QCOM QUALCOMM Inc

ADDmONALINFORMAllON Qualcomnhas led o defnruveproxy stotement and WHITEproxy cardwiththe U.S.Se<ulb..sand Excha ogeCorr.noSOIOO (the·sECjin connection with its solicitationof pro>OeS fcx rt:s 2018 Annuol ng of S(the "2018 AnnuoMl eeting"). QUALCOMM SToa<HOLDERS ARESTRONGLY ENCOURAGED TO READ THEDERNITIVEPROXY STATEMENT (ANDANY AMENDMENTS AND SUPPl£MENTS THERETO)ANDACCOMPANYING WHITE PROXY CARDAS THEY CONTAINIMPORTANT INFORMAllON. Stockholdersmay obtain the proxy statement.orry ane11d11 "'*ots 0< supplements to theproxy stotemf!l1t and <>the< c:loa.nlents as and when filedby Quok:orrm with the SEC Without charge from the SEC's websrte at www.sec.gov. CERTAININFORMAllON REGARDINGPARTICiPANTS Qualcorrm.1ts dorectO<S and oertoin of Its executiveofficersmay bedeemed tobeporticipantsincoo •oecbonwith thesollcitotion of pra><ies fromQualcomm's stockholders on connection with the tobe considered at the 2018 AnnuolMeeting. Info!motion regarding theidentity of potentialporti<:iponts. and theif dwect Of ndwect interests. by securityholdings or otherwise1, S set forth in the proxy statement and other materiols tobe ftedwith the SEC.These documents con be obtatned free of chotg<! fromthe sourcesrKiootedoboYe. CAUllONARY NOTE R£QARDINQ FORWARO·LOOKJNQSTATEMENTS Any statements conto•ned on this websrte that ore nothistoricalfacts ore forward-looldngstatements os d nedonthe U.S.Pr1vateSecurities UtigalionReform Act of1995.Addibooolly,statementsregord•ng operot•ng results for future years,growth inoperating results and the factors contributing to future operating results;theresolut•onofllcensingdisputes and the impact ond timing thereof; e><peetedmarket. 1ndustry.geogrophic and organic growth ond trends;future serviceable addressablemarket s•ze ond growth;antiCipated contributions fromand growth innew opportunities;benefrom plannedcost reductiON; te<:hnology and product leadership and trendsq; uolcomm's positioning to bfromony of the obove;potentiol ts and upside to qualcomrn's stockholdersrelated to any of the above: •expect;•forecast.••intend.••may·;plan·;proJect.•"predict.""should; and the regulatory process and regulatory uncertaintyare forword-lookingstatements. Words such as "ontictpate";believe•e; stimate; "w!ll" and similar eocpressions areintended toidentify such forward-looking statements.These statements are basedon Quolcomrn's current expectations or beliefs,and ore subject touncertainty ondchoroges 1n clrcumstanoes.Actuarlesults moy differ materiolly fromthose expressedor implied by the statementsherein due to changesin economic,business. competitive,technologicasl trategic ond/or regulatory factors.and other factors affecting theoperations of Quolcomm.Moredetailed informationabout these factors may be found in Qualcornrn's filings with theSEC,including those discussed'"quolcomm's most recent AnnuaRl epO<t on Form10-Kond in any subsequent periodicreports onForm10-Q ondForm S·K. each of which is on file w!th theSECond 0110ilab!e at the SEC's website ot www.se<:.gov.SEC filings fot quolcommore also ovoilable in the Investor Relations sectionof qualcomm's websiteat www.quolcoiTVTI.corn. Qualcommis not obligated toupdate these forward-looking statements to refle<:t events or circumstances after the dateof such statements.Readers orecautioned not toplaceundue reUonce on these foiWOrd-looking statements,which speak onlyos of their dotes. ThirdPartyInformation This website moy contain ot refe< to news. corrmentory ondother information relating to quo1cornmgenerated by, or sourced from. persons or companies that arenot affitioted with Qualcomrn. The author ond source of ony th td party informationondthe dote of its publiootioooredeorly ond protn nendy odenb ed.Quolcommhasneother sought nor obtained permission to use or quote such th•rd porty onformation. ncludng.Without Um totion. onformationgenerated by Sroodcom Umitedand certoonof Its affiliates (together, ·eraodooo1o").QUALCOMMHAS NOT ASSISTEDIN THE PREPARAllONOF THE THIRD PARTY INFORMATION.INCLUDING.wrTHOUT LIMITAllON.INFORMAllONGENERATEDBY BROADCOM. CANNOT GUARANTEEll-1E ACCURACY.llMEUNESS,COMPLETENESS OR AVAILASIUTY OF THETHIRD PARTY INFORMAllON.AND OOES NOT EXPUaTLY OR IMPLJCITLY ENDORSE OR APPROVE SUCH lNFORMAllON. I hove read the disdorner above.

QualcoJVM > Board of Directors Press Releases Stockholder Letters Videos AdditionalMaterials Media Contacts Investor Presentation Discussion Qualcomm's management team walks through the Company's strategy and near-and long-term value creation opportunities, as well as Broadcom's low value and high risk proposal to acquire Qualcomm. View the Qualcomm Investor Presentation > 5G Leadership Qualcomm CEO Steve Mollenkopf discusses the Company's leadership in 5G and how it will drive long-term stockholder value. View all videos Qualcomnlhas significant business momentum and the right strategy to create both near-and long-term stockholder value. Qualcomm's world-class Board is committed and best qualified to execute the strategy to drive value creation for alQualcomm stockholders. Broadcom's opportunistic proposal dramatically undervalues Qualcornrn and there is significant doubt about whether it can ever be completed. Broadcom's conflicted Board slate has lirnited relevant expertise and would expose Qualcomrn to significant risk. Stay informed. Sign up for email alerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up How to Vote > Quocl omm How to Vote

QualcoJVM Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11 highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughlin Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated > > > Clark T."Sandy" Rondt, Jr. Francisco Ros Anthony J.Vinciquerro Stay informed. Sign up for email alerts below. EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up > How to Vote > Qualcomm How to Vote >

QualcoJVM > Boord of Directors Press Releases Stockholder Letters Videos AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. Ms. Alexander has been an independent consultant since February 2004. She was a senior advisor for UBS from October 1999 to January 2004 and a managing director of Dillon Read & Co.,Inc. from January 1992 to September 1999. Prior to joining Dillon Read, Ms.Alexander was a managing director in the corporate finance department of Salomon Brothers. Ms.Alexander has been a director of Choice Hotels International, Inc. since February 2012. She previously served as a director of Allied World Assurance Company Holdings, Ltd.from August 2009 to August 2017 and KB Home from October 2010 to April2014, and has served as a director of a number of other public companies throughout her career. Ms. Alexander holds B.S. and M.S. degrees in theoreticalmathematics from the University of Arkansas. We believe Ms. Alexander's qualifications to serve on our Board include her significant financialand accounting experience.In addition,she has extensive experience serving on severalother public company boards,including in most instances service on the compensation committee and/or the audit committee of those other boards, which provides valuable insights to our Board,including regarding risk management issues. > > Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughiln Steve Mollenkopf Chief Executive Officer,Quo comm Incorporated > > > Clark T."Sandy" Rondt, Jr. Francisco Ros Anthony J.Vinciquerro Qualcomm Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up How to Vote > v Barbaro T.. Alexander How to Vote

QualcoJVM > Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > Barbaro T.Alexander Mr.Henderson has been an Advisory Director to Berkshire Partners LLC, a private equity firm,since September 2015.He served as Chief FinancialOfficer of CardinalHealth Inc.,a health care services company,from May 2005 to November 2014. Prior to joining CardinalHealth, Mr.Henderson held multiple positions at Eli Lilly and GeneralMotors,including serving as President and GeneralManager of EliLilly Canada,Controller and Treasurer of Eli Lilly Inc., and in management positions with GeneralMotors in Great Britain, Singapore,Canada and the U.S. Mr. Henderson has been a director of Halozyme Therapeutics,Inc. since August 2015 and a director of FibroGen,Inc. since August 2015. Mr.Henderson holds a B.S.degree in electricalengineering from Kettering University and an M.B.A. degree from Harvard Business School. We believe Mr. Henderson's qualifications to serve on our Board include his financialand operationalmanagement experience,including his significant experience in internationaloperations, which is a source of valuable insights to our Board. His experience in senior operationaland financialmanagement positions at companies that experienced significant growth and transformation,including into additionalbusiness areas,also provides a useful resource to our senior management.He has been designated as an audit committee financialexpert. > Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughlin Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated > Clark T."Sandy" Rondt, Jr. > Francisco Ros > Anthony J. Vinciquerro Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up Jeffrey W.Henderson v How to Vote

QualcoJVM > Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > Barbaro T.Alexander > Jeffrey W.Henderson Mr.Horton has been a Senior Advisor in the Industrials and Business Services Group of Warburg Pincus LLC, a private equity firm focused on growth investing, since October 2015.Mr. Horton was Chairman of American Airlines Group Inc. (formed upon the merger of AMR Corporation (AMR) and US Airways Group, Inc.) from December 2013 to June 2014 and Chairman of American Airlines, Inc.(American) from November 2011to June 2014. He was Chairman and Chief Executive Officer of AMR and Chief Executive Officer of American from November 2011 to December 2013,and President of AMR and American from July 2010 to December 2013. He served as Executive Vice President and Chief FinancialOfficer of AMR and American from March 2006 to July 2010.He served as Vice Chairman and Chief FinancialOfficer of AT&T Corporation (AT&T) from January 2002 to February 2006.Prior to joining AT&T,Mr. Horton was Senior Vice President and Chief FinancialOfficer of AMR from January 2000 to January 2002 and served in numerous management positions with AMR commencing in1985. Mr. Horton has been a director of Wal-Mart Stores,Inc. since November 2014. Mr. Horton holds a B.BA degree in accounting from Baylor University and an M.B.A. degree from Southern Methodist University. We believe Mr. Horton's qualifications to serve on our Board include his management,financialand accounting experience gained through service in senior operationaland financialmanagement positions,including as Chief Executive Officer and Chief FinancialOfficer,at two multinationalFortune 500 companies.In particular, Mr. Horton's experience in operationaland financial management bring valuable insights to our Board, as wellas providing a usefulresource to our senior management. > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughlin Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated > Clark T.uSondy" Rondt, Jr. > > Francisco Ros Anthony J.Vinciquerro Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up How to Vote > Qualcomm How to Vote

QualcoJVM > Boord of Directors Press Releases Stockho der Letters Videos AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director Dr.Jacobs is our Executive Chairman and Chairman of the Board.He has served as Chairman of the Board since March 2009,as Executive Chairman since March 2014 and as a director since June 2005. He served as Chief Executive Officer from July 2005 to March 2014 and as Group President of Qualcomm Wireless & Internet from July 2001 to July 2005. In addition,he served as an executive vice president from February 2000 to July 2005. Dr. Jacobs serves on the Board of Directors for FIRST®, OneWeb, Light and Dropbox. Dr. Jacobs holds a B.S.degree in electricalengineering and computer science, an M.S.degree in electricalengineering and a Ph.D.degree in electricalengineering and computer science from the University of California,Berkeley. Additionally,Dr. Jacobs was elected to the National Academy of Engineering in 2016 and the American Academy of Arts & Sciences in 2017. We believe Dr. Jacobs's qualifications to serve on our Board include his extensive business,operationaland management experience in the wireless telecommunications industry, including his current position as our Executive Chairman and his prior service as our Chief Executive Officer. His extensive knowledge of our business,products,strategic relationships and opportunities, as wellas the rapidly evolving technologies and competitive environment in our industry,bring valuable insights and knowledge to our Board. > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughlin > Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated > > > Clark T. uSandy" Rondt,Jr. Francisco Ros Anthony J. Vinciquerro : r: Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disdaimer © 2018 QualcommIncorporated Sign up How to Vote > Quolcomm PaulE. Jacobs Executive Chairman and Chairman of the Board,Qualcomm Incorporated v How to Vote

QualcoJVM > Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated Ms. Livermore served as Executive Vice President of the Enterprise Business at Hewlett-Packard Company (HP) from May 2004 to June 2011and as Executive Vice President of HP Services from 2002 to May 2004. She joined HP in1982 and served in a number of management and leadership positions across the company. Ms. Livermore has been a director of United Parcel Services,Inc.since November 1997 and Hewlett Packard Enterprise Company since November 2015. Ms. Livermore was a director of HP from June 2011to November 2015.Ms.Livermore holds a B.A. degree in economics from the University of North Carotina,ChapelHilland an M.B.A. degree from Stanford University. We believe Ms. Livermore's qualifications to serve on our Board include her extensive operationalexperience in senior positions,including leading complex globalbusiness organizations with large workforces. Her significant experience in the areas of technology, marketing,sales,research and development and business management provide valuable insights to our Board and also provide usefulresources to our senior management.Our Board and senior management also benefit from Ms. Livermore's experience from serving on other public company boards. > Horish Monwoni > Mark D.McLoughlin > Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated > > > Clark T."Sandy" Rondt,Jr. Francisco Ros Anthony J. Vinciquerra Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up v Ann M.Livermore How to Vote

QualcoJVM > Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > Ann M.Livermore v Mr. Manwani has been a GlobalExecutive Advisor to Blackstone Private Equity group since February 2015.Mr. Manwani was the Chief Operating Officer for Unilever PLC, a leading globalconsumer products company,from September 2011 to December 2014.He served as Unilever's President,Asia, Africa,Middle East and Turkey,which was later extended to include Central and Eastern Europe,from April2005 to August 2011. He served as Unilever's President, Home & PersonalCare, North America from March 2004 to March 2005. He served as Unilever's President,Home & PersonalCare,Latin America and as the Chairman of Unilever's Latin America Advisory Councilfrom April 2001to February 2004.He served as Unilever's Senior Vice President,Global Hair and OralCare from June 2000 to March 2001. Hejoined Hindustan Unilever Limited as a management trainee in 1976 and subsequently held various generalmanagement positions of increasing responsibi ties within Unilever globally. Mr.Manwanihas been the Non-Executive Chairman of Hindustan Unilever Limited since July 2005 and a director of Whirlpool Corporation since August 2011,Pearson plc since October 2013 and Nielsen Holdings plc since January 2015.Mr. Manwani holds a B.Sc. honors degree in statistics and an M.M.S. degree in management studies,both from Mumbai University in India. He has also attended the Advanced Management Program at Harvard Business School. We believe that Mr. Manwani's qualifications to serve on our Board include his substantialmanagement experience involving internationaloperations, particularly in Asia. His executive management experience, particularly with respect to strategic planning and leadership of complex organizations, provides a valuable resource for our senior management. His experience on the boards of severalother companies also brings valuable insights to our Board. > > Mark D.Mcloughlin Steve Mollenkopf Chief Executive Officer,Qualcomm Incorporated > Clark T."Sandy" Rondt,Jr. > Francisco Ros > Anthony J. Vinciquerro Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up Horish Manwani How to Vote

QualcoJVM > Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors,9 of whom are independent,4 of whom have been addedin the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > Ann M.Livermore > Horish Monwoni v Mr.Mclaughlin has been the Chairman of the Board and Chief Executive Officer of Palo Alto Networks,Inc., a network security company, since August 2016. He served as Chairman of the Board,President and Chief Executive Officer from April2012 to August 2016. He joined Palo Alto Networks as President and Chief Executive Officer, and as a director,in August 2011and became Chairman of the Board in April2012. Mr. Mclaughlin served as President and Chief Executive Officer and as a director ofVeriSign, Inc.,a provider of Internet infrastructure services,from August 2009 to August 2011 and as President and Chief Operating Officer from January 2009 to August 2009. Mr. Mclaughlin served in various other management and leadership roles at VeriSign from February 2000 through November 2007 and provided consulting services to VeriSign from November 2008 to January 2009. Prior to joining VeriSign,Mr.Mclaughlin was Vice President,Sales and Business Development at Signio Inc.,an internet payments company acquired by VeriSign in February 2000. President Barack Obama appointed Mr. Mclaughlin to serve on the NationalSecurity Telecommunications Advisory Committee (NSTAC) in January 2011 and to the position of Chairman of the NSTAC in November 2014. Mr.Mclaughlin served as a director of Opower, Inc. from October 2013 to June 2016. Mr. Mclaughlin holds a B.S. degree from the U.S. Military Academy at West Point and a J.D. from Seattle University School of law. We believe Mr. Mclaughlin's qualifications to serve on our Board include his operationaland management experience at severaltechnology companies. Mr. Mclaughlin's service on the NationalSecurity Telecommunications Advisory Committee, as well as his experience as Chief Executive Officer and a member of the board of directors of a network security company,provide him with significant knowledge regarding the operations and security of telecommunications systems and cybersecurity matters, which bring valuable insights to our Board. > Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated > > Clark T."Sandy" Rondt,Jr. Francisco Ros > Anthony J. Vinciquerro Quolcomm Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 Qualcomm Incorporated Sign up Mark D.McLaughlin How to Vote

QualcoJVM > Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors,9 of whom are independent,4 of whom have been addedin the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughlin Mr.Mollenkopf has served as our Chief Executive Officer since March 2014 and as a director since December 2013.He served as Chief Executive Officer-elect and President from December 2013 to March 2014 and as President and Chief Operating Officer from November 2011 to December 2013.In addition,he served as Executive Vice President and Group President from September 2010 to November 2011,and as Executive Vice President and President of QCT from August 2008 to September 2010.Mr.Mollenkopf joined Qualcomm in 1994 as an engineer and throughout his tenure at Qualcomm has held severalother technicaland leadership roles. Mr.Mollenkopf has been a director of General Electric Company since November 2016. Mr. Mollenkopf holds a B.S. degree in electricalengineering from Virginia Tech and an M.S.degree in electrical engineering from the University of Michigan. We believe Mr. Mollenkopf's qualifications to serve on our Board include his extensive business,operationaland management experience in the wireless telecommunications industry, including his current position as our Chief Executive Officer. His extensive knowledge of our business,products, strategic relationships and opportunities,as wellas the rapidly evolving technologies and competitive environment in our industry,bring valuable insights and knowledge to our Board. > Clark T."Sandy" Rondt,Jr. > Francisco Ros > Anthony J. Vinciquerro Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up Steve Mollenkopf Chief ExecutiveOfficer,Quolcomm Incorporated v How to Vote

QualcoJVM > Boord of Directors Press Releases Stockholder Letters Videos AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors,9 of whom are independent,4 of whom have been addedin the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughlin Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated v Ambassador Randt has been President of Randt & Co. LLC, a company that advises firms with interests in China, since February 2009.He is a former U.S. Ambassador to the People's Republic of China,where he served from July 2001 to January 2009.He was a partner resident in the Hong Kong office of Shearman & Sterling,a major internationallaw firm where he headed the firm's China practice, from January 1994 to June 2001. Ambassador Randt served as First Secretary and CommercialAttache at the U.S.Embassy in Beijing from August 1982 to October 1984.He was the China representative of the NationalCouncilfor United States-China Trade in1974,and he served in the U.S. Air Force Security Service from August 1968 to March1972. Ambassador Randt has been a director ofValmont Industries,Inc. since February 2009,a director of the United ParcelService,Inc. since August 2010 and a director of Wynn Resorts Ltd.since October 2015. He is fluent in Mandarin Chinese. Ambassador Randt holds a B.A. degree in English literature from Yale University and a J.D. degree from the University of Michigan. He also attended Harvard Law Schoolwhere he was awarded the East Asia LegalStudies Traveling Fellowship to China. We believe Ambassador Randt's qualifications to serve on our Board include his deep understanding of Asia and experience in facilitating business in China and more generally throughout Asia,which is one of the most important regions to our business.He brings to our Board substantialexperience in diplomacy,internationaltrade and cross-border commercialtransactions, including service as the U.S.Ambassador to the People's Republic of China. His internationalexperience and knowledge of Asian business operations,as wellas his experience from serving on other public company boards,provide valuable insights to our Board. > > Francisco Ros Anthony J. Vinciquerra Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disdaimer © 2018 QualcommIncorporated Sign up Clark T.·sandy•Randt,Jr. How to Vote

QualcoJVM > Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughlin Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated > Clark T."Sandy" Rondt, Jr. v Dr. Ros is President of First InternationalPartners, S.L., a business consulting firm he founded in 2002. He was Secretary of State (vice minister) of the Government of Spain from May 2004 to July 2010.He served as a senior director of business development of Qualcomm from July 2003 to April2004. He was Chairman and Chief Executive Officer of Alua Broadband Optical Access,a company he co-founded,from January 2000 to June 2002. Dr. Ros served as President and Chief Executive Officer of Unisource (a joint venture among KPN,Telia,Swisscom and Telef6nica) from May 1996 to October 1998. Dr.Ros headed severalbusiness areas within the Telef6nica Group from April 1983 to November 1996 and became Managing Director of the holding company and a member of its Executive Management Board.Dr. Ros was a director of Elephant Talk Communications Corp.from September 2014 to February 2016.Dr.Ros holds an engineering and a Ph.D.degree in telecommunications from the Universidad Politecnica de Madrid, an M.S. degree in electricalengineering and a Ph.D. degree in electricalengineering and computer science from the Massachusetts Institute of Technology and an advanced management degree from the Institute de Estudios Superiores de La Empresa Business Schoolin Madrid. We believe Dr. Ros's qualifications to serve on our Board include his extensive executive management and board experience in telecommunications companies and operators in Europe and Latin America,his significant experience related to the overalltelecommunications and IT regulatory environment in Europe (including his service in the Government of Spain at a time when Spain held the Presidency ofthe European Union),as wellas his technicaland business background and education. In addition, Dr. Ros brings a non-U.S.perspective to issues facing us,enhancing the understanding of our Board. > Anthony J. Vinciquerro Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up Francisco Ros How to Vote

QualcoJVM > Press Releases Videos Boord of Directors Stockholder Letters AdditionalMaterials Media Contacts The Qualcomm Board is composed of11 world-class directors, 9 of whom are independent, 4 of whom have been added in the last 3 years and ALL of whom are firmly committed to acting in the best interests of Qualcomm stockholders. Support your Board by voting FOR all11highly qualified directors on the WHITE proxy card today. > > > Barbaro T.Alexander Jeffrey W.Henderson Thomas W.Horton Presiding Director > PaulE.Jacobs Executive Chairman and Chairman of the Boord,Quolcomm Incorporated > > > > Ann M.Livermore Horish Monwoni Mark D.Mcloughlin Steve Mollenkopf Chief Executive Officer,Quolcomm Incorporated > Clark T."Sandy" Rondt, Jr. > Francisco Ros Mr. Vinciquerra has been Chairman of the Board and Chief Executive Officer of Sony Pictures Entertainment Inc.,where he leads Sony's television and film division,since June 2017.Mr.Vinciquerra was a Senior Advisor to Texas Pacific Group (TPG) in the Technology,Media and Telecom sectors,where he advised TPG on acquisitions and operations, from September 2011to June 2017.Mr. Vinciquerra was Chairman of Fox Networks Group,the largest operating unit of News Corporation, from September 2008 to February 2011, and President and Chief Executive Officer from June 2002 to February 2011. Earlier in his career,he held various management positions in the broadcasting and media industry. Mr.Vinciquerra previously served as a director of Pandora Media,Inc. from March 2016 to June 2017, a director of Motorola Mobility Holdings,Inc. from January 2011 to May 2012 and a director of DirecTV from September 2013 to July 2015.Mr.Vinciquerra holds a B.A. degree in marketing from the State University of New York. We believe Mr. Vinciquerra's qualifications to serve on our Board include his management experience, including significant experience in operations,which is a source of important insights to our Board,as wellas providing a useful resource to our senior management.His prior media industry experience is especially valuable with the convergence of the Internet,wireless,media and computing industries. He has been designated as an audit committee financialexpert. Quolcomm Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 Qualcomm Incorporated Sign up Anthony J.Vinciquerra v How to Vote

QualcoJVM Board of Directors Videos Press Releases Stockholder Letters AdditionalMaterials Media Contacts Qualcomm Sends Letter to Stockholders and Files Investor Presentation 01/16/18 12/22/17 Qualcomm Board Unanimously Rejects Director Nominees Assembled by Broadcom and Silver Lake Partners 12/04/17 Qualcomm Issues Statement on Broadcom Director Nominees 11/13/17 Qualcomm Board of Directors Unanimously Rejects Broadcom's Unsolicited Proposal 11/06/17 Qualcomm Confirms Receipt of Unsolicited Proposalfrom Broadcom Qualcomm Stay informed. Sign up for email alerts below. EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcammIncorporated Sign up > How to Vote > View Title Date How to Vote >

QualcoJVVV Board of Directors Press Releases Stockholder Letters Videos AdditionalMaterials Media Contacts 01/16/18 Qualcomm Stockholder Letter Stay informed. Sign up for email alerts below. EmailAddress QualcoJVVV Contacts I Disclaimer © 2018 QualcommIncorporated Sign up > View Title Date How to Vote >

QualcoJVM Board of Directors Press Releases Stockholder Letters Videos AdditionalMaterials Media Contacts 01/16/18 Investor Presentation Discussion Qualcomm's management team walks through the Company's strategy and near-and long-term value creation opportunities, as well as Broadcom's low value and high risk proposal to acquire Qualcomm. Download the Qualcomm Investor Presentation > 01/16/18 5G Leadership Qualcomm CEO Steve Mollenkopf discusses the Company's leadership in SG and how it will drive long-term stockholder value. 01/08/18 CES 2018 Press Conference: Qualcomm - Inventing the Path to 5G Qualcomm President Cristiano Amon showcases the Company's latest inventions that are leading the world to SG in industries from loT to automotive. Quolcomm Stay informed. Sign up for email alerts below. EmailAddress QualcoJVM Contacts I Disclaimer © 2018 Qualcomm Incorporated Sign up > How to Vote >

QualcoJVM > Board of Directors Press Releases Stockholder Letters Videos AdditionalMaterials MediaContacts Presentations SEC Filings Presentations ' 01/16/18 Qualcomm Investor Presentation SEC Filings Form DEFA14A-AdditionalProxy Soliciting Materials 01/16/18 <f> <f> 01/16/18 Form DEFA14A-AdditionalProxy Soliciting Materials Form DEFA14A-AdditionalProxy Soliciting Materials 01/16/18 <f> 01/05/18 Form DEFC14A - Definitive Proxy Statement <f> <f> Form PRER14A-Preliminary Proxy Statement 12/29/17 12/22/17 Form DEFA14A - AdditionalProxy Soliciting Materials <f> <f> 12/22/17 Form DEFA14A-AdditionalProxy Soliciting Materials Form DEFA14A-AdditionalProxy Soliciting Materials 12/22/17 <f> 12/22/17 Form PREC14A-Preliminary Proxy Statement <f> 12/04/17 Form DEFA14A-AdditionalProxy Soliciting Materials <f> 12/04/17 Form DEFA14A-AdditionalProxy Soliciting Materials <f> 11!16/17 Form DEFA14A - AdditionalProxy Soliciting Materials <f> Quolcomm : r: Stay informed. Sign up for email alerts below. > EmailAddress QualcoJVM Contacts I Disdaimer © 2018 QualcommIncorporated Sign up How to Vote > VIew Title Date VIew Title Dam How to Vote

QualcoJVM Board of Directors Press Releases Stockho der Letters Videos AdditionalMaterials Media Contacts WallStreet Journal Mega Chip Deal Alarms Some Chinese S'llartpnone MaKers 1/9/18 Bloomberg News Qua comm Unveils New Products, Numbers to Show It's OK Alone 1/8/18 The Street Qualcomm's 5G, VR, Auto and loT Efforts ake the Spotligh1: m CES 1/8/18 WallStreet Journal Sivl er Lake, Silci on Valley Deal Pioneer,Plays Unaccustomed Role: Predator 12/15/17 Seeking Alpha Broadcom:The Semiconductor Va eant 11/7/17 Stay informed. Sign up for email alerts below. EmailAddress QualcoJVM Contacts I Disclaimer © 2mB QuolcommIncorporated Sign up > How to Vote >

© 2018 Dow Jones & Company, Inc. All Rights Reserved. TUESDAY, JANUARY 9, 2018 TECH Mega Chip Deal Alarms Some Chinese Smartphone Makers A potential merger between Qualcomm and Broadcom would create the world’s third-largest chip company Two large Chinese smartphone manu-facturers said they are against the potential merger of chip giants Broadcom Ltd. AVGO -2.03% and Qualcomm Inc., QCOM 0.59% fearing it could squeeze the mobile companies’ profit margins and benefit large global rivals to their detriment. Executives from China’s Oppo Electronics Corp. and Vivo Electronics Corp., which together generate more than 10% of Qual-comm’s $22 billion in annual revenue, said they are worried about possible price hikes and other changes that could come down the pipe if Broadcom succeeds in its $105 billion hostile takeover bid for San Diego, Calif.-based Qualcomm. A third Chinese customer, Xiaomi Corp., said it also has reservations about a merger, which would create the world’s third-largest chip company. Any deal between the chipmakers won’t be decided for months. Broadcom, which is currently co-headquartered in San Jose, Calif. and Singapore, in November launched a bid for Qualcomm that was rejected by the latter’s board. Broadcom has since proposed replacing Qualcomm’s board of directors, and the matter will be put to a shareholder vote in March. If a deal is reached, it would have to go through antitrust and regulatory reviews in multiple countries. Opposition to a merger from China’s largest smartphone makers could hurt efforts by Broadcom to win over Chinese regulators. Roughly one in three smartphone users in China carry a device from Oppo, Vivo or Xiaomi, according to Kantar Worldpanel ComTech, whose data shows that Apple Inc. has about a 24% market share in China’s urban markets. Qualcomm’s total shipments to the three Chinese smartphone makers are more than double its shipments to Apple’s suppliers, according to research firm IDC. Executives from Broadcom and Qualcomm have in recent weeks held discussions with their customers over the merits and drawbacks of a deal. Broadcom’s chief executive Hock Tan said his company has spoken with many Qualcomm customers, including some in China. “They are highly supportive of the transaction,” he said a statement to The Wall Street Journal. a head start on new mobile technologies. Qual-comm has of late been investing heavily in developing fifth generation, or 5G, wireless technology. The executives of the three companies, which last November signed a non-binding deal with Qualcomm to purchase $12 billion worth of components over the next few years, also said they might switch to other suppliers if Broadcom succeeds in its acquisition. Though the firms are also Broadcom customers, they generate less revenue for Broadcom than they do for Qualcomm. To be sure, Qualcomm has had legal battles with many customers and disputes with regu-lators in multiple countries. The conflicts have stemmed from Qualcomm’s business model of charging customers for both its chips and use of its patents, which has led some critics to allege that the company uses its dominant market position in chips unfairly. Apple has sued Qualcomm for unfair trade practices, and its contract manufacturers have refused to pay royalties to Qualcomm since early 2017. “We have heard from many large customers around the world, especially from China, who have serious concerns about a Broadcom acquisition of Qualcomm,” a Qualcomm spokesman said. In December, Mr. Tan traveled to China and met with some customers. The Malaysian-born executive, who has a reputation as a heavy cost-cutter, arrived at one of the customer meetings in a shabby-looking Toyota car, according to an individual at a company he visited. During an hour-long meeting, the 65-year-old executive claimed that shareholders of Qualcomm weren’t happy with how the company was run and that Broadcom saw an opportunity to significantly reduce Qual-comm’s operational costs, said a person familiar with the matter. Executives of Xiaomi, Oppo and Vivo inter-viewed by the Journal said they are worried Broadcom could hike chip prices if it acquired Qualcomm—and also drastically cut Qual-comm’s spending on research and develop-ment. They said that could disadvantage them in the long run, as Qualcomm’s spending has in the past given the company and its customers In China, Qualcomm reached a 2015 settle-ment with the country’s National Development and Reform Commission after the economic planning body accused the company of violating anti-monopoly law and fined it some $975 million. The settlement saw Qualcomm reduce royalty fees for its licenses on mobile technology patents. During one of Mr. Tan’s recent meetings in China, the Broadcom executive said he wanted to revamp Qualcomm’s patent and licensing fee arrangements, which customers took to mean they would pay less in licensing fees and more for chips. “He thought we would support this idea because of immediate cost reduction, but that’s not how we see things,” said one execu-tive from a Chinese smartphone maker who attended the meeting. The bigger worry for the Chinese phone companies is losing ground in the longer run to global rivals, the executive said. —Yifan Xie The Publisher’s sale Of This rePrinT DOes nOT COnsTiTuTe Or imPly any enDOrsemenT Or sPOnsOrshiP Of any PrODuCT, serviCe, COmPany Or OrganizaTiOn. Custom Reprints 800.843.0008 www.djreprints.com DO NOT EDIT OR ALTER REPRINT/REPRODUCTIONS NOT PERMITTED

January 8, 2018 | bloomberg.com Technology Qualcomm Unveils New Products, Numbers to Show It’s OK Alone by Ian King January 8, 2018 Chipmaker says it’s dominating in automotive infotainment. Mobile component maker is fighting Broadcom’s $105 billion bid Qualcomm Inc., the biggest maker of chips that run smartphones, unveiled a raft of prod-ucts and customer wins beyond its mobile stronghold, trying to show it can continue as an independent company. The company, target of a $105 billion hostile takeover bid by Broadcom Ltd., touted dominance in automotive chips, new processors for voice-controlled speakers and components for wireless headphones. It’s taking market share from Broadcom in home Wi-Fi routers and will soon challenge that company’s position in antenna parts for smartphones, Qualcomm said Monday at a presentation at the CES consumer electronics conference in Las Vegas. “Most people think of us as mobile-only,” Qualcomm President Cristiano Amon said, while noting the company generated $3 billion in sales outside of its main business in 2017. “We’re going to markets that mobile technolo-gy is disrupting. The new designs that redefine some of those markets are using Qualcomm. ” The company has $3 billion worth of orders for automotive parts, Amon also said. As carmakers try to upgrade their center console and infotainment displays for smartphone-addicted consumers, Qualcomm is being asked to provide the technology, he said. Jaguar Land Rover Automotive Plc, Honda Motor Co. and China’s BYD Auto Co. are all new customers, he added. Proving that Qualcomm’s technology reach is expanding outside its traditional area of strength in modems may be crucial to persuad-ing investors to side with management in Photographer: David Paul Morris/Bloomberg rejecting the Broadcom bid. Broadcom argues chipmakers need to combine and concentrate on core strengths while cutting efforts to ex-pand into new areas that typically don’t pay off. Qualcomm is directly taking on Broadcom in Wi-Fi chips for home routers, said Amon. Until now internet service providers such as Comcast Corp. have used cheaper, less-ca-pable chips to build the modems they give to consumers, he said. As that market has been challenged by startups providing products with better Wi-Fi capabilities, Comcast and others are responding by upgrading their offerings --and are increasingly using Qual-comm chips, he said. And within phones, Qualcomm is poised to take share from Broadcom in the market for radio frequency, or RF, parts, said Amon. New 5G wireless services will require phones capable of connecting to multiple frequency bands. That’s done currently by increasing the number of RF chips. A new product from Qualcomm can be tuned to different frequencies, avoiding the need for many of these extra chips in phones, he said. LG Electronics Inc., HTC Corp., Samsung Electronics Co., Sony Corp. and Alphabet Inc.’s Google are all signed up to use the new Qual-comm RF offering, said Amon. In the market for voice-controlled speakers, Qualcomm has developed a set of chips that integrate most of the major services including Amazon.com Inc.’s Alexa, Microsoft Corp.’s Cortana and Google’s Assistant. The Qual-comm product will let speaker makers easily produce devices that have one or all of these services, he said. The chipmaker is also taking a swing at a market currently dominated by Apple Inc. It’s going to begin offering chips that enable wireless earbuds to run longer on one battery charge and provide better sound than the market leader, Amon said. Facebook Inc.’s upcoming $200 standalone Oculus Go virtual reality headset will be powered by a Qualcomm mobile processor, according to Facebook VR chief Hugo Barra. During Qualcomm’s presentation at CES, Barra also said the headset will be manufac-tured by China-based Xiaomi Corp. for global distribution and that a Xiaomi-branded model would be sold exclusively in its home market. Bloomberg reported on the new, cheaper headset last year. — With assistance by Mark Gurman Posted from Bloomberg.com, January 8, 2018, copyright by Bloomberg L.P. with all rights reserved. This reprint implies no endorsement, either tacit or expressed, of any company, product, service or investment opportunity. #C74108 Managed by The YGS Group, 800.290.5460. For more information visit www.theYGSgroup.com/content.

Qualcomm’s 5G, VR, Auto and IoT Efforts Take the Spotlight at CES Qualcomm is now shipping over 1 million chips per day for the burgeoning Internet of Things hardware market. By Eric Jhonsa Jan 8, 2018 9:04 PM EST These days, Qualcomm’s (QCOM - Get Report) chip business is pretty far down on the list of things it draws headlines for, as battles with Broadcom’s (AVGO - Get Report) management, Apple’s (AAPL - Get Report) legal department and NXP Semiconductors’ (NXPI - Get Report) shareholders take the spotlight. The company tried its best to change that dynamic at its CES press event on Monday, unveiling a number of new chips, design wins and partnerships that collectively aim to burnish its credentials as a leading and envelope-pushing supplier of processing, connectivity and RF chips for connected devices. Qualcomm also tried its best to remind the world just how substantial its non-mobile chip businesses are, and how important they are to its growth strategy. The growing automotive chip market, a field that Qualcomm would significantly grow its exposure to if it bought NXP, got a fair amount of attention. Qualcomm announced new Snapdragon processor and/or modem design wins with Honda (the 2018 Accord), Jaguar/Land Rover and Chinese electric car maker BYD, and noted 12+ automakers are using its Snapdragon Automotive platform for infotainment systems. Qualcomm also noted virtually every major automaker is using Qualcomm chips of some kind (in many cases, 4G modems), and that its total backlog of automotive design wins is north of $3 billion. With Nvidia indicating it plans to de-emphasize its market-leading infotainment processor business (based on its Tegra processors) to focus on autonomous driving opportunities, there could be an opportunity for Qualcomm to take share. Tech analyst Patrick Moorhead is impressed with the auto backlog disclosure, as well as with the fact that Qualcomm’s total non-smartphone chip revenue in “adjacent areas” totaled $3 billion in fiscal 2017 (up over 25% annually and equal to almost a fifth of total chip revenue). “I thought Qualcomm did a good job showing their growth opportunities independent of NXP and Broadcom,” he said. Also disclosed: Qualcomm is now shipping over 1 million chips per day for the burgeoning IoT hardware market. The company announced deals with Amazon (AMZN - Get Report) , Alphabet/Google (GOOGL - Get Report) and Microsoft (MSFT - Get Report) to allow their respective voice assistant platforms to be baked into Qualcomm-powered smart speakers, and - for compa-nies looking to launch alternatives to Apple’s very popular AirPods, which are based on Apple’s W1 Bluetooth system-on-chip (SoC) - a new Bluetooth audio SoC claimed to consume 65% less power than “previous single-chip Bluetooth audio solutions.” For the virtual-reality headset space, Qualcomm had Hugo Barra, Facebook’s (FB - Get Report) VP of VR, appear on the stage to confirm that the recently-announced Oculus Go standalone VR headset is powered by a Snapdragon 821 processor. And a Xiaomi exec appeared to announce that the Chinese smartphone maker will be shipping a headset for the Chinese market that’s based on the Go’s hardware. As for Qualcomm’s giant mobile chip business, the company was eager to talk about the traction made by its RF chip business. 11 months after launching a major RF filter JV with Japan’s TDK, Qualcomm says it has landed design wins for its RF front-end solutions (they contain a number of RF components and modules) with Samsung (SSNLF) , Google, HTC, LG and Sony (SNE - Get Report) . Not surprisingly, Qualcomm’s 5G efforts also got some airtime. The company reiterated it aims to make 5G-capable smartphones a reality by 2019, and noted 5G will bring about another major increase in RF complexity; the company thinks over 10,000 5G band combinations will need to be supported, or more than 10 times as many combinations as 4G requires. Aside from acting as a boon for RF chip sales, Qualcomm thinks this complexity makes the “system-level” approach it’s taking to 5G R&D - one that covers mo-dems, RF and much else - more compelling. After taking in the announcements, I have a little more appreciation for why many chip industry followers aren’t happy about Broadcom’s hostile bid to acquire Qualcomm. Broadcom spends much less than Qualcomm on R&D as a percentage of revenue, and should it succeed in buying Qualcomm, it’s not hard to imagine at at least a few of the initiatives highlighted at Qualcomm’s CES event being axed or at least having their budgets cut. Of course, none of that means a Broadcom-Qualcomm deal would be bad for Broadcom shareholders. But as its CES event shows, Qualcomm is a different kind of company, one that’s willing to make big R&D investments in growth markets that could take a few years or more to deliver a major payoff.

© 2017 Dow Jones & Company, Inc. All Rights Reserved. MONDAY, DECEMBER 15, 2017 TECHNOLOGY NORTH AMERICA Silver Lake, Silicon Valley Deal Pioneer, Plays Unaccustomed Role: Predator Private-equity firm, in a departure from custom, is backing Broadcom’s hostile bid for Qualcomm By Miriam Gottfried and Dawn Lim Broadcom Ltd. has drawn a lot of atten-tion with its $105 billion hostile takeover bid for rival chip maker Qualcomm Inc. Behind the scenes, Silver Lake is also playing a major role backing Broadcom, in an unusual move that breaks with an unwritten code among private-equity firms. Silver Lake and other buyout shops have always tended to work constructively with management teams, concerned that unwel-come moves will alienate prospective part-ners. Only nine deals have been completed in the U.S. in which a private-equity firm participated in a hostile bid since data provider Dealogic began keeping records in 1995. None was done by Silver Lake and all have been under $2 billion. But private-equity firms are under pres-sure to find new ways to earn the rich returns they have historically notched from buyouts as asset prices hover around highs and investors have record amounts of cash to spend. With $39 billion in assets, Silver Lake is one of the biggest players in technology investing. It pledged $5 billion in convertible debt to back Broadcom’s bid for Qualcomm, announced last month. As much as half of that would come from the firm’s coffers, making it Silver Lake’s largest investment ever. The wager is consistent with the firm’s history of backing portfolio companies such as Dell Technologies Inc. and Symantec Corp. as they pursue consolidation strate-gies. But the bid for Qualcomm is bold even by the standards of hostile takeovers, and Silver Lake’s involvement is deep. Broadcom launched the effort with little warning and then on Dec. 4 put forward its own slate of 11 directors that are to be voted on in Qualcomm’s board elections next year. Five of the proposed nominees have some connection to a current or former Silver Lake portfolio company—including Seagate Technology PLC and what is now Dell— or have worked in the past with Kenneth Hao and Jim Davidson, two of Silver Lake’s managing partners. A sixth, Michael Gelt-zeiler, is a consultant to Singapore state investment firm Temasek Holdings Pte. Ltd., an investor in Silver Lake funds that has participated in a few of its deals. Temasek also has a small stake in Broadcom. In private equity’s early days, pension funds that backed buyout firms were often uncomfortable being party to hostile take-overs. Many private-equity firms still have clauses built into their limited-partner agreements prohibiting the practice, though Silver Lake doesn’t. Temasek, which has an international port-(over p lease) The Publisher’s sale Of This rePrinT DOes nOT COnsTiTuTe Or imPly any enDOrsemenT Or sPOnsOrshiP Of any PrODuCT, serviCe, COmPany Or OrganizaTiOn. Custom Reprints 800.843.0008 www.djreprints.com DO NOT EDIT OR ALTER REPRINT/REPRODUCTIONS NOT PERMITTED

Mr. Davidson is the only one of the four founders still involved in the firm. He partic-ipates in fundraising but has stepped away from day-to-day management. Silver Lake’s decision to align itself with Broadcom and its chief executive, Hock Tan, has proved lucrative over the past 12 years, resulting in total gross proceeds of more than $4 billion. In 2005, the private-equity firm joined with KKR & Co. to buy the semiconductor business of Agilent Tech-nologies Inc. for $2.66 billion, changing that unit’s name to Avago Technologies Ltd. Mr. Tan, who had just sold Integrated Circuit Systems Inc., was chosen as CEO. Avago went public in 2009 after incorporating in Singapore. Since then, Avago has been a serial acquirer, completing six deals since 2013. It bought semiconductor developer LSI Corp. for $6.6 billion in 2014. In 2016, it acquired Broadcom Corp. for $37 billion and adopted its name. In November, Broadcom closed a $5.5 billion deal to buy Brocade Communica-tions Systems Inc. Silver L ake provided $1 billion in convertible-debt financing for the LSI deal. It converted that into equity when Avago acquired Broadcom, and the firm now owns less than 1% of Broadcom. Silver Lake’s Mr. Hao is a Broadcom board member. In a number of these deals, he has been the one who initiated the discussions that ultimately lead to a merger, according to securities filings. A former investment banker who worked alongside Mr. Davidson at Hambrecht & Quist—now part of JPMorgan Chase & Co., Mr. Hao discussed a possible Broadcom combination with Qual-comm CEO Steve Mollenkopf in April 2016, a filing shows. Qualcomm, which was concerned about the risk that regulators would block such a tie-up, announced an agreement to purchase NXP Semiconductors NV for $39 billion instead. The two sides had no communica-tion in the months before Broadcom sprung its hostile bid, a regulatory filing shows. folio consisting largely of minority stakes in companies, distanced itself from the Qual-comm bid and said it had no prior knowl-edge of Mr. Geltzeiler’s participation. He “is one of a number of advisers engaged by Temasek,” a spokesman said in an email. “These independent advisers are nonexecu-tive and are not involved in the day-to-day management and decisions of Temasek’s business.” Mr. Geltzeiler said in a LinkedIn message: “My inv ol v ement on this ma t ter is completely independent of my consulting assignment with Temasek.” Other Silver Lake investors say they support the firm’s move, pointing to its record of doing audacious deals that reap big returns. Its purchase in 2009 of a majority stake in Skype at a $2.75 billion valuation paid off just two years later when Microsoft Corp. bought the internet-phone service for $8.5 billion. Silver Lake, like other buyout shops, has a long history of working with companies’ existing management in buyouts. Founded in 1999, its early backers included prominent technology investors and the chiefs of some of the biggest companies in the industry. Its founders—Roger McNamee, David Roux, Mr. Davidson and Glenn Hutchins—used these relationships and their industry knowledge to secure deal opportunities.

1'1 <' 1 o ' Broadcom: The Semiconductor Valeant Nov. 7, 2017 5:34 AM ET 1 23 comments 1 About: Broadcom Limited (AVGO). Includes: QCOM Ranjit Thomas, CFA Long/short equity, long-term horizon, hedge fund manager, CFA (608 followers) Stock Scanner Summary • By excluding intangible amortization associated with patents/product rights that have a definite life and substantial cash restructuring/integration charges, Broadcom is inflating the profits it presents to investors, just like Valeant. • Its need to constantly make larger acquisitions in order to pro-forma out expenses is running up against its enormous size. • Broadcom's shares have 35°/o downside to fair value. • This idea was discussed in more depth with members of my private investing community, Stock Scanner. Introduction Three years ago, I published an article on Seeking Alpha detailing how Valeant Pharmaceuticals (VRX) was hoodwinking investors by substituting acquisitions for R&D and pretending this was costless by presenting pro-forma financials that ignored the substantial costs associated with the amortization of intangibles and restructuring. This was when Valeant's stock was steadily ascending, with fawning articles in the press and nary a peep from analysts or investors on the accounting shenanigans the company was employing. I would urge you to read that article to get an understanding of the accounting legerdemain employed by serial acquirers. In that article I said: Follow Analysis News People Portfoli Seeking Alpha '* • Seeki ng Alpha

'* • ( ' How does the game end? Eventually, the company runs out of meaningful acquisition opportunities to feed the beast, patents and product rights expire, debt comes due and earnings (even the non-GAAP kind) fall. Later that year, Valeant made a blockbuster bid for Allergan, which fell apart, and soon the company's whole business model (and stock) crumbled. Today, I watch in amazement as a company in the semiconductor space is operating almost identically, with no one raising a skeptical voice. It is not a perfect comparison, but at least I will surface some ways in which the companies' modi operandi are similar. In short, both Broadcom (AVGO) and Valeant in its heyday were constantly making debt-fueled acquisitions, touting their cost-cutting skills and a low tax rate as a competitive advantage. While Valeant claimed a 15°/o tax rate, Broadcom goes one further and presents a sub-5°/o tax rate (on a non-GAAP basis). There is almost no jurisdiction in the world that has such a low tax rate, so it is incomprehensible that the company's actual tax rate would be so low, especially when most of its employees are in the US. There is a risk that the tax mechanisms that the company uses will be challenged by US (and possibly other) tax authorities. Financials and the GAAP gap Broadcom acquired LSIand PLX in 2014, Emulex in 2015 and Broadcom in 2016 (the company was then known as Avago and took the target's name post-acquisition while retaining its own stock symbol). Its announced acquisition of Brocade in 2017 is pending. In four years, it has gone from being a marginal player with $2.5 billion in annual revenue to one of the largest semiconductor firms with more than $17 billion in annual revenue. The acquisition of Broadcom really gave the company the opportunity to dump a huge amount of expenses into a $996 million restructuring charge in 2016. It also took an inventory charge of $1,185 million, benefiting future earnings by this amount. The company's non-GAAP profit figures started diverging widely from the GAAP figures and the cash the company was generating. I present below some financials for the past three years. The company has an Oct 31 Analysis News People Portfolio Seeking Alpha

'* • ( ' year-end, so the 2017 figures are annualized based on three quarters of reports. GAAP earnings from continuing operations: 2017: $1,645 million, $3.72 per share 2016: -$1,749 million, -$4.46 per share 2015: $1,391 million, $5.27 per share Non-GAAP earnings presented to investors: 2017: $6,885 million, $15.23 per share 2016: $4,672 million, $11.45 per share 2015: $2,613 million, $8.98 per share Free cash flow (my calculation based on operating cash flow less share-based compensation less net purchases of PP&E): 2017: $4,117 million, $9.31 per share 2016: $2,014 million, $5.26 per share 2015: $1,603 million, $5.70 per share As you can see, AVGO claims its non-GAAP earnings are 4x its GAAP earnings currently, and 67°/o more than its free cash flow, even as the company has done a creditable job of generating cash in 2017. However, this includes the add-back of a large amount of intangible amortization, part of which is a real expense that will have to be offset by continued cash use on future acquisitions. As of the end of 2016, the company had $13.7 billion of intangible assets subject to amortization. This amount included $10.4 billion of purchased technology (amortized over 6 years on average) and $2.9 billion of customer and distributor relationships (amortized over 2 years on average). <( ' <( The mitigating factors Analysis News People Portfolio Seeking Alpha

'* • ( ' I would be remiss in not pointing out some differences between AVGO and VRX. AVGO's non-exclusion of intangible amortization is not as egregious as VRX's as pharma patents almost certainly become worth far less when they expire, while in the semiconductor space, a company can continue to sell products associated with old technology. Also, the customer relationships that represent part of AVGO's intangible amortization continue to be valuable even as they are amortized. (This is really a flaw in GAAP accounting that gave the opening for companies to go ahead and exclude all intangible amortization from their adjusted results). Also, unlike VRX, AVGO has done a good job at selling at inflated prices parts of companies it buys, for example the sale of LSI's flash business to Seagate (STX) for $450 million. This has reduced the net purchase price of its acquisitions and limited the amount of debt it has had to take on ($13.6 billion at last count). Valuation: Fair value of $180 per share, with more than 30°/o downside What are the company's shares worth? 16x 2017 annualized free cash flow would give you $149, which would amount to approximately 38x GAAP EPS. I would argue that the cash flow is somewhat inflated and the GAAP EPS somewhat understated from the company's true earnings power. Increasing the valuation by 20°/o to be conservative, the shares are worth $180 each. That is 35°/o downside from the current $278 level. The Qualcomm offer On Nov 6, 2017, Broadcom made an unsolicited offer to acquire Qualcomm (QCOM) for more than $100 billion. Qualcomm is locked in a fight with one of its largest customers, Apple (AAPL). Under normal circumstances, a company would think twice about wanting to take on a messy legal fight that would also threaten its own revenues, since Broadcom is a major supplier to Apple as well. The only logical reason to do so is because there are few semiconductor companies of the size that can make a difference to Broadcom. I do not believe that an acquisition at the proposed price of $70 per QCOM share will <( ' <( Analysis News People Portfolio Seeking Alpha

1 ' Search by symbol,author,keyworrl... create any fundamental value, but will give the company the chance to obfuscate its results further. I expect Qualcomm's management and founders to push back against this offer. Disclosure: I am/we are short AVGO THROUGH OPTIONS. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. About this article: Expand... Analysis News People Portfolio Seeking Alpha

QualcoJVM Board of Directors Press Releases Videos Stockholder Letters AdditionalMaterials Media Contacts For Investors John Sinnott (858) 658-4813 ir@qualcomm.com For Media Pete Lancia (858) 845-5959 corpcomm@qualcomm.com For Stockholders with Questions About How to Vote Their Shares INNISFREE M&A INCORPORATED U.S. and Canada:(877) 456-3442 (toll-free) Other locations: (412) 232-3651 Stay informed. Sign up for email alerts below. EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up > How to Vote >

QualcoJVM > Board of Directors Press Releases Stockholder Letters Videos AdditionalMaterials Media Contacts We expect that you willbe receiving multiple mailings of proxy materials from both Qualcomm and Broadcom over the coming weeks. Please do not be alarmed: this is to be expected in a proxy contest. Why so many materials? Because shareholders can vote more than once-but only your latest-date proxy willcount. Voting is very easy. Please sort through the materials to find the WHITE proxy cards/voting instruction forms. They willclearly say "WHITE" and "Qualcomm" on them. We urge you to only vote the WHITE proxy cards/voting instruction forms and discard allthe voting materialyou receive from Broadcom. Once you have identified the WHITE proxy cards or voting instruction forms, voting can be done quickly: VOTE ONLINE VOTE BY PHONE VOTE BY MAIL • Locate the Control Number on your WHITE proxy card or voting instruction form • Locate the Control Number on your WHITE proxy card or voting instruction form • Sign and date your WHITE proxy card or voting instruction form • Return your WHITE proxy card or voting instruction form in the postage-paid envelope provided • Access the website indicated on your WHITE proxy card or voting instruction form • Dialthe telephone number indicated on your proxy card or voting instruction form • Follow the prompts provided on the website • Follow the prompts provided on the phone Remember that if you hold your shares through more than one account,you willreceive a proxy card or voting instruction form for each account. It is very important that you vote with respect to each account you own. If you have questions about how to vote your shares, please contact the firm assisting us with the solicitation: INNISFREE M&A INCORPORATED Toll-Free at (877) 456-3442 (from the U.S. and Canada) (412) 232-3651 (from other Locations) THANK YOU FOR YOUR SUPPORT! Frequently Asked Questions Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up How to Vote

QualcoJVM > Board of Directors Press Releases Stockho der Letters Videos AdditionalMaterials Media Contacts ADDITIONAL INFORMATION Qualcomm has filed a definitive proxy statement and WHITE proxy card with the U.S.Securities and Exchange Commission (the "SEC") in connection with its solicitation of proxies for its 2018 AnnualMeeting of Stockholders (the "2018 AnnualMeeting"). QUALCOMM STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AS THEY CONTAIN IMPORTANT INFORMATION. Stockholders may obtain the proxy statement,any amendments or supplements to the proxy statement and other documents as and when filed by Qualcomm with the SEC without charge from the SEC's website at www.sec.gov. CERTAIN INFORMATION REGARDING PARTICIPANTS Qualcomm, its directors and certain of its executive officers may be deemed to be participants in connection with the solicitation of proxies from Qualcomm's stockholders in connection with the matters to be considered at the 2018 AnnualMeeting. Information regarding the identity of potentialparticipants, and their direct or indirect interests,by security holdings or otherwise,is set forth in the proxy statement and other materials to be filed with the SEC. These documents can be obtained free of charge from the sources indicated above. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Any statements contained in this website that are not historicalfacts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Additionally,statements regarding operating results for future years, growth in operating results and the factors contributing to future operating results;the resolution of licensing disputes and the impact and timing thereof;expected market,industry, geographic and organic growth and trends;future serviceable addressable market size and growth; anticipated contributions from and growth in new opportunities;benefits from planned cost reductions;technology and product leadership and trends;Qualcomm's positioning to benefit from any of the above; potentialbenefits and upside to Qualcomm's stockholders related to any of the above;and the regulatory process and regulatory uncertainty are forward-looking statements. Words such as "anticipate;'"believe;'"estimate;'"expect;'"forecast;'"intend;'"may;' "plan;'"project;'"predict;'"should;'"wi l" and similar expressions are intended to identify such forward-looking statements. These statements are based on Qualcomm's current expectations or beliefs,and are subject to uncertainty and changes in circumstances. Actualresults may differ materially from those expressed or implied by the statements herein due to changes in economic, business,competitive,technologicasl trategic and/or regulatory factors, and other factors affecting the operations of Qualcomm. More detailed information about these factors may be found in Qualcomm's filings with the SEC,including those discussed in Qualcomm's most recent AnnualReport on Form 10-K and in any subsequent periodic reports on Form 10-Q and Form 8-K, each of which is on file with the SEC and available at the SEC's website at www.sec.gov. SEC filings for Qualcomm are also available in the Investor Relations section of Qualcomm's website at www.qualcomm.com. Qualcomm is not obligated to update these forward-looking statements to reflect events or circumstances after the date of such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Third Party Information This website may contain or refer to news,commentary and other information relating to Qualcomm generated by,or sourced from,persons or companies that are not affiliated with Qualcomm. The author and source of any third party information and the date of its publication are clearly and prominently identified.Qualcomm has neither sought nor obtained permission to use or quote such third party information,including, without limitation,information generated by Broadcom Limited and certain of its affiliates (together, "Broadcom"). QUALCOMM HAS NOT ASSISTED IN THE PREPARATION OF THE THIRD PARTY INFORMATION,INCLUDING,WITHOUT LIMITATION, INFORMATION GENERATED BY BROADCOM, CANNOT GUARANTEE THE ACCURACY,TIMELINESS, COMPLETENESS OR AVAILABILITY OF THE THIRD PARTY INFORMATION,AND DOES NOT EXPLICITLY OR IMPLICITLY ENDORSE OR APPROVE SUCH INFORMATION. Stay informed. Sign up for emailalerts below. > EmailAddress QualcoJVM Contacts I Disclaimer © 2018 QualcommIncorporated Sign up How to Vote