Press Release

Qualcomm To Issue Senior Notes

May 11, 1998SAN DIEGO

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

Qualcomm Incorporated (NASDAQ: QCOM) today announced that it plans to raise approximately $500 million in gross proceeds, less applicable fees and expenses, through the issuance and sale in a private placement of Senior Notes. The proceeds from the private placement will be used by Qualcomm for working and fixed capital requirements related to the expansion of its operations, financing of customers of its Code Division Multiple Access (CDMA) infrastructure equipment and other activities that will support growth of its businesses.

The Senior Notes offered by the Company in the private placement will not be registered under the Securities Act of 1993, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act of 1933, as amended.

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