S E C U R I T I E S A N A LY S T M E E T I N G
OCTOBER 5, 2023

Dell Technologies
Securities Analyst MeetingS E C U R I T I E S A N A LY S T M E E T I N G
OCTOBER 5, 2023

Disclosures and Agenda
Rob Williams
Senior Vice President, Investor Relations

Disclosures
NON-GAAP FINANCIAL MEASURESSPECIAL NOTE ON FORWARD-LOOKING STATEMENTS

This presentation includes information about non-GAAP revenue, net revenue excluding
VMware adjusted for estimated reseller revenue, non-GAAP FY19 pro forma revenue,
non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc. basic, non-GAAP net income attributable to Dell Technologies Inc. – diluted, adjusted
non-GAAP net income attributable to Dell Technologies Inc. – basic, adjusted nonGAAP net income attributable to Dell Technologies Inc. – diluted, non-GAAP earnings
per share – basic, non-GAAP earnings per share - diluted, adjusted non-GAAP earnings
per share – basic, adjusted non-GAAP earnings per share – diluted, free cash flow,
adjusted free cash flow, free cash flow before impact from DFS related items, VMware
free cash flow, and free cash flow excluding VMware and before impact from DFS
related items (collectively the “non-GAAP financial measures”), which are notmeasurements of financial performance prepared in accordance with U.S. generally
accepted accounting principles. We have provided a reconciliation of the non-GAAP
financial measures to the most directly comparable GAAP measures in Appendix B andAppendix C.

Statements in this presentation that relate to future results and events, including, but notlimited to, statements regarding Dell Technologies’ expectations concerning long-term
revenue and non-GAAP diluted EPS growth, adjusted free cash flow generation, andlong-term capital return to stockholders through share repurchases or dividends, areforward-looking statements and are based on Dell Technologies' current expectations. In
some cases, you can identify these statements by such forward-looking words as“anticipate,” “believe,” “could,” “estimate,” “expect,” “target,” “intend,” “confidence,” “may,”“plan,” “potential,” “should,” “will” and “would,” or similar expressions. Actual results andevents in future periods may differ materially from those expressed or implied by theseforward-looking statements because of a number of risks, uncertainties and otherfactors, including those discussed in Dell Technologies’ periodic reports filed with the
Securities and Exchange Commission. Dell Technologies assumes no obligation to
update its forward-looking statements.

3

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Dell Technologies Securities Analyst Meeting
AgendaCompany Vision

Michael Dell

Strategy & Trends

Jeff Clarke

Infrastructure Solutions Group Strategy

Arthur Lewis

Client Solutions Group Strategy

Sam Burd

Value Creation Framework

Yvonne McGill

Q&A

Dell Executive Team
4

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S E C U R I T I E S A N A LY S T M E E T I N G
OCTOBER 5, 2023

Company Vision
Michael Dell
Chairman and Chief Executive Officer

Keymessages
Leveraging our strengths
to extend our leadershipand capture new growth

Data and technology are central to everything we do, andDell is thriving

We are growing revenue, cash flow and earnings backed byoperational excellence

Our strategy, operational advantages and track record of
execution have us well positioned

We are committed to driving long-term value with growing
capital return

6

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Technology is central to everything we do, and Dell is thriving
Almost four decades of growth and execution$120B

Managing through the eras

100

• Strong track record of adapting to80

technology trends over last four
60

decades40• Navigating PC cycles, mobile

20

wave, virtualization, public cloudDell revenue1
0
1990

2000

Client-server

2010

MobileInternet

2020

Public cloudVirtualization

AI
Data

1) Revenue presented as of the most recently filed, publicly available information. Please refer to relevant filings for basis of presentation.
7

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• Growing revenue and cash floworganically and inorganicallyStrong cash flow generation with demonstrated capital returns
Profitable growth with strong cash flow over time and a commitment to capital returns

Trailing 5 Year financials1$36B

Long-term performance$30• We have delivered nearly $0.5T ofrevenue, $36B of adj. FCF2 and $30
non-GAAP diluted EPS2 over the last
five years• Since we last met two years ago,
we’ve grown non-GAAP diluted EPS2
at a 10% CAGR and generated$10.8B of adj. FCF2
• Since the VMware spin-off, we’ve
returned $5.5B to shareholders

Adjusted Free Cash Flow

Non-GAAP Diluted Earnings Per Share• We have returned over 90% of adj.
FCF to shareholders since initiating
our capital return framework

1) Graph not to scale.
2) Non-GAAP Diluted Earnings Per Share presented as of the most recently publicly available information. Adjusted Free Cash Flow includes VMW up through the date of the spin-off for the periods presented. See supplemental slides in Appendix B forreconciliation of non-GAAP measures to their most directly comparable GAAP measures.
8

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Shareholder commitment
We are committed to driving long-term value creation

Long-term value creationand capital allocation

Value Creation September 2021 – October 2023
Simplifying and streamlining our corporate and capital structures• Growing revenue and EPS✓✓✓
Boomi and RSA
divestitures

VMware spin-off

De-levered to investment
grade• Delivering adjusted FCF in
excess of net income
Commitment to long-term value creation and capital returns• Returning capital toshareholders• Committed to growing thedividend✓✓✓
Programmatic &opportunistic share
repurchase

Instituted long-term value
creation framework

Raised annual dividend

Enhancing governance✓✓
Ellen Kullman elected byour board as Lead
Independent Director1

1) See description of responsibilities in the 2023 annual meeting proxy statement.
9

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✓
Steve Mollenkopf
appointed as newest
independent director

Six of eight board
members now
independent; All board
committees independent

Looking to the future
Simple and powerful strategy aligned with customer priorities

Customer Priorities

Multicloud

Artificial
Intelligence

Edge

Security

Workforce
Experience

Leveraging our strengths to extend our leadership and capture new growth10

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S E C U R I T I E S A N A LY S T M E E T I N G
OCTOBER 5, 2023

Strategy & Trends
Jeff Clarke
Vice Chairman and Chief Operating Officer

Keymessages

Data and technology are central to everything

GenAI is an inflection point that drives growth across thetechnology landscape

Workloads and usage patterns are trending in our favor

Dell Technologies Strategy: leverage our strengths toextend our leadership and capture new growth12

Copyright © Dell Inc. All Rights Reserved.

Data and technology are central to everything
Our digital world is generating exponential data growth

Data is continuing to growTechnology comprises a growing share of GDP

Global data generated1

IT Spend as a percentage of GDP2

+80bps291ZB

5.9%+70bps

5.1%
+25%

4.4%

CAGR

106ZB

32ZB

2017

2022

2027

Technology is necessary to generate, capture,and unlock business value from data

Global IT
Spend1) IDC, Worldwide IDC Global DataSphere Forecast, 2023-2027: It's a Distributed, Diverse, and Dynamic (3D) DataSphere, April 2023
2) IHS Markit Macroeconomic Report, IDC Black Book Aug 2023, GDP data is constant currency based on 2010 exchange rates.
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2017

2022

2027

$3.6T

$4.7T

$6.2T

GenAI is an inflection point
64% of business leaders believe GenAI provides a competitive edge1$120B

AI will speed innovation

100• Changes how we work, serve80

customers and innovate
60• Drives a wave of growth across the40

technology landscape

20

Dell revenue2
0
1990

2000

Client-server

2010

MobileInternet

Public cloudVirtualization

AI
Data

1) KPMG, Generative AI: From Buzz to Business Value, May 2023.
2) Revenue presented as of the most recently filed, publicly available information. Please refer to relevant filings for basis of presentation.
14• Accelerates distribution of data and2020

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computeAI is expanding the TAM for technology spending
AI TAM projected to grow at an 18% CAGR over the next four years to $120B+

Growing AI TAM across hardware and services
AI Hardware and Services TAM1

+18%

$124B

CAGR

$91B

Hardware$64B

GenAI growth opportunity for Dell

$4.4T

Potential addition to global GDP due toincreased productivity2

20%

Increase in productivity due to access to
GenAI tools and use of LLMs2

10%

Global data produced by GenAI by 20253

100x

Increase in tokens generated annually to
one quadrillion tokens by 20284

Services

83% Of all data resides in on-prem data centers
2023

2025

2027

50%

1) IDC Worldwide Semiannual Artificial Intelligence Tracker, v2022 H2, July 2023.
2) McKinsey – The economic potential of generative AI: The next productivity frontier, June 2023.
3) BofA Global Research – Artificial Intelligence & telco primer – game changing returns, April 2023.
4) Tirias Research – Forecast TCO Background, 2023.
5) Gartner, IT Key Metrics Data 2023: Infrastructure Measures – Storage Analysis, December 2022.
6) IDC, The Infrastructure Market for Generative AI, IDC #US50626823, May 2023.
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Of spending on GPU-accelerated servers
expected to be on-prem or at the edge65

Workloads and usage patterns are trending in our favor
Creates new opportunities to innovate and serve our customers

Data era trends in our favor

68%

Organizations use private or both public & private
infrastructure for GenAI work1

Dell’s markets are expected to continue to grow
Dell Technologies targeted markets6+$900B$2.1T

87%

Companies are adopting a multicloud strategy250%Enterprise data created at the edge (outside data
center) by 20253

4x

Increase in deployment of edge computing platforms byprivate mobile networks460%

US workers are expected to work in a hybrid model by20265

Extended TAM
$1.2T

PC
Peripherals
ServerStorage
IT Networking
HW Deploy and Support

20191) SiliconANGLE & ETR, July 2023.
2) Flexera, 2023 State of the Cloud Report, n=750.
3) Gartner, 12 Data and Analytics Trends for Times of Uncertainty, 2022.
4) 20% deployment by 2025 up from 5% in 2022. Gartner, Predicts 2023: Edge Computing Delivery and Control Options Extend Functionality, December 2022.
5) Gartner, Forecast Analysis: Knowledge Employees, Hybrid, Fully Remote and On-Site Work Styles, Worldwide, Jan 2023.
6) Dell internal estimate based on the following: August 2023 IDC ICT Spending Guide (Extended TAM includes IaaS, Telecom Networking, Technology Outsourcing, Data Management & System Infrastructure SW, and Hardware Deploy & Support),
Dell CSG TAM estimate (Peripherals – includes Printers), July 2023 IDC Black Book (PC includes PC and Tablet, Monitors included in Peripherals), IDC (Server, Storage), Dell’Oro (IT Networking).
Copyright © Dell Inc. All Rights Reserved.
16

2027

Dell Technologies strategy
Leverage our strengths to extend our leadership and capture new growth

Industry’s largest GTM engine

Leading end-to-end solutions1#1Commercial PC
Workstations
PC Monitors
High-end Gaming

ServerExternal Storage
Storage Software
Data Protection
HCI

Largest direct
salesforce in theindustry

Unique operating
model

Industry-leading supply chain
Automated and AIdriven

Resilient, agile,sustainable & global
scale

700+ global
distribution &logistics centers

CultureGlobal footprint of
direct services &support

Copyright © Dell Inc. All Rights Reserved.

2K+ service centersaround the world

Customer-centricity

1) Commercial PC (Revenue) - IDC WW Quarterly PC Device Tracker CY23Q2; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY23Q2; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY23Q2; High-end Gaming (Units) IDC Quarterly Gaming Tracker, CY23Q2, $1,500+ price band; Server (Units) - IDC WW Quarterly Server Tracker CY23Q2; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q2; Data Protection – IDC
WW Data Replication and Protection Software and PBBA HW estimates CY23Q2. "Data Protection" refers to Data Replication & Protection software plus Purpose-Built Backup Appliance (PBBA) revenue; HCI (Revenue) - IDC WW Quarterly
Converged Systems Tracker CY23Q2.
17

Modern online andconsumption
experiences

Unmatched global services
AI-driven support andexperiences

Innovation

Broad global
technology ecosystemof partners

There is no stopping the pace of innovation
Each era builds on the next

$120B

On the horizon

100• Machine learning automation
80• Digital twins

60
40• Quantum computing

20

Dell revenue1
0
1990

2000

Client-server

2010

MobileInternet• Neuromorphic computing
2020

Public cloudVirtualization

AI
Data

1) Revenue presented as of the most recently filed, publicly available information. Please refer to relevant filings for basis of presentation.
18

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S E C U R I T I E S A N A LY S T M E E T I N G
OCTOBER 5, 2023

Infrastructure Solutions
Group Strategy
Arthur Lewis
President, Infrastructure Solutions GroupISG
executive
summary

We have demonstrated strong long-term growth andprofitability across financial cycles

Technology trends and workloads continue to evolve in our
direction, and we are well positioned to capture growth and drive
profitability

We are innovating across our portfolio to extend our leadership
positions and capture new growth

Generative AI will drive a wave of growth across our business

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Steady financial performance & strong leadership positions
Long-term growth across financial cycles, well positioned to capture growth and increase profitability

ISG P&L performance1$36.7B

Strong #1 leadership positions2$38.4B$34.4B#1$35.6B$34.4B

Revenue$30.9B$33.0B~3%
CAGR

positions in:

Storage:

Servers:• External RAID

• x86

• Block, File, Object• Mainstream• HCI, AFA, Unstructured• Data Protection

Innovating around technology trends todrive growth and increase profitability
FY18

FY19

FY20

FY21

FY22

FY23

2QFY24
TTM

Opinc $3.1B

$4.2B

$3.9B

$3.8B

$3.7B

$5.0B

$4.7B

~8%
CAGR

Opinc
9.9%
11.3%
11.5%
11.4%
10.9%
13.2%
13.2%
Rate
+$9B in sustained revenue growth since the start of the pandemic• Well positioned to win in AI … both server & storage• Higher ASPs through richer configurations• Margin accretion opportunity through storage and software mix

1) ISG P&L performance measures presented as of the most recently filed, publicly available information. Please refer to relevant filings for basis of presentation.
2) x86 and Mainstream Server (Units) - IDC WW Quarterly Server Tracker CY23Q2; External, High End, AFA Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q2; HCI (Revenue) - IDC WW Quarterly Converged
Systems Tracker CY23Q2; #1 in Unstructured External Storage based on Dell’s 44% share of the worldwide NAS market in 1HCY23 per IDC Quarterly Enterprise Storage Systems Tracker, 2023Q1 Final Historical, September 7, 2023; Data
Protection – IDC WW Data Replication and Protection Software and PBBA HW estimates CY23Q2. "Data Protection" refers to Data Replication & Protection software plus Purpose-Built Backup Appliance (PBBA) revenue.
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Extending our leadership position in servers
Market leader (#1 in x86 and Mainstream), innovator and structural share gainer

Mainstream server share1+980 bps

Innovation

Growth16G Servers•

Dell accounts for 43% of new
industry revenue over the past 10
years2 – greater than top four
competitors combined•Market leading profitability3•

XE9680 fastest ramping Dellplatform ever - $2B of orders inbacklog as of Q2 earnings• Purpose built to support a wide
range of workloads

share gain overthe past 10 years• Advanced automation with built-in
security

31.0%• Cyber Resilient

AI Optimized Compute

21.2%• Optimal design to support training
and inferencing• High speed fabric for enhanced
performance

2012

2022

• DTC liquid cooled GPUs/CPUs
maximizes performance and power
utilization

1) Mainstream Server Revenue - IDC WW Quarterly Server Tracker CY23Q2. Mainstream Server includes Tower, Blade, Standard Rack Optimized and Large Systems.
2) Period is 2012-2022.
3) Market leading profitability calculated by Dell Technologies primarily by utilizing other server OEM's financial public filings, as of Q2 FY24.
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Extending our leadership position in storage
Market leader in Data Storage (#1 in external RAID storage), innovator and share consolidator

External storage share1+250 bps
share gain since the
EMC acquisition

Innovation

GrowthPower Portfolio•

Dell accounts for 38% of new
industry revenue over the past five
years2 – greater than the top threecompetitors combined•

8 consecutive quarters of growthfor PowerFlex•

12 consecutive quarters ofPowerStore growth• Leading purpose-built portfolio
PowerMax & PowerStore• Leading software defined portfolio

30.2%

PowerFlex, PowerScale, Object
Scale

27.7%

• 500 feature releases over the past
12 months in Primary Storage• Magic Quadrant leader in

unstructured – optimized for AI• Designed for Hybrid deployments
2017

2022

1) External RAID Storage - IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q2.
2) Period is 2017-2022.
23

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Growing global ISG TAM1 and macro trends
Technology trends continue to evolve in our direction and create opportunities for margin expansion

ISG TAM including AI

Macro trends shaping our opportunity• Multicloud Adoption

+7%
CAGR

$265B

$229B

• Distributed IT (Edge)$199B• Telco• Open-Source Tools & Frameworks• Cloud-like Experience

2023

2025

2027

1) Storage includes Core Storage, Data Protection, and HCI; Server is total server less HCI HW; Dell estimates based on data from IDC (Server, Storage) and Dell’Oro (Networking), September 2023.
24

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AI will drive a wave of growth
75% of organizations are increasing budgets to pursue AI1

AI HW & services represent a $124B opportunity by 20272

Our three-pronged approach• Purpose-built solutions

$124B

+18%

• Strategic partnerships and ecosystems

CAGR

$91B

Hardware• AI consulting and professional services$64B

Services

2023

2025

1) Dell Technologies Generative AI Pulse Survey, August and September 2023.
2) IDC Worldwide Semiannual Artificial Intelligence Tracker, v2022 H2, July 2023.

2027

25

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S E C U R I T I E S A N A LY S T M E E T I N G
OCTOBER 5, 2023

Client Solutions Group
Strategy
Sam Burd
President, Client Solutions GroupCSG
executive
summary

We have demonstrated strong performance across financial
cycles and remain well-positioned to capitalize on the next setof growth opportunities

Not all PCs are created equal; we remain focused on the mostprofitable segments while extending our leadership andcapturing new growth

We expect trends around new AI-driven workloads and hybrid
work to continue to play to our strengths and drive our future
growth and profitability

27

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Steady financial performance & strong leadership positions
Long-term growth across financial cycles, well positioned to capture growth and increase profitability

CSG P&L performance1

Strong leadership positions

Revenue$61.5B$39.2B$43.2B$45.9B$58.2B~5%
CAGR$51.2B$48.4B#1+

North America PC3#1

Workstations4

positions in:ClientRevenue2

High-End Gaming PC5
Monitors6

Strong share gain track record
Commercial PC3
FY18

FY19

FY20

FY21

FY22

FY23

2QFY24
TTM

Opinc $2.0B

$2.0B

$3.1B

$3.3B

$4.4B

$3.8B

~10%
$3.6B
CAGR

Opinc
Rate 5.2%

4.5%

6.8%

6.9%

7.1%

6.6%

6.9%

Monitors6
21.6%

25.2%

~10pt
increase

1) CSG P&L performance measures presented as of the most recently filed, publicly available information. Please refer to relevant filings for basis of presentation.
2) Client PC & upsell revenue calculated by Dell Technologies by utilizing other PC OEMs’ financial public filings, as of Q2 FY24.
3) Per IDC WW Quarterly PC Device Tracker, CY23Q2 – excluding Chrome.
4) Per IDC WW Quarterly Workstation Tracker CY23Q2.
5) Per IDC Quarterly Gaming Tracker, CY23Q2, $1,500+ price band.
Copyright © Dell Inc. All Rights Reserved.
286) Per IDC WW Quarterly Monitor Tracker CY23Q2.

~9pt
increase

15.5%

CY12

CY22

12.8%

CY12

CY22

We focus on the most valuable segments
Not all PCs are created equal; we focus on Commercial PCs, Workstations, Premium Consumer PCs and Gaming

Our unique business model drives differentiated results
Our total revenue per unit (TRU) is nearly 2x primary competitors

Industry vs Dell Units1(IDC)

ChromeMainstream
Consumer PCs

7%

8%
9%

22%

Dell CSG TRU2

Primary Competitors TRU2

$1,220~+$45 since Q4 2019$670+$245 since Q4 20198%

Our TRUs are growing at a substantial premium to the market
Premium
Consumer PCs

22%

1.7x

Commercial
PCs

75%
49%

Industry

1.7x

1.6x

1.8x
$1,220Dell CSG

TRU

1.7x
1.6x 1.6x 1.6x 1.6x 1.6x 1.6x 1.6x 1.7x 1.6x 1.7x 1.7x

1.6x 1.6x

1.7x

$670

FY19
Q4

Dell

FY20
Q1

FY20FY20
FY20
Q2
Q3

FY20
Q4

FY21
Q1

FY21FY21
FY21
Q2
Q3

FY21
Q4

FY22
Q1

FY22FY22FY22Q2Q31) Per IDC WW Quarterly PC Device Tracker, CY23Q2, last 4 quarters trailing (2022Q3-2023Q2). Premium Consumer includes units with ASP > $800; Mainstream Consumer includes units with ASP <= $800.
2) TRU calculated by Dell Technologies by utilizing PC OEMs’ financial public filings and IDC WW Quarterly PC Device Tracker, as of Q2 FY24.
3) Primary competitors refers to HP Inc. and Lenovo Ltd.
29

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FY22
Q4

FY23
Q1

FY23FY23
FY23
Q2
Q3

FY23
Q4

FY24FY24
FY24
Q1
Q2

Primary
Competitors3

AI-driven workloads & hybrid work support continued TAM growth
Both PCs and Peripherals will benefit from hybrid work and AI-driven workloads

We anticipate long-term TAM growth

Industry growth levers play to our strengths

CSG Target TAM1

~2%
CAGR

Commercial installed base is largest in history andready for a refresh

$480B

$397B

AI workloads and assistants will require richer
configurations and accelerate refresh rates

Peripherals

The ecosystem around the PC is more important
than ever to support hybrid work

PCs

2019

2027

1) Dell internal estimate based on the following: July 2023 IDC Black Book (PC includes PC and Tablet, Monitors included in Peripherals), Dell CSG TAM estimate (Peripherals – includes Printers).
30

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Investing in our Client Peripherals strategy
Enhance end-user productivity and simplify IT with comprehensive Dell-on-Dell client ecosystem

Extend leadership position in $30B displays industry to $40B+ core Client Peripherals industry1

Organically build compelling
portfolio of productivityenhancing, close-to-the-PC
peripherals

Leverage largest GTM engine
in industry to simplify
ecosystem purchaseexperience for customers

1) Dell estimates based on IDC data, including IDC Black book, July 2023.
31

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Differentiate end-user
experience with softwareand AI via Dell Optimizer andDell Peripheral Manager

S E C U R I T I E S A N A LY S T M E E T I N G
OCTOBER 5, 2023

Value Creation & Capital
Allocation
Yvonne McGill
Executive Vice President & Chief Financial Officer

Long-termvalue creation
framework

Expect 3-4% revenue growth, outpacing GDP1, as we extend ourleadership positions and capture new growth
Expect 8%+ non-GAAP diluted EPS2 growth driven by profitable
growth in both ISG and CSG over time
Expect net income to adj. FCF conversion of 100% or better,
driven by revenue growth and profitability coupled with disciplined
working capital management
Target returning 80%+ of adj. FCF to shareholders while
maintaining 1.5x core leverage target3
Target 10%+ dividend growth per year through FY284

1) IMF WEO April 2023, OECD Economic Outlook March 2023, Fitch Credit Rating Agency, S&P Rating Agency GDP growth forecasts.
2) See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
3) Core leverage ratio is calculated as Core debt / ((TTM adj. EBITDA) - (TTM DFS adj. EBITDA)).
4) Subject to ongoing board evaluation and approval.
33

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Non-GAAP Revenue ($B)1

Revenue
Growth

3-4%

$73.3

DELL TECH$101.2$102.3

FY18-FY24E
$90.5

$84.1

$85.0

$86.8

+15%

+1%

+2%

+17%

+1%

-12%

FY19

FY20

FY21

FY22

FY23

FY24 2

LONG-TERM REVENUE CAGR
FY18

GDP+ revenue growthtarget of 3-4% supported
by our unique operating
model, ability to extend
our leadership andcapture new growth+3.6% CAGR

Leveraging our unique operating model

Client Solutions Group

Infrastructure Solutions Group

2-3%

6-8%

CAGR

PC
• #1 position Client
revenue3• Focused on mostprofitable and fastest
growing segments• Grown commercial
revenue mix more than 8
pts from pre-pandemic

CAGR

PC Ecosystem

ServerStorage• GTM model driving
large ecosystem aroundhardware• #1 in Mainstream
Servers for 21
consecutive quarters4• #1 position in data storage,
larger than #2, #3, and #4
combined5• Focus on extending
share positions across
our peripheral's portfolio• Portfolio designed tosupport all levels of AI• Leading unstructured
external storage portfolio6,
optimized for all things AI• Services attach• Richer configurations
continue drive higher
ASPs• Focus on high-margin Dell
IP Software assets andnext-gen storagearchitectures

1) See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
2) FY24 non-GAAP revenue represents full year guidance as of Q2, our most recent earnings release.
3) Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q2 FY24.
4) Per IDC WW Quarterly Server Tracker CY23Q2 TTM.
5) IDC Quarterly Enterprise Storage Systems Tracker, 2023Q2, based on CY22 revenue. IDC Quarterly Converged Systems Tracker 2023Q2, based on CY22 revenue.
6) #1 in Unstructured External Storage based on Dell’s 44% share of the worldwide NAS market in 1HCY23. Source: IDC Quarterly Enterprise Storage Systems Tracker, 2023Q1 Final Historical,
September 7, 2023.
Copyright © Dell Inc. All Rights Reserved.
34

Non-GAAP Diluted EPS1

EPS
Growth8%+

FY20-FY24E

$7.61

$6.30

$6.22
$4.60

DELL TECH
LONG-TERM DILUTED EPS CAGRFY20

EPS target supported by
our ability to pull multiple
levers to generate strong
performance acrosseconomic cycles+6.5% CAGR

$4.88

+6%

+28%

+22%

-17%

FY21

FY22

FY23

FY24

2,3

Multiple levers to drive EPS growth

Cumulative share repurchases

Disciplined and opportunistic management

($B)

Gross
Margin$3.4• Increased mix towards profitable segments• ISG, Commercial PC, Peripherals• Contribution from innovative software portfolio

$3.1
$2.7

$2.8

$2.1

• Disciplined cost management

Cost• Operating expenses down ~$1.4B since FY204
Management • Continue to invest in accretive growth$1.5• ~$3.4B of share repurchases since instituting ourSharedividend
Repurchase • Increased share repurchase authorization by $5B5
1Q231) See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
2) See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
3) FY24 non-GAAP diluted EPS represents full year guidance as of Q2, our most recent earnings release.
4) Comparing FY23 Operating Expenses to FY20.
5) Approved by Board of Directors.
Copyright © Dell Inc. All Rights Reserved.
35

2Q23

3Q23

4Q23

1Q24

2Q24

Adjusted Free Cash Flow ($B)2

Cash Flow
Executing a businessmodel that has
consistently delivered
strong cash flow

$6.5

$18.5B 115%

$5.3

Adj. FCF
Avg. net income
generated overto adj. FCF
last 4 years
conversion overlast 4 years1

$5.2

$6.1

$4.6B
Average

$1.5

FY20

FY21

FY22

FY23

Q2FY24
TTM

Driven by a strong cash flow engine
GDP/GDP+ Revenue Growth

Financial Discipline

Working Capital Focus

Industry’s largest GTM
enginePrice discipline

Negative cash conversion
cycle

Track record ofstructural share gain
Investments centered ontechnology tailwinds tocapture new growthProfitable share gain
Lean inventory model
Supply chain scale
Direct model
Cost management

1) FY20-FY23.
2) See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Adjusted free cash flow represents
historical adjusted free cash flow excluding VMware.
36

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Capital
Allocation
Returning more toshareholders, 80%+ of
Adjusted FCF throughshare repurchases &dividends

Long-Term Framework
Return cash to shareholders

80%+
Target return ofadjusted FCF toshareholders

Remaining FCF
Drive growth while
maintaining investment
grade rating

Share Repurchase

Dividends

Increased share repurchaseauthorization by $5B

Target to grow the dividend
annually at 10%+ through FY281• Committed to IG rating & 1.5x core leverage target• Disciplined, tuck-in M&A that accelerates our strategy$18.5B Adj. FCF generated over last 4 years

2,3

~90%

% of Adj. FCF return to shareholders since dividend inception~$5B

Returned to shareholders since dividend inception1) Subject to ongoing board evaluation and approval.
2) FY20-FY23.
3) See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Adjusted free cash flow represents
historical adjusted free cash flow excluding VMware.
37

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Operational

Revenue
growth8%+
Diluted EPS
growthGross
Margins+
Cost+ Share =EPS
GrowthCount

Adjusted Free Cash Flow ($B)1

100%+

$5.3

$6.5

$5.2

NI to adj. FCF
Conversion~$6.1$4.6B Avg

$1.5
FY20

80%+
Target return ofadj. FCF toshareholders

Capital ReturnOur strategy, operating
model and track recordof execution have us well
positioned

Attractive long-term financial framework

Committed
to long-term
valuecreation• Leading end-to-end solutions andbroadest portfolio in the industry• Demonstrated structural share gains• Opportunities to capture new growth

CSG 2-3% CAGR
ISG 6-8% CAGR
DELL TECH 3-4% CAGR

3 - 4%

10%+

FY21

FY22

FY23

FY24 TTM• Commitment to return over 80%
of adjusted FCF to shareholders
80%+ • Return via share repurchases
and dividends• Increased mix towards profitablesegments … ISG, Commercial PC,
Peripherals• Demonstrated cost discipline• Growth & operational excellence driving
cash generation … $4.6B avg. over last
four years• Averaged 115% conversion over the
past four years2• Committed to IG rating andRemaining 1.5x core leverage target
FCF• Targeted M&A that
accelerates our strategy

Targeted Dividend Payout
10%+
$1.48

• Target to grow the dividend at 10% or
better annually through FY283

Dividend growthrate FY24-FY28
FY24

FY25

FY26

FY27

FY28

1) FY20-FY23.
2) See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Adjusted free cash flow represents
historical adjusted free cash flow excluding VMware.
3) Subject to ongoing board evaluation and approval.
38

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S E C U R I T I E S A N A LY S T M E E T I N G
OCTOBER 5, 2023

Closing Remarks
Michael Dell
Chairman and Chief Executive Officer

Strategy andclosing
thoughts
Leveraging our strengths
to extend our leadershipand capture new growth

Data and technology are central to everything we do, andDell is thriving

We are growing revenue, cash flow and earnings backed byoperational excellence

Our strategy, operational advantages and track record of
execution have us well positioned

We are committed to driving long-term value with growing
capital return40

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SECURITIES ANALYST MEETINGOCTOBER 5, 2023

Appendix A
Debt SummaryDebt summary

1) Amounts are based on underlying data and may not visually foot due to rounding.
2) Principal Face Value.
3) Core debt represents the total principal amount of our debt, less: (a) public subsidiary debt, (b) DFS related debt, and (c) other debt.
42

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SECURITIES ANALYST MEETINGOCTOBER 5, 2023

Appendix B
Consolidated GAAP and non-GAAP financial statements

Supplemental non-GAAP measures
Non-GAAP revenue FY181) This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2) This represents Dell Technologies non-GAAP net revenue, excluding VMware, adjusted to include the impact of currently estimated VMware reseller revenue.
44

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Supplemental non-GAAP measures
Non-GAAP revenue FY19-FY24E

1) Amounts are based on underlying data and may not visually foot due to rounding.
2) This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
3) FY19 revenue represents unaudited pro forma financial information, presented in accordance with Regulation S-X Article 11 as filed in Exhibit 99.1 to the Company's Form 8-K/A filed with the Securities and Exchange
Commission on November 5, 2021. FY19 non-GAAP revenue represents a management estimated pro forma financial measure and is not presented in accordance with Regulation S-X Article 11.
4) FY24 revenue represents full year guidance as of Q2, our most recent earnings release.
45

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Supplemental non-GAAP measures
Non-GAAP net income FY19 Q3 and Q4

1) This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2) Consists of acquisition, integration, and divestiture-related costs, as well as the costs incurred in the Class V transaction.
3) Consists of goodwill impairment charges, severance and facility action costs, and stock-based compensation expense.
4) Consists of the gain (loss) on strategic investments, which includes recurring fair value adjustments on equity investments.
5) Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items.
46

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Supplemental non-GAAP measures
Non-GAAP net income FY20 and FY21

1) This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2) Consists of acquisition, integration, and divestiture-related costs and gains.
3) Consists of severance, facilities action and impairment charges, incentive charges related to equity investments, other costs, and effective 1Q23, payroll taxes associated with stock-based compensation.
4) Consists of the gain (loss) on strategic investments, which includes recurring fair value adjustments on equity investments.
5) Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items.
47

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Supplemental non-GAAP measures
Non-GAAP net income FY221) This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2) Consists of acquisition, integration, and divestiture-related costs and gains.
3) Consists of severance, facilities action and impairment charges, incentive charges related to equity investments, other costs, and effective 1Q23, payroll taxes associated with stock-based compensation.
4) Consists of the gain (loss) on strategic investments, which includes recurring fair value adjustments on equity investments.
5) Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items.
48

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Supplemental non-GAAP measures
Non-GAAP net income FY23 to FY24 Q2

1) This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2) Consists of acquisition, integration, and divestiture-related costs and gains.
3) Consists of severance, facilities action and impairment charges, incentive charges related to equity investments, other costs, and effective 1Q23, payroll taxes associated with stock-based compensation.
4) Consists of the gain (loss) on strategic investments, which includes recurring fair value adjustments on equity investments.
5) Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items.
49

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Supplemental non-GAAP measures
Non-GAAP earnings per share FY19 Q3 and Q41) Adjustments give effects of the Class V transaction, including the elimination of investment income related to the liquidation of VMware’s cash, cash equivalents, and investments in order to fund the special dividend
and interest expense related to the debt financing as if they occurred on February 3, 2018, the first day of fiscal year 2019.
2) The incremental dilution from VMware attributable to Dell Technologies Inc. represents the impact of VMware Inc.’s dilutive securities on the diluted earnings per share of Dell Technologies and is calculated bymultiplying the difference between VMware’s basic and diluted earnings per share by the number of shares of VMware Inc. common stock held by Dell Technologies.
3) Assumes static share count for each quarter in FY19. Calculated by adding 150 million shares primarily driven by the incremental Class C shares issued upon closing of the Class V transaction to the 567 million
shares as of 3Q19 per slide 35.
4) Assumes static share count for each quarter in FY19 and potentially dilutive awards of 30 million. Also assumes average closing stock price of $49.65, the closing stock price of February 1, 2019.
50

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Supplemental non-GAAP measures
Non-GAAP earnings per share FY20 to FY22

51

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Supplemental non-GAAP measures
Non-GAAP earnings per share FY23 to FY24 Q2

52

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Supplemental non-GAAP measures
Adjusted Free Cash Flow FY19 Q3 and Q4

1) Amounts are based on underlying data and may not visually foot due to rounding.
53

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Supplemental non-GAAP measures
Adjusted Free Cash Flow FY20 to FY221) Amounts are based on underlying data and may not visually foot due to rounding.
2) Amount represents change in net carrying value of equipment for DFS operating leases.
54

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Supplemental non-GAAP measures
Adjusted Free Cash Flow FY23 to FY24 Q2

1) Amounts are based on underlying data and may not visually foot due to rounding.
2) Amount represents change in net carrying value of equipment for DFS operating leases.
55

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SECURITIES ANALYST MEETINGOCTOBER 5, 2023

Appendix C
GuidanceSupplemental non-GAAP measures
Financial Guidance1

1) Amounts are subject to change with no obligation to reconcile these estimates. Amounts may not visually foot due to underlying data.
2) No estimates are included for 3Q-4QFY24 guidance purposes on potential fair value adjustments on strategic investments given the potential volatility of either gains or losses on those equity investments.
3) Impact of purchase accounting and amortization of intangibles represents an estimate for acquisitions completed as of August 4, 2023 and does not include estimates for potential acquisitions, if any, during theremainder of FY24.
4) Consists of acquisition, integration, divestiture-related, and other costs. No estimate is included for 3Q-4QFY24 severance expense as it cannot be reasonably estimated at this time.
5) The aggregate adjustment for income taxes is the estimated combined income tax effect for the adjustments shown above as well as an adjustment for discrete tax items.
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