Q2 roadshow presentation deck website version

| ©2017 Belden Inc. belden.com @beldeninc1
Belden Overview
Q2 2018

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
Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results.
1. 2017 Results
15.9% EBITDA Margins1
$1,356M Revenue1

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
20.6% EBITDA Margins1
$1,032M Revenue1
1. 2017 Results

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
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
$
%

EBITDA Margin (%)1
1. Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results
Consistent Margin Progression
CONSISTENT MARGIN EXPANSION
9.4%
11.2%
13.6%
10.0%
11.8% 11.9% 11.7%
13.0%
15.7% 15.5%
17.0%
18.3% 18.2%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
EBITDA Margin Goal: 20 - 22%

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 on
Organic Growth
Mix Productivity 2020
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%

SIGNIFICANTLY IMPROVED BALANCE SHEET
A Quality Balance Sheet with Long-Term Maturities
Fixed, Long-Term Maturities
Euro-Denominated
Debt Improves Earnings
Exposure to the Euro
Pre-Tax Cost of Debt
= 3.5%
(millions)
$360
$240
$540
$420
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
1111
(millions)
As of 5.1.2018
1. Euro-denominated debt. Using 1.20 EUR / USD FX rate.

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

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
8x EV/EBITDA | 9x P/E | 8% 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 5/3/2018. Denominator based on 12-month forward consensus

Q1 2018 Earnings

Q1 2018 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
• Revenues of $607.4M, increasing 10.2% year-over-year
• EBITDA of $103.3M, increasing 11.1% year-over-year
• EPS of $1.16, increasing 26.1% year-over-year
• Deployed $94 million for the acquisition of SAM and $75
million for share repurchases
• Increased full-year 2018 revenue guidance to $2.633 -
$2.683 billion from $2.528 - $2.578 billion and EPS
guidance to $6.23 - $6.48 from $5.95 - $6.20

Revenue $256.4M
Constant Currency Revenue
Growth % (Y/Y)
+4.0%
EBITDA Margin 18.1%
Revenue $351.0 M
Constant Currency Revenue
Growth % (Y/Y)
+9.1%
EBITDA Margin 16.4%
Q1 2018 Segment Overview
Enterprise
Solutions
Industrial
Solutions
Key Markets
• Smart Buildings
• Final Mile Broadband
• Live Media Production
Key Markets
• Discrete Manufacturing
• Process Facilities
• Transportation
• Energy

Q1 2018 Financial Summary
(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
Q1 2018 Q4 2017 Q1 2017
Revenue $607.4M $604.9M $551.4M
Gross profit $242.6M $237.7M $228.6M
Gross profit percentage 39.9% 39.3% 41.5%
EBITDA $103.3M $110.2M $93.0M
EBITDA percentage 17.0% 18.2% 16.9%
Net Income(1)
$57.5M $79.0M $47.8M
Earnings Per Share(2)
$1.16 $1.62 $0.92

Q1 2018 Segment Results
(1) Consolidated results include income / (loss) from our equity method investment, Non-operating pension costs and Eliminations
Enterprise
Solutions
Industrial
Solutions
Consolidated
Q1 2018
Revenue $351.0M $256.4M $607.4M
EBITDA(1) $57.5M $46.4M $103.3M
EBITDA Margin 16.4% 18.1% 17.0%
Q4 2017
Revenue $332.4M $272.5M $604.9M
EBITDA(1) $48.5M $60.5M $110.2M
EBITDA Margin 14.6% 22.2% 18.2%
Q1 2017
Revenue $314.3M $237.1M $551.4M
EBITDA(1) $49.5M $43.8M $93.0M
EBITDA Margin 15.8% 18.5% 16.9%

Q1 2018 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.
Q1 2018 Q4 2017 Q1 2017
Cash and cash equivalents $363M $561M $816M
Working Capital Turns 5.7x 8.2x 8.1x
PP&E turns 6.9x 7.2x 7.1x
Total debt principal amount $1.69B $1.58B $1.66B
Net Leverage(1) 2.9x 2.3x 1.9x

Q1 2018 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.
(4) Includes a $19.3 million payoff of debt acquired from the acquisition of Snell Advanced Media (“SAM”).
Q1 2018 Q1 2017
Cash flows from operating activities $(83.9)M $(12.3)M
Less: Net capital expenditures(1) $15.9M $10.4M
Free cash flow(2) $(99.7)M $(22.7)M
Cash used to acquire businesses(3)(4) $95.4M $0.0M
Dividends / Share Repurchases $86.1M $10.8M

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.
Q2 2018
• Revenue of $650 - $670 million
• Earnings Per Share(1)(2) of $1.41 - $1.51
2018 Full Year
• Revenue of $2.633 - $2.683 billion
• Earnings Per Share(1)(2) of $6.23 - $6.48

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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