DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

For the Three Months Ended August 2, 2019

(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

$

4,232

1,060

102

47

301

714

(80)

(4,625)

$

1,751

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

816

71

6

2

51

—

100

(915)

131

Net income attributable to Dell Technologies Inc. - basic

3,416

989

96

45

250

714

(180)

(3,710)

1,620

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

(62)

(9)

Net income attributable to Dell Technologies Inc. - diluted

$

3,354

$

1,611

Earnings per share - basic

$

4.75

$

2.25

Earnings per share - diluted

$

4.47

$

2.15

Weighted-average shares outstanding - basic

719

719

Weighted-average shares outstanding - diluted

751

751