Dell Technologies Inc. Debt Offering

Dell Technologies Inc. (the "Company"), through its wholly-owned subsidiaries Dell International L.L.C. and EMC Corporation, has completed a public offering of senior notes totaling $5.2 billion. The notes are issued in four series: $1.25 billion of 5.100% Senior Notes due 2029, $1.25 billion of 5.400% Senior Notes due 2031, $1.5 billion of 5.600% Senior Notes due 2033, and $1 billion of 5.900% Senior Notes due 2037. These notes are senior unsecured obligations, ranking equally with existing and future senior indebtedness of the Issuers. The notes are guaranteed jointly and severally by the Company and its wholly-owned subsidiaries, Denali Intermediate Inc. and Dell Inc. The guarantees rank equally with existing and future senior indebtedness of the Guarantors. The offering was made pursuant to a shelf registration statement on Form S-3ASR. The notes are subject to redemption under specified conditions, including a make-whole premium before certain dates and at par thereafter. In the event of a change of control triggering event, holders may require the Issuers to repurchase the notes at 101% of the principal amount, plus accrued interest. The indenture includes covenants restricting liens, asset dispositions, and sale and leaseback transactions, along with customary events of default.