VMware reported its financial results for Q4 2015 and full year 2015. Key highlights included: - FY 2015 non-GAAP revenues grew 13% year-over-year in constant currency. Non-GAAP earnings per share increased to $4.06. - EUC business crossed $1 billion in annual bookings for 2015. NSX annual run rate exceeded $600 million and VSAN exceeded $100 million. - For 2016, VMware expects total and license bookings to exceed revenue growth by 3-5 percentage points. - The company provided guidance for Q1 2016 and full year 2016, expecting continued growth.

1. © 2016 VMware Inc. All rights reserved.
VMW Q4-2015 & FY-2015 Earnings
Conference Call

2. Speakers Slide 2
Paul Ziots
VP, Investor Relations
Pat Gelsinger
CEO
Carl Eschenbach
President & COO
Jonathan Chadwick
CFO & COO

3. Pat Gelsinger, CEO Slide 3
 FY-15 total Non-GAAP revenues(1)
grew 13% YoY in constant currency
 Increased Non-GAAP earnings(1)
to four dollars and six cents per share
 EUC business crossed a billion dollars of total bookings for 2015
 NSX total bookings annual run rate well over $600M
 VSAN total bookings annual run rate well over $100M
(1) See Appendix for reconciliation to GAAP

4. Pat Gelsinger, CEO Slide 4
 VMware cloud strategy – connecting multiple clouds and multiple
devices
• Extend leadership in private cloud; significant increase in 2015 full
SDDC deployments vs 2014
• Extend private cloud workloads into public cloud via vCloud Air
Network and vCloud Air
• Unparalleled connectivity, security and visibility across multiple
clouds, including AWS and Azure with NSX and vRealize
 For 2016, expect total bookings and license bookings to exceed revenue
growth by 3-5 percentage points

5. Carl Eschenbach, President & COO Slide 5
 EMEA performed best, followed by the Americas & Asia Pacific
 Continued weakness in China, Russia and Brazil
 Enterprise Agreements (EAs) approximately 42% of total Q4 bookings
 Six deals at or above $10 million
 EUC now over $1.2B annual bookings run rate
 Desktop Q4 license business grew double digits YoY

6. Carl Eschenbach, President & COO Slide 6
 AirWatch grew Q4 license and subscription bookings nearly 50% YoY
 Cloud management penetration over 17% of installed base
 NSX total bookings more than doubled 2H-15 versus 1H-15
 Over 1,200 NSX paying customers; 9 of top 10 EAs included NSX
 Total Q4 VSAN bookings grew nearly 200% YoY; 6 of top 10 EAs
included VSAN
 Total Q4 bookings for vCloud Air Network grew in the low-teens YoY

7. Overview of Results: Revenue Highlights Slide 7
(1) See Appendix for reconciliation to GAAP

8. Q4-15 & FY-15 Income Statement Highlights Slide 8
Q4-14 Q4-15 FY-14 FY-15
License Revenues ($M) 777 825 2,591 2,720
Services Revenues ($M) 926 1,043 3,444 3,927
GSA Settlement ($M) - - - (76)
Total Revenues ($M) 1,703 1,868 6,035 6,571
Non-GAAP Operating
Margin(1) 33.3% 35.1% 31.1% 31.8%
Non-GAAP Net Income
per Diluted Share ($)(1) 1.08 1.26 3.56 4.06
(1) See Appendix for reconciliation to GAAP

9. FY-2015 Select Financial Measures Slide 9
(1) Non-current Unearned Revenues as reported on VMware’s consolidated balance sheet
FY-14 FY-15
Headcount 17,979 19,187
Cash & Short-Term Investments ($M) 7,075 7,509
Operating Cash Flow ($M) 2,180 1,899
CapEx ($M) 352 333
Unearned Revenues Total ($M) 4,833 5,076
Long-Term Unearned Revenues ($M)(1) 1,851 1,831

10. Hybrid Cloud and SaaS Slide 10

11. FY-2016 Revenue Guidance Slide 11
(1) See Appendix for reconciliation to GAAP

12. Q1-2016 Revenue Guidance Slide 12

13. 2016 vCloud Air (vCA) Disclosures Slide 13
(1) See Appendix for reconciliation to GAAP

14. Q1-2016 and FY-2016 Additional Guidance Slide 14
(1) See Appendix for reconciliation to GAAP

15. Q&A
Slide 15

16. Appendix Slide 16

17. Appendix Slide 17

18. Appendix Slide 18

19. Appendix Slide 19

20. Appendix Slide 20

21. Appendix Slide 21
YoY
YoY in Constant
Currency
Non-GAAP Total Revenues Growth 2 - 4% 2 - 5%
GSA Settlement (1)
1% 1%
GAAP Total Revenues Growth 3 - 6% 3 - 6%
Totals may not sum, due to rounding. Total revenues growth are calculated based on the respective underlying, non-rounded data.
(1) Reflects impact of Fiscal 2015 revenues due to GSA settlement in Q2-15
Full Year
Fiscal 2016 (Projected)

22. Appendix Slide 22
Non-GAAP Operating Margin ~28.0% Expected ~31.5% Expected
Stock-based compensation 10.4% Estimated 10.2% Estimated
Employer payroll tax on employee
stock transactions
0.2% Estimated 0.2% Estimated
Intangible Amortization 2.1% Estimated 1.8% Estimated
Realignment Charges 3.8% Estimated 0.9% Estimated
Acquisition and other related items 1.2% Estimated 0.3% Estimated
GAAP Operating Margin 9% - 11%
Expected to be 17 to 19
percentage points less
than Non-GAAP margin
17% - 19%
Expected to be 13 to 15
percentage points less
than Non-GAAP margin
First Quarter
Fiscal 2016 (Projected)
Full Year
Fiscal 2016 (Projected)
Reconciliation of Non-GAAP to GAAP Operating Margin Guidance

23. Appendix Slide 23
2016 VMW Non-GAAP Operating Margin excluding vCA
Non-GAAP Operating Margin ~33.5% Expected
Stock-based compensation 9.9% Estimated
Employer payroll tax on employee stock transactions 0.2% Estimated
Intangible Amortization 1.8% Estimated
Realignment Charges 0.8% Estimated
Acquisition and other related items 0.3% Estimated
GAAP Operating Margin 19% - 21%
Expected to be 13 to 15
percentage points less
than Non-GAAP margin
Full Year
Fiscal 2016 (Projected)

24. Appendix Slide 24
Non-GAAP
Diluted Earnings per Share
$0.83 - $0.85 Expected $4.07 - $4.16 Expected
Stock-based compensation 0.39 Estimated 1.65 Estimated
Employer payroll tax on employee
stock transactions
0.01 Estimated 0.03 Estimated
Intangible Amortization 0.08 Estimated 0.29 Estimated
Realignment Charges 0.14 Estimated 0.14 Estimated
Acquisition and other related items 0.04 Estimated 0.05 Estimated
Tax Adjustment (0.13) Estimated (0.43) Estimated
GAAP
Diluted Earnings per Share
$0.27 - $0.33
Expected to be 50 to 58
cents less than Non-GAAP
Diluted Earnings per Share
$2.18 - $2.53
Expected to be 154 to 198
cents less than Non-GAAP
Diluted Earnings per Share
Reconciliation of Non-GAAP to GAAP Diluted Earnings per Share Guidance
First Quarter
Fiscal 2016 (Projected)
Full Year
Fiscal 2016 (Projected)

25. Q4-15 Revenues + Sequential Change in Unearned Revenues
Slide 25

26. Forward Looking Statements Slide 26
This presentation contains forward-looking statements including, among other things, the annualized bookings run rate forecasts for specified business; VMware’s cloud
strategy; expectations regarding total and license bookings as compared to revenue growth in FY 2016; expectations regarding total and license revenue growth in Q1 2016
and FY 2016, including expected impacts of currency exchange rates; expectations regarding the vCloud Air business in FY 2016, including vCloud Air revenue, VMware’s
non-GAAP operating margin excluding vCloud Air and the vCloud Air impact on VMware’s operating and free cash flows; expectations regarding Q1 2016 and FY 2016 non-
GAAP operating margin, diluted non-GAAP earnings per share and diluted share count; expectations regarding FY 2016 GAAP and non-GAAP tax rates, cash flow from
operations, capital expenditures and free cash flow; expectations related to VMware’s non-GAAP to GAAP reconciliations for each of operating margin and diluted earnings
per share for Q1 2016 and FY2016. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of
1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse
changes in general economic or market conditions; (ii) delays or reductions in consumer, government and information technology spending; (iii) competitive factors,
including but not limited to pricing pressures, industry consolidation, entry of new competitors into the virtualization software and cloud, end user and mobile computing
industries, and new product and marketing initiatives by VMware’s competitors; (iv) VMware’s customers’ ability to transition to new products and computing strategies such
as cloud computing, desktop virtualization and the software defined data center; (v) factors that affect timing of license revenue recognition such as product announcements
and promotions and beta programs; (vi) the uncertainty of customer acceptance of emerging technology; (vii) changes in the willingness of customers to enter into longer
term licensing and support arrangements; (viii) rapid technological changes in the virtualization software and cloud, end user and mobile computing industries; (ix) changes
to product and service development timelines; (x) VMware’s relationship with EMC Corporation and EMC’s ability to control matters requiring stockholder approval, including
the election of VMware’s board members and matters relating to EMC’s investment in VMware, and any changes that Dell may implement following the completion of the
Dell-EMC merger; (xi) VMware’s ability to protect its proprietary technology; (xii) VMware’s ability to attract and retain highly qualified employees; (xiii) the unsuccessful
integration of acquired companies and assets into VMware; (xiv) disruptions to VMware’s business resulting from the pendency of EMC’s acquisition by Dell and the
potential for loss of VMware customers due to uncertainty that the Dell-EMC transaction could have on VMware’s business;(xv) the potential negative impact on VMware’s
stock price due to any confusion or uncertainty caused by the VMware tracking stock that is expected to be issued by Dell to EMC stockholders in the transaction; (xvi)
disruptions resulting from key management changes; (xvii) pending or future stockholder litigation related to the Dell-EMC transaction; (xviii) VMware‘s ability to implement
workforce reductions and other components of the plan in various geographies; (xix) possible changes in the size and components of the expected restructuring charges
and cash expenditures; (xx) fluctuating currency exchange rates; (xxi) fluctuations and volatility in VMware’s stock price; (xxii) changes in VMware’s financial condition;
(xxiii) changes in business opportunities and priorities that could cause VMware to consider alternative uses of cash; (xxiv) fluctuations in the level of cash held in the United
States that is available for stock repurchases; and (xxv) changes in the dilutive impact in 2016 of shares issuable through VMware’s equity compensation programs. These
forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks
detailed in documents filed with the Securities and Exchange Commission, including VMware’s most recent reports on Form 10-K and Form 10-Q and current reports on
Form 8-K that VMware may file from time to time, which could cause actual results to vary from expectations. VMware assumes no obligation to, and does not currently
intend to, update any such forward-looking statements after the date of this presentation.

27. Growth in Constant Currency Slide 27
Revenue numbers in this presentation are provided in constant currency where indicated. Bookings growth metrics in this
presentation are provided in constant currency.
A majority of VMware’s sales are denominated in the U.S. dollar; however, VMware also invoices and collects in the euro, the British pound, the
Japanese yen, the Australian dollar and the Chinese renminbi in their respective regions. The U.S. dollar is the functional currency for all of
VMware’s legal entities. At the time a non-U.S. dollar transaction is recorded, the value of the transaction is converted into U.S. dollars at the
exchange rate in effect for the month in which each order is booked.
As a result, the amount of license and total revenues and unearned revenues derived from these transactions will be impacted by foreign
exchange fluctuations. In order to provide a comparable framework for assessing how VMware’s business performed adjusted for the impact of
foreign currency fluctuations, management analyzes year-over-year license and total revenue growth on a constant currency basis.
Revenue Growth in Constant Currency and Sequential Change in Unearned Revenues
License and total revenues recognized during the current period derived from non-U.S. dollar based transactions were converted into U.S.
dollars using the exchange rates that were effective in the comparable prior year period. The calculated current period license and total
revenues, adjusted for foreign currency fluctuations, is compared to the license and total revenues of the comparable prior year period, as
reported, in calculating license and total revenue growth in constant currency.
Unearned license revenues and unearned total revenues at the end of the period, derived from non-U.S. dollar transactions recorded during the
current period, were adjusted for foreign currency fluctuations using the exchange rates that were effective in the comparable prior year period.
Unearned license revenues and unearned total revenues, adjusted for foreign currency fluctuations at the end of the period, are compared to
unearned license revenues and unearned total revenues at the beginning of the period, as reported, in determining the sequential change in
unearned revenues.