Nasdaq 39th Investor

Conference

London

Olivier Leonetti, CFO

December 4, 2018

Safe Harbor Statement

Statements made in this presentation which are not statements of historical fact are forward-looking statements and are

subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results may differ

from those expressed or implied in the company’s forward-looking statements. Zebra may elect to update forward-looking

statements but expressly disclaims any obligation to do so, even if the company’s estimates change. These forward-looking

statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties

inherent in Zebra’s industry, market conditions, general domestic and international economic conditions, and other factors.

These factors include customer acceptance of Zebra’s hardware and software products and competitors’ product offerings,

and the potential effects of technological changes. The continued uncertainty over future global economic conditions, the

availability of credit, and capital markets volatility, may have adverse effects on Zebra, its suppliers and its customers. In

addition, a disruption in our ability to obtain products from vendors as a result of supply chain constraints, natural disasters or

other circumstances could restrict sales and negatively affect customer relationships. Profits and profitability will be affected

by Zebra’s ability to control manufacturing and operating costs. Because of its debt, interest rates and financial market

conditions will also have an impact on results. Foreign exchange rates will have an effect on financial results because of the

large percentage of our international sales. The outcome of litigation in which Zebra may be involved is another factor. The

success of integrating acquisitions could also affect profitability, reported results and the company’s competitive position in its

industry. These and other factors could have an adverse effect on Zebra’s sales, gross profit margins and results of

operations. Descriptions of the risks, uncertainties and other factors that could affect the company’s future operations and

results can be found in Zebra’s filings with the Securities and Exchange Commission. In particular, please refer to Zebra’s

latest filing of its Form 10-K and Form 10-Q. This presentation includes certain non-GAAP financial measures and we refer to

the reconciliations to the comparable GAAP financial measures and related information.

ZEBRA TECHNOLOGIES 2

IMAGE AREA

7.5” h x 6.9”w

Zebra: Compelling Investment

Opportunity

3

• Innovation & Expertise

• Industry Leadership

• Capitalizing on Megatrends

• Global Reach and Scale

• Attractive Earnings Expansion

• ZEBRA TECHNOLOGIES3

ZEBRA TECHNOLOGIES

Five Decades of Innovation

8First All-touch

Android Inventory

Solution

First Rugged

RFID Handheld

and First

Enterprise Digital

Assistant (EDA)

Initial

Public

OfferingFounded as Data

Specialties by Ed Kaplan

and Gary Cless

First Barcode

Printer First Laser-

Scannable

Two-

dimensional

Barcode

First Wearable

Computer First Smart

Environment

for Thermal

Printers

First

Android-

based

Enterprise

Wearable

Computer

Migration Path to

Modem OS (Android)

for Legacy Windows

Applications

Rebranded the

company as

Zebra

TechnologiesMotorola Solutions’ Enterprise

Business

Merg

ers

& A

cq

uis

itio

ns

Researc

h &

Develo

pm

en

t First Mobile RFID

Printing Solutions

First Handheld

Laser Barcode

Scanner

Savanna

Data

Intelligence

Platform

(Zebra Retail Solutions)

1969 1982 1986 1991 1997 2004 2008 2013 2015 2017 2018

4

Industry Leader Serving Enterprises Globally

ZEBRA TECHNOLOGIES5

5

Latin America

North

America

EMEA

Asia

Pacific

Retail &

Ecommerce

Transportation &

Logistics

Manufacturing

Healthcare

OtherAsset

Intelligence

and

Tracking

Enterprise

Visibility

and

Mobility

Sales By Geography Sales By Vertical Market Sales By Segment

$4.1BGlobal Sales

~7,000 Employees Worldwide

~4,300US & Int’l Patents Issued

and Pending

10,000+ Channel Partners

Worldwide

Note: Sales data TTM through 3Q18

Market Leadership and Segment Sales Breakdown

ZEBRA TECHNOLOGIES

Asset Intelligence & Tracking (AIT) Enterprise Visibility & Mobility (EVM)

#1 Market Share in Barcode Printing (~ 40%)#1 Market Share in Enterprise Mobile Computing (~ 45%)

and Data Capture Solutions (~ 30%)

Sales: $1.4B Sales: $2.7B

Printing

Services

Supplies

Enterprise Mobile

Computing

Data Capture

Services

Location Solutions and

Zebra Retail Solutions Note: Sales data TTM through 3Q18

6

Enabling Visibility at the Enterprise Edge

ZEBRA TECHNOLOGIES

Manufacturing HealthcareRetail/

E-Commerce

Transportation

& Logistics

7

ZEBRA TECHNOLOGIES

SENSE ANALYZE ACT

Savanna

Data

Intelligence

Platform

Real-Time Analytics

Identification.

Status.

Location.

Condition.

Apply Insight to

Enable the Best Next Move

Operational Visibility Services

Zebra Enables Enterprise Asset Intelligence

8

Successfully Navigating An Evolving Marketplace

ZEBRA TECHNOLOGIES

9

MYTHS FACTS

Mobile computing

devices commoditizing

1. Source: Retail Transformation Study (IHL Services Group and Peerless Insights) commissioned by Zebra Technologies, October 2017

Barcodes becoming

obsolete

Retail sector is in

decline and shift to

ecommerce hurts Zebra

• Retail sector is not declining, it’s transforming, benefitting Zebra (1)

• Total retail/ecommerce sales show increasing trend (~ 3%)

• Retail model evolving to better serve shoppers; omnichannel use cases expanding

• Zebra’s customers are market leaders investing in our technology

• Technology has become the basis of competition in retail and other sectors

• Zebra’s purpose-built enterprise mobile computers address the unique demands of the

enterprise environment

• We offer superior manageability and security with the highest customer ROI, and lowest

total cost of ownership, for a wide variety of use cases

• Superior support services and lifecycle value proposition is unmatched

• Barcoding remains the most prevalent means of asset track & trace visibility

• Additional use cases for barcoding continually emerging for automated data collection

• Offers the most compelling return on investment for many use cases

• Zebra has the broadest portfolio of various sensing technologies and implements cost-

effective tailored solutions

ZEBRA TECHNOLOGIES

IMAGE AREA

7.5” h x 7.4”w

Megatrends Driving Use

Case EvolutionNEW

• IoT

• Enterprise Mobility

• Cloud Computing

• On-demand economy /

shift to e-commerce

• Shift from task workers

to knowledge workers

NEW

TRADITIONAL

TRADITIONAL

10

A Leader in Attractive Markets

ZEBRA TECHNOLOGIES

Mobile Computing

Data Capture

Barcode Printing

Support Services

Expansion

$15B+Faster growth markets

than the core

Core

~ $9B3-4% industry

growth

Extending our leadership position in core

markets

Evolving the portfolio into solutions

Organic and inorganic opportunities in

underpenetrated and faster-growth

adjacencies

$24B+ Addressable Market Opportunity

4-5% Annualized organic sales growth

11

Achieving Strong Profitable Growth Post Enterprise Acquisition (1)

ZEBRA TECHNOLOGIES

FY15 FY16 FY17YTD

3Q18

Organic Net Sales Growth(2,3)

+7.5% +0.4% +6.5% +11.9%

Adjusted EBITDA Margin 16.2% 17.5% 18.6% 20.5%

Non-GAAP EPS Growth NM +10% +27% +68%

Free Cash Flow $0M $303M $428M $412M

1. Refer to the appendix of this presentation for reconciliations of GAAP to non-GAAP financial results.

2. Assumes constant FX to prior-year period

3. Excludes revenue from the wireless LAN business, which was sold on October 31, 2016. Excludes revenue from Xplore Technologies, which was acquired on

August 14, 2018. FY15 organic net sales growth uses estimated historical 2014 Enterprise (acquired Oct. 2014) sales.

12

$3.25B$3.09B

$2.70B

$2.25B

$1.91B

2014 2015 2016 2017 3Q 2018

Excellent Progress on Acquisition Debt Reduction

>$1.3 Billion of Debt Principal Paydown

ZEBRA TECHNOLOGIES

4.8x

Leverage

4.1x

Leverage

3.2x

Leverage

2.2x

Leverage

Achieved Net-Debt-to-Adjusted EBITDA

Target: 2.0x–2.5x

NOTE: Total debt before unamortized discounts and debt issuance costs.

13

IMAGE AREA

7.5” h x 6.9”w

Zebra: Compelling Investment

Opportunity

14

• Innovation & Expertise

• Industry Leadership

• Capitalizing on Megatrends

• Global Reach and Scale

• Attractive Earnings Expansion

• ZEBRA TECHNOLOGIES 14

ZEBRA TECHNOLOGIES

Q & A

Appendix

ZEBRA TECHNOLOGIES 16

ZEBRA TECHNOLOGIES

Use of Non-GAAP Financial Information

This presentation contains certain Non-GAAP financial measures, consisting of “adjusted net sales,” “adjusted gross profit,” “EBITDA,” “Adjusted

EBITDA,” “Non-GAAP net income,” “Non-GAAP earnings per share,” “free cash flow,” “organic net sales growth,” and “adjusted operating expenses.”

Management presents these measures to focus on the on-going operations and believes it is useful to investors because they enable them to perform

meaningful comparisons of past and present operating results. The company believes it is useful to present Non-GAAP financial measures, which exclude

certain significant items, as a means to understand the performance of its ongoing operations and how management views the business. Please see the

“Reconciliation of GAAP to Non-GAAP Financial Measures” tables and accompanying disclosures at the end of this presentation for more detailed

information regarding non-GAAP financial measures herein, including the items reflected in adjusted net earnings calculations. These measures, however,

should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.

The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis (including the information under “Outlook” above)

where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without

unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred, are out of the

company’s control and/or cannot be reasonably predicted, and that would impact diluted net earnings per share, the most directly comparable forward-

looking GAAP financial measure. For the same reasons, the company is unable to address the probable significance of the unavailable information.

Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the

corresponding GAAP financial measures.

As a global company, Zebra's operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations because the

underlying foreign currencies in which the company transacts change in value over time compared to the U.S. dollar; accordingly, the company presents

certain organic growth financial information, which includes impacts of foreign currency translation, to provide a framework to assess how the company’s

businesses performed excluding the impact of foreign currency exchange rate fluctuations. Foreign currency impact represents the difference in results

that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U.S.

dollar. This impact is calculated by translating, for certain currencies, current period results at the currency exchange rates used in the comparable period

in the prior year, rather than the exchange rates in effect during the current period. In addition, the company excludes the impact of its foreign currency

hedging program in both the current year and prior year periods The company believes these measures should be considered a supplement to and not in

lieu of the company’s performance measures calculated in accordance with GAAP.

17

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – Organic Net Sales Growth

Nine Months Ended

September 29, 2018

Reported GAAP Consolidated Net sales growth 14.3 %

Adjustments:

Impact of foreign currency translation (1) (2.1 )%

Impact of Xplore acquisition(2) (0.3 )%

Organic Net sales growth 11.9 %

(1) Operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations.

Foreign currency translation impact represents the difference in results that are attributable to fluctuations in

the currency exchange rates used to convert the results for businesses where the functional currency is not

the U.S. dollar. This impact is calculated by translating, for certain currencies, the current period results at

the currency exchange rates used in the comparable prior year period, rather than the exchange rates in

effect during the current period. In addition, we exclude the impact of the company’s foreign currency

hedging program in both the current and prior year periods.

(2) For purposes of computing Organic Net Sales, amounts directly attributable to the Xplore acquisition

(included in our consolidated results beginning August 14, 2018) will be excluded for 12-months following

the acquisition date.

18

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – Organic Net Sales Growth

December 31, 2017 December 31, 2016

Reported GAAP Consolidated Net sales growth 4.1 % (2.1)%

Adjustments:

Impact of Wireless LAN Net sales(1) 3.2 % 1.4 %

Impact of foreign currency translation(2) (0.6)% 1.3 %

Corporate, eliminations(3) (0.2)% (0.2)%

Organic Net sales growth 6.5 % 0.4 %

(1) The Company sold the wireless LAN business in October 2016. Net sales from this business are excluded in the

prior year period when computing organic net sales growth.

(2) Operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations.

Foreign currency translation impact represents the difference in results that are attributable to fluctuations in the

currency exchange rates used to convert the results for businesses where the functional currency is not the U.S.

dollar. This impact is calculated by translating, for certain currencies, the current period results at the currency exchange

rates used in the comparable prior year period, rather than the exchange rates in effect during the current period. In

addition, we exclude the impact of the company’s foreign currency hedging program in both the current and prior year

periods.

(3) Amounts included in Corporate, eliminations consist of purchase accounting adjustments which are related to the

Enterprise Acquisition in October 2014 and are not reported in segment results.

Twelve Months Ended

19

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – EBITDA

20

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – EBITDA

21

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – EBITDA

Operating income $ 37

Depreciation

Amortization of intangible assets

EBITDA (Non-GAAP)

Adjustments to Net sales

Purchase accounting adjustments

Total adjustments to Net sales

Adjustments to Cost of sales

Purchase accounting adjustments

Share-based compensation

Total adjustments to Cost of sales

Adjustments to Operating expenses

Acquisition and integration costs

Impairment of goodwill and other intangibles

Share-based compensation

Exit and restructuring costs

Total adjustments to Operating expenses

Total adjustments to EBITDA

Adjusted EBITDA (Non-GAAP) $ 595

Adjusted EBITDA % of Non-GAAP sales %

EBITDA Reconciliation

69

December 31,

2015

16

16

251

357

16.2

Twelve Months

Ended

238

40

215

—

30

145

3

7

4

22

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – Net Income Nine Months Ended

September 29,

2018 September 30,

2017

Net income (loss) $ 306 $ 13

Adjustments to Net sales(1) Purchase accounting adjustments — 3

Total adjustment to Net sales — 3

Adjustments to Cost of sales(1) Purchase accounting adjustments 1 —

Share-based compensation 3 2

Total adjustments to Cost of sales 4 2

Adjustments to Operating expenses(1) Amortization of intangible assets 71 151

Acquisition and integration costs 8 50

Legal Settlement 13 —

Share-based compensation 37 25

Exit and restructuring costs 9 10

Total adjustments to Operating expenses 138 236

Adjustments to Other expenses, net(1) Debt extinguishment costs — 49

Amortization of debt issuance costs and discounts 13 30

Gain on Sale of Investments (1 ) —

Foreign exchange loss (gain) 5 (2 )

Forward interest rate swaps gain (24 ) (1 )

Total adjustments to Other expenses, net (7 ) 76

Income tax effect of adjustments(2) Reported income tax expense (benefit) 70 (3 )

Adjusted income tax (82 ) (74 )

Total adjustments to income tax (12 ) (77 )

Total adjustments 123 240

Non-GAAP Net income $ 429 $ 253

GAAP earnings per share

Basic $ 5.72 $ 0.25

Diluted $ 5.64 $ 0.25

Non-GAAP earnings per share Basic $ 8.02 $ 4.78

Diluted $ 7.92 $ 4.72

Non-GAAP weighted average shares outstanding (3)

Basic 53,516,859 52,964,066

Diluted 54,237,553 53,631,499

(1) Presented on a pre-tax basis.

(2) Represents the adjustment to the GAAP basis tax provision commensurate with non-GAAP adjustments.

(3) In periods of loss, Non-GAAP weighted-average shares exclude restricted stock awards and performance stock awards within basic

and dilutive weighted-average share computations. Share-based compensation awards that are dilutive in nature are included within weighted-average dilutive share computations.

23

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – Net Income

Net income (loss) $ 17 $ (137 ) $ (158 )

Adjustments to Net sales(1)

Purchase accounting adjustments

Total adjustment to Net sales

Adjustments to Cost of sales(1)

Purchase accounting adjustments

Share-based compensation

Total adjustments to Cost of sales

Adjustments to Operating expenses(1)

Amortization of intangible assets

Acquisition and integration costs

Impairment of goodwill and other intangibles

Share-based compensation

Exit and restructuring costs

Total adjustments to Operating expenses

Adjustments to Other expenses, net(1)

Debt extinguishment costs

Amortization of debt issuance costs and discounts

Investment loss

Foreign exchange loss

Forward interest rate swaps (gain) loss ) )

Total adjustments to Other expenses, net

Income tax effect of adjustments(2)

Reported income tax expense )

Adjusted income tax expense ) ) )

Total adjustments to income tax ) ) )

Total adjustments

Non-GAAP Net income $ 379 $ 293 $ 265

GAAP earnings (loss) per share

Basic $ 0.33 $ (2.65 ) $ (3.10 )

Diluted $ 0.32 $ (2.65 ) $ (3.10 )

Non-GAAP earnings per share

Basic $ 7.14 $ 5.67 $ 5.19

Diluted $ 7.05 $ 5.60 $ 5.08

Non-GAAP weighted average shares outstanding (3)

Basic

Diluted

(1)     Presented on a pre-tax basis.

(3)     In periods of loss, Non-GAAP weighted-average shares exclude restricted stock awards and performance stock awards within basic and dilutive

weighted-average share computations. Share-based compensation awards that are dilutive in nature are included within weighted-average dilutive share

computations.

52,096,036

Twelve Months Ended

(2)     Represents the adjustment to the GAAP basis tax provision commensurate with non-GAAP adjustments.

(79

(101

423

(4

35

16

—

—

30

40

7

251

16

4

December 31,

2015

53,688,832 52,259,157

53,021,761 51,579,112 50,996,297

(34 (78

362 430

71 8

(105 (86

(22

105 35

1 5

(2 —

23

40 23

1 7

65 —

466

16 19

285 461

— 62

35 26

145

184 229

50 125

3 2

3

—

3 2

3 10

3 10

16

2017

December 31,

2016

December 31,

24

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – Free Cash Flow

Nine Months Ended

September 29,

2018

Net cash provided by operating activities $ 460

Less: Purchases of property, plant and equipment (48 )

Free cash flow (Non-GAAP)(1) $ 412

(1) Free cash flow is defined as Net cash provided by operating activities in a

period minus purchases of property, plant and equipment (capital expenditures)

made in that period. This measure does not represent residual cash flows available

for discretionary expenditures as the measure does not deduct the payments

required for debt service and other contractual obligations or payments for future

business acquisitions. Therefore, we believe it is important to view free cash flow

as a measure that provides supplemental information to our entire statements of cash flows.

25

ZEBRA TECHNOLOGIES

GAAP to Non-GAAP Reconciliation – Free Cash Flow

Net cash provided by operating activities $ 478 $ 380 $ 122

Less: Purchases of property, plant and equipment ) ) )

Free cash flow (Non-GAAP)(1) $ 428 $ 303 $ 0

Free cash flow conversion(2) % % %

(2) Free cash flow conversion is defined as Free cash flow divided by non-GAAP Net income.

Twelve Months Ended

December 31,

2015

(122

0

(1) Free cash flow is defined as Net cash provided by operating activities in a period minus purchases of property, plant and equipment (capital

expenditures) made in that period. This measure does not represent residual cash flows available for discretionary expenditures as the measure does

not deduct the payments required for debt service and other contractual obligations or payments for future business acquisitions. Therefore, we

believe it is important to view free cash flow as a measure that provides supplemental information to our entire statements of cash flows.

(50 (77

113 103

December 31,

2017

December 31,

2016

26

27

Contact

For questions, email investorrelations@zebra.com

ZEBRA and the stylized Zebra head are trademarks of ZIH Corp, registered in many

jurisdictions worldwide. All other trademarks are the property of their respective owners.

©2018 ZIH Corp and/or its affiliates. All rights reserved.