Zebra Technologies Investor Presentation — November 2019

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ZEBRA TECHNOLOGIESZEBRA TECHNOLOGIESBaird

Global Industrial Conference

Safe 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 and assumptions 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,

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 by

Zebra’s ability tocontrol manufacturing and operating costs .Because ofitsdebt, interest rates and financial market

conditions willalso have animpact onresults .Foreign exchange rates willhave aneffect onfinancial results because ofthe

large percentage ofourinternational sales .Theoutcome oflitigation inwhich Zebra may beinvolved isanother factor .The

success ofintegrating acquisitions could also affect profitability, reported results andthecompany’s competitive position init

industry .These and other factors could have anadverse effect onZebra’s sales, gross profit margins and results of

operations .Descriptions oftherisks, uncertainties andother factors thatcould affect thecompany’s future operations and

results canbefound inZebra’s filings with theSecurities andExchange Commission .Inparticular, please refer toZebra’s

latest filing ofitsForm 10-KandForm 10-Q.This presentation includes certain non-GAAP financial measures andwerefer to

thereconciliations tothecomparable GAAP financial measures andrelated information .

ZEBRA TECHNOLOGIES 2IMAGE AREA

7.5” h x 7.4”wZebra: Compelling

Investment Opportunity

3•Innovation & Expertise