Fremont, Ca., September 8, 2003 - Lexar Media, Inc. (Nasdaq: LEXR), a leading designer, developer and marketer of high-performance digital media and accessory products, today announced that Olympus has joined the growing number of top-tier camera manufacturers now supporting Lexar Media's Write Acceleration (WA) technology in professional digital SLR cameras.

On June 24, 2003, Olympus introduced the E-1, which is the first Olympus camera to incorporate Lexar Media's WA technology. Write Acceleration technology works to reduce the overhead required to store images to memory cards and results in faster write speed performance. The Olympus E-1 also supports the FAT32 file system and features a CompactFlash Type II slot, which enables the camera to take advantage of Lexar Media's new 4GB CompactFlash card.

"Lexar Media's Professional Series Compact Flash cards perform exceptionally well in the new E-1 camera," said John Knaur, senior marketing manager digital SLRs, Olympus America, Inc. "Lexar's WA cards offer proven high-speed and have strong support among professional photographers, which makes them a great match for the E-1."

"We are thrilled to welcome Olympus as the latest camera manufacturer to support Write Acceleration technology and support for our new 4GB CompactFlash card," said John Omvik, director of product marketing, Lexar Media. "The E-1 is a very exciting camera with several new innovations that professionals will appreciate, especially the opportunity to use a high performance 4GB card."

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 and system 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 products and the growth opportunities available to Lexar Media. 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, as amended on July 31, 2003. Lexar Media assumes no obligation to update the forward-looking information contained in this news release.

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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.

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