DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

For the Three Months Ended July 31, 2020

(in millions, except per share amounts; unaudited)

GAAP

Amortization of
intangibles

Impact of
purchase
accounting

Transaction-
related
expenses

Stock-based
compensation
expense

Other
corporate
expenses

Fair value
adjustments
on equity
investments

Aggregate
adjustment
for income
taxes

Non-
GAAP

Net income

$

1,099

847

53

83

413

86

(8)

(952)

$

1,621

Less: Net income attributable to non-controlling interests (a)

51

64

4

8

57

—

—

(29)

155

Net income attributable to Dell Technologies Inc. - basic

1,048

783

49

75

356

86

(8)

(923)

1,466

Incremental dilution from VMware, Inc. attributable to Dell Technologies Inc. (b)

(3)

(5)

Net income attributable to Dell Technologies Inc. - diluted

$

1,045

$

1,461

Earnings per share - basic

$

1.41

$

1.98

Earnings per share - diluted

$

1.37

$

1.92

Weighted-average shares outstanding - basic

741

741

Weighted-average shares outstanding - diluted

761

761