2017 investor day deck 12717 edited-1

| ©2017 Belden Inc. belden.com @beldeninc1

Investor Day 2017


Our commentary and responses to your questions may contain forward-looking statements, including our outlook for 2017 and 2018 financial performance. Forward-looking statements include, among other items, projections of sales, earnings, general economic conditions, market conditions, working capital, market shares, free cash flow, pricing levels, and effective tax rates. Belden undertakes no obligation to update any such statements to reflect later developments, except as required by law. Information on factors that could cause actual results to vary materially from those discussed today is available on our investor relations website, our most recent Annual Report on Form 10-K as filed with the SEC on February 17, 2017 (including those discussed under “Risk Factors” in Part I, Item 1A and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7), and our subsequent filings with the Securities and Exchange Commission.

Non-GAAP MeasuresWe will be discussing some non-GAAP measures (denoted by footnote) in discussing Belden’s performance, and the reconciliation of those measures to the most comparable GAAP measures is contained within this presentation or available at our website www.Belden.com under Investor Relations.

Safe Harbor Statement


Confirming 2017 Guidance

Company Overview

Topics– Proven Track Record– Favorable Secular Trends– Capital Allocation Framework– New 3-Year Financial Goals– 2018 Guidance

Q&A

Agenda

1

2

3

4


Confirming Q4 and Full-Year 2017 Guidance

Adjusted guidance. See appendix for reconciliation to comparable GAAP guidance.

Revenuesof between

$641 million and$661 million

EPSof between

$1.71 and $1.81 per diluted share

Q4 2017

Revenuesof between

$2.425 billion and$2.445 billion

EPSof between


FISCAL YEAR 2017

| ©2017 Belden Inc. belden.com @beldeninc5 Adjusted results. See appendix for reconciliation to comparable GAAP results.1. 2005 – 2017E. 2017 based on high-end of guidance.

Belden Overview

Operational ExcellenceDisciplined Capital AllocationProven Management Team

DEPLOYS A Robust Business System

Revenue CAGR +6%FCF CAGR +16%

DELIVERSStrong, Consistent Results1

EBITDA +1,040 bps ROIC +940 bps

BandwidthVideo Consumption

BENEFITS From Favorable Secular Trends

Industrial AutomationSmart Buildings

What is Belden? A Leading Global Connectivity Company that …

SERVES Two Primary End-Markets

EnterpriseIndustrial


Transmitting and Securing Data, Sound, and Video in Complex Enterprise and Media Networks

Fiber Copper A/V

KEY SOLUTIONS

Enterprise

Smart Buildings

KEY MARKETS

Cable Connectivity Networking Software

Fiber Copper A/VRacks Connectivity Tools

Cameras Switchers ReplayRouting Playout

Extended LAN Commercial A/V Broadband Deployment (Fiber/Copper) Live News and Sports Production Stadium Infrastructure

Final Mile Broadband Live Media Production

Editing Playout Asset ManagementAutomated Production Control


Fiber Copper

KEY SOLUTIONS

Industrial

Discrete Manufacturing Process Facilities Transportation Energy

KEY MARKETS

Cable Connectivity Networking Software

Active I/O Modules Passive Distribution Boxes Connectors

Wireless Gateways Switches Routers Security Configuration Management FirewallsNetwork Management Vulnerability Management

Factory Floor Automation Process Automation Transportation Control Systems and Wireless

Smart Grid Infrastructure

Transmitting and Securing Data, Sound, and Video in Harsh Industrial Environments


PROVEN TRACK

RECORD

FAVORABLESECULARTRENDS

NEW FINANCIAL

GOALS

2018GUIDANCE

CAPITALALLOCATIONFRAMEWORK

We have consistently

achieved our goals

Increasing demand

for connectivity

Disciplined and balanced

approach

Significant growth and margin

opportunities

Need copy for this block


PROVEN TRACK

RECORD


NEW FINANCIAL

GOALSWe have

consistently achieved our goals

2018GUIDANCE



Proven Track Record

REVENUE EBITDA MARGIN

FREE CASH FLOW

RETURN ON INVESTED

CAPITAL1

2005 $1.246B 8.5% $37M 4.1%

2017E2 $2.445B 18.9% $225M 13.5%

Variance 6% CAGR Improvement of 1,040 bps 16% CAGR Improvement of

940 bps

Management’s best estimate. Non-GAAP results. See appendix for reconciliation to comparable GAAP results.1. Excluding excess cash. 2. Based on high-end of 2017 guidance.

SIGNIFICANTLY IMPROVED FINANCIAL PERFORMANCE


Creating Shareholder Value

BELDEN’S TOTAL SHAREHOLDER RETURN HAS OUTPERFORMED INDUSTRIAL AND BROADER MARKET INDICES

As of market close 11/17/2017. Source: Bloomberg.

0%

50%

100%

150%

200%

250%

1 YEAR 2 YEAR 5 YEAR 12 YEAR

Russell 2000

S&P 1500 Industrials

S&P 500

297%

16%

150%

39%

- - - -


OperationalExcellence

Cash Generation

PortfolioImprovement

BUSINESSMODEL

Driven by the Belden Business Model


Operational Excellence

Belden Business Systems

Lean Enterprise

Market Delivery System

Talent Development

Continuous improvement Attract, retain, and develop talent

Market selection and penetration


$37

$131

$180

$147

$112 $86

$148 $138

$261

$225

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Robust Free Cash Flow Generation

Free Cash Flow16% CAGR

Leverage on Growth

Working Capital Improvement

Fixed Asset Efficiency

(millions)

$157$149

Adjusted results. See appendix for reconciliation to comparable GAAP results. 1. Based on management’s best estimates.

1

$187


REVENUE MIX

Improved Portfolio Composition

DIVESTED Lower-margin cable

ACQUIRED Higher-margin software,

networking, and connectivityCABLE

CONNECTIVITY

CABLE

CONNECTIVITY

NETWORKING

SOFTWARE

REVENUE MIX

Based on management’s best estimates.

2005

2017

1.2BRevenues

Gross Profit

21

$

%

2.4BRevenues

Gross Profit

42

$

%


PROVEN TRACK

RECORD


NEW FINANCIAL

GOALSIncreasing demand

for connectivity

2018GUIDANCE



Favorable Secular Trends

INDUSTRIALAUTOMATION

Increasing pressure

to automate production

SMARTBUILDINGS

Integrated networks require

connectivity

BANDWIDTH

Insatiabledemand for high-speed

internet

VIDEO CONSUMPTION

Increasing quality and quantity

of video consumption


Industrial Automation

Sources: “The Skills Gap in Manufacturing”, Deloitte, 2015; Bureau of Economic Analysis; Eurostat; Federal Reserve.

DRIVING IP ADOPTIONIP BENEFITS IP CHALLENGES

TRENDS ASSET REPLACEMENT INDICATORS

FLEXIBILITY …

LABOR SUBSTITUTION …

SHORTER LEAD-TIMES

LOWER COST OF CAPITAL

AGING EQUIPMENT …

CAPACITY UTILIZATION AT MULTI-YEAR HIGHS …

84%

EU

77%

UNITED STATESPRODUCT CUSTOMIZATION

20252MUnfilled

manufacturing jobs globally

2015

SKILLS GAP AND WAGE INFLATION

Connect new technologies with legacy systems

Collaboration between operationaland information technologies

Manage security risks

Factory connected to the enterprise

Remote access

Open standards

2016 = 7.7 yearsAverage age of manufacturing assets highest since 1951


Smart Buildings

Driving Investment … High-Spec Copper Cabling

Cat 6A+26% CAGR1

(2015 – 2021)

ConnectivityLAN Connectivity Points

+3% CAGR1

(2015 – 2021)

Audio/Visual

Lighting

Fire/Alarm

HVAC

Control/Instrumentation

Local Area Network

Security

1. “Convergence and Digitization of Commercial Buildings in U.S.”, BSRIA, May 2017.

Deliver New User Experiences

Enable BusinessAnalytics

Improve Efficiency and Sustainability


CREATING CHALLENGES FOR OUR CUSTOMERS

LIVE BROADCAST63% of television ad spend is allocated to live events vs. pre-produced content

BROADCASTERS NEED TO ADOPT IP TECHNOLOGIES TO ADDRESS THESE CHALLENGES

Video Consumption

VIDEO CONSUMPTIONIS CHANGING

VIDEO QUALITY51% CAGR of UHD televisions installed (2016 – 2021)

VIDEO FORMATS26% CAGR of over-the-top subscribers (2014 – 2017)

UHD CONTENT CREATIONRequires higher bandwidth than legacy protocols can provide

DELIVERING CONTENT ON MULTIPLE PLATFORMSChallenges existing workflow

Sources: Cisco VNI, 2017; Bloomberg; Major Networks.

PRODUCING LIVE EVENTSIs complex and has the highest cost of failure


Bandwidth

Creating Opportunityfor our Customers …

… Driving Significant Investment

Internet traffic will grow 3x by 2021

Video traffic will exceed 80% in 2021

Today,the number of NETWORKEDDEVICES

MSO revenue per high-speed data user

= 2XGlobal

Population

2014 2017 2020E

$44.94$52.75

$60.80

Sources: Cisco VNI, 2017; SNL Global Market Intelligence, 2017; Sell-side consensus estimates as of 10/9/17.

By 2021,the number of NETWORKEDDEVICES

= 4XGlobal

Population

73% of internet traffic today is video

Global fixed broadband speeds will double by 2021


PROVEN TRACK

RECORD

POWERFULSECULARTRENDS

NEW FINANCIAL

GOALSDisciplined

and balancedapproach

2018GUIDANCE



Well-Capitalized and Strategically Advantaged

~$1.7 BILLION ~$475 million

≤ 3.0x

Management’s best estimate. 1. Estimated cash available for deployment.


$237 $200

$352

$235

$528

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

SIGNIFICANTLY IMPROVED BALANCE SHEET

1. Euro-denominated debt. Using exchange rate as of 10/1/17.

A Quality Balance Sheet with Long-Term Maturities

1111

Fixed, Long-Term MaturitiesEuro-Denominated

Debt Improves Earnings Exposure to the Euro

Pre-Tax Cost of Debt= 3.9%

(millions)


Organic Investments in capital expenditures to support organic growth and sustain core businesses

Highly selective M&A to expand our product offering into our current customer set and realize significant synergies

Belden Capital Allocation Framework

Based on management’s best estimates.

Percent of Capital

~25%

~55%

~20%

We invest only where we can leverage the Belden Business System to generate best-in-class ROIC

Share Repurchase when the market price is below the NPV of our strategic plan and Dividends


Organic Investment Opportunities

PRODUCT DEVELOPMENT

Significant opportunities in cloud, wireless, and

high-speed connectivity

WE ARE INCREASING INVESTMENT IN HIGH-ROIC ORGANIC OPPORTUNITIES

END-CUSTOMER EXPERIENCE

Increasing solution selling and improving the

pre-purchase experience

MARKETEXPANSION

Increasing manufacturing and sales presence in attractive

vertical and geographic markets


Investing to improve solution selling to large

global customers

PROJECT FUSION

Organic Investment Examples

$6M Capital Investment

53% ROIC

$14M Revenues

$39M Incremental Revenues

$7M Incremental Revenues

Expanding manufacturing capabilities for high-speed

connectivity products

HIGH-SPEEDCONNECTIVITY

Integrated software securing cloud and on-premise assets

CLOUD SOLUTIONS

Improving market access in a

high-growth region

INDIA FOOTPRINTEXPANSION

$15M Capital Investment

45% ROIC

$23M Revenues(2020 Expectations)

(2020 Expectations) (2020 Expectations)

(2020 Expectations)


Proven Acquisition Approach

ü That fit within our strategic frameworkü With leading brandsü That offer innovative productsü With opportunity for significant cost or commercial synergy

BUY LEADING COMPANIES

Furthering our leadership within each platform


1 Revenue Growth

In-line with Beldenend markets

2 GrossProfit %

Greater than Beldengross profit margins

3 EBITDA Margin %

Below Belden;opportunity to

bring to Belden corporate average

= ROIC

In-line with Belden corporate goals

PURCHASE PRICE: $200-$250M

Post-Synergy EV / EBITDA Multiple: ~7x

Typical Bolt-On Profile for Belden


$0.76 Annualized EPS Accretionfrom 2017 Capital Allocation 2

2017 Achievements

$63M of capital expenditure

$10M allocated towards a new manufacturing

facility in India

ORGANICINVESTMENTS

Management’s best estimate. Adjusted results. See appendix for reconciliation to comparable GAAP results. 1. Cash used to acquire business, net of cash acquired. 2. In first full year of each action being completed.

$166M purchase price1

$0.27 EPS accretion in first full year of

ownership

THINKLOGICAL ACQUISITION

$200M debt reduction

Reduced pre-tax cost of debt to 3.9%

Annualized EPS accretion of $0.47

DEBT REDUCTIONAND REFINANCING

$200M authorization

$12M deployed in Q3

SHAREREPURCHASE


PROVEN TRACK

RECORD


NEW FINANCIAL

GOALS

2018GUIDANCE

Significant growth and margin

opportunities


| ©2017 Belden Inc. belden.com @beldeninc33 Adjusted results. Please see appendix for comparable GAAP results. 1. High-end of guidance. 2. Constant currency. 3. ROIC excluding excess cash.

3-YEAR FINANCIAL PERFORMANCE(2014 – 20171)

3-YEAR FINANCIAL GOALS(2017 – 2020)

RevenueCAGR2 4% 5-7%

EBITDA Margin 15.5% à 18.9%(+340 bps)

20-22%

Free Cash FlowCAGR 13% 13-15%

Return on Invested Capital3

13.0% à 13.5%(+50 bps)

13-15%

Financial Performance


Fiscal Year 2018 Outlook

Revenuesof between

$2.492 billion and $2.542 billion

EPSof between


Management’s best estimate. Adjusted results. See appendix for reconciliation to comparable GAAP results.


2018 Assumptions

$68M interest expense

Tax Rate of 20% versus approximately 18% in 2017

Organic growth of 1-3%

No impact of potential 2018 M&A and Share Repurchases


$5.50

2017 Mid-Point

Tax Rate Interest Expense

2017 Acquisition / Divestiture

Currency Productivity Organic Growth

2018

2018 EPS Bridge

Management’s best estimate. Adjusted results. See appendix for reconciliation to comparable GAAP results.1. Assumes MCS business is divested before fiscal 2018.

$0.11-$0.36

$0.13$0.08$0.05$0.26($0.18)

$5.95-$6.20

1

CLEAR PATH TO ACHIEVING 8-13% EARNINGS GROWTH IN 2018


Accretive M&A Potential

Investment Thesis

Revenue +6% CAGR to $2.4B | EBITDA +1,040 bps to 18.9% | FCF +16% CAGR to $225M | ROIC +940 bps to 13.5%

15.5% in 2014 | 18.9% in 2017 | 20-22% goal by 2020

Adjusted results. See investor.belden.com for reconciliation to comparable GAAP result. 1. Management’s best estimate 12/5/17. Estimated cash available for deployment from organic activities.2. Expectations for year-one assuming 9 -10% ROIC.

Proven Track Record 2005 – 2017R

EBITDA Margin Upside

Secular Tailwinds

Industrial Automation | Smart Buildings | Video Consumption | Bandwidth

$1.7B dry powder available 2018 – 20201 | ~$0.16 -$0.18 EPS accretion per $100M deployed2


Appendix


Reconciliation of Non-GAAP Measures: 2017 Q4 and Full-Year Earnings GuidanceOur guidance for income per diluted share attributable to Belden common stockholders is based upon information currentlyavailable regarding events and conditions that will impact our future operating results. In particular, our results are subject tothe factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impactedby other additional events for which information is not available, such as asset impairments, purchase accounting effectsrelated to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposalof tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related toevents or conditions that are not yet known.

Year Ended Three Months EndedDecember 31, 2017 December 31, 2017

Adjusted income per diluted share attributable to Belden common stockholders $5.45 - $5.55 $1.71 - $1.81Amortization of intangible assets ($1.51) ($0.07)Loss on debt extinguishment ($0.76) $0.00Severance, restructuring, and acquisition integration costs ($0.59) ($0.02)Purchase accounting effects related to acquisitions ($0.09) ($0.01)

GAAP income per diluted share attributable to Belden common stockholders $2.50 - $2.60 $1.61 - $1.71


Reconciliation of Non-GAAP Measures: Adjusted EBITDA

December 31, 2017 Estimate December 31, 2016 December 31, 2015 December 31, 2014

GAAP revenues 2,445,000$ 2,356,672$ 2,309,222$ 2,308,265$

Deferred revenue adjustments - 6,687 51,361 11,954 Patent settlement - (5,554) - -

Adjusted revenues 2,445,000$ 2,357,805$ 2,360,583$ 2,320,219$

GAAP net income attributable to Belden 144,785$ 128,003$ 66,204$ 74,449$ Interest expense, net 83,365 95,050 100,613 81,573 Loss on debt extinguishment 52,441 2,342 - - Income tax expense (benefit) (15,949) (1,185) (26,568) 7,114 Loss (Income) from discontinued operations - - 242 (579) Loss (Gain) from disposal of discontinued operations - - 86 562 Noncontrolling interest (305) (357) (24) - Amortization of intangible assets 104,055 98,385 103,791 58,426 Depreciation expense 45,600 47,208 46,551 43,736 Severance, restructuring, and acquisition integration costs 41,050 38,770 47,170 70,827 Impairment of assets held for sale - 23,931 - - Deferred gross profit adjustments - 6,687 52,876 10,777 Purchase accounting effects related to acquisitions 6,133 (2,079) 9,747 12,540 Patent settlement - (5,554) - -

Adjusted EBITDA 461,175$ 431,201$ 400,688$ 359,425$

GAAP net income margin 5.9% 5.4% 2.9% 3.2%Adjusted EBITDA margin 18.9% 18.3% 17.0% 15.5%

Years Ended

(In thousands, except percentages)

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerateddepreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value and transaction costs; severance,restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain revenues and gains(losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is immaterial to our financial statements. When we calculate the tax effect ofthe adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they helpthem compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for thepurchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe thispresentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value adjustmentsbecause they generally are not related to the acquired business' core operating performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businessesand/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe theadjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

(Unaudited)


Reconciliation of Non-GAAP Measures: Free Cash Flow

We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capitalexpenditures net of the proceeds from the disposal of tangible assets. We believe free cash flow provides useful informationto investors regarding our ability to generate cash from business operations that is available for acquisitions and otherinvestments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financialmeasure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only inconjunction with financial measures reported according to accounting principles generally accepted in the United States. Ourdefinition of free cash flow may differ from definitions used by other companies.

(Unaudited)

2017E 2016 2015 2014 2013 2012

Net cash provided by operating activities 288,000$ 314,794$ 241,460$ 200,887$ 175,335$ 143,507$

Capital expenditures, net of proceeds from the disposal of tangible assets (63,000) (53,582) (54,436) (43,575) (37,040) (31,435) Working capital settlement in connection with the sale of consumer electronics assets - - - - - 32,333 Acquisition and divestiture transaction costs - - - - - 4,928

Free cash flow 225,000$ 261,212$ 187,024$ 157,312$ 138,295$ 149,333$

Years ended December 31,

(In thousands)


Reconciliation of Non-GAAP Measures: 2018 Earnings GuidanceOur guidance for income per diluted share attributable to Belden common stockholders is based upon information currentlyavailable regarding events and conditions that will impact our future operating results. In particular, our results are subject tothe factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted byother additional events for which information is not available, such as asset impairments, purchase accounting effects relatedto acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangibleassets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditionsthat are not yet known.

Year EndedDecember 31, 2018

Adjusted income per diluted share attributable to Belden common stockholders $5.95 - $6.20Amortization of intangible assets ($1.26)Severance, restructuring, and acquisition integration costs ($0.36)

GAAP income per diluted share attributable to Belden common stockholders $4.33 - $4.58