Royal Philips Electronics (NYSE:PHG, AEX:PHI) announced today that it has completed the cancellation of in total 59,907,089 shares which have been acquired for cancellation purposes during the period starting March 7, 2007 up to and including March 18, 2008 against an average repurchase price of EUR 28.64 per share. These shares have been repurchased under the share repurchase program Philips had in place in 2007 and the EUR 5 billion program the company announced on December 19, 2007 which is currently being executed.

In connection with this share capital reduction, Philips has notified the Netherlands Authority for the Financial Markets (AFM) that it no longer holds 5 per cent of its own shares. As a result of the cancellation of shares, Philips’ issued share capital as per today amounts to 1,082,919,674 shares of which 51,535,354 shares are held by Philips to cover long-term incentive and employee stock purchase plans.

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