Dolby Dagmar → Dolby Laboratories, Inc. DLB

There was a decrease in the Reporting Persons' beneficial holdings of more than one percent of the outstanding shares of Class A Common Stock resulting from the gifting of (i) 58,325 shares of Class A Common Stock beneficially owned by the Dagmar Dolby Fund, (ii) 46,500 shares of Class A Common Stock beneficially owned by the Ray Dolby Legacy Fund, and (iii) 915,000 shares of Class B Common Stock beneficially owned by the Dagmar Dolby Trust (together with (i) and (ii), the "Transfers"). The Transfers were effected solely for charitable gifting and planning purposes, and were transfers for no value without the payment or receipt of any funds or other consideration by the Reporting Persons in exchange therefor.