Zebra Technologies Investor Presentation — April 2020

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ZEBRA TECHNOLOGIESZebra Technologies

First Quarter 2020 Results

April 28, 2020ZEBRA TECHNOLOGIESSafe Harbor Statement

Statements made inthis presentation which arenotstatements ofhistorical fact areforward -looking statements and

are subject tothe safe harbor provisions created bythe Private Securities Litigation Reform Act of1995 .Actual

results may differ from those expressed orimplied inthecompany’s forward -looking statements .Zebra may elect to

update forward -looking statements butexpressly disclaims any obligation todoso,even ifthecompany’s estimates

change .These forward -looking statements arebased oncurrent expectations, forecasts and assumptions and are

subject tothe risks and uncertainties inherent inZebra’s industry, market conditions, general domestic and

international economic conditions, and other factors .These factors include customer acceptance ofZebra’s

hardware and software products andcompetitors’ product offerings, and the potential effects oftechnological

changes .The continued uncertainty over future global economic conditions, theavailability ofcredit, capital markets

volatility, may have adverse effects onZebra, itssuppliers and itscustomers .Inaddition, adisruption inourability to

obtain products from vendors asaresult ofsupply chain constraints, natural disasters, public health issues (including

pandemics), orother circumstances could restrict sales and negatively affect customer relationships .Profits and

profitability will beaffected byZebra’s ability tocontrol manufacturing and operating costs .Because ofitsdebt,

interest rates and financial market conditions willalso have animpact onresults .Foreign exchange rates willhave an

effect onfinancial results because ofthe large percentage ofour international sales .The outcome oflitigation in

which Zebra may beinvolved isanother factor .The success ofintegrating acquisitions could also affect profitability,

reported results and thecompany’s competitive position initsindustry .These and other factors could have an

adverse effect onZebra’s sales, gross profit margins and results ofoperations .Descriptions oftherisks, uncertainties

and other factors that could affect thecompany’s future operations and results can befound inZebra’s filings with

theSecurities and Exchange Commission .Inparticular, please refer toZebra’s latest filing ofitsForm 10-Kand Form

10-Q.This presentation includes certain non-GAAP financial measures and werefer tothe reconciliations tothe

comparable GAAP financial measures and related information .

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