2016 investor deck february

© 2016 Belden Inc. | belden.com | @BeldenInc
February 2016
Belden
Leading the Way to an
Interconnected World

© 2016 Belden Inc. | belden.com | @BeldenInc 2
Leading The Way to an Interconnected World
Delivering highly-engineered signal transmission
solutions for mission-critical applications in a diverse set of global markets
Business Platforms Applications Vertical Markets
Data
Sound
Video
Industrial
Enterprise
Broadcast

Five Business Platforms Delivering
Innovative Connectivity Solutions
Broadcast Enterprise
Industrial
Connectivity
Industrial IT
Solutions
Network
Security
• Industrial and I/O
Connectors
• Industrial Cable
• Distribution Boxes
• Customized
Connectivity Solutions
• Ethernet Switches
• Wireless Systems
• Routers and
Gateways
• Security Devices
• Network Management
Software
• Copper and Fiber
Connectivity
• Racks and Enclosures
• Ethernet, Fiber Optic
and Coaxial Cabling
• Custom Infrastructure
Solutions
• Routers and Interfaces
• Broadcast Connectors
• Broadband
Connectivity
• Multi-Viewers and
Monitoring and Control
Systems
• Playout Systems
• Vulnerability
Assessment
• Security Configuration
Management
• Log Intelligence
• Analytics and
Reporting

A Global Signal Transmission Solutions Company
Broadcast
Enterprise
Connectivity
Industrial
Connectivity
Industrial IT
Network
Security
Market Size1
$4.9B $3.3B $4.0B $1.3B $4.3B
3-Year Market
Growth Rate
1-3% 1-3% 0-2% 1-3% 10-12%
Market Share1
19% 14% 16% 20% 4%
2015 Revenue $900.6M $445.2M $603.3M $244.3M $167.1M
2015 EBITDA
Margin
15.8% 16.1% 16.6% 17.7% 26.7%
Key Markets
• Broadband
• Broadcast
Studios
• Mobile
Production
• Finance
• Healthcare
• Commercial
Buildings
• Discrete
• Process
• Energy
• Transportation
• Finance
• Energy
• Retail
• Government
• Industrial
1. Served addressable market..

Financial Performance
Revenues (M) EBITDA Margin1 Return on
Invested Capital2 Free Cash Flow3
2005 $1,246 8.5% 4.1% $37M
2015 $2,361 17.0% 12.0% $182M
Variance 6.6% CAGR
Improvement of
850 bps
Average of
13.1%
17.1% CAGR
Driving best-in-class shareholder value
1. Non-GAAP results. See appendix for reconciliation to comparable GAAP results.
2. Excluding excess cash, Average of 2012-2015.
3. See appendix for reconciliation to comparable GAAP results.

A Disciplined Capital Deployment Strategy
Innovation and
Market Expansion
Share
Repurchase
M&A
Invest in
growth opportunities
Repurchase Belden stock
at attractive prices
Identify product and market
opportunities, and acquire with
a disciplined approach
• Product innovation
• Productivity
improvement
• Capital expenditure
• Repurchased 7.4 million
shares at $47.43 average
• ~16% of outstanding
shares
• $350M invested since
2011
• $2.8 billion invested
since 2007
• >15% Cash ROIC on
acquisitions made
before 2012
2015 ROIC* = 12.0%
Deploy capital to highest ROIC project
* ROIC excluding excess cash

Connectivity Peers
Cable Peers
10.0%
20.0%
30.0%
40.0%
50.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
A Common Misperception About Belden
“Belden is a Wire and Cable company.”
Improvement of
1,930 bps
Belden’s Gross Profit Margin Exceeds Connectivity Peers
1. Adjusted results. See appendix for reconciliation to comparable GAAP results.
2. Peer margin based on 2015 expectations

10%
12%
14%
16%
18%
20%
2010 2011 2012 2013 2014 2015
Consistent Margin Progression
We have shown the ability to consistently
improve margins in a low-growth environment
EBITDA
Margin
Goal:
18 - 20%
11.9% 11.7%
13.0%
15.7% 15.5%
EBITDA Margin (%)1
17.0%Peer Average2
1. Non-GAAP results. See appendix for reconciliation to comparable GAAP results
2. Peer Average margin based on 2015 expectations

10 Year EPS Growth
0%
5%
10%
15%
20%
25%
Peer A S&P 500 Peer B Peer C Peer D Belden
Since 2005, Belden has generated
upper quartile EPS growth of 22%
1. Peer EPS based on 2015 expectations

High Quality Earnings: Free Cash Flow Generation
Delivering 21.4% CAGR in free cash flow per share
0
1
2
3
4
5
6
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
FCF per Share1
1. Non-GAAP results. See appendix for reconciliation to comparable GAAP results
2. Excludes the cash payments for the Broadcast restructuring program that began in Q3 2015.
$2.41
$3.07
$3.38
$2.47
$0.71
$1.80
$4.942
$3.03 $3.16
$4.28
$4.46
21.4% CAGR

The Cost of Capital Has Decreased
Belden’s cost of capital has benefited from a more
balanced capital structure
0.9x
0.7x
3.0x
2.2x
2.6x
3.6x
3.0x
12.1% 12.2%
10.7%
9.3%
9.7%
8.5% 8.5%
5.0%
7.0%
9.0%
11.0%
13.0%
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
2010 2011 2012 2013 2014 2015 2016
Net Leverage Ratio WACC

4.2x
4.9x 4.9x
4.7x 4.6x
4.2x
4.7x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
2010 2011 2012 2013 2014 2015 2016
Net Interest Coverage Ratio Has Been Consistent
Incurrence
Covenant
Belden generates more than 2x the required EBITDA
Net Interest Coverage Ratio

2008 Versus 2015
Market
Broadcast
Enterprise
Industrial
Product
Networking
Connectivity
Cable
2008
Market Product
2015
Divested cable
Acquired software,
networking and
connectivity
Network Security Security
Broadcast
Enterprise
Industrial
Networking
Connectivity
Cable

Transformation To Drive Continued Margin Expansion
14%
16%
18%
20%
2015 Leverage Mix Productivity Inorganic 2018
140 bps
20 bps
110 bps
20 bps 20.0%
17.1%

Opportunity Exists to Drive Increased Shareholder Value*
4x
8x
12x
16x
EV/EBITDAMultiple
10% 15% 20% 25% 30%5%
EBITDA-Capex Margin
A
B
C
Increased free cash flow margin drives multiple expansion
Legacy Peers
EC D
A
B
Best In Class
Peers
F
R2 = 0.8165
2008
Today

Business Model Goals
THREE YEAR FINANCIAL GOALS
Growth 5 - 7%
EBITDA 18 - 20%
Return on Invested Capital 13 - 15%
Free Cash Flow Exceed Net Income
• Headwinds
− Weak global growth
− Strong US dollar
− Sustained low oil prices
• Tailwinds
− Cybersecurity
− Broadband demand
− Strength in enterprise
Market Growth
1-3%
Share Capture
2%
Inorganic Activity
2%
Total
Growth
5-7%
=+ +

Continued Focus on Productivity Improvement
Industrial Platform Cost Measures
Industrial Tailwinds
• Internet of Things
• Industrial automation
• Market-leading portfolio
Industrial Headwinds
• Stronger US dollar
• Industrial production
• Continued low oil prices
• Capacity utilization rates
Year
Cash
Investment
Savings
EPS
Impact
2016 $23M $6M $0.11
2017 $15M $17M $0.32
2018 - $22M $0.41

$2,363 ($68)
$0 - $50 $2,295 - $2,345
$4.85
$0.29
$5.10 - $5.40
$0.08
$0.04
$0.00 - $0.30
Current Outlook 2015
(Mid-Point)
Copper and
Currency
Tax, Interest, Share
Repurchase
Productivity Organic Current Outlook 2016
Revenues and EPS Bridge
Adjusted
Revenue ($M)
Adjusted EPS

2016 Assumptions
Copper price of $2.05 for 2016 versus $2.50 in 2015
Euro of $1.05 in 2016 vs. $1.11 in 2015
Interest expenses of ~$95 million for 2016
Tax rate of 20% for 2016
$0.29 of favorable impact to EPS from productivity
improvement programs
1: Source: Approximate IMF Crude Oil forecast.

Q1 and Full Year 2016 Guidance*
Fiscal Year 2016
Revenues
of between
$530 and $550
million
*Non-GAAPresults. See appendix for reconciliation to comparable GAAP results
Q1 2016
EPS
of between
$0.90 and
$1.00 per
diluted share
Revenues
of between
$2.295 and
$2.345 billion
EPS
of between
$5.10 and
$5.40 per
diluted share

GAAP to Non-GAAP Reconciliation
Year Ended Three Months Ended
December 31, 2016 April 3, 2016
Adjusted revenues $2.295 - $2.345 billion $530 - $550 million
Deferred revenue adjustments ($7 million) ($2 million)
GAAP revenues $2.288 - $2.338 billion $528 - $548 million
Adjusted income from continuing operations per diluted share attributable to Belden stockholders $5.10 - $5.40 $0.90 - $1.00
Amortization of intangible assets ($1.71) ($0.45)
Severance, restructuring, and acquisition integration costs ($0.60) ($0.30)
Deferred gross profit adjustments ($0.11) ($0.04)
GAAP income from continuing operations per diluted share attributable to Belden stockholders $2.68 - $2.98 $0.11 - $0.21
Our guidance for revenues and income from continuing operations per diluted share attributable to Belden stockholders is based upon information currently
available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under the Safe
Harbor Statement in this slide presentation. In addition, our actual results are likely to be impacted by other additional events for which information is not available,
such as asset impairments, purchase accounting effects related to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized
on the disposal of tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are
not yet known.

Q4 2015 Earnings Release
Conference Call Presentation

• Delivered revenues of $602.5 million;
• Expanded gross profit margins to a record 43.1%, up 570
basis points year over year;
• Generated record EBITDA of $114.6 million, an
improvement of 14.9% year over year, representing 19.0%
of revenue in the quarter;
• Achieved record EPS of $1.63 in the quarter, increasing
more than 31% from the prior year period; and
• Paid down $150 million of long-term debt during the period.
Q4 2015 Highlights
Adjusted results. See Appendix for reconciliation to comparable GAAP results.

• Achieved revenues of $2.36 billion, an increase of 7.4% year-
over-year in constant currency;
• Expanded gross profit margins to a record 41.6%, increasing 460
basis points from 37.0% in the year-ago period;
• Drove EBITDA margins to a record 17.0%, increasing 150 basis
points from 15.5% in the year-ago period; and
• Delivered record adjusted EPS of $4.98, up 17.7% over last year’s
$4.23.
FY 2015 Highlights

4th Quarter Segment Overview
Revenue $48.9M
EBITDA Margin 30.0%
Revenue $62.8M
EBITDA Margin 18.4%
Revenue $109.4M
EBITDA Margin 16.7%
Revenue $141.8M
EBITDA Margin 16.8%
Revenue $239.5M
EBITDA Margin 19.5%
Broadcast
Enterprise
Connectivity
Industrial
Connectivity
Industrial
IT
Network
Security
Camera Mounted
Fiber Solutions
Signal Processing
& Routing
Precision A/V
Cable and Connectivity
Monitoring
Systems
Automation Playout
& Branding
Systems
Industrial and
I/O Connectors
Industrial
Cables
IP/Networking
Cables
I/O Modules/
Active
Distribution
Boxes
Customer-Specific
Wiring
Copper and Fiber
Connectivity
Racks and
Enclosures
Ethernet,
Fiber Optic and Coaxial
Cables, Security
& Routing
Wireless Switches Connectivity
Vulnerability AssessmentTargeted Attack Detection Threat Analytics

Q4 2015 Financial Summary
Q4 2015 Q3 2015 Q4 2014
Revenue $602.5M $590.1M $613.7M
Gross profit $259.6M $240.7M $229.4M
Gross profit percentage 43.1% 40.8% 37.4%
EBITDA $114.6M $97.5M $99.8M
EBITDA percentage 19.0% 16.5% 16.3%
Income from continuing operations $69.3M $48.9M $ 53.9M
Income from continuing operations per
diluted share
$1.63 $1.14 $1.24

Segment Results
(1) Consolidated results include income from our equity method investment.
Broadcast
Enterprise
Connectivity
Industrial
Connectivity
Industrial IT
Network
Security
Consolidated
Q4 2015
Revenue $239.5M $109.4M $141.8M $62.8M $48.9M $602.5M
EBITDA(1) $46.7M $18.3M $23.9M $11.5M $14.7M $114.6M
EBITDA Margin 19.5% 16.7% 16.8% 18.4% 30.0% 19.0%
Q3 2015
Revenue $228.1M $113.8M $147.7M $59.2M $41.4M $590.1M
EBITDA(1) $34.9M $18.2M $23.2M $10.5M $11.2M $97.5M
EBITDA Margin 15.3% 16.0% 15.7% 17.7% 27.2% 16.5%
Q4 2014
Revenue $253.2M $110.8M $173.7M $76.0M $613.7M
EBITDA(1) $43.4M $14.5M $26.5M $15.9M $99.8M
EBITDA Margin 17.5% 13.1% 15.2% 20.9% 16.3%

Q4 2015 Balance Sheet Highlights
Q4 2015 Q3 2015 Q4 2014
Cash and cash equivalents $217M $242M $741M
Inventory turns 7.1x 6.7x 6.9x
Days sales outstanding 62 days 63 days 59 days
PP&E turns 7.7x 7.4x 7.7x
Total debt principal amount $1.75B $1.91B $1.77B
Net Leverage 3.6x1 4.0x 2.7x
(1) Net leverage 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 plus trailing twelve months long-term incentive plan expense for certain acquired companies. The net leverage calculation for Q3 2015 includes Adjusted EBITDA for companies acquired
in Q4 2014 and Q1 2015.

Cash Flow Highlights
(1) Adjusted for non-recurring cash payments of $37.7M in 2014 ($15.9M in Q4 2014) related to the integration of Grass Valley. See Appendix for reconciliation to comparable GAAP results.
(2) Capital expenditures, net of proceeds from the disposal of tangible assets. See Appendix for reconciliation.
(3) 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 Appendix for reconciliation to comparable GAAP results.
(4) Net of cash acquired.
Q4 2015 Q4 2014 FY 2015 FY 2014
Cash flows from operating activities $ 144.4M $ 145.2M(1) $236.4M $ 231.7M(1)
Less: Net capital expenditures(2) $ 15.5M $ 14.3M $ 54.4M $ 43.6M
Free cash flow (3) $ 129.0M $ 130.9M $ 182.0M $ 188.2M
Cash used to acquire businesses(4) $ 0.0M $ 34.8M $ 695.3M $ 347.8M
Share repurchases and dividends $ 2.0M $ 32.2M $ 47.4M $ 100.9M

Q1 2016(1)
• Revenue of $530 - $550 million
• Income from continuing operations per diluted share of $0.90 - $1.00
Outlook
2016 Full Year(1)
• Revenue of $2.295 - $2.345 billion
• Income from continuing operations per diluted share of $5.10 - $5.40
(1) Adjusted Outlook. See Appendix for reconciliation to comparable GAAP outlook.

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2016 investor deck february