Press Release: June 15, 2001

WR Hambrecht + Co Initiates Coverage of QUALCOMM (QCOM) with a Buy Rating and $67 Target

San Francisco, CA, June 15, 2001—WR Hambrecht + Co today initiated research coverage on QUALCOMM (QCOM) with a Buy rating and a $67 target. WR Hambrecht’s Wireless analyst Peter Friedland cites the company’s strong CDMA patent position, dominant CDMA chipset market share and exposure to high growth 2G and 3G CDMA markets as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real time at www.wrhambrecht.com.

“We find QUALCOMM’s current valuation compelling as a lot of near-term challenges have already been factored in. QCOM currently trades at 2002 P/E multiples of 41x, which is well below the company’s peer group that trades at 47x,” Friedland said.

WR Hambrecht + Co estimates QUALCOMM to post EPS of $1.03 on revenues of $2.6 billion in 2001 and $1.27 on $3.2 billion in 2002.

QUALCOMM, Inc. is engaged in developing and delivering digital wireless communications products and services based on the Company's CDMA digital technology.