Fremont, CA, July 15, 2003 - Lexar Media, Inc. (Nasdaq: LEXR), a leading designer, developer and marketer of award-winning high-performance digital media and accessories, announced today that Lexar Media's 2GB 40X-speed Professional Series CompactFlash has been recognized by the Technical Image Press Association (TIPA) as the "Best Digital Accessory" introduced in Europe within the past twelve months.

TIPA is an organization of 31 photography and imaging magazines in 12 European countries and the TIPA Awards are recognized throughout the European imaging community as the Oscars of the industry. The Awards are granted by Europe's most influential imaging editors who judge each product on innovation, use of leading-edge technology, design and ergonomics, ease of use, and price/performance ratio.

"It's an honor to receive an award of this caliber," said Tessa Board, managing director, Lexar Media, Europe. "TIPA Awards are viewed by the European imaging community as the best of the best, and Lexar Media is proud to be recognized as part of this elite group."

"TIPA awards are granted only to the finest imaging products in the industry and Lexar Media has reached our high standards with their 2GB 40X-speed CompactFlash," said Juan Varela, president of TIPA. "Thanks to the new WA (Write Acceleration Technology), the new CompactFlash Card series is up to 23% faster than the earlier cards. The improved performance is due to faster communication between card and camera, allowing files to be transferred and stored more quickly. In combination with the 2GB storage memory, it makes the Lexar cards ideal for professional digital photography."

2003 - 2004 TIPA award winners:

- Best 35 mm SLR Camera: Pentax *IST
- Best 35mm Compact Camera: Fujifilm Zoomdate F2.8
- Best Prestige Camera: Hasselblad X-Pan II
- Best Lens: Canon EF 17-40 mm
- Best Innovative Technology: Olympus 4/3 Digital System
- Best Design: Nikon Coolpix SQ
- Best Professional Product: Hasselblad H1
- Best Colour Negative Film: Kodak Royal Supra 200/400
- Best Colour Slide Film: Fujifilm Velvia 100F
- Best Digital Consumer Camera: Olympus Mju 400 Digital
- Best Digital Prosumer Camera: Sony DCS V1
- Best SLR Digital: Canon EOS 1Ds
- Best Digital Professional Product: Imacon Ixpress
- Best Camcorder: Sony DCR-TRV 950
- Best Flatbed Scanner: Epson Perfection 3200 Photo
- Best Filmscanner: Minolta Dimage Scan 5400
- Best Photo Printer: Epson Stylus Photo 900
- Best Consumer Software: JASC PaintShop Pro 8
- Best Inkjet Photo Paper: Tetenal Fine Art
- Best Digital Accessory: Lexar Media 2GB 40X-Speed Professional Series CompactFlash

About Lexar Media, Inc.
Lexar Media, Inc. (Nasdaq: LEXR) is a leading designer, marketer and licensor of award-winning removable flash-based digital storage media, card readers and ATA controller solutions for the digital photography, consumer electronics, industrial and communications markets. Lexar Media brands digital memory cards in the industry's most popular formats including CompactFlash, SmartMedia, Memory Stick, MultiMediaCard and SD. As a digital storage innovator, Lexar Media was the first to develop and advance proprietary read-write speed standards for its USB-enabled CompactFlash cards and holds over 60 controller patents. Licensees of Lexar Media's technology include Olympus, SanDisk, Samsung Electronics and Sony. Headquartered in Fremont, California, Lexar Media also has offices in London and Tokyo. Lexar Media is a member of the Russell 2000 Index. For more information, please call 1-800-789-9418 or visit www.lexarmedia.com.

Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. These forward-looking statements include statements related to the benefits of and consumer demand for Lexar Media's high performance CompactFlash products. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. These risks include that the growth and success of Lexar Media's business depends on its ability to achieve and maintain technology leadership, and sell and market products that are commercially accepted. Readers should also refer to the risk factors described in Lexar Media's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for its fiscal year ended December 31, 2002 filed with the SEC on March 31, 2003. Lexar Media assumes no obligation to update the forward-looking information contained in this news release.

Lexar Media, JumpDrive and the Lexar Media logo are trademarks of Lexar Media, Inc. Lexar Media Inc. is an authorized licensee of the CompactFlash trademark. All other brand or product names are trademarks or registered trademarks of their respective holders.

###