WILLIAM BLAIRGROWTH STOCK CONFERENCE

June 14, 2017

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 Zebra’s 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 it 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 Forms 10-K and 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.2

Safe Harbor Statement

3

Zebra: Compelling Investment Opportunity

Capitalizing on secular trends and technology transitions in growing markets

45+ years of technology innovation & expertise; enabling the more intelligent enterprise

Leader in Mobile Computing, Barcode Printing, Data Capture and RFID

Globally diverse partner & customer base, serving key industries

Attractive earnings expansion through sales growth, margin enhancement, and debt

reduction

45+ Years of Innovation

8First All-touch

Android

Inventory

SolutionFirst Rugged

Enterprise

Digital

Assistant

First Rugged

RFID Handheld

and First

Enterprise Digital

Assistant (EDA)

Initial Public

OfferingFounded as Data Specialties by

Ed Kaplan and Gary Cless

First Handheld Laser

Barcode Scanner

First Barcode

Printer

First Laser-Scannable

Two-dimensional Barcode

First Wearable

ComputerFirst Mobile RFID

Printing Solutions

First Smart

Environment for

Thermal Printers

First IoT Platform

for Enterprise

Applications

(Zatar)First Android-

based

Enterprise

Wearable

Computer

Only Migration Path to

Modem OS for Legacy

Windows Applications

1969 1982 1986 1991 1997 2004 2008 2013 2015 2016

4

Rebranded the company

as Zebra TechnologiesMotorola Solutions’ Enterprise

Business

Successful M&A Profitable growth Prudent deployment of capital

Global Market Leadership

5

MOBILE COMPUTING#1 SCANNING#1 RFID READERS#1

DESKTOP PRINTING#1 TABLETOP PRINTING#1 MOBILE PRINTING#1

6

Industry Leader Serving Enterprises Globally

Latin America North

America

EMEA

Asia

Pacific

Retail &

Ecommerce

Transportation &

Logistics

Manufacturing

Healthcare

Other Legacy Zebra

Solutions

Enterprise

Solutions

Sales By Geography Sales By Vertical Market Sales By Segment

$3.6BGlobal Sales

~6,500 Employees

Worldwide

~4,600US & Int’l Patents

Issued and Pending

~10,000 Channel Partners

Worldwide

~95%of the Fortune 500

served

7

Attractive Performance Post-Acquisition(1)

FY 2015 FY 2016FY 2017

Outlook(4)

Organic Net Sales Growth(2,3)

7.5% 0.4%Low- to mid-

single digit

Adjusted EBITDA Margin 16.2% 17.5% 18 – 19%

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

2. Organic Net Sales Growth 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. The Company sold the wireless LAN business in October 2016. We are excluding the impact of the net sales of this business in the FY 2016 period when

computing organic net sales growth. FY 2015 growth uses estimated historical 2014 Enterprise sales and includes wireless LAN sales.

4. Outlook as of May 9, 2017 earnings announcement

8

Debt Reduction is Top Priority

$3.01B

$2.65B$2.57B

100

120

140

160

180

200

220

240

260

1.3

1.5

1.7

1.9

2.1

2.3

2.5

2.7

2.9

3.1

YE15

$192M

4.8x

YE16

$156M

4.1x

1Q17

$180M

3.8x

YE17

Financed October 2014 Enterprise acquisition with $3.25B of debt

Net-Debt-to-Adjusted EBITDA

Goal: ~3X

Cash & Cash Equivalents

9

Strategic Focus Post-Integration

Extend leadership and outpace the competition

Advance Enterprise Asset Intelligence solutions

Enhance financial strength and flexibility

10

CLOUD

Our Unique Value Proposition: Enterprise Asset Intelligence

MOBILITY

INTERNET OF THINGS

MEGATRENDS

11

Enabling the Intelligent Enterprise; Solving Unmet Needs

Simplify Operations and

Comply with Regulations

Empower Mobile Workers

Enhance Customer/Patient

Experience

Track Inventory / Supply ChainLocationing

RETAIL/

E-COMMERCET&L MANUFACTURINGHEALTHCARE

Long-Term Outlook

SALES

GROWTH

4 – 5%

annualized

growth over

a cycle

INTERNET

OF THINGS

CLOUD MOBILITYADJUSTED

EBITDA

MARGIN

18 – 20%

NET-DEBT-

TO-

ADJUSTED

EBITDA

~3x

12

13

Targeting 4-5% Annualized Sales Growth Over a Cycle

Core Markets

~$9B

3-4% Industry Growth

Adjacencies &

Solutions

$15B+ MarketsMobile Computing,

Scanning, Printing,

Services

Extending our leadership position

in core markets

Evolving the portfolio into solutions

Exploiting opportunities in

underpenetrated, faster-growing

adjacencies

$24B+

14

Zebra: Compelling Investment Opportunity

Capitalizing on secular trends and technology transitions in growing markets

45+ years of technology innovation & expertise; enabling the more intelligent enterprise

Leader in Mobile Computing, Barcode Printing, Data Capture and RFID

Globally diverse partner & customer base, serving key industries

Attractive earnings expansion through sales growth, margin enhancement, and debt

reduction

15

QUESTIONS?

APPENDIX

17

18

GAAP to Non-GAAP Reconciliation

ORGANIC NET SALES GROWTH

Twelve Months Ended

December 31, 2016

Reported Net sales decline (2.1) %

Adjustments:

Purchase accounting adjustments (0.2) %

Impact of wireless LAN Net sales (1) 1.4 %

Impact of foreign currency translation (2) 1.3 %

Organic Net sales growth 0.4 %

(1) The company sold the wireless LAN business in October 2016. We are excluding the impact of the net sales of this business in both the current and

prior year periods when computing organic net sales growth.

(2) Operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations. We use the term “constant currency” to

represent certain results that have been adjusted to exclude the estimated impact of exchange rate fluctuations for certain foreign currencies.

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, 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.

19

GAAP to Non-GAAP Reconciliation

Twelve Months Ended

December 31,

2016

December 31,

2015

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

Depreciation 75 69

Amortization of intangible assets 229 251

Total Other expense 209 217

Income tax expense (benefit) 8 (22)

EBITDA (Non-GAAP) 384 357

Adjustments to Net sales

Purchase accounting adjustments 10 16

Total adjustments to Net sales 10 16

Adjustments to Cost of sales

Purchase accounting adjustments — 4

Share-based compensation 2 3

Total adjustments to Cost of sales 2 7

Adjustments to Operating expenses

Acquisition and integration costs 125 145

Impairment of goodwill and other intangibles 62 —

Share-based compensation 26 30

Exit and restructuring costs 19 40

Total adjustments to Operating expenses 232 215

Total adjustments to EBITDA 244 238

Adjusted EBITDA (Non-GAAP) 628$ 595$

Net income (loss) % Net sales -3.8% -4.3%

Adjusted EBITDA % of Non-GAAP Sales 17.5% 16.2%

EBITDA