<SEC-DOCUMENT>0000950123-11-053758.txt : 20110808
<SEC-HEADER>0000950123-11-053758.hdr.sgml : 20110808
<ACCEPTANCE-DATETIME>20110525103804
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-053758
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20110525

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KONINKLIJKE PHILIPS ELECTRONICS NV
		CENTRAL INDEX KEY:			0000313216
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BREITNER CENTER
		STREET 2:		AMSTELPLEIN 2
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1096 BC
		BUSINESS PHONE:		31 20 59 77777

	MAIL ADDRESS:	
		STREET 1:		BREITNER CENTER
		STREET 2:		AMSTELPLEIN 2
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1096 BC

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIPS ELECTRONICS N V
		DATE OF NAME CHANGE:	19930727

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIPS NV
		DATE OF NAME CHANGE:	19910903
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HEAD>
<TITLE>CORRESP</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126400.gif" alt="(PHILIPS LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Royal Philips Electronics</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Executive Vice President<BR>
&#038; Chief Financial Officer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Jeff Jaramillo<BR>
Accounting Branch Chief<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street. N.E.<BR>
Washington, D.C. 20549<BR>
U.S.A.

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Amsterdam, May&nbsp;24, 2011
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><U>Koninklijke Philips Electronics N.V. &#150; Form&nbsp;20-F
for the Fiscal Year ended December 31, 2010 &#150; Filed February&nbsp;18, 2011 (File No.&nbsp;001-05146-01)</U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Jaramillo,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for your letter dated April&nbsp;27, 2011 setting forth comments regarding the Form 20-F for
the fiscal year ended December&nbsp;31, 2010 (the &#147;2010 Form&nbsp;20-F&#148;) of Koninklijke Philips Electronics
N.V. (&#147;Philips&#148; or the &#147;Company&#148;) and the Company&#146;s Current Report on <font style="white-space: nowrap">Form 6-K</font> dated April&nbsp;18,
2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To facilitate your consideration of Philips&#146; responses, we have included below the comments and
have provided Philips&#146; responses immediately following.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Philips acknowledges that (i)&nbsp;Philips is responsible for the adequacy and accuracy of the
disclosure in the filing, (ii)&nbsp;Staff comments or changes to disclosure in response to Staff
comments do not foreclose the Commission from taking any action with respect to the filing,
and (iii)&nbsp;Philips may not assert Staff comments as a defense in any proceeding initiated by
the Commission or any person under the federal securities laws of the United States.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>****</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126402.gif" alt="(PHILIPS LOGO)">
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126400.gif" alt="(PHILIPS LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Form&nbsp;20-F
for the Fiscal Year Ended December&nbsp;31, 2010<BR>
Philips Annual Report, Exhibit&nbsp;15 (B)<BR>
Group Financial Statements, page 141<BR>
Significant accounting policies, page 154<BR>
Goodwill, page 172</I></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><I>1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note the sector disclosures on page 151 indicate that your television division had
recurring loss from operations and negative cash flow before financing activities for each
period presented. We also note your disclosures that &#147;For impairment testing, goodwill is
allocated to (groups of) cash-generating units (typically one level below operating sector
level), which represent the lowest level at which the goodwill is monitored internally for
management purposes&#148;. Please tell us if your Television businesses qualify as a
&#147;cash-generating unit&#148; to which you allocated goodwill. If so, provide us with the amount of
goodwill allocated to this unit at December&nbsp;31, 2010, tell us whether you recorded any
goodwill impairment during the fiscal year relating to that unit, and discuss for us how you
considered the recurring losses from operations and negative cash flows before financing
activities in your analysis.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, we consider the Television business a cash-generating unit for the purposes of goodwill
impairment testing. The amount of goodwill allocated to television business at December&nbsp;31, 2010
was EUR 2&nbsp;million. Because the carrying value of the Television CGU (goodwill and net assets, in
accordance with IAS 36.75-76) was negative, we concluded that no impairment was necessary, despite
the recurring losses and negative cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Other non-current financial assets, page 174</I></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><I>2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We see your disclosures that on September&nbsp;7, 2010 you sold your entire holding of
common shares in NXP to Philips Pension Trustees for a consideration of EUR 361
million and that you recorded a gain of EUR 154&nbsp;million from that transaction. Please
provide us with a detailed calculation of the EUR 154&nbsp;million gain and tell us the
authoritative literature you considered in accounting for the transaction, including
your gain recognition.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126403.gif" alt="(PHILIPS LOGO)">
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126400.gif" alt="(PHILIPS LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response:</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Detailed calculation of the gain</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;6, 2010, NXP completed an IPO of 14% of its shares and listed its shares on the NASDAQ
stock exchange. The consequence of the IPO was that, in accordance with IAS 39.53, a reliable
measure became available for a financial asset for which such a measure was previously not
available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As from the date of the IPO, and based on the guidance in IAS 39.53, IAS 39.55 (b)&nbsp;and IAS 39.69,
the difference between the book value of the shares and the fair value was reflected in Other
Comprehensive Income (OCI). On September&nbsp;7, 2010, Philips and the UK pension fund reached an
agreement on the transfer of the shares at a cash consideration of EUR 361&nbsp;million (GBP 300
million). As a result, at that date, we recognized in OCI an amount of EUR 154&nbsp;million (being the
difference between EUR 361&nbsp;million and carrying amount at the time of the IPO of EUR 207&nbsp;million).
Upon derecognition of the NXP shares, this amount of EUR 154&nbsp;million was reclassified to profit and
loss &#150; see additional discussion below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Accounting for the transaction</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The contribution of the NXP stake to our UK pension fund was accounted for at fair value and the
resulting gain was recorded. This accounting treatment was based on the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Derecognition of a financial asset (IAS 39.16-.23):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The cash flows related to the NXP shares are expected to comprise:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dividends; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proceeds from a sale.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NXP shares were legally transferred to the UK pension fund, and as such the UK pension
fund is entitled to dividends and proceeds from any future sale of the shares. In
determining whether the transfer qualifies for derecognition we also have considered the
cash refund arrangement agreed with the UK pension fund, as disclosed in note 11 to the
financial statements. Based on our analysis, it was determined that substantially all
risks and rewards associated with the NXP shares have been transferred to the UK pension
fund, in accordance with IAS <font style="white-space: nowrap">39.20 (a).</font>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We further note that control of the underlying assets had been transferred in accordance with IAS
39.23, since it was determined that the UK pension fund has the practical ability to sell the asset
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126404.gif" alt="(PHILIPS LOGO)">
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126400.gif" alt="(PHILIPS LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in its entirety to an unrelated third party and is able to exercise that ability
unilaterally and without needing to impose additional restrictions on the
transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IAS 39.55 (b)&nbsp;then requires, upon derecognition of a financial asset, the cumulative
amount recorded in OCI to be reclassified to profit or loss.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Recognition of a plan asset (IAS 19):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NXP shares were contributed to the UK pension fund. The fund&#146;s assets and liabilities are not
consolidated into Philips&#146; financial statements; rather, defined benefit pension accounting is
applied in accordance with IAS 19, meaning that contributions result in plan assets if such
contributions meet the definition of plan assets under IAS 19. We therefore assessed whether the
shares transferred to the UK pension fund qualify as plan assets under IAS 19 and concluded that,
based on the transfer of control as discussed above, subsequent to the transfer such assets meet
the definition of plan assets as included in IAS 19.7. The plan assets are measured at fair value
in accordance with IAS 19.50 (c), 54 (d).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Gain recognition:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon derecognition of the NXP shares and the recognition of a plan asset, the OCI balance was
reclassified to profit and loss in accordance with IAS 39.55 (b). As further support for this
treatment we have also reviewed literature published by various audit firms, such as KPMG&#146;s
<I>Insights into IFRS </I>4.4.370.20 and Ernst &#038; Young&#146;s <I>International GAAP 2010 </I>Volume 2. Page 2038
Paragraph&nbsp;C. (ch 28: s5.2).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Form&nbsp;6-K dated April&nbsp;18, 2011</I></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note you included the Quarterly Report of the Philips Group for the Q1 2011 in a
Form&nbsp;6-K dated April&nbsp;18, 2011 and that you present the assets and results of your
Television business that you plan to transfer to the joint venture with TPV
technology-70% TPV and 30% Philips &#150; as assets held for sale and discontinued
operations, respectively. As we note that the signing of the term sheet was effected
and announced on April&nbsp;18, 2011 and that the signing of definitive agreements is
expected to take place in the third quarter, with closing expected to take place
before the end of 2011, please discuss for us your consideration of IFRS 5 as well as
the relevant facts and circumstances in concluding that the Television business
should be classified as held for sale and as a discontinued operation in as of March
31, 2011.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126405.gif" alt="(PHILIPS LOGO)">
</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126400.gif" alt="(PHILIPS LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As we have previously reported in our public statements, Television profitability is a major issue
for our business that we are committed to resolve. At the end of the first quarter (April&nbsp;3, 2011),
we were considering various solutions. On that date, we believed that the IFRS 5 criteria were met
due to the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the carrying amount of the Television business would be recovered primarily through
sale;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Television business was available for immediate sale in its present condition
subject only to terms that are usual and customary for sales of such assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sale was highly probable;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">o</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management was committed to a plan to sell the Television business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">o</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an active program to locate a buyer and complete the plan had been initiated;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">o</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the asset was being actively marketed for sale at a price that was
reasonable in relation to its current fair value, i.e. we were at that time in a
reasonably progressed stage of negotiations with a potential buyer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">o</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale was expected to qualify for recognition as a completed sale
within one year from the date of classification;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">o</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the plan was unlikely to change significantly or be withdrawn given the
stage of negotiations that had been reached at that date.</TD>
</TR>


</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the Television business was presented as a discontinued operation based on
the provisions of IFRS 5 paragraphs 31 and 32, primarily because it was considered a
cash-generating unit that was being classified as held for sale and represented a separate
major line of business. See additional discussion in our response to 4 below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126406.gif" alt="(PHILIPS LOGO)">
</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126400.gif" alt="(PHILIPS LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Form&nbsp;6-K dated April&nbsp;18, 2011</I></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><I>4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>From your disclosure in the second to last page in your </I><I>Form 6-K</I><I> dated April&nbsp;18, 2011, we
note that the joint venture will be responsible for the design, manufacturing, distribution,
marketing, and sales of Philips&#146; Television business worldwide, with the exception of mainland
China, India, United States, Canada, Mexico and certain other countries in South America whose
existing brand license agreements will not move to the joint venture. From this disclosure it
appears that only a portion of your Television business is being transferred to the joint
venture. If so, please tell us why you represent on page 13 that Television sales are no
longer included in Consumer Lifestyle and Group financials. Also, if only a portion of your
Television business is being transferred as part of your joint venture agreement with TPV,
please explain to us how you considered this factor and paragraphs 31 and 32 of IFRS 5 in
concluding that your entire Television business should be presented as discontinued
operations.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Philips is transferring <U>all</U> remaining activities of the Television business to the new venture with
TPV. The TV operations in China, India, United States, Canada, Mexico and certain other countries
in South America were already transferred in prior periods as part of license agreements in those
countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our Q1 report, we reported that Television sales are no longer included in Consumer Lifestyle
and Group financials. This statement relates only to the sales for Television and does not refer to
any income from brand licensing. The brand licensing revenues were EUR 24&nbsp;million and EUR 6&nbsp;million
in 2010 and Q1 2011, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As indicated above in our response to comment 3 (above), the existing Television business that will
be transferred is considered a significant component of Philips overall business and therefore we
believe it complies with the requirements of paragraphs 31 and 32 of IFRS 5.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>*****</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please direct any questions or comments regarding this letter to me at (011) (31)&nbsp;20
59 77 142. Our fax number is (011) (31)&nbsp;20 59 77 140. We are available to discuss any of
the foregoing with you at your convenience, and thank you again for your consideration of our response to the comments of
the Staff.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
/s/ Ron Wirahadiraksa<BR>
Executive Vice President and Chief Financial Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126407.gif" alt="(PHILIPS LOGO)">
</DIV>



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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126400.gif" alt="(PHILIPS LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Copyholders SEC Letter Mr.&nbsp;Ron Wirahadiraksa to Mr.&nbsp;Jeff Jaramillo- May&nbsp;24, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Jay Webb<BR>
Tim Buchmiller<BR>
Geoffrey Kruczek<BR>
(Securities and Exchange Commission)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Jan van Leeuwen<BR>
Christoph Wolfsgruber<BR>
Shalene Koster<BR>
Eric P. Coutinho<BR>
Hessel Hilarides<BR>
Marnix van Ginneken<BR>
(Koninklijke Philips Electronics N.V.)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John O&#146;Connor<BR>
(Sullivan &#038; Cromwell LLP)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michiel Soeting<BR>
(KPMG Accountants NV)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="u11264u1126408.gif" alt="(PHILIPS LOGO)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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