Equity Research Department

April 2, 2014

Eq uity Research Intel Corp. INTC: An Overview Of Intel Capital Outperform /

• In this note we discuss Intel Capital and the role it plays in helping to position Intel for the future. Intel makes investments in both public and private Sector: Semiconductors companies under the auspices of its global investment and M&A organization, Intel Capital, which we view as a program with a mission to make investments in Market Weight companies that will ultimately help Intel sell its own products. From 1991 through 2013 Intel Capital invested over $11 billion in over 1,339 companies across 55 countries and had over 550 exits, wherein 206 companies went public and 344 Company Note

were acquired or merged. We think that investors often overlook the impact that Intel Capital has on Intel as a whole and fail to look at the manner in which Intel 2013A 2014E 2015E EPS Curr. Prior Curr. Prior Capital’s investments signal areas of focus for Intel in the future. These and other Q1 (Mar.) $0.40 $0.37 NC $0.50 NC topics are discussed in additional detail in our recently issued 2014 Intel Primer. Q2 (June) 0.39 0.47 NC 0.48 NC • Q3 (Sep.) 0.58 0.56 NC 0.59 NC Intel Capital tends to classify its investments into four categories: Ecosystem-- Q4 (Dec.) 0.51 0.61 NC 0.68 NC Perhaps the most significant way Intel Capital achieves its strategic goal is by FY $1.89 $2.00 NC $2.25 NC helping generate the “ecosystem” that Intel believes is necessary for technology CY $1.89 $2.00 $2.25 advancement; Market Development--Intel Capital seeks to speed the FY P/E 13.8x 13.0x 11.6x technological advance of developing nations, which in essence, helps Intel build Rev.(MM) $52,708 $55,300 $59,000 its customer base; Gap Fillers--Intel Capital invests in companies that sell Source: Company Data, Wells Fargo Securities, LLC estimates, and Reuters NA = Not Available, NC = No Change, NE = No Estimate, NM = Not Meaningful technology that Intel needs in order to market or produce its products; and Eyes V = Volatile, = Company is on the Priority Stock List and Ears--Intel Capital makes small 3-5 year investments in emerging technologies that aren’t related to current Intel business. • On Intel’s website, Intel identifies the following as sectors in which it has a particular interest in investing: Datacenter Software; Datacenter-Cloud; Digital Ticker INTC Media; Internet of Things; Manufacturing & Labs; Ultrabook; Security; Services-

Open Source; Smart Phones-Tablets; &Wearables. Price (04/01/2014) $25.99 52-Week Range: $20-28 • We also think that Intel Capital, and Intel’s various other equity investments, are Shares Outstanding: (MM) 5,103.0 a good potential source of profit for Intel. Admittedly there have been periods in Market Cap.: (MM) $132,627.0 the past where investment writedowns have had a negative impact on Intel’s S&P 500: 1,885.52 bottom line, but we expect that in the future Intel’s investment activities are likely Avg. Daily Vol.: 26,927,500 to be net positive contributors to EPS. In 2013 Intel’s net income amounted to Dividend/Yield: $0.90/3.5% $9.6 billion, while net gains on equity investments amounted to $471 million, LT Debt: (MM) $13,165.0 driven largely by a $439 million gain associated with Clearwire. In each of the

years 2009-2012 Intel recorded net gains on equity investments in the $112-348 LT Debt/Total Cap.: 18.4%

million range. However, in December 2008 alone, Intel recorded net impairment ROE: 18.0% charges of $1.192 billion, due to a decline in the fair value of a number of equity 3-5 Yr. Est. Growth Rate: 17.0% method investments. CY 2014 Est. P/E-to-Growth: 0.8x

Last Reporting Date: 01/16/2014 Valuation Range: $29.00 to $34.00 Our range is based on about 13-15x our FY2015 EPS estimate of $2.25. This is Source: Company Data, Wells Fargo Securities, LLC estimates, and Reuters within the range in which Intel has traded in the past. Company-specific risks include competition from AMD and rising capital spending. Sector risks include the possibility of decelerating growth in PC shipments. David Wong, CFA, PhD, Senior Analyst (212) 214-5007 / Investment Thesis: [email protected] Intel has a dominant position in a market we view as attractive (microprocessors Amit Chanda, Associate Analyst for PCs). We think Intel has a strong lineup of products that will help it gain (314) 875-2045 / microprocessor market share. Intel also has a history of strong roadmap execution, [email protected] enabling it to maintain a leadership position in microprocessor technology. Parker Paulin, Associate Analyst (212) 214-5066 / [email protected]

Please see page 16 for rating definitions, important disclosures and required analyst certifications All estimates/forecasts are as of 04/02/14 unless otherwise stated.

Wells Fargo Securities, LLC does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the report and investors should consider this report as only a single factor in making their investment decision.

WELLS FARGO SECURITIES, LLC Semiconductors EQUITY RESEARCH DEPARTMENT

Company Description: Intel, based in Santa Clara, California, is the world's largest supplier of semiconductor chips. The company designs and manufactures microprocessors, boards, and semiconductor components that are used in computers, servers, and networking and communication products. The company is the world's largest supplier of microprocessors, with a worldwide market share of more than 75%.

In this note we discuss Intel Capital and the role it plays in helping to position Intel for the future. Intel makes investments in both public and private companies under the auspices of its global investment and M&A organization, Intel Capital, which we view as a program with a mission to make investments in companies that will ultimately help Intel sell its own products. From 1991 through 2013 Intel Capital invested over $11 billion in over 1,339 companies across 55 countries and had over 550 exits, wherein 206 companies went public and 344 were acquired or merged. We think that investors often overlook the impact that Intel Capital has on Intel as a whole and fail to look at the manner in which Intel Capital’s investments signal areas of focus for Intel in the future. These and other topics are discussed in additional detail in our recently issued 2014 Intel Primer.

• We think it is interesting to note the manner in which Intel Capital classifies its investments and how this focus shifts over time. On Intel’s website, Intel identifies the following as sectors in which it has a particular interest in investing: Datacenter Software; Datacenter-Cloud; Digital Media; Internet of Things; Manufacturing & Labs; Ultrabook; Security; Services-Open Source; Smart Phones-Tablets; & Wearables. We think that the changes above highlight a current focus by Intel on maintaining its dominance in the datacenter space, growing its position in the portable space (with smartphones, tablets, Ultrabooks, and increased security features) and maintaining the company’s manufacturing advantage (through an increased focus on manufacturing labs).

• We also think that Intel Capital and Intel’s various other equity investments are often overlooked as a source of profit for Intel. Admittedly there have been periods in the past where investment writedowns have had a negative impact on Intel’s bottom line, but we expect that in the future Intel’s investment activities are likely to be net positive contributors to EPS. o In 2013 Intel’s net income amounted to $9.6 billion, while net gains on equity investments amounted to $471 million (about $0.09 of Intel’s 2013 EPS of $1.89), driven largely by Intel’s $439 million gain from the sale of its interest in Clearwire Communications and its shares in Clearwire Corporation. o In each of the years 2009-2012 Intel recorded net gains on equity investments in the $112- $348 million range. However, in December 2008 alone, Intel recorded net impairment charges of $1.192 billion, due to a decline in the fair value of a number of equity method investments.

Intel Capital

Intel makes investments in both public and private companies under the auspices of its global investment and M&A organization, Intel Capital, which is led by Arvind Sodhani (President Intel Capital, Executive Vice President Intel Corp.). We view Intel Capital as a program with a mission to make investments in companies that will ultimately help Intel sell its own products. From 1991 through 2013 Intel Capital invested over $11 billion in over 1,339 companies across 55 countries and had over 550 exits, wherein 206 companies went public and 344 were acquired or merged. As of November 2013, Intel Capital’s investment portfolio was valued at approximately $1.6 billion. It would appear that not all investments in other companies made by Intel are accounted for under Intel Capital. For example Intel also notes in its 10-K a carrying value of $5.9 billion.

Intel Capital tends to classify its investments into four categories: • Ecosystem--Perhaps the most significant way Intel Capital achieves its strategic goal is by helping generate the “ecosystem” that Intel believes is necessary for technology advancement. o For example, when Intel identified that wireless connectivity was going to be an important driver for notebook computer demand (and hence, Intel mobile microprocessor demand), it invested heavily in companies that were working on Wi-Fi technology. • Market Development--Intel Capital seeks to speed the technological advance of developing nations, which in essence, helps Intel build its customer base. • Gap Fillers--Intel Capital invests in companies that sell technology that Intel needs in order to market or produce its products. • Eyes & Ears--Intel Capital makes small 3-5 year investments in emerging technologies that aren’t related to current Intel business.

WELLS FARGO SECURITIES, LLC Intel Corp. EQUITY RESEARCH DEPARTMENT

On Intel’s website, Intel Capital notes that it is stage-agnostic and identifies the following as sectors in which it has a particular interest in investing: • Datacenter Software - led by Managing Director Dharmesh Thakker o Cloud Software o Big Data o Analytics • Datacenter-Cloud - led by Managing Director Bryan Wolf o Servers o Networking & Storage o Manageability o Data Centers o Connected Car • Digital Media - led by Managing Director Marc Yi o Consumer Internet o Digital Media o Advertising o E-commerce o Education o Social Media o Web Enabling Platforms • Internet of Things o Internet of Things Solutions • Manufacturing & Labs - led by Vice President and Managing Director Keith Larson o Materials o Packaging o Test Equipment o Electronic Design Automation Tools o Memory o Solid-State Storage Devices and Appliances o Complementary Chips • Ultrabook - led by Managing Director Ramamurthy Sivakumar o Ultrabooks o Gesture o Voice & Emotion Sensing o Biometrics • Security - led by Managing Director Ken Elefant o Software & Hardware-based Security Solutions • Services-Open Source - led by Vice President and Managing Director Lisa Lambert o Services o Open Source o Machine to Machine Technologies o Context & Location Services o Internet of Things • Smart Phones-Tablets - led by Managing Director Dave Flanagan o New capabilities for Tablet & Mobile Phone Platforms o Unique Mobile Graphics o Imaging & Video Capabilities o Mobile Content & Services o Wireless Communications Technologies • Wearables - led by Managing Director Rob Rueckert o Wearables o Emerging Devices

Figure 2. Intel Capital Portfolio (as of 3/31/2014)

Company Industry Initial Investment Date Location

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Inktank Storage, Inc. Datacenter-Cloud-Network 11/21/2013 Los Angeles, CA UNI Waltop International Corp. Smart Phones-Tablets 11/14/2013 Hsinchu TAIWAN PointSpectrum Corporation Ultrabook-Perceptual Computing 11/12/2013 Salt Lake City, UT U SBA Materials, Inc. Manufacturing-Labs 10/17/2013 Albuquerque, NM UN CSDN Holdings Limited Services-Open Source 10/15/2013 BVI BRITISH VIRGIN SkySQL Datacenter-Cloud-Network 10/15/2013 Espoo FINLAND CloudFX Datacenter-Cloud-Network 10/11/2013 Singapore Perpetuuiti TechnoSoft Inc Datacenter Software 10/7/2013 Pune, MH INDIA Savaari Car Rentals Other 10/4/2013 Bangalore INDIA Witricity Corporation Ultrabook-Perceptual Computing 10/4/2013 Watertown, MA UNIT Prism Skylabs, Inc. Services-Open Source 10/2/2013 San Francisco, CA U Rocketick Manufacturing-Labs 9/24/2013 Ramat Gan ISRAEL Cloudian Holdings Inc. Datacenter Software 9/18/2013 Tokyo JAPAN DotProduct LLC Smart Phones-Tablets 9/10/2013 Houston, TX UNITED Narley Corporation, S.A. Internet-Digital Media 9/10/2013 Sao Paulo, SP BRAZI Recon Instruments Smart Phones-Tablets 9/10/2013 Vancouver, BC CANA Hooklogic, Inc. Internet-Digital Media 8/30/2013 New York, NY UNITE HyTrust, Inc. Datacenter-Cloud-Network 8/20/2013 Mountain View, CA U BASIS Science, Inc Services-Open Source 8/6/2013 San Francisco, CA U Zamplus Services-Open Source 7/26/2013 Shanghai CHINA WAYZ JAPAN INC. Datacenter-Cloud-Network 7/24/2013 Tokyo JAPAN MAANA Inc. Datacenter-Cloud-Network 7/22/2013 San Juan Capistrano Arrayent, Inc. Services-Open Source 7/17/2013 Redwood City, CA UN NxtGen Technology Pte. Limited. Datacenter-Cloud-Network 7/5/2013 SINGAPORE Maginatics, Inc. Services-Open Source 7/2/2013 Mountain View, CA U Lintes Technologies Smart Phones-Tablets 6/28/2013 New Taipei City TAIW Clinkle Corporation Internet-Digital Media 6/17/2013 San Francisco, CA U Olive Telecommunication Other 6/17/2013 Gurgaon, Haryana IN ReduxIO Systems Ltd. Datacenter-Cloud-Network 6/3/2013 Petach Tikvah ISRAE Jasper Infotech Pvt Ltd Other 5/30/2013 New Delhi INDIA Yottaa, Inc. Datacenter-Cloud-Network 5/28/2013 Boston, MA UNITED Thalmic Labs Inc. Manufacturing-Labs 5/21/2013 Ontario CANADA Interlude Ltd. Internet-Digital Media 5/17/2013 Telaviv ISRAEL Bright Lifecare Private Limited Other 5/9/2013 Gurgaon, Haryana IN Zinitix Smart Phones-Tablets 4/19/2013 Daejeon SOUTH KOR Movable Ink Internet-Digital Media 4/9/2013 New York, NY UNITE Feedhenry Smart Phones-Tablets 4/2/2013 Waterford IRELAND E la Carte, Inc. Internet-Digital Media 3/15/2013 Palo Alto, CA UNITED Adsit! Media Group Limited Internet-Digital Media 3/7/2013 Beijing CHINA Expect Labs Smart Phones-Tablets 3/6/2013 San Francisco, CA U Sprinklr, Inc. Internet-Digital Media 2/5/2013 New York, NY UNITE Big Switch Networks, Inc. Datacenter-Cloud-Network 12/28/2012 Mountain View, CA U Geofusion Sistema e Serviços de Informatica SA Other 12/28/2012 Sao Paulo BRAZIL Storenvy Internet-Digital Media 12/28/2012 San Francisco, CA U WebRadar Software e Serviços para Telecom S.A. Datacenter-Cloud-Network 12/28/2012 Rio de Janeiro BRAZ Apperian, Inc Security 12/27/2012 Boston, MA UNITED eGalax_eMPIA Technology Inc. Ultrabook-Perceptual Computing 12/27/2012 Taipei TAIWAN Gengo, Inc. Other 12/27/2012 Tokyo JAPAN Nexmo Inc Services-Open Source 12/26/2012 Chicago, IL UNITED Fortumo Services-Open Source 12/21/2012 ESTONIA Persimmon Technologies Manufacturing-Labs 12/18/2012 Wakefield, MA UNITE Mirantis, Inc. Services-Open Source 12/17/2012 Mountain View, CA U BlueData Software, Inc. Services-Open Source 12/14/2012 Santa Clara, CA UNI Emotient, inc Ultrabook-Perceptual Computing 11/30/2012 San Diego, CA UNIT Packet One Networks (Malaysia) Sdn Bhd Smart Phones-Tablets 11/27/2012 Selangor MALAYSIA Eruditor Internet-Digital Media 11/16/2012 Moscow RUSSIA ForeScout Technologies, Inc. Services-Open Source 11/13/2012 Cupertino, CA UNITE

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MongoDB Datacenter-Cloud-Network 11/2/2012 Palo Alto, CA UNITED FocalTech Corporation Ltd Other 10/16/2012 DE UNITED STATES FundersClub Inc. Internet-Digital Media 9/19/2012 San Francisco, CA U ASML Holding N.V. Manufacturing-Labs 9/12/2012 Veldhoven NETHERL Box, Inc. Internet-Digital Media 9/5/2012 Los Altos, CA UNITE Elastic Box Services-Open Source 9/5/2012 Mountain View, CA U NewAer (AKA NeuAer, ToothTag) Smart Phones-Tablets 9/5/2012 Los Angeles, CA UNI UUCUN Co., Ltd. Internet-Digital Media 8/16/2012 Shanghai CHINA PagPop Other 8/2/2012 Ribeiro Preto BRAZIL Sigfox Other 7/31/2012 Toulouse FRANCE Next IT Corporation Services-Open Source 7/30/2012 Spokane, WA UNITE RocketOZ Inc. Internet-Digital Media 7/27/2012 Seoul SOUTH KOREA Movea SA Smart Phones-Tablets 7/26/2012 Grenoble FRANCE Hungama.com Pvt Ltd Other 7/10/2012 Mumbai, Maharashtr Rancard Solutions Other 7/3/2012 Accra GHANA FlatFrog Laboratories AB Smart Phones-Tablets 6/20/2012 Lund SWEDEN kupiVIP.com Other 6/19/2012 Moscow RUSSIA Cashstar, Inc Smart Phones-Tablets 6/1/2012 Portland, ME UNITED Mural.ly Other 5/30/2012 Buenos Ayres ARGEN Vietnam Communications Corp Other 5/24/2012 Hanoi VIETNAM ELike Other 5/23/2012 Rio de Janeiro, RJ BR Sand9, Inc. Smart Phones-Tablets 5/23/2012 Cambridge, MA UNIT Speaktoit Inc. Smart Phones-Tablets 5/9/2012 Arlington, VA UNITE Portrait Displays, Inc Smart Phones-Tablets 5/1/2012 Pleasanton, CA UNIT Appionics Holdings Limited Internet-Digital Media 4/19/2012 Grand Cayman CAYM Ark.com, Inc. Internet-Digital Media 4/13/2012 San Francisco, CA U Xishi Weddings Tech Internet-Digital Media 4/13/2012 Beijing CHINA Voxer, Inc Services-Open Source 4/11/2012 San Francisco, CA U Terascala, Inc. Datacenter-Cloud-Network 4/6/2012 Avon, MA UNITED ST AtHoc, Inc. Services-Open Source 3/27/2012 San Mateo, CA UNIT Beijing ZhiZhen Technology Company Limited Services-Open Source 3/23/2012 Beijing CHINA Transmension Scientific Limited Internet-Digital Media 3/23/2012 Shanghai CHINA Minha Vida Other 3/20/2012 Sao Paulo BRAZIL CastLabs Manufacturing-Labs 3/14/2012 Berlin GERMANY Tobii Technology Other 3/12/2012 Danderyd SWEDEN Trigence Semiconductor, Inc. Ultrabook-Perceptual Computing 3/9/2012 Tokyo JAPAN Ozon Holdings Limited Other 3/5/2012 Moscow RUSSIA 500friends, Inc. Internet-Digital Media 3/2/2012 San Francisco, CA U ScienceLogic, Inc. Datacenter-Cloud-Network 2/24/2012 Reston, VA UNITED Bromium Inc. Datacenter-Cloud-Network 2/16/2012 Cupertino, CA UNITE Personify Inc Ultrabook-Perceptual Computing 2/9/2012 Champaign, IL UNIT BrightEdge Technologies, Inc. Services-Open Source 1/12/2012 San Mateo, CA UNIT Fashion Republic Technologies Ltd. Other 1/10/2012 Beijing CHINA Cloud Union Ltd. Internet-Digital Media 1/6/2012 Beijing CHINA Fashion Me Portal de Internet S.A Services-Open Source 12/28/2011 Sao Paulo BRAZIL Reebonz Pte Ltd Other 12/27/2011 Singapore SINGAPO Autofind Industrial Equipamentos Services-Open Source 12/23/2011 Itajub, MG BRAZIL Aeon Communication Pvt. Ltd Internet-Digital Media 12/16/2011 Navi Mumbai, MH IN Fadata AD Other 12/16/2011 Sofia BULGARIA Enstage, Inc. Other 12/1/2011 Bangalore, Karnatak Amplidata Datacenter-Cloud-Network 11/28/2011 Lochristi BELGIUM Pixeon Medical System Manufacturing-Labs 11/23/2011 Florianpolis, SC BRA SNSplus, Inc. Other 11/23/2011 New Taipei City TAIW Insyde Software Corp (2011) Smart Phones-Tablets 11/22/2011 Taipei TAIWAN JSFM Consulting Internet-Digital Media 11/17/2011 Roborough UNITED K Miartech, Inc Manufacturing-Labs 11/14/2011 Shanghai CHINA Makepolo Inc. Other 11/8/2011 Beijing CHINA

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G-cluster Global Corporation Internet-Digital Media 11/7/2011 Tokyo JAPAN Goldsquare Pvt Limited Other 11/4/2011 Gurgaon, Haryana IN Happiest Mind Technologies Pvt Ltd Other 11/4/2011 bangalore, Karnatak OneBe, Inc. Security 11/4/2011 Tokyo JAPAN Neosem Manufacturing-Labs 11/2/2011 SUWON SOUTH KOR What's On India Other 11/1/2011 Mumbai INDIA Urban Airship, Inc. Services-Open Source 10/31/2011 Portland, OR UNITED Netronome Systems, Inc. Datacenter-Cloud-Network 10/28/2011 Cranberry Twp., PA TeliBrahma Convergent Communications Services-Open Source 10/25/2011 Bangalore, Karnatak dealsandyou Other 10/11/2011 Gurgaon, Harayana Grupanya Other 9/23/2011 Istanbul TURKEY Carecloud Services-Open Source 9/19/2011 Miami, GA UNITED S SweetLabs, Inc. Internet-Digital Media 9/19/2011 San Diego, CA UNIT Duron Energy Private Limited Manufacturing-Labs 9/16/2011 Bangalore INDIA Jelli, Inc. Internet-Digital Media 9/9/2011 San Mateo, CA UNIT VIPStore Technologies Ltd. Internet-Digital Media 9/9/2011 Beijing CHINA Guavus, Inc. Services-Open Source 8/31/2011 Santa Clara, CA UNI IP Commerce, Inc. Services-Open Source 8/30/2011 Denver, CO UNITED Switch Communications, L.L.C. Datacenter-Cloud-Network 8/19/2011 Las Vegas, NV UNITE Delivery Agent, Inc. Internet-Digital Media 8/11/2011 San Francisco, CA U Sudhir Srivastava Advanced Robotic Surgery Centre Pvt Ltd. Other 8/5/2011 Delhi INDIA Hangtime, Inc. (FKA LikeDeals Inc.) Internet-Digital Media 8/4/2011 San Francisco, CA U Shanghai Bocom Intelligent Network Technologies Datacenter-Cloud-Network 8/1/2011 Shanghai CHINA Altech Technologies Limited Other 7/27/2011 Johannesburg SOUT Swrve New Media Inc Services-Open Source 7/15/2011 San Francisco, CA U Verifaya, Inc Other 6/30/2011 Mountain View, CA U BlueStack Systems, Inc. Smart Phones-Tablets 6/23/2011 Campbell, CA UNITE Enlighted, Inc. Services-Open Source 6/14/2011 Sunnyvale, CA UNIT iStreamPlanet Services-Open Source 5/23/2011 Las Vegas, NV UNITE Hangzhou Bsoft Company Ltd Manufacturing-Labs 5/18/2011 Hangzhou CHINA PerspecSys Inc. Datacenter-Cloud-Network 5/17/2011 Orangeville, Ontario CrowdStar, Inc. Internet-Digital Media 5/13/2011 Burlingame, CA UNIT eTechAces Marketing and Consulting Pvt Ltd Other 5/12/2011 Gurgaon, Haryana IN Music Mastermind, Inc Smart Phones-Tablets 4/29/2011 Calabasas, CA UNITE Altergeo Internet-Digital Media 4/26/2011 Moscow RUSSIA Total Immersion SA Other 3/21/2011 SURESNES FRANCE Altobridge Ltd Smart Phones-Tablets 3/14/2011 Tralee IRELAND Nokta Internet Teknolojileri San. ve Toc. A.S. Other 3/9/2011 Ankara TURKEY SAANKHYA LABS PVT LTD Internet-Digital Media 3/3/2011 Bangalore INDIA SS8 Networks, Inc. Datacenter-Cloud-Network 2/25/2011 Milpitas, CA UNITED Allied Digital Services Other 2/22/2011 Mumbai, MH INDIA BORQS International Holding Corp Smart Phones-Tablets 2/15/2011 Beijing CHINA Secure Key Technologies, Inc Smart Phones-Tablets 2/11/2011 Toronto, ON CANADA VisionOSS Datacenter-Cloud-Network 2/9/2011 Reading UNITED KIN DeNovo Datacenter-Cloud-Network 1/30/2011 Kiev UKRAINE Storage Appliance Corporation Datacenter-Cloud-Network 1/7/2011 Richmond Hill, Ontar CloudMade Services-Open Source 1/5/2011 Menlo Park, CA UNIT Argyle Data (fka uCirrus) Services-Open Source 1/3/2011 San Mateo, CA UNIT United Information Technology Co Ltd Datacenter-Cloud-Network 12/23/2010 China City CHINA InVisage Technologies, Inc. Smart Phones-Tablets 12/17/2010 Menlo Park, CA UNIT Mocana Corporation Smart Phones-Tablets 12/17/2010 San Francisco, CA U V-Sync Co., Ltd. Datacenter-Cloud-Network 12/17/2010 Tokyo, Tokyo JAPAN Viridity Energy, Inc. Manufacturing-Labs 12/15/2010 Philadelphia, PA UNI Rock Flow Dynamics Services-Open Source 12/14/2010 Moscow RUSSIA X Plus One Services-Open Source 12/14/2010 New York, NY UNITE Wind Mobile Smart Phones-Tablets 11/30/2010 Krakow POLAND Select-TV Solutions Sdn. Bhd. Internet-Digital Media 11/29/2010 Petaling Jaya MALAY

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Kaltura, Inc. Services-Open Source 11/24/2010 New York, NY UNITE Winchannel Technology Co., Ltd. Other 11/18/2010 Beijing CHINA Splendor Telecom (Nymgo) Other 11/16/2010 Beirut LEBANON Taifatech Inc. Ultrabook-Perceptual Computing 11/15/2010 Hsinchu County TAIW Boo-box Internet-Digital Media 11/12/2010 East Rockaway, NY U Videon Central, Inc. Internet-Digital Media 11/12/2010 State College, PA UN Lilliputian Systems, Incorporated Manufacturing-Labs 11/1/2010 Wilmington, MA UNIT Layar Services-Open Source 10/21/2010 Amsterdam NETHER Yummly, Inc. Internet-Digital Media 10/8/2010 Mountain View, CA U WiBro Infra Co., Ltd. Smart Phones-Tablets 9/28/2010 SEONGNAM SOUTH YuMe, Inc Internet-Digital Media 9/16/2010 Redwood City, CA UN Grameen Intel Social Business Limited Other 8/31/2010 Dakka BANGLADESH Redbend Smart Phones-Tablets 8/31/2010 Hod Hasharon ISRAE SilkRoad Technology Services-Open Source 8/25/2010 Winston-Salem, NC Nexant, Inc Manufacturing-Labs 8/23/2010 San Francisco, CA U Adaptive Computing Enterprises Inc. Manufacturing-Labs 8/19/2010 Provo, UT UNITED S Identec Group Services-Open Source 7/15/2010 Balzers LIECHTENST Okbuy (China) Holding Inc. Internet-Digital Media 7/2/2010 Beijing CHINA Netposa Technologies Co., Ltd Services-Open Source 6/21/2010 Beijing CHINA Kabam, Inc Services-Open Source 6/9/2010 Mountain View, CA U althea systems Other 6/1/2010 bangalore INDIA OpenPeak, Inc Smart Phones-Tablets 5/19/2010 Boca Raton, FL UNIT Caring.com Manufacturing-Labs 5/3/2010 San Mateo, CA UNIT Univa, Inc. Datacenter-Cloud-Network 4/15/2010 Lisle, IL UNITED STA Virtustream, Inc. Datacenter-Cloud-Network 4/14/2010 Bethesda, MD UNITE SmartZip Analytics, Inc. Internet-Digital Media 4/9/2010 Pleasanton, CA UNIT eflow Inc. Smart Phones-Tablets 4/2/2010 Tokyo JAPAN Freepath, Inc. Services-Open Source 3/31/2010 Folsom, CA UNITED Multi Commodity Exchange of India Limited Other 3/30/2010 Mumbai, MH INDIA Betaworks Studio, LLC Internet-Digital Media 3/10/2010 New York, NY UNITE July Systems Inc Other 3/8/2010 Sunnyvale, CA UNIT Onkyo Corporation (Vintage 2009) Smart Phones-Tablets 12/1/2009 Osaka JAPAN Joyent, Inc Services-Open Source 10/27/2009 San Francisco, CA U V-Cube, Inc. Smart Phones-Tablets 10/27/2009 Tokyo JAPAN TransGaming Inc Internet-Digital Media 9/24/2009 Ottawa, Ontario CAN Jeeran Other 6/15/2009 Amman JORDAN Reef for Software Development (ShoofeeTV) Other 6/1/2009 Amman JORDAN Global Talent Track Pvt Ltd Other 1/13/2009 Pune, Maharashtra I Motion Computing, Inc. Manufacturing-Labs 12/22/2008 Austin, TX UNITED S One97 Communications (P) Limited Other 12/19/2008 New Delhi INDIA Overture Networks, Inc. Datacenter-Cloud-Network 12/15/2008 Research Triangle Pa Carrier IQ, Inc Smart Phones-Tablets 12/3/2008 Mountain View, CA U IndiaMART InterMESH Limited Services-Open Source 11/24/2008 Noida, UP INDIA InMage Systems, Inc. Datacenter-Cloud-Network 8/29/2008 San Jose, CA UNITED Crisp Media, Inc. Smart Phones-Tablets 8/28/2008 New York, NY UNITE Zimbra Inc Services-Open Source 8/8/2008 Dallas, TX UNITED S Impinj Inc. Manufacturing-Labs 7/3/2008 Seattle, WA UNITED Yatra Online Other 7/3/2008 Gurgaon, Haryana IN UIEvolution, Inc Internet-Digital Media 6/23/2008 Kirkland, WA UNITED HealthiNation, Inc. Internet-Digital Media 6/4/2008 New York, NY UNITE TOA Technologies Services-Open Source 5/19/2008 Beachwood, OH UNI Sotera Wireless, Inc. Manufacturing-Labs 1/24/2008 San Diego, CA UNIT China Digital Video Limited Datacenter-Cloud-Network 1/14/2008 Beijing CHINA Intrasoft Technologies Limited Other 12/28/2007 Kolkata INDIA Inteliwise Services-Open Source 12/21/2007 Warszawa POLAND Revolution Analytics Services-Open Source 12/21/2007 Palo Alto, CA UNITED FlowPlay, Inc. Internet-Digital Media 12/11/2007 Seattle, WA UNITED

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Vostu, Ltd. Internet-Digital Media 11/26/2007 Miami Beach, FL UNI Powervation Ltd Manufacturing-Labs 11/20/2007 Cork, IRELAND InfoServer S.A. Security 10/31/2007 Osasco, SP BRAZIL Jordan Valley Semiconductors Ltd. Manufacturing-Labs 10/19/2007 Migdal Haemek ISRA ITZ Cash Card Ltd Other 10/4/2007 Mumbai, Maharashtr Punchbowl, Inc. Internet-Digital Media 10/1/2007 Framingham, MA UN SUPCON Technology Co Ltd Services-Open Source 9/28/2007 Hangzhou CHINA UQ Communications Inc. Smart Phones-Tablets 9/27/2007 Tokyo JAPAN Smart Technologies Smart Phones-Tablets 8/29/2007 Calgary, AB CANADA VMware, Inc. Services-Open Source 8/22/2007 Palo Alto, CA UNITED BridgeWave Communications, Inc. Datacenter-Cloud-Network 7/6/2007 Santa Clara, CA UNI Convey Computer Corporation Manufacturing-Labs 7/3/2007 Richardson, TX UNIT Financial Inclusion Network & Operations Pvt. Ltd. Other 5/30/2007 Mumbai, Maharashtr Concursive Corporation Services-Open Source 5/23/2007 Norfolk, VA UNITED Tela Innovations Inc Manufacturing-Labs 5/11/2007 San Jose, CA UNITED Aternity Inc. Datacenter-Cloud-Network 4/12/2007 Hod Hasharon ISRAE Fonality, Inc. Services-Open Source 1/25/2007 Culver City, CA UNIT Grid Net, Inc Manufacturing-Labs 1/11/2007 San Francisco, CA U Neusoft Corporation Services-Open Source 10/31/2006 Shenyang, Liaoning Brainlab Services-Open Source 10/27/2006 Heimstetten / Munic Agiliance, Inc. Datacenter-Cloud-Network 10/20/2006 San Jose, CA UNITED Imagination Technologies Group plc Smart Phones-Tablets 10/4/2006 Kings Langley, Herts Fortemedia, Inc Ultrabook-Perceptual Computing 9/27/2006 Cupertino, CA UNITE Cortina Systems, Inc. Datacenter-Cloud-Network 9/8/2006 Sunnyvale, CA UNIT GainSpan Corporation Manufacturing-Labs 9/5/2006 San Jose, CA UNITED GENBAND, Inc. Datacenter-Cloud-Network 8/16/2006 Frisco, TX UNITED S iLantus Technologies Pvt. Ltd. Other 8/3/2006 Bangalore, Karnatak Microland Limited Other 8/2/2006 Bangalore, Karnatak Avnera Corporation Internet-Digital Media 7/26/2006 Beaverton, OR UNIT Real Image Media Technologies Pvt Ltd Other 7/20/2006 Chennai, Tamilnadu YeePay, Inc. Services-Open Source 7/13/2006 Beijing CHINA Montage Technology Group Limited Manufacturing-Labs 6/19/2006 Shanghai CHINA Star Softcomm Pte Ltd Services-Open Source 5/26/2006 Beijing CHINA Pando Networks Inc. Internet-Digital Media 5/3/2006 New York, NY UNITE Winking Entertainment Limited Internet-Digital Media 4/11/2006 Shanghai, Shanghai SkyCross Inc Smart Phones-Tablets 4/10/2006 Melbourne, FL UNITE iControl Networks, Inc. Security 3/21/2006 Palo Alto, CA UNITED Adaptive Mobile Security Ltd Smart Phones-Tablets 3/20/2006 Dublin IRELAND ip.access Limited Smart Phones-Tablets 3/14/2006 Cambridge UNITED K People Infocom Pvt. Ltd Other 2/8/2006 Mumbai, Maharastra Expression Diagnostics, Inc. Manufacturing-Labs 12/9/2005 Brisbane, CA UNITED Metaboli Internet-Digital Media 11/17/2005 Paris FRANCE iBiquity Digital Corp. Smart Phones-Tablets 10/26/2005 Columbia, MD UNITE Chipsbrand Microelectronics Co., Ltd. Manufacturing-Labs 7/29/2005 Shenzhen, Guangzho VeriSilicon Holdings Co., Ltd. Smart Phones-Tablets 7/21/2005 Shanghai CHINA GigaSpaces Services-Open Source 7/15/2005 Herzliya ISRAEL Exent Technologies Ltd. Internet-Digital Media 7/12/2005 Petach Tikva ISRAEL RF Code, Inc. Manufacturing-Labs 6/10/2005 Austin, TX UNITED S Parallels Holdings Ltd Datacenter-Cloud-Network 6/3/2005 Renton, WA UNITED Black Duck Software, Inc. Services-Open Source 5/16/2005 Waltham, MA UNITE Certisign Holding, Inc. Services-Open Source 4/5/2005 Sao Paulo BRAZIL Zend Technologies Services-Open Source 12/16/2004 Santa Clara, CA UNI Cymbet Corporation Smart Phones-Tablets 12/15/2004 Elk River, MN UNITE Energetiq Technology Inc. Manufacturing-Labs 12/1/2004 Woburn, MA UNITED BlackArrow, Inc. Internet-Digital Media 11/3/2004 San Mateo, CA UNIT Panorama Software Ltd. Services-Open Source 9/15/2004 Tel Aviv-Yafo, ON IS MVS Net, SA de CV Smart Phones-Tablets 8/13/2004 Colonia Insurgentes

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InnoPath Software, Inc. Smart Phones-Tablets 5/10/2004 Alviso, CA UNITED S Trillion Partners, Inc. Smart Phones-Tablets 4/22/2004 Austin, TX UNITED S Media Lario International S.A. Manufacturing-Labs 12/19/2003 Milan ITALY NexPlanar Corporation Manufacturing-Labs 12/18/2003 Hillsboro, OR UNITED Tralix Corporation Services-Open Source 12/15/2003 Queretaro MEXICO Neovia Telecomunicacoes SA Smart Phones-Tablets 12/8/2003 Sao Paulo BRAZIL Vitae Pharmaceuticals, Inc. Manufacturing-Labs 11/12/2003 Fort Washington, PA Clear2Pay Services-Open Source 9/4/2003 Mechelen, Belgium B Nanosys Inc. Manufacturing-Labs 5/19/2003 Palo Alto, CA UNITED Mobicom Smart Phones-Tablets 12/13/2002 Holmdel, NJ UNITED RASilient Systems, Inc Datacenter-Cloud-Network 12/13/2002 Cupertino, CA UNITE Tectotal Services-Open Source 9/26/2002 Rio de Janeiro BRAZ Panasas Datacenter-Cloud-Network 8/19/2002 Sunnyvale, CA UNIT Location Labs Smart Phones-Tablets 6/14/2002 Emeryville, CA UNIT Tejas Networks India Private Limited Other 1/9/2002 Bangalore, Karnatak Miaxis Biometrics CO. Ltd. Security 4/3/2001 Hang Zhou CHINA Stratus Technologies Group, S.A. Datacenter-Cloud-Network 2/1/2001 Maynard, MA UNITED CollabNet, Inc. Services-Open Source 4/17/2000 Brisbane, CA UNITED ViewSonic Corporation Internet-Digital Media 4/14/2000 Walnut, CA UNITED GulfNet Co., Ltd. Other 12/22/1999 Tokyo JAPAN IBAHN Corporation Smart Phones-Tablets 12/3/1999 Salt Lake City, UT U Coventor, Inc. Manufacturing-Labs 11/24/1999 Cary, NC UNITED ST Source: Intel and Wells Fargo Securities, LLC

Intel made 146 total investments in 2013, including 63 initial investments and 83 follow on investments, which amounted to $333 million (including $245 million in new investments).

Geographically, 51% of 2013 investments were based in the U.S., 21% were based in the Asia Pacific, 17% were based in western Europe & Israel, 5% were based in the Middle East, Central & Eastern Europe, & Russia, 4% were based in China, and 2% were based in Latin America. • Intel Capital has increased its foreign investment over time - in 1998, less than 5% of Intel Capital’s investment dollars were aimed at international investments (compared to 49% in 2013). Intel Capital now has offices in 26 countries.

Intel Capital had 33 exits in 2013, of which • 27 were M&A • 6 were IPOs o V-cube (Japan) – December 10, 2013 o FocalTech (Taiwan) – November 8, 2013 o Montage (China) – September 26, 2013 o YuMe (USA) – August 8, 2013 o Tremor Video (USA)– 6/27/13 o Aspeed Technology (Taiwan)– 4/30/13

Other recent IPO exits for Intel Capital include: o Peregrine Semiconductors (USA) – August 8, 2012 o Sinosun (China) – June 28, 2012 o Envivio (USA) – April 25, 2012 o Vocera (USA) – March 28, 2012 o MCX (India) – February 25, 2012 o Synacor (U.S.) – February 9, 2012 o AVG (Czech Republic) – February 2, 2012 o SkyMedi (Taiwan) – November 8, 2011 o Wind Mobile (Poland) – October 19, 2011 o Parade Technologies (China) – September 13, 2011 o Gudeng Precision Industrial (Taiwan) – August 31, 2011 o Phoenix New Media (China) – May 12, 2011 o BCD Semiconductor (China) – January 28, 2011 o Pacific Biosciences (U.S.) – October 26, 2010 o China Cache International (China) – October 1, 2010 o Crucialtec (South Korea) – July 21, 2010

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o SMART Technologies (Canada) – July 15, 2010 o China ITS (China) – July 15, 2010 o HiSoft (China) – July 10, 2010 o Motricity (U.S.) – June 22, 2010 o Tobesoft (South Korea) – May 31, 2010 o Intrasoft (India) – April 12, 2010 o Persistent Systems (India) – April 4, 2010 o Calix, Inc. (U.S.) – March 24, 2010 o Financial Engines (U.S.) – March 16, 2010

Figure 1 shows the breakdown of Intel Capital’s current (as of March 31, 2014) investment portfolio by segment and notes the years in which Intel made its initial contribution to each company. Figure 2 (at the bottom of this note) lists the specific companies in Intel Capital’s current portfolio and also notes the specific dates of Intel’s initial investments in each company.

• Intel’s website currently lists 312 investments within the Intel Capital portfolio. Of the current portfolio, Intel made initial investments in 22 companies in 2007, 15 companies in 2008, 7 companies in 2009, 40 companies in 2010, 61 companies in 2011, 59 companies in 2012, 45 companies in 2013, and 3 companies so far in 2014. o Various weblinks on Crunchbase.com, suggest that since the start of 2014 (in addition to some companies included in Figure 1) Intel Capital has also invested in OrCam Technologies, Reflektion, BlueWhale, Yeapoo, Snapdeal, CGTrader, makexyz, & Mango Telecom. o Intel Capital’s March 2014 newsletter also suggests that the company has made recent investments in China Cloud.

• The breakdown that Intel provides only includes investments that still remain in Intel Capital’s portfolio; it does not include investments that Intel has exited and so over the last several years, the organization has made investments in more companies than are listed in the figures below.

Figure 1. Intel Capital Current Portfolio Historic Investments By Segment 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total Datacenter Software 213 Datacenter-Cloud-Network 12 1323 49611143 Internet-Digital Media 1123321811118 51 Manufacturing-Labs 1413253 5534 36 Other 11 4323617155 57 Security 1 1114 Services-Open Source 1 12234631912116 61 Smart Phones-Tablets 1 214242227687149 Ultrabook-Perceptual Computing 1 1428 Total Number of Investments 321678112222157406159453312 *Based off of Intel Capital’s 3/31/2014 portfolio list Source: Intel and Wells Fargo Securities, LLC

• We think it is interesting to note the manner in which Intel Capital classifies its investments and how this focus shifts over time. As an example: o Intel Capital’s 3/28/12 portfolio segments were: Consumer Internet Digital Enterprise Digital Home Manufacturing – Memory Mobility Other Platform – Cleantech – Health Software and Services o Meanwhile, Intel Capital’s 3/31/14 portfolio segments are: Datacenter - Software Datacenter - Cloud - Network Internet - Digital Media Manufacturing - Labs

WELLS FARGO SECURITIES, LLC Intel Corp. EQUITY RESEARCH DEPARTMENT

Other Security Services - Open Source Smart Phones - Tablets Ultrabook - Perceptual Computing o We think that the changes above highlight a current focus by Intel on maintaining its dominance in the datacenter space, growing its position in the portable space (with smartphones, tablets, Ultrabooks, and increased security features) and maintaining the company’s manufacturing advantage (through an increased focus on manufacturing labs).

Intel Capital has allocated some sums of money to specific funds over the years: • Intel Capital China Smart Device Innovation Fund ($100 million April 2014) • Intel Capital Experiences and Perceptual Computing Fund ($100 million June 2013) • Intel Capital Connected Car Fund ($100 million February 2012) • Intel Capital AppUp Developer Fund ($100 million November 2011) o We are not sure if this fund still exists as Intel Capital no longer mentions it in its factsheet and Intel shut down AppUp on March 11, 2014. • Intel Capital Ultrabook Fund ($300 million August 2011) • Intel Capital China Technology Fund II ($500 million April 2008) • Intel Capital Brazil Technology Fund ($50 million March 2006) • Intel Capital India Technology Fund ($250 million December 2005) • Intel Capital Middle East and Turkey Fund ($50 million November 2005)

If we look back at Intel as a whole, Intel’s investment portfolio has, in some periods in the past, had a big impact on Intel’s earnings, both positively and negatively. • During the “bubble” period 12 years ago, Intel’s reported net gains on equity investments amounted to $522 million in 1999 and $1.17 billion in 2000. • However, following the bursting of the bubble, write-downs and impairment charges resulted in net equity-to-investment related charges of $466 million in 2001, $372 million in 2002, and $283 million in 2003.

More recently, the following took place: • In 2006 and 2007, Intel recognized net gains on its investments, $214 million in 2006 and $157 million in 2007. • However, in December 2008 alone, Intel recorded net impairment charges of $1.192 billion, due to a decline in the fair value of a number of equity method investments. This charge consisted of $762 million, $250 million, and $200 million associated with the company’s investments in Clearwire, Numonyx and other non-marketable equity investments, respectively. For full-year 2008, Intel’s reported net losses on equity investments amounted to $1.756 billion. • In 2009 net losses on equity investments amounted to $170 million. o In 2009, Intel lost: $27 million from Clearwire Communications $31 million from Numonyx • In 2010 Intel returned to positive territory with net gains on equity investments of $348 million. o In 2010, Intel made: $91 million on the sale of its ownership interest in Numonyx B.V. $67 million on the sale of Micron shares $181 million on the IPO and sale of shares in the secondary offering of SMART Technologies Inc. o In 2010, Intel lost: $116 million from Clearwire Communications $42 million from Numonyx • In 2011 Intel’s net gains on equity investments amounted to $112 million. o In 2011, Intel made: $150 million on the sale of VMware shares. o In 2011, Intel lost: $145 million from Clearwire Communications • In 2012 Intel’s net gains on equity investments amounted to $141 million. o Intel completed 15 acquisitions that qualified as business combinations for an aggregate cash consideration of $638 million in 2012. o Intel purchased $815 million in licensed technologies and patents during 2012, including $375 million in wireless patents purchased from InterDigital.

WELLS FARGO SECURITIES, LLC Semiconductors EQUITY RESEARCH DEPARTMENT

• In 2013 Intel’s net income amounted to $9.6 billion, while net gains on equity investments amounted to $471 million (about $0.09 of Intel’s 2013 EPS of $1.89). o Intel stated that the increased gains were due to “higher gains on sales of equity investments, partially offset by lower gains on third-party merger transactions.” In 2013 Intel gained $439 million from the sale of its interest in Clearwire Communications and its shares in Clearwire Corporation.

At the end of 2013, Intel owned the following: • $6.3 billion in marketable equity investments, including hedging instruments. This is up from $4.4 billion at the end of 2012. o Intel’s marketable equity investment in ASML was carried at a total fair market value of $5.9 billion, or 94% of the company’s marketable equity portfolio, as of December 28, 2013. • Intel’s non-marketable equity investments, excluding investments accounted for under the equity method, had a carrying amount of $1.3 billion (versus $1.2 billion as of December 29, 2012). • Intel’s non-marketable equity method investments had a carrying value of $1.0 billion ($1.0 billion as of December 29, 2012), mainly due to the company’s IMFT investment of $646 million ($642 million as of December 29, 2012). o During 2013 IMFT returned $45 million to Intel (versus $137 million in 2012, $263 million in 2011, and $197 million in 2010), which is reflected within investing activities on the cash flow statement.

On March 27, 2014, Intel announced a broad strategic technology and business collaboration, as well as a significant equity investment with data center focused Cloudera that makes Intel Cloudera’s largest strategic shareholder and a member of its board of directors. Intel's investment in the company represents the single largest data center technology investment in Intel’s history. As part of the deal Cloudera will develop and optimize Cloudera's Distribution, including Apache Hadoop, for Intel architecture as its preferred platform and will support a range of next-generation technologies such as Intel fabrics, flash memory and security. In turn, Intel is expected to market and promote Cloudera's Distribution and Cloudera Enterprise to its customers as its preferred Hadoop platform.

Figure 2. Intel Capital Portfolio (as of 3/31/2014)

Company Industry Initial Investment Date Location

Huayun Data (Cayman) Service Co. Ltd. Datacenter-Cloud-Network 3/3/2014 Wuxi CHINA Saffron Technology, Inc. Wearables 2/25/2014 Raleigh, NC UNITED NewLans, Inc. Smart Phones-Tablets 1/28/2014 Acton, MA UNITED S Inpria Corporation Manufacturing-Labs 12/20/2013 Corvallis, OR UNITED Mango Cloud Systems Other 12/11/2013 Moscow RUSSIA SanJet Technology Corp Datacenter-Cloud-Network 12/5/2013 HsinChu City TAIWA Inktank Storage, Inc. Datacenter-Cloud-Network 11/21/2013 Los Angeles, CA UNI Waltop International Corp. Smart Phones-Tablets 11/14/2013 Hsinchu TAIWAN PointSpectrum Corporation Ultrabook-Perceptual Computing 11/12/2013 Salt Lake City, UT U SBA Materials, Inc. Manufacturing-Labs 10/17/2013 Albuquerque, NM UN CSDN Holdings Limited Services-Open Source 10/15/2013 BVI BRITISH VIRGIN SkySQL Datacenter-Cloud-Network 10/15/2013 Espoo FINLAND CloudFX Datacenter-Cloud-Network 10/11/2013 Singapore Perpetuuiti TechnoSoft Inc Datacenter Software 10/7/2013 Pune, MH INDIA Savaari Car Rentals Other 10/4/2013 Bangalore INDIA Witricity Corporation Ultrabook-Perceptual Computing 10/4/2013 Watertown, MA UNIT Prism Skylabs, Inc. Services-Open Source 10/2/2013 San Francisco, CA U Rocketick Manufacturing-Labs 9/24/2013 Ramat Gan ISRAEL Cloudian Holdings Inc. Datacenter Software 9/18/2013 Tokyo JAPAN DotProduct LLC Smart Phones-Tablets 9/10/2013 Houston, TX UNITED Narley Corporation, S.A. Internet-Digital Media 9/10/2013 Sao Paulo, SP BRAZI Recon Instruments Smart Phones-Tablets 9/10/2013 Vancouver, BC CANA Hooklogic, Inc. Internet-Digital Media 8/30/2013 New York, NY UNITE HyTrust, Inc. Datacenter-Cloud-Network 8/20/2013 Mountain View, CA U BASIS Science, Inc Services-Open Source 8/6/2013 San Francisco, CA U Zamplus Services-Open Source 7/26/2013 Shanghai CHINA

WELLS FARGO SECURITIES, LLC Intel Corp. EQUITY RESEARCH DEPARTMENT

WAYZ JAPAN INC. Datacenter-Cloud-Network 7/24/2013 Tokyo JAPAN MAANA Inc. Datacenter-Cloud-Network 7/22/2013 San Juan Capistrano Arrayent, Inc. Services-Open Source 7/17/2013 Redwood City, CA UN NxtGen Technology Pte. Limited. Datacenter-Cloud-Network 7/5/2013 SINGAPORE Maginatics, Inc. Services-Open Source 7/2/2013 Mountain View, CA U Lintes Technologies Smart Phones-Tablets 6/28/2013 New Taipei City TAIW Clinkle Corporation Internet-Digital Media 6/17/2013 San Francisco, CA U Olive Telecommunication Other 6/17/2013 Gurgaon, Haryana IN ReduxIO Systems Ltd. Datacenter-Cloud-Network 6/3/2013 Petach Tikvah ISRAE Jasper Infotech Pvt Ltd Other 5/30/2013 New Delhi INDIA Yottaa, Inc. Datacenter-Cloud-Network 5/28/2013 Boston, MA UNITED Thalmic Labs Inc. Manufacturing-Labs 5/21/2013 Ontario CANADA Interlude Ltd. Internet-Digital Media 5/17/2013 Telaviv ISRAEL Bright Lifecare Private Limited Other 5/9/2013 Gurgaon, Haryana IN Zinitix Smart Phones-Tablets 4/19/2013 Daejeon SOUTH KOR Movable Ink Internet-Digital Media 4/9/2013 New York, NY UNITE Feedhenry Smart Phones-Tablets 4/2/2013 Waterford IRELAND E la Carte, Inc. Internet-Digital Media 3/15/2013 Palo Alto, CA UNITED Adsit! Media Group Limited Internet-Digital Media 3/7/2013 Beijing CHINA Expect Labs Smart Phones-Tablets 3/6/2013 San Francisco, CA U Sprinklr, Inc. Internet-Digital Media 2/5/2013 New York, NY UNITE Big Switch Networks, Inc. Datacenter-Cloud-Network 12/28/2012 Mountain View, CA U Geofusion Sistema e Serviços de Informatica SA Other 12/28/2012 Sao Paulo BRAZIL Storenvy Internet-Digital Media 12/28/2012 San Francisco, CA U WebRadar Software e Serviços para Telecom S.A. Datacenter-Cloud-Network 12/28/2012 Rio de Janeiro BRAZ Apperian, Inc Security 12/27/2012 Boston, MA UNITED eGalax_eMPIA Technology Inc. Ultrabook-Perceptual Computing 12/27/2012 Taipei TAIWAN Gengo, Inc. Other 12/27/2012 Tokyo JAPAN Nexmo Inc Services-Open Source 12/26/2012 Chicago, IL UNITED Fortumo Services-Open Source 12/21/2012 ESTONIA Persimmon Technologies Manufacturing-Labs 12/18/2012 Wakefield, MA UNITE Mirantis, Inc. Services-Open Source 12/17/2012 Mountain View, CA U BlueData Software, Inc. Services-Open Source 12/14/2012 Santa Clara, CA UNI Emotient, inc Ultrabook-Perceptual Computing 11/30/2012 San Diego, CA UNIT Packet One Networks (Malaysia) Sdn Bhd Smart Phones-Tablets 11/27/2012 Selangor MALAYSIA Eruditor Internet-Digital Media 11/16/2012 Moscow RUSSIA ForeScout Technologies, Inc. Services-Open Source 11/13/2012 Cupertino, CA UNITE MongoDB Datacenter-Cloud-Network 11/2/2012 Palo Alto, CA UNITED FocalTech Corporation Ltd Other 10/16/2012 DE UNITED STATES FundersClub Inc. Internet-Digital Media 9/19/2012 San Francisco, CA U ASML Holding N.V. Manufacturing-Labs 9/12/2012 Veldhoven NETHERL Box, Inc. Internet-Digital Media 9/5/2012 Los Altos, CA UNITE Elastic Box Services-Open Source 9/5/2012 Mountain View, CA U NewAer (AKA NeuAer, ToothTag) Smart Phones-Tablets 9/5/2012 Los Angeles, CA UNI UUCUN Co., Ltd. Internet-Digital Media 8/16/2012 Shanghai CHINA PagPop Other 8/2/2012 Ribeiro Preto BRAZIL Sigfox Other 7/31/2012 Toulouse FRANCE Next IT Corporation Services-Open Source 7/30/2012 Spokane, WA UNITE RocketOZ Inc. Internet-Digital Media 7/27/2012 Seoul SOUTH KOREA Movea SA Smart Phones-Tablets 7/26/2012 Grenoble FRANCE Hungama.com Pvt Ltd Other 7/10/2012 Mumbai, Maharashtr Rancard Solutions Other 7/3/2012 Accra GHANA FlatFrog Laboratories AB Smart Phones-Tablets 6/20/2012 Lund SWEDEN kupiVIP.com Other 6/19/2012 Moscow RUSSIA Cashstar, Inc Smart Phones-Tablets 6/1/2012 Portland, ME UNITED Mural.ly Other 5/30/2012 Buenos Ayres ARGEN Vietnam Communications Corp Other 5/24/2012 Hanoi VIETNAM

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ELike Other 5/23/2012 Rio de Janeiro, RJ BR Sand9, Inc. Smart Phones-Tablets 5/23/2012 Cambridge, MA UNIT Speaktoit Inc. Smart Phones-Tablets 5/9/2012 Arlington, VA UNITE Portrait Displays, Inc Smart Phones-Tablets 5/1/2012 Pleasanton, CA UNIT Appionics Holdings Limited Internet-Digital Media 4/19/2012 Grand Cayman CAYM Ark.com, Inc. Internet-Digital Media 4/13/2012 San Francisco, CA U Xishi Weddings Tech Internet-Digital Media 4/13/2012 Beijing CHINA Voxer, Inc Services-Open Source 4/11/2012 San Francisco, CA U Terascala, Inc. Datacenter-Cloud-Network 4/6/2012 Avon, MA UNITED ST AtHoc, Inc. Services-Open Source 3/27/2012 San Mateo, CA UNIT Beijing ZhiZhen Technology Company Limited Services-Open Source 3/23/2012 Beijing CHINA Transmension Scientific Limited Internet-Digital Media 3/23/2012 Shanghai CHINA Minha Vida Other 3/20/2012 Sao Paulo BRAZIL CastLabs Manufacturing-Labs 3/14/2012 Berlin GERMANY Tobii Technology Other 3/12/2012 Danderyd SWEDEN Trigence Semiconductor, Inc. Ultrabook-Perceptual Computing 3/9/2012 Tokyo JAPAN Ozon Holdings Limited Other 3/5/2012 Moscow RUSSIA 500friends, Inc. Internet-Digital Media 3/2/2012 San Francisco, CA U ScienceLogic, Inc. Datacenter-Cloud-Network 2/24/2012 Reston, VA UNITED Bromium Inc. Datacenter-Cloud-Network 2/16/2012 Cupertino, CA UNITE Personify Inc Ultrabook-Perceptual Computing 2/9/2012 Champaign, IL UNIT BrightEdge Technologies, Inc. Services-Open Source 1/12/2012 San Mateo, CA UNIT Fashion Republic Technologies Ltd. Other 1/10/2012 Beijing CHINA Cloud Union Ltd. Internet-Digital Media 1/6/2012 Beijing CHINA Fashion Me Portal de Internet S.A Services-Open Source 12/28/2011 Sao Paulo BRAZIL Reebonz Pte Ltd Other 12/27/2011 Singapore SINGAPO Autofind Industrial Equipamentos Services-Open Source 12/23/2011 Itajub, MG BRAZIL Aeon Communication Pvt. Ltd Internet-Digital Media 12/16/2011 Navi Mumbai, MH IN Fadata AD Other 12/16/2011 Sofia BULGARIA Enstage, Inc. Other 12/1/2011 Bangalore, Karnatak Amplidata Datacenter-Cloud-Network 11/28/2011 Lochristi BELGIUM Pixeon Medical System Manufacturing-Labs 11/23/2011 Florianpolis, SC BRA SNSplus, Inc. Other 11/23/2011 New Taipei City TAIW Insyde Software Corp (2011) Smart Phones-Tablets 11/22/2011 Taipei TAIWAN JSFM Consulting Internet-Digital Media 11/17/2011 Roborough UNITED K Miartech, Inc Manufacturing-Labs 11/14/2011 Shanghai CHINA Makepolo Inc. Other 11/8/2011 Beijing CHINA G-cluster Global Corporation Internet-Digital Media 11/7/2011 Tokyo JAPAN Goldsquare Pvt Limited Other 11/4/2011 Gurgaon, Haryana IN Happiest Mind Technologies Pvt Ltd Other 11/4/2011 bangalore, Karnatak OneBe, Inc. Security 11/4/2011 Tokyo JAPAN Neosem Manufacturing-Labs 11/2/2011 SUWON SOUTH KOR What's On India Other 11/1/2011 Mumbai INDIA Urban Airship, Inc. Services-Open Source 10/31/2011 Portland, OR UNITED Netronome Systems, Inc. Datacenter-Cloud-Network 10/28/2011 Cranberry Twp., PA TeliBrahma Convergent Communications Services-Open Source 10/25/2011 Bangalore, Karnatak dealsandyou Other 10/11/2011 Gurgaon, Harayana Grupanya Other 9/23/2011 Istanbul TURKEY Carecloud Services-Open Source 9/19/2011 Miami, GA UNITED S SweetLabs, Inc. Internet-Digital Media 9/19/2011 San Diego, CA UNIT Duron Energy Private Limited Manufacturing-Labs 9/16/2011 Bangalore INDIA Jelli, Inc. Internet-Digital Media 9/9/2011 San Mateo, CA UNIT VIPStore Technologies Ltd. Internet-Digital Media 9/9/2011 Beijing CHINA Guavus, Inc. Services-Open Source 8/31/2011 Santa Clara, CA UNI IP Commerce, Inc. Services-Open Source 8/30/2011 Denver, CO UNITED Switch Communications, L.L.C. Datacenter-Cloud-Network 8/19/2011 Las Vegas, NV UNITE Delivery Agent, Inc. Internet-Digital Media 8/11/2011 San Francisco, CA U

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Sudhir Srivastava Advanced Robotic Surgery Centre Pvt Ltd. Other 8/5/2011 Delhi INDIA Hangtime, Inc. (FKA LikeDeals Inc.) Internet-Digital Media 8/4/2011 San Francisco, CA U Shanghai Bocom Intelligent Network Technologies Datacenter-Cloud-Network 8/1/2011 Shanghai CHINA Altech Technologies Limited Other 7/27/2011 Johannesburg SOUT Swrve New Media Inc Services-Open Source 7/15/2011 San Francisco, CA U Verifaya, Inc Other 6/30/2011 Mountain View, CA U BlueStack Systems, Inc. Smart Phones-Tablets 6/23/2011 Campbell, CA UNITE Enlighted, Inc. Services-Open Source 6/14/2011 Sunnyvale, CA UNIT iStreamPlanet Services-Open Source 5/23/2011 Las Vegas, NV UNITE Hangzhou Bsoft Company Ltd Manufacturing-Labs 5/18/2011 Hangzhou CHINA PerspecSys Inc. Datacenter-Cloud-Network 5/17/2011 Orangeville, Ontario CrowdStar, Inc. Internet-Digital Media 5/13/2011 Burlingame, CA UNIT eTechAces Marketing and Consulting Pvt Ltd Other 5/12/2011 Gurgaon, Haryana IN Music Mastermind, Inc Smart Phones-Tablets 4/29/2011 Calabasas, CA UNITE Altergeo Internet-Digital Media 4/26/2011 Moscow RUSSIA Total Immersion SA Other 3/21/2011 SURESNES FRANCE Altobridge Ltd Smart Phones-Tablets 3/14/2011 Tralee IRELAND Nokta Internet Teknolojileri San. ve Toc. A.S. Other 3/9/2011 Ankara TURKEY SAANKHYA LABS PVT LTD Internet-Digital Media 3/3/2011 Bangalore INDIA SS8 Networks, Inc. Datacenter-Cloud-Network 2/25/2011 Milpitas, CA UNITED Allied Digital Services Other 2/22/2011 Mumbai, MH INDIA BORQS International Holding Corp Smart Phones-Tablets 2/15/2011 Beijing CHINA Secure Key Technologies, Inc Smart Phones-Tablets 2/11/2011 Toronto, ON CANADA VisionOSS Datacenter-Cloud-Network 2/9/2011 Reading UNITED KIN DeNovo Datacenter-Cloud-Network 1/30/2011 Kiev UKRAINE Storage Appliance Corporation Datacenter-Cloud-Network 1/7/2011 Richmond Hill, Ontar CloudMade Services-Open Source 1/5/2011 Menlo Park, CA UNIT Argyle Data (fka uCirrus) Services-Open Source 1/3/2011 San Mateo, CA UNIT United Information Technology Co Ltd Datacenter-Cloud-Network 12/23/2010 China City CHINA InVisage Technologies, Inc. Smart Phones-Tablets 12/17/2010 Menlo Park, CA UNIT Mocana Corporation Smart Phones-Tablets 12/17/2010 San Francisco, CA U V-Sync Co., Ltd. Datacenter-Cloud-Network 12/17/2010 Tokyo, Tokyo JAPAN Viridity Energy, Inc. Manufacturing-Labs 12/15/2010 Philadelphia, PA UNI Rock Flow Dynamics Services-Open Source 12/14/2010 Moscow RUSSIA X Plus One Services-Open Source 12/14/2010 New York, NY UNITE Wind Mobile Smart Phones-Tablets 11/30/2010 Krakow POLAND Select-TV Solutions Sdn. Bhd. Internet-Digital Media 11/29/2010 Petaling Jaya MALAY Kaltura, Inc. Services-Open Source 11/24/2010 New York, NY UNITE Winchannel Technology Co., Ltd. Other 11/18/2010 Beijing CHINA Splendor Telecom (Nymgo) Other 11/16/2010 Beirut LEBANON Taifatech Inc. Ultrabook-Perceptual Computing 11/15/2010 Hsinchu County TAIW Boo-box Internet-Digital Media 11/12/2010 East Rockaway, NY U Videon Central, Inc. Internet-Digital Media 11/12/2010 State College, PA UN Lilliputian Systems, Incorporated Manufacturing-Labs 11/1/2010 Wilmington, MA UNIT Layar Services-Open Source 10/21/2010 Amsterdam NETHER Yummly, Inc. Internet-Digital Media 10/8/2010 Mountain View, CA U WiBro Infra Co., Ltd. Smart Phones-Tablets 9/28/2010 SEONGNAM SOUTH YuMe, Inc Internet-Digital Media 9/16/2010 Redwood City, CA UN Grameen Intel Social Business Limited Other 8/31/2010 Dakka BANGLADESH Redbend Smart Phones-Tablets 8/31/2010 Hod Hasharon ISRAE SilkRoad Technology Services-Open Source 8/25/2010 Winston-Salem, NC Nexant, Inc Manufacturing-Labs 8/23/2010 San Francisco, CA U Adaptive Computing Enterprises Inc. Manufacturing-Labs 8/19/2010 Provo, UT UNITED S Identec Group Services-Open Source 7/15/2010 Balzers LIECHTENST Okbuy (China) Holding Inc. Internet-Digital Media 7/2/2010 Beijing CHINA Netposa Technologies Co., Ltd Services-Open Source 6/21/2010 Beijing CHINA Kabam, Inc Services-Open Source 6/9/2010 Mountain View, CA U

WELLS FARGO SECURITIES, LLC Semiconductors EQUITY RESEARCH DEPARTMENT althea systems Other 6/1/2010 bangalore INDIA OpenPeak, Inc Smart Phones-Tablets 5/19/2010 Boca Raton, FL UNIT Caring.com Manufacturing-Labs 5/3/2010 San Mateo, CA UNIT Univa, Inc. Datacenter-Cloud-Network 4/15/2010 Lisle, IL UNITED STA Virtustream, Inc. Datacenter-Cloud-Network 4/14/2010 Bethesda, MD UNITE SmartZip Analytics, Inc. Internet-Digital Media 4/9/2010 Pleasanton, CA UNIT eflow Inc. Smart Phones-Tablets 4/2/2010 Tokyo JAPAN Freepath, Inc. Services-Open Source 3/31/2010 Folsom, CA UNITED Multi Commodity Exchange of India Limited Other 3/30/2010 Mumbai, MH INDIA Betaworks Studio, LLC Internet-Digital Media 3/10/2010 New York, NY UNITE July Systems Inc Other 3/8/2010 Sunnyvale, CA UNIT Onkyo Corporation (Vintage 2009) Smart Phones-Tablets 12/1/2009 Osaka JAPAN Joyent, Inc Services-Open Source 10/27/2009 San Francisco, CA U V-Cube, Inc. Smart Phones-Tablets 10/27/2009 Tokyo JAPAN TransGaming Inc Internet-Digital Media 9/24/2009 Ottawa, Ontario CAN Jeeran Other 6/15/2009 Amman JORDAN Reef for Software Development (ShoofeeTV) Other 6/1/2009 Amman JORDAN Global Talent Track Pvt Ltd Other 1/13/2009 Pune, Maharashtra I Motion Computing, Inc. Manufacturing-Labs 12/22/2008 Austin, TX UNITED S One97 Communications (P) Limited Other 12/19/2008 New Delhi INDIA Overture Networks, Inc. Datacenter-Cloud-Network 12/15/2008 Research Triangle Pa Carrier IQ, Inc Smart Phones-Tablets 12/3/2008 Mountain View, CA U IndiaMART InterMESH Limited Services-Open Source 11/24/2008 Noida, UP INDIA InMage Systems, Inc. Datacenter-Cloud-Network 8/29/2008 San Jose, CA UNITED Crisp Media, Inc. Smart Phones-Tablets 8/28/2008 New York, NY UNITE Zimbra Inc Services-Open Source 8/8/2008 Dallas, TX UNITED S Impinj Inc. Manufacturing-Labs 7/3/2008 Seattle, WA UNITED Yatra Online Other 7/3/2008 Gurgaon, Haryana IN UIEvolution, Inc Internet-Digital Media 6/23/2008 Kirkland, WA UNITED HealthiNation, Inc. Internet-Digital Media 6/4/2008 New York, NY UNITE TOA Technologies Services-Open Source 5/19/2008 Beachwood, OH UNI Sotera Wireless, Inc. Manufacturing-Labs 1/24/2008 San Diego, CA UNIT China Digital Video Limited Datacenter-Cloud-Network 1/14/2008 Beijing CHINA Intrasoft Technologies Limited Other 12/28/2007 Kolkata INDIA Inteliwise Services-Open Source 12/21/2007 Warszawa POLAND Revolution Analytics Services-Open Source 12/21/2007 Palo Alto, CA UNITED FlowPlay, Inc. Internet-Digital Media 12/11/2007 Seattle, WA UNITED Vostu, Ltd. Internet-Digital Media 11/26/2007 Miami Beach, FL UNI Powervation Ltd Manufacturing-Labs 11/20/2007 Cork, IRELAND InfoServer S.A. Security 10/31/2007 Osasco, SP BRAZIL Jordan Valley Semiconductors Ltd. Manufacturing-Labs 10/19/2007 Migdal Haemek ISRA ITZ Cash Card Ltd Other 10/4/2007 Mumbai, Maharashtr Punchbowl, Inc. Internet-Digital Media 10/1/2007 Framingham, MA UN SUPCON Technology Co Ltd Services-Open Source 9/28/2007 Hangzhou CHINA UQ Communications Inc. Smart Phones-Tablets 9/27/2007 Tokyo JAPAN Smart Technologies Smart Phones-Tablets 8/29/2007 Calgary, AB CANADA VMware, Inc. Services-Open Source 8/22/2007 Palo Alto, CA UNITED BridgeWave Communications, Inc. Datacenter-Cloud-Network 7/6/2007 Santa Clara, CA UNI Convey Computer Corporation Manufacturing-Labs 7/3/2007 Richardson, TX UNIT Financial Inclusion Network & Operations Pvt. Ltd. Other 5/30/2007 Mumbai, Maharashtr Concursive Corporation Services-Open Source 5/23/2007 Norfolk, VA UNITED Tela Innovations Inc Manufacturing-Labs 5/11/2007 San Jose, CA UNITED Aternity Inc. Datacenter-Cloud-Network 4/12/2007 Hod Hasharon ISRAE Fonality, Inc. Services-Open Source 1/25/2007 Culver City, CA UNIT Grid Net, Inc Manufacturing-Labs 1/11/2007 San Francisco, CA U Neusoft Corporation Services-Open Source 10/31/2006 Shenyang, Liaoning Brainlab Services-Open Source 10/27/2006 Heimstetten / Munic

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Agiliance, Inc. Datacenter-Cloud-Network 10/20/2006 San Jose, CA UNITED Imagination Technologies Group plc Smart Phones-Tablets 10/4/2006 Kings Langley, Herts Fortemedia, Inc Ultrabook-Perceptual Computing 9/27/2006 Cupertino, CA UNITE Cortina Systems, Inc. Datacenter-Cloud-Network 9/8/2006 Sunnyvale, CA UNIT GainSpan Corporation Manufacturing-Labs 9/5/2006 San Jose, CA UNITED GENBAND, Inc. Datacenter-Cloud-Network 8/16/2006 Frisco, TX UNITED S iLantus Technologies Pvt. Ltd. Other 8/3/2006 Bangalore, Karnatak Microland Limited Other 8/2/2006 Bangalore, Karnatak Avnera Corporation Internet-Digital Media 7/26/2006 Beaverton, OR UNIT Real Image Media Technologies Pvt Ltd Other 7/20/2006 Chennai, Tamilnadu YeePay, Inc. Services-Open Source 7/13/2006 Beijing CHINA Montage Technology Group Limited Manufacturing-Labs 6/19/2006 Shanghai CHINA Star Softcomm Pte Ltd Services-Open Source 5/26/2006 Beijing CHINA Pando Networks Inc. Internet-Digital Media 5/3/2006 New York, NY UNITE Winking Entertainment Limited Internet-Digital Media 4/11/2006 Shanghai, Shanghai SkyCross Inc Smart Phones-Tablets 4/10/2006 Melbourne, FL UNITE iControl Networks, Inc. Security 3/21/2006 Palo Alto, CA UNITED Adaptive Mobile Security Ltd Smart Phones-Tablets 3/20/2006 Dublin IRELAND ip.access Limited Smart Phones-Tablets 3/14/2006 Cambridge UNITED K People Infocom Pvt. Ltd Other 2/8/2006 Mumbai, Maharastra Expression Diagnostics, Inc. Manufacturing-Labs 12/9/2005 Brisbane, CA UNITED Metaboli Internet-Digital Media 11/17/2005 Paris FRANCE iBiquity Digital Corp. Smart Phones-Tablets 10/26/2005 Columbia, MD UNITE Chipsbrand Microelectronics Co., Ltd. Manufacturing-Labs 7/29/2005 Shenzhen, Guangzho VeriSilicon Holdings Co., Ltd. Smart Phones-Tablets 7/21/2005 Shanghai CHINA GigaSpaces Services-Open Source 7/15/2005 Herzliya ISRAEL Exent Technologies Ltd. Internet-Digital Media 7/12/2005 Petach Tikva ISRAEL RF Code, Inc. Manufacturing-Labs 6/10/2005 Austin, TX UNITED S Parallels Holdings Ltd Datacenter-Cloud-Network 6/3/2005 Renton, WA UNITED Black Duck Software, Inc. Services-Open Source 5/16/2005 Waltham, MA UNITE Certisign Holding, Inc. Services-Open Source 4/5/2005 Sao Paulo BRAZIL Zend Technologies Services-Open Source 12/16/2004 Santa Clara, CA UNI Cymbet Corporation Smart Phones-Tablets 12/15/2004 Elk River, MN UNITE Energetiq Technology Inc. Manufacturing-Labs 12/1/2004 Woburn, MA UNITED BlackArrow, Inc. Internet-Digital Media 11/3/2004 San Mateo, CA UNIT Panorama Software Ltd. Services-Open Source 9/15/2004 Tel Aviv-Yafo, ON IS MVS Net, SA de CV Smart Phones-Tablets 8/13/2004 Colonia Insurgentes InnoPath Software, Inc. Smart Phones-Tablets 5/10/2004 Alviso, CA UNITED S Trillion Partners, Inc. Smart Phones-Tablets 4/22/2004 Austin, TX UNITED S Media Lario International S.A. Manufacturing-Labs 12/19/2003 Milan ITALY NexPlanar Corporation Manufacturing-Labs 12/18/2003 Hillsboro, OR UNITED Tralix Corporation Services-Open Source 12/15/2003 Queretaro MEXICO Neovia Telecomunicacoes SA Smart Phones-Tablets 12/8/2003 Sao Paulo BRAZIL Vitae Pharmaceuticals, Inc. Manufacturing-Labs 11/12/2003 Fort Washington, PA Clear2Pay Services-Open Source 9/4/2003 Mechelen, Belgium B Nanosys Inc. Manufacturing-Labs 5/19/2003 Palo Alto, CA UNITED Mobicom Smart Phones-Tablets 12/13/2002 Holmdel, NJ UNITED RASilient Systems, Inc Datacenter-Cloud-Network 12/13/2002 Cupertino, CA UNITE Tectotal Services-Open Source 9/26/2002 Rio de Janeiro BRAZ Panasas Datacenter-Cloud-Network 8/19/2002 Sunnyvale, CA UNIT Location Labs Smart Phones-Tablets 6/14/2002 Emeryville, CA UNIT Tejas Networks India Private Limited Other 1/9/2002 Bangalore, Karnatak Miaxis Biometrics CO. Ltd. Security 4/3/2001 Hang Zhou CHINA Stratus Technologies Group, S.A. Datacenter-Cloud-Network 2/1/2001 Maynard, MA UNITED CollabNet, Inc. Services-Open Source 4/17/2000 Brisbane, CA UNITED ViewSonic Corporation Internet-Digital Media 4/14/2000 Walnut, CA UNITED GulfNet Co., Ltd. Other 12/22/1999 Tokyo JAPAN

WELLS FARGO SECURITIES, LLC Semiconductors EQUITY RESEARCH DEPARTMENT

IBAHN Corporation Smart Phones-Tablets 12/3/1999 Salt Lake City, UT U Coventor, Inc. Manufacturing-Labs 11/24/1999 Cary, NC UNITED ST Source: Intel and Wells Fargo Securities, LLC

Required Disclosures

IntelIntel Corp.Corp. (INTC) 3-yr.3-yr. Price PerformancePerformance

$33.00 $32.00

$31.00

$30.00 $29.00

$28.00

$27.00

$26.00 $25.00

$24.00

$23.00 $22.00

$21.00

$20.00

Security Price Security Price $19.00 $18.00

$17.00 1/4/12 2/1/12 1/2/13 1/1/14 3/30/11 7/20/11 12/7/11 2/29/12 3/28/12 7/18/12 8/15/12 11/7/12 3/27/13 11/6/13 2/26/14 4/27/11 5/25/11 6/22/11 8/17/11 9/14/11 11/9/11 4/25/12 5/23/12 6/20/12 9/12/12 12/5/12 1/30/13 2/27/13 4/24/13 5/22/13 6/19/13 7/17/13 8/14/13 9/11/13 10/9/13 12/4/13 1/29/14 3/26/14 10/12/11 10/10/12 Date

Date Publication Price ($) Rating Code Val. Rng. Low Val. Rng. High Close Price ($) 3/30/2011 Wong 3/30/2011 NA 1 26.00 32.00 20.46 z 10/18/2011 23.40 1 28.00 34.00 23.40 z 1/19/2012 25.63 1 30.00 36.00 25.63 z 4/17/2012 28.47 1 33.00 39.00 28.47 z 10/17/2012 22.35 1 28.00 33.00 21.79 z 10/16/2013 23.39 1 26.00 30.00 23.70 z 1/16/2014 26.54 1 29.00 34.00 26.54

Source: Wells Fargo Securities, LLC estimates and Reuters data

Symbol Key Rating Code Key d Rating Downgrade Initiation, Resumption, Drop or Suspend 1 Outperform/Buy SR Suspended c Rating Upgrade Analyst Change 2 Market Perform/Hold NR Not Rated z Valuation Range Change Split Adjustment 3 Underperform/Sell NE No Estimate

Additional Information Available Upon Request

I certify that: 1) All views expressed in this research report accurately reflect my personal views about any and all of the subject securities or issuers discussed; and 2) No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this research report.

WELLS FARGO SECURITIES, LLC Intel Corp. EQUITY RESEARCH DEPARTMENT

Wells Fargo Securities, LLC maintains a market in the common stock of Intel Corp. Wells Fargo Securities, LLC or its affiliates intends to seek or expects to receive compensation for investment banking services in the next three months from Intel Corp. Intel Corp. currently is, or during the 12-month period preceding the date of distribution of the research report was, a client of Wells Fargo Securities, LLC. Wells Fargo Securities, LLC provided noninvestment banking securities-related services to Intel Corp. Wells Fargo Securities, LLC received compensation for products or services other than investment banking services from Intel Corp. in the past 12 months. Wells Fargo Securities, LLC or its affiliates has a significant financial interest in Intel Corp.

INTC: Company-specific risks include competition from AMD and rising capital spending. Sector risks include the possibility of decelerating growth in PC shipments.

Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm, which includes, but is not limited to investment banking revenue.

STOCK RATING 1=Outperform: The stock appears attractively valued, and we believe the stock's total return will exceed that of the market over the next 12 months. BUY 2=Market Perform: The stock appears appropriately valued, and we believe the stock's total return will be in line with the market over the next 12 months. HOLD 3=Underperform: The stock appears overvalued, and we believe the stock's total return will be below the market over the next 12 months. SELL

SECTOR RATING O=Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months. M=Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months. U=Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months.

VOLATILITY RATING V = A stock is defined as volatile if the stock price has fluctuated by +/-20% or greater in at least 8 of the past 24 months or if the analyst expects significant volatility. All IPO stocks are automatically rated volatile within the first 24 months of trading.

As of: April 2, 2014 48% of companies covered by Wells Fargo Securities, LLC Wells Fargo Securities, LLC has provided investment banking Equity Research are rated Outperform. services for 45% of its Equity Research Outperform-rated companies. 49% of companies covered by Wells Fargo Securities, LLC Wells Fargo Securities, LLC has provided investment banking Equity Research are rated Market Perform. services for 34% of its Equity Research Market Perform-rated companies. 3% of companies covered by Wells Fargo Securities, LLC Wells Fargo Securities, LLC has provided investment banking Equity Research are rated Underperform. services for 13% of its Equity Research Underperform-rated companies.

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SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE