Koninklijke Philips N.V.

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Publicatie datum 29 jan 2010 - 08:54

Statutaire naam Koninklijke Philips N.V.

Titel Philips agrees to reduce its stake in TPV Technology to below 3%

Bericht January 29, 2010 PHILIPS AGREES TO REDUCE ITS STAKE IN TPV TECHNOLOGY TO BELOW 3% Amsterdam, The Netherlands – Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced it has agreed to sell a majority of its stake in Hong Kong-based technology provider TPV Technology Ltd. (0903.HK) to CEIEC (H.K.) Ltd., a subsidiary of CEC / Great Wall, in an off-market transaction. This transaction, which is subject to the buyers obtaining applicable consents, authorizations and approvals from the relevant government authorities of the People Republic of China, represents 9.47% of TPV’s issued share capital and reduces Philips’ shareholding to 2.99%. The sale, which is expected to have a break-even impact on our results, will provide Philips with net proceeds of approximately EUR 95 million to be recognized in the first quarter of 2010. As a result of this transaction, which is in line with Philips’ communicated strategy to dispose of non-core shareholdings, the accounting treatment of the remaining stake in TPV will be changed from equity accounting into fair value accounting applicable for available-for-sale financial assets. TPV also proposes to issue new shares to a new shareholder which will dilute Philips shareholding to approximately 2.69% of TPV’s issued share capital after the completion of both transactions. Philips also holds options on shares of TPV through a convertible bond issued to Philips in September 2005, with a face value of USD 211 million, representing a potential ownership of approximately 310 million new TPV shares. For more information, please contact: Joon Knapen Philips Corporate Communications Tel: +31 20 59 77477 Email: joon.knapen@philips.com About Royal Philips Electronics Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologie

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201001290000000006_2010-01-29 no. 6 Philips agrees to reduce its stake in TPV Technology to below 3%.DOC (opens in a new window)

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