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| ©2017 Belden Inc. belden.com @beldeninc 1

Belden Overview Q1 2018

| ©2017 Belden Inc. belden.com @beldeninc 2 Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results.

1. 2005 – 2017

Belden Overview

Operational Excellence

Disciplined Capital Allocation

Proven Management Team

DEPLOYS A Robust Business System

Revenue CAGR +6%

FCF CAGR +15% DELIVERS Strong, Consistent Results1

EBITDA +970 bps

ROIC +910 bps

Bandwidth

Video Consumption BENEFITS From Favorable Secular Trends

Industrial Automation

Smart Buildings

What is Belden? A Leading Global Connectivity Company that …

SERVES Two Primary End-Markets

Enterprise

Industrial


Belden Overview

KEY MARKETS

Industrial

Discrete Manufacturing

Process Facilities

Transportation

Energy

Enterprise

Smart Buildings

Final Mile Broadband

Live Media Production

Data

Audio

Video

Connectivity

Cable

Networking

Software

APPLICATIONS SOLUTIONS

A Leading Global Connectivity Company


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/V

Racks Connectivity Tools

Cameras Switchers Replay

Routing 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 Management

Automated 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 Firewalls

Network 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

REVENUE EBITDA

MARGIN

FREE CASH

FLOW

RETURN

ON INVESTED

CAPITAL1

2005 $1.246B 8.5% $37M 4.1%

2017 $2.389B 18.2% $192M 13.2%

Variance 6% CAGR Improvement of

970 bps 15% CAGR

Improvement of

910 bps

Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results.

1. Excluding excess cash.

SIGNIFICANTLY IMPROVED FINANCIAL PERFORMANCE


REVENUE MIX

Improved Portfolio Composition

DIVESTED Lower-margin cable

ACQUIRED Higher-margin software,

networking, and connectivity CABLE

CONNECTIVITY

CABLE

CONNECTIVITY

NETWORKING

SOFTWARE

REVENUE MIX

2005

2017

1.2B Revenues

Gross Profit

21

$ %

2.4B Revenues

Gross Profit

41

$ %


Favorable Secular Trends

INDUSTRIAL

AUTOMATION

Increasing

pressure

to automate

production

SMART

BUILDINGS

Integrated

networks

require

connectivity

BANDWIDTH

Insatiable

demand for

high-speed

internet

VIDEO

CONSUMPTION

Increasing quality

and quantity

of video

consumption


2017 Leverage onOrganic Growth

Mix Productivity 2020

Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results.

1. Assuming 4% organic revenue CAGR.

THE BELDEN BUSINESS SYSTEM WILL

CONTINUE TO DRIVE MARGIN EXPANSION

130 bps1

60 bps

90 bps 21.0%

A Path to Increased Profitability

18.2%


$240

$200

$361

$240

$541

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

SIGNIFICANTLY IMPROVED BALANCE SHEET

1. Euro-denominated debt. Using exchange rate as of 12/31/17.

A Quality Balance Sheet with Long-Term Maturities

1 1 1 1

Fixed, Long-Term Maturities

Euro-Denominated

Debt Improves Earnings

Exposure to the Euro

Pre-Tax Cost of Debt

= 3.9%

(millions)


Well-Capitalized and Strategically Advantaged

~$1.7 BILLION ~$430 million

≤ 3.0x

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


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


EPS Accretion from Capital Deployment

9%

$100M $0.16

$300M $0.48

$500M $0.80

$700M $1.12

ROIC

Assumes Tax Rate = 24%, Number of Shares = 48.9M, Depreciation = 2% of Revenues

Deployed Capital

YEAR 1

| ©2017 Belden Inc. belden.com @beldeninc 14 Adjusted results. Please see appendix for comparable GAAP results.

1. Constant currency. 2. ROIC excluding excess cash.

3-YEAR FINANCIAL GOALS

(2017 – 2020)

Revenue

CAGR1 5-7%

EBITDA Margin 20-22%

Free Cash Flow

CAGR 13-15%

Return on

Invested Capital2 13-15%

3-Year Financial Goals


Investment Thesis

Attractive Valuation3

Proven Track Record 2005-2017

EBITDA Margin Upside

Secular Tailwinds

Accretive M&A Potential

Revenue +6% CAGR to $2.4B | EBITDA +970 bps to 18.2% | FCF +15% CAGR to $192M | ROIC +910 bps to 13.2%

15.5% in 2014 | 18.2% in 2017 | 20 - 22% goal by 2020

Industrial Automation | Smart Buildings | Video Consumption | Bandwidth

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

9x EV/EBITDA | 12x P/E | 7% FCF Yield

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.

3. Stock price as of 2/2/2018. Denominator based on 12-month forward consensus


Q4 2017 Earnings


Q4 2017 Overview

Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results..

All references to Net Income refer to income from continuing operations attributable to Belden.

All references to Earnings Per Share refer to adjusted net income per diluted share attributable to Belden common stockholders

• Revenues of $604.9M, decreasing 50 basis points

year-over-year

• Generated EBITDA of $110.2M

• EPS of $1.62, increasing 14.1% year-over-year

• Increased full-year 2018 revenue guidance to

$2.528 - $2.578 billion from $2.492 - $2.542 billion


FY 2017 Highlights

Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results..

All references to Net Income refer to income from continuing operations attributable to Belden.

All references to Earnings Per Share refer to adjusted net income per diluted share attributable to Belden common stockholders

• Record revenues of $2.389B

• Generated record EBITDA of $434.3M

• Record net income of $265.0M, increasing 10.4%

• Strengthened balance sheet, acquired Thinklogical

and increased investment in attractive organic

growth initiatives


Revenue $162.6M

EBITDA Margin 19.9%

Revenue $110.0M

EBITDA Margin 25.8%

Revenue $174.7M

EBITDA Margin 12.7%

Revenue $157.7M

EBITDA Margin 16.7% Precision A/V

Cable & Connectivity

Q4 2017 Segment Overview

Cameras Signal Processing

& Routing

Monitoring

Systems

Automation Playout

& Branding

Systems

Industrial

I/O Connectors

Industrial

Cables

IP/Networking

Cables

I/O Modules/

Active

Distribution

Boxes

Customer-Specific

Wiring

Copper & Fiber

Connectivity

Racks &

Enclosures

Ethernet,

Fiber Optic & Coaxial

Drop, Headend &

Hardline Connectors

Broadcast

Solutions

Enterprise

Solutions

Industrial

Solutions

Network

Solutions Wireless, Gateways

Embedded

Switches &

Routers

Network Management

Software Vulnerability & Configuration

Management Firewalls

KVM

Switches


Q4 2017 Financial Summary

Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results.

(1) All references to Net Income refer to adjusted net income attributable to Belden

(2) All references to Earnings Per Share refer to adjusted net income per diluted share attributable to Belden common stockholders

Q4 2017 Q3 2017 Q4 2016

Revenue $604.9M $621.7M $608.2M

Gross profit $237.7M $255.4M $264.1M

Gross profit percentage 39.3% 41.1% 43.4%

EBITDA $110.2M $119.2M $122.5M

EBITDA percentage 18.2% 19.2% 20.1%

Net Income(1) $79.0M $73.9M $70.3M

Earnings Per Share(2) $1.62 $1.49 $1.42


Q4 2017 Segment Results

Consolidated are adjusted results. See investor.belden.com for reconciliation to comparable GAAP results.

(1) Consolidated results include income / (loss) from our equity method investment.

Broadcast

Solutions

Enterprise

Solutions

Industrial

Solutions

Network

Solutions Consolidated

Q4 2017

Revenue $174.7M $157.7M $162.6M $110.0M $604.9M

EBITDA(1) $22.2M $26.3M $32.3M $28.3M $110.2M

EBITDA Margin 12.7% 16.7% 19.9% 25.8% 18.2%

Q3 2017

Revenue $193.8M $167.1M $160.5M $100.4M $621.7M

EBITDA(1) $35.7M $26.4M $30.5M $24.9M $119.2M

EBITDA Margin 18.4% 15.8% 19.0% 24.8% 19.2%

Q4 2016

Revenue $208.8M $150.2M $146.7M $102.4M $608.2M

EBITDA(1) $48.6M $20.7M $27.5M $26.0M $122.5M

EBITDA Margin 23.3% 13.8% 18.8% 25.4% 20.1%


Q4 2017 Balance Sheet Highlights

(1) Net leverage is calculated as (A) total debt less cash and cash equivalents divided by (B) trailing twelve months Adjusted EBITDA plus trailing twelve months stock based compensation

expense.

Q4 2017 Q3 2017 Q4 2016

Cash and cash equivalents $561M $461M $848M

Working Capital Turns 8.6x 7.1x 15.4x

PP&E turns 7.2x 7.7x 7.9x

Total debt principal amount $1.58B $1.55B $1.64B

Net Leverage(1) 2.3x 2.3x 1.8x


Q4 2017 Cash Flow Highlights

(1) Capital expenditures, net of proceeds from the disposal of tangible assets. See Appendix for reconciliation.

(2) Free cash flow is not a term defined by generally accepted accounting principles (GAAP) and our definition may or may not be used consistently with other companies that define this term.

See investor.belden.com for reconciliation to comparable GAAP results.

(3) Net of cash acquired.

Q4 2017 Q4 2016 FY 2017 FY 2016

Cash flows from operating activities $151.7M $167.4M $255.3M $314.8M

Less: Net capital expenditures(1) $29.8M $17.8M $63.2M $53.6M

Free cash flow (2) $121.9M $149.6M $192.1M $261.2M

Cash used to acquire businesses(3) $0.0M $1.0M $166.9M $18.8M

Dividends / Share Repurchases $24.3M $9.8M $68.4M $16.1M


Outlook

(1) Adjusted Outlook. See investor.belden.com for reconciliation to comparable GAAP outlook.

(2) All references to Earnings Per Share refer to adjusted net income per diluted share attributable to Belden common stockholders.

Q1 2018

• Revenue of $575 - $595 million

• Earnings Per Share(1)(2) of $1.05 - $1.15

2018 Full Year

• Revenue of $2.528 - $2.578 billion

• Earnings Per Share(1)(2) of $5.95 - $6.20


Appendix


Industrial Automation

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

Eurostat; Federal Reserve.

DRIVING IP ADOPTION

IP 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 STATES PRODUCT CUSTOMIZATION

2025

2M Unfilled

manufacturing

jobs globally

2015

SKILLS GAP AND WAGE INFLATION

Connect new technologies with legacy systems

Collaboration between operational

and information technologies

Manage security risks

Factory connected to the enterprise

Remote access

Open standards

2016 = 7.7 years

Average age of manufacturing assets highest since 1951


Smart Buildings

Driving Investment …

High-Spec Copper Cabling Cat 6A

+26% CAGR1 (2015 – 2021)

Connectivity LAN 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 Business

Analytics

Improve Efficiency

and Sustainability


CREATING CHALLENGES

FOR OUR CUSTOMERS

LIVE BROADCAST 63% 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 CONSUMPTION

IS CHANGING

VIDEO QUALITY 51% CAGR of UHD televisions installed

(2016 – 2021)

VIDEO FORMATS 26% CAGR of over-the-top subscribers

(2014 – 2017)

UHD CONTENT CREATION

Requires higher bandwidth than

legacy protocols can provide

DELIVERING CONTENT ON

MULTIPLE PLATFORMS

Challenges existing workflow

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

PRODUCING LIVE EVENTS

Is complex and has the highest

cost of failure


Bandwidth

Creating Opportunity for our Customers …

… Driving Significant Investment

Internet traffic will grow 3x by 2021

Video traffic will exceed 80% in 2021

Today, the number of

NETWORKED

DEVICES

MSO revenue

per high-speed data user

= 2X Global

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

NETWORKED

DEVICES

= 4X Global

Population

73% of internet traffic today is video

Global fixed broadband

speeds will double by 2021

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