DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

For the Six 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

$

1,281

1,702

116

39

783

181

(102)

(1,236)

$

2,764

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

90

124

7

15

111

—

(1)

(64)

282

Net income attributable to Dell Technologies Inc. - basic

1,191

$

1,578

$

109

$

24

$

672

$

181

$

(101)

$

(1,172)

2,482

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

(5)

(9)

Net income attributable to Dell Technologies Inc. - diluted

$

1,186

$

2,473

Earnings per share - basic

$

1.61

$

3.35

Earnings per share - diluted

$

1.56

$

3.26

Weighted-average shares outstanding - basic

740

740

Weighted-average shares outstanding - diluted

758

758