Investor Presentation November 2014 Zebra makes businesses as smart and connected as the world we live in Improves customer business performance. 1 Enterprise Asset Intelligence for the Connected Age Enables visibility into the extended supply chain. Provide intelligence of assets, transactions and people. Investment Highlights 1 40 years of technology expertise, innovation and industry leadership 2 High Growth Trends: Mobility, Internet of Things & Cloud 3 Clear Leader Focused Solely on Enterprise Asset Intelligence 4 Global Provider Serving Key Industries and End Customers 5 Combination of two industry-leading businesses with significant synergies Zebra Evolution Innovator of solutions for more powerful business intelligence Engineering company focused on hardware Revenue 1,200 Dec. 27, 1991 to Dec. 31, 2013 (Yearly) Active RIFD 1,000 800 Connectivity, Software, Device Management, Motion Management Card, Desktop, RFID, Mobile 600 Kiosk High-performance and Midrange 400 MotionWorks™ 200 0 ‘91 ‘92 ‘93 ‘94 ‘95 ‘96 ‘97 ‘98 Zebra Technologies Corporation Class A ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 Source: FactSet Fundamentals Combination of Two Leading Businesses $3.5 billion in combined annual sales ZEBRA • Global leader in specialty printing, RFID and location & motion tracking solutions • Enabling businesses to translate the physical into digital insights • Culture of innovation ENTERPRISE • Established leader in mobile enterprise computing, data capture, RFID and Wireless LAN • Strong services component • Scale in procurement, manufacturing and logistics • Strong and broad global partner network CIO’s first call for enterprise asset intelligence Solutions for the smart enterprise Riding well-defined secular growth waves A Long-Term Strategic Relationship 20+ year strategic selling products and solutions side by side Extensive combined product development platform • More than 4,100 patents issued and pending • Steady stream of new solutions: 60 product introductions in 2013 • 1,700 in product development worldwide Common customer base, go-to-market channels and industry focus Leading industry recognition • Brand • Quality • Innovation Positive response from customers, channel partners and employees Creating New Value For Customers Suite of Product Offer Mobile Computer Scanner Zebra Enterprise Combined           Software Printers RFID Services Supplies Wireless LAN        Business Climate Ripe for Opportunity Emerging Markets • Industrialization • Growing Middle Class Global Competition • Increased Productivity • Focus on Efficiency • Higher asset utilization • Enhance the consumer experience Higher Expectations for Business Intelligence • Mobile/Cloud Accessibility • Real-time vs. Right-time Converging Mega-Trends Internet of Things • Proliferation of connected devices / sensors • Explosion of data - “what is it, where is it, how is it doing?” • Expand beyond current focus / leadership in barcode and RFID Cloud Technology • Ubiquity of cloud computing / apps enabling real-time data-driven insights • Build upon emerging leadership (e.g., Zatar, RhoMobile, LinkOS) Mobility • Access to real-time info anytime, anywhere • Ability to interact with users and influence / drive their actions in real-time • Leverage market leadership in rugged / semi-rugged enterprise mobile devices Convergence of mega-trends enabling real-time • Visibility • Insights • Actions Diversified by Industry and Region 2013 Sales by Industry 22% 35% 2013 Sales by Region 44% 34% 21% 22% Retail T&L 7% 15% Manufacturing Other North America EMEA • Strategic business partner to companies in targeted industries worldwide • Sales into approximately 100 countries • Leading brands worldwide Asia Pacific Latin America Serving Key Industries and End Customers HEALTHCARE Simplify Operations -- Know More About Your Business -- Capture and Leverage Data -- Empower Mobile Workers Serve 95% of Fortune 500 customers Retail Opportunity Used by retailers with over 70,000 retail stores in the US Customer Engagement Solutions Access ID Solutions Self Service Solutions RFID Tag Solutions Mobile Payment Solutions Manufacturing and T&L Opportunity In facilities for all top 10 global manufacturers Over 9 billion packages delivered in 2013 Cycle Counting Solutions Put Away Solutions Shipping/Receiving Solutions Picking Solutions Transaction Details Acquired Enterprise business (ex. iDEN) from Motorola Solutions on 27 October 2014 All-cash transaction Funded with $3.25 billion in debt and $200 million of cash on hand Efficient use of off-shore cash Integration Well Under Way Announced new senior regional and global leadership of our sales teams • Next several tiers of the sales organization by year-end • Integrate sales organization early in 1Q15 Capitalize on Zebra’s focus on channel management and Enterprise’s strength in strategic account development • Focus on the opportunities with large strategic customers • Accelerate channel and partner development • Formed partner advisory groups to assist in building a unified channel program • Leverage scale from a geography and vertical stand point • Renewed interest in services to manage large amounts of deployed assets Driving for cost saving in COGS Efficient build-out of G&A organizations Expected Synergies Capture $150 million in cost synergies over two years • Sales and marketing • Supply chain • General and administrative Opportunities for revenue synergies • Leverage strength across targeted industries • Leverage strength with channel partners • More strategic vendor to customers • A platform to expand services • Better geographic coverage • Tighter product integration Financial Highlights Long-term model • 4-5% sales growth over a business cycle • 18-20% EBITDA margin Raised $3.25 billion in debt • $2.20B term loan; $1.05B Senior Notes • Weighted average interest rate of 5.6% • Starting leverage ratio of ~5x adjusted EBITDA Strong free cash flow will enable rapid pay-down of debt • Leverage of less then 3x within three years • Modest annual capital expenditures of approximately $50 million Investment Highlights 1 40 years of technology expertise, innovation and industry leadership 2 High Growth Trends: Mobility, Internet of Things & Cloud 3 Clear Leader Focused Solely on Enterprise Asset Intelligence 4 Global Provider Serving Key Industries and End Customers 5 Combination of two industry-leading businesses with significant synergies Thank You