Belden Overview and Strategic Direction

| ©2017 Belden Inc. belden.com @beldeninc1
Belden Overview
August 2017

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

Broadcast
Solutions1
Enterprise
Solutions
Industrial
Solutions
Network
Solutions
Creation
Playout
Delivery
Finance
Healthcare
Commercial Buildings
Discrete
Process
Energy
Transportation
Industrial
Enterprise
Government
2016 Segment
Revenue $821M $603M $585M $399M
2016 Segment Mix 34% 25% 24% 17%
2016 Segment
EBITDA Margin 18.9% 16.8% 17.3% 23.2%
Market Size2
$4.3B $4.2B $4.0B $4.3B
3-Year Market
Growth Rate2,3 2-4% 2-4% 1-3% 5-7%
Market Share 19% 14% 15% 7%
Served addressable market
Served addressable market
1. Includes 2016 Thinklogical Performance
2. Based on management’s best estimate as of 12/5/16.
3. Estimated annual average market growth
A Global Signal Transmission Solutions Company

$1.3B Dry Powder Available 2017-20191 | 170+ Targets | ~$0.24-$0.28 EPS Accretion per $100M Deployed2
Investment Thesis
Broadband | 4K TV | Non-Res Construction | Internet of Things | Industrial Automation | Cybersecurity
Revenue +6% CAGR to $2.36B | EBITDA +980 bps to 18.3% | ROIC +860 bps to 12.7% | FCF +19% CAGR to $261M
15.5% in 2014 | 18.3% in 2016 | 20% Goal by 2019
10x EV/EBITDA | 13x P/E | 7% FCF Yield
Adjusted Results. See investor.belden.com for reconciliation to comparable GAAP results
1. Management’s best estimate. Estimated cash available for deployment from organic activities.
2. Expectations for year 3 assuming 13%-15% ROIC
3. Stock price using 20 trading days VWAP prior to close on 8/1/17. Denominator based on 12-month blended forward consensus
Attractive Valuation3
Proven Track Record 2005-2016
EBITDA Margin Upside
Secular & Cyclical Tailwinds
Accretive M&A Potential

Financial Performance
Revenue EBITDA Margin
Free Cash
Flow
Return on
Invested Capital1
2005 $1.246B 8.5% $37M 4.1%
2016 $2.358B 18.3% $261M 12.7%
Variance 6.0% CAGR
Improvement of
980 bps
19.4% CAGR
Improvement of
860 bps
Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results .
1. Excluding excess cash
DRIVING BEST-IN-CLASS SHAREHOLDER VALUE

Market
Other
Enterprise
Industrial
Product
Networking
Cable
2005
Market Product
2016
Divested cable
Acquired software,
networking and
connectivity
Security
Broadcast
Enterprise
Industrial
Networking
Connectivity
Cable
Significant Improvements to the Portfolio Composition
Broadcast
Enterprise
Industrial
Connectivity
Cable

Connectivity Peers
Cable Peers
10%
20%
30%
40%
50%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
A Common Misperception About Belden
“Belden is a Wire and Cable company.”
Improvement of
2,000 bps
1. Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results
BELDEN’S GROSS PROFIT MARGIN
EXCEEDS CONNECTIVITY PEERS
Gross Profit Margin (%)1

8%
10%
12%
14%
16%
18%
20%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
EBITDA
Margin
Goal:
18 - 20%
11.9% 11.7%
13.0%
15.7%
15.5%
EBITDA Margin (%)1
17.0%
1. Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results
Consistent Margin Progression
11.8%
10.0%
13.6%
11.2%
8.5%
18.3%
CONSISTENT MARGIN EXPANSION
IN A LOW-GROWTH ENVIRONMENT

$0.71
$2.47
$3.38
$3.07
$2.41
$1.80
$3.03 $3.16
$4.46
$4.28 $4.24
$5.74
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
High Quality Earnings: Free Cash Flow Generation
FCF per Share1
1. Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results .
20.9% CAGR
Leverage On
Growth
Working Capital
Improvement
Fixed Asset
Efficiency

8%
10%
12%
14%
16%
2011 2012 2013 2014 2015 2016
ROIC WACC
ROIC Consistently Exceeds WACC
ROIC
Goal:
13 - 15%
OVER $2.8 BILLION INVESTED IN ACQUISITIONS SINCE 2007

Belden Capital Allocation Strategy
We invest only where we can leverage the Belden Business System to generate
Best-in-Class ROIC
~27%
~12%
~61%
PERCENT
OF CAPITAL1
Organic Investments 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
3
2
1
Share Repurchase when the market
price is below the NPV of our strategic
plan and Dividends
1. Based on capital deployed from 2010 – 2016.

$568
$200
$227
$511
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
COVENANT LIGHT, FIXED LONG-TERM DEBT
WITH NO SIGNIFICANT MATURITIES UNTIL 2023
1. Reflects cost-of-debt and balance sheet following completion of tender offer for remaining 2022 notes anticipated Q317
2. Euro-denominated debt. Using exchange rate as of 7/2/17.
Fixed, long-term maturities combine
attractive rates with certainty of interest
payments for years to come
Average Pre-Tax Cost of Debt =
4.5%1
Euro-denominated debt improves
earnings exposure to the Euro
A Quality Balance Sheet with Long-Term Maturities1
(in Millions)
22 2

BELDEN IS WELL CAPITALIZED AND STRATEGICALLY ADVANTAGED
Dry Powder Provides Flexibility and Opportunity
+$1.3 BILLION~$700 million
≤ 3.0x
Management’s best estimate
1. Estimated cash available for deployment from organic activities.

Strong Actively Managed M&A Pipeline
M&A Supplements Growth by 2%
Evaluating over 170 complementary and adjacent M&A opportunities
$0.3B$3.6B$5.5B$8.2B $7.6B
-312 -
Revenues
of Targets
In Diligence
ROBUST FUNNEL OF BOLT-ON AND ADJACENT
ACQUISITION OPPORTUNITIES
NetworkIndustrialEnterpriseBroadcast Adjacencies

9% 10% 13% 15%
$100M $0.16 $0.18 $0.24 $0.28
$300M $0.48 $0.54 $0.72 $0.84
$500M $0.79 $0.90 $1.20 $1.40
$700M $1.11 $1.25 $1.67 $1.95
ROIC
Assumes Tax Rate = 20%, Number of Shares = 49.9M, Depreciation = 2% of Revenues
Deployed Capital
OUR GOAL IS TO ACHIEVE 9% ROIC IN YEAR 1
AND 13-15% ROIC IN YEAR 3
EPS Accretion from Capital Deployment
YEAR 1 YEAR 3

1
Revenue
Growth
In-Line with Belden
End Markets
2
Gross
Profit %
Greater than Belden
Gross Profit Margins
3
EBITDA
Margin %
Below Belden;
Opportunity to Bring
to Belden Corporate
Average
= ROIC
In-Line with Belden
Corporate Goals
Purchase Price: $200-$250 Million
Pre-Synergy EV / EBITDA Multiple: ~10x
Post-Synergy EV / EBITDA Multiple: ~8x
Typical Bolt-On Profile for Belden

Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results.
1. ROIC excluding excess cash. Based on mid-point of guidance.
3-YEAR
FINANCIAL GOALS
Revenue Growth 5-7%
EBITDA 18-20%
Free Cash Flow Exceed Net Income
Return on Invested Capital1 13-15%
Financial Goals

− Increased Broadband Demand
− IP Adoption in Broadcast Environments
− Non-Residential Construction
− IoT Deployment in Extended LAN
− Investment in Industrial Automation
− Cybersecurity Spend
Market Growth
2-4%
Share Capture
1-2%
Inorganic Activity
2%
Total Growth
5-7%~+ +
Revenue Growth Goal
3-Year CAGR
Revenue Growth 5-7%
TAILWINDS HEADWINDS
− Weak Global Growth
LOOKING FORWARD

10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
2016 Leverage Mix Productivity 2019
18.3%
1. Assuming 3% revenue CAGR. At 5% revenue CAGR, expected bps expansion from leverage would be 150BPS.
THE BELDEN BUSINESS SYSTEM WILL
CONTINUE TO DRIVE MARGIN EXPANSION
100 bps1 20 bps
50 bps 20.0%
A Path to Increased Profitability
on Organic
Growth

INCREASED MARGINS SHOULD DRIVE MULTIPLE EXPANSION
Opportunity Exists to Drive Increased Shareholder Value
10% 15% 20% 25% 30%5%
EBITDA-Capex Margin
A
B
C
Legacy Peers
EC
D
A
B
Best-in-Class
Peers
F
2008
TODAY
4x
8x
12x
16x
EV/EBITDAMultiple

Outlook

Q3 and Full Year 2017 Guidance*
Fiscal Year 2017
Revenues
of between
$615 and $635
million
*Non-GAAP results. See following slide for reconciliation to comparable GAAP results
Q3 2017
EPS
of between
$1.35 and
$1.45 per
diluted share
Revenues
of between
$2.415 and
$2.445 billion
EPS
of between
$5.35 and
$5.55 per
diluted share

Appendix

24 | ©2017 Belden Inc. belden.com @beldeninc
Extended
LAN
63%
Audio /
Video
23%
Data
Centers
7%
Other
7%
Enterprise Platform Overview
CUSTOMERS
FINANCIAL OVERVIEW
The industry’s most extensive portfolio of IP and analog infrastructure
and connectivity solutions for enterprise
KEY APPLICATIONS1
2014 2016
Segment Revenue $627M $603M
Segment EBITDA $89M $101M
Segment EBITDA % 14.3% 16.8%
ROIC 14.2% 15.2%
1. Based on 2016 revenues.
Racks and
Enclosures
Precision A/V
Cable and
Connectivity
Copper and Fiber
Connectivity
Ethernet,
Fiber Optic
and Coaxial
PRODUCTS
+4% Organic Growth CAGR

CUSTOMERS
Leading provider of production, connectivity and distribution systems for television
broadcast, cable, satellite and IPTV industries
1. Based on 2016 revenues, adjusted to include Thinklogical
2. Revenues and EBITDA include Thinklogical
3. Excludes Thinklogical
Broadcast Platform Overview
BUSINESSES1
SOLUTIONS
Production
Switchers
Replay
Systems
Cameras In-Home Network
Fiber
Cable
Outside
Plant
Drop &
Headend
Connectors
CREATION PLAYOUT DELIVERY
Monitoring
Systems
Playout Systems
Cloud-Enabled Playout
33% 15% 52%
49%
51%
FINANCIAL OVERVIEW
2014 20162
Segment EBITDA $117 $138M
ROIC3 9.5% 10.6%
Broadband
Broadcast IT
KVM
Switches

CUSTOMERS
FINANCIAL OVERVIEWVERTICAL MARKETS
PRODUCTS
Portfolio of quality brands providing high-performance
networking components and machine connectivity products
IP/Networking
Cables
Industrial
Cables
Connectors
and Cables
Customer-
Specific Wiring
Distribution
Boxes
I/O Modules /
Active
Industrial Connectivity Platform Overview
1. Compared to 2014, lower copper prices and foreign currency negatively impacted revenues by $72M.
Discrete
64%
Process
25%
Energy
7%
Transportation
4%
2014 2016
Segment Revenue $682M $586M1
ROIC 15.0% 14.2%

Industrial
68%
Enterprise
25%
Government
6%
SOLUTIONS
Network Solutions Overview
Purpose-built networking systems, advanced threat protection, and compliance solutions that
provide the highest confidence of reliability, availability and security for mission-critical networks
FINANCIAL OVERVIEW
20141 2016
EBITDA Margin 21.4% 23.2%
ROIC – 8.4%
CUSTOMERS
KEY VERTICALS2
1. Tripwire brand not under Belden ownership in 2014. Adjusted for corporate allocations and stock compensation.
2. Vertical mix based on Q117 results
Wireless, Gateway &
Embedded
Switches &
Routers
Network Management
Software
Firewalls
Vulnerability &
Configuration Management

Q2 2017 Earnings

• Delivered revenues of $610.6 million, increasing 2.3% year-
over-year on a constant currency basis
• Generated EBITDA margins of 18.3%, increasing 40 basis
points year-over-year
• Completed the acquisition of Thinklogical, a leading global
provider of secure, high-performance switching equipment
• Increased full-year revenue guidance to $2.415 - $2.445
billion from $2.355 - $2.405 billion and EPS guidance to
$5.35 - $5.55 from $4.95 - $5.20
Q2 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

Revenue $159.3M
EBITDA Margin 19.5%
Revenue $102.6M
EBITDA Margin 22.2%
Revenue $188.1M
EBITDA Margin 15.7%
Revenue $160.7M
EBITDA Margin 16.7%
Precision A/V
Cable & Connectivity
Q2 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

Q2 2017 Financial Summary
Q2 2017 Q1 2017 Q2 2016
Revenue $610.6M $551.4M $603.4M
Gross profit $252.1M $228.3M $252.0M
Gross profit percentage 41.3% 41.4% 41.8%
EBITDA $111.8M $93.0M $108.1M
EBITDA percentage 18.3% 16.9% 17.9%
Net Income(1)
$64.3M $47.8M $65.5M
Earnings Per Share(2)
$1.29 $0.92 $1.54
(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

Q2 2017 Segment Results
Broadcast
Solutions
Enterprise
Solutions
Industrial
Solutions
Network
Solutions
Consolidated
Q2 2017
Revenue $188.1M $160.7M $159.3M $102.6M $610.6M
EBITDA(1) $29.6M $26.8M $31.0M $22.8M $111.8M
EBITDA Margin 15.7% 16.7% 19.5% 22.2% 18.3%
Q1 2017
Revenue $168.6M $145.7M $146.2M $90.9M $551.4M
EBITDA(1) $25.4M $24.1M $25.7M $17.9M $93.0M
EBITDA Margin 15.1% 16.5% 17.6% 19.7% 16.9%
Q2 2016
Revenue $193.5M $160.4M $147.8M $101.7M $603.4M
EBITDA(1) $29.5M $29.6M $27.1M $22.2M $108.1M
EBITDA Margin 15.2% 18.4% 18.3% 21.8% 17.9%
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.

Q2 2017 Balance Sheet Highlights
Q2 2017 Q1 2017 Q2 2016
Cash and cash equivalents $670M $816M $176M
Working Capital Turns 7.0x 8.1x 7.1x
Days sales outstanding 63 days 64 days 60 days
PP&E turns 7.6x 7.1x 7.6x
Total debt principal amount $1.70B $1.66B $1.71B
Net Leverage(1) 2.2x 1.9x 3.6x
(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 plus trailing twelve months long-term incentive plan expense for certain acquired companies.

Q2 2017 Cash Flow Highlights
Q2 2017 Q2 2016 YTD 2017 YTD 2016
Cash flows from operating activities $ 47.0M $ 48.0M $ 34.8M $ 60.6M
Less: Net capital expenditures(1) $ 11.8M $ 11.7M $ 22.2M $ 25.1M
Free cash flow (2) $ 35.2M $ 36.3M $ 12.6M $ 35.5M
Cash used to acquire businesses(3) $ 166.9M $ 2.5M $166.9M $ 17.8M
Dividends $ 10.8M $ 2.1M $ 21.7M $ 4.2M
(1) Capital expenditures, net of proceeds from the disposal of tangible assets. See investor.belden.com 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 Appendix for reconciliation to comparable GAAP results.
(3) Net of cash acquired.

Q3 2017
• Revenue of $615 - $635 million
• Earnings Per Share(1)(2) of $1.35 - $1.45
Outlook
2017 Full Year
• Revenue of $2.415 - $2.445 billion
• Earnings Per Share(1)(2) of $5.35 - $5.55
(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.

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