-02-05	Class A Common Stock (13500)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $68.15 to $68.58. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.

F2: Shares held following the reported transactions include 34,000 restricted stock units, which are subject to forfeiture until they vest.

F3: This option was granted for a total of 27,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on each anniversary of February 5, 2008, the vesting commencement date.