Dolby Laboratories, Inc. — Director's Dealing 2012

May 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dolby Laboratories, Inc. (DLB)
CIK: 0001308547
Period of Report: 2012-05-24

Reporting Person: DEMO MURRAY J (EVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-24	Class A Common Stock	M	14685	$38.64	Acquired	16753	Indirect
2012-05-24	Class A Common Stock	S	14685	$44.0872	Disposed	2068	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-24	Employee Stock Option (Right to Buy)	$38.64	M	14685	Disposed	2019-05-15	Class A Common Stock (14685)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	24960	Direct

Footnotes

F1: Shares held following the reported transactions include 24,960 restricted stock units, which are subject to forfeiture until they vest.

F2: This transaction was executed in multiple trades at prices ranging from $44.00 to $44.40. 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.

F3: This option was granted for a total of 120,000 shares of Class A Common Stock. 1/4 of the total number of shares issuable under the option vests on the first anniversary of May 15, 2009, the vesting commencement date, and the balance of the shares in equal monthly installments over the next 36 months thereafter.