SEC Filing | Dell Technologies

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Filed by Dell Technologies Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject Company: Dell Technologies Inc. (Commission File No. 001-37867) The Essential and Trusted Technology Partner Leading the Way to Digital Transformation October 2018 Filed by Dell Technologies Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject Company: Dell Technologies Inc. (Commission File No. 001-37867) The Essential and Trusted Technology Partner Leading the Way to Digital Transformation October 2018

IMPORTANT NOTICES No Offer or Solicitation This communication does not constitute an offer to sell or a solicitation of an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), and otherwise in accordance with applicable law Additional Information and Where to Find It This communication is being made in respect of the proposed merger of a wholly-owned subsidiary of Dell Technologies Inc. (“Dell Technologies”) with and into Dell Technologies, with Dell Technologies as the surviving entity, pursuant to which each share of Class V common stock of Dell Technologies will, at the election of the holder, convert into the right to receive shares of Class C common stock of Dell Technologies or cash, without interest, and each existing share of Class A common stock, Class B common stock and Class C common stock of Dell Technologies will be unaffected by the merger and remain outstanding. The proposed transaction requires the approval of a majority of the aggregate voting power of the outstanding shares of Class A common stock, Class B common stock and Class V common stock other than those held by affiliates of Dell Technologies, in each case, voting as a separate class, and all outstanding shares of common stock of Dell Technologies, voting together as a single class, and will be submitted to stockholders for their consideration. Dell Technologies has filed a registration statement on Form S-4 (File No. 333-226618) containing a preliminary proxy statement/prospectus regarding the proposed transaction with the Securities and Exchange Commission (“SEC”). The information in the preliminary proxy statement/prospectus is not complete and may be changed. After the registration statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to each holder of Class A common stock, Class B common stock, Class C common stock and Class V common stock entitled to vote at the special meeting in connection with the proposed transaction. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS RELATING TO THE TRANSACTION TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may get these documents, when available, for free by visiting EDGAR on the SEC Website at www.sec.gov or by visiting Dell Technologies’ website at http://investors.delltechnologies.com. 2 2 IMPORTANT NOTICES No Offer or Solicitation This communication does not constitute an offer to sell or a solicitation of an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), and otherwise in accordance with applicable law Additional Information and Where to Find It This communication is being made in respect of the proposed merger of a wholly-owned subsidiary of Dell Technologies Inc. (“Dell Technologies”) with and into Dell Technologies, with Dell Technologies as the surviving entity, pursuant to which each share of Class V common stock of Dell Technologies will, at the election of the holder, convert into the right to receive shares of Class C common stock of Dell Technologies or cash, without interest, and each existing share of Class A common stock, Class B common stock and Class C common stock of Dell Technologies will be unaffected by the merger and remain outstanding. The proposed transaction requires the approval of a majority of the aggregate voting power of the outstanding shares of Class A common stock, Class B common stock and Class V common stock other than those held by affiliates of Dell Technologies, in each case, voting as a separate class, and all outstanding shares of common stock of Dell Technologies, voting together as a single class, and will be submitted to stockholders for their consideration. Dell Technologies has filed a registration statement on Form S-4 (File No. 333-226618) containing a preliminary proxy statement/prospectus regarding the proposed transaction with the Securities and Exchange Commission (“SEC”). The information in the preliminary proxy statement/prospectus is not complete and may be changed. After the registration statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to each holder of Class A common stock, Class B common stock, Class C common stock and Class V common stock entitled to vote at the special meeting in connection with the proposed transaction. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS RELATING TO THE TRANSACTION TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may get these documents, when available, for free by visiting EDGAR on the SEC Website at www.sec.gov or by visiting Dell Technologies’ website at http://investors.delltechnologies.com. 2 2

IMPORTANT NOTICES (CONT’D) Participants in the Solicitation Dell Technologies and its directors, executive officers and other members of its management and employees, and Silver Lake Technology Management, L.L.C. and its managing partners and employees, may be deemed to be participants in the solicitation of proxies from the stockholders of Dell Technologies in favor of the proposed merger and the other transactions contemplated by the merger agreement, including the exchange of shares of Class V common stock of Dell Technologies for shares of Class C common stock of Dell Technologies or cash. Information concerning persons who may be considered participants in such solicitation under the rules of the SEC, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the aforementioned preliminary proxy statement/prospectus that has been filed with the SEC. Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “may,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “aim,” “seek,” and similar expressions as they relate to Dell Technologies or its management are intended to identify these forward-looking statements. All statements by Dell Technologies regarding its expected financial position, revenues, cash flows and other operating results, business strategy, legal proceedings, and similar matters are forward-looking statements. The expectations expressed or implied in these forward-looking statements may not turn out to be correct. Dell Technologies’ results could be materially different from its expectations because of various risks, including but not limited to: (i) the failure to consummate or delay in consummating the proposed transaction, including the failure to obtain the requisite stockholder approvals or the failure of VMware to pay the special dividend or any inability of Dell Technologies to pay the cash consideration to Class V holders; (ii) the risk as to the trading price of Class C common stock to be issued by Dell Technologies in the proposed transaction relative to the trading price of shares of Class V common stock and VMware, Inc. common stock; and (iii) the risks discussed in the “Risk Factors” section of the registration statement containing a preliminary proxy statement/prospectus that has been filed with the SEC as well as its periodic and current reports filed with the SEC. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, Dell Technologies undertakes no obligation to update any forward-looking statement after the date as of which such statement was made, whether to reflect changes in circumstances or expectations, the occurrence of unanticipated events, or otherwise. Non-GAAP Financial Measures This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, Non-GAAP Net Revenue, Non-GAAP Operating Income, Non-GAAP Net Income, Adjusted EBITDA and Levered Free Cash Flow and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and have important limitations as analytical tools and may exclude items that are significant in understanding and assessing Dell Technologies’ financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. However, Dell Technologies presents these non-GAAP measures because it considers them to be useful supplemental measures of performance for investors, analysts and rating agencies. You should be aware that Dell Technologies’ presentation of these measures may not be comparable to similarly-titled measures used by other companies. See Appendix for reconciliations of Non-GAAP Net Revenue, Non-GAAP Operating Income, Non-GAAP Net Income, Adjusted EBITDA and Levered Free Cash Flow to the most comparable GAAP metric. 3 3 IMPORTANT NOTICES (CONT’D) Participants in the Solicitation Dell Technologies and its directors, executive officers and other members of its management and employees, and Silver Lake Technology Management, L.L.C. and its managing partners and employees, may be deemed to be participants in the solicitation of proxies from the stockholders of Dell Technologies in favor of the proposed merger and the other transactions contemplated by the merger agreement, including the exchange of shares of Class V common stock of Dell Technologies for shares of Class C common stock of Dell Technologies or cash. Information concerning persons who may be considered participants in such solicitation under the rules of the SEC, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the aforementioned preliminary proxy statement/prospectus that has been filed with the SEC. Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “may,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “aim,” “seek,” and similar expressions as they relate to Dell Technologies or its management are intended to identify these forward-looking statements. All statements by Dell Technologies regarding its expected financial position, revenues, cash flows and other operating results, business strategy, legal proceedings, and similar matters are forward-looking statements. The expectations expressed or implied in these forward-looking statements may not turn out to be correct. Dell Technologies’ results could be materially different from its expectations because of various risks, including but not limited to: (i) the failure to consummate or delay in consummating the proposed transaction, including the failure to obtain the requisite stockholder approvals or the failure of VMware to pay the special dividend or any inability of Dell Technologies to pay the cash consideration to Class V holders; (ii) the risk as to the trading price of Class C common stock to be issued by Dell Technologies in the proposed transaction relative to the trading price of shares of Class V common stock and VMware, Inc. common stock; and (iii) the risks discussed in the “Risk Factors” section of the registration statement containing a preliminary proxy statement/prospectus that has been filed with the SEC as well as its periodic and current reports filed with the SEC. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, Dell Technologies undertakes no obligation to update any forward-looking statement after the date as of which such statement was made, whether to reflect changes in circumstances or expectations, the occurrence of unanticipated events, or otherwise. Non-GAAP Financial Measures This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, Non-GAAP Net Revenue, Non-GAAP Operating Income, Non-GAAP Net Income, Adjusted EBITDA and Levered Free Cash Flow and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and have important limitations as analytical tools and may exclude items that are significant in understanding and assessing Dell Technologies’ financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. However, Dell Technologies presents these non-GAAP measures because it considers them to be useful supplemental measures of performance for investors, analysts and rating agencies. You should be aware that Dell Technologies’ presentation of these measures may not be comparable to similarly-titled measures used by other companies. See Appendix for reconciliations of Non-GAAP Net Revenue, Non-GAAP Operating Income, Non-GAAP Net Income, Adjusted EBITDA and Levered Free Cash Flow to the most comparable GAAP metric. 3 3

TODAY’S SPEAKERS Tom Sweet Jeff Clarke Chief Financial Officer Vice Chairman, Products & Operations Tyler Johnson Robert Williams Senior Vice President Senior Vice President & Treasurer Investor Relations 4 4 TODAY’S SPEAKERS Tom Sweet Jeff Clarke Chief Financial Officer Vice Chairman, Products & Operations Tyler Johnson Robert Williams Senior Vice President Senior Vice President & Treasurer Investor Relations 4 4

DISCUSSION TOPICS TRANSACTION OVERVIEW COMPANY OVERVIEW BUSINESS UNITS FINANCIAL HIGHLIGHTS TRANSACTION SUMMARY 5 5 DISCUSSION TOPICS TRANSACTION OVERVIEW COMPANY OVERVIEW BUSINESS UNITS FINANCIAL HIGHLIGHTS TRANSACTION SUMMARY 5 5

TRANSACTION OVERVIEW 6 6 TRANSACTION OVERVIEW 6 6

TRANSACTION OVERVIEW n For each Class V share, existing stockholders can elect to receive: ● 1.3665 shares of Dell Technologies Class C common stock, or ● $109 in cash per DVMT share (~29% premium to the Class V share closing price prior to announcement) Class V Stockholder ● Final consideration mix subject to proration ($9 billion cap on aggregate cash consideration) Consideration n Pro forma for the transaction, DVMT stockholders will own 20.8% – 31.0% of Dell Technologies, depending on cash election amounts, implying a pro forma equity value of $61.1 – $70.1 billion for Dell Technologies n In connection with this transaction, Dell Technologies plans to directly list its Class C common shares on the NYSE n VMware’s board of directors, on the recommendation of a special committee of its directors, has voted to declare an $11 billion cash dividend pro rata to all VMware stockholders, contingent on satisfaction of the other conditions to the completion of the transaction. Dell Technologies’ share of such dividend will be approximately $9 billion VMware ● Dell Technologies plans to use the dividend proceeds to fund the cash consideration paid to Class V stockholders Special Dividend ● If Class V stockholders’ aggregate cash election is less than $9 billion, Dell plans to use the remaining dividend proceeds to repurchase shares of Class C common stock or to pay down debt n VMware will remain well capitalized with $2+ billion of balance sheet cash / investments and strong cash flow Expected n Transaction expected to close in Q4 CY2018, subject to Class V stockholder approval Timeline 7 7 TRANSACTION OVERVIEW n For each Class V share, existing stockholders can elect to receive: ● 1.3665 shares of Dell Technologies Class C common stock, or ● $109 in cash per DVMT share (~29% premium to the Class V share closing price prior to announcement) Class V Stockholder ● Final consideration mix subject to proration ($9 billion cap on aggregate cash consideration) Consideration n Pro forma for the transaction, DVMT stockholders will own 20.8% – 31.0% of Dell Technologies, depending on cash election amounts, implying a pro forma equity value of $61.1 – $70.1 billion for Dell Technologies n In connection with this transaction, Dell Technologies plans to directly list its Class C common shares on the NYSE n VMware’s board of directors, on the recommendation of a special committee of its directors, has voted to declare an $11 billion cash dividend pro rata to all VMware stockholders, contingent on satisfaction of the other conditions to the completion of the transaction. Dell Technologies’ share of such dividend will be approximately $9 billion VMware ● Dell Technologies plans to use the dividend proceeds to fund the cash consideration paid to Class V stockholders Special Dividend ● If Class V stockholders’ aggregate cash election is less than $9 billion, Dell plans to use the remaining dividend proceeds to repurchase shares of Class C common stock or to pay down debt n VMware will remain well capitalized with $2+ billion of balance sheet cash / investments and strong cash flow Expected n Transaction expected to close in Q4 CY2018, subject to Class V stockholder approval Timeline 7 7

COMPANY HIGHLIGHTS 8 8 COMPANY HIGHLIGHTS 8 8

A DIGITAL REVOLUTION The explosion of data and computing power is driving a new wave of IT spend 1 2 3 DEVICES DATA IT SPEND 180 4% 160 CAGR 3.5 IoT 1,000,000 3.4 140 Mobile 3.2 120 10,000 3.1 100 PC 100 80 60 Mainframe 1 40 20 0 0 1985 2011 2020+ 2018 2019 2020 2021 1 2 Market Source: Morgan Stanley, The Data Era Becomes Investable (Apr, 2018) and Company research. Market Source: IDC, Data Age 2025 study; sponsored by Seagate (Apr, 2017). 3 Market Source: Gartner, Forecast Enterprise IT Spending by Vertical Worldwide (Aug, 2018). 9 9 Devices (M) Zettabytes (1T GBs) Trillions ($) A DIGITAL REVOLUTION The explosion of data and computing power is driving a new wave of IT spend 1 2 3 DEVICES DATA IT SPEND 180 4% 160 CAGR 3.5 IoT 1,000,000 3.4 140 Mobile 3.2 120 10,000 3.1 100 PC 100 80 60 Mainframe 1 40 20 0 0 1985 2011 2020+ 2018 2019 2020 2021 1 2 Market Source: Morgan Stanley, The Data Era Becomes Investable (Apr, 2018) and Company research. Market Source: IDC, Data Age 2025 study; sponsored by Seagate (Apr, 2017). 3 Market Source: Gartner, Forecast Enterprise IT Spending by Vertical Worldwide (Aug, 2018). 9 9 Devices (M) Zettabytes (1T GBs) Trillions ($)

UNMATCHED PORTFOLIO OF SOLUTIONS The most complete portfolio of technology solutions: Software, Hardware and Services Boomi Cloud Native SW Multi-cloud Server, Client, Software Software Defined Managed Security Development Management Storage, HCI & Peripherals Data Center Services DIGITAL IT WORKFORCE SECURITY TRANSFORMATION TRANSFORMATION TRANSFORMATION TRANSFORMATION 10 10 UNMATCHED PORTFOLIO OF SOLUTIONS The most complete portfolio of technology solutions: Software, Hardware and Services Boomi Cloud Native SW Multi-cloud Server, Client, Software Software Defined Managed Security Development Management Storage, HCI & Peripherals Data Center Services DIGITAL IT WORKFORCE SECURITY TRANSFORMATION TRANSFORMATION TRANSFORMATION TRANSFORMATION 10 10

DELL TECHNOLOGIES IN NUMBERS Unmatched scale and breadth of IT solutions $ $ $ $ 86.8B 10.0B 8.5B+ 12.8B+ Non-GAAP Revenue (TTM) Adjusted EBITDA (TTM) Cash Flow from R&D Invested over 1 2 (16% YoY growth in Q2 FY19) (11.5% of Non-GAAP Operations (TTM) Past 3 Fiscal Years 1 Revenue) # 1 99% 40k+ 85% Virtualization, Storage, Of Fortune 500 Served Sales Force Software Engineers in ISG 3 Servers, Client Engineering Staff 1 2 See appendix for reconciliation of GAAP to Non-GAAP measures. Dell Technologies’ cumulative R&D investment includes EMC amounts prior to the merger transaction date on September 7, 2016. 3 Gartner, IDC market research, company filings; Client statistic calculated by Dell Technologies utilizing other PC OEMs’ financial information, including HP Inc.'s Personal Systems operating segment and Lenovo International's PC & Smart Device business group, from the companies' respective public filings. 11 11 DELL TECHNOLOGIES IN NUMBERS Unmatched scale and breadth of IT solutions $ $ $ $ 86.8B 10.0B 8.5B+ 12.8B+ Non-GAAP Revenue (TTM) Adjusted EBITDA (TTM) Cash Flow from R&D Invested over 1 2 (16% YoY growth in Q2 FY19) (11.5% of Non-GAAP Operations (TTM) Past 3 Fiscal Years 1 Revenue) # 1 99% 40k+ 85% Virtualization, Storage, Of Fortune 500 Served Sales Force Software Engineers in ISG 3 Servers, Client Engineering Staff 1 2 See appendix for reconciliation of GAAP to Non-GAAP measures. Dell Technologies’ cumulative R&D investment includes EMC amounts prior to the merger transaction date on September 7, 2016. 3 Gartner, IDC market research, company filings; Client statistic calculated by Dell Technologies utilizing other PC OEMs’ financial information, including HP Inc.'s Personal Systems operating segment and Lenovo International's PC & Smart Device business group, from the companies' respective public filings. 11 11

COMPANY HIGHLIGHTS Dramatic transformation since going private INTEGRATED, END -TO-END TECHNOLOGY PROVIDER AT SCALE 1 COMPLEMENTARY PORTFOLIO OF LEADING SOLUTIONS 2 3 BEST-IN-CLASS GO -TO-MARKET MODEL 4 DRIVING OUTPERFORMANCE VS. MARKET SUPERIOR FINANCIAL MODEL 5 W ORLD-CLASS MANAGEMENT TEAM 6 12 12 COMPANY HIGHLIGHTS Dramatic transformation since going private INTEGRATED, END -TO-END TECHNOLOGY PROVIDER AT SCALE 1 COMPLEMENTARY PORTFOLIO OF LEADING SOLUTIONS 2 3 BEST-IN-CLASS GO -TO-MARKET MODEL 4 DRIVING OUTPERFORMANCE VS. MARKET SUPERIOR FINANCIAL MODEL 5 W ORLD-CLASS MANAGEMENT TEAM 6 12 12

1 | INTEGRATED, END-TO-END TECHNOLOGY PROVIDER AT SCALE Unmatched scale and breadth of IT solutions $ 87B $ 81B $ 57B $ 49B $ 47B $ 6B $ 31B Client Storage Server Networking Virtualization Cybersecurity Cloud Platform Source: TTM Non-GAAP revenue presented for all companies based on most recent filings. Cisco’s Whiptail storage business considered immaterial. 13 13 1 | INTEGRATED, END-TO-END TECHNOLOGY PROVIDER AT SCALE Unmatched scale and breadth of IT solutions $ 87B $ 81B $ 57B $ 49B $ 47B $ 6B $ 31B Client Storage Server Networking Virtualization Cybersecurity Cloud Platform Source: TTM Non-GAAP revenue presented for all companies based on most recent filings. Cisco’s Whiptail storage business considered immaterial. 13 13

2 | COMPLEMENTARY PORTFOLIO OF LEADING SOLUTIONS Leverage leading positions across all solutions to create cross selling opportunities External Storage Storage Servers PBBA/Backup Total Revenue All-flash Arrays and Units Sector Size Sector Size # # x86 Servers 1 1 Integrated $ $ 26B 76B Infrastructure 1 Client Virtualization Client Revenue/ Server Profitability Virtualization Sector Size Sector Size # # Client Monitors Software 1 1 $ $ Globally 189B 31B Security Cloud Gartner Magic Leading Quadrant Sector Size Sector Size Managed Cloud, Leader PaaS, and Big Data $ $ 42B 80B 1 Source: Gartner, IDC market research, Company filings; Statistic calculated by Dell Technologies utilizing other PC OEMs’ financial information, including HP Inc.'s Personal Systems operating segment and Lenovo International's PC & Smart Device business group, from the companies' respective public filings. 14 14 2 | COMPLEMENTARY PORTFOLIO OF LEADING SOLUTIONS Leverage leading positions across all solutions to create cross selling opportunities External Storage Storage Servers PBBA/Backup Total Revenue All-flash Arrays and Units Sector Size Sector Size # # x86 Servers 1 1 Integrated $ $ 26B 76B Infrastructure 1 Client Virtualization Client Revenue/ Server Profitability Virtualization Sector Size Sector Size # # Client Monitors Software 1 1 $ $ Globally 189B 31B Security Cloud Gartner Magic Leading Quadrant Sector Size Sector Size Managed Cloud, Leader PaaS, and Big Data $ $ 42B 80B 1 Source: Gartner, IDC market research, Company filings; Statistic calculated by Dell Technologies utilizing other PC OEMs’ financial information, including HP Inc.'s Personal Systems operating segment and Lenovo International's PC & Smart Device business group, from the companies' respective public filings. 14 14

3 | BEST-IN-CLASS GO-TO-MARKET MODEL Sales force is comprised of over 40k individuals across 72 countries complemented by a growing partner program with approximately 150k partners across 180 countries Successful Integration One-stop-shop for technology solutions across software, hardware and services Cross-selling Enterprise In FY18, 97% of top 500 customers 3k accounts purchased products and services from at least 2 of the 3 of Dell, EMC and VMware Attach Rates Commercial Direct model drives sales of high-margin 500k accounts software and services Customer Relationships Distribution business model emphasizes direct communication, leading to deeper relationships Consumer & Small Business <100 employees 15 15 3 | BEST-IN-CLASS GO-TO-MARKET MODEL Sales force is comprised of over 40k individuals across 72 countries complemented by a growing partner program with approximately 150k partners across 180 countries Successful Integration One-stop-shop for technology solutions across software, hardware and services Cross-selling Enterprise In FY18, 97% of top 500 customers 3k accounts purchased products and services from at least 2 of the 3 of Dell, EMC and VMware Attach Rates Commercial Direct model drives sales of high-margin 500k accounts software and services Customer Relationships Distribution business model emphasizes direct communication, leading to deeper relationships Consumer & Small Business <100 employees 15 15

4 | DRIVING OUTPERFORMANCE VS. MARKET Our ability to deliver differentiated and integrated IT solutions has driven significant revenue growth and share gains 1 2 3 EXTERNAL STORAGE REVENUE MAINSTREAM SERVER REVENUE HYPERCONVERGED SYSTEMS REVENUE 61.7% 119.0% 116.1% 31.1% 28.2% 20.8% 43.1% 18.0% 20.7% 78.2% 32.3% 17.1% 14.8% 57.2% 52.7% -3.8% 4 4 4 TOTAL CLIENT PC UNITS COMMERCIAL PC UNITS CONSUMER PC UNITS 7.8% 9.6% 4.8% 8.3% 3.7% 6.1% 6.9% 1.1% 4.4% 2.7% -2.8% -7.8% -5.5% -8.3% -8.5% 1 2 External Storage Revenue Source: H1 CY18 IDC External Storage data as of 05-Sept-2018. Mainstream Server Revenue Source: H1 CY18 IDC Mainstream Server data as of 05-Sept-2018. 3 4 Hyperconverged Systems Revenue Source: H1 CY18 IDC Hyperconverged data as of 25-Sep-2018. Client Unit Source: H1 CY18 IDC Client data as of 08-Aug-2018. 16 16 CSG YoY ISG YoY 4 | DRIVING OUTPERFORMANCE VS. MARKET Our ability to deliver differentiated and integrated IT solutions has driven significant revenue growth and share gains 1 2 3 EXTERNAL STORAGE REVENUE MAINSTREAM SERVER REVENUE HYPERCONVERGED SYSTEMS REVENUE 61.7% 119.0% 116.1% 31.1% 28.2% 20.8% 43.1% 18.0% 20.7% 78.2% 32.3% 17.1% 14.8% 57.2% 52.7% -3.8% 4 4 4 TOTAL CLIENT PC UNITS COMMERCIAL PC UNITS CONSUMER PC UNITS 7.8% 9.6% 4.8% 8.3% 3.7% 6.1% 6.9% 1.1% 4.4% 2.7% -2.8% -7.8% -5.5% -8.3% -8.5% 1 2 External Storage Revenue Source: H1 CY18 IDC External Storage data as of 05-Sept-2018. Mainstream Server Revenue Source: H1 CY18 IDC Mainstream Server data as of 05-Sept-2018. 3 4 Hyperconverged Systems Revenue Source: H1 CY18 IDC Hyperconverged data as of 25-Sep-2018. Client Unit Source: H1 CY18 IDC Client data as of 08-Aug-2018. 16 16 CSG YoY ISG YoY

5 | SUPERIOR FINANCIAL MODEL Company positioned to achieve sustainable, long-term growth and share gain with a focus on cash flow Focus on Long-Term Industry-Leading Free Best-in-Class Unit Efficient Capital Growth and Share Gain Cash Flow Conversion Economics with High Attach Structure and Significant Rates for Higher-Margin Financial Flexibility Products and Services 17 17 5 | SUPERIOR FINANCIAL MODEL Company positioned to achieve sustainable, long-term growth and share gain with a focus on cash flow Focus on Long-Term Industry-Leading Free Best-in-Class Unit Efficient Capital Growth and Share Gain Cash Flow Conversion Economics with High Attach Structure and Significant Rates for Higher-Margin Financial Flexibility Products and Services 17 17

6 | WORLD-CLASS MANAGEMENT TEAM Committed and highly-experienced management team, with an average of 24 years of experience successfully navigating technology changes in the IT industry DELL TECHNOLOGIES Karen Quintos Allison Dew Howard Elias Marius Haas Bill Scannell Michael Dell Jeff Clarke Tom Sweet CMO President, President & Chief CCO President, Chairman & CEO VC, Products & CFO Services, Digital & IT Commercial Officer Global Enterprise Sales & Operations Customer Operations STRATEGICALLY ALIGNED BUSINESSES D IGITA L TR AN S FOR M A T I ON D E V OP S Pat Gelsinger Rob Mee Mike Cote C LOU D CEO, VMware CEO, Pivotal CEO, Secureworks V IRTUALIZ A T I ON S E CURITY S E RV E R & S TORAGE PC 18 18 6 | WORLD-CLASS MANAGEMENT TEAM Committed and highly-experienced management team, with an average of 24 years of experience successfully navigating technology changes in the IT industry DELL TECHNOLOGIES Karen Quintos Allison Dew Howard Elias Marius Haas Bill Scannell Michael Dell Jeff Clarke Tom Sweet CMO President, President & Chief CCO President, Chairman & CEO VC, Products & CFO Services, Digital & IT Commercial Officer Global Enterprise Sales & Operations Customer Operations STRATEGICALLY ALIGNED BUSINESSES D IGITA L TR AN S FOR M A T I ON D E V OP S Pat Gelsinger Rob Mee Mike Cote C LOU D CEO, VMware CEO, Pivotal CEO, Secureworks V IRTUALIZ A T I ON S E CURITY S E RV E R & S TORAGE PC 18 18

BUSINESS UNIT OVERVIEW 19 19 BUSINESS UNIT OVERVIEW 19 19

HOW WE ARE ORGANIZED Infrastructure Client Solutions VMware Other Aligned Solutions Group Group Businesses Dell Financial Services Go-to-Market Global Services & Support 34k+ 165+ >40 95% 7 87 Dell EMC Countries Supported Languages Customer Global Command Technical Services Professionals Worldwide Satisfaction Rating Centers Support Sites Supply Chain ~ $64B 25 ~50 900+ 200k+ 73M -53 Gross Production Manufacturing Distribution Parts Distribution Orders Shipped Pounds of Recycled Plastic Day Cash Spend with Suppliers Locations Centers Centers Per Day & Other Sustainable Conversion Cycle Materials in our Products Since 2014 20 20 HOW WE ARE ORGANIZED Infrastructure Client Solutions VMware Other Aligned Solutions Group Group Businesses Dell Financial Services Go-to-Market Global Services & Support 34k+ 165+ >40 95% 7 87 Dell EMC Countries Supported Languages Customer Global Command Technical Services Professionals Worldwide Satisfaction Rating Centers Support Sites Supply Chain ~ $64B 25 ~50 900+ 200k+ 73M -53 Gross Production Manufacturing Distribution Parts Distribution Orders Shipped Pounds of Recycled Plastic Day Cash Spend with Suppliers Locations Centers Centers Per Day & Other Sustainable Conversion Cycle Materials in our Products Since 2014 20 20

CLIENT SOLUTIONS GROUP (CSG) Revenue (TTM) Operating Income (TTM) Highlights $ $ Increased worldwide PC unit 41.7B 2.1B share year-over-year for 1 22 consecutive quarters Dell continues to outgrow industry in PCs and flat panel monitors 3 4 Workstation Units Displays 2 PC Revenue # # # 40.7% Share 20.3% Share Balanced Direct and Commercial mix 1 1 1 Investing in growth areas: SMB, gaming, high-end notebooks, and monitors Focused on VMware coordination 1 1 1 Commercial Units Consumer Units PC Units around Workspace ONE 22.8% Share 12.0% Share # 18.2% Share # # 3 3 3 Strong S&P and services up-sell from attach motion 1 2 Based on the IDC WW Quarterly Personal Computing Device (PCD) Tracker CY18Q2. Based on Company analysis. Reflects the overall PC business, which includes software, services and peripherals 3 4 (excluding printers and ink) that attach to sales of PC units. Based on the IDC WW Workstation Tracker CY18Q2. Based on the DisplaySearch Desktop Monitor Market Tracker CY18Q2 21 21 CLIENT SOLUTIONS GROUP (CSG) Revenue (TTM) Operating Income (TTM) Highlights $ $ Increased worldwide PC unit 41.7B 2.1B share year-over-year for 1 22 consecutive quarters Dell continues to outgrow industry in PCs and flat panel monitors 3 4 Workstation Units Displays 2 PC Revenue # # # 40.7% Share 20.3% Share Balanced Direct and Commercial mix 1 1 1 Investing in growth areas: SMB, gaming, high-end notebooks, and monitors Focused on VMware coordination 1 1 1 Commercial Units Consumer Units PC Units around Workspace ONE 22.8% Share 12.0% Share # 18.2% Share # # 3 3 3 Strong S&P and services up-sell from attach motion 1 2 Based on the IDC WW Quarterly Personal Computing Device (PCD) Tracker CY18Q2. Based on Company analysis. Reflects the overall PC business, which includes software, services and peripherals 3 4 (excluding printers and ink) that attach to sales of PC units. Based on the IDC WW Workstation Tracker CY18Q2. Based on the DisplaySearch Desktop Monitor Market Tracker CY18Q2 21 21

CSG INDUSTRY TRENDS WORLDWIDE PC REVENUE FORECAST ($B) PC UNIT SHARE TREND (UNITS SOLD) 75% 65% $250 2% 1 55% CAGR $200 45% 35% $150 Top 3 Vendors (Dell, HP, Lenovo) All Others 25% 1Q'12 2Q'13 3Q'14 4Q'15 1Q'17 2Q'18 $100 DELL Y/Y CHANGE IN GLOBAL PC UNIT SHARE (BPS) $50 22 consecutive quarters of Y/Y share gains 300 $- 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 225 188 174 169 162 158 143 129 129 150 IDC forecasts trajectory to stabilize over next few years 120 119 114 110 111 105 90 86 83 70 75 Demand supported by release of new operating 21 1 3 1 systems and end-of-life support for older systems 0 Q1'13 Q3'13 Q1'14 Q3'14 Q1'15 Q3'15 Q1'16 Q3'16 Q1'17 Q3'17 Q1'18 1 Source: IDC (2018). 5-year CAGR from 2016-2021. Note: Represents calendar quarters. 22 22 CSG INDUSTRY TRENDS WORLDWIDE PC REVENUE FORECAST ($B) PC UNIT SHARE TREND (UNITS SOLD) 75% 65% $250 2% 1 55% CAGR $200 45% 35% $150 Top 3 Vendors (Dell, HP, Lenovo) All Others 25% 1Q'12 2Q'13 3Q'14 4Q'15 1Q'17 2Q'18 $100 DELL Y/Y CHANGE IN GLOBAL PC UNIT SHARE (BPS) $50 22 consecutive quarters of Y/Y share gains 300 $- 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 225 188 174 169 162 158 143 129 129 150 IDC forecasts trajectory to stabilize over next few years 120 119 114 110 111 105 90 86 83 70 75 Demand supported by release of new operating 21 1 3 1 systems and end-of-life support for older systems 0 Q1'13 Q3'13 Q1'14 Q3'14 Q1'15 Q3'15 Q1'16 Q3'16 Q1'17 Q3'17 Q1'18 1 Source: IDC (2018). 5-year CAGR from 2016-2021. Note: Represents calendar quarters. 22 22

DELL MAINTAINS THE HIGHEST PC PROFITS IN THE INDUSTRY Premium enterprise & consumer products Services Best-in-class peripherals and display offerings Global Services Full suite of industry-leading Peripherals support services Financial Flexible financing packages ™ Services Superior direct salesforce Financing Software 23 23 DELL MAINTAINS THE HIGHEST PC PROFITS IN THE INDUSTRY Premium enterprise & consumer products Services Best-in-class peripherals and display offerings Global Services Full suite of industry-leading Peripherals support services Financial Flexible financing packages ™ Services Superior direct salesforce Financing Software 23 23

INFRASTRUCTURE SOLUTIONS GROUP (ISG) Revenue (TTM) Operating Income (TTM) Highlights $ $ Simplified the ISG organization, aligning 34.4B 3.9B leaders and product categories #1 in major storage categories including all-flash array, hyper- converged infrastructure, high-end, Hyperconverged All-Flash Arrays External Storage Infrastructure mid-range and unstructured 1 1 # 26.8% Share # # 29.2% Share 2 29.6% Share 1 1 1 Significant revenue synergy from combination of heritage Dell and EMC sales forces Market-leading HCI product Mainstream Double Digit x86 Server Units development in collaboration Server Revenue 1 # 19.7% Share Revenue Growth # 1 with VMware 28.1% Share 3 1 1 2 Consecutive Quarters 1 2 Storage and server share is IDC data based on calendar Q2 2018. AFA share position is statistical tie with NetApp. HCI share is IDC data based on calendar Q1 2018. 3 Based on reported revenue results for fiscal Q2 2019. 24 24 INFRASTRUCTURE SOLUTIONS GROUP (ISG) Revenue (TTM) Operating Income (TTM) Highlights $ $ Simplified the ISG organization, aligning 34.4B 3.9B leaders and product categories #1 in major storage categories including all-flash array, hyper- converged infrastructure, high-end, Hyperconverged All-Flash Arrays External Storage Infrastructure mid-range and unstructured 1 1 # 26.8% Share # # 29.2% Share 2 29.6% Share 1 1 1 Significant revenue synergy from combination of heritage Dell and EMC sales forces Market-leading HCI product Mainstream Double Digit x86 Server Units development in collaboration Server Revenue 1 # 19.7% Share Revenue Growth # 1 with VMware 28.1% Share 3 1 1 2 Consecutive Quarters 1 2 Storage and server share is IDC data based on calendar Q2 2018. AFA share position is statistical tie with NetApp. HCI share is IDC data based on calendar Q1 2018. 3 Based on reported revenue results for fiscal Q2 2019. 24 24

ISG INDUSTRY TRENDS Dell Technologies is the clear leader in x86 Servers, External Storage, and Hyperconverged Infrastructure HYPERCONVERGED # # # x86 SERVERS EXTERNAL STORAGE INFRASTRUCTURE 1 1 1 (Revenue, in $B) (Revenue, in $B) (Revenue, in $B) All-Flash Array 27% CAGR $10.1 9% CAGR 0% CAGR 44% $86.6 CAGR $25.8 $25.8 $25.9 $75.5 $5.8 35% 39% 42% $52.7 17% 26% 47% 48% $1.1 35% 11% 2015A 2018E 2021E 2015A 2018E 2021E 2015A 2018E 2021E All-Flash Array Hard Disk Array Hybrid Array Source: Gartner, IDC (2018) 25 25 ISG INDUSTRY TRENDS Dell Technologies is the clear leader in x86 Servers, External Storage, and Hyperconverged Infrastructure HYPERCONVERGED # # # x86 SERVERS EXTERNAL STORAGE INFRASTRUCTURE 1 1 1 (Revenue, in $B) (Revenue, in $B) (Revenue, in $B) All-Flash Array 27% CAGR $10.1 9% CAGR 0% CAGR 44% $86.6 CAGR $25.8 $25.8 $25.9 $75.5 $5.8 35% 39% 42% $52.7 17% 26% 47% 48% $1.1 35% 11% 2015A 2018E 2021E 2015A 2018E 2021E 2015A 2018E 2021E All-Flash Array Hard Disk Array Hybrid Array Source: Gartner, IDC (2018) 25 25

SERVERS: STRONG PERFORMANCE AND TAKING SHARE 1 2 STRONG FINANCIAL PERFORMANCE LEADING SHARE POSITION (REVENUE $B) (x86 SERVERS) Highlights Strong momentum since 2H FY18 – double-digit growth in units and revenue 20.8% for both Q1 and Q2 FY19 70% $5.1 Leading innovator at the forefront of handling workloads for AI, ML, 15.1% and data analytics Focus on products that handle $2.9 emerging workloads at scale as data management and processing needs grow over time 5.2% Balancing rapid business expansion with improving profitability Take Private (Q3 FY14) Today (Q2 FY19) 1 2 Based on reported results for Servers & Networking: Q3 FY14 reported under ASC 605. Based on the IDC Quarterly Server Tracker - Final Historical, 2018Q2 26 26 SERVERS: STRONG PERFORMANCE AND TAKING SHARE 1 2 STRONG FINANCIAL PERFORMANCE LEADING SHARE POSITION (REVENUE $B) (x86 SERVERS) Highlights Strong momentum since 2H FY18 – double-digit growth in units and revenue 20.8% for both Q1 and Q2 FY19 70% $5.1 Leading innovator at the forefront of handling workloads for AI, ML, 15.1% and data analytics Focus on products that handle $2.9 emerging workloads at scale as data management and processing needs grow over time 5.2% Balancing rapid business expansion with improving profitability Take Private (Q3 FY14) Today (Q2 FY19) 1 2 Based on reported results for Servers & Networking: Q3 FY14 reported under ASC 605. Based on the IDC Quarterly Server Tracker - Final Historical, 2018Q2 26 26

STORAGE: BUSINESS ACCELERATION 2018 AND BEYOND One Team Roadmap to Portfolio Investing in Go-to-Market Focus Innovation & Simplification Innovation Improvements Enhancements Significant Progress Made with a Roadmap in Place for Further Enhancements 27 27 27 STORAGE: BUSINESS ACCELERATION 2018 AND BEYOND One Team Roadmap to Portfolio Investing in Go-to-Market Focus Innovation & Simplification Innovation Improvements Enhancements Significant Progress Made with a Roadmap in Place for Further Enhancements 27 27 27

STORAGE: SUCCESS TO DATE & NEXT STEPS SIGNIFICANT PROGRESS POINTS ROADMAP & FUTURE INITIATIVES Executing plan to grow revenue and take share Triple Y/Y Storage Revenue Digit Growth Simplifying the portfolio roadmap 12% Growth for In Both the VxRail 1H FY19 while enhancing R&D focus 1 & VxRack Offering Increasing VMware integration Customer-driven products IDC’s PBBA Share Gain 330 2 3 # in 1H CY18 Segment for modern data center 1 bps Extending Storage & Data Protection across multi-cloud strategy 1 2 Based on orders data. Based on the IDC Quarterly Enterprise Storage Systems Tracker - Final Historical for world-wide external storage, 2018Q2. 3 Based on the IDC Quarterly Purpose Built Backup Appliance Tracker - Final Historical, 2018Q2. 28 28 STORAGE: SUCCESS TO DATE & NEXT STEPS SIGNIFICANT PROGRESS POINTS ROADMAP & FUTURE INITIATIVES Executing plan to grow revenue and take share Triple Y/Y Storage Revenue Digit Growth Simplifying the portfolio roadmap 12% Growth for In Both the VxRail 1H FY19 while enhancing R&D focus 1 & VxRack Offering Increasing VMware integration Customer-driven products IDC’s PBBA Share Gain 330 2 3 # in 1H CY18 Segment for modern data center 1 bps Extending Storage & Data Protection across multi-cloud strategy 1 2 Based on orders data. Based on the IDC Quarterly Enterprise Storage Systems Tracker - Final Historical for world-wide external storage, 2018Q2. 3 Based on the IDC Quarterly Purpose Built Backup Appliance Tracker - Final Historical, 2018Q2. 28 28

VMWARE 1 1 Revenue (TTM) Operating Income (TTM) Highlights $ $ 8.4B 2.8B Double-digit license bookings growth across all major product categories in Q2 FY19 At the forefront of Software-Defined #1 500k+ 99% Data Center, Hybrid Cloud, and End User Computing Fortune 500 2 Leader in Virtualization Global Customers Choose VMW Continued strong growth for VMware Cloud Provider Program Rapid expansion of geo coverage and service functionality for VMware 75k+ 20k+ #21 Cloud on AWS Solution Partners Employees On Forbes’ list of America’s Worldwide Best Employers 1 2 VMware revenue reflects the operations of VMware within Dell Technologies, and differs from revenue of VMware, Inc. on a standalone basis. Source: IDC 29 29 VMWARE 1 1 Revenue (TTM) Operating Income (TTM) Highlights $ $ 8.4B 2.8B Double-digit license bookings growth across all major product categories in Q2 FY19 At the forefront of Software-Defined #1 500k+ 99% Data Center, Hybrid Cloud, and End User Computing Fortune 500 2 Leader in Virtualization Global Customers Choose VMW Continued strong growth for VMware Cloud Provider Program Rapid expansion of geo coverage and service functionality for VMware 75k+ 20k+ #21 Cloud on AWS Solution Partners Employees On Forbes’ list of America’s Worldwide Best Employers 1 2 VMware revenue reflects the operations of VMware within Dell Technologies, and differs from revenue of VMware, Inc. on a standalone basis. Source: IDC 29 29

VMWARE INNOVATION & INTEGRATION ACROSS DELL TECHNOLOGIES PORTFOLIO Unmatched level of partnership and integration INTEGRATED SOLUTIONS BENEFITS FOR DELL TECHNOLOGIES Software Defined Storage Well-positioned as the one-stop shop in the industry $ Software Defined Networking 400M Significantly expanded Synergies Realized (FY18) cross-selling opportunities Compute Better equipped to meet On-track to Achieve Hyperconverged Infrastructure the needs of customers $ 700M Cloud Reinforces strong Synergies (FY19) product ecosystem Workspace ONE 30 30 VMWARE INNOVATION & INTEGRATION ACROSS DELL TECHNOLOGIES PORTFOLIO Unmatched level of partnership and integration INTEGRATED SOLUTIONS BENEFITS FOR DELL TECHNOLOGIES Software Defined Storage Well-positioned as the one-stop shop in the industry $ Software Defined Networking 400M Significantly expanded Synergies Realized (FY18) cross-selling opportunities Compute Better equipped to meet On-track to Achieve Hyperconverged Infrastructure the needs of customers $ 700M Cloud Reinforces strong Synergies (FY19) product ecosystem Workspace ONE 30 30

WINNING TOGETHER IN FY18 $ $ 400M 491M +60% Booking Revenue Y/Y Referral Synergies ACV Growth +1.5k +128% +70% +63% Y/Y Enterprise Y/Y Growth in New Partner Origination Cloud Orders Growth Sell Through Opportunities Customers Revenue 31 31 WINNING TOGETHER IN FY18 $ $ 400M 491M +60% Booking Revenue Y/Y Referral Synergies ACV Growth +1.5k +128% +70% +63% Y/Y Enterprise Y/Y Growth in New Partner Origination Cloud Orders Growth Sell Through Opportunities Customers Revenue 31 31

DELL TECHNOLOGIES GO-TO-MARKET (GTM) CAPABILITY BY THE NUMBERS Largest worldwide IT sales network Direct sellers in 72 countries 150k+ partner network in all countries 34k+ Dell EMC services professionals in 165 countries 180 Countries Covered Captive financing arm (Dell Financial Services) enabling $ innovative financing solutions 86.8B TTM Non-GAAP Revenue Full portfolio compensation plans driving Direct & Channel Coverage significant Dell Technologies cross-sell 40k Sales Team Members Channel & Online Only 32 32 DELL TECHNOLOGIES GO-TO-MARKET (GTM) CAPABILITY BY THE NUMBERS Largest worldwide IT sales network Direct sellers in 72 countries 150k+ partner network in all countries 34k+ Dell EMC services professionals in 165 countries 180 Countries Covered Captive financing arm (Dell Financial Services) enabling $ innovative financing solutions 86.8B TTM Non-GAAP Revenue Full portfolio compensation plans driving Direct & Channel Coverage significant Dell Technologies cross-sell 40k Sales Team Members Channel & Online Only 32 32

TARGETED, TOP TO BOTTOM COVERAGE OF A SEGMENTED & EVOLVING IT MARKET ADDRESSABLE MARKET COVERAGE MODEL ELEMENTS OPPORTUNITY Typical Rev. % of Total Architectural Outcome-based Outside-led Inside-led Inbound Channel E-commerce 1 per account ($) ($ spend) advisory solution selling relationship relationship transactional partnership platform >$50M 17% Transformational Large $25-50M 11% Solution-centric $5-50M 20% Product-oriented Account Size Public Sector $1-25M+ 33% Medium Business $50k-1M 8% Small Small Business <$50k 11% Defining Attribute Supporting Capability 1 Varies by geography 33 33 TARGETED, TOP TO BOTTOM COVERAGE OF A SEGMENTED & EVOLVING IT MARKET ADDRESSABLE MARKET COVERAGE MODEL ELEMENTS OPPORTUNITY Typical Rev. % of Total Architectural Outcome-based Outside-led Inside-led Inbound Channel E-commerce 1 per account ($) ($ spend) advisory solution selling relationship relationship transactional partnership platform >$50M 17% Transformational Large $25-50M 11% Solution-centric $5-50M 20% Product-oriented Account Size Public Sector $1-25M+ 33% Medium Business $50k-1M 8% Small Small Business <$50k 11% Defining Attribute Supporting Capability 1 Varies by geography 33 33

BUILDING DELL TECHNOLOGIES’ GO-TO-MARKET PHASE 0: Identifying Opportunity Pre-merger <20% commonality in respective top 5k revenue accounts Significant revenue synergy opportunity DT Select & Global Accounts PHASE 1: Initial Guiding Principles Two complementary sales orgs & leaders Enterprise Customer first Maintain revenue & margin Maximize consistency & simplicity Commercial PHASE 2: Optimize Increase investment in coverage Optimize route-to-market for customer needs Consumer & Small Business Optimize specialist coverage ratios 34 34 BUILDING DELL TECHNOLOGIES’ GO-TO-MARKET PHASE 0: Identifying Opportunity Pre-merger <20% commonality in respective top 5k revenue accounts Significant revenue synergy opportunity DT Select & Global Accounts PHASE 1: Initial Guiding Principles Two complementary sales orgs & leaders Enterprise Customer first Maintain revenue & margin Maximize consistency & simplicity Commercial PHASE 2: Optimize Increase investment in coverage Optimize route-to-market for customer needs Consumer & Small Business Optimize specialist coverage ratios 34 34

FINANCIAL OVERVIEW 35 35 FINANCIAL OVERVIEW 35 35

ATTRACTIVE FINANCIAL MODEL Focus on Long-Term Industry Leading Free Efficient Capital Growth and Share Gain Cash Flow Conversion Structure and Significant Financial Flexibility 36 36 ATTRACTIVE FINANCIAL MODEL Focus on Long-Term Industry Leading Free Efficient Capital Growth and Share Gain Cash Flow Conversion Structure and Significant Financial Flexibility 36 36

STRONG BUSINESS MOMENTUM… Dell’s Share Gain Driving Above Market Growth ($ in billions) NON-GAAP REVENUE (TTM) LEVERED FREE CASH FLOW (TTM) $ 86.8 $ 7.0 $ 83.5 $ 6.1 $ 80.3 $ 5.3 Q4 FY2018 Q1 FY2019 Q2 FY2019 Q4 FY2018 Q1 FY2019 Q2 FY2019 Source: Dell Technologies public filings. Note: See supplemental slides in the appendix for reconciliation of GAAP to Non-GAAP measures. 37 37 STRONG BUSINESS MOMENTUM… Dell’s Share Gain Driving Above Market Growth ($ in billions) NON-GAAP REVENUE (TTM) LEVERED FREE CASH FLOW (TTM) $ 86.8 $ 7.0 $ 83.5 $ 6.1 $ 80.3 $ 5.3 Q4 FY2018 Q1 FY2019 Q2 FY2019 Q4 FY2018 Q1 FY2019 Q2 FY2019 Source: Dell Technologies public filings. Note: See supplemental slides in the appendix for reconciliation of GAAP to Non-GAAP measures. 37 37

… ACROSS ALL BUSINESS UNITS ($ in billions) INFRASTRUCTURE SOLUTIONS CLIENT SOLUTIONS GROUP 1 VMW ARE (TTM REVENUE) GROUP (TTM REVENUE) (TTM REVENUE) $ $ 41.7 34.4 $ 8.4 $ 40.5 $ 32.6 $ 8.2 $ 39.2 $ 30.9 $ 8.0 Q4 FY18 Q1 FY19 Q2 FY19 Q4 FY18 Q1 FY19 Q2 FY19 Q4 FY18 Q1 FY19 Q2 FY19 97% of our top 500 customers purchased products and services from at least 2 of the 3 of historical Dell, EMC and VMware in FY18 Source: Dell Technologies public filings. Pivotal, SecureWorks, RSA Security, Virtustream, and Boomi constitute Other businesses and do not meet the requirements for a reportable segment, either individually or collectively. The results of Other businesses are not material to the Company's overall results. 1 VMware revenue reflects the operations of VMware within Dell Technologies, and differs from VMware, Inc. on a standalone basis. 38 38 … ACROSS ALL BUSINESS UNITS ($ in billions) INFRASTRUCTURE SOLUTIONS CLIENT SOLUTIONS GROUP 1 VMW ARE (TTM REVENUE) GROUP (TTM REVENUE) (TTM REVENUE) $ $ 41.7 34.4 $ 8.4 $ 40.5 $ 32.6 $ 8.2 $ 39.2 $ 30.9 $ 8.0 Q4 FY18 Q1 FY19 Q2 FY19 Q4 FY18 Q1 FY19 Q2 FY19 Q4 FY18 Q1 FY19 Q2 FY19 97% of our top 500 customers purchased products and services from at least 2 of the 3 of historical Dell, EMC and VMware in FY18 Source: Dell Technologies public filings. Pivotal, SecureWorks, RSA Security, Virtustream, and Boomi constitute Other businesses and do not meet the requirements for a reportable segment, either individually or collectively. The results of Other businesses are not material to the Company's overall results. 1 VMware revenue reflects the operations of VMware within Dell Technologies, and differs from VMware, Inc. on a standalone basis. 38 38

INVESTING TO SUSTAIN LONG TERM GROWTH GUIDING PRINCIPLES CONTINUED FOCUS AREAS SALES COVERAGE § Disciplined Approach: Investment decisions based on maximizing ROI Focus on Improve Expand High-Value Coverage Regional § Long Term Focus: Invest to strengthen Customer Model Coverage Tranches long term business model § Adaptability: Level of investment will vary PRODUCT DEVELOPMENT AND INFRASTRUCTURE with opportunity and business needs Product IT & Roadmap Security 39 39 INVESTING TO SUSTAIN LONG TERM GROWTH GUIDING PRINCIPLES CONTINUED FOCUS AREAS SALES COVERAGE § Disciplined Approach: Investment decisions based on maximizing ROI Focus on Improve Expand High-Value Coverage Regional § Long Term Focus: Invest to strengthen Customer Model Coverage Tranches long term business model § Adaptability: Level of investment will vary PRODUCT DEVELOPMENT AND INFRASTRUCTURE with opportunity and business needs Product IT & Roadmap Security 39 39

CASH FLOW GENERATION IS OUR PRIORITY TTM LEVERED FREE CASH FLOW ($ in billions) Favorable working capital dynamics, enabled by efficient supply chain: -53 day cash conversion cycle (best-in-class) $ 7.0 $ 6.1 $ 5.3 Expanding recurring revenue, $22.5B 1 deferred revenue , +11% YoY Q4 FY18 Q1 FY19 Q2 FY19 TTM LEVERED FREE CASH FLOW CONVERSION Unique, high margin attach made possible by our direct salesforce 139% 130% 128% 116% 101% 97% Strong, above-market revenue growth 2 18% Excl. Public Subs 1 2 Deferred Revenue balances represented excluding the impact of Purchase Accounting. HPE levered free cash flow figure does not adjust for ~1 month of HPE Software cash flow impact prior to that divestiture. 40 40 CASH FLOW GENERATION IS OUR PRIORITY TTM LEVERED FREE CASH FLOW ($ in billions) Favorable working capital dynamics, enabled by efficient supply chain: -53 day cash conversion cycle (best-in-class) $ 7.0 $ 6.1 $ 5.3 Expanding recurring revenue, $22.5B 1 deferred revenue , +11% YoY Q4 FY18 Q1 FY19 Q2 FY19 TTM LEVERED FREE CASH FLOW CONVERSION Unique, high margin attach made possible by our direct salesforce 139% 130% 128% 116% 101% 97% Strong, above-market revenue growth 2 18% Excl. Public Subs 1 2 Deferred Revenue balances represented excluding the impact of Purchase Accounting. HPE levered free cash flow figure does not adjust for ~1 month of HPE Software cash flow impact prior to that divestiture. 40 40

STRONG BALANCE SHEET AND FINANCIAL FLEXIBILITY ~$13.7B gross debt paid down since the acquisition of EMC DELL TECHNOLOGIES CORE PRO FORMA LIQUIDITY PROFILE DEBT TRAJECTORY $48.8 1 ($ in billions) § ~$9.9B of cash and investments on balance sheet 2 § $6.7B of cash and investments excluding publicly traded subsidiaries $39.8 $36.5 3 § ~$4B undrawn revolver capacity § Continue repaying near-term maturities with current liquidity and strong free cash flow § Opportunistic refinancing as appropriate § Moody’s, S&P and Fitch all held ratings constant for 2 At EMC Close Q1 FY19 Today Dell Technologies and VMware post-announcement (during Q3 FY17) Source: Dell Technologies public filings Note: Core Debt represents the total principal amount of our debt, less: (a) unrestricted subsidiary debt, (b) DFS related debt, and (c) other debt. See appendix for further information regarding capital structure. 1 Represents balance sheet amounts pro forma for the $11.0B VMware dividend based on Q2 FY19 reported results and $600mm debt paydown in Sep-2018. 2 3 Represents pro forma balance sheet amounts after $600mm debt paydown in Sep-2018. Represents revolver capacity excluding publicly traded subsidiaries. 41 41 STRONG BALANCE SHEET AND FINANCIAL FLEXIBILITY ~$13.7B gross debt paid down since the acquisition of EMC DELL TECHNOLOGIES CORE PRO FORMA LIQUIDITY PROFILE DEBT TRAJECTORY $48.8 1 ($ in billions) § ~$9.9B of cash and investments on balance sheet 2 § $6.7B of cash and investments excluding publicly traded subsidiaries $39.8 $36.5 3 § ~$4B undrawn revolver capacity § Continue repaying near-term maturities with current liquidity and strong free cash flow § Opportunistic refinancing as appropriate § Moody’s, S&P and Fitch all held ratings constant for 2 At EMC Close Q1 FY19 Today Dell Technologies and VMware post-announcement (during Q3 FY17) Source: Dell Technologies public filings Note: Core Debt represents the total principal amount of our debt, less: (a) unrestricted subsidiary debt, (b) DFS related debt, and (c) other debt. See appendix for further information regarding capital structure. 1 Represents balance sheet amounts pro forma for the $11.0B VMware dividend based on Q2 FY19 reported results and $600mm debt paydown in Sep-2018. 2 3 Represents pro forma balance sheet amounts after $600mm debt paydown in Sep-2018. Represents revolver capacity excluding publicly traded subsidiaries. 41 41

CAPITAL ALLOCATION STRATEGY AND FINANCIAL POLICY Committed to a disciplined framework as we re-emerge in the public equity markets SINCE CLOSE OF EMC ACQUISITION MEDIUM TERM FOCUS n Prioritize disciplined investments in the business $1.4B to drive long term sustained free cash flow $3.5B n Continued focus on debt repayment to DVMT Share Repurchase achieve investment grade rating 1 Capex & Growth Investments n Capital return strategy balanced between share $13.7B Gross Debt Paydown repurchase and potential dividend § Priority of capital allocation will shift from debt paydown to stockholder return as deleveraging goals are achieved 1 Excluding VMware since the EMC merger transaction. 42 42 CAPITAL ALLOCATION STRATEGY AND FINANCIAL POLICY Committed to a disciplined framework as we re-emerge in the public equity markets SINCE CLOSE OF EMC ACQUISITION MEDIUM TERM FOCUS n Prioritize disciplined investments in the business $1.4B to drive long term sustained free cash flow $3.5B n Continued focus on debt repayment to DVMT Share Repurchase achieve investment grade rating 1 Capex & Growth Investments n Capital return strategy balanced between share $13.7B Gross Debt Paydown repurchase and potential dividend § Priority of capital allocation will shift from debt paydown to stockholder return as deleveraging goals are achieved 1 Excluding VMware since the EMC merger transaction. 42 42

FINANCIAL GUIDANCE LONG TERM TARGETS AT CURRENT MARKET PROJECTIONS FY19 GUIDANCE Revenue Performance vs. Market (Orders Basis) TOTAL $90.5B – 92.0B 4% – 6% CAGR Grow at a premium to market in all major product categories NON- ISG Mainstream Server: 5-7pts growth premium vs. market GAAP 14% – 18% 3% – 5% CAGR GROW TH External Storage: 8-9pts growth premium vs. market REVENUE CSG 8% – 12% 2% – 4% CAGR Client: ~115-145bps annual share gain GROW TH NON-GAAP OPERATING $8.4B – 8.8B ~12% of Revenue in FY23 INCOME NON-GAAP NET INCOME $4.9B – 5.3B Net income to grow more quickly than operating income Note: Client unit share expectations excluding Chrome; Mainstream Server growth premium compared to IDC forecast excluding Hyperconverged Infrastructure; External Storage growth premium compared to IDC forecast which includes Hyperconverged Infrastructure.; Internal analysis directionally adjusts IDC reporting to Dell Technologies’ product taxonomy; All IDC reporting on a CY basis, not adjusted for Dell Technologies’ FY convention; Revenue and financials represented on a Non-GAAP basis. 43 43 FINANCIAL GUIDANCE LONG TERM TARGETS AT CURRENT MARKET PROJECTIONS FY19 GUIDANCE Revenue Performance vs. Market (Orders Basis) TOTAL $90.5B – 92.0B 4% – 6% CAGR Grow at a premium to market in all major product categories NON- ISG Mainstream Server: 5-7pts growth premium vs. market GAAP 14% – 18% 3% – 5% CAGR GROW TH External Storage: 8-9pts growth premium vs. market REVENUE CSG 8% – 12% 2% – 4% CAGR Client: ~115-145bps annual share gain GROW TH NON-GAAP OPERATING $8.4B – 8.8B ~12% of Revenue in FY23 INCOME NON-GAAP NET INCOME $4.9B – 5.3B Net income to grow more quickly than operating income Note: Client unit share expectations excluding Chrome; Mainstream Server growth premium compared to IDC forecast excluding Hyperconverged Infrastructure; External Storage growth premium compared to IDC forecast which includes Hyperconverged Infrastructure.; Internal analysis directionally adjusts IDC reporting to Dell Technologies’ product taxonomy; All IDC reporting on a CY basis, not adjusted for Dell Technologies’ FY convention; Revenue and financials represented on a Non-GAAP basis. 43 43

CLASS V TRANSACTION OVERVIEW 44 44 CLASS V TRANSACTION OVERVIEW 44 44

PROTECTING AND MAXIMIZING VALUE FOR CLASS V HOLDERS THOROUGH PROCESS LED BY INDEPENDENT SPECIAL COMMITTEE 1 n Special Committee created and composed of two highly qualified, independent directors and granted full latitude to negotiate with Dell Board n Transaction irrevocably conditioned upon the approval of the Special Committee and the affirmative vote of a majority of unaffiliated holders n Took atypical step of disclosing alternatives being considered and solicited stockholder feedback n The transaction was highly negotiated and the terms were improved through several back and forth counterproposals February March June July 02-Feb-2018 Special Committee undertakes financial evaluation, consideration 01-Jul-2018 02-Jul-2018 Independent directors of alternative transactions, engagement with VMware, shareholder Special committee Dell announces transaction to begin work engagement and ongoing negotiations with Dell on value, price, concludes process and convert Class V Common Stock structure and governance recommends Dell Board into shares of Dell’s Class C vote for transaction Common Stock COMMITTEE COMPOSED OF ADDITIONAL ACTIONS TAKEN STRONG INDEPENDENT DIRECTORS Retained independent financial and legal advisors David Dorman Bill Green Founder, Centerview Capital Technology Former Chairman & CEO, Accenture Fairness opinion rendered Former Chairman & CEO, AT&T Analyzed numerous alternatives for maximizing value In Addition: In Addition: • Chairman of CVS Health Corporation • Co-CEO and Co-Chairman of GTY Technology Received feedback from 20+ stockholders (~40% of base) • Director of PayPal Holdings, Inc. Holdings Inc. • Former Chairman of Motorola Solutions, Inc., • Director of S&P Global Inc., Pivotal Software, Sought independent analysis from DISCERN Analytics and Director of Yum! Brands, Inc. Inc. and Inovalon Holdings, Inc. Source: Dell Technologies public filings. 1 Special committee included David Dorrman and Bill Green.. 45 45 PROTECTING AND MAXIMIZING VALUE FOR CLASS V HOLDERS THOROUGH PROCESS LED BY INDEPENDENT SPECIAL COMMITTEE 1 n Special Committee created and composed of two highly qualified, independent directors and granted full latitude to negotiate with Dell Board n Transaction irrevocably conditioned upon the approval of the Special Committee and the affirmative vote of a majority of unaffiliated holders n Took atypical step of disclosing alternatives being considered and solicited stockholder feedback n The transaction was highly negotiated and the terms were improved through several back and forth counterproposals February March June July 02-Feb-2018 Special Committee undertakes financial evaluation, consideration 01-Jul-2018 02-Jul-2018 Independent directors of alternative transactions, engagement with VMware, shareholder Special committee Dell announces transaction to begin work engagement and ongoing negotiations with Dell on value, price, concludes process and convert Class V Common Stock structure and governance recommends Dell Board into shares of Dell’s Class C vote for transaction Common Stock COMMITTEE COMPOSED OF ADDITIONAL ACTIONS TAKEN STRONG INDEPENDENT DIRECTORS Retained independent financial and legal advisors David Dorman Bill Green Founder, Centerview Capital Technology Former Chairman & CEO, Accenture Fairness opinion rendered Former Chairman & CEO, AT&T Analyzed numerous alternatives for maximizing value In Addition: In Addition: • Chairman of CVS Health Corporation • Co-CEO and Co-Chairman of GTY Technology Received feedback from 20+ stockholders (~40% of base) • Director of PayPal Holdings, Inc. Holdings Inc. • Former Chairman of Motorola Solutions, Inc., • Director of S&P Global Inc., Pivotal Software, Sought independent analysis from DISCERN Analytics and Director of Yum! Brands, Inc. Inc. and Inovalon Holdings, Inc. Source: Dell Technologies public filings. 1 Special committee included David Dorrman and Bill Green.. 45 45

OPPORTUNITY FOR DVMT STOCKHOLDERS PROPOSED TRANSACTION UNMATCHED ASSET PORTFOLIO 1 $109 CASH / SHARE DVMT Tracking Stock 100% | ISG / CSG 2 81% % Premium n Tracks the economic performance of ~61% of Dell 65% Technologies' economic 86% 30% interest in VMW, equivalent 29% to ~50% of VMW 100% OR outstanding common stock 22% 3 STRONG RECENT PERFORMANCE n No direct ownership in the Outperformance vs. Market underlying VMware stock External Storage +17% +31% Mainstream Server +32% +43% Hyperconverged +78% +119% Client (PC) +1% +8% Closing Price 30-Day All Time (6/29) VWAP High Commercial (PC) +4% +10% Consumer (PC) -3% +4% Source: Dell Technologies public filings, IBES, Bloomberg. 1 2 3 Subject to a maximum aggregate cash consideration of $9B. Premium to DVMT closing price prior to announcement; Represents All Time High prior to announcement. IDC data (2018) 46 46 OPPORTUNITY FOR DVMT STOCKHOLDERS PROPOSED TRANSACTION UNMATCHED ASSET PORTFOLIO 1 $109 CASH / SHARE DVMT Tracking Stock 100% | ISG / CSG 2 81% % Premium n Tracks the economic performance of ~61% of Dell 65% Technologies' economic 86% 30% interest in VMW, equivalent 29% to ~50% of VMW 100% OR outstanding common stock 22% 3 STRONG RECENT PERFORMANCE n No direct ownership in the Outperformance vs. Market underlying VMware stock External Storage +17% +31% Mainstream Server +32% +43% Hyperconverged +78% +119% Client (PC) +1% +8% Closing Price 30-Day All Time (6/29) VWAP High Commercial (PC) +4% +10% Consumer (PC) -3% +4% Source: Dell Technologies public filings, IBES, Bloomberg. 1 2 3 Subject to a maximum aggregate cash consideration of $9B. Premium to DVMT closing price prior to announcement; Represents All Time High prior to announcement. IDC data (2018) 46 46

CLASS V TRANSACTION OFFERS A SIGNIFICANT PREMIUM TO HISTORICAL TRADING S&P² 24% $ 120.00 DVMT² $109 Class V Offer Price 142% $ 100.00 DVMT Opening 07-Sep-16 Price: $45.07 st 1 DVMT Offer Premium¹ $ 80.00 Trading Day 142% DVMT Close Price: 02-Jul-18 $84.58 (prior to $ 60.00 announcement) Class V Transaction Offer Premium¹ Announced 29% $ 40.00 Sep-2016 Jan-2017 May-2017 Sep-2017 Jan-2018 May-2018 NYSE:DVMT Class V Offer Price DELL TECHNOLOGIES ACTIONS TAKEN TO AMELIORATE DVMT TRADING & DISCOUNT Ø Significantly delevered the balance sheet Ø Substantially increased revenue growth and cash flow Ø Repurchased $1.4B of DVMT shares Source: Dell Technologies public filings, IBES, CapIQ, and Bloomberg as of 13-Sep-2018. ¹ Relative to $109 Class V offer price. ² Returns calculated from 7-Sept-2016 opening prices (first trading for DVMT) to 29-Jun-2018; Assumes $109 offer price for DVMT return. 47 47 CLASS V TRANSACTION OFFERS A SIGNIFICANT PREMIUM TO HISTORICAL TRADING S&P² 24% $ 120.00 DVMT² $109 Class V Offer Price 142% $ 100.00 DVMT Opening 07-Sep-16 Price: $45.07 st 1 DVMT Offer Premium¹ $ 80.00 Trading Day 142% DVMT Close Price: 02-Jul-18 $84.58 (prior to $ 60.00 announcement) Class V Transaction Offer Premium¹ Announced 29% $ 40.00 Sep-2016 Jan-2017 May-2017 Sep-2017 Jan-2018 May-2018 NYSE:DVMT Class V Offer Price DELL TECHNOLOGIES ACTIONS TAKEN TO AMELIORATE DVMT TRADING & DISCOUNT Ø Significantly delevered the balance sheet Ø Substantially increased revenue growth and cash flow Ø Repurchased $1.4B of DVMT shares Source: Dell Technologies public filings, IBES, CapIQ, and Bloomberg as of 13-Sep-2018. ¹ Relative to $109 Class V offer price. ² Returns calculated from 7-Sept-2016 opening prices (first trading for DVMT) to 29-Jun-2018; Assumes $109 offer price for DVMT return. 47 47

ATTRACTIVE PRO FORMA VALUATION CY17 – CY18E REVENUE GROWTH TTM EQUITY VALUE / LEVERED FREE CASH FLOW P eer Medi an: 10.9x Discount to Median 13.6% 17.3x (55)% (90)% 16.6x 3 57.9x 9.8% 10.9x 10.9x 6.6% 9.6x 6.3% 3.6% 4.9x 2.2% 1.1x 2 Excl. Excl. Public Subs, Public At Market Implied 1 4 Subs Price TTM ENTERPRISE VALUE / ADJ. EBITDA TTM EQUITY VALUE / NON-GAAP NET INCOME P eer Median: 9.4x P eer Medi an: 12.7x Discount to Median Discount to Median HPE capex as a % of 21.5 x (15)% (35)% EBITDA ~3x higher (51)% (89)% 17.5 x 14.0x than Dell 12.0x 13.2 x 11.3x 12.7 x 9.4x 10.6 x 9.1x 9.9 x 8.0x 6.1x 6.1x 6.2 x 1.4 x Excl. Excl. Public Subs, Excl. Excl. Public Subs, Public At Market Implied Public At Market Implied 1 4 1 4 Subs Price Subs Price Source: Dell Technologies public filings, IBES, CapIQ, and Bloomberg as of 13-Sep-2018. Note: Dell and Dell ex. Public subsidiaries multiples assumes a Class V offer price of $109, 1.3665 exchange ratio of Class V stock for Deli Technologies Class C common stock, and maximum cash election. Dell ex. Public subsidiaries multiples assume public subsidiary equity valuations as of 29-Jun-2018 (last trading day prior to announcement). 1 2 3 Public Subs include VMware, Pivotal, and SecureWorks. Calculated using FY18 non-GAAP revenue and the midpoint of FY19 revenue guidance. HPE levered free cash flow figure does not adjust for ~1 month of 4 HPE Software cash flow impact prior to that divestiture. Calculated using DVMT closing price on 13-Sep-2018. 48 48 ATTRACTIVE PRO FORMA VALUATION CY17 – CY18E REVENUE GROWTH TTM EQUITY VALUE / LEVERED FREE CASH FLOW P eer Medi an: 10.9x Discount to Median 13.6% 17.3x (55)% (90)% 16.6x 3 57.9x 9.8% 10.9x 10.9x 6.6% 9.6x 6.3% 3.6% 4.9x 2.2% 1.1x 2 Excl. Excl. Public Subs, Public At Market Implied 1 4 Subs Price TTM ENTERPRISE VALUE / ADJ. EBITDA TTM EQUITY VALUE / NON-GAAP NET INCOME P eer Median: 9.4x P eer Medi an: 12.7x Discount to Median Discount to Median HPE capex as a % of 21.5 x (15)% (35)% EBITDA ~3x higher (51)% (89)% 17.5 x 14.0x than Dell 12.0x 13.2 x 11.3x 12.7 x 9.4x 10.6 x 9.1x 9.9 x 8.0x 6.1x 6.1x 6.2 x 1.4 x Excl. Excl. Public Subs, Excl. Excl. Public Subs, Public At Market Implied Public At Market Implied 1 4 1 4 Subs Price Subs Price Source: Dell Technologies public filings, IBES, CapIQ, and Bloomberg as of 13-Sep-2018. Note: Dell and Dell ex. Public subsidiaries multiples assumes a Class V offer price of $109, 1.3665 exchange ratio of Class V stock for Deli Technologies Class C common stock, and maximum cash election. Dell ex. Public subsidiaries multiples assume public subsidiary equity valuations as of 29-Jun-2018 (last trading day prior to announcement). 1 2 3 Public Subs include VMware, Pivotal, and SecureWorks. Calculated using FY18 non-GAAP revenue and the midpoint of FY19 revenue guidance. HPE levered free cash flow figure does not adjust for ~1 month of 4 HPE Software cash flow impact prior to that divestiture. Calculated using DVMT closing price on 13-Sep-2018. 48 48

COMPARING THE STORAGE LEADERS (DELL, HPE, NETAPP) ($ in billions) TTM NON-GAAP REVENUE & BUSINESS MIX KEY METRICS $87 CY17 – CY18E Revenue 3.6% 6.6% 13.6% 1 Growth $31 External Storage Revenue 14.8% 20.8% 31.1% Growth YoY² $6 Mainstream Server Revenue 18.0% - 43.1% Growth YoY³ Hyperconverged Systems 116% - 119% Client 4 Revenue Growth YoY Storage TTM Levered Free Cash 18% 130% 139% Flow Conversion Server TTM TEV / Adj. EBITDA 6.1x 14.0x Networking 8.0x (Dell Ex. Public Subs) Virtualization TTM Eq. Val / Non-GAAP NI 9.9x 21.5x 6.2x (Dell Ex. Public Subs) Cybersecurity TTM Eq. Val / LFCF 57.9x 16.6x 4.9x (Dell Ex. Public Subs) Cloud platform Superior Breadth at Greater Scale While Outperforming on Growth and Free Cash Flow Efficiency 1 Source: TTM Non-GAAP revenue presented for all companies based on most recent filings. Dell Technologies Revenue Growth is calculated using FY18 non-GAAP revenue and the midpoint of FY19 revenue 2 3 guidance. NetApp and HPE Revenue Growth are calculated using IBES consensus figures. External Storage Revenue Source: H1 CY18 IDC External Storage data as of 05-Sep-2018. Mainstream Server 4 49 49 Revenue Source: H1 CY18 IDC Mainstream Server data as of 05-Sep-2018. Hyper Converged Systems Revenue Source: H1 CY18 IDC Hyper Converged data as of 25-Sep-2018. Cash Valuation Revenue Flow COMPARING THE STORAGE LEADERS (DELL, HPE, NETAPP) ($ in billions) TTM NON-GAAP REVENUE & BUSINESS MIX KEY METRICS $87 CY17 – CY18E Revenue 3.6% 6.6% 13.6% 1 Growth $31 External Storage Revenue 14.8% 20.8% 31.1% Growth YoY² $6 Mainstream Server Revenue 18.0% - 43.1% Growth YoY³ Hyperconverged Systems 116% - 119% Client 4 Revenue Growth YoY Storage TTM Levered Free Cash 18% 130% 139% Flow Conversion Server TTM TEV / Adj. EBITDA 6.1x 14.0x Networking 8.0x (Dell Ex. Public Subs) Virtualization TTM Eq. Val / Non-GAAP NI 9.9x 21.5x 6.2x (Dell Ex. Public Subs) Cybersecurity TTM Eq. Val / LFCF 57.9x 16.6x 4.9x (Dell Ex. Public Subs) Cloud platform Superior Breadth at Greater Scale While Outperforming on Growth and Free Cash Flow Efficiency 1 Source: TTM Non-GAAP revenue presented for all companies based on most recent filings. Dell Technologies Revenue Growth is calculated using FY18 non-GAAP revenue and the midpoint of FY19 revenue 2 3 guidance. NetApp and HPE Revenue Growth are calculated using IBES consensus figures. External Storage Revenue Source: H1 CY18 IDC External Storage data as of 05-Sep-2018. Mainstream Server 4 49 49 Revenue Source: H1 CY18 IDC Mainstream Server data as of 05-Sep-2018. Hyper Converged Systems Revenue Source: H1 CY18 IDC Hyper Converged data as of 25-Sep-2018. Cash Valuation Revenue Flow

CAPITAL INTENSITY – DELL VS. HPE CATEGORY DELL (EX. PUBLIC SUBS) HPE CapEx as % of Non- CapEx as % of CapEx as % of EBITDA CapEx as % of EBITDA GAAP Revenue Revenue 3 Capital Intensity 1.6% 17.7% 9.4% 54.7% ~3x higher than Dell DFS originates financings through Capital Leases², with the HPFS originates financings through Operating Leases, with the Accounting underlying asset derecognized from the balance sheet and no underlying CapEx asset on the balance sheet and associated Considerations CapEx or depreciation expense recorded depreciation expense recorded over time 13.8x 9.7x 8.0x 6.1x Valuation Implications TTM TEV/EBITDA¹ TTM TEV/(EBITDA – CapEx) TTM TEV/EBITDA TTM TEV/(EBITDA – CapEx) When Adjusted for the Material Difference in Capital Intensity, HPE Trades at a Premium to Dell (ex. Public Subs) TTM TEV/(EBITDA – CapEx) Source: Company and HPE share price as of 13-Sep-2018; See Exhibit for TTM Non-GAAP revenue and EBITDA presented for Dell (excluding public subsidiaries). HPE TTM Revenue and EBITDA recalculated from 1 most recent public filings. Illustrative Dell valuation multiples shown at time of announcement assume completion of the Class V Transaction and maximum cash election scenario at $79.77 / DHI share. Calculated 3 using DVMT closing price on 13-Sep-2018. ² Equivalent to Sales-Type leases as described in Company annual and quarterly filings. Calculations based off of TTM Q2 FY19 for Dell and TTM Q3 FY18 for HPE. Dell’s CapEx includes capitalized software. 50 50 CAPITAL INTENSITY – DELL VS. HPE CATEGORY DELL (EX. PUBLIC SUBS) HPE CapEx as % of Non- CapEx as % of CapEx as % of EBITDA CapEx as % of EBITDA GAAP Revenue Revenue 3 Capital Intensity 1.6% 17.7% 9.4% 54.7% ~3x higher than Dell DFS originates financings through Capital Leases², with the HPFS originates financings through Operating Leases, with the Accounting underlying asset derecognized from the balance sheet and no underlying CapEx asset on the balance sheet and associated Considerations CapEx or depreciation expense recorded depreciation expense recorded over time 13.8x 9.7x 8.0x 6.1x Valuation Implications TTM TEV/EBITDA¹ TTM TEV/(EBITDA – CapEx) TTM TEV/EBITDA TTM TEV/(EBITDA – CapEx) When Adjusted for the Material Difference in Capital Intensity, HPE Trades at a Premium to Dell (ex. Public Subs) TTM TEV/(EBITDA – CapEx) Source: Company and HPE share price as of 13-Sep-2018; See Exhibit for TTM Non-GAAP revenue and EBITDA presented for Dell (excluding public subsidiaries). HPE TTM Revenue and EBITDA recalculated from 1 most recent public filings. Illustrative Dell valuation multiples shown at time of announcement assume completion of the Class V Transaction and maximum cash election scenario at $79.77 / DHI share. Calculated 3 using DVMT closing price on 13-Sep-2018. ² Equivalent to Sales-Type leases as described in Company annual and quarterly filings. Calculations based off of TTM Q2 FY19 for Dell and TTM Q3 FY18 for HPE. Dell’s CapEx includes capitalized software. 50 50

OVERVIEW OF PRO FORMA GOVERNANCE 50% OF BOARD COMPOSED OF COMPARISON OF CERTAIN STATUS QUO & PRO FORMA STOCKHOLDER RIGHTS STRONG INDEPENDENT DIRECTORS David Dorman Selected Stockholder Rights Status Quo Pro Forma Founder, Centerview Capital Technology Former Chairman & CEO, AT&T X Aligned economic interests of all share classes Bill Green Former Chairman & CEO, Accenture Board declassification X Ellen Kullman Termination of certain consent rights X Former Chair & CEO, DuPont held by Michael Dell and SLP COMMITTED LONG-TERM STOCKHOLDERS • Silver Lake remains a committed long-term partner • Michael Dell will continue to serve as Chairman and CEO with Michael Dell and will beneficially own ~16% – • Michael remains a committed stockholder and will 18% on a fully diluted basis beneficially own ~47% – 54% on a fully diluted basis • Silver Lake shares will be subject to 180-day lockup • Michael’s shares will be subject to 180-day lockup period period 51 51 OVERVIEW OF PRO FORMA GOVERNANCE 50% OF BOARD COMPOSED OF COMPARISON OF CERTAIN STATUS QUO & PRO FORMA STOCKHOLDER RIGHTS STRONG INDEPENDENT DIRECTORS David Dorman Selected Stockholder Rights Status Quo Pro Forma Founder, Centerview Capital Technology Former Chairman & CEO, AT&T X Aligned economic interests of all share classes Bill Green Former Chairman & CEO, Accenture Board declassification X Ellen Kullman Termination of certain consent rights X Former Chair & CEO, DuPont held by Michael Dell and SLP COMMITTED LONG-TERM STOCKHOLDERS • Silver Lake remains a committed long-term partner • Michael Dell will continue to serve as Chairman and CEO with Michael Dell and will beneficially own ~16% – • Michael remains a committed stockholder and will 18% on a fully diluted basis beneficially own ~47% – 54% on a fully diluted basis • Silver Lake shares will be subject to 180-day lockup • Michael’s shares will be subject to 180-day lockup period period 51 51

Appendix: Supplementary Materials 52 52 Appendix: Supplementary Materials 52 52

1 CAPITAL STRUCTURE Q2 FY19 ($ in billions) EMC Close Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Cash & Investments $ 15.5 $ 15.2 $ 18.0 $ 20.3 $ 21.7 $ 21.5 Cash & Investments (excluding Unrestricted Subsidiaries) 6.8 6.0 6.1 8.3 8.1 7.2 2 Core Secured Debt 35.4 29.3 29.1 28.7 29.1 28.9 Core Unsecured Debt 13.4 11.2 11.2 11.2 10.7 8.2 3 Total Core Debt $ 48.8 $ 40.5 $ 40.3 $ 39.9 $ 39.8 $ 37.1 Other Debt 4.0 3.6 2.1 2.1 2.1 2.1 DFS Related Debt 4.5 5.8 6.1 6.7 6.8 7.1 Total Debt, Excluding Unrestricted $ 57.3 $ 49.9 $ 48.5 $ 48.7 $ 48.7 $ 46.3 Subsidiaries 4, 5 Unrestricted Subsidiary Debt - - 4.0 4.0 4.0 4.0 Total Debt, Including Unrestricted $ 57.3 $ 49.9 $ 52.5 $ 52.7 $ 52.7 $ 50.3 5 Subsidiaries 6 Net Core Debt $ 42.0 $ 34.5 $ 34.3 $ 31.6 $ 31.7 $ 29.9 1 Amounts are based on underlying data and may not visually foot due to rounding. 2 Core Secured Debt represents Core Debt that is secured, i.e., term loans, secured investment grade notes, and secured revolver loans. It excludes DFS allocated debt based on a 7:1 leverage ratio of DFS financing receivables. 3 Core Debt represents the total principal amount of our debt, less: (a) unrestricted subsidiary debt, (b) DFS related debt, and (c) other debt. 4 Principal Face Value. 5 VMware, Pivotal, SecureWorks, Boomi, Virtustream and their respective subsidiaries are considered unrestricted subsidiaries for purposes of the existing debt of Dell Technologies. 6 Net Core Debt represents Total Core Debt less Cash and Short-Term Investments (excluding Unrestricted Subsidiaries). 53 53 1 CAPITAL STRUCTURE Q2 FY19 ($ in billions) EMC Close Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Cash & Investments $ 15.5 $ 15.2 $ 18.0 $ 20.3 $ 21.7 $ 21.5 Cash & Investments (excluding Unrestricted Subsidiaries) 6.8 6.0 6.1 8.3 8.1 7.2 2 Core Secured Debt 35.4 29.3 29.1 28.7 29.1 28.9 Core Unsecured Debt 13.4 11.2 11.2 11.2 10.7 8.2 3 Total Core Debt $ 48.8 $ 40.5 $ 40.3 $ 39.9 $ 39.8 $ 37.1 Other Debt 4.0 3.6 2.1 2.1 2.1 2.1 DFS Related Debt 4.5 5.8 6.1 6.7 6.8 7.1 Total Debt, Excluding Unrestricted $ 57.3 $ 49.9 $ 48.5 $ 48.7 $ 48.7 $ 46.3 Subsidiaries 4, 5 Unrestricted Subsidiary Debt - - 4.0 4.0 4.0 4.0 Total Debt, Including Unrestricted $ 57.3 $ 49.9 $ 52.5 $ 52.7 $ 52.7 $ 50.3 5 Subsidiaries 6 Net Core Debt $ 42.0 $ 34.5 $ 34.3 $ 31.6 $ 31.7 $ 29.9 1 Amounts are based on underlying data and may not visually foot due to rounding. 2 Core Secured Debt represents Core Debt that is secured, i.e., term loans, secured investment grade notes, and secured revolver loans. It excludes DFS allocated debt based on a 7:1 leverage ratio of DFS financing receivables. 3 Core Debt represents the total principal amount of our debt, less: (a) unrestricted subsidiary debt, (b) DFS related debt, and (c) other debt. 4 Principal Face Value. 5 VMware, Pivotal, SecureWorks, Boomi, Virtustream and their respective subsidiaries are considered unrestricted subsidiaries for purposes of the existing debt of Dell Technologies. 6 Net Core Debt represents Total Core Debt less Cash and Short-Term Investments (excluding Unrestricted Subsidiaries). 53 53

GAAP TO NON-GAAP RECONCILIATION Dell Technologies Consolidated (Quarterly) ($ in Millions) Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 FY18 Q1 FY19 Q2 FY19 YTD FY19 GAAP Net revenue 18,000 19,521 19,556 21,963 79,040 21,356 22,942 44,298 Impact of purchase accounting 355 335 295 284 1,269 187 180 367 Non-GAAP Net revenue 18,355 19,856 19,851 22,247 80,309 21,543 23,122 44,665 GAAP Operating income / (loss) (1,272) (665) (410) (69) (2,416) (153) (13) (166) Amortization of intangibles 1,776 1,740 1,734 1,730 6,980 1,522 1,526 3,048 Impact of purchase accounting 423 406 366 351 1,546 222 215 437 Transaction related 191 138 86 87 502 166 104 270 Other corporate expenses 307 247 333 273 1,160 269 276 545 Non-GAAP Operating income / (loss) 1,425 1,866 2,109 2,372 7,772 2,026 2,108 4,134 GAAP Net income / (loss) (1,203) (739) (851) (133) (2,926) (538) (461) (999) Amortization of intangibles 1,776 1,740 1,734 1,730 6,980 1,522 1,526 3,048 Impact of purchase accounting 423 406 366 351 1,546 222 215 437 Transaction related 191 138 86 87 502 166 104 270 Other corporate expenses 307 247 333 273 1,160 269 276 545 Aggregate adjustment for taxes (733) (680) (469) (1,010) (2,892) (467) (311) (778) Non-GAAP Net income / (loss) 761 1,112 1,199 1,298 4,370 1,174 1,349 2,523 GAAP Net income / (loss) (1,203) (739) (851) (133) (2,926) (538) (461) (999) Interest and other, net 572 545 682 554 2,353 470 455 925 Income tax (benefit) / expense (641) (471) (241) (490) (1,843) (85) (7) (92) Depreciation and amortization 2,212 2,142 2,137 2,143 8,634 1,914 1,931 3,845 Stock-based compensation 201 208 221 205 835 199 216 415 Impact of purchase accounting 357 335 298 284 1,274 222 145 367 Transaction-related expenses 191 138 86 87 502 166 85 251 Other corporate expenses 106 22 109 68 305 35 95 130 Adjusted EBITDA 1,795 2,180 2,441 2,718 9,134 2,383 2,459 4,842 CFOps 285 1,820 1,639 3,099 6,843 1,159 2,633 3,792 Capex (245) (316) (341) (310) (1,212) (273) (288) (561) Cap SW expense (89) (98) (94) (88) (369) (89) (71) (160) Free Cash Flow (49) 1,406 1,204 2,701 5,262 797 2,274 3,071 DFS Financing Receivables 136 521 369 627 1,653 249 499 748 Free cash flow before increase in DFS Financing Receivables 87 1,927 1,573 3,328 6,915 1,046 2,773 3,819 Note: Data sourced from public filings or derived from public filings. 54 54 GAAP TO NON-GAAP RECONCILIATION Dell Technologies Consolidated (Quarterly) ($ in Millions) Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 FY18 Q1 FY19 Q2 FY19 YTD FY19 GAAP Net revenue 18,000 19,521 19,556 21,963 79,040 21,356 22,942 44,298 Impact of purchase accounting 355 335 295 284 1,269 187 180 367 Non-GAAP Net revenue 18,355 19,856 19,851 22,247 80,309 21,543 23,122 44,665 GAAP Operating income / (loss) (1,272) (665) (410) (69) (2,416) (153) (13) (166) Amortization of intangibles 1,776 1,740 1,734 1,730 6,980 1,522 1,526 3,048 Impact of purchase accounting 423 406 366 351 1,546 222 215 437 Transaction related 191 138 86 87 502 166 104 270 Other corporate expenses 307 247 333 273 1,160 269 276 545 Non-GAAP Operating income / (loss) 1,425 1,866 2,109 2,372 7,772 2,026 2,108 4,134 GAAP Net income / (loss) (1,203) (739) (851) (133) (2,926) (538) (461) (999) Amortization of intangibles 1,776 1,740 1,734 1,730 6,980 1,522 1,526 3,048 Impact of purchase accounting 423 406 366 351 1,546 222 215 437 Transaction related 191 138 86 87 502 166 104 270 Other corporate expenses 307 247 333 273 1,160 269 276 545 Aggregate adjustment for taxes (733) (680) (469) (1,010) (2,892) (467) (311) (778) Non-GAAP Net income / (loss) 761 1,112 1,199 1,298 4,370 1,174 1,349 2,523 GAAP Net income / (loss) (1,203) (739) (851) (133) (2,926) (538) (461) (999) Interest and other, net 572 545 682 554 2,353 470 455 925 Income tax (benefit) / expense (641) (471) (241) (490) (1,843) (85) (7) (92) Depreciation and amortization 2,212 2,142 2,137 2,143 8,634 1,914 1,931 3,845 Stock-based compensation 201 208 221 205 835 199 216 415 Impact of purchase accounting 357 335 298 284 1,274 222 145 367 Transaction-related expenses 191 138 86 87 502 166 85 251 Other corporate expenses 106 22 109 68 305 35 95 130 Adjusted EBITDA 1,795 2,180 2,441 2,718 9,134 2,383 2,459 4,842 CFOps 285 1,820 1,639 3,099 6,843 1,159 2,633 3,792 Capex (245) (316) (341) (310) (1,212) (273) (288) (561) Cap SW expense (89) (98) (94) (88) (369) (89) (71) (160) Free Cash Flow (49) 1,406 1,204 2,701 5,262 797 2,274 3,071 DFS Financing Receivables 136 521 369 627 1,653 249 499 748 Free cash flow before increase in DFS Financing Receivables 87 1,927 1,573 3,328 6,915 1,046 2,773 3,819 Note: Data sourced from public filings or derived from public filings. 54 54

GAAP TO NON-GAAP RECONCILIATION Summary overview Ex. Public Subs VMW PVTL SCWX Dell Technologies Consolidated Ex. Public Subs VMW PVTL SCWX Dell Technologies Consolidated Q2 FY19 TTM ($ in Millions) As Reported10-Q / 10-K Calculated Core Dell As Reported 10-Q / 10-K ($ in millions) Calculated Core Dell As Reported 10-Q / 10-K As Reported 10-Q / 10-K GAAP Net revenue 76,395 8,347 582 493 85,817 Impact of purchase accounting 946 - - - 946 Non-GAAP Net revenue 77,341 8,347 582 493 86,763 GAAP Operating income / (loss) ( 2,322) 1,908 (151) (80) (645) Amortization of intangibles 6,331 144 9 28 6,512 Impact of purchase accounting 1,153 - - 1 1,154 Transaction related 405 38 - - 443 Other corporate expenses 393 695 47 16 1,151 Non-GAAP Operating income / (loss) 5,960 2,785 (95) (35) 8,615 GAAP Net income / (loss) ( 3,405) 1,595 (145) (28) ( 1,983) Amortization of intangibles 6,331 144 9 28 6,512 Impact of purchase accounting 1,153 - - 1 1,154 Transaction related 1,428 (985) - - 443 Other corporate expenses 393 695 47 16 1,151 Aggregate adjustment for taxes ( 3,088) 872 - (41) ( 2,257) Non-GAAP Net income / (loss) 2,811 2,321 (89) (24) 5,020 GAAP Net income / (loss) ( 3,405) 1,595 (145) (28) ( 1,983) Interest and other, net 3,240 (1,079) (0) - 2,161 Income tax (benefit) / expense ( 2,156) 1,392 (6) (53) (823) Depreciation and amortization 7,689 373 21 42 8,125 Stock-based compensation 82 695 47 17 841 Impact of purchase accounting 948 - - 1 949 Transaction-related expenses 386 38 - - 424 Other corporate expenses 307 - - - 307 Adjusted EBITDA 7,091 3,014 (83) (21) 10,001 CFOps 4,848 3,695 (33) 20 8,530 Capex (914) (279) (8) (11) ( 1,212) Cap SW expense (342) - - - (342) Free Cash Flow 3,592 3,416 (41) 9 6,976 Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 55 55 GAAP TO NON-GAAP RECONCILIATION Summary overview Ex. Public Subs VMW PVTL SCWX Dell Technologies Consolidated Ex. Public Subs VMW PVTL SCWX Dell Technologies Consolidated Q2 FY19 TTM ($ in Millions) As Reported10-Q / 10-K Calculated Core Dell As Reported 10-Q / 10-K ($ in millions) Calculated Core Dell As Reported 10-Q / 10-K As Reported 10-Q / 10-K GAAP Net revenue 76,395 8,347 582 493 85,817 Impact of purchase accounting 946 - - - 946 Non-GAAP Net revenue 77,341 8,347 582 493 86,763 GAAP Operating income / (loss) ( 2,322) 1,908 (151) (80) (645) Amortization of intangibles 6,331 144 9 28 6,512 Impact of purchase accounting 1,153 - - 1 1,154 Transaction related 405 38 - - 443 Other corporate expenses 393 695 47 16 1,151 Non-GAAP Operating income / (loss) 5,960 2,785 (95) (35) 8,615 GAAP Net income / (loss) ( 3,405) 1,595 (145) (28) ( 1,983) Amortization of intangibles 6,331 144 9 28 6,512 Impact of purchase accounting 1,153 - - 1 1,154 Transaction related 1,428 (985) - - 443 Other corporate expenses 393 695 47 16 1,151 Aggregate adjustment for taxes ( 3,088) 872 - (41) ( 2,257) Non-GAAP Net income / (loss) 2,811 2,321 (89) (24) 5,020 GAAP Net income / (loss) ( 3,405) 1,595 (145) (28) ( 1,983) Interest and other, net 3,240 (1,079) (0) - 2,161 Income tax (benefit) / expense ( 2,156) 1,392 (6) (53) (823) Depreciation and amortization 7,689 373 21 42 8,125 Stock-based compensation 82 695 47 17 841 Impact of purchase accounting 948 - - 1 949 Transaction-related expenses 386 38 - - 424 Other corporate expenses 307 - - - 307 Adjusted EBITDA 7,091 3,014 (83) (21) 10,001 CFOps 4,848 3,695 (33) 20 8,530 Capex (914) (279) (8) (11) ( 1,212) Cap SW expense (342) - - - (342) Free Cash Flow 3,592 3,416 (41) 9 6,976 Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 55 55

GAAP TO NON-GAAP RECONCILIATION (CONT’D) Dell Technologies Consolidated Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 79,040 44,298 37,521 85,817 Impact of purchase accounting 1,269 367 690 946 Non-GAAP Net revenue 80,309 44,665 38,211 86,763 GAAP Operating income / (loss) (2,416) (166) (1,937) (645) Amortization of intangibles 6,980 3,048 3,516 6,512 Impact of purchase accounting 1,546 437 829 1,154 Transaction related 502 270 329 443 Other corporate expenses 1,160 545 554 1,151 Non-GAAP Operating income / (loss) 7,772 4,134 3,291 8,615 GAAP Net income / (loss) (2,926) (999) (1,942) (1,983) Amortization of intangibles 6,980 3,048 3,516 6,512 Impact of purchase accounting 1,546 437 829 1,154 Transaction related 502 270 329 443 Other corporate expenses 1,160 545 554 1,151 Aggregate adjustment for taxes (2,892) (778) (1,413) (2,257) Non-GAAP Net income / (loss) 4,370 2,523 1,873 5,020 GAAP Net income / (loss) (2,926) (999) (1,942) (1,983) Interest and other, net 2,353 925 1,117 2,161 Income tax (benefit) / expense (1,843) (92) (1,112) (823) Depreciation and amortization 8,634 3,845 4,354 8,125 Stock-based compensation 835 415 409 841 Impact of purchase accounting 1,274 367 692 949 Transaction-related expenses 502 251 329 424 Other corporate expenses 305 130 128 307 Adjusted EBITDA 9,134 4,842 3,975 10,001 CFOps 6,843 3,792 2,105 8,530 Capex (1,212) (561) (561) (1,212) Cap SW expense (369) (160) (187) (342) Free Cash Flow 5,262 3,071 1,357 6,976 Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 56 56 GAAP TO NON-GAAP RECONCILIATION (CONT’D) Dell Technologies Consolidated Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 79,040 44,298 37,521 85,817 Impact of purchase accounting 1,269 367 690 946 Non-GAAP Net revenue 80,309 44,665 38,211 86,763 GAAP Operating income / (loss) (2,416) (166) (1,937) (645) Amortization of intangibles 6,980 3,048 3,516 6,512 Impact of purchase accounting 1,546 437 829 1,154 Transaction related 502 270 329 443 Other corporate expenses 1,160 545 554 1,151 Non-GAAP Operating income / (loss) 7,772 4,134 3,291 8,615 GAAP Net income / (loss) (2,926) (999) (1,942) (1,983) Amortization of intangibles 6,980 3,048 3,516 6,512 Impact of purchase accounting 1,546 437 829 1,154 Transaction related 502 270 329 443 Other corporate expenses 1,160 545 554 1,151 Aggregate adjustment for taxes (2,892) (778) (1,413) (2,257) Non-GAAP Net income / (loss) 4,370 2,523 1,873 5,020 GAAP Net income / (loss) (2,926) (999) (1,942) (1,983) Interest and other, net 2,353 925 1,117 2,161 Income tax (benefit) / expense (1,843) (92) (1,112) (823) Depreciation and amortization 8,634 3,845 4,354 8,125 Stock-based compensation 835 415 409 841 Impact of purchase accounting 1,274 367 692 949 Transaction-related expenses 502 251 329 424 Other corporate expenses 305 130 128 307 Adjusted EBITDA 9,134 4,842 3,975 10,001 CFOps 6,843 3,792 2,105 8,530 Capex (1,212) (561) (561) (1,212) Cap SW expense (369) (160) (187) (342) Free Cash Flow 5,262 3,071 1,357 6,976 Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 56 56

GAAP TO NON-GAAP RECONCILIATION (CONT’D) SecureWorks Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 468 255 230 493 Impact of purchase accounting - - - Non-GAAP Net revenue 468 255 230 493 GAAP Operating income / (loss) (83) (32) (35) (80) Amortization of intangibles 28 14 14 28 Impact of purchase accounting 2 - 1 1 Transaction related - - - - Other corporate expenses 13 10 7 16 Non-GAAP Operating income / (loss) (40) (8) (13) (35) GAAP Net income / (loss) (28) (24) (24) (28) Amortization of intangibles 28 14 14 28 Impact of purchase accounting 2 - 1 1 Transaction related - - - - Other corporate expenses 13 10 7 16 Aggregate adjustment for taxes (42) (5) (7) (41) Non-GAAP Net income / (loss) (27) (5) (9) (24) GAAP Net income / (loss) (28) (24) (24) (28) Interest and other, net 3 (2) 1 - Income tax (benefit) / expense (58) (7) (12) (53) Depreciation and amortization 42 21 21 42 Stock-based compensation 14 10 7 17 Impact of purchase accounting 1 - - 1 Transaction-related expenses - - - - Other corporate expenses - - - Adjusted EBITDA (26) (2) (7) (21) CFOps 1 11 (8) 20 Capex (14) (5) (8) (11) Cap SW expense - - - - Free Cash Flow (13) 6 (16) 9 Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 57 57 GAAP TO NON-GAAP RECONCILIATION (CONT’D) SecureWorks Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 468 255 230 493 Impact of purchase accounting - - - Non-GAAP Net revenue 468 255 230 493 GAAP Operating income / (loss) (83) (32) (35) (80) Amortization of intangibles 28 14 14 28 Impact of purchase accounting 2 - 1 1 Transaction related - - - - Other corporate expenses 13 10 7 16 Non-GAAP Operating income / (loss) (40) (8) (13) (35) GAAP Net income / (loss) (28) (24) (24) (28) Amortization of intangibles 28 14 14 28 Impact of purchase accounting 2 - 1 1 Transaction related - - - - Other corporate expenses 13 10 7 16 Aggregate adjustment for taxes (42) (5) (7) (41) Non-GAAP Net income / (loss) (27) (5) (9) (24) GAAP Net income / (loss) (28) (24) (24) (28) Interest and other, net 3 (2) 1 - Income tax (benefit) / expense (58) (7) (12) (53) Depreciation and amortization 42 21 21 42 Stock-based compensation 14 10 7 17 Impact of purchase accounting 1 - - 1 Transaction-related expenses - - - - Other corporate expenses - - - Adjusted EBITDA (26) (2) (7) (21) CFOps 1 11 (8) 20 Capex (14) (5) (8) (11) Cap SW expense - - - - Free Cash Flow (13) 6 (16) 9 Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 57 57

GAAP TO NON-GAAP RECONCILIATION (CONT’D) Pivotal Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 509 320 247 582 Impact of purchase accounting - - - - Non-GAAP Net revenue 509 320 247 582 GAAP Operating income / (loss) (168) (69) (87) (151) Amortization of intangibles 11 3 6 9 Impact of purchase accounting - - - - Transaction related - - - - Other corporate expenses 29 30 11 47 Non-GAAP Operating income / (loss) (129) (36) (69) (95) GAAP Net income / (loss) (164) (68) (87) (145) Amortization of intangibles 11 3 6 9 Impact of purchase accounting - - - - Transaction related - - - - Other corporate expenses 29 30 11 47 Aggregate adjustment for taxes - - - - Non-GAAP Net income / (loss) (124) (35) (70) (89) GAAP Net income / (loss) (164) (68) (87) (145) Interest and other, net (2) (1) (3) (0) Income tax (benefit) / expense (3) (0) 3 (6) Depreciation and amortization 22 9 11 21 Stock-based compensation 29 30 11 47 Impact of purchase accounting - - - - Transaction-related expenses - - - - Other corporate expenses - - - - Adjusted EBITDA (117) (30) (64) (83) CFOps (116) 23 (61) (33) Capex (13) (4) (8) (8) Cap SW expense - - - - Free Cash Flow (129) 19 (69) (41) Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 58 58 GAAP TO NON-GAAP RECONCILIATION (CONT’D) Pivotal Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 509 320 247 582 Impact of purchase accounting - - - - Non-GAAP Net revenue 509 320 247 582 GAAP Operating income / (loss) (168) (69) (87) (151) Amortization of intangibles 11 3 6 9 Impact of purchase accounting - - - - Transaction related - - - - Other corporate expenses 29 30 11 47 Non-GAAP Operating income / (loss) (129) (36) (69) (95) GAAP Net income / (loss) (164) (68) (87) (145) Amortization of intangibles 11 3 6 9 Impact of purchase accounting - - - - Transaction related - - - - Other corporate expenses 29 30 11 47 Aggregate adjustment for taxes - - - - Non-GAAP Net income / (loss) (124) (35) (70) (89) GAAP Net income / (loss) (164) (68) (87) (145) Interest and other, net (2) (1) (3) (0) Income tax (benefit) / expense (3) (0) 3 (6) Depreciation and amortization 22 9 11 21 Stock-based compensation 29 30 11 47 Impact of purchase accounting - - - - Transaction-related expenses - - - - Other corporate expenses - - - - Adjusted EBITDA (117) (30) (64) (83) CFOps (116) 23 (61) (33) Capex (13) (4) (8) (8) Cap SW expense - - - - Free Cash Flow (129) 19 (69) (41) Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 58 58

GAAP TO NON-GAAP RECONCILIATION (CONT’D) VMware Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 7,862 4,183 3,698 8,347 Impact of purchase accounting - - - - Non-GAAP Net revenue 7,862 4,183 3,698 8,347 GAAP Operating income / (loss) 1,702 891 685 1,908 Amortization of intangibles 132 76 64 144 Impact of purchase accounting - - - - Transaction related 132 24 118 38 Other corporate expenses 689 342 336 695 Non-GAAP Operating income / (loss) 2,655 1,333 1,203 2,785 GAAP Net income / (loss) 659 1,586 650 1,595 Amortization of intangibles 132 76 64 144 Impact of purchase accounting - - - - Transaction related 89 (991) 83 (985) Other corporate expenses 689 342 336 695 Aggregate adjustment for taxes 597 141 (134) 872 Non-GAAP Net income / (loss) 2,166 1,154 999 2,321 GAAP Net income / (loss) 659 1,586 650 1,595 Interest and other, net (112) (1,056) (89) (1,079) Income tax (benefit) / expense 1,155 361 124 1,392 Depreciation and amortization 336 307 270 373 Stock-based compensation 689 342 336 695 Impact of purchase accounting - - - - Transaction-related expenses 132 24 118 38 Other corporate expenses - - - - Adjusted EBITDA 2,859 1,564 1,409 3,014 CFOps 3,211 1,882 1,398 3,695 Capex (263) (121) (105) (279) Cap SW expense - - - - Free Cash Flow 2,948 1,761 1,293 3,416 Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 59 59 GAAP TO NON-GAAP RECONCILIATION (CONT’D) VMware Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 7,862 4,183 3,698 8,347 Impact of purchase accounting - - - - Non-GAAP Net revenue 7,862 4,183 3,698 8,347 GAAP Operating income / (loss) 1,702 891 685 1,908 Amortization of intangibles 132 76 64 144 Impact of purchase accounting - - - - Transaction related 132 24 118 38 Other corporate expenses 689 342 336 695 Non-GAAP Operating income / (loss) 2,655 1,333 1,203 2,785 GAAP Net income / (loss) 659 1,586 650 1,595 Amortization of intangibles 132 76 64 144 Impact of purchase accounting - - - - Transaction related 89 (991) 83 (985) Other corporate expenses 689 342 336 695 Aggregate adjustment for taxes 597 141 (134) 872 Non-GAAP Net income / (loss) 2,166 1,154 999 2,321 GAAP Net income / (loss) 659 1,586 650 1,595 Interest and other, net (112) (1,056) (89) (1,079) Income tax (benefit) / expense 1,155 361 124 1,392 Depreciation and amortization 336 307 270 373 Stock-based compensation 689 342 336 695 Impact of purchase accounting - - - - Transaction-related expenses 132 24 118 38 Other corporate expenses - - - - Adjusted EBITDA 2,859 1,564 1,409 3,014 CFOps 3,211 1,882 1,398 3,695 Capex (263) (121) (105) (279) Cap SW expense - - - - Free Cash Flow 2,948 1,761 1,293 3,416 Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 59 59

GAAP TO NON-GAAP RECONCILIATION (CONT’D) Derived “Core Dell” (Excluding Public Subsidiaries) Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 70,201 39,540 33,346 76,395 Impact of purchase accounting 1,269 367 690 946 Non-GAAP Net revenue 71,470 39,907 34,036 77,341 GAAP Operating income / (loss) (3,867) (956) (2,500) (2,322) Amortization of intangibles 6,809 2,955 3,432 6,331 Impact of purchase accounting 1,544 437 828 1,153 Transaction related 370 246 211 405 Other corporate expenses 429 163 200 393 Non-GAAP Operating income / (loss) 5,286 2,845 2,170 5,960 GAAP Net income / (loss) (3,393) (2,493) (2,481) (3,405) Amortization of intangibles 6,809 2,955 3,432 6,331 Impact of purchase accounting 1,544 437 828 1,153 Transaction related 413 1,261 246 1,428 Other corporate expenses 429 163 200 393 Aggregate adjustment for taxes (3,447) (914) (1,272) (3,088) Non-GAAP Net income / (loss) 2,355 1,409 953 2,811 GAAP Net income / (loss) (3,393) (2,493) (2,481) (3,405) Interest and other, net 2,464 1,984 1,208 3,240 Income tax (benefit) / expense (2,937) (446) (1,227) (2,156) Depreciation and amortization 8,234 3,508 4,052 7,689 Stock-based compensation 103 33 55 82 Impact of purchase accounting 1,273 367 692 948 Transaction-related expenses 370 227 211 386 Other corporate expenses 305 130 128 307 Adjusted EBITDA 6,418 3,310 2,637 7,091 CFOps 3,747 1,876 776 4,848 Capex (922) (431) (440) (914) Cap SW expense (369) (160) (187) (342) Free Cash Flow 2,456 1,285 149 3,592 DFS Financing Receivables 1,653 748 657 1,744 Free cash flow before increase in DFS Financing 4,109 2,033 806 5,336 Receivables Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 60 60 GAAP TO NON-GAAP RECONCILIATION (CONT’D) Derived “Core Dell” (Excluding Public Subsidiaries) Q2 FY19 TTM ($ in Millions) FY18 +Q2 FY19 YTD -Q2 FY18 YTD Q2 FY19 TTM ($ in millions) FY18 + YTD FY19 - YTD FY18 TTM GAAP Net revenue 70,201 39,540 33,346 76,395 Impact of purchase accounting 1,269 367 690 946 Non-GAAP Net revenue 71,470 39,907 34,036 77,341 GAAP Operating income / (loss) (3,867) (956) (2,500) (2,322) Amortization of intangibles 6,809 2,955 3,432 6,331 Impact of purchase accounting 1,544 437 828 1,153 Transaction related 370 246 211 405 Other corporate expenses 429 163 200 393 Non-GAAP Operating income / (loss) 5,286 2,845 2,170 5,960 GAAP Net income / (loss) (3,393) (2,493) (2,481) (3,405) Amortization of intangibles 6,809 2,955 3,432 6,331 Impact of purchase accounting 1,544 437 828 1,153 Transaction related 413 1,261 246 1,428 Other corporate expenses 429 163 200 393 Aggregate adjustment for taxes (3,447) (914) (1,272) (3,088) Non-GAAP Net income / (loss) 2,355 1,409 953 2,811 GAAP Net income / (loss) (3,393) (2,493) (2,481) (3,405) Interest and other, net 2,464 1,984 1,208 3,240 Income tax (benefit) / expense (2,937) (446) (1,227) (2,156) Depreciation and amortization 8,234 3,508 4,052 7,689 Stock-based compensation 103 33 55 82 Impact of purchase accounting 1,273 367 692 948 Transaction-related expenses 370 227 211 386 Other corporate expenses 305 130 128 307 Adjusted EBITDA 6,418 3,310 2,637 7,091 CFOps 3,747 1,876 776 4,848 Capex (922) (431) (440) (914) Cap SW expense (369) (160) (187) (342) Free Cash Flow 2,456 1,285 149 3,592 DFS Financing Receivables 1,653 748 657 1,744 Free cash flow before increase in DFS Financing 4,109 2,033 806 5,336 Receivables Note: Data sourced from public filings or derived from public filings. Results are based on underlying data and may not visually foot. 60 60