of the Netherlands (AEX: PHI, NYSE: PHG) announced today that upon the
request of LG Electronics, Philips has offered its 32 million
convertible redeemable preferred shares of LG Electronics for
redemption. Philips acquired these shares in December 2000.
The redemption price equals the original purchase price and amounts to
544 billion Korean Won (approximately EUR 500 million).
Philips Corporate Communications, Ben Geerts, tel. +31 (0)20-59 77
215