Zebra Technologies Investor Presentation — July 2019

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Zebra Technologies Second Quarter 2019 ResultsJuly 30, 2019

Safe Harbor StatementStatementsmadeinthispresentationwhicharenotstatementsofhistoricalfactareforward-lookingstatementsandaresubjecttothesafeharborprovisionscreatedbythePrivateSecuritiesLitigationReformActof1995.Actualresultsmaydifferfromthoseexpressedorimpliedinthecompany’sforward-lookingstatements.Zebramayelecttoupdateforward-lookingstatementsbutexpresslydisclaimsanyobligationtodoso,evenifthecompany’sestimateschange.Theseforward-lookingstatementsarebasedoncurrentexpectations,forecastsandassumptionsandaresubjecttotherisksanduncertaintiesinherentinZebra’sindustry,marketconditions,generaldomesticandinternationaleconomicconditions,andotherfactors.ThesefactorsincludecustomeracceptanceofZebra’shardwareandsoftwareproductsandcompetitors’productofferings,andthepotentialeffectsoftechnologicalchanges.Thecontinueduncertaintyoverfutureglobaleconomicconditions,theavailabilityofcredit,capitalmarketsvolatility,mayhaveadverseeffectsonZebra,itssuppliersanditscustomers.Inaddition,adisruptioninourabilitytoobtainproductsfromvendorsasaresultofsupplychainconstraints,naturaldisastersorothercircumstancescouldrestrictsalesandnegativelyaffectcustomerrelationships.ProfitsandprofitabilitywillbeaffectedbyZebra’sabilitytocontrolmanufacturingandoperatingcosts.Becauseofitsdebt,interestratesandfinancialmarketconditionswillalsohaveanimpactonresults.Foreignexchangerateswillhaveaneffectonfinancialresultsbecauseofthelargepercentageofourinternationalsales.TheoutcomeoflitigationinwhichZebramaybeinvolvedisanotherfactor.Thesuccessofintegratingacquisitionscouldalsoaffectprofitability,reportedresultsandthecompany’scompetitivepositioninitindustry.TheseandotherfactorscouldhaveanadverseeffectonZebra’ssales,grossprofitmarginsandresultsofoperations.Descriptionsoftherisks,uncertaintiesandotherfactorsthatcouldaffectthecompany’sfutureoperationsandresultscanbefoundinZebra’sfilingswiththeSecuritiesandExchangeCommission.Inparticular,pleaserefertoZebra’slatestfilingofitsForm10-KandForm10-Q.Thispresentationincludescertainnon-GAAPfinancialmeasuresandwerefertothereconciliationstothecomparableGAAPfinancialmeasuresandrelatedinformation.ZEBRA TECHNOLOGIES2AgendaAnders Gustafsson, CEOQ2 Highlights01Olivier Leonetti, CFOQ2 Financials and 2019 Outlook02Anders Gustafsson, CEOProgress on our Enterprise Asset Intelligence Vision03Anders Gustafsson, CEO │ Olivier Leonetti, CFO │ Joe Heel, SVP Global SalesQ&A04ZEBRA TECHNOLOGIES32Q19 Highlights+8.4%NET SALES GROWTH+7.0%(1) Organic21.2%ADJUSTED EBITDA MARGIN+150bps YOY Improvement$3.02NON-GAAP DILUTED EPS +21.8% from 2Q18

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