8 December 2017  The UBS Valuation Report  NXP Semiconductors N.V. 

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 Basis of preparation and sources of information      Preparation  The UBS Valuation Report, dated as of 8 December 2017 and delivered to Elliott on 10 December 2017, has undergone all internal reviews by UBS that are customary in relation to providing such a valuation report or opinion          NXP historical financials  Historical financials of NXP Semiconductors N.V. ("NXP") are based on publicly disclosed annual and quarterly consolidated financial statements until Q3 2017 (published on 25 October 2017)where noted, data have been adjusted for the divestiture of Standard Products which closed on 7 February 2017, removing Standard Products revenue, gross profit, EBITDA, EBIT and OpFCF2 from total revenue, gross profit, EBITDA, EBIT and OpFCF, respectivelyfor EBITDA, we estimated Standard Products depreciation & amortization ("D&A") assuming same percentage of sales as NXP total D&Afor OpFCF, we estimated Standard Products capex assuming same percentage of sales as NXP total capex          NXP forecast financials  Forecast financials are based on published analyst consensus ("Analyst Consensus")1revenue: based on mean for each segment (Automotive, Secure Identification Solution, Secure Connected Devices, Secure Interfaces and Infrastructure, Other) up to 2018E; 2019E computed by applying average of expected growth rate for each segment; 2020-22 based on growth rate linearly declining to 2.75% by 2022gross profit: based on mean of expected margins up to 2019; 2020-22 based on constant margin as of 2019EBIT: based on mean of expected margins up to 2019; 2020-22 based on constant opex as percentage of sales as of 2019EPS: based on current fully diluted number of shares outstanding (including options, excluding RSUs and PSUs3)capex: based on mean of expected percentage of sales up to 2019; 2020-22 based on constant percentage of sales as of 2019The consensus has been benchmarked against industry peers (as defined below) and Management Projections as set forth in NXP's Schedule 14D-9 filed on 18 November 2016 ("Management Projections")          NXP peers set  Two set of peers have been used consistently throughout the UBS Valuation Reportpeers used by NXP in its financial reports filed with the SEC ("20-F peers") and peers from the automotive semiconductor industry ("Auto Semi peers"):20-F peers: Analog Devices (ADI), Broadcom (AVGO), Cavium (CAVM), Infineon (IFX), Intel Corporation (INTC), Maxim Integrated Products (MXIM), Microchip Technology (MCHP), Power Integrations (POWI), Renesas (RNS), Silicon Laboratories (SLAB), STMicroelectronics (STM) and Texas Instruments (TXN)Auto Semi peers: Analog Devices (ADI), Infineon (IFX), Maxim Integrated Products (MXIM), ON Semiconductor (ON), Renesas (RNS), STMicroelectronics (STM) and Texas Instruments (TXN)      Source: Company information, Analyst ConsensusNotes:1 Consensus based on available analyst research reports published after NXP's H1 2017 results (Bank of America Merrill Lynch, Bernstein, BMO Capital Markets, Citi, Deutsche Bank, Jefferies, J.P. Morgan, Morgan Stanley and Oppenheimer)2 Defined as EBITDA less Capex3 RSUs: Restricted Stock Units; PSUs: Performance Stock Units  Forecast financials underpinning the UBS Valuation Report have been derived from published analyst consensus1 

 (US$m)  Q1 2014  Q2 2014  Q3 2014  Q4 2014  Q1 2015  Q2 2015  Q3 2015  Q4 2015  Q1 2016  Q2 2016  Q3 2016  Q4 2016  Q1 2017  Q2 2017  Q3 2017  Revenue  1,246  1,349  1,515  1,537  1,467  1,506  1,522  1,606  2,224  2,365  2,469  2,440  2,211  2,202   2,387   YoY growth (%)  14.8%  13.6%  21.3%  18.9%  17.7%  11.6%  0.5%  4.5%  51.6%  57.0%  62.2%  51.9%  (0.6%)  (6.9%)  (3.3%)   YoY like-for-like growth (%)1  14.8%  13.6%  21.3%  18.9%  17.7%  11.6%  0.5%  (13.1%)  (10.7%)  (7.7%)  (3.2%)  12.2%  7.3%  6.8%  11.1%   QoQ growth (%)  (3.6%)  8.3%  12.3%  1.5%  (4.6%)  2.7%  1.1%  5.5%  38.5%  6.3%  4.4%  (1.2%)  (9.4%)  (0.4%)  8.4%  Gross profit  617  655  725  716  711  734  748  806  1,112  1,183  1,247  1,248  1,144  1,167  1,283   margin (%)  49.5%  48.6%  47.9%  46.6%  48.5%  48.7%  49.1%  50.2%  50.0%  50.0%  50.5%  51.1%  51.7%  53.0%  53.7%  EBITDA2  357  391  451  451  447  482  514  515  632  716  800  833  707  730  846   margin2 (%)  28.7%  29.0%  29.8%  29.3%  30.5%  32.0%  33.8%  32.1%  28.4%  30.3%  32.4%  34.1%  32.0%  33.2%  35.4%  EBIT  301  334  390  389  385  418  449  433  519  606  691  715  599  625  735   margin (%)  24.2%  24.8%  25.7%  25.3%  26.2%  27.8%  29.5%  27.0%  23.3%  25.6%  28.0%  29.3%  27.1%  28.4%  30.8%  OpFCF  306  302  369  344  367  391  436  423  544  645  701  702  546  634  684   margin (%)  24.6%  22.4%  24.4%  22.4%  25.0%  26.0%  28.6%  26.3%  24.5%  27.3%  28.4%  28.8%  24.7%  28.8%   28.7%  Historical financials  NXP YoY revenue growth (%)1        “We talked about [how] 2016 will be a transition year for us.”Richard Clemmer, NXP CEO 27 October 2016  Qualcomm offer(27-Oct-16)  Key operating metrics  NXP has experienced like-for-like revenue growth of 7-12% over the last four quarters  “2016 is going to be a transition year for this company […]. Whenever you put companies together, you go through a transition year.”Daniel Durn, NXP CFO28 April 2016  Freescale acquisition3  Standard Products sale4  “We continue to demonstrate strong margin expansion due to our synergy capture efforts [from the Freescale acquisition]. […] We continue to drive non-GAAP operating margin improvement far in-excess of the original targets we communicated in past periods."Daniel Durn, NXP CFO2 August 2017  Source: Company filingsNotes:1 Adjusted for Freescale acquisition and Standard Products disposal in Q4 2015–Q3 20172 Adjusted for results of equity-accounted investees, purchase accounting effect on inventory, restructuring, stock-based compensation, merger-related costs, other incidental items3 Closed on 7-Dec-154 Closed on 7-Feb-17 

 Source: Company filings and Analyst Consensus as of 8-Dec-17Notes:1 Adjusted to exclude Standard Products revenue in 1Q17 (adjusted 2017E revenue of US$8,997m)2 Adjusted for Freescale acquisition and Standard Products sale in 2016A-2018E3 Adjusted for results of equity-accounted investees, purchase accounting effect on inventory, restructuring, stock-based compensation, merger-related costs, other incidental items4 Non-GAAP gross profit, operating profit and net income, respectively5 Including options; excluding RSUs and PSUs  Gross margin has improved by 45bps between Q3 2016 and Q3 2017 and is expected to increase to 54.6% by 2019 resulting from high-ROI investments in R&D and improved productivity at manufacturing level  (US$m, Dec-YE)    2014A  2015A  2016A  2017E  2018E  2019E  2017–19 CAGR (%)  Revenue    5,647  6,101  9,498  9,115   9,506   9,894   4.91   growth (%)    17.3  8.0  55.7  (4.0)  4.3  4.1     like-for-like growth (%)2    17.3  8.0  (2.9)  8.7  5.7  4.1    COGS    2,934  3,102  4,708  4,285  4,365  4,488  2.3  % of sales    52.0  50.8  49.6  47.0  45.9  45.4    Gross profit4    2,713  2,999  4,790  4,830  5,141  5,405  5.8   margin (%)    48.0  49.2  50.4  53.0  54.1  54.6    OPEX    1,299  1,314  2,259  2,161  2,117  2,135  (0.6)  % of sales    23.0  21.5  23.8  23.7  22.3  21.6    EBITDA3    1,650  1,958  2,981  3,138  3,552  3,764  9.5   margin (%)    29.2  32.1  31.4  34.4  37.4  38.0    EBIT4    1,414  1,685  2,531  2,670  3,024  3,270  10.7   margin (%)    25.0  27.6  26.6  29.3  31.8  33.1    Interest    (139)  (172)  (347)  (249)  (226)  (213)    Taxes    (24)  (40)  (67)  (114)  (244)  (346)     tax rate (%)    1.9  2.6  3.1  4.7  8.7  11.3    Minorities    (68)  (73)  (59)  (57)  (60)  (61)    Net income4    1,183  1,400  2,058  2,250  2,494  2,650  8.5  Diluted shares (m)5    248.6  250.1  347.1  345.5  345.5  345.5    EPS (US$)    4.76  5.60  5.93  6.51  7.22  7.67  8.5   growth (%)      17.6  5.9  9.8  10.8  6.3    Forecast financials—profit and loss  Analyst Consensus expects NXP to grow revenue at a CAGR of 4.9%1 in 2017–19, with gross margin trending to 54.6% and EBITDA margin reaching 38.0% by 2019  Revenue are expected to grow at a 2017–19 CAGR of 4.9%1, mainly driven by Automotive and Secure Connected Devices  EPS is expected to increase at a 2017-19E CAGR of 8.5% assuming no buybacks in future years  Tax rate is expected to increase from 3.1% in 2016 to 11.3% by 2019            LTM gross margin6excl. Standard Products (%)7    EBITDA margin has improved by 266bps between Q3 2016 and Q3 2017 and is expected to increase to 38.0% by 2019 with realization SG&A synergies and R&D optimisation      LTM EBITDA margin8excl. Standard Products (%)3,7    6 Computed as the sum of LTM gross profit divided by the sum of LTM revenue7 Adjusted for Standard Products divestiture removing Standard Products revenue, gross profit and EBITDA from total revenue, gross profit and EBITDA. For EBITDA, assuming Standard Products D&A as same % of revenue as total D&A8 Computed as the sum of LTM EBITDA divided by the sum of LTM revenue 

 Source: Company filings and Analyst Consensus as of 8-Dec-17Notes:1 Including extraordinary items and other GAAP – Non-GAAP reconciliations2 OpFCF defined as EBITDA less Capex3 Long-term debt repurchased in 1Q17  Forecast financialscash flow  Analyst Consensus expects NXP to grow OpFCF at a CAGR of 12.1% in 2017-19, with OpFCF margin exceeding 33%  (US$m, Dec-YE)  2014A  2015A  2016A  2017E  2018E  2019E  2017–19 CAGR (%)                  Net income   1,183  1,400  2,058  2,250  2,494  2,650  8.5  Minority interest  68  73  59  57  60  61    Depreciation and amortization6  236  273  450  469  528  493     % of capex  71.7  80.1  115.7  90.4  113.5  104.5    Change in net working capital  82   131  361   79  (25)  (19)     % of revenue  1.5  2.1  3.8  0.9  (0.3)  (0.2)    Operating cash flow  1,569  1,877  2,928  2,854  3,056  3,185  5.6                  Capex  (329)  (341)  (389)  (519)  (465)  (472)  (4.6)   % of revenue  5.8  5.6  4.1  5.7  4.9  4.8    Investing cash flow  (329)  (341)  (389)  (519)  (465)  (472)  (4.6)  OpFCF2  1,321   1,617   2,592   2,620   3,086   3,291   12.1   margin (%)  23.4  26.5  27.3  28.7  32.5  33.3                    Debt repurchase  (92)  (3,586)  (3,295)  (2,728)3  -  -    Dividends7  (50)  (51)  (126)  -  -  -    Share repurchases  (1,435)  (475)  (1,280)  -  -  -    Financing cash flow  (1,577)  (4,112)  (4,701)  (2,728)  -  -                    Other items1  852  3,005  2,442  2,277  -  -                       Increase / (decrease) in cash  515   429  280   1,796  2,591  2,713    Cash  1,185   1,614  1,894  3,690  6,280  8,993    Gross debt  3,999   9,212   9,187   6,556  6,556  6,556    Net debt / (cash)  2,814   7,598   7,293   2,866  276  (2,437)    Net debt / EBITDA  1.71x  3.88x  2.45x  0.91x  0.08x  (0.65x)      Depreciation and amortization are expected to remain broadly in line with capex forecasts at around US$500m p.a.    Capex is expected to remain at approximately 5% of revenue which is in line with historical trends    No dividend payments or share repurchases are expected in 2017-19E; the previous share repurchase programme was discontinued following the Qualcomm offer    Cash expected to be used for reducing net debt position assuming no buybacks in future years  OpFCF margin has improved by 73bps between Q3 2016 and Q3 2017 and is expected to further increase to 33.3% by 2019 mainly driven by synergies from the acquisition of Freescale    LTM OpFCF margin4excl. Standard Products (%)5  4 Computed as the sum of LTM OpFCF divided by the sum of LTM revenue5 Adjusted for Standard Products divestiture removing Standard Products revenue and OpFCF from total revenue and OpFCF. For OpFCF assuming Standard Products D&A and capex as same % of revenue as total D&A and capex6 Calculated as difference between EBITDA and EBIT7 Dividends paid to non-controlling interests 

 Operational benchmarking  Revenue  Gross profit  EBITDA  OpFCF  Analyst Consensus expects a 2017-19E revenue CAGR of 4.9%1, 2019E gross margin of 54.6%, 2019E EBITDA margin of 38.0%, 2019E OpFCF margin of 33.3% and 2019E cash conversion6 of 87.5% for NXP  (US$m)                                                              Source: Company information and Analyst Consensus as of 8-Dec-17  Notes:1 Excludes Standard Products revenue starting in 1Q172 Management projections set forth in NXP's Schedule 14D-9 filed on 18 November 2016. Excludes Standard Products segment3 Brokers considered: Bank of America Merrill Lynch, Bernstein, BMO Capital Markets, Citi, Deutsche Bank, Jefferies, J.P. Morgan, Morgan Stanley and Oppenheimer  4 Including: Analog Devices (ADI), Broadcom (AVGO), Cavium (CAVM), Infineon (IFX), Intel Corporation (INTC), Maxim Integrated Products (MXIM), Microchip Technology (MCHP), Power Integrations (POWI), Renesas (RNS), Silicon Laboratories (SLAB), STMicroelectronics (STM) and Texas Instruments (TXN)5 Including: Analog Devices (ADI), Infineon (IFX), Maxim Integrated Products (MXIM), ON Semiconductor (ON), Renesas (RNS), STMicroelectronics (STM) and Texas Instruments (TXN)6 Calculated as OpFCF margin divided by EBITDA margin        Revenue CAGR    Gross margin    EBITDA margin    OpFCF    (%)      2017E–2019E    2019E    2019E    Margin 2019E  Cash conversion6 2019E  NXP Analyst Consensus3      4.91    54.6    38.0    33.3  87.5  NXP Management Projections2      13.6    56.7    40.1    na  na                        20-F Peers4    Mean  7.5    58.0    37.2    31.0  83.4      Median  7.8    61.7    42.6    32.4  75.9                                              Auto Semi Peers5    Mean  6.0    53.0    33.8    27.0  79.7      Median  6.0    47.1    27.4    19.6  71.4                       

 Valuation summary  Offerprice: 110.0  Currentprice (8-Dec-17): 115.3  NXP value per share (US$)1  Valuation analysis  Market references  Comments  Source: Company information, FactSet and Analyst Consensus as of 8-Dec-17Notes:1 Based on 353m fully diluted shares (including options, RSUs and PSUs), US$6,556m gross debt, US$3,065m cash and US$174m minority interest (as of 30-Sep-17)2 EPS as per Analyst Consensus3 EBITDA as per Analyst Consensus4 OpFCF defined as EBITDA less Capex  5 OpFCF as per Analyst Consensus6 Mid-point of trading multiples valuation ranges (average of 2018/19 P/E, EV/EBITDA and EV/OpFCF)7 Management Projections set forth in NXP's Schedule 14D-9 filed on 18 November 2016. Excludes Standard Products segment  Trading multiples  1  DCF analysis  2  Transaction multiples  3  Share price performance  4  Transaction premium  5  2018 P/E: 18.0–21.0x (US$7.222)2019 P/E: 17.0–20.0x (US$7.672)  2018 EV/OpFCF4: 16.0–18.0x (US$3,086m5)2019 EV/OpFCF4: 15.0–17.0x (US$3,291m5)  2018 EV/EBITDA: 13.0–15.0x (US$3,552m3)2019 EV/EBITDA: 12.0–14.0x (US$3,764m3)  Analyst ConsensusWACC: 8.0–9.0%PGR: 2.50–3.00%  15-17x LTM EBITDA (US$3,138m3): US$122.9-140.723-26x LTM EPS (US$6.512): US$149.7-169.3  LTM high (2-Nov-17): US$117.5LTM low (23-Jan-17): US$96.0  Premium: 30–40% to trading multiples valuationMid-point trading multiples valuation: US$136.56  Management Projections7WACC: 8.0–9.0%PGR: 2.50–3.00%  The UBS Valuation Report estimates as of the date of this report that the value range of NXP shares on a trading basis is approximately US$120-150 per share, which is supported by the DCF analysis 

 Source: FactSet and Analyst Consensus as of 8-Dec-17Notes:1 Including: Analog Devices (ADI), Broadcom (AVGO), Cavium (CAVM), Infineon (IFX), Intel Corporation (INTC), Maxim Integrated Products (MXIM), Microchip Technology (MCHP), Power Integrations (POWI), Renesas (RNS), Silicon Laboratories (SLAB), STMicroelectronics (STM) and Texas Instruments (TXN)2 Including: Analog Devices (ADI), Infineon (IFX), Maxim Integrated Products (MXIM), ON Semiconductor (ON), Renesas (RNS), STMicroelectronics (STM) and Texas Instruments (TXN)  Historical NTM P/E evolution   Trading multiples—P/E  2018 P/E (x)  2019 P/E (x)    20-F peers    Auto Semi peers    Both 20-F and Auto Semi peers  The UBS Valuation Report estimates as of the date of this report the value of NXP on a P/E trading multiples basis at 18.0-21.0x 2018 P/E (US$7.22) and 17.0-20.0x 2019 P/E (US$7.67), implying a value range of approximately US$129.9-153.4 per share  (x)  Mean   Median    20-F peers1   19.7  20.8   Auto Semi peers2  19.3  20.1  (x)  Mean   Median    20-F peers1   17.6  19.0   Auto Semi peers2  17.6  19.2  Last 3 years  1  29-Sep-16Initial rumour of QCOM offer  27-Oct-16Formal announcement of QCOM offer  Mean (x)   2015  2016  L3Y  L2Y  LTM  NXP   15.3  13.2  14.7  14.5  15.7  20-F peers¹  19.4  18.7  19.2  19.1  19.5  Auto Semi peers²   17.6  17.6  18.1  18.3  19.1  NXP  20-F peers mean1  Auto Semi peers mean2 

 Source: FactSet and Analyst Consensus as of 8-Dec-17Notes:1 For informational purposes, according to Schedule 14D-9 filed on 18 November 2016, NXP management projections for 2018 / 2019 EBITDA are US$3,991 / 4,758m2 Including: Analog Devices (ADI), Broadcom (AVGO), Cavium (CAVM), Infineon (IFX), Intel Corporation (INTC), Maxim Integrated Products (MXIM), Microchip Technology (MCHP), Power Integrations (POWI), Renesas (RNS), Silicon Laboratories (SLAB), STMicroelectronics (STM) and Texas Instruments (TXN)3 Including: Analog Devices (ADI), Infineon (IFX), Maxim Integrated Products (MXIM), ON Semiconductor (ON), Renesas (RNS), STMicroelectronics (STM) and Texas Instruments (TXN)  2018 EV/EBITDA (x)  Historical NTM EV/EBITDA evolution   Trading multiples—EV/EBITDA  1  2019 EV/EBITDA (x)  The UBS Valuation Report estimates as of the date of this report the value of NXP on an EV/EBITDA trading multiples basis at 13.0-15.0x 2018 EV/EBITDA (US$3,552m1) and 12.0-14.0x 2019 EV/EBITDA (US$3,764m1), implying a value range of approximately US$117.5-140.5 per share  (x)  Mean   Median    20-F peers2  12.9  12.9    Auto Semi peers3  11.7  11.8  (x)  Mean   Median    20-F peers2  11.5  11.7    Auto Semi peers3  10.7  10.6  Last 3 years  29-Sep-16Initial rumour of QCOM offer  27-Oct-16Formal announcement of QCOM offer  Mean (x)   2015  2016  L3Y  L2Y  LTM  NXP   12.6  11.0  12.0  11.7  12.5  20-F peers¹  11.0  11.1  11.5  11.7  12.5  Auto Semi peers²   8.7  9.1  9.5  9.9  10.9    20-F peers    Auto Semi peers    Both 20-F and Auto Semi peers  2  3    NXP  20-F peers mean2  Auto Semi peers mean3 

 Source: FactSet and Analyst Consensus as of 8-Dec-17Notes:1 OpFCF defined as EBITDA less Capex2 Including: Analog Devices (ADI), Broadcom (AVGO), Cavium (CAVM), Infineon (IFX), Intel Corporation (INTC), Maxim Integrated Products (MXIM), Microchip Technology (MCHP), Power Integrations (POWI), Renesas (RNS), Silicon Laboratories (SLAB), STMicroelectronics (STM) and Texas Instruments (TXN)3 Including: Analog Devices (ADI), Infineon (IFX), Maxim Integrated Products (MXIM), ON Semiconductor (ON), Renesas (RNS), STMicroelectronics (STM) and Texas Instruments (TXN)  2018 EV/OpFCF (x)  Historical NTM EV/OpFCF evolution   Trading multiples—EV/OpFCF1  The UBS Valuation Report estimates as of the date of this report the value of NXP on an EV/OpFCF trading multiples basis at 16.0-18.0x 2018 EV/OpFCF (US$3,086m) and 15.0-17.0x 2019 EV/OpFCF (US$3,291m), implying a value range of approximately US$129.4-148.0 per share  2019 EV/OpFCF (x)  (x)  Mean   Median    20-F peers2   16.6  16.0    Auto Semi peers3  16.3  15.3   (x)  Mean   Median    20-F peers2   14.7  14.1    Auto Semi peers3  14.2  14.3   Last 3 years  1  29-Sep-16Initial rumour of QCOM offer  27-Oct-16Formal announcement of QCOM offer  Mean (x)  2015  2016  L3Y  L2Y  LTM  NXP   15.2  12.8  14.1  13.5  14.5  20-F peers¹  14.0  14.5  15.0  15.6  16.8  Auto Semi peers²   11.9  12.4  13.5  14.3  16.3    20-F peers    Auto Semi peers    Both 20-F and Auto Semi peers  NXP  20-F peers mean2  Auto Semi peers mean3 

 Source: Company information, FactSet and Analyst Consensus as of 8-Dec-17Notes:1 Valuation date: 8-Dec-172 US$6,556m gross debt, US$3,065m cash and US$174m minority interest (as of 30-Sep-17)3 Based on 353m fully diluted shares (including options, RSUs and PSUs)4 WACC and PGR calculated based on mean of available broker reports for 20-F peers and Auto Semi peers published since 1-Jan-2016   DCF analysisNPV calculation  Summary DCF analysis1  (US$m)  Analyst Consensus  Management Projections   Present value of cash flows 2017-2022  12,391   14,199   Terminal value  57,306  68,494  Present value of terminal value  39,491   47,201   Net present value ("NPV")  51,882   61,400   Less: net debt and minority interest2  (3,665)  (3,665)  Equity value  48,217  57,735  Value per share (US$)3  136.3  163.0    Analyst Consensus        PGR         2.50%  2.75%  3.00%  8.0%  143.3  149.9  157.1  8.5%  130.9  136.3  142.3  9.0%  120.4  124.9  129.9  The UBS Valuation Report estimates as of the date of this report the value range of NXP on a DCF basis at approximately US$120.4-157.1 per share (using Analyst Consensus) and US$144.6-187.0 per share (using Management Projections)  NXP value per sharesensitivity analysis (US$)  2  WACC and PGR benchmarking4  20-F Peers                 WACC      PGR    Peer  Mean  # of brokers    Mean  # of brokers  ADI  8.5%  1    4.5%  1  AVGO  7.2%  2    4.5%  1  CAVM  9.4%  2    3.0%  1  IFX  8.1%  8    2.4%  7  INTC  8.7%  3    2.0%  2  MCHP  na  na    na  na  MXIM  8.6%  1    na  na  POWI  na  na    na  na  RNS  5.9%  1    1.0%  1  SLAB  na  na    na  na  STM  8.7%  3    2.0%  3  TXN  8.8%  1    na  na  Mean  8.2%       2.8%                 Auto Semi Peers              WACC      PGR    Peer  Mean  # of brokers    Mean  # of brokers  ADI  8.5%  1    4.5%  1  IFX  8.1%  8    2.4%  7  MXIM  8.6%  1    na  na  ON  na  na    na  na  RNS  5.9%  1    1.0%  1  STM  8.5%  4    2.0%  3  TXN  8.8%  1    na  na  Mean  8.1%       2.5%     WACC  Management Projections      PGR      2.50%  2.75%  3.00%  172.1  179.2  187.0  157.2  163.0  169.4  144.6  149.4  154.7 

 Source: Company information and Analyst Consensus as of 8-Dec-17Notes:1 Adjusted for Freescale acquisition and Standard Products sale in 2016A-2018E2 Valuation date: 8-Dec-17   DCF analysis—Unlevered FCF (Analyst Consensus)  (US$m, Dec-YE)     2014A  2015A  2016A  2017E  2018E  2019E  2020E  2021E  2022E    Revenue    5,647  6,101  9,498  9,115  9,506  9,894  10,253  10,581  10,872    growth (%)       8.0  55.7  (4.0)  4.3  4.1  3.6  3.2  2.8    like-for-like growth (%)1       8.0  (2.9)  8.7  5.7  4.1  3.6  3.2  2.8    Gross profit    2,713  2,999  4,790  4,830  5,141  5,405  5,602  5,781  5,940    gross margin (%)    48.0  49.2  50.4  53.0  54.1  54.6  54.6  54.6  54.6    Opex    1,299  1,314  2,259  2,161  2,117  2,135  2,213  2,284  2,346    as % of revenue    23.0  21.5  23.8  23.7  22.3  21.6  21.6  21.6  21.6    EBIT    1,414  1,685  2,531  2,670  3,024  3,270  3,389  3,497  3,593    Taxes on EBIT    (27)  (45)  (78)  (126)  (264)  (371)  (384)  (396)  (407)    Tax rate    1.9  2.6  3.1  4.7  8.7  11.3  11.3  11.3  11.3    NOPAT    1,387  1,640  2,453  2,543  2,760  2,900  3,005  3,101  3,186    D&A    236  273  450  469  528  493  511  528  542    Change in Net Working Capital    82  131  361  79  (25)  (19)  -  -  -    as % of revenue    1.5  2.1  3.8  0.9  (0.3)  (0.2)  0.0  0.0  0.0    Capex    (329)  (341)  (389)  (519)  (465)  (472)  (489)  (505)  (519)    as % of revenue    5.8  5.6  4.1  5.7  4.9  4.8  4.8  4.8  4.8    Unlevered FCF             2,572  2,797  2,902  3,027  3,124  3,210    Stub (%)2    -  -  -  6  100  100  100  100  100    Discount factor (@ 8.5% WACC)2          1.00  0.96  0.88  0.81  0.75  0.69    Discounted Unlevered FCF          162   2,672   2,554   2,456   2,336   2,212     2 

 Source: Company information, Analyst Consensus as of 8-Dec-17 and NXP Schedule 14D-9 Notes:1 Management projections set forth in NXP's Schedule 14D-9 filed on 18 November 2016. Excludes Standard Products segment2 Adjusted for Freescale acquisition and Standard Products sale in 2016A-2018E3 Valuation date: 8-Dec-17   DCF analysis—Unlevered FCF (Management Projections1)  (US$m, Dec-YE)     2014A  2015A  2016A  2017E  2018E  2019E  2020E  2021E  2022E    Revenue     5,647  6,101  9,498  9,195  10,511  11,867  12,935  13,840  14,671     growth (%)       8.0  55.7  (3.2)  14.3  12.9  9.0  7.0  6.0     like-for-like growth (%)2       8.0  (2.9)  11.1  14.3  12.9  9.0  7.0  6.0    Gross profit    2,713  2,999  4,790  5,020  5,865  6,729  7,334  7,847  8,318     gross margin (%)    48.0  49.2  50.4  54.6  55.8  56.7  56.7  56.7  56.7    Opex    1,299  1,314  2,259  2,137  2,399  2,564  2,794  2,989  3,169     as % of revenue    23.0  21.5  23.8  23.2  22.8  21.6  21.6  21.6  21.6    EBIT    1,414  1,685  2,531  2,883  3,466  4,165  4,540  4,858  5,149    Unlevered FCF             2,483  2,918  3,458  3,462  3,694  3,833    Stub (%)3    -  -  -  6  100  100  100  100  100    Discount factor (@ 8.5% WACC)3             1.00  0.96  0.88  0.81  0.75  0.69    Discounted Unlevered FCF              156   2,787   3,044   2,809   2,762   2,641     2 

 Cost of equity  Cost of debt  Market risk premium5.62%1  Levered company Beta1.302  Risk free rate2.38%3  Pre-tax cost of debt4.03%4  Marginal tax rate25.00%5  Company risk premium7.28%  WACC68.56%  Levered costof equity9.66%  Net cost of debt3.02%  83%  17%  Source: Bloomberg, Company information, Duff & Phelps, KPMG as of 8-Dec-17  Notes:1 Duff & Phelps 2017 Valuation Handbook (estimated based on "long-horizon expected equity risk premium (supply-side)" of 5.97% applying -0.35% size discount for companies with a market capitalization larger than US$24.4bn)2 Based on peers average unlevered Beta of 1.13 (5 year Weekly Bloomberg Adjusted Beta), levered based on NXP's estimated Debt/ (Debt + Equity) of 17% (based on NXP L3Y average EV/EBITDA trading multiple of 12x and NXP target leverage of 2x ND/EBITDA)3 10-year US Treasury Bond rates as of 08 December 20174 Pre-rumour YTM of NXP bonds (3.6%), adjusted for changes in YTM of Peers’ bonds from 28 September 2016 to 08 December 2017 (spread vs. risk free rate on average declined by 7%)5 Netherlands corporate tax rate per KPMG (2017)6 Based on NXP L3Y average EV/EBITDA trading multiple of 12x and NXP target leverage of 2x ND/EBITDA   DCF analysis—WACC calculation  WACC calculation  Weighed average cost of capital ("WACC") of 8.56% has been derived based on a bottom-up analysis  2 

  DCF analysisBeta calculation  Source: Bloomberg, FactSet, KPMG as of 8-Dec-17Notes:1 Market capitalisation as of 8-Dec-172 Total debt as last reported3 Assumes corporate tax rates per KPMG (2017)  Unlevered beta of 1.13 has been derived based on NXP's 20-F peers and Auto Semi peers  2  Beta calculation              5-Year Weekly      Debt  Equity  Debt /   Debt /  Equity /  Bloomberg Adj. Beta³       (US$m)²  (US$m)¹  (Debt + Equity)  Equity  (Debt + Equity)  Levered  Unlevered  20-F Peers                       Intel Corporation  31,640  203,260  13%  16%  87%  1.11  1.01  Broadcom Limited  17,548  114,120  13%  15%  87%  1.28  1.13  Texas Instruments Incorporated  3,583  99,538  3%  4%  97%  1.18  1.16  Infineon Technologies AG  2,155  30,249  7%  7%  93%  1.15  1.10  Analog Devices, Inc.  7,851  31,790  20%  25%  80%  1.21  1.04  Renesas Electronics Corporation  2,044  19,662  9%  10%  91%  1.29  1.21  Microchip Technology Incorporated  3,018  20,470  13%  15%  87%  1.26  1.15  STMicroelectronics NV  2,175  16,155  12%  13%  88%  1.23  1.11  Maxim Integrated Products, Inc.  1,488  14,670  9%  10%  91%  1.04  0.97  Cavium, Inc.  640  5,963  10%  11%  90%  1.40  1.31  Silicon Laboratories  339  3,815  8%  9%  92%  1.19  1.13  Power Integrations, Inc.  0  2,228  0%  0%  100%  1.16  1.16  20-F Peers Mean  6,040  46,827  10%  11%  90%  1.21  1.12  20-F Peers Median  2,165  20,066  10%  11%  90%  1.20  1.13                  Auto Semi Peers                       Texas Instruments Incorporated  3,583  99,538  3%  4%  97%  1.18  1.16  Infineon Technologies AG  2,155  30,249  7%  7%  93%  1.15  1.10  Analog Devices, Inc.  7,851  31,790  20%  25%  80%  1.21  1.04  Renesas Electronics Corporation  2,044  19,662  9%  10%  91%  1.29  1.21  STMicroelectronics NV  2,175  16,155  12%  13%  88%  1.23  1.11  Maxim Integrated Products, Inc.  1,488  14,670  9%  10%  91%  1.04  0.97  ON Semiconductor Corporation  2,943  9,159  24%  32%  76%  1.42  1.18  Auto Semi Peers Mean  3,177  31,603  12%  15%  88%  1.22  1.11  Auto Semi Peers Median  2,175  19,662  9%  10%  91%  1.21  1.11                  All Peers Mean  5,802  43,929  11%  13%  89%  1.23  1.13  All Peers Median  2,175  19,662  10%  11%  90%  1.21  1.13                  NXP  6,556  39,840  14%  16%  86%  1.18  1.05 

 Source: Company filings, Dealogic, FactSet as of 8-Dec-17Notes:1 LTM Adjusted EBITDA and LTM Adjusted Earnings calculated based on FC SAN business revenue contribution to total Brocade revenue2 LTM Adjusted EBITDA calculated by adding D&A to non-GAAP operating income (including share-based compensation add-back)3 LTM Adjusted Earnings calculated by adding after-tax share-based compensation to GAAP net income (non-GAAP net income not disclosed)4 LTM Adjusted EBITDA calculated by adding D&A, taxes, interest expense, and share-based compensation to non-GAAP net income    Transaction multiples  The UBS Valuation Report estimates as of the date of this report the value of NXP on a transaction multiples basis at 15-17x LTM EBITDA (US$3,138m) and 23-26x LTM EPS (US$6.51), implying a value range of approximately US$122.9-169.3 per share  3        Transaction EV  Equity Value  LTM Sales  LTM EBITDA  LTM EBITDA  LTM Earnings  LTM EV / EBITDA  LTM P/E    Date  Target  Acquiror  (US$m)  (US$m)  (US$m)  (US$m)  Margin (%)  (US$m)  (x)  (x)     20-Nov-17  Cavium Inc  Marvell Technology Group  6,078  5,591  950  301  31.7%  186   20.2  30.0    14-Nov-16  Harman International  Samsung  8,654  7,830  7,041  866  12.3%  480   10.0  16.3    02-Nov-16  Brocade FC SAN business¹  Broadcom Corp  5,834  5,391  1,292  344  26.6%  233  16.9  23.1    13-Sep-16  Intersil Corp¹  Renesas  2,820  3,077  518  120  23.2%  94   23.4  32.9    26-Jul-16  Linear Technology Corp²  Analog Devices Inc  13,313  14,761  1,424  764  53.6%  556   17.4  26.6    15-Jun-16  QLogic Corp  Cavium Inc  988  1,343  459  134  29.1%  84   7.4  15.9    19-Jan-16  Atmel Corp¹  Microchip Technology Inc  3,364  3,515  1,257  222  17.7%  163   15.1  21.6    18-Nov-15  Fairchild Semiconductor Intl Inc  ON Semiconductor Corp  2,352  2,397  1,390  181  13.0%  62   13.0  38.4    21-Oct-15  SanDisk Corp¹  Western Digital Corp  18,393  17,954  5,757  1,584  27.5%  787   11.6  22.8    19-Oct-15  PMC-Sierra Inc¹  Microsemi Corp  2,329  2,402  530  110  20.8%  84   21.1  28.6    01-Jun-15  Altera Corp²  Intel Corp  15,702  16,585  1,906  661  34.7%  533   23.7  31.1    28-May-15  Broadcom Corp³  Avago Technologies Ltd  32,838  34,196  8,502  2,224  26.2%  1,604   14.8  21.3    02-Mar-15  Freescale Semiconductor Ltd  NXP Semiconductors NV  16,452  11,578  4,634  1,088  23.5%  473   15.1  24.5    01-Dec-14  Spansion Inc  Cypress Semiconductor Corp  1,829  1,747  1,256  147  11.7%  58   12.5  30.3    15-Oct-14  CSR  Qualcomm Inc  2,471  2,470  795  102  12.9%  (1)  24.2  nm    20-Aug-14  International Rectifier Corp¹  Infineon Technologies AG  2,410  3,019  1,107  199  18.0%  70   12.1  43.0    09-Jun-14  Hittite Microwave Corp²  Analog Devices Inc  2,018  2,510  277  130  46.8%  77   15.6  32.6    24-Feb-14  TriQuint Semiconductor Inc¹  RF Micro Devices Inc  1,625  1,704  893  126  14.1%  14   12.9  nm    16-Dec-13  LSI Corp  Avago Technologies Ltd  5,938  6,603  2,365  403  17.0%  372   14.7  17.7    17-Oct-12  Cymer Inc²  ASML Holding NV  2,433  2,703  584  111  19.0%  78   22.0  34.7    22-Jun-12  MStar Semiconductor Inc  MediaTek Inc  2,908  3,840  1,247  279  22.3%  200   10.4  19.2    12-Sep-11  NetLogic Microsystems Inc  Broadcom Corp  3,693  3,912  403  130  32.3%  124   28.4  31.6    04-Apr-11  National Semiconductor Corp²  Texas Instruments Inc  6,543  6,400  1,563  614  39.3%  350   10.7  18.3    05-Jan-11  Atheros Communications Inc¹  Qualcomm Inc  2,934  3,450  927  206  22.2%  181   14.3  19.1                             Mean        6,830  6,874              16.1  26.3     Median        3,149  3,678              14.9  25.5    

 Source: FactSet as of 8-Dec-17Notes:1 Including: Analog Devices (ADI), Broadcom (AVGO), Cavium (CAVM), Infineon (IFX), Intel Corporation (INTC), Maxim Integrated Products (MXIM), Microchip Technology (MCHP), Power Integrations (POWI), Renesas (RNS), Silicon Laboratories (SLAB), STMicroelectronics (STM) and Texas Instruments (TXN)2 Including: Analog Devices (ADI), Infineon (IFX), Maxim Integrated Products (MXIM), ON Semiconductor (ON), Renesas (RNS), STMicroelectronics (STM) and Texas Instruments (TXN)3 Since 29 Sept 20164 Since 29 Sept 2015  Share price performance  Historical share price performance   Share price performance    NXP has been trading in the range of US$96.0-117.5 (+42.8%) since the Qualcomm offer; during the same time period, 20-F peers have traded up +54.5% and Auto Semi peers have traded up +68.6%  LTM prior to QCOM offer4  4  Since QCOM offer3 (%)  29-Sep-16Initial rumour of QCOM offer  27-Oct-16Formal announcement of QCOM offer  (0.1)  (0.8)  (%)  Mean   Median    20-F peers1   33.8  35.1    Auto Semi peers2  32.5  24.4   (%)  Mean   Median    20-F peers1   54.5  45.3   Auto Semi peers2  68.6  55.2   Since LTM prior to QCOM offer4  20-F peers mean1  Auto Semi peers mean2  SOX    20-F peers    Auto Semi peers    Both 20-F and Auto Semi peers   115.3   NXP 

  Transaction premium  5  The UBS Valuation Report estimates as of the date of this report the value of NXP on a transaction premium basis at a 30-40% premium to the mid-point of the trading multiples-based price per share (US$136.51) in an assumed all cash transaction, implying a value range of approximately US$177.4-191.0 per share  Source: Company filings, Dealogic, FactSet as of 8-Dec-17Note:1 Mid-point of trading multiples valuation ranges (P/E, EV/EBITDA and EV/OpFCF)            Form of  Offer Price    Premium      Date    Target  Acquiror  Transaction EV (US$m)  Consideration  (US$/share)    1 day  1 Week  1 Month  20-Nov-17    Cavium Inc  Marvell Technology Group  6,078  Mixed  80.27  40.00 Cash / 40.27 Stock  5.9%  3.8%  16.5%  14-Nov-16    Harman International  Samsung  8,654  Cash  112.00    27.8%  32.6%  39.6%  02-Nov-16    Brocade FC SAN business  Broadcom Corp  5,834  Cash  12.75    13.4%  44.9%  36.9%  13-Sep-16    Intersil Corp  Renesas  2,820  Cash  22.50    13.9%  13.9%  47.5%  26-Jul-16    Linear Technology Corp  Analog Devices Inc  13,313  Mixed  60.00  46.00 Cash / 14.00 Stock  23.8%  24.1%  31.8%  15-Jun-16    QLogic Corp  Cavium Inc  988  Mixed  15.50  11.00 Cash / 4.50 Stock  13.4%  12.2%  16.5%  19-Jan-16    Atmel Corp  Microchip Technology Inc  3,364  Mixed  8.15  7.00 Cash / 1.15 Stock  nm  nm  nm  18-Nov-15    Fairchild Semiconductor Intl Inc  ON Semiconductor Corp  2,352  Cash  20.00    11.9%  12.9%  20.8%  21-Oct-15    SanDisk Corp  Western Digital Corp  18,393  Mixed  86.50  67.50 Cash / 19.00 Stock  15.0%  25.9%  63.5%  19-Oct-15    PMC-Sierra Inc  Microsemi Corp  2,354  Mixed  12.10  9.22 Cash / 2.88 Stock  18.2%  17.0%  93.3%  01-Jun-15    Altera Corp  Intel Corp  15,702  Cash  54.00    10.5%  14.0%  18.0%  28-May-15    Broadcom Corp  Avago Technologies Ltd  32,838  Mixed  54.50  27.25 Cash / 27.25 Stock  (4.6%)  15.1%  22.0%  02-Mar-15    Freescale Semiconductor Ltd  NXP Semiconductors NV  16,452  Mixed  36.14  6.25 Cash / 29.89 Stock  0.1%  0.4%  12.6%  01-Dec-14    Spansion Inc  Cypress Semiconductor Corp  1,829  Stock  26.04    11.4%  17.7%  26.6%  15-Oct-14    CSR  Qualcomm Inc  2,471  Cash  14.45    37.9%  26.3%  15.4%  20-Aug-14    International Rectifier Corp  Infineon Technologies AG  2,410  Cash  40.00    50.6%  57.1%  42.0%  09-Jun-14    Hittite Microwave Corp  Analog Devices Inc  2,018  Cash  78.00    28.8%  34.7%  38.2%  24-Feb-14    TriQuint Semiconductor Inc  RF Micro Devices Inc  1,625  Stock  9.73    5.4%  5.9%  13.0%  16-Dec-13    LSI Corp  Avago Technologies Ltd  5,938  Cash  11.15    41.0%  37.7%  35.6%  17-Oct-12    Cymer Inc  ASML Holding NV  2,433  Mixed  81.89  20.00 Cash / 61.89 Stock  71.2%  70.5%  43.6%  22-Jun-12    MStar Semiconductor Inc  MediaTek Inc  2,908  Mixed  7.23  0.03 Cash / 7.20 Stock  19.8%  21.6%  22.6%  12-Sep-11    NetLogic Microsystems Inc  Broadcom Corp  3,693  Cash  50.00    56.7%  67.3%  58.4%  04-Apr-11    National Semiconductor Corp  Texas Instruments Inc  6,543  Cash  25.00    75.7%  74.3%  61.2%  05-Jan-11    Atheros Communications Inc  Qualcomm Inc  2,934  Cash  45.00    2.3%  26.8%  31.1%                        Mean Cash Transactions          5,114           30.9%  36.9%  37.1%  Mean Mixed Transactions          9,912           18.1%  21.2%  35.8%  Mean Stock Transactions          1,727           8.4%  11.8%  19.8% 

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