Andrea Ragnetti, Chief Executive Officer of DAP, will focus on the fundamentals of the strong performance of its businesses and the key drivers of the sustainable growth in sales and margins DAP has achieved. Mr. Ragnetti, who will become CEO of Philips Consumer Lifestyle sector effective January 1, will also elaborate on the strong prospects of Consumer Lifestyle going forward.

Combining key competencies of DAP and CE in one consumer lifestyle powerhouse and addressing a more sizeable overall market than before by entering new value spaces, the Consumer Lifestyle sector is excellently positioned to grow above market levels and deliver overall EBITA improvement. Mr. Ragnetti will confirm that the formation of Consumer Lifestyle will lead to cost synergies of around EUR 150 million to EUR 200 million a year by 2010.

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