Press Release

Qualcomm Announces Prepayment of Pegaso Equipment Loan Facility

Dec 17, 2003SAN DIEGO

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

Qualcomm Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, today announced that Pegaso Comunicaciones y Sistemas S.A. de C.V., a wholly owned subsidiary of Pegaso Telecomunicaciones, S.A. de C.V., a wireless operating company in Mexico (collectively referred to as Pegaso), has prepaid in full to Qualcomm the principal amount of all outstanding loans owed under an equipment loan facility, in addition to accrued interest. The principal amount of the prepayment was $192 million, which includes a 2 percent discount as part of an early prepayment agreement. Notwithstanding the discount, Qualcomm will recognize $10 million in deferred interest income as a result of the prepayment.

Qualcomm's prior guidance for Qualcomm Strategic Initiatives (QSI) segment for fiscal 2004 was a net cash investment of $250 million. As a result of this cash prepayment, Qualcomm's revised guidance for QSI for fiscal 2004 is a net cash investment of $60 million.

Qualcomm Incorporated ( is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2003 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.

Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the possibility of changes in the Company's investments, change in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 28, 2003, and most recent Form 10-Q.


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