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Philips Electronics Moves
North American Headquarters

Andover, Massachusetts, will serve as the company's new North American Headquarters

Philips Electronics North America Press Release - 7/23/2008

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Philips Electronics

ANDOVER, Ma. - Senior Management from Philips Electronics North America, a unit of Royal Philips Electronics, together with Massachusetts Governor Deval Patrick, today announced that Andover, Mass., will serve as the company's new North American Headquarters. As a result of this move, Massachusetts now has the largest Philips presence in North America, with nearly 5,000 employees, six major worksites and significant manufacturing facilities.

Philips estimates that its presence will inject more than $266 million dollars in payroll into the Massachusetts economy annually, when taking into account the various Philips facilities including executive and administrative offices, innovation centers, R&D, warehousing and manufacturing.

"There are many compelling reasons for choosing Massachusetts as the place to relocate our regional headquarters," said Scott Weisenhoff, Chief Executive Officer for Philips Electronics North America. "Massachusetts is the global headquarters for our healthcare business, and our Solid State Lighting business, which drives our leadership in energy efficient lighting solutions. These are important growth engines for our company, making it imperative that our corporate office work closely with these business units to ensure growth. As Philips grows, so too will our investment in Massachusetts and North America."

"I am delighted to welcome Philips Electronics to Massachusetts," said Governor Deval Patrick. "Company investments like these speak to the unique benefits the Commonwealth offers employers: a highly educated and trained workforce, world-class research and educational institutions, and a state government committed to creating a business climate where companies and their employees can prosper."

During the last twelve months alone, Philips has grown from approximately 20,000 to more than 30,000 employees in the U.S., with offices and operations at 50 major facilities in 22 states. Sales for North America are now greater than $12 billion annually, making it the biggest single market for Philips globally. Last week, the company reported second quarter sales had increased to $10.3 billion globally, up seven percent compared to the same period in 2007. Sales for North America were $3.24 billion, an increase of 23 percent compared to the second quarter of 2007, and representing more than 30 percent of Philips' global sales.

"Massachusetts can be proud that many of the technologies we are creating and manufacturing as we strive to become the world's leading health and well-being brand -- including LED Lighting, home healthcare solutions and other life saving healthcare equipment, are being developed every day in this state, and sent around the world," Weisenhoff added. "I have no doubt that the innovations being developed by Philips in Massachusetts are going to help improve the world."

At today's announcement, the Governor saw these technologies first-hand with a tour of Philips' healthcare business, including the assembly room for state-of-the-art patient monitors that bring critical data, vital signs and digital imaging directly to the patients bedside, greatly assisting medical staff and helping to improve patient care.

To commemorate the relocation, as well as the company's 75th anniversary operating in the United States, Philips representatives provided a HeartStart defibrillator to the community, 25 free subscriptions to its Lifeline medial alert system for indigent elderly in the Framingham community, and the eW Profile Powercore - under-shelf display light, a proof point that demonstrates new LED lighting sources that use 40 percent less energy than efficient fluorescent lighting for residential and commercial spaces.

Philips Electronics North America was previously headquartered in New York City.

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 technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of "sense and simplicity". Headquartered in the Netherlands, Philips employs approximately 133,000 employees in more than 60 countries worldwide. With sales of US$42 billion (EUR 27 billion) in 2007, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare.

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