Zebra Technologies Investor Presentation — February 2021

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Fourth Quarter and Full Year 2020 Results

February 11, 2021ZEBRA TECHNOLOGIESZEBRA TECHNOLOGIESSafe Harbor Statement

Statements made inthispresentation which arenotstatements ofhistorical factareforward -looking statements and are

subject 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 butexpressly disclaims anyobligation todoso,even ifthecompany’s estimates change .These forward -looking

statements arebased oncurrent expectations, forecasts andassumptions and aresubject totherisks and uncertainties

inherent inZebra’s industry, market conditions, general domestic andinternational economic conditions, andother factors .

These factors include customer acceptance ofZebra’s hardware andsoftware products andcompetitors’ product offerings,

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

availability ofcredit and capital markets volatility may have adverse effects onZebra, itssuppliers and itscustomers .In

addition, adisruption inourability toobtain 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 andprofitability willbeaffected byZebra’s ability tocontrol manufacturing andoperating costs .Foreign

exchange rates willhave aneffect onfinancial results because ofthelarge percentage ofourinternational sales .The

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

affect profitability, reported results andthecompany’s competitive position initsindustry .These andother factors could have

anadverse effect onZebra’s sales, gross profit margins andresults ofoperations .Descriptions oftherisks, uncertainties

and other factors that could affect thecompany’s future operations and results canbefound inZebra’s filings with the

Securities andExchange Commission .Inparticular, please refer toZebra’s latest filing ofitsForm 10-KandForm 10-Q.This

presentation includes certain non-GAAP financial measures and werefer tothereconciliations tothecomparable GAAP

financial measures andrelated information .

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Anders Gustafsson, CEO2020 Highlights01

Nathan Winters, CFO4Q20 Financials and 2021 Outlook02

Anders Gustafsson, CEOAdvancing our Enterprise Asset Intelligence Vision03