Zebra Technologies Investor Presentation — February 2020

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ZEBRA TECHNOLOGIESZebra Technologies

Fourth -Quarter and Full -Year 2019 Results

February 13, 2020ZEBRA TECHNOLOGIESSafe Harbor Statement

Statements made inthispresentation which arenotstatements ofhistorical fact areforward -looking statements

and aresubject tothesafe harbor provisions created bythePrivate Securities Litigation Reform Actof1995 .

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

may elect toupdate forward -looking statements but expressly disclaims any obligation todoso,even ifthe

company’s estimates change .These forward -looking statements arebased oncurrent expectations, forecasts and

assumptions and aresubject 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 thepotential

effects oftechnological changes .The continued uncertainty over future global economic conditions, the

availability ofcredit, capital markets volatility, may have adverse effects onZebra, itssuppliers anditscustomers .

Inaddition, adisruption inourability toobtain products from vendors asaresult ofsupply chain constraints,

natural disasters orother circumstances could restrict sales and negatively affect customer relationships .Profits

and profitability willbeaffected byZebra’s ability tocontrol manufacturing and operating costs .Because ofits

debt, interest rates and financial market conditions willalso have animpact onresults .Foreign exchange rates

willhave aneffect onfinancial results because ofthelarge percentage ofourinternational sales .Theoutcome of

litigation inwhich Zebra may beinvolved isanother factor .The success ofintegrating acquisitions could also

affect profitability, reported results and thecompany’s competitive position initindustry .These and other

factors could have anadverse 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 canbe

found 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 we

refer tothereconciliations tothecomparable GAAP financial measures andrelated information .

2ZEBRA TECHNOLOGIESAgenda

Anders Gustafsson, CEO2019 Highlights01