From Earlier: Qualcomm Recommends Rejection of Below-Market Mini-Tender Offer by TRC Capital Corporation

Qualcomm Incorporated

has been notified of an unsolicited "mini-tender" offer by TRC Capital Corporation to purchase up to 2,000,000 shares, or approximately 0.12 percent, of Qualcomm's outstanding common stock at a price of $55.00 per share in cash. TRC's offer price is approximately 4.5 percent below the $57.59 closing price of Qualcomm common stock on January 18, 2012, the day before the offer commenced. The offer is subject to various conditions, including TRC's ability to obtain sufficient financing necessary to fund its financial obligations arising from the offer. Qualcomm does not endorse TRC's mini-tender offer and recommends that Qualcomm stockholders do not tender their shares since the offer is below the current market price for Qualcomm shares. Qualcomm is not associated with this offer and urges stockholders to obtain current market quotations for their shares, review the conditions to the offer, and exercise caution.