Press Release

Qualcomm Completes $660 Million Offering of Trust Convertible Preferred Securities

Mar 11, 1997SAN DIEGO

Qualcomm products mentioned within this press release are offered by Qualcomm Technologies, Inc. and/or its subsidiaries.

Qualcomm Incorporated (NASDAQ: QCOM) today announced completion of an offering of $660 million in gross proceeds (less applicable fees and expenses), through the issuance and sale in a private placement of Trust Convertible Preferred Securities. The amount raised includes $550 million in gross proceeds which was previously closed and an additional $110 million in gross proceeds which was closed yesterday upon exercise of the underwriters' over allotment option.

The Securities carry an interest rate of 5.75 percent and are convertible into shares of Common Stock of Qualcomm at $72.66 per share at any time at the option of the holder beginning 60 days following the closing of the offering, subject to certain terms and conditions. The Securities represent an undivided beneficial interest in Qualcomm Financial Trust I, a Delaware Business Trust formed by Qualcomm.

Headquartered in San Diego, Qualcomm develops, manufactures, markets, licenses and operates advanced communications systems and products based on its proprietary digital wireless technologies. The Company's primary product areas are the OmniTRACS® system (a geostationary satellite-based, mobile communications system providing two-way data and position reporting services), CDMA wireless communications systems and products and, in conjunction with others, the development of the Globalstar' low-earth-orbit (LEO) satellite communications system. Other company products include the Eudora Pro™ electronic mail software, ASIC products, and communications equipment and systems for government and commercial customers worldwide. For more information on Qualcomm products and technologies, please visit the Company's web site at http://www.qualcomm.com.

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Qualcomm, OmniTRACS and Eudora are registered trademarks and Eudora Pro is a trademark of Qualcomm Incorporated. Globalstar is a trademark of Loral Qualcomm Satellite Services, Incorporated.

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References to "Qualcomm" may mean Qualcomm Incorporated, or subsidiaries or business units within the Qualcomm corporate structure, as applicable.

Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses. Qualcomm products referenced on this page are products of Qualcomm Technologies, Inc. and/or its subsidiaries.

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