COMPANY PROFILE

Dell Inc.

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Dell Inc.
TABLE OF CONTENTS

TABLE OF CONTENTS
Company Overview..............................................................................................3 Key Facts...............................................................................................................3 Business Description...........................................................................................4 History...................................................................................................................6 Key Employees...................................................................................................11 Key Employee Biographies................................................................................12 Major Products and Services............................................................................20 Revenue Analysis...............................................................................................21 SWOT Analysis...................................................................................................22 Top Competitors.................................................................................................28 Company View.....................................................................................................29 Locations and Subsidiaries...............................................................................31

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Dell Inc.
Company Overview

COMPANY OVERVIEW
Dell Inc (Dell or “the company”) is one of the leading technology companies, offering a broad range of products, including desktop personal computers (PC), servers, networking products, storage, mobility products, software and peripherals, and services. The company primarily operates in the US. Dell is headquartered in Round Rock, Texas and employed about 109,400 people as of February 3, 2012 of which 2,700 were employed part-time. The company recorded revenues of $62,071 million during the fiscal year ended February 2012* (FY2012), an increase of 0.9% over FY2011. The operating profit of the company was $4,431 million during FY2012, an increase of 29.1% over FY2011. The net profit was $3,492 million in FY2012, an increase of 32.5% over FY2011. *The fiscal year end for Dell will be the period ending on the Friday nearest January 31. For 2012, the fiscal year ended on February 3, 2012.

KEY FACTS
Head Office Dell Inc. One Dell Way Round Rock Texas 78682 USA 1 512 338 4400

Phone Fax Web Address

http://www.dell.com

Revenue / turnover 62,071.0 (USD Mn) Financial Year End Employees NASDAQ National Market Ticker February 109,400 DELL

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Dell Inc.
Business Description

BUSINESS DESCRIPTION
Dell Inc (Dell or “the company”) designs, develops, manufactures, markets, sells and supports information technology (IT) systems and services. The company conducts business in several countries located across the Americas, Europe, the Middle East, Asia and other geographic regions. The company’s operations are primarily segmented based on the customers: large enterprise; public; small and medium business (SMB); and consumer. Large enterprise customers are the large global and national corporate businesses. Public customers comprise educational institutions, government, healthcare, and law enforcement agencies. SMB segment is focused on small and medium-sized businesses and the segment focuses on offering open and affordable solutions, products, and customizable services and solutions for the SMB customers. Consumer segment caters to the needs of entertainment, mobility, gaming, and design. Dell’s products and service offering can further be categorized into: enterprise solutions; services; software and peripherals; and client products. Enterprise solutions primarily include servers, networking, and storage products.The servers comprise the PowerEdge line and in addition to these, Dell also offers customized server solutions for large data center customers. Storage solutions include a comprehensive portfolio of Dell-branded and third-party advanced storage solutions, including storage area networks, network-attached storage, direct-attached storage, disk and tape backup systems, and removable disk backup. Services are offered as a broad range of configurable IT and business services, including infrastructure technology, consulting and applications, and product-related support services. The company offers three categories of services which are transactional, outsourcing and project-based. Transactional services are closely associated with the sale of servers, storage, and client hardware and include support services, managed deployment, enterprise installation, and configuration services. The outsourcing services encompass data center and systems management, network management, life cycle application development and management services, and business process outsourcing services. Project-based services are short-term services offered to the clients, including IT infrastructure, applications, business process, and business consulting. Software and peripheral products include Dell-branded printers and displays and also third-party peripheral products such as printers, televisions, notebook accessories, keyboards, networking and wireless products, digital cameras, and other products. The company also offers third-party software products such as operating systems, business and office applications, anti-virus and related security software, entertainment software, and products in other categories. Client products comprise mobility and desktop PC. Laptops, net books, tablets and smart phones are some of the mobility products offered by Dell to the commercial and consumer customers. While

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Dell Inc.
Business Description

Latitude, Optiplex, Vostro, and Dell Precision lines of mobility notebooks are offered to the commercial customers; Inspiron, XPS and Alienware lines of laptops are offered for consumer market. The company operates Dell Financial Services which offers various customer financial services for business and consumer customers in the US. Dell Financial Services offers several financial services, including originating, collecting, and servicing customer receivables related to the purchase of Dell products. Additionally, Dell Financial Services also offers private label credit financing programs, through an unrelated, nationally chartered bank and also offers leases and fixed-term financing to commercial customers. Dell has manufacturing facilities in Austin, the US; Penang, Malaysia; Xiamen, China; Hortolandia, Brazil; Lodz, Poland and Chennai, India.

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Dell Inc.
History

HISTORY
In 1984, Mr. Michael Dell founded Dell Computer Corporation (Dell or “the company”) to sell PC systems directly to customers. In 1985, the company introduced the Turbo, its first PC. In 1988, Dell made its initial public offering. In the following year, it introduced its first notebook PC. In 1990, the company opened a manufacturing center in Limerick, Ireland to serve the European, Middle Eastern, and African markets. In 1993, Dell expanded its global presence with new subsidiaries in Australia and Japan. In 1996, Asia Pacific manufacturing center was started in Malaysia and it started selling PCs through its website. In the following year, the company introduced its workstation systems. In 1998, Dell expanded its manufacturing facilities in the Americas and Europe. In the following year, the company opened a second major location in the US in Nashville, Tennessee. In the same year, the company also opened a manufacturing facility in Eldorado do Sul, Brazil to serve its customers in Latin America. In 1999, Dell acquired CovergeNet, a storage hardware and software developer. In 2000, the company launched PowerApp appliance servers. In the same year, Dell was ranked as the worldwide leader in workstation shipments. In the following year, the company launched Blade server, Aximx5 handheld and 3100MP projector. In 2003, the company's name was changed from Dell Computer Corporation to Dell. In the same year, Dell opened its second contact center in Hyderabad, India. In 2004, the company opened a Dell Enterprise Command Center in Limerick, Ireland to provide support for server and storage customers in the region. In 2005, Dell entered into a contract with Bombardier Recreational Products, a snowmobile and watercraft maker to supply technology products and services for its global IT network. In the same year, the company opened its third manufacturing location in the US at Winston-Salem, North Carolina. In the following year, the company expanded its operations in India, by establishing its fourth Indian customer contact centre at Gurgaon, and first manufacturing facility in India in the state of Tamil Nadu. In 2006, Dell acquired Alienware. Later in the same year, the company recalled batteries in certain models of notebook computers due to defects, and the audit committee started a parallel investigation into the accounting and financial reporting matters. In 2006, Dell and EMC extended their global alliance for five-year period to offer networked storage solutions for organizations. Furthermore, in the same year, the company also established a new facility in the Edmonton Research Park. In 2007, Dell established a new global research and development center in Bangalore, India for developing next generation network servers, data-storage systems and software products. In the same year, the company also expanded its operations in Brazil by building a new plant at Hortolandia,

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Dell Inc.
History

Sao Paulo. Later in the same year, Dell and Bic Camera partnered on retail sales in Japan; and Dell and SAP partnered to simplify information technology for retail operations. Subsequently in 2007, Dell partnered with Gome, China's largest consumer electronics retailer, for retail sales in China. During 2007, the company continued to expand its retail presence by entering into retail agreements with DSG International, one of the major consumer electronics retailers in Europe, and Tesco, an international retailer with operations in Europe and Asia, to make the Dell notebook and desktop computers available in their stores. In the same year, Dell acquired several companies including privately-held SilverBack Technologies, a service delivery platform provider for remote monitoring and management of IT infrastructure; privately-held ASAP Software, a provider of software solutions and licensing services and a subsidiary of Corporate Express; privately-held ZING Systems, a consumer technology and services company; EqualLogic, a provider of high-performance iSCSI storage area network solutions; and privately-held Everdream, a provider of Software-as-a-Service (SaaS) solutions for remote-service management. In 2008, Dell launched AX4-5, an entry-level storage area network (SAN) solution. In the same year, the company established its second European manufacturing plant in Poland. Subsequently in 2008, Dell completed the acquisition of the Networked Storage, a consultancy firm specialized in IT data storage solutions. In the same year, Dell entered into a partnership with Egenera to offer integrated solution for dynamic data center environment. Furthermore, in 2008, Dell expanded its retail presence in China by adding Suning as retail partner, by extending relationship with Gome and by launching its products at Hontu, Wuxing, Meicheng, Heng Chang and Heyong stores. In 2008, the company completed a $155 million acquisition of MessageOne, a provider of SaaS enabled enterprise-class e-mail business continuity, compliance, archiving and disaster recovery services. In the same year, Dell, Intel and Motion Computing launched a new service to assess, design and validate the quality and coverage of wireless networks to support health care information flow. Later towards the end of 2008, Dell and EMC extended their global alliance through 2013 and added EMC Celerra NX4 storage system to the portfolio of Dell EMC networked storage systems. In 2009, Dell acquired Microsoft IT consulting and solutions segments of Allin. In the same year, Cisco and Dell collaborated to offer next-generation IT solutions in the area of data center infrastructure. According to the agreement, Dell added Cisco's Nexus 5020 switches to its Dell PowerEdge server and Dell EqualLogic, PowerVault, and Dell/EMC storage solutions. In the same year, the company launched Adamo brand laptop. Furthermore, in 2009, the company launched end-to-end Mobile Clinical Computing Solution for accessing and organizing patient information within a secure environment; and entered into a strategic alliance with Perot Systems and launched fully-integrated IT solutions that provide virtualized desktop, storage and server solutions for hospitals, health systems and physician practices which are either virtualized on premises or are hosted in off-site or in secure, private clouds. In 2009, Dell introduced 10.1 inch netbook, Latitude 2100, designed for education. Subsequently, in the same year, the company expanded its enterprise technology portfolio through the launch of several solutions including flexible and modular virtualization and data center consulting services, business-ready virtualization configurations, new Dell PowerEdge servers and EqualLogic PS4000 storage array. In 2009, Dell entered into a five-year outsourcing agreement with WellPoint, one of the US health benefits companies and agreed to provide field support and help desk services through Dell Global Services.

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Dell Inc.
History

During 2009, Dell sold its North American remanufacturing operation in Tennessee to GENCO Supply Chain Solutions, a third-party logistics services provider based in the US. Furthermore in the same year, the company partnered with Brocade to offer computing, networking and storage solutions through the Dell global sales organization. Both the companies also planned to collaborate on future development around the management and virtualization of next-generation data centers. In 2009, Dell planned to close its customer contact facility in Twin Falls, Idaho. In the same year, Dell and Perot Systems, a provider of information technology services and business solutions, entered into a definitive agreement for the company to acquire Perot Systems for approximately $3.9 billion. In 2009, the company partnered with OPI to launch a new polished laptop collection, including 26 color choices for Dell Inspiron Mini, Inspiron and Studio laptops. In the same year, Dell and salesforce.com, the enterprise cloud computing company, together launched certified Dell-salesforce.com solutions. These joint offerings cater to small and medium businesses which can offer customer relationship management applications through the cloud. In 2009, Dell signed an agreement with Juniper Networks to offer networking solutions under Dell's PowerConnect brand that enable customers to deploy a common network management platform and network operating system. In 2009, the company planned to enter smart phone business and launched Dell Mini 3 smart phones. The phones will be distributed by China Mobile and Claro. Later in the same year, Dell completed the acquisition of Perot Systems and the business was named as Dell Perot Systems. In 2010, Dell entered into a partnership with INTEGRITY Global Security to provide INTEGRITY separation kernel for general purpose secure computing, a solution that caters to the government agencies. Subsequently, in 2010, the company agreed to acquire KACE, a systems management appliance company. The company also completed the purchase of Exanet's assets in Israel. In 2010, Dell formed a strategic alliance with Telefonica for a new collaboration to develop next generation communication products and services. In the same year, the company collaborated with Intel and launched a cloud-based learning management platform. In 2010, Dell entered into a partnership with OnLive, a provider of on-demand, instant play video games, to launch the OnLive Game Service. In the same year, Opera Software, a developer of cross-platform web browser technology, selected Dell EqualLogic Storage and Dell PowerEdge Blade Servers. Furthermore in 2010, the company signed an agreement to acquire Scalent, a private company that provides software for data center infrastructure. In the same year, Dell and Microsoft formed a strategic partnership. This partnership allows Dell to use the Windows Azure platform appliance as a part of its Dell Services Cloud to develop and launch next-generation cloud services. Subsequently in 2010, the company signed an agreement to acquire Ocarina Networks and its storage optimization technology including compression and deduplication. Later in 2010, Dell introduced the Inspiron duo convertible tablet, an addition to the company’s mobility product portfolio. In the same year, Dell signed a five-year contract with global alternative asset manager, the Carlyle Group to provide hosting and support for Oracle PeopleSoft Enterprise and Hyperion Performance Management applications. In January 2011, Dell signed a definitive agreement to acquire SecureWorks, a globally recognized provider of information-security services. Furthering its foray into the smartphones market, Dell launched the Dell Streak’s dg version in collaboration with T-Mobile in the same month.

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Dell Inc.
History

In the following month, the company completed the acquisition of Compellent Technologies, a provider of highly-virtualized storage solutions with automated data management features for enterprise and cloud-computing environment. In February 2011, the company signed a six-year IT outsourcing contract with European travel company TUI Travel. In March 2011, Dell Services, a division of the company, entered into a two-year extension of an agreement with the Massachusetts Health Connector Authority, through which the company will deliver a range of enrollment, billing, website and customer experience services. In April 2011, the company acquired Dell Financial Services Canada. In a separate transaction, Dell also acquired CIT Vendor Finance’s Dell-related assets and sales and servicing functions in Europe. In the following month, SAP and Dell collaborated on cloud and in-memory computing. The collaboration will make SAP applications available for deployment via Dell’s VIS Next Generation Datacenter Platform. In May 2011, the US Veterans Affairs awarded a contract worth $476 million to Dell Solutions to provide client technology and services. In June 2011, Dell SecureWorks entered into a strategic partnership with Qualys to manage and re-sell the QualysGuard suite of security and compliance services including vulnerability management, web application scanning, PCI compliance and policy compliance services. In the same month, the company entered into a five-year contract with Hyatt Corporation, an affiliate of Hyatt Hotels Corporation, for comprehensive IT services and solutions. In the following month, Dell signed a definitive agreement to acquire Force10 Networks, one of the leading companies in high-performance datacenter networking. In August 2011, the Motion Picture and Television Fund (MPTF) selected Dell Services to provide a range of information technology services, including cloud hosting, applications support and security administration. In the same month, Dell and Cloudera collaborated to enable large scale data analysis and modeling through open source solution. Furthermore in August 2011, Dell and ikaSystems formed a strategic alliance to help payers reduce administrative costs through advanced processing automation and business process solutions. In the same month, Dell launched its first public cloud offering, Dell Cloud with VMware vCloud Datacenter Service. In August 2011, luxury jet service provider, Flight Options selected Dell Fluid Data solutions from Dell Compellent to increase reliability, scalability, efficiency and automation for its virtualization efforts. In January 2012, Taleo, one of the leading providers of software-as-a-service (SaaS) based talent management solutions, standardized on Dell Boomi AtomSphere to quickly integrate data and applications within its talent management cloud. In the following month, the company acquired AppAssure, one of the leading providers of complete application protection for virtual, physical and cloud infrastructure. In March 2012, Dell signed a definitive agreement to acquire SonicWALL, a leading company in advanced network security and data protection.

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Dell Inc.
History

Subsequently, in April 2012, the company signed a definitive agreement to acquire Wyse Technology, a leading provider of cloud client computing. In the same month, Dell acquired Clerity Solutions, a leading global provider of applications modernization and re-hosting solutions and services. Later in April 2012, Dell signed a definitive agreement to acquire Make Technologies, a leading global provider of application modernization software and services that reduce the cost, risk and time required to re-engineer applications. In May 2012, Dell and Red Hat, a leading provider of open source solutions, signed an agreement to produce Dell and Red Hat hardware/software solutions. In the following month, Dell was awarded a task order under the General Services Administration (GSA) Alliant Government Wide Acquisition Contract (GWAC) by the National Institute of Allergy and Infectious Diseases (NIAID).The company will provide healthcare IT services under the contract worth more than $100 million. In July 2012, the company entered into a definitive agreement to acquire Quest, an IT management software provider offering a selection of solutions that facilitate solving IT related problems. In the same month, CAMICO, a provider of specialty liability insurance for the accounting profession, selected Dell to deliver sales force automation software. In the following month, the company enhanced virtual desktop infrastructure (VDI) offerings with the launch of Dell Wyse zero client end points and Dell EqualLogic storage arrays and software. The company, in collaboration with VMWare, also launched end-to-end reference architectures. In September 2012, Dell entered into a strategic alliance with Ramco Systems to deliver Ramco’s enterprise resource planning (ERP)-as-a-service.

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Dell Inc.
Key Employees

KEY EMPLOYEES
Name
Michael S Dell James W Breyer Donald J Carty William H Gray III Klaus S Luft Alex J Mandl Shantanu Narayen Ross Perot Jr. Gerard J. Kleisterlee Janet F. Clark Kenneth M. Duberstein Laura Conigliaro Stephen J Felice Stephen F Schuckenbrock Brian T Gladden Steve H Price Lawrence P Tu Jeffrey W Clarke

Job Title
Chairman and Chief Executive Officer Director Director Director Director Director Director Director Director Director Director Director

Board
Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board

Compensation
16138498 USD 300934 USD 288552 USD 300934 USD 285004 USD 313644 USD 300934 USD 285934 USD 389162 USD 229813 USD 229813 USD 233164 USD 9674043 USD 12715823 USD 8177566 USD

President, Chief Commercial Officer Senior Management President, Services Senior Vice President and Chief Financial Officer Senior Vice President, Human Resources Senior Management Senior Management Senior Management

Senior Vice President and General Senior Management Counsel Vice Chairman and President, Global Operations and End User Computing Solutions Senior Management

David L Johnson Karen H. Quintos Maurius A. Haas John A. Swainson

Senior Vice President, Corporate Senior Management Strategy and Business Development Senior Vice President and Chief Marketing Officer President, Enterprise Solutions President, Software Senior Management Senior Management Senior Management

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Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES
Michael S Dell
Board: Executive Board Job Title: Chairman and Chief Executive Officer Since: 2007 Age: 47 Mr. Dell has been the Chairman and Chief Executive Officer at Dell since 2007. He has been the Chairman and Founder at Dell since 1984. Mr. Dell served as the Chief Executive Officer at Dell from 1984 to 2004 and resumed that role in 2007. He serves as an Honorary Member on the Foundation Board at the World Economic Forum, the executive committee of the international business council and is a Member of the US business council. Mr. Dell also serves on the governing board of the Indian School of Business in Hyderabad, India. He is also a Board Member at Catalyst.

James W Breyer
Board: Non Executive Board Job Title: Director Since: 2009 Age: 50 Mr. Breyer has been a Director at Dell since 2009. He has been an investor in over 30 consumer internet, media, and technology companies that have completed public offerings or successful mergers. Prior to his joining Accel in 1985, Mr. Breyer worked as a Management Consultant at McKinsey and in product marketing and management at Apple and Hewlett Packard. He is currently a Partner at Accel Partners.

Donald J Carty
Board: Non Executive Board Job Title: Director Since: 1992 Age: 65 Mr. Carty has been a Director at Dell since 1992. He previously served as the Vice Chairman and Chief Financial Officer at the company from 2007 to 2008. Previously, Mr. Carty served as the President at AMR Airline Group and American Airlines. During 1989–95, Mr. Carty was the Executive Vice President, Finance and Planning at AMR and American Airlines.

William H Gray III

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Board: Non Executive Board Job Title: Director Since: 2000 Age: 70 Mr. Gray has been a Director at Dell since 2000. He was the former President and Chief Executive Officer at United Negro College Fund from 1991 to 2004. Mr. Gray has been the Senior Minister at the Bright Hope Baptist Church in Philadelphia since1972. From 1979 to 1991, he served as a Congressman from Pennsylvania in the US. Mr. Gray is also a Director at J.P. Morgan Chase, Prudential Financial and Pfizer.

Klaus S Luft
Board: Non Executive Board Job Title: Director Since: 1995 Age: 70 Mr. Luft has been a Director at Dell since 1995. He is the Founder and Chairman of the Supervisory Board at Artedona, a privately held mail-order e-commerce company established in 1999. Mr. Luft is also the President of Munich-based MATCH — Market Access Services. Previously, he served as the Vice Chairman and International Advisor at Goldman Sachs Europe. During 1986–89, Mr. Luft was the Chief Executive Officer at Nixdorf Computer, where he served for more than 17 years in a variety of executive positions in marketing, manufacturing and finance. He is an Honorary Consul of the Republic of Estonia in the State of Bavaria.

Alex J Mandl
Board: Non Executive Board Job Title: Director Since: 1997 Age: 68 Mr. Mandl has been a Director at Dell since 1997. From 2006 to 2007, he served as the Executive Chairman at Gemalto. Before 2006, Mr. Mandl was the President, Chief Executive Officer and a Member of the Board of Directors at Gemplus. He has been serving as the Principal at ASM Investments since 2001. From 1996 to 2001, Mr. Mandl was the Chairman and Chief Executive Officer at Teligent. He previously served as the President and Chief Operating Officer at AT&T from 1994 to 1996, and its Executive Vice President and Chief Financial Officer from 1991 to 1993. From 1988 to 1991, he was the Chairman and Chief Executive Officer at Sea- Land Services.

Shantanu Narayen
Board: Non Executive Board

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Job Title: Director Since: 2009 Age: 48 Mr. Narayen has been a Director at Dell since 2009. He is the President and Chief Executive Officer at Adobe Systems. Prior to his appointment as the Chief Executive Officer in 2007, Mr. Narayen was the President and Chief Operating Officer at Adobe. Previously, he held key product research and development positions within Adobe, including the Executive Vice President of worldwide products, Senior Vice President of worldwide product development, and Vice President and General Manager of the engineering technology group. Before joining Adobe in 1998, Mr. Narayen was a Co-founder of Pictra. Prior to that, he served as the Director of desktop and collaboration products at Silicon Graphics and held various senior management positions at Apple Computer.

Ross Perot Jr.
Board: Non Executive Board Job Title: Director Since: 2009 Age: 53 Mr. Perot has been a Director at Dell since 2009. He is the Chairman at Hillwood, which he founded in 1988. Mr. Perot is also a Founder of Perot Systems and served on its Board of Directors in 1988. Mr. Perot served as the Chairman of Perot’s board from 2004 until the company was acquired by Dell in 2009. After graduating from Vanderbilt University, Mr. Perot served in the US Air Force for eight and half years. He then served as the Chairman of the Air Force Memorial Foundation. From 2002 until 2003, Mr. Perot served as the Chairman of the Governor's Task Force for economic growth.

Gerard J. Kleisterlee
Board: Non Executive Board Job Title: Director Since: 2010 Age: 65 Mr. Kleisterlee has been a Director at Dell since 2010. He is the President and Chief Executive Officer at Royal Philips Electronics. Prior to assuming his role as the Chief Executive Officer in 2001, Mr. Kleisterlee was the Chief Operation Officer at Philips. Previously, he held several key positions within Royal Philips Electronics, including that of a Member of the Board of Management and a Member of the Group Management Committee. Mr. Kleisterlee also served as the Chief Executive Officer of Philips’ Components division; President of Philips Taiwan; Regional Manager for Philips Components in Asia Pacific; Managing Director of Philips Display Components worldwide; General Manager of Philips’ Professional Audio Product Group and in various other manufacturing

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Key Employee Biographies

management positions within Philips’ Medical Systems division. Mr. Kleisterlee serves as a Member of the Asia Business Council and the Dutch Innovation Platform.

Janet F. Clark
Board: Non Executive Board Job Title: Director Since: 2011 Age: 57 Ms. Clark has been a Director at Dell since 2011. She is also the Executive Vice President, Treasurer and Chief Financial Officer at Marathon Oil and serves as a Member of Marathon's Executive Committee. Ms. Clark joined Marathon in 2004. From 2001 to 2003, she served as the Senior Vice President and Chief Financial Officer at Nuevo Energy. Prior to joining Nuevo, Ms. Clark worked at Santa Fe Snyder where she assumed the role of the Executive Vice President of Corporate Development and Administration in 1999. Ms. Clark joined Santa Fe in 1997 as the Chief Financial Officer. She began her career as an Investment Banker specializing in corporate finance, primarily with the First Boston.

Kenneth M. Duberstein
Board: Non Executive Board Job Title: Director Since: 2011 Age: 68 Mr. Duberstein has been a Director at Dell since 2011. He is currently the Chairman and Chief Executive Officer at the Duberstein Group. During the 1980s, Mr. Duberstein served as a key Member of the Reagan Administration in his role as the White House Chief of Staff, Deputy Chief of Staff and Assistant to the President for Legislative Affairs. He began his public service on Capitol Hill as an Assistant to Senator Jacob K. Javits and later as the Deputy under Secretary of Labor under the Ford Administration. Mr. Duberstein serves as a Lead Director at the Boeing, and also on the Boards at ConocoPhillips and the Travelers Companies.

Laura Conigliaro
Board: Non Executive Board Job Title: Director Since: 2011 Age: 66 Ms. Conigliaro has been a Director at Dell since 2011. She retired as a Partner from Goldman Sachs, a company she joined in 1996. Ms. Conigliaro was the Codirector of Americas Equity Research unit at Goldman Sachs. Prior to that, Ms. Conigliaro served as the Technology Equity Research business

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Key Employee Biographies

unit leader for Goldman Sachs. From 1979 to 1996, Ms. Conigliaro was an Analyst at Prudential Securities. She serves on the Board at Arista Networks as well as Bottomless Closet, a nonprofit organization.

Stephen J Felice
Board: Senior Management Job Title: President, Chief Commercial Officer Since: 2012 Age: 54 Mr. Felice has been the President, Chief Commercial Officer at Dell since January 2012. Prior to this role, he was the President, Small and Medium Business at Dell. Mr. Felice previously served as the Senior Vice President and President at Dell’s Asia Pacific/Japan operations. Mr. Felice joined the company in 1999 from DecisionOne, where he served as the Chief Executive Officer and President. He worked at Bell Atlantic and served as the Vice President of planning and development of Bell Atlantic Customer Services. Mr. Felice also worked at Shell Oil for five years.

Stephen F Schuckenbrock
Board: Senior Management Job Title: President, Services Since: 2011 Age: 51 Mr. Schuckenbrock has been the President, Services at the company since 2011. Prior to assuming the current role, he was the President, Large Enterprise and prior to that served as the Senior Vice President and President, Global Services, and Chief Information Officer at Dell. Prior to joining the company, Mr. Schuckenbrock served as the Co-Chief Operating Officer and Executive Vice President of global sales and services at EDS. Before joining EDS in 2003, he was the Chief Operating Officer at the Feld Group, an IT consulting organization. Mr. Schuckenbrock was the Chief Information Officer at PepsiCo from 1998 to 2000. He was also the global Chief Information Officer at Frito-Lay from 1995 to 1998.

Brian T Gladden
Board: Senior Management Job Title: Senior Vice President and Chief Financial Officer Since: 2008 Age: 47 Mr. Gladden has been the Senior Vice President and Chief Financial Officer at Dell since 2008. Prior to joining the company in 2008, he was the President and Chief Executive Officer at SABIC Innovative Plastics Holding. Prior to joining SABIC Innovative Plastics, Mr. Gladden was with General Electric

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Key Employee Biographies

for nearly 20 years in various financial and management leadership roles. During his career at GE, he served as the Vice President and General Manager at GE Plastics; Chief Financial Officer at GE Plastics; and Vice President and Chief Financial Officer at GE Medical Systems Healthcare IT business. He was named a GE Corporate Officer in 2002 while serving as the Chief Financial Officer at GE Plastics and had formerly served on GE's corporate audit staff for five years.

Steve H Price
Board: Senior Management Job Title: Senior Vice President, Human Resources Age: 50 Mr. Price is the Senior Vice President, Human Resources at Dell. He has been with the company for more than 13 years and has served in leadership roles throughout the human resources (HR) organization, including the Vice President of HR for the global Consumer business, Global Talent Management and Americas Human Resources. Prior to joining Dell in 1997, Mr. Price spent 13 years at SC Johnson Wax.

Lawrence P Tu
Board: Senior Management Job Title: Senior Vice President and General Counsel Since: 2004 Age: 57 Mr. Tu has been the Senior Vice President and General Counsel at Dell since 2004. Previously, he was the Executive Vice President and General Counsel at NBC Universal. Mr. Tu was a Partner at O'Melveny & Myers where for five years he served as the Managing Partner at the firm's Hong Kong office. He previously served as the General Counsel, Asia Pacific at Goldman Sachs. Mr. Tu was an Attorney for the US State Department and a Clerk for the US Supreme Court Justice Thurgood Marshall.

Jeffrey W Clarke
Board: Senior Management Job Title: Vice Chairman and President, Global Operations and End User Computing Solutions Since: 2009 Age: 49 Mr. Clarke has been the Vice Chairman and President, Global Operations and End User Computing Solutions at Dell since 2009. He joined the company in 1987 as a Quality Engineer and has served in a variety of engineering and management roles. Mr. Clarke moved into product development in 1989 and was promoted to Director of desktop development in 1995. Prior to joining Dell, he was a Reliability and Product Engineer at Motorola.

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Key Employee Biographies

David L Johnson
Board: Senior Management Job Title: Senior Vice President, Corporate Strategy and Business Development Since: 2010 Age: 58 Mr. Johnson has been the Senior Vice President, Corporate Strategy and Business Development at Dell since 2010. Previously, he worked at IBM for 27 years in a variety of corporate-development and finance roles, and was a Member of IBM’s senior leadership team. Mr. Johnson holds both a Master’s degree in finance and a Bachelor’s degree in English from Boston College.

Karen H. Quintos
Board: Senior Management Job Title: Senior Vice President and Chief Marketing Officer Age: 48 Ms. Quintos is the Senior Vice President and Chief Marketing Officer at Dell. Previously, she was the Vice President of global public business at Dell. Ms. Quintos joined the company in 2000 and has held various executive roles in Dell’s services, contact center and supply chain management teams. Prior to Dell, she worked at Citigroup, where she served as the Vice President of global operations and technology. Ms. Quintos worked at Merck for 12 years where she held a variety of roles in marketing, planning, operations and supply chain.

Maurius A. Haas
Board: Senior Management Job Title: President, Enterprise Solutions Since: 2012 Mr. Haas has been the President, Enterprise Solutions at Dell since August 2012. He joined the company from Kohlberg Kravis Roberts (KKR). Prior to KKR, Mr. Haas was the Senior Vice President and worldwide General Manager at the Hewlett-Packard (HP) Networking Division, and also served as the Senior Vice President of Strategy and Corporate Development. Earlier in his career, he held a wide range of senior operations roles at Compaq and Intel. Mr. Haas also served as a Member of the McKinsey & Company CSO Council, the Ernst & Young Corporate Development Leadership Network and as a Board Member of the Association of Strategic Alliance Professionals.

John A. Swainson
Board: Senior Management Job Title: President, Software Since: 2012

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Key Employee Biographies

Age: 57 Mr. Swainson has been the President, Software at Dell since March 2012. Prior to joining the company he was a Senior Advisor at Silver Lake. Mr. Swainson was a Director at several companies including Broadcom, Assurant, Cadence Design Systems and Serena Software. From 2005–2009, he was the Chief Executive Officer and Director at CA Technologies. Prior to joining CA Technologies, Mr. Swainson worked at IBM for more than 26 years.

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Major Products and Services

MAJOR PRODUCTS AND SERVICES
Dell Inc (Dell or “the company”) designs, develops, manufactures, markets, sells and supports various information technology systems and services. The company's key products and services include the following: Products: Desktop personal computers Workstations MP3 players Notebook PCs Software Printers Displays Networking products Storage devices Servers Smartphones Services: Infrastructure technology services Consulting and application services Business process services Assessment, design and implementation services Deployment services Training and certification services Support services Managed lifecycle services Financial services Brands: Alienware Dimension Inspiron Latitude OptiPlex Precision Vostro XPS PowerEdge PowerConnect

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Revenue Analysis

REVENUE ANALYSIS
Overview The company recorded revenues of $62,071 million during the fiscal year ended February 2012 (FY2012), an increase of 0.9% over FY2011. For the FY2012, the US, the company's largest geographic market, accounted for 49% of the total revenues. Dell generates revenues through four business divisions: large enterprises (29.7% of the total revenues during FY2012), public (26.7%), small and medium business (24.4%) and consumer (19.2%). Revenues by division During the FY2012, the large enterprise division recorded revenues of $18,457 million, an increase of 3.6% over FY2011. The public division recorded revenues of $16,548 million in FY2012, a decrease of 1.8% compared to FY2011. The small and medium business division recorded revenues of $15,166 million in FY2012, an increase of 4.8% over FY2011. The consumer division recorded revenues of $11,900 million in FY2012, a decrease of 3.7% compared to FY2011. Revenues by Geography The US, Dell's largest geographical market, accounted for 49% of the total revenues in the FY2012. Revenues from the US reached $30,404 million in FY2012, a decrease of 4.7% compared to FY2011. Foreign countries accounted for 51% of the total revenues in the FY2012. Revenues from foreign countries reached $31,667 million in FY2012, an increase of 7% over FY2011.

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SWOT Analysis

SWOT ANALYSIS
Dell Inc (Dell or “the company”) is one of the leading technology companies, offering a broad range of products, including desktop PCs, servers, networking products, storage, mobility products, software and peripherals, and services. The company has established a strong market position and is able to defend the same with strong brand value. However, sluggish growth trends in the PC market will impact Dell negatively as the company has significant exposure to the segment. Strengths Robust market position supported by strong brand value Cash flow generation capabilities to support growth Diversified operations with focus on growth areas Acquisitions to drive growth Opportunities Emerging economies will dominate the global IT spending marking strong growth Measures to gain market share in the growing cloud computing segment Poised to drive growth in thin client market Weaknesses Relatively weak research and development capabilities Lower margins compared to peers

Threats PC market poised for a likely decline Intense competition

Strengths

Robust market position supported by strong brand value Dell has a robust market presence in IT systems market. Despite tough market conditions and competition in the recent past, Dell continues to remain a strong player in the IT systems market. According to industry estimates, Dell was the third largest player in the worldwide PC market with shipments of 42.9 million units in 2011; garnering a market share of about 12.1%. The company is among the leading players in the computer peripheral equipment and software wholesaler market. According to industry estimates, the company is also the sixth largest player in the external controller-based disk storage systems market with a market share of about 7.3% in the second quarter of 2012. Further, Dell is the third largest player in the worldwide servers' market with a factory revenue share of 16% in the second quarter of 2012. Strong market position indicates that the products and services offered by the company have received wide acceptance from the customers. Accordingly, Dell now has access to a large customer base which is a competitive advantage.

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SWOT Analysis

In addition to the robust market position, Dell enjoys a strong brand image supporting its growth. The company is among the top 100 brands in the world, with a brand value of $11,605 million, according to annual ranking given by industry sources as of December 31, 2011. It was ranked 72 in the global 500 rankings in 2012. Strong brand image makes Dell a preferred hardware provider over its competitors. In addition, strong brand image promotes greater trust in the company's product and services, which boosts the demand and Dell is better positioned to defend its market share owing to the strong brand image which will lead to customer loyalty. Strong market position and brand image will therefore facilitate strong revenue growth and will enable the company to better sustain cyclical downturns. Cash flow generation capabilities to support growth Dell enjoys strong cash flow generation capabilities. The company’s cash from operating activities increased from $3,969 million in FY2011 to $5,527 million in FY2012. The company has maintained an operating cash flow to earnings before interest and tax (EBIT) ratio of over 100%. In FY2012, the company’s operating cash flow as a percentage of EBIT was over 124%. This indicates that Dell is able to convert 124% of its EBIT into cash. Comparatively, IBM had operating cash flow to EBIT ratio of over 98% in FY2011. Furthermore, Dell enjoys one of the leading cash conversion cycle (CCC) which facilitated strong cash flows. For FY2012, the company had a negative CCC of 36 days. CCC expresses the length of time in days that it takes for a company to convert resource inputs into cash flows. It measures the amount of time each net input dollar is tied up in the production and sales process before it is converted into cash through sales to customers. The metric is a combination of the amount of time needed to sell inventory, to collect receivables, and the length of time the company is given to pay its bills without incurring penalties. The shorter the cycle is, the less time capital is tied up in the business process and thus the better it is for the company's balance sheet. Dell has negative CCC days which indicate that the company does not pay its suppliers for the products it buys until it receives payment for selling those products. Accordingly, the company does not need to hold large inventory and can hold on to cash for a longer period of time. This advantage is usually enjoyed by the online retailers and as Dell relies heavily on the direct channel of distribution, it is able to maintain negative CCC days. In addition, Dell being a large company is in a better position to wield the power to attain favorable terms from suppliers. The company’s competitor HP does not enjoy the same advantage, for instance in FY2011 it had CCC of 26 days. Strong cash flow generation indicates that the company is well placed to finance its growth internally. Furthermore, strong cash flow generation capabilities will provide certain resilience in times of cyclical down turns. Dell’s ability to convert most of its operating income into cash will enable the company to maintain liquidity and solvency in addition to funding the growth prospects. Diversified operations with focus on growth areas Dell has pro-actively expanded and diversified its operations and has transformed itself since its inception. The company has focused on positioning itself as a company offering IT products and solutions from originally being a PC brand. Accordingly, it has made several investments and gained

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SWOT Analysis

significant market in enterprise solutions and in offering IT services. These segments have higher margins and are also significant growth areas. Dell has a diversified customer base as well, owing to the expansion of its product and service portfolio. The company's customers are categorized as large enterprise, public, small and medium business (SMB), and consumer. During FY2012, the company generated 29.7% of the total revenues from large enterprise, 26.7% from public clients, 24.4% from SMBs, and 19.2% from consumers. The company has been focusing on SMB segment within the enterprise market. SMBs are estimated to grow in number and also are expected to experience strong growth. Therefore, the company is not only exposed to large players that enjoy stable markets but is also exposed significantly to the growth in SMB segment. Similarly, Dell has also diversified geographically. Sales outside the US accounted for about 51% of consolidated net revenue for FY2012. Furthermore, Dell has been focusing on emerging countries such as Brazil, Russia, India and China (BRIC) and has invested significantly in these markets. Emerging nations provide a complete contrast to the developed markets as they are characterized by strong growth rates. Dell by the end of FY2012 had significant exposure to strong growth areas while still maintaining exposure to its core markets. These factors will contribute positively to the revenue growth and margin expansion in the future. Acquisitions to drive growth The company has undertaken several acquisitions in 2011 and 2012. In January 2011, Dell signed a definitive agreement to acquire SecureWorks, a globally recognized provider of information-security services. In the following month, the company completed the acquisition of Compellent Technologies, a provider of highly-virtualized storage solutions with automated data management features, including tiering and thin provisioning, for enterprise and cloud-computing environments. In April 2011, the company acquired Dell Financial Services Canada. In a separate transaction, Dell also acquired CIT Vendor Finance’s Dell-related assets and sales and servicing functions in Europe. In July 2011, Dell signed a definitive agreement to acquire Force10 Networks, one of the leading companies in high-performance datacenter networking. In February 2012, the company acquired AppAssure, one of the leading providers of complete application protection for virtual, physical and cloud infrastructure. In March 2012, Dell signed a definitive agreement to acquire SonicWALL, a leading company in advanced network security and data protection. Subsequently, in April 2012, the company signed a definitive agreement to acquire Wyse Technology, a leading provider of cloud client computing. In the same month, Dell acquired Clerity Solutions, a leading global provider of applications modernization and re-hosting solutions and services. Later in April 2012, Dell signed a definitive agreement to acquire Make Technologies, a leading global provider of application modernization software and services that reduce the cost, risk and time required to re-engineer applications. In July 2012, the company entered into a definitive agreement to acquire Quest, an IT management software provider offering a selection of solutions that facilitate solving IT related problems. Dell has historically pursued acquisitions to expand its presence in the non-core and adjacent markets. The company has been able to establish a strong position in some of these markets due

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SWOT Analysis

to such acquisitions. The acquisitions are aiding Dell to position itself as a provider of complete IT products and services, and compete effectively against dominant players in these markets. Several acquisitions made by Dell enabled it to establish its presence in some of the growth markets. These acquisitions are expected to contribute significantly to the overall growth. They also facilitate quick penetration into markets that are strategically important for Dell.

Weaknesses

Relatively weak research and development capabilities Dell has relatively weak research, development and engineering (R&D) capabilities compared to its major competitors. The company's R&D spending has been lower than its competitors. Dell's R&D expenses were $856 million, $661 million and $624 million respectively, during FY2012, FY2011 and FY2010 respectively. By contrast, its main competitor HP reported R&D spending of $3,254 million and $2,959 million in FY2011 and FY2010 respectively; and IBM reported R&D spending of $6,258 million and $6,026 million, respectively, in FY2011 and FY2010. Furthermore, the company's R&D spending as percentage of total revenues was 1.4% in FY2010, compared to HP (2.6%), and IBM (5.9%). As a result, the company had lesser patents than its competitors. At the end of FY2012, it had a worldwide portfolio of 3,449 patents and additional 1,660 patent applications pending. By contrast, HP had a worldwide portfolio of over 36,000 patents as of October 31, 2011. Although, the company's business model was not highly dependent on R&D over years, changing industry dynamics with increasing competition and commoditization of PC market call for differentiation through innovation. Furthermore, the company's relatively weak R&D increases dependency on licenses for third-party patents, and it may affect its ability to introduce innovative products. It also affects the competitiveness adversely. Lower margins compared to peers Dell is witnessing lower margins compared to peers. The company’s operating margin was 7.1% in FY2012. Comparatively, IBM’s operating margin stood at 19% in FY2011. This indicates that the company is lagging its peers when it comes to profitability of operations. Furthermore, Dell’s net margin of about 5.6% is lower than IBM’s 14.8%. Profitability provides a cushion in times of pressurized sales. Lower profitability will also impact Dell’s pricing policy as the company’s competitors have higher margins to reduce prices to be more competitive. Therefore, a lower margin compared to its peer companies is a competitive disadvantage for Dell. Additionally, the players across the industry including Dell and IBM have transformed into products and services companies from pure play product companies. Like Dell, IBM has also positioned itself as a complete IT services provider. The difference in the margins indicates that IBM’s strategically sound transformation has enabled it to earn higher margins. Dell’s margins indicate a competitive disadvantage which has the potential to impact the company’s growth prospects.

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SWOT Analysis

Opportunities

Emerging economies will dominate the global IT spending marking strong growth The emerging markets of the world with strong economic fundamentals are estimated to witness robust growth in IT spending. According to industry estimates, emerging markets are expected to generate about $1.2 trillion in IT spending in 2012, representing over 30% of the worldwide IT spending. IT spending at Brazil, Russia, India, Mexico and China is expected to be particularly strong among the emerging nations. Dell has aligned its investment priorities to the trends in the emerging markets. In recent years, the company has not only increased investments in BRIC, but has also made efforts to tailor products and services to meet the specific needs of customers in these countries. Dell has performed strongly in the region. Revenue from BRIC nations increased 15% year-over-year, for FY2012. Total revenue from BRIC has been increasing sequentially since the fourth quarter of 2009 and represented 14.2% of the company’s total net revenue for FY2012 compared to 12.3% in the previous year. The company continues to focus on expanding into these and other emerging countries that represent the vast majority of the world's population and to enhance relationships to provide customer choice and flexibility. The company’s pro-active expansion into emerging markets will provide a strong support for growth. Measures to gain market share in the growing cloud computing segment Dell in the recent times has been making a major push into the cloud computing services. The company has made several acquisitions in the segment to tap into the large opportunity offered in this market segment, According to the industry estimates, the global market for cloud computing will increase from $41 billion in 2011 to more than $240 billion in 2020. Furthermore, the total size of the public cloud market is estimated to grow from $25 billion in 2011 to $160 billion in 2020. Further estimates indicate that, by 2014, 2.5% of the enterprise IT spending will be on cloud applications. By 2020, about 15% of the IT spending will be on cloud. During 2010-13, the revenues from cloud computing are estimated to grow at a compounded annual growth rate (CAGR) of 24%. Dell has focused on enhancing its services business, and the investments made by the company in this rapidly growing market will enhance revenue accruals for the segment. Poised to drive growth in thin client market Dell is positioning itself for tapping into the growth offered in the thin client market by launching a thin client designed to work on Microsoft’s Windows 8 operating system (OS) due to release in 2012. According to the industry estimates, the thin client market size is expected to grow to about $3 billion by 2015 at a CAGR of 15%. Thin clients are key components in the virtualization value chain, a segment that is poised for strong growth. Dell’s Wyse products are well positioning to tap into the immense opportunity in the thin clients market.

Threats

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SWOT Analysis

PC market poised for a likely decline The PC market has been posting declines amid competition from mobility products like tablets. Tablets are likely to cannibalize into the sales of PCs further hampering the growth prospects. The macro economic trends in the developed countries which have not followed the strong path of recovery originally estimated is also pressurizing the business and consumer spending.The worldwide desktop PC market is estimated to record a decline of 1.2% in 2012 while the portable PCs are estimated to grow by a sluggish 2.4%. Overall, the PC market is estimated to grow by 0.9%. Most of the growth is expected to come from the emerging nations. The industry estimates indicate that in mature markets, the PC shipments will decline by 1.2% in 2012. Though Dell is increasing its exposure to emerging nations, it continues to derive significant revenues from mature markets. The US alone accounts for 49% of the company’s total revenues. Despite efforts to diversify into other business segments, Dell is significantly exposed to the PC market and its revenues from the segment will be adversely impacted amid the slow growth in the segment. Intense competition The company faces intense competition in all its business segments. It competes in terms of price, quality, brand, technology, reputation, distribution and range of products, among other factors. Dell faces stiff competition in enterprise PC and server markets from Acer, Apple, HP, Lenovo, IBM and Toshiba, among others. In some regions, the company faces competition from local companies and from generically-branded or white box manufacturers. In the consumer market, Dell faces stiff competition from HP, Acer, Apple, Sony, Lenovo and Asustek. Furthermore, in the European and Asian netbooks markets the company faces intense competition from Asustek. In addition, with the launch of smartphone the company's mobile business competes with Apple, Research In Motion and HTC. Intense competition may affect the company's operating performance and market share in coming years.

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Top Competitors

TOP COMPETITORS

The following companies are the major competitors of Dell Inc.

Hewlett-Packard Company International Business Machines Corporation NEC Corporation Toshiba Corporation Lenovo Group Limited Acer Inc. Hitachi, Ltd. Samsung Electronics Co., Ltd. Sony Corporation ASUSTeK Computer Inc.

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Company View

COMPANY VIEW
An excerpt from the Management's Discussion and Analysis of Financial Condition and Results of Operations section is given below. The statement has been taken from the company’s 10-K filing for FY2012. We are a leading integrated technology solutions provider in the IT industry. We built our reputation through listening to customers and developing solutions that meet customer needs. We are focused on providing long-term value creation through the delivery of customized solutions that make technology more efficient, more accessible, and easier to manage. Our four customer-centric, global business segments are Large Enterprise, Public, Small and Medium Business, and Consumer. We also refer to our Large Enterprise, Public, and SMB segments as “Commercial.” A key component of our business strategy is to continue shifting our portfolio to products and services that provide higher-value and recurring revenue streams over time. As part of this strategy, we emphasize expansion of our enterprise solutions and services, which include servers, networking, storage, and services. We believe the most attractive areas for profitable growth include data center and information management as well as client and cloud computing. Some of our most attractive growth opportunities for technology expansion are in emerging countries which include a vast majority of the world's population. In recent years, we have focused much of our investment in Growth Countries, with a particular focus on BRIC. Growth Countries now account for a significant portion of our revenue and revenue from BRIC has continued to increase each year. Our strategic transformation has contributed to significant improvements in our operating margins. We have directed our client product development efforts towards streamlining our product portfolio and focusing on product leadership by developing next generation capabilities. We employ a collaborative approach to product design and development in which our engineers, with direct customer input, design innovative solutions and work with a global network of technology companies to architect new system designs, influence the direction of future development, and integrate new technologies into our products. Through this collaborative, customer-focused approach, we strive to deliver new and relevant products and services to the market quickly and efficiently. We continue to invest in the enhancement of our sales and marketing functions. Over time, we have added new distribution channels, such as retail, system integrators, value-added resellers, and distributors, to expand our access to more end-users around the world. We supplement organic growth with a disciplined acquisition program targeting businesses that will expand our portfolio of higher-margin enterprise solutions offerings. We emphasize acquisitions of companies with portfolios that we can leverage with our global customer base and distribution. Since the beginning of Fiscal 2011, we acquired more than ten businesses that extended our core capabilities in a variety of enterprise solutions offerings, including storage, networking, systems management appliance, virtualized server and data center solutions, and software-as-a-service application integration, as well as enabled expansion of our customer financing activities. The comparability of our results of operations for Fiscal 2012, as compared to Fiscal 2011, is affected by our Fiscal 2012 acquisitions, though the impact is not material. Our Fiscal 2012 and Fiscal 2011

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Company View

results of operations, as compared to Fiscal 2010, are impacted by our acquisition of Perot Systems Corporation ("Perot Systems") in November of 2009. See our Services discussion under "Results of Operations — Revenue of Operations — Revenue by Product and Services Categories" for more information about our acquisition of Perot Systems.

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Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES
Head Office
Dell Inc. One Dell Way Round Rock Texas 78682 USA P:1 512 338 4400 http://www.dell.com

Other Locations and Subsidiaries
Boomi, inc. 801 Cassatt Road Suite 120 Berwyn Pennysylvania 19312 USA Dell Software - US 850 Asbury Drive Buffalo Grove Illinois 60089 USA Dell Compellent Headquarters 7625 Smetana Lane Eden Prairie Minnesota 55344-3712 USA

Dell Software - Canada 155 Gordon Baker Road Suite 501 North York Ontario M2H 3N5 CAN Alienware Corporation Florida USA

Dell Software Europe 21 rue de Clichy 93584 Saint-Ouen Cedex FRA Bracknell Boulevard (Block C) L.L.C. Delaware USA Dell Funding L.L.C Nevada USA

Dell Computer Holdings L.P. Texas USA DCC Executive Security Inc. Delaware USA

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