Auditor's report

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Report on the Company financial ...

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Auditor’s report

To the Supervisory Board and Shareholders of Koninklijke Philips Electronics N.V.:

Report on the Company ﬁnancial statements

We have audited the accompanying Company ﬁnancial statements 2009 which are part of the Financial Statements 2009 of Koninklijke Philips Electronics N.V., Eindhoven, the Netherlands, which comprise the balance sheet as at December 31, 2009, statements of income and changes in equity for the year then ended, and the notes as included in section 12.1 to 12.5.

Management’s responsibility

The Board of Management is responsible for the preparation and fair presentation of the Company ﬁnancial statements and for the preparation of the Management report, both in accordance with Part 9 of Book 2 of the Dutch Civil Code. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the Company ﬁnancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

Our responsibility is to express an opinion on the Company ﬁnancial statements based on our audit. We conducted our audit in accordance with Dutch law. This law requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Company ﬁnancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Company ﬁnancial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Company ﬁnancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the Company ﬁnancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Company ﬁnancial statements.

We believe that the audit evidence we have obtained is sufﬁcient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the Company ﬁnancial statements give a true and fair view of the ﬁnancial position of Koninklijke Philips Electronics N.V. as at December 31, 2009, and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.

Report on other legal and regulatory requirements

Pursuant to the legal requirement under 2:393 sub 5 part f of the Dutch Civil Code, we report, to the extent of our competence, that the Management report as deﬁned in section 11.1 Introduction is consistent with the Company ﬁnancial statements as required by 2:391 sub 4 of the Dutch Civil Code.

Amsterdam, February 22, 2010

KPMG Accountants N.V.

M.A. Soeting RA