SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

These tables present information about the Company's non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income from continuing operations, EBITDA, and adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A detailed discussion of Dell Technologies' reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in conjunction with the presentation of non-GAAP financial measures.

DELL TECHNOLOGIES INC.

Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited)

Three Months Ended

May 5, 2017

April 29, 2016

Change

Non-GAAP net revenue

$        18,171

$            12,319

48 %

Non-GAAP gross margin

$          5,646

$              2,385

137 %

% of non-GAAP net revenue

31 %

19 %

Non-GAAP operating expenses

$          4,449

$              1,846

141 %

% of non-GAAP net revenue

24 %

15 %

Non-GAAP operating income

$          1,197

$                 539

122 %

% of non-GAAP net revenue

7 %

4 %

Non-GAAP net income from continuing operations

$             581

$                 264

120 %

% of non-GAAP net revenue

3 %

2 %

Adjusted EBITDA

$          1,567

$                 643

144 %

% of non-GAAP net revenue

9 %

5 %