EX-4.8



 Exhibit 4.8 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF             , OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO             , OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,             , HAS AN INTEREST HEREIN. 

THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY
FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 9.05 OF THE INDENTURE,
(II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE
AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY). 

QUALCOMM INCORPORATED 
 3.450%
NOTES DUE 2025 
 No. R- 
 $500,000,000 

ISIN US747525AF05 
 CUSIP 747525 AF0

 QUALCOMM INCORPORATED, a corporation duly organized and existing under the laws of the State of Delaware (herein called
the “Company”, which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to             or
registered assigns, the principal sum as set forth in the attached Schedule of Increases and Decreases, at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any








 
other office or agency designated by the Company for that purpose, on May 20, 2025, in such coin or currency of the United States as at the time of payment shall be legal tender for the
payment of public and private debts, and to pay interest semi-annually in arrears on May 20 and November 20 of each year, commencing on November 20, 2015, on said principal sum at said office or agency, in like coin or currency, at a
rate of 3.450% per annum. Interest on this Security will accrue from the most recent date from which interest has been paid, or if no interest has been paid, from May 20, 2015 until payment of said principal sum has been made or duly
provided for. The interest so payable on May 20 and November 20 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Securities is registered at the
close of business on the on May 1 or November 1, preceding such May 20 and November 20, respectively, unless the Company shall default in the payment of interest due on such interest payment date, in which case such defaulted
interest, at the option of the Company, may be paid to the person in whose name this Security is registered at the close of business on a special record date for the payment of such defaulted interest established by notice to the registered holders
of Securities not less than 30 days preceding such special record date or may be paid in any other lawful manner. Interest on this Note will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

If any interest payment date, the maturity date or any earlier required repurchase date upon a designated event falls on a day
that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term “business day” means any day, other than a Saturday or Sunday,
which is not a day on which banking institutions in the City of New York are authorized or required by law or executive order to close. 

Reference is made to the further provisions of this Security set forth on the reverse hereof. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof or an authenticating agent appointed by the Company, by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose. 
 [Signature page follows] 







 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and delivered.

 Dated:  May 20, 2015 
  

			
	QUALCOMM Incorporated
		
	By:		  

	Name:		George S. Davis
	Title:		 Executive Vice President and Chief
 Financial
Officer



 [Signature Page to 3.450% Fixed Rate Note due 2025 (R-1)] 







 This is one of the securities designated therein referred to in the within mentioned Indenture. 

Dated: 
  

			
	U.S. Bank National Association, as Trustee and Authenticating Agent
		
	By:      		  

			  
 Authorized Signatory



 [Signature Page to 3.450% Fixed Rate Note due 2025 (R-1)] 







 REVERSE OF SECURITY 
  

	1.	Securities. 

 This security (herein called the “Security”) is one of a duly
authorized issue of securities of the Company , issued and to be issued in one or more series, pursuant to the Indenture dated as of May 20, 2015 (the “Indenture”) between the Company and U.S. Bank National Association, as
Trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee, and the Holders and of the terms upon which this Security is, and is to be, authenticated and delivered. This Security is one of the series designated on the face hereof as “3.450% Fixed Rate
Notes due 2025,” issued in an initial aggregate principal amount of $2,000,000,000. This Security will be issued only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. All terms used in this Security which
are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 2.         This Security
is subject to the covenants contained in the Indenture and certain additional covenants contained in the Officers’ Certificate dated May 20, 2015. 
  

	3.	No Sinking Fund 

 This Security will not be entitled to the benefit of any sinking fund. 

 

	4.	Optional Redemption. 

 (a) At the Company’s option, this Security may be redeemed in whole
or in part on or after February 20, 2025 (3 months prior to the maturity date) at 100% of the principal amount of this Security, plus accrued and unpaid interest hereon to but excluding the redemption date. 

(b) At the Company’s option, this Security may be redeemed at any time in whole or in part prior to February 20, 2025 (3 months
prior to the maturity date), in which case, the Company will pay a redemption price equal to the greater of the following amounts: (1) 100% of the aggregate principal amount of this Security and (2) the sum of the present values of the
remaining scheduled payments of principal and interest thereon that would have been payable in respect of such Securities (not including any portion of payments of interest accrued to the date of redemption, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)) at the Adjusted Treasury Rate plus 20 basis points plus
in the case of each of (1) and (2), accrued and unpaid interest to the, but excluding, redemption date. Neither the Trustee nor the paying agent shall have any responsibility for calculating the redemption price. 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date. 







 “Comparable Treasury Issue” means, with respect to this Security, the U.S. Treasury
security or securities selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of this Security being redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Security. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (2) if we obtain fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations for such
redemption date. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by us. 

“Reference Treasury Dealer” means (i) each of Goldman, Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated and their respective successors, unless any such entity ceases to be a primary U.S. Government securities dealer in New York City (a Primary Treasury Dealer), in which case we shall substitute another
Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by us. 
 “Reference Treasury Dealer Quotations”
means, with respect to any Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding that redemption date. 

 

	5.	Selection and Notice of Redemption. 

 (a)       If less than all
of the principal amount of this Security is to be redeemed, the depositary in coordination with the paying agent may select Securities for redemption pursuant to its applicable procedures. The depositary, in connection with the paying agent shall
select Securities and portions of Securities in amounts of $2,000 and integral multiples of $1,000 in excess thereof. 
 (b)
      Notices of redemption will be sent at least 30 but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at its registered address. Notices of redemption may be conditional.

  

	6.	Acceleration Upon Event of Default. 

 The Events of Default for this Security are as specified
in the Indenture. 








	7.	Amendment and Modification. 

 The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a
majority in principal amount of outstanding securities of any series and affected by such modification or amendment (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, such securities). 

 

	8.	No Impairment of Obligation to Pay or Right to Convert. 

 No reference herein to the Indenture
and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the times, places and rate,
and in the coin or currency, herein prescribed or to convert this Security as provided in the Indenture. 
  

	9.	Transfer and Exchange. 

 As provided in the Indenture and subject to certain limitations set
forth therein, this Security shall be transferable only upon the surrender of a Security for registration of transfer. When a Security is presented to the Registrar with a request to register a transfer, the Registrar will register the transfer as
requested if the requirements of the Indenture are satisfied. When this Security is presented to the Registrar with a request to exchange them for an equal principal amount of securities of other denominations, the Registrar shall make the exchange
as requested if the requirements of the Indenture are met. To permit registration of transfers and exchanges, the Company will execute and the Trustee will authenticate securities at the Registrar’s request. 

 

	10.	No Service Charge. 

 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment by the Holder of a sum sufficient to pay all taxes, assessments or other governmental charges in connection therewith. 
  

	11.	Treatment as Owner. 

 The registered holder of this Security will be treated as the owner of it
for all purposes. 
  

	12.	Payment of Interest. 

 The Company shall pay the principal of and interest on this Security in
immediately available funds to             or its respective nominees, as the case may be, as the registered holder of this Security. 








	13.	No Liability. 

 No past, present or future director, officer, employee, incorporator or
stockholder of the Company, as such, shall have any liability (except in the case of bad faith or willful misconduct) for any obligations of the Company under this Security or the Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting this Security waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of this Security. 

 

	14.	Governing Law. 

 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 







 SCHEDULE OF INCREASES OR DECREASES 

The initial principal amount of this Global Security is $500,000,000. The following increases or decreases in this Global Security have been made: 

 

									
	             Date of

            Exchange
		 Amount of

decrease in
Principal Amount

of this Global

Security
		 Amount of

increase in

Principal
 Amount of
this
 Global Security
		 Principal

amount of this
 Global
Security
 following such

decrease or

increase
		 Signature of

authorized
 signatory
of
 Trustee or

Securities

Custodian