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, 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 4, 2018

May 5, 2017

Change

Non-GAAP net revenue

$                   21,543

$                   18,355

17 %

Non-GAAP gross margin

$                     6,919

$                     5,801

19 %

% of non-GAAP net revenue

32 %

32 %

Non-GAAP operating expenses

$                     4,893

$                     4,376

12 %

% of non-GAAP net revenue

23 %

24 %

Non-GAAP operating income

$                     2,026

$                     1,425

42 %

% of non-GAAP net revenue

9 %

8 %

Non-GAAP net income

$                     1,174

$                        761

54 %

% of non-GAAP net revenue

5 %

4 %

Adjusted EBITDA

$                     2,383

$                     1,795

33 %

% of non-GAAP net revenue

11 %

10 %