Dell Inc. (Exact Name of Registrant As Specified in Its Charter)
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a party other than the Registrant ¨ Check the appropriate box: ¨ Preliminary Proxy Statement ¨ Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ¨ Definitive Proxy Statement x Definitive Additional Materials ¨ Soliciting Material Pursuant to §240.14a-12 Dell Inc. (Exact name of registrant as specified in its charter) (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): x No fee required ¨ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: ¨ Fee paid previously with preliminary materials. ¨ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount previously paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: D E L L S P E C I A L C O M M I T T E E I N V E S T O R P R E S E N T A T I O N June 2013 Presentation to Dell’s investors Alex Mandl (Chairman), Former President, COO & CFO of AT&T Laura Conigliaro, Retired Partner of Goldman Sachs Janet Clark, EVP & CFO of Marathon Oil Ken Duberstein, ProxyChairman solicitor & CEO Boston of The Consulting Duberstein Group Group Management Special Committee consultant Debevoise 1 & Plimpton LLP Morris, Nichols, Arsht & Tunnell LLP Legal counsel J.P. Morgan Evercore Partners Financial advisors MacKenzie Partners Agenda Transaction process 3 Perspectives on Dell today Overview of financial forecasts 21 12 Evaluation of strategic alternatives 29 2 Process led by experienced and independent Special Committee Ken Duberstein Director Chairman & CEO of The Duberstein Group Other experience Former White House Chief of Staff (Reagan) Lead Director, The EnergyBoeing EVPCompany of Santa Chairman, Fe Snyder Governance Investment Committee, banker at The FirstTravelers Boston Companies Corporation Former Director Presiding of four Director, nonprofit ConocoPhillips organizations LauraJanet ClarkConigliaro Director Director EVP Retired& CFO Partnerof Marathon of Goldman Oil Other Sachs experience Other experience SVP & CFO Co-Director of Nuevo of CommitteeGoldman Sachs Former Americas President, Equity COO Research & CFO Coveredof AT&T computer Other experience systems sector Chairman as Technology of Gemalto Equity President Research & CEO business of Gemplus leader Former Director director of Infoblox, of Pfizer, Arista Visteon Networks Corp., and Hewett Genpact Associates, Alex Mandl AT&T, Chairman General of Instrument Special andCorp. strategic and Warner advisors Lambert 3 The Special Committee consists of independent directors with deep experience and functional expertise across the technology sector and M&A, advised by leading independent legal, financial forRoss Economic Perot Jr. GrowthDirector Independent Chairman, Hillwooddirectors unanimouslyOther experience approved Founder, transaction Perot Systems James Breyer1 (acquired Director by Dell Partner, in 2009) Accel Chairman, Partners Air Other Force experience Memorial McKinsey Foundation & CompanyChairman, Product Governor’s marketing Task Forceand management at Apple NationalComputers Infrastructure and Hewlett- Advisory Packard CouncilLead Independent Current Director Director, of BarrackWal-Mart Gold Stores Corp., Donald Hawaiian Carty Holdings Director Chairman,and Porter VirginAir William America Gray Other III Director experience Chairman, Chairman Gray & GlobalCEO of Strategies AMR and Other American experience Airlines Co-Chairman CEO of CP Air OtherGrayLoefferler, experience LLC CEO, Chairman, Philips’ Components The Amani GroupDivision CEO, President, The College Philips Fund Taiwan / UNCF MD, Congressman,Philips Display US Components House of Representatives, Member of Asia 1979- Business 1991 Council Gerard and Kleisterlee Dutch Innovation Director President Platform &Klaus CEO, Luft Royall Director Philips Founder, Electronics AdobeArtedona Other AG experience Other experience Key product Owner research & President, and development MATCH – Marketpositions Access at Adobe Services Co-founder, Vice Chairman Pictra Director & International of desktop Advisor, and collaboration Goldman Sachsproducts CEO, at Silicon Nixdorf Graphics Computer Apple Shantanu Computer Narayen 4 1 James Director Breyer President will not & beCEO, seeking re-election as a director maximizedGoing private Shifts delivers all business highest valueand transaction for Dell’s shareholdersrisks to buyer All group cash Avoidsoffer at higha significant, risk of a certainlevered premium recap and Comprehensive delivers superior range value of alternatives and certainty evaluated 5 Shareholder friendly process and terms to ensure value was Transaction highlights $13.65 per share in cash provides significant, immediate and certain premium 37% premium over 90 calendar day trading average and 25% premium over 1-day price1 Negotiations resulted in 6 go-shopprice increases process and Blackstone $4 billion terminated of additional participation value Rigorous after rigorous process diligenceincluding process robust go-shopIcahn did In not total, follow 21 strategic through andon his 52 preliminary financial buyers proposal participated Icahn and Blackstone Southeastern and submitted Carl Icahn a submittedletter on May preliminary 9th, and proposalsIcahn submitted during a transactionnew letter on at Junesignificant 18th, each premium outlining given alternative high and conceptsgrowing Icahnrisks Increasingly and Southeastern negative have trends not provided in core PCrequested markets details Enterprise on financing segment terms, depends structure on core or PCremedies business for Transformationfailure to close forfaces either execution alternative and competitiveconcept All cashchallenges buyer6 1 Premiums group based on unaffected price as of the last trading day (1/11/13) before rumors of a possible going-private transaction were first published Transaction transfers all risks and uncertainties of the business to the financialProcess was advisor rigorous, to review objective process and and competitive run go-shop Prior Aggressive to signing, go-shop, 3 leading 70 financial parties participatedsponsors conducted and 2 indications due diligence of interest but 2 declined submitted to (Blackstonesubmit firm offers,and Icahn) citing Blackstone challenges and in PCIcahn business provided Evercore access retained to management as independent and Specialdiligence Committee’s materials Icahn consent and requiredSoutheastern for Michael submitted Dell’s a letter agreement on May with 9th, any and bidder Icahn submittedMichael Dell a new agreed letter to on vote June at least18th, pro each rata outlining for any alternativesuperior proposal concepts Transaction Michael Dell requires agreed approval to work by in holdersgood faith of a with majority any bidder of the financialunaffiliated alternatives shares1 Established Retained BCG favorable to assist rules the ofSpecial engagement Committee Highly to evaluatecompetitive strategic process options including Rigorous robust review go-shop of strategic The Special alternatives Committee 7 1 Unaffiliated has met over shares 40 times represent since sharesinception not Consideredheld by Michael broad Dell, range management of strategic andand related entities formed(CHART) Late 5/9/13 Oct BCGIcahn hired / Southeastern 3/22/13 Active submit go-shop letter outlining ends; Icahn recap and concept Blackstone $4 billion submit in additional proposals value 12/11-12/23/12 created. 8 Progression Sponsor C entersof Silver process Lake butbids declines (offer price to bid per 10/23/12 share) and Initial key bidsevents (Sponsor 8/20/12 B Special bids $12.00—$13.00) Committee (Pre-GS2/5/13 Go-shop report)1 begins $9.64 12/4/121/11/13 Sponsor(Unaffected)2 B declines $10.88 to 1bid Represents $13.65 2/5/13 day prior Announces to Goldman transaction Sachs Researchat offer price report of on$13.65 possible (CHART) Dell going-private Represents Silver transaction Lake bids2 Unaffected Dell share based price: on 10/22/12 the last trading (Pre-initial day beforebids) $9.59 rumors 11/30/12 of a Icahnpossible / Southeastern going-private 6/18/13 transaction Icahn weresubmits first letter published outlining Aug tender Dec Janoffer Feb concept Mar Oct Sept Nov Apr May June ‘13 4/18/13 Blackstone drops out of process 5/13/13 Special Committee requests additional information from (CHART) . despite deteriorating financial outlook 9 (Current) Progression of FY14 Street consensus EPS estimates 11/15/12 (Q3 FY13 earnings) 8/21/12 (Q2 FY13 earnings) 2/19/13 (Q4 FY13 earnings) Street consensus Janestimates Feb Mar 2/5/13 Oct TransactionSept Nov Apr announced (Current %estimate) ^ since AugAug Dec2012: Jan (50%) Feb Mar5/16/13 Oct (Q1Sept FY14 Nov Aprearnings)