August 2017 Investor Presentation

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

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

Need to review Connectivity Peers GP & our GP after

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)

2

Update after quarter end.

2 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

- 3 1 2 -

Revenues

of Targets

In Diligence

ROBUST FUNNEL OF BOLT-ON AND ADJACENT

ACQUISITION OPPORTUNITIES

Network Industrial Enterprise Broadcast 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


Acquisition strategy has supported growth,

margin expansion and free cash flow generation

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

| ©2017 Belden Inc. belden.com @beldeninc 17 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%

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

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

E C

D

A

B

Best-in-Class

Peers

F

2008

TODAY

4x

8x

12x

16x

EV

/ E

BIT

DA

Mu

ltip

le



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 OVERVIEW VERTICAL 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.

Investor Relations

August 2017 Investor Presentation