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Under the terms of the agreement, ST will deploy either TruSurround or TSXT in its OMEGA range of digital set-top box decoder ICs, including the newest member of the family, the STi5516. These devices combine a CPU, MPEG decoder, display unit and other peripherals on a single silicon device. Customers will be able to configure TruSurround through a high level programming interface. SRS TruSurround is currently available as a product option on several ST chips but through this new agreement, it will be bundled into all STB OMEGA decoder ICs, starting in the first quarter of 2003. The companies have initiated a joint marketing program to promote TruSurround and TSXT to ST customers worldwide.

TruSurround is a powerful, patented audio technology that provides listeners with the unprecedented realistic effect of multichannel surround sound through a single pair of stereo speakers. Using SRS Labs' established TruSurround technology, the next generation TruSurround XT includes bass enhancement and dialog clarity technologies, which provide deeper bass tones and clarify speech during passages that contain dynamic surround sound effects.

Thomas C. K. Yuen, chairman and CEO of SRS Labs said, "As the market leader in set-top box ICs, this new agreement with ST will enable us to immediately extend our technology reach to a significant majority of digital set-top box manufacturers worldwide. Our close partnership with ST for DVD IC solutions helped to establish TruSurround as a standard in the DVD market space and we are pleased that they will now be including this feature across their range of set-top box ICs."

"We are delighted to have signed this agreement with SRS Labs," said Christos Lagomichos, vice president and general manager of ST's Set Top Box Division. "TruSurround support on our silicon platform will be a very attractive feature to our customers. Together we can deliver exceptional audio performance at a much lower cost to consumers than would otherwise have been possible."

About TruSurround and TruSurround XT

TruSurround is the established standard for the virtualization of 5.1 surround sound over two-speaker systems and has been featured in over 15 million consumer hardware products globally including products made by Funai Electric, Hughes Network Systems, Matsushita, Mitsubishi Electric Corporation, Philips, Pioneer, Sony, Thomson Consumer Electronics, and Toshiba Corporation. The next generation TruSurround XT that was released in November 2001 includes bass enhancement and dialog clarity technologies, which provide deeper bass tones and clarify speech during passages that contain dynamic surround sound effects. The TruSurround family of technologies delivers an immersive home-theater surround sound experience from multi-channel audio material over standard stereo speakers or headphones. TruSurround is applicable to DVD players, televisions, set-top boxes, video game consoles and AV surround sound receivers. To hear an online demonstration of TruSurround, visit http://www.srslabs.com/LicensingTechMultichannel.asp#TS.

About STMicroelectronics

STMicroelectronics is a global leader in developing and delivering semiconductor solutions across the spectrum of microelectronics applications. An unrivalled combination of silicon and system expertise, manufacturing strength, Intellectual Property (IP) portfolio and strategic partners positions the Company at the forefront of System-on-Chip (SoC) technology and its products play a key role in enabling today's convergence markets. The Company's shares are traded on the New York Stock Exchange, on Euronext Paris and on the Milan Stock Exchange. In 2002, the Company's net revenues were $6.32 billion and net earnings were $429.4 million. Further information on ST can be found at http://www.st.com .

About SRS Labs Inc.

Over the past decade, SRS Labs has become a recognized leader in the advancement of audio and voice technology. The company works with the world's top manufacturers to provide a richer entertainment experience through patented sound techniques. SRS technologies can be heard through products ranging from televisions, DVD players, and cell phones to car audio systems and computers. Through its SRSWOWcast subsidiary, the company offers hardware and software tools to professionals and consumers for the production of content featuring SRS technologies. SRS Labs' wholly owned subsidiary, ValenceTech, is located in Hong Kong and provides custom ASICs and standard ICs to top manufacturers worldwide. Based in Santa Ana, Calif., the company also has licensing representation in Hong Kong, Japan, Europe, and Korea. For more information about SRS Labs, Inc. or SRS technologies, please visit http://www.srslabs.com . The information on the above-referenced websites is not incorporated by reference into this press release.

SRS Labs Inc. Forward-Looking Statements:

Statements in this release in paragraph four are forward-looking statements and projections (which include statements concerning plans and objectives of management for future operations) that is based on management's belief, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that the Company's goals and strategy will be realized. Numerous factors (including risks and uncertainties) may affect the Company's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of the Company. Some of these factors include the general market conditions concerning semiconductor business, ST's continued status as a market leader for set-top box ICs, the impact of competitive products and pricing, the timely development and release of technologies by the Company, general business and economic conditions, especially in Asia, and other factors detailed in the Company's Form 10-K and other periodic reports filed with the SEC. SRS Labs specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise