Royal Philips: Philips to repurchase up to 6 million shares to cover long-term incentive and employee stock purchase plans

January 29, 2020

Amsterdam, the Netherlands -Royal Philips(NYSE: PHG, AEX: PHIA) today announced that it will repurchase up to 6 million shares to cover certain of its obligations arising from its long-term incentive and employee stock purchase plans. At the current share price, the shares represent an amount of up to approximately EUR 260 million.

The repurchases will be executed through one or more individual forward transactions, to be entered into in the course of the first half of 2020, in accordance with the Market Abuse Regulation and within the limits of the authorization granted by the company's General Meeting of Shareholders on May 9, 2019. Further details will be available via this link. Philips will hold the repurchased shares in treasury until the shares are to be delivered.

Periodic update on transaction details related to Philips' share repurchases
Philips is also conducting a EUR 1.5 billion repurchase program for capital reduction purposes, which was announcedon January 29, 2019. Under this program, a total of 194,991 of its own common shares were repurchased in the period from January 24, 2020 up to and including January 27, 2020, with a weighted average purchase price of EUR 45.14. Further details can be found via this link.

For further information, please contact:

Ben Zwirs
Philips Global Press Office
Tel.: [phone]
E-mail: [e-mail]

Leandro Mazzoni
Philips Investor Relations
Tel.: [phone]
E-mail: [e-mail]

About Royal Philips
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Forward-looking statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips' organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.