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TRANSCRIPT OF “REGULATORY ISSUES” VIDEO

DON ROSENBERG

JANUARY 23, 2018

Don Rosenberg: The Broadcom proposed acquisition will be subjected to very, very close scrutiny by well over a dozen potential agencies, certainly up to a dozen in my opinion and they are very key jurisdictions.

We believe that this is probably going to take something in the range of 18 months or more even, because of the complexity of the two companies’ businesses, because of the enormous overlap in the two companies’ technologies and businesses, and because of the global nature.

There is almost certainly going to be the question of required divestiture of some businesses.

So there is going to be now inherent conflict among regulatory agencies just in terms of what to do, in terms of reducing the concerns about competitive impact, and then how to do it. Mergers supposedly, certainly from a regulator’s perspective, are supposed to be constructive. This merger has all the elements of potentially being quite destructive.

We’ve heard a lot from customers who are quite concerned about the possibility of this merger taking place, largely because Qualcomm has been viewed as a R&D engine for this industry for its 30-plus year existence.

If that R&D engine, that business model that we have constructed is injured, harmed, terminated, or dramatically changed, then the whole competitive picture of this industry and the ability of all these companies to be able to take advantage of the technologies we’ve created starts to disappear.

Agencies around the world who will be reviewing this will ask customers, and competitors how they think the industry might be impacted by a merger of these two major technology companies. So anything that customers, and competitors, and industry participants think is going to definitely be a major part of the analysis that regulatory agencies will go through.

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 Annual Meeting of Stockholders (the “2018 Annual Meeting”). 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.

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