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Dolby Announces Takeover Offer for Lake Technology

Dolby Laboratories, Inc. has announced a cash takeover offer for Lake Technology Limited of approximately Aus$17.6 million. Further details of the offer are contained in the announcement by Dolby, available at www.dolby.com.

The Chairman of Lake, Russel Ingersoll said, "Dolby and Lake have long had a close commercial relationship. Lake welcomes Dolby's interest in Lake, evidenced by its previous investments in the company and now this offer from Dolby."

The Board of Lake will appoint an independent expert to provide an opinion as to whether the offer is fair and reasonable. If the expert determines that the offer is fair and reasonable, the Board intends to recommend the Dolby offer, in the absence of a higher offer.

If the Board recommends the offer, it intends to support an accelerated timetable for the offer and will agree to the joint dispatch of a bidder's and target's statement to shareholders.

For more information, visit their web site at http://www.dolby.com/.

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