Belden Investor Day

1 | ©2016 Belden Inc. belden.com @beldeninc

2016 Investor Day December 5, 2016


Our commentary and responses to your questions may contain forward-looking

statements, including our outlook for 2017 financial performance. Forward-looking

statements include, among other items, projections of sales, earnings, general economic

conditions, market conditions, working capital, market shares, free cash flow, pricing

levels, and effective tax rates. Belden undertakes no obligation to update any such

statements to reflect later developments, except as required by law. Information on factors

that could cause actual results to vary materially from those discussed today is available

on our investor relations website, our most recent Annual Report on Form 10-K as filed

with the SEC on February 25, 2016 (including those discussed under “Risk Factors” in

Part I, Item 1A and in “Management’s Discussion and Analysis of Financial Condition and

Results of Operations” in Part II, Item 7), and our subsequent filings with the Securities

and Exchange Commission.

Non-GAAP Measures

We will be discussing some non-GAAP measures (denoted by footnote) in discussing

Belden’s performance, and the reconciliation of those measures to the most comparable

GAAP measures is contained within this presentation or available at our website

www.Belden.com under Investor Relations.

Safe Harbor Statement


2:00 – 2:05 Welcome and Introduction

Tim Lenze, Investor Relations

2:05 – 2:30 Corporate Overview

John Stroup, President, CEO and Chairman of the Board

2:30 – 2:50 Enterprise Connectivity

Glenn Pennycook, President, Enterprise Connectivity

2:50 – 3:10 Broadcast Solutions

Roel Vestjens, President, Broadcast Solutions

3:10 – 3:25 Break

3:25 – 3:40 Industrial Markets

Brian Lieser, Vice President, Industrial Sales & Marketing

3:40 – 3:50 Industrial Connectivity

Christoph Gusenleitner, President, Industrial Connectivity

3:50 – 4:10 Industrial IT and Network Security

Dhrupad Trivedi, President, Industrial IT and Network Security

4:10 – 4:25 Mergers and Acquisitions

Ross Rosenberg, Senior Vice President, Strategy and Corporate Development

4:25 – 4:45 Financial Overview

Henk Derksen, Senior Vice President, Finance and CFO

4:45 – 5:00 Q&A

5:00 – 6:00 Cocktail Reception

Agenda


Corporate Overview

John Stroup President, CEO and Chairman of the Board


Confirming Q4 and Full-Year 2016 Guidance

1. Adjusted guidance. See appendix for reconciliation to comparable GAAP guidance.

Revenues of between

$605 and

$625 Million

EPS of between

$1.36 and $1.46

per diluted share

Q4 20161

Revenues of between

$2,355 and

$2,375 Billion

EPS of between

$5.20 and $5.30

per diluted share

FISCAL YEAR 20161


GOALS Revenue Growth

5-7% EBITDA Margin

18-20%

Free Cash Flow >

Net Income

ROIC

13-15%

STRATEGY

BELDEN BUSINESS SYSTEM CAPITAL ALLOCATION

Market

Delivery

Lean

Enterprise

Talent

Management Organic

Share

Repurchase M&A

A PROVEN FRAMEWORK FOR SUSTAINABLE ACHIEVEMENT

The most admired global signal transmission solutions provider.

OBJECTIVE Simultaneously achieve best-in-class customer loyalty, employee

engagement, and total shareholder returns.

Vision and Strategy Define Where to Play and How to Win

VISION


18–20%

11.9% 11.7%

13.0%

15.7% 15.5%

17.0%

18.2%

2010 2011 2012 2013 2014 2015 2016

13 – 15%

12.1%

15.0%

14.0%

12.6% 13.0%

12.0% 12.8%

2010 2011 2012 2013 2014 2015 2016

101%

126%

113%

121%

101%

85%

101%

2010 2011 2012 2013 2014 2015 2016

$1.6

$1.9 $1.8

$2.1

$2.3 $2.4 $2.4

2010 2011 2012 2013 2014 2015 2016

Revenue Growth1 EBITDA Margin1

FCF > Net Income 13-15% ROIC2

105% Weighted Average

A PROVEN TRACK RECORD OF ACHIEVING OUR GOALS

(in Billions)

1. Adjusted results. See appendix for reconciliation to comparable GAAP results. 2. Excluding excess cash. 3. Includes acquisitions, capex, share repurchase, dividends.

Achievement Of Our Goals…

6.3% CAGR

$2.8B Capital Deployed3


0%

20%

40%

60%

80%

100%

120%

140%

1 YEAR 3 YEAR 5 YEAR 10 YEAR

S&P INDUSTRIALS

PEERS1

S&P 500

BELDEN’S SHAREHOLDER RETURNS HAVE OUTPERFORMED PEERS

AND THE BROADER MARKET INDICES

1. Unweighted average of peer group. Using closing price of 11/25/15. Historical periods are based on November month averages.

Drives Upper Quartile Returns


Belden’s Opportunity for Continued Upper Quartile

Earnings Growth

MARGIN EXPANSION

~ 75 bps Core Belden

FREE CASH FLOW

FCF/NI Conversion > 100%

Priority Towards M&A

REVENUE GROWTH

3-5% Organic

2% Inorganic

ROIC FOCUSED

13-15% Cash ROIC Focus

to Meet Our Commitments

UPPER

QUARTILE

EARNINGS

GROWTH


Broadcast

Solutions

Enterprise

Connectivity

Industrial

Connectivity Industrial IT

Network

Security

Creation

Playout

Delivery

Finance

Healthcare

Commercial

Buildings

Discrete

Process

Energy

Transportation

Discrete

Process

Energy

Transportation

Industrial

Enterprise

Government

2016 Segment

Revenue $770M $603M $585M $240M $168M

2016 Segment

EBITDA Margin 17.4% 17.3% 17.2% 20.5% 27.6%

Market Size1 $4.0B $4.2B $4.0B $1.3B $4.3B

3-Year Market

Growth Rate 2-4% 2-4% 1-3% 2-4% 6-8%

Market Share 19% 14% 15% 19% 4%

Served addressable market

Served addressable market

1. Based on management’s best estimate.

A Global Signal Transmission Solutions Company


BROADCAST ENTERPRISE INDUSTRIAL

Market

Size

Mission

Critical

Market

Fragmentation

Secular

Trends

MORE

Consumption

MORE

Connections

MORE

Automation

Percent

of Mix 33% 31% 36%

EXPECTATION OF 2-4% MARKET GROWTH

Focus on markets with attractive characteristics and positive secular trends

ATTRACTIVE END MARKETS

CANADA

7%

EUROPE

17%

ASIA PAC

14%

MIDDLE

EAST /

AFRICA

4%

LATAM

4%

UNITED

STATES

54%

Maintain geographic footprint

GEOGRAPHIC BALANCE

Attractive End Markets and Geographic Balance


Strong Brands and Industry Expertise

DISTINGUISHED HONORS

VIDEO AUDIO DATA

Leading provider of production,

distribution and connectivity

systems for live television

broadcast, cable, satellite and

IPTV industries.

Pioneers in the development

of Industrial Ethernet products

and security standards for

networks in mission-critical

applications.

Broadcast Enterprise Industrial

Industry’s most extensive

portfolio of IP and analog

infrastructure and connectivity

solutions for enterprise.

First Cable

TV Live Transmission First Ethernet Cable

First Ethernet Switch on

the Factory Floor


More Connections More Automation

More Consumption

5:34 of video per day per person in 2017

HIGH QUALITY video will grow by 30% in the next five years

Number of NETWORKED

DEVICES

today

=

Connections for M2M Communications are set to grow from 4.9B in 2015 to

12B in 2020

$1.2 Trillion Value robots provide through labor-saving productivity gains

$3 Trillion Value created by robots through improvements in quality of life and time savings

Internet speeds will DOUBLE by 2020 to support consumption

BY 2025… By 2020, the

number of

NETWORKED

DEVICES =

BY 2020, VIDEO CONSUMPTION WILL DRIVE

3x DATA OF 2015

2015

2020

ANNUAL

GROWTH

20%


Operational efficiency through

continuous improvement on a

company-wide basis

Four interrelated processes

that provide the foundation

for organic growth

Create and enhance career

opportunities for talented

new and current associates

LEAN metrics are utilized

company-wide; not just in

manufacturing

A global commercial team

capable of solving complex

networking applications

Retention of high-potential

associates and backfilling

strategic roles internally

LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration

Key Pillars of the Belden Business System


Security

Networking

Connectivity

Cable

UNIVERSITY

AVERAGE 1.0–2.0% SHARE CAPTURE IN LOW GROWTH ENVIRONMENT

Market Delivery System Positions Us Uniquely for Share

Capture

SYSTEM SELLING MARKET

DELIVERY SYSTEM

Belden’s unique ability to offer complete

connectivity solutions creates differentiation

NETWORK

SPECIALISTS

Expertise in signal transmission is highly relied upon and valued

by our customers

UNIVERSITY

Channel

Development

Outbound

Marketing

End

Customer

Engagement Vertical

Marketing

KEEPING

SCORE


2013 2014 2015 2016 ∆

EBITDA % 15.7% 15.5% 17.0% 18.2% + 250 bps

2013 2016E ∆

VITALITY 15% 24% +900 BPS

ON-TIME

DELIVERY 90.0% 96.3% +630 BPS

STANDARD

MARGIN 44.8% 53.8% +900 BPS

INVENTORY

TURNS 6.4x 7.2x +0.8x

RESULTS

FINANCIAL IMPACTS OF LEAN

LEAN Enterprise Drives Continuous Improvement

Continuous improvement culture

drives financial performance and

customer satisfaction

1,000+ KAIZENS since inception

Q

D

C

I

2 Improve the Process

1 Identify Improvement Opportunities

3 Standardize and Sustain

KEY FEATURES

Pervasive across all functions

Results tracked and measured

to deliver real business

outcomes

Process sustained through

Lean Daily Management


Talent Management Drives Employee Engagement

2014 – 2016

94%

78% EMPLOYEE ENGAGEMENT SCORE RANKS

ABOVE MANUFACTURING NORM

78% 65%

KEY FEATURES

Use of predictive

tools in hiring

Rigorous

measurement

and analytics

Values and

performance-

based incentives

Early Career

Leadership

Program

P

P

P

P


One Belden Benefiting from the Belden Business System

COLLABORATION AMONG PLATFORMS;

A MORE FREQUENT VALUE CREATOR



Broadcast and Enterprise

Go-to-market collaboration with

Broadcast provides cable pull-through

on stadiums and venues.


Enterprise / Industrial

and Broadcast

Belden utilized experiences in

Enterprise and Industrial IT

environments to help transition

Broadcast customers to a

secure open IP infrastructure.

0%

20%

40%

60%

80%

100%

1985 1990 1995 2000 2005 2010 2015 2020

Enterprise Industrial Broadcast

% A

DO

PT

ION

Glass-to-Glass IP



Industrial and Enterprise

Combined manufacturing facilities

between Industrial Connectivity and

Enterprise provides for low-cost

supply chain.

U.S. & CANADA Manufacturing: 21

Sales Offices: 16

LATAM Manufacturing: 4

Sales Offices: 2

EMEA Manufacturing: 11

Sales Offices: 18 APAC Manufacturing: 3

Sales Offices: 10




Network and Industrial

With customers transitioning to IP-

based environments, security offering

provides for commercial synergies.

50% CAGR

IN INDUSTRIAL

CYBERATTACKS FROM 2010 – 2015 2

34%

36%

39%

51%

Top concerns for implementing

IP in industrial applications1

DATA SECURITY

PRIVACY

LEGACY SYSTEMS

INSUFFICIENT IT STAFF SKILLS

1. World Economic Forum, 2015. 2. “Overload: Critical Lessons from 15 Years of ICS Vulnerabilities, FireEye iSight Intelligence.


Belden Capital Allocation Strategy

We invest only where we can leverage the Belden Business System to generate

Best-in-Class ROIC

~23%

~14%

~63%

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 2005 – 2015.


1.00

2.00

3.00

4.00

5.00

6.00

$50

$100

$150

$200

$250

2010 2011 2012 2013 2014 2015 2016

Free Cash Flow

FCF per Share

BBS Delivers Significant Free Cash Flow Growth

($ M

illio

ns)

($ p

er s

ha

re)

FREE CASH FLOW CONTINUES TO FUEL THE TRANSFORMATION

23% CAGR1

Leverage On

Growth

Working Capital

Improvement

Fixed Asset

Efficiency

1. FCF per share from 2010 – 2016.


COVENENANT-LIGHT, FIXED LONG TERM DEBT

WITH NO SIGNIFICANT MATURITIES UNTIL 2022

$5

$700

$568

$200 $222

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

(in millions)

Fixed, long-term maturities combine

attractive rates with certainty of interest

payments for years to come

AVERAGE COST

OF DEBT = 5.3%

Euro-denominated debt improves

earnings exposure to the Euro

A Strong Balance Sheet with Long-Term Maturities


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.


Proven Acquisition Approach

That fit within our strategic framework

With leading brands

That offer innovative products

And opportunity for significant cost or commercial synergy

BUY LEADING COMPANIES

Furthering our leadership within each platform


Cash

ROIC =

NOPAT + Depreciation + Amortization + Tax Synergies

Purchase Price + Capex + Restructuring + Δ Working Capital

Acquisitions > 3 Years < 1 Year

ROIC

Goals 13-15% > 9%

1 Commercial

Synergies 2 Cost

Synergies 3 Tax

Synergies 4 Working

Capital

How We Measure Success


M&A Supplements Growth by 2% ROBUST FUNNEL OF BOLT-ON AND ADJACENT

ACQUISITION OPPORTUNITIES

Evaluating over 170 complementary and adjacent M&A opportunities

$0.3B $3.6B $5.5B $8.3B $7.6B

– 3 1 2 –

Revenues

of Targets

In Diligence

Network Industrial Enterprise Broadcast Adjacencies

Strong Actively Managed M&A Pipeline


TYPE OF

ACQUISITION

INVESTED

CAPITAL

($M)

YEAR OF

OWNERSHIP ROIC

STAGE OF

BUSINESS

CYCLE

Bolt-On $540 4th 18% Expansion

Bolt-On $686 3rd 11% Recovery


Bolt-On $38 2nd 15% Expansion

Adjacent $717 2nd 7% Expansion

FOCUSING ON BOLT-ON ACQUISITIONS PROVIDES

HIGHER CERTAINTY AROUND ROIC

Recent Acquisition Performance


Financial Performance

REVENUES1 (M) EBITDA

MARGIN1

FREE CASH

FLOW

RETURN

ON INVESTED

CAPITAL2

2005 $1,246 8.5% $37 4.1%

20163 $2,365 18.2% $242 12.8%

IMPROVEMENT 6.0% CAGR + 970 bps 19% CAGR Average of

13.1%

1. Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results. 2. Excluding excess cash, Average of 2012-2016. 3. Based on the mid-point of 2013 guidance..

DRIVING BEST-IN-CLASS SHAREHOLDER VALUE


Proven Executive Management Team

John Stroup President and CEO

Glenn Pennycook President,

Enterprise Connectivity

Brian Lieser Vice President,

Industrial Sales & Marketing

Roel Vestjens President,

Broadcast Solutions

Christoph Gusenleitner President,

Industrial Connectivity

Dhrupad Trivedi President,

Industrial IT & Network Security

Henk Derksen Senior Vice President,

Finance and CFO

Ross Rosenberg Senior Vice President,

Corporate Development


Enterprise Connectivity

Glenn Pennycook President, Enterprise Connectivity


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 20162

Segment Revenue $627M $603M

Segment EBITDA $89M $105M

Segment EBITDA % 14.3% 17.3%

ROIC 14.2% 14.8% 1. Based on estimated 2016 revenues. 2. Based on management’s best estimates.

Racks and

Enclosures

Precision A/V

Cable and

Connectivity

Copper and Fiber

Connectivity

Ethernet,

Fiber Optic

and Coaxial

PRODUCTS

+4.4% Organic Growth CAGR


Leading Economic Indicators Suggest

Continued Positive Momentum

50

70

90

110

130

150

170

190

210

Dodge Momentum Index1

Leading indicator of planned

U.S. non-residential construction

U.S. Extended LAN,

Audio / Video, Other

42% Revenues2

70

75

80

85

90

95

100

105

110

Canada4

EU3

Indexed Construction Spend

1. Dodge Data & Analytics. 2. Based on 2015 Revenue Mix. 3. Construction Production Index, Buildings (Eurostat). 4. Commercial, Institution and Government Non-residential Construction Spend (Statistics Canada).

Canada and Europe Extended LAN,

Audio / Video, Other

22% Revenues2


Key Secular Trends

STADIUM

INFRASTRUCTURE

DATA CENTER

INFRASTRUCTURE

INTERNET

OF THINGS

CHANGING BUYER

BEHAVIOR

Customer shift

towards hosting

Increased contractor

influence

Improving the

fan experience

Increase in number

of connections


NEW APPLICATIONS WITH HIGHER PERFORMANCE REQUIREMENTS

DRIVING INCREASED DEMAND FOR PREMIUM SOLUTIONS

3. Deliver New User Experiences Touch-screen interaction, enhanced

security and customized push

content and offers

1. Combine Disparate Systems Merge lighting, HVAC, security, etc.

onto a single IP network

2. Improve Efficiency and Sustainability More than 50% energy savings over

traditional methods helps lower costs

4. Enable Business Analytics Analyzing traffic, space utilization

and occupancy rate in real time

$

IoT Principles Support Extended LAN Growth

High-Spec

Copper Fiber

Greater

Bandwidth

Power-Over-

Ethernet

P

P

P

Category 6A

Copper Cable

Demand

+40% y/y1

1. Burroughs Report.

Requirements:

+

+


2016

1. Virtualization

2. Security

X. Infrastructure

Shifting Buyer Influence Creates Extended

LAN Opportunity

Ease of Installation

Application Expertise

Training & Certification

CHIEF INFORMATION OFFICER CONTRACTORS

TOP CONCERNS

BELDEN’S COMPREHENSIVE PRODUCT BREADTH AND APPLICATION

KNOWLEDGE SUPPORTS CONTRACTOR NEEDS FOR COMPLETE

INFRASTRUCTURE SOLUTIONS

TOP CONCERNS

PRIOR

1. Infrastructure

x

x

SU

BC

ON

TR

AC

TO

RS

Networking / Structured Cabling

Audio / Video

Low Voltage

Wireless Specialists

• Product Capabilities

• Price

Belden’s

Key Strengths

P

P

P


Key Benefits: • Operating expense model

for clients • Leveraging cloud technologies

Commoditized

Cable

Lowest Price

Hosted GROWING

Key Benefits: • Maintain control of

infrastructure and build-out

Multi-Tenant GROWING Ease of

Installation

Value-Add

Services

Enterprise Owned

DECLINING

Customer

Demand: • High fixed costs

• Lack of flexibility

• Underutilized

IT assets

ATTRIBUTES

BELDEN DATA CENTER MODEL SUPPORTED BY SECULAR TRENDS

FAVORING THE MULTI-TENANT SEGMENT

Data Center Infrastructure


2016 AVERAGE BELDEN STADIUM OPPORTUNITY

VALUE INCREASED 70% YEAR-OVER-YEAR

Stadiums Changing to Support Enhanced

Fan Experience

Expansion into

Venue Villages

Increased Transaction

Opportunities

Enhanced

Stadium Security

Singular

Event

Stadiums

Improved

In-Event Experience

Event Viewing,

Audio Systems

Fan Requirements: Solution Needs:

Audio / Video

Cabling

Cameras, Fire Alarm,

& Physical Security

Lodging, Fine Dining,

Premium Shopping

Digital Signage,

Exclusive Content

More Transaction

Terminals, In-Seat

Ordering

Ethernet &

Security Cabling

Power-Over-

Ethernet

4K

HDBaseT

Category 6A &

Fiber Systems


LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration

Belden Business System


Share

Capture

3.5%1

(2016)


MARKET DELIVERY

SYSTEM

Market Selection

and Penetration


LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent


1.4% 0.5% 2.3% 3.5%

MARKET SELECTION

PRODUCT DEVELOPMENT • Premium Category 6A Solution

• 10GXS High-Performance Cable

• REVConnect Connectivity

GO-TO-MARKET MODEL • Increased Sales Coverage

• Contractor Partner Program

• Cross-Platform Synergies and

Stadium Sponsorship

Hosted Data

Center

2013 2014 2015 20161

CHANNEL &

STRATEGIC ACCOUNTS

PRODUCT REQUIREMENTS • Greater Bandwidth

• Greater Power-Over-Ethernet

DECISION MAKER NEEDS • More Localized Support

• Training and Certification

• Comprehensive Offering

PRODUCT

STRATEGIC INITIATIVES

IMPLEMENTED

SHARE CAPTURE

Market Delivery System

Extended

LAN

P Multi-Tenant

Colocation

P Stadiums P



2.. Based on management’s best estimate.

U.S. SALES

COVERAGE INCREASE

Installer-Targeted Product Innovation

Multi-Application Warranty

Comprehensive Training

GRASS VALLEY SYNERGIES

AND STADIUM PARTNERSHIPS CONTRACTOR

EMPHASIS

STADIUM PROJECTS WON

$7.3M $14.0M 2015 20162

+10% Increase In Sales to Contractors

Year-over-Year1

1. Currently based on YTD as of 10/26.

PARTNERSHIPS

1 2 3

Enhanced Go-to-Market Model


Video in Progress


Segment EBITDA

Expansion

500 bps1

(2013 – 2016)

Share

Capture

3.5%1

(2016)


LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration


TALENT

MANAGEMENT

Attract, Retain

and Grow Talent


2013 2014 2015 20161 ∆

INVENTORY TURNS 7.8x 8.5x 8.6x 8.4x 0.6x

SEGMENT EBITDA % 12.3% 14.3% 16.5% 17.3% 500bps

2015 2016E Long-Term

Target

QUOTE

LEAD-TIME 5.3 hrs 2.7 hrs 2 hrs

ON-TIME

DELIVERY 71% 84% 95%

RESULTS


LEAN Enterprise System




KEY FEATURES


Results tracked and measured to

deliver real business outcomes








Segment EBITDA

Expansion

500 bps1

(2013 – 2016)

Share

Capture

3.5%1

(2016)

Internal

Fill Rate

89%


LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration



Talent Management

Use of predictive

tools in hiring

process

Rigorous

measurement

and analytics

Values and

performance-

based incentives

Early Career

Leadership

Program

P

P

P

P

2014 – 2016

95% 89% 50%

KEY FEATURES


Revenue Growth Goal

Enterprise Connectivity Growth Goal = 3-6%

Market Growth Drivers

− Internet of Things

− Non-Residential Construction

− Data Center Migration 2-4%

Share Capture Drivers

− Enhanced Go-to-Market Realignment

− New Product Innovation

− Cross-Platform Synergies

1-2%


Broadcast Solutions

Roel Vestjens President, Broadcast Solutions


CUSTOMERS

Leading provider of production, connectivity and distribution systems for television

broadcast, cable, satellite and IPTV industries

1. Based on estimated 2016 revenues. 2. Based on management’s best estimate.

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%

52% 48%

FINANCIAL OVERVIEW

2014 20162


Segment EBITDA $117 $134M


ROIC 9.5% 10.7%

Broadband Broadcast IT


Industry Dynamics Forcing Change

THESE CHANGING DYNAMICS HAVE A COMPOUND EFFECT

AND FORCE BROADCAST AND BROADBAND CUSTOMERS TO INVEST

4:56

5:21

5:27

5:34

2011 2013 2015 2017

Consumers are watching more

and more video every year

Increase in Quality

of Video Consumed

Increase in Video

Consumption

Average Hours per Day1 Percentage of Video Consumed2

SD HD 4K

2011 2013 2015 2017

TV Digital

4:35 4:31 4:11

0:21

0:50

1:16

4:00

1:34

Viewing more video

over the internet

Changing

Consumption Patterns

Average Hours per Day1

SD HD UHD

70%

47%

16%

30%

2%

16%

2010 2015 2020 2010 2015 2020

51%

66%

0%

1. eMarketer, U.S. Adults 2012 – 2018. 2. Cisco VNI, 2016, Global.


Historical Performance by Application

BROADCASTERS HAVE HALTED CAPEX SPEND

IN CREATION FOR THE SHORT TERM

(in Millions) 2014 REVENUES1 2016 REVENUES2 GROWTH

Delivery $353 $400 $47

Creation $331 $253 ($78)

Playout $116 $117 $1

BROADCAST

SOLUTIONS $792 $770 ($22)

1. Adjusted for FX and a full-year of acquisitions. 2. Based on management’s best estimate.






Delivery $353 $400 $47

Creation $331 $253 ($78)

Playout $116 $117 $1

BROADCAST

SOLUTIONS $792 $770 ($22)







Delivery $353 $400 $47

Creation $331 $253 ($78)

Playout $116 $117 $1

BROADCAST

SOLUTIONS $800 $770 ($30)



Impact of Industry Dynamics by Application

HOW ARE THE INDUSTRY DYNAMICS EFFECTING OUR APPLICATIONS?

DELIVERY CREATION PLAYOUT

Increased

Video

Consumption

Changing

Consumption

Patterns

Increased

Video

Quality

NET IMPACT

52% REVENUES 33% REVENUES 15% REVENUES



ALL INDUSTRY DYNAMICS CONTINUE TO BE POSITIVE FOR DELIVERY


Increased

Video

Consumption

Changing

Consumption

Patterns

Increased

Video

Quality

NET IMPACT



77

80 82

86

89

92

2011 2012 2013 2014 2015 2016

Delivery Broadband and Video Continue Stable Growth

U.S. subscribers in Millions

BROADBAND SUBSCRIBERS AND DATA CONSUMPTION

CONTINUE TO GROW AT HEALTHY RATES

-

20

40

60

80

100

120

140

160

2015 2016 2017 2018 2019 2020

Video Traffic Other IP Traffic

Exa

byte

s p

er

Mo

nth

DATA CONSUMPTION2

3X DATA BY 2020

BROADBAND SUBSCRIBERS1

68%

Video

>80%

Video

1. Statista Research. 2. Cisco VNI, 2016.


26 Mbps

52 Mbps

2015 2016 2017 2018 2019 2020

INCREASED REVENUES AND CUSTOMER DEMAND DRIVE UPGRADES

1. SNL Kagan. 2. Cisco VNI Global IP traffic report .

INCREASED REVENUES …

2014 2015

MSO revenue per high

speed data user1

U.S. average fixed broadband speeds2

2X FASTER

$50.98

$55.31

… ARE DRIVING INVESTMENTS

8.5%

Delivery How Customers Are Reacting


PRODUCT BREADTH

MA

RK

ET

SH

AR

E

LOW

A B

~1,000 patents

BELDEN IS THE MARKET LEADER WITH BEST-IN-CLASS INNOVATION

Patent Protected

Revenues

Vitality

64%

24%

Best-in-Class

Innovation

Delivery Helping Customers DELIVER with the Highest Quality

#1 HIGH

LO

W

HIG

H



INDUSTRY TRENDS COUPLED WITH UNDERINVESTMENT SUGGEST

POSITIVE MOMENTUM IN CONTENT CREATION


Increased

Video

Consumption

Changing

Consumption

Patterns

Increased

Video

Quality

NET IMPACT



Creation – What Happened?

BROADCASTERS SHIFTED CAPEX SPEND

FROM CREATION FOR THE SHORT TERM

STRONGER

U.S. DOLLAR

International

revenues declined





STRONGER

U.S. DOLLAR

International

revenues declined

IP ADOPTION

Customers waited

for common

standards to

be adopted





ADVERTISING

SPEND

STRONGER

U.S. DOLLAR

International

revenues declined

Television

advertising spend

declined

IP ADOPTION

Customers waited

for common

standards to

be adopted





ADVERTISING

SPEND

STRONGER

U.S. DOLLAR

International

revenues declined

OTT PLATFORM

DEVELOPMENT

Customers

allocated more

capex to delivery

Television

advertising spend

declined

IP ADOPTION

Customers waited

for common

standards to

be adopted


STRONGER U.S. DOLLAR

Creation – What Happened? Stronger U.S. Dollar

INTERNATIONAL BROADCASTERS

HALTED CAPEX = SHORT-TERM EFFECT

UNITED STATES

INTERNATIONAL

Creation Products Became More Expensive Outside the U.S.

1. Grass Valley Revenue growth y/y . 2. Federal Reserve.

-20%

-26%

-34%

-25%

-15%

16% 12%

-40%

-30%

-20%

-10%

0%

10%

20%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

USD exchange rate

yoy2

International revenue

yoy1

% Revenues1

($78M

)

INT’L

DECLINE

($33M)


CUSTOMERS HAD TO WAIT UNTIL

COMMON STANDARDS WERE ADOPTED

Creation – What Happened? IP Adoption

($78M

)

INT’L

DECLINE

($33M)

IP BENEFITS

IP adoption in other industries after

adoption of common, open standards

0%

20%

40%

60%

80%

100%

1985 1990 1995 2000 2005 2010 2015 2020

Enterprise Industrial Broadcast

Increases agility

Leverage pace of IT innovation

Supports UHD (4K)

Format agnostic


Grass Valley

Peer A

Peer B

BELDEN COMBINES EXPERTISE IN COMPLEX LIVE PRODUCTION

WITH PAST IP MIGRATIONS TO DELIVER IDEAL PATH TO IP

Common Standards Adoption

Creation – What Happened? IP Adoption

Open standards

Third Party Control

Vertically AccurateSwitching

Quiet Audio Switching

COTS integration

Multiple vendorInteroperability

Founding and Developing the OPEN Standard

that Set the INDUSTRY Standard for IP

Grass Valley Peer A Peer B

BALANCED PROPRIETARY GENERIC

BELDEN APPROACH:

A Founding Member


ADVERTISERS ARE RETURNING TO TELEVISION AS IT HAS

PROVEN THE GREATEST ROI OVER THE LONG TERM

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2011 2012 2013 2014 2015 2016

Total Television Ad Spend

Creation – What Happened? Advertising Spend

($78M

)

INT’L

DECLINE

($33M)

2016 Advertisers

returning

to television

1. Goldman Sachs Research.

2014 Advertisers begin

shifting dollars

to digital

YEAR-OVER-YEAR GROWTH1

ADVERTISING SPEND ALLOCATION


1. Magna Global June 2016 Report and Digital TV Research April 2016 Report. 2. Major networks.

Higher advertising

revenue for LIVE events

vs. pre-produced

of sports events on TV

are watched LIVE

Television + Digital

+40%

99.4%

TELEVISION OR DIGITAL,

LIVE PRODUCTION IS THE BEST MARKET TO BE IN

Advertising1 (in Billions)

2015 2016

Television $172 $179

Digital $13 $18

TELEVISION /

DIGITAL 10X

Hours Aired Ad Spend

Live 55% 63%

Pre-Produced 45% 37%

LIVE / PRE-PROG. 1.3x 1.7x

Type of Programming2

Creation Advertising Spend – Television and Digital Ad Market


LIVE PRE-PRODUCED

Complexity HIGH LOW

Dependence on

Interoperability HIGH MEDIUM

Advertising Value HIGH LOW

COST OF FAILURE HIGH LOW

LIVE PRODUCTION HAS THE HIGHEST COST OF FAILURE

Creation Live Versus Pre-Produced


Creation Market Share Leader and Largest Breadth of Products for Live Production

THE MARKET SHARE LEADER IN LIVE PRODUCTION AND THE

ONLY VENDOR TO OFFER THE COMPLETE SOLUTION

Cameras Captures the Action

Replay Stores Video for

Slow Motion Replay

Production Switcher Produces the Show

Signal Processing Keeps Audio / Video in Sync

Multiviewer / Monitoring Shows Camera Angles


11%

10%

6%

73%

Market Share1

Grass Valley

Peer A

Peer B

All Others


z

CAPEX RETURN IN 2017 FOLLOWING HOLD IN 2015 AND 2016

Revenues of Three Top Public Broadcast

Equipment Providers ($M)

600

650

700

750

800

850

900

950

1000

1050

2009 2010 2011 2012 2013 2014 2015 2016F 2017

+6% -2%

+5%

Year 1 Year 1

+2%

+3%

2017

4-YEAR CYCLE

BROKEN

NO DOWN YEAR

EXPECTED IN 2017

FOR CREATION -19%

Industry Dynamics Impact 4-Year Cycle



Increased

Video

Consumption

Changing

Consumption

Patterns

Increased

Video

Quality

NET IMPACT



PLAYOUT APPLICATION BENEFITS FROM INCREASED CONSUMPTION


BROADCASTERS ARE AUTOMATING TO DO MORE WITH LESS

Year

Channels in

Facility

Cost per

Channel1 ($K)

Channels per

Operator

1993 1 2,000 1

2004 13 400 4

2008 26 150 8

2016 40 50 16

$2M FOR ONE CHANNEL

$2.4M FOR 40 CHANNELS

Playout Significant Cost Savings Through Automation

1. Yearly cost to operate, per channel, includes amortization of equipment cost of operators including ingest, prep and on-air management.


PLAYOUT OF LIVE CONTENT IS EXTREMELY HARD TO SCHEDULE

Playout Live vs. Pre-Produced

LIVE PRE-PRODUCED

Schedule

Complexity HIGH LOW

System

Interoperability HIGH HIGH

Advertising Value HIGH LOW

COST OF FAILURE HIGH LOW


MORE THAN 2300 CHANNELS AIRING IN OVER 165 SITES AROUND

THE GLOBE BROADCASTING OVER 20 MILLION HOURS OF TV IN 2016

Playout Market Share Leader for Integrated Playout in Live


Grass Valley Peer A Peer B All Others

Feature Set

Flexibility

Reliability

Cloud Ready

Reputation

Installed Base 18%

9%

6% 67%

Market Share1



LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration


MARKET DELIVERY

SYSTEM

Market Selection

and Penetration



LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

Share

Capture

2.0%

(20161)


Leader in

Integrated

Playout

2.5% 3.6% 2.5% 2.0%

MARKET

SELECTION Delivery Playout Creation

INDUSTRY

DYNAMICS

BELDEN

POSITIONING

SHARE CAPTURE

P

Increased

Video

Consumption

Increased

Video Quality

Changing

Consumption

Patterns

Intellectual

Property Shield Leader in Live

Production

P P

2013 2014 2015 20161




LEAN ENTERRISE

SYSTEM

Continuous

Improvement

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration


Share

Capture

2.0%

(20161)


TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

Segment

EBITDA Expansion

200 bps

(2014 – 20161)


2014 2015 20162 ∆

Inventory Turns 5.0x 5.0x 6.2x 1.2x

Segment Operating Expenses $2281 $201 $187 ($41)

Segment EBITDA % 15.4% 15.4% 17.4% + 200 bps

KEY FEATURES



to deliver real business outcomes










2014

Incremental

Margin

2014

Incremental

Margin

2016

Lean Enterprise System

(in Millions)

~30% ~40%

1. Adjusted for FY of Grass Valley. 2. Based on management’s best estimate.


LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration

Internal

Fill Rate

78%

(2014 – 2016)



Share

Capture

2.0%

(20161)

Segment

EBITDA Expansion

200 bps

(2014 – 20161)


Talent Management

Use of predictive

tools in hiring

Rigorous

measurement

and analytics

Values and

performance-based

incentives

Early Career

Leadership Program

P

P

P

P

2014 – 2016

93% 78% 155%

KEY FEATURES


Revenue Growth Goal


− Increased Video Consumption

− Increased Video Quality (4K,UHD)

− Changing Consumption Patterns

Broadcast Growth Goal = 3-6%


− Largest Breadth of Products

Tailored for Live Production

− Industry Leader in IP

− Intellectual Property Shield in Delivery

2-4%

1-2%

87 | ©2016 Belden, Inc. belden.com @beldeninc

Break


Industrial Market

Brian Lieser Vice President, Industrial Sales & Marketing


Industrial

Connectivity

Industrial

IT

Network

Security Total

Discrete $377M $57M $6M $440M

Process $146M $70M $5M $221M

Energy $41M $65M $25M $131M

Transportation $21M $48M $0M $69M

2016 Total $585M $240M $36M $861M

2016 ESTIMATED SEGMENT REVENUES1

Industrial Overview by Vertical

1. Based on management’s best estimates.


PERCENT OF REVENUE

CUSTOMERS

Discrete Manufacturing

INDUSTRY SEGMENTS

Automotive

Manufacturing

Food &

Beverage Material

Handling Semiconductor Pharma

MISSION CRITICALITY

$1.3M average per hour downtime cost in the auto industry 1. “Downtime costs auto industry $22k / minute”, Nielsen Research.

Discrete


Process Manufacturing

INDUSTRY SEGMENTS

Oil & Gas Metals & Mining Chemicals Water / Waste

Water

MISSION CRITICALITY

Process requires the most reliable products. Fixing network failure in hard-to-

reach areas (i.e. oil rig) is costly.

Process

PERCENT OF REVENUE

CUSTOMERS


Energy

INDUSTRY SEGMENTS

Conventional Power

Generation Renewable Energy Power Transmission

and Distribution

MISSION CRITICALITY

$119-$188B U.S. economic cost per year for energy infrastructure failure1

1. “Understanding cost of power interruptions to U.S. consumers”, University of California Berkeley.

Energy

PERCENT OF REVENUE

CUSTOMERS


Transportation

INDUSTRY SEGMENTS

MISSION CRITICALITY

Safety cannot be compromised

Mass Transit

Systems Rail Systems Airport, Seaports,

and Shipping Traffic Systems

Transportation

PERCENT OF REVENUE

CUSTOMERS

http://www.deqa-vet.de/_img/article/Logos/Logo_Siemens_rdax_80.jpg

http://en.wikipedia.org/wiki/File:Logo_CAF.svg


Global Megatrends to Drive Investment

Changing Consumer Behavior Consumers demand

unprecedented levels

of customization

Shorter lead-time

requirements because consumers

expect products sooner

Higher consumer requirements

create an opportunity to capture share

CHANGING CONSUMER BEHAVIOR REQUIRES MANUFACTERS

TO INVEST IN AUTOMATION TO MEET NEW CUSTOMER DEMANDS

Urbanization has stimulated

investment in transportation

infrastructure



Labor Substitution Global manufacturing wage

growth is outpacing GDP growth

Social, economic and political trends are

changing the mix of labor and machinery in production

INVESTMENT IN AUTOMATION ADDRESSES RISING LABOR COSTS

AND INCREASING UNCERTAINTY

Retiring baby-boomers and

young generation in emerging

markets no longer aspire to work in

factories

Increased trade uncertainty

drives local manufacturing



Increased Productivity

Low growth environment is increasing

pressure on companies to drive shareholder

value through improved productivity

NEED FOR INCREASED PRODUCTIVITY IS

DRIVING INVESTMENT IN AUTOMATION

Organizations require asset

efficiency and working capital

improvements

Organizations provide mobility

and remote access to information in

order to eliminate waste


1947 1953 1959 1965 1971 1977 1983 1989 1995 2001 2007 2014

6

7

8

9

10

Years

Average Age of Manufacturing Assets in the U.S.1

1. Factory of the Future, Goldman Sachs . 2. Quarterly Census of Plant Capacity Utilization, U.S. Census Bureau. 3. Baker Hughes Rig Count. 4. World Energy Outlook, 2016.

76% Capacity Utilization is

AND GROWING2

Average Historic Age

2010 2011 2012 2013 2014 2015 2016

EXHAUSTED

ASSETS

37% of power generation from renewables in 2040 compared to 23% today4

Rig Count

BOTTOMED OUT3

Investment in Automation is on the Horizon


Automation Requires Increased Connectivity

15-20%

Growth

Annually

7-10 Billion

Connections

in 2013

26-30 Billion

Connections in 2020

Legacy

Proprietary

Protocols

LARGE INCREASE IN THE NUMBER, COMPLEXITY AND QUALITY

OF MACHINE-TO-MACHINE COMMUNICATIONS

INTEROPERABILITY

REQUIREMENTS

HIGHER BANDWIDTH

REQUIREMENTS MORE CONNECTIONS1

Industrial

Ethernet

Interoperability

Global Industrial Ethernet Cable

Market Value 17% CAGR2

2016 2017 2018 2019 2020

CONNECTIONS

TIME

1. “Unlocking the Potential of the Internet of Things” McKinsey. 2. “Global Industrial Ethernet Cable Market Value”, Research and Markets 2016.


Smart Factory

IIoT

INDUSTRIE 4.0

Big Data

AN INCREASE IN CONNECTIVITY AND DATA WILL PROVIDE VALUE,

DRIVEN BY INTERNET PROTOCOL (IP) ADOPTION


IP Benefits

ADOPTING IP BASED COMMUNICATIONS

PROVIDES SIGNIFICANT BENEFITS

REMOTE

ACCESS

OPEN

STANDARDS

LEVERAGE

STANDARD

DEVICES

CONNECTED

FACTORY TO THE

ENTERPRISE


IP Consequences

COLLABORATION

BETWEEN OPERATIONAL

TECHNOLOGY (OT) &

INFORMATION

TECHNOLOGY (IT)

EXPOSURE TO

SECURITY RISKS

REQUIRED CONNECTIONS

WITH LEGACY SYSTEMS

TO TAKE ADVANTAGE OF THE BENEFITS OF IP, THERE ARE

A NUMBER OF CHALLENGES FACING ORGANIZATIONS


Belden Tackles IP Adoption Challenges

High-Speed IP and Networking Cabling

End-point detection to identify and resolve threats

IP experience without industrial

application knowledge

ENTERPRISE PEERS

Network Management Software




Component providers

without IP experience



INDUSTRIAL PEERS ENTERPRISE PEERS


Create IP addresses in the Cloud for

legacy equipment

Built-for- purpose solutions

IP & Industrial Ethernet Firewall

Connect hard-to-reach end points Connect legacy

systems with new




legacy equipment






systems with new

Component providers








BELDEN HAS A BROAD, PURPOSE BUILT PRODUCT PORTFOLIO THAT

IS WELL POSITIONED TO SUPPORT THE CONVERGENCE OF OT AND IT


legacy equipment






systems with new

Component providers







Rig

Count

IP ADOPTION

TRENDS

ASSET

REPLACEMENT

INDICATORS

Growth Drivers of Industrial Platforms

Extended

Asset Life

Capacity

Utilization

EXPERIENCE AND

PRODUCTS TO SUPPORT

COLLABORATION

BETWEEN OT & IT

REDUCE EXPOSURE

TO SECURITY RISKS

PROVIDE CONNECTIONS

WITH LEGACY SYSTEMS

P

P

Infrastructure

Investment

P

Increased

Productivity

Changing

Consumer

Behavior

Labor

Substitution


Industrial Connectivity

Christoph Gusenleitner President, Industrial Connectivity


CUSTOMERS

FINANCIAL OVERVIEW VERTICAL MARKETS2

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 $77M. 2. Based on management’s best estimate.

Discrete 64%

Process 25%

Energy 7%

Transportation

4%

2014 20162

Segment Revenue $682M $585M1



ROIC 15.0% 15.0%


Vertical Market Performance

SHARE CAPTURE HAS REDUCED THE IMPACT

OF PROCESS MARKET DECLINES

20141 20162 2-YEAR CAGR

Discrete $350M $377M 3.8%

Process $206M $146M (15.8%)

Oil & Gas $131M $87M (17.8%)

Process Excl. Oil & Gas $76M $59M (11.3%)

Energy $46M $41M (5.6%)

Transportation $20M $21M 2.5%

Total $622M $585M (3.0%)

1. Adjusted for foreign currency, copper, and acquisitions. 2. Based on management’s best estimate

Do we think we should call out that

Oil & Gas isn’t that bad?


Megatrends Are Driving Adoption of IP

Legacy

Systems

Collaboration

between

IT & OT

Exposure to

Security

Risks

IP BENEFITS …

IP

CONSEQUENCES …

CHANGING

CONSUMER BEHAVIOR

More demanding consumers

create an opportunity to capture

share in a low growth environment

LABOR

SUBSTITUTION

Social, economic and political

trends are changing the mix of

labor and machinery in production

INCREASED

PRODUCTIVITY

Low growth environment is

increasing pressure on companies

to drive shareholder value through

improved productivity

MEGATRENDS DRIVE INVESTMENT

INTO AUTOMATION REQUIRING IP …

Industrial

Connectivity

Remote

Access

Open

Standards

Leverage

Standard

Devices

Connected

Factory

to the

Enterprise


Belden Enables Ethernet on the Factory Floor

BELDEN TECHNOLOGY SUPPORTS

OPEN STANDARDS AND REMOTE ACCESS

CONTROL ROOM PLC

ACTIVE

I/O MODULE

BELDEN’S INDUSTRIAL CONNECTIVITY


Factory Floor Automation Architecture Transition

BELDEN TECHNOLOGY SUPPORTS LEGACY SYSTEMS

CONNECTING TO NEW IP BASED TECHNOLOGIES

ACTIVE

I/O MODULE

CONTROL ROOM PLC

ETHERNET SWITCHES BELDEN’S INDUSTRIAL CONNECTIVITY


BELDEN TECHNOLOGY SUPPORTS

COLLABORATION BETWEEN IT & OT

Belden Technology Enables Data Capture

ACTIVE

I/O MODULE

CONTROL ROOM PLC



ACTIVE

I/O MODULE

BELDEN TECHNOLOGY CONNECTS THE

FACTORY FLOOR TO THE ENTERPRISE

Belden Technology Maximizes Sensor & Actuator Value

CONTROL ROOM PLC


DISTRIBUTED CONTROL UNIT CLOUD GATEWAY


Chobani Adopts Automation with Belden

BELDEN SOLUTIONS

CUSTOMER REQUIREMENTS

Improved predictive maintenance

and reduced downtime through data

analytics

Improved productivity by 5%

through increased connectivity

from the enterprise to the

factory floor

KEY OUTCOMES

To maintain global

competitiveness,

Chobani wanted to

improve productivity

and utilization of their

manufacturing assets

Fully integrated

solutions

Technology supporting

decentralized

management

Deep application

expertise

Fully integrated

solutions


decentralized

management

Deep application

expertise



LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration



LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration

Share Capture

3.9%1

(2016)




4.4% 2.8% 4.6% 3.9%

2013 2014 2015 20161

MARKET SELECTION

KEY TRENDS

POSITIONING

SHARE

CAPTURE

P P P P

Changing

consumer

behavior

Labor

substitution Increased

productivity

Innovation

supporting

automation

Built-for-purpose,

ruggedized

solutions

Deep application

knowledge &

expertise

Transportation Discrete Energy Process




LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration

Segment EBITDA

Expansion

180 bps1

(2013 – 2016)

Share Capture

3.9%1

(2016)



2013 2014 2015 20161 ∆



2015 20161 20171

PRODUCTIVITY

PROGRAM $0.3M $4.7M $5.3M

RESULTS






KEY FEATURES


Results tracked and measured to

deliver real business outcomes








LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration

Segment EBITDA

Expansion

180 bps1

(2013 – 2016)

Share Capture

3.9%1

(2016)

82%

Internal

Fill Rate




2014 – 2016

94% 82% Maintained

Large Talent

Pool

Use of predictive

tools in hiring

process

Rigorous

measurement

and analytics

Values and

performance-

based incentives

Early Career

Leadership

Program

P

P

P

P

KEY FEATURES

Talent Management System


Industrial Connectivity Growth Goal = 2-5%



1-3%

1-2% - Innovation Supporting Automation

- Ruggedized, Built-For-Purpose Solutions

- Deep Application Knowledge and Expertise

- Changing Consumer Behavior

- Labor Substitution

- Increased Productivity

Revenue Growth Goal


Industrial IT

Dhrupad Trivedi President, Industrial IT and Network Security


Industrial IT Overview

Purpose-built mission-critical networking systems that provide

the highest confidence of reliability, availability and security

CUSTOMERS

FINANCIAL OVERVIEW VERTICAL MARKETS2

SOLUTIONS

1. Based on management’s best estimate 2. Compared to 2014 rates, foreign currency translation negatively impacted revenues by $27M

Ethernet Switches Security Devices

Network Management

Software Wireless Systems

Routers and

Gateways

Discrete 24%

Process 30% Energy

27%

Transportation

19% 2014 20161

Segment Revenue $253M1 $240M2



ROIC 13.0% 13.9%


Vertical Market Performance

REVENUE DECLINES DRIVEN BY OIL & GAS

20141 20162 2-YEAR CAGR

Discrete $54M $57M 2.7%

Process $85M $70M (9.3%)

Oil & Gas $36M $15M (35.5%)

Process Excl. Oil & Gas $49M $55M 6.0%

Energy $64M $65M 0.8%

Transportation $46M $48M 2.2%

Total $249M $240M (1.8%)

SHARE CAPTURE IN DISCRETE ENVIRONMENTS HAS

OFFSET MARKET DECLINES IN OIL & GAS

1. Adjusted for foreign currency and acquisitions. 2. Based on management’s best estimate.


Megatrends Are Driving Adoption of IP

Legacy

Systems

Collaboration

between

IT & OT

Exposure to

Security

Risks

IP BENEFITS …

IP

CONSEQUENCES …

CHANGING

CONSUMER BEHAVIOR

More demanding consumers

create an opportunity to capture

share in a low growth environment

LABOR

SUBSTITUTION

Social, economic and political

trends are changing the mix of

labor and machinery in production

INCREASED

PRODUCTIVITY

Low growth environment is

increasing pressure on companies

to drive shareholder value through

improved productivity

MEGATRENDS DRIVE INVESTMENT

INTO AUTOMATION REQUIRING IP …

Industrial

IT

Remote

Access

Open

Standards

Leverage

Standard

Devices

Connected

Factory

to the

Enterprise



Component providers





Customers want

to wrap and re-use

legacy equipment

Gateways

Embedded

Modules

Component providers







Component providers





Customers want

to wrap and re-use

legacy equipment

Customers need connectivity

for improved monitoring and

equipment effectiveness

Gateways

Network Management

Software Wireless

Embedded

Modules

Component providers







BELDEN HAS A BROAD PRODUCT PORTFOLIO BUILT FOR PURPOSE AND

IS WELL POSITIONED TO SUPPORT THE CONVERGENCE OF OT AND IT

Component providers





Customers want

to wrap and re-use

legacy equipment

Customers need connectivity

for improved monitoring and

equipment effectiveness

Unlocking the potential

of IP increases

Cybersecurity Risks

Firewalls Gateways

Network Management

Software Wireless

Embedded

Modules

End Point

Detection

Component providers






ORGANIZATIONS NEED TO ADDRESS SECURITY CONCERNS

34%

36%

39%

51%

Top concerns for implementing IP in industrial applications1

A Connected World Creates Risk in Industrial Applications

50% CAGR

IN INDUSTRIAL

CYBERATTACKS FROM 2010 – 2015 2

DATA SECURITY

PRIVACY

LEGACY SYSTEMS

INSUFFICIENT IT STAFF SKILLS

1. World Economic Forum 2015. 2. “Overload: Critical Lessons From 15 years of ICS Vulnerabilities”, FireEye iSight Intelligence.


Belden’s 1-2-3 Approach to Industrial Security

BELDEN HELPS CUSTOMERS ADAPT TO THE RAPIDLY CHANGING

ENVIRONMENT AT THEIR OWN PACE

SECURE

INDUSTRIAL

ENDPOINTS

SECURE

INDUSTRIAL

CONTROLLERS

SECURE

INDUSTRIAL

NETWORKS

• Segmentation

• Zoning and conduits

• Monitoring and alerts

• Wireless and remote

access

• Threat containment

• Inventory connected

assets

• Identify vulnerable and

exploitable endpoints

• Achieve and maintain

secure and authorized

configurations

• Identify unauthorized and

malicious changes

• Detection and visibility

into changes and threats

to ICS

• Protection for vulnerable

and exploitable controllers

• Assure authorized access

and change control for ICS

• Detect and contain threats


Global Oil & Gas Supplier Leverages

Belden’s Product Portfolio

BELDEN SOLUTIONS

CUSTOMER REQUIREMENTS

Software upgrade

and engineering done

in 1.5 days for all

Oil Wells

>100 Oil and Water

wells to be reconfigured

Network unavailability

creating delays

Automated process

to protect and audit

~100 sites

Fully integrated

solutions


flexible automation

Deep application

expertise

Network back

on track

Significantly reduced

manual hours auditing

security baselines

leveraging Tripwire

KEY OUTCOMES



LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration



LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration

Share

Capture

3.1%

(20161)



P P P P


0% 2.0% 1.9% 3.1%

MARKET

SELECTION

INDUSTRY

DYNAMICS

BELDEN

POSITIONING

SHARE CAPTURE

Increased

productivity

Labor

substitution

Changing

consumer

behavior

2014 2015 20161

Transportation Discrete Energy Process

2013 Emailed Oliver for

Share Capture

Complete

IIoT architecture

Availability

of tailored

solution

Cybersecurity

leadership




LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration

Segment EBITDA

Expansion

80 bps1

(2013 – 2016)

Share

Capture

3.1%1

(2016)



2013 2014 2015 20161 ∆



2015 2016E Long-term

Target

ISSUES RESOLVED

IN ONE DAY 78% 81% 85%

ON-TIME

DELIVERY 81% 87% 95%

RESULTS



KEY FEATURES



to deliver real business outcomes









Emailed Oliver for

Inventory Turns



LEAN ENTERPRISE

SYSTEM

Continuous

Improvement

TALENT

MANAGEMENT

Attract, Retain

and Grow Talent

MARKET DELIVERY

SYSTEM

Market Selection

and Penetration


Segment EBITDA

Expansion

80 bps1

(2013 – 2016)

Share

Capture

3.1%1

(2016)

71%

Internal

Fill Rate



Talent Management System

2014 – 2016

96% 71% 17%

Use of predictive

tools in hiring

process

Rigorous

measurement

and analytics

Values and

performance-

based incentives

Early Career

Leadership

Program

P

P

P

P

KEY FEATURES


2-4%

1-2%

Revenue Growth Goal

Industrial IT Growth Goal = 3-6%


− Changing Consumer Behavior

− Labor Substitution

− Increased Productivity


− Complete IIoT Architecture

− Availability of Tailored Solution

− Cybersecurity Leadership


Network Security

Dhrupad Trivedi President, Industrial IT and Network Security


SOLUTIONS

TARGETED

ATTACK

DETECTION

VULNERABILITY

ASSESSMENT

THREAT

ANALYTICS

Network Security Overview

Advanced threat protection, security, and compliance solutions for mission-critical networks

FINANCIAL OVERVIEW

20142 20163


Segment EBITDA $38 $46M

EBITDA Margin 25.5% 27.6%

ROIC – 6.5%

CUSTOMERS

KEY VERTICALS1

1. Based on estimated 2016 revenues. 2. Not under Belden ownership in 2014. Adjusted for corporate allocations and stock compensation. 3. Based on management’s best estimate.

20%

19%

14% 12%

10%

6%

5%

14% Industrial

Finance

Government Technology

Insurance

Communications

Retail

Other


1. Joint study from ISACA and RSA. 2. Ponemon Institute study. 3. IBM/Ponemon Institute study

End Markets Strong As Breach Levels Continue to Soar

Need for tools to manage complexity with focus on risk, compliance


Continuous monitoring

and compliance

Reduce risk exposure and

attack surface

Detect and respond to

advanced threats

Drive down security

operations cost

INTEGRATION

AUTOMATION

CONTEXT

Security, Compliance, Threat Protection

Customer Problems We Solve


Delivering the Most Comprehensive Security and

Compliance Auditing Solution

The Important Questions How secure & compliant is my network?

What changed?

What are the top actions we can take

right now to improve security and

achieve compliance?

DELIVER THE MOST COMPREHENSIVE

AND TIMELY SECURITY AUDITING CONTENT

TO OUR CUSTOMERS

Collect the Most Expansive

Security & Compliance Data

Distill it Down to Valuable

Data… Analytics & Reporting

Flexible Security and Intelligence Dashboard


More than Half of the Fortune 500 Use Our Technology

CONSISTENTLY HIGH RENEWAL RATES IN EXCESS OF 90%


Managing Today’s Technology Landscape Requires

Increasing Coverage

File Systems

Databases

Directory Services Workstations Firewalls

Applications

Network Devices

Cloud

GROWING COMPLEXITY COMBINED WITH

INCREASINGLY SOPHISTICATED ATTACKS


We Provide Foundational Controls and Insights

File Systems

Databases

Directory Services Workstations Firewalls

Applications

Network Devices

Cloud

Reconciliation Remediation Reporting and

Notification

FOUNDATIONAL CONTROLS

Console Database Analyst


Customers Moving to the Cloud

PRODUCT ROADMAP MEETS LEGACY AND

FUTURE NEEDS OF CUSTOMERS

Continued infrastructure

proliferation within existing customers

New innovation to enable customers to rapidly scale

their security monitoring for very large environments

will allow us to continue to grow within our largest,

entrenched customer base

Today

From the Cloud

Deliver new Network Security

Solutions from the cloud to enable

new revenue streams

For the Cloud

As customer infrastructures move to

the cloud, we already support

these hybrid environments


Network Security Opportunity with Industrials Tracking

Ahead of Expectations

Monitoring full operations

environments for unauthorized

change and cyber threats

Standards-Based policy and

compliance integrated with

Rockwell Automation®

FactoryTalk® AssetCentre

COMMON INDUSTRIAL ATTACK VECTORS

TRIPWIRE PROUD TO BE NAMED ROCKWELL ENCOMPASS PARTNER

No-touch visibility into ICS

cyber security risk


Belden Provides a Unique, Secure, Integrated Infrastructure

Firewall


Addressing Sophisticated Threats

Firewall


For Comprehensive Protection Across Critical Infrastructure

Firewall Detect & Respond


BELDEN SOLUTIONS

REQUIREMENTS

KEY OUTCOMES

Unify security across

IT & OT

Reduce compliance

cost

Improved security

capability through deep

change detection

Automated many NERC

CIP compliance

processes

Maintain system reliability

by reducing the attack

surface of the power grid

Continuous security

monitoring of IT & OT

consistently

Automation of manual

efforts for compliance

Integration with

current systems

Essential Power


BELDEN OFFERS A SOLUTION THAT INTEGRATES

OT AND IT ENVIRONMENTS

Requires more automation and integration to solve critical needs

Increasing Connectivity and Skill Shortage

Solution that integrates the

security threat landscape

across endpoints and networks

becomes more important in

IT as well as OT environments

Increasing connectivity

continues to increase the risk,

i.e. the attack surface

Security skills shortage

continues to be a challenge as

threats grow in sophistication

and breadth. Customers cannot

fully use the solutions and

security providers cannot ramp

up faster

2016

22% 2020

CAGR in connected

devices

THE SKILLS GAP

63%

UNFILLED

SECURITY JOBS

WORLDWIDE 3 MONTHS OR

MORE TO HIRE

Organizations with problematic

shortage of security professionals

2016 46% 2015 28%

1 MILLION

EXPLOSIVE GROWTH IN ENDPOINTS / TARGETS

Automation is critical for IT Operations

2016 46%

2015 28%





2016 46% 2015 28%

BEFORE AFTER


Performance Versus Goals

ON TRACK FOR ROIC COMMITMENT

2015 Network

Security + Synergies Total Expectation Difference

Segment

Revenue $167M $1M $168M $165M $3M

Adjusted EPS $0.67 $0.02 $0.69 $0.65 $0.04

ROIC – – 5.0% 5.0% –

2016 Network

Security + Synergies Total Expectation Difference

Segment

Revenue $168M $8M $176M $195M ($19M)

Adjusted EPS $0.80 $0.05 $0.85 $0.85 –

ROIC – – 6.5% 6.5% –

P

P

P

P

P

U


Performance by Vertical

REVENUE SHORTFALL IN AMERICAS ENTERPRISE BUSINESS IDENTIFIED

AND ACTIONS IN PLACE TO ADDRESS USING BBS

VERTICAL MARKET 2016 REVENUE VS

EXPECTATIONS

Industrial +$4M

Government On Plan

Enterprise ($23M)

Enterprise-Americas ($23M)

Enterprise-Int’l On Plan

Total ($19)

Leveraging Belden Talent Management

System to drive commercial execution

and recruit/retain



2016 46% 2015 28%

Enterprise Americas effected by

industry skill shortage and our

ability to add/ramp sales reps

63%

3 MONTHS OR

MORE TO HIRE


Positioned to Leverage Our Installed Base and Grow

in New Markets

Network Security has strong legacy position protecting

critical assets – with large installed based and

high renewal rates

As customers move to the Cloud, Network Security offers a

hybrid model that maximizes their return on installed

base as well

As cyber threats grow, Network Security takes strengths and

sophistication of cyber security solutions from the Cloud

Industrial market has critical infrastructure, is now more

connected, has specific application needs, and looks for

a trusted partner with a proven track record


Revenue Growth Goal


− Increased connectivity

− Increasing risk of cyber attacks

− Cloud migration

Network Security Growth Goal = 7-10%


− Industrial Internet of Things

− Commercial Execution

− Integrated product architecture

6-8%

1-2%

Mergers & Acquisitions

Ross Rosenberg Senior Vice President, Strategy and Corporate Development


BELDEN IS AN ACTIVE AND FREQUENT ACQUIRER WHICH HAS SUPPORTED

TOTAL SHAREHOLDER RETURN OUTPERFORMANCE

Note: N = 2,160 companies; # of deals includes all deals; relative deal size for deals with undisclosed value assumed at median sample deal size of 1% of market capitalization; cumulative relative deal size

2005-2015 based on sum of relative deal sizes vs. respective prior year-end market capitalization (Bain M&A Study 2016; Dealogic; Thomson; Bain SVC Database 2015)

1. CAGR from 1/1/2005 to 11/25/2016

Annual Total Shareholder Returns

Acquis

itio

n F

requency

Inactives

5.3%

Mo

re F

req

uen

tly

Less F

req

uen

tly

Smaller Larger

Relative Deal Size

Serial Bolt-Ons

7.8%

Selected Fill-Ins

6.0%

Mountain Climbers

9.0%

Large Bets

2.7%

Frequent Acquirers Provide Greater Shareholder Returns

11.3 %1


Buy leading companies…

• That fit a strategic framework

• With leading brands

• That offer innovative products

• With opportunity for significant synergy

Our Inorganic Strategy

TALENTED GLOBAL TEAM THAT FIT WITHIN OUR STRATEGIC FRAMEWORK

To FURTHER our LEADERSHIP within each platform

Industrial Network Security Broadcast Enterprise

IDENTIFYING ATTRACTIVE OPPORTUNITIES


Expanding the product

portfolio for our customers

around key end markets

Cultivation Acquisition

& Integration Measurement

Identification

& Evaluation

Industrial

Automation

Data

Centers

Enterprise

Broadcast

Security

Energy

Transportation Live Streaming Video

Machine

Builders

Process for Successful Acquisitions


M&A Stage-Gate

Process

IDENTIFICATION

Entrance

Cultivation

Close

Negotiation

CRITERIA

Fills product gaps

Benefits from Belden Business System

Accretive to earnings

Leverages secular growth trends

Accretive to growth and margins

• Fits into Strategic Plan

Achieves ROIC goal

• Meets Financial Hurdles

BELDEN IDENTIFIES LEADING COMPANIES THAT FIT

WITHIN OUR STRATEGIC FRAMEWORK

Disciplined Method of Target Identification and Cultivation


Talent Management

Create and enhance

career opportunities

for talented new and

current associates

Management Capacity

Experienced team

to quickly integrate

and drive synergies

Customer Satisfaction

Maintain and

enhance through

improved quality,

delivery and cost


Increase market

share and improve

productivity through

our unique Market

Delivery System

THE MORE WE DO, THE BETTER WE GET

Leveraging an Experienced Integration Team


BELDEN BUSINESSS SYSTEM HAS BEEN

SUCCESSFULLY DEPLOYED IN ACQUIRED COMPANIES

Integrating the Belden Business System

Market

Delivery

System

LEAN

Enterprise

System

Talent

Management

P Industrial market

penetration

P Created broadest

product line in the

industry

Provided Coast

with improved

market access P

P Strengthen end-

user engagement

P Cable

pull-through

P Increased Belden

talent pool

P Improved salesforce

efficiency and

manufacturing cost structure

P Leading R&D team

supporting IP adoption

in industrial markets

P Improved productivity and

procurement leverage

P Improved cost

structure

P Combined manufacturing

footprint. Improved working

capital turns

P Utilized talented

leadership within Belden


Cash

ROIC =

NOPAT + Depreciation + Amortization + Tax Synergies

Purchase Price + Capex + Restructuring + Δ Working Capital

Acquisitions > 3 Years < 1 Year

ROIC

Goals 13-15% > 9%

1 Commercial

Synergies 2 Cost

Synergies 3 Tax

Synergies 4 Working

Capital

How We Measure Success


TYPE OF

ACQUISITION

INVESTED

CAPITAL

($M)

YEAR OF

OWNERSHIP ROIC

STAGE OF

BUSINESS

CYCLE

Bolt-On $540 4th 18% Expansion



Bolt-On $38 2nd 15% Expansion

Adjacent $717 2nd 7% Expansion

Recent Acquisition Performance

PPC AND COAST ARE EXCEEDING EXPECTATIONS;

GRASS VALLEY AND PROSOFT ARE RECOVERING FROM MARKET SOFTNESS;

TRIPWIRE IS EXPANDING ITS ROIC AS A NEW ADJACENCY


Reposition Portfolio through

Addition of Higher Value-Add

Products and Services

Strengthen Position through

Increased Geographic,

Customer or Product Capabilities

Bolt-On Acquisitions

Adjacent Acquisitions

Bolt-On and Adjacent Acquisitions


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 $8.3B $7.6B

- 3 1 2 -

Revenues

of Targets

In Diligence

ROBUST FUNNEL OF BOLT-ON AND ADJACENT

ACQUISITION OPPORTUNITIES

Network Industrial Enterprise Broadcast Adjacencies


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


Defined and

Disciplined Approach to integration preserves

value, enhances synergies and

quickly delivers ROIC

Track Record of

Success Dramatic improvement in financial

profile is evidence of ability to

execute future inorganic transactions

that create shareholder value

Proven, Repeatable

Approach Smart deployment of capital

and scaling the portfolio around

customers’ needs accelerates

growth and improves margins

Unique Cultivation

Process Leveraging dedicated, internal

resources with deep industry

connections ensures timely

access to attractive targets

Strong M&A Process in Place and Actively Managed Funnel


Financial Overview

Henk Derksen Senior Vice President, Finance and CFO


Adjusted results. See appendix for reconciliation to comparable GAAP results.

1. Mid-point of guidance. 2. Constant currency. Mid-point of guidance. 3. ROIC excluding excess cash. Based on mid-point of guidance.

3-YEAR

FINANCIAL GOALS

2016 FINANCIAL

PERFORMANCE1

3-YEAR FINANCIAL

PERFORMANCE

Growth 5-7% $2,365M 6.3% CAGR2

EBITDA 18-20% 18.2% +250BPS

Free Cash Flow Exceed Net Income 101% +$43M

in Free Cash Flow

Return on

Invested Capital3 13-15% 12.8% +20BPS



− Broadband Demand

− Non-Residential Construction

− Automation within Discrete Manufacturing

Environments

− 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

− Stronger U.S. Dollar

− Commodity Price Declines

− Weak Global Growth

WHAT HAPPENED?


$1,500

$1,750

$2,000

$2,250

$2,500

2013 Copper CurrencyTranslation

X Share capture Inorganic Growth 2016

ORGANIC GROWTH

($86)

($140)

($114)

$119

$502

Share

Capture

$2,365

$2,084

Solid Execution Has Offset Macroeconomic Challenges

(in Millions)

2013 – 2016 Revenue Bridge

Economic Impact

of Stronger USD

and Lower Oil

Prices



$-

$500

$1,000

$1,500

$2,000

$2,500

2013 2014 2015 2016

A Balanced Source of Revenues

1

(in Millions)

36%

31%

33%

32%

44%

24%

27%

40%

33%

32%

37%

31%

Broadcast Enterprise Industrial

A BALANCED PORTFOLIO ACROSS OUR END MARKETS

1. Mid-point of guidance.


− Increased Broadband Demand

− IP Adoption in Broadcast Environments

− 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


$1,500

$2,000

$2,500

2013 2014 2015 2016

6.3% Constant Currency 3-Year CAGR1


1. Mid-point of guidance.

1

Revenue Growth

(in Millions)

$2,320

$2,084

$2,361 $2,365

Net

Leverage 1.9x 3.7x 2.6x 2.2x


10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2013 2014 2015 2016

EBITDA MARGIN

GOAL: 18-20%


1. Management’s best estimate.

EB

ITD

A M

AR

GIN

%

1

15.7% 15.5%

17.0%

18.2%

Solid Progress on Margins

EBITDA MARGIN IMPROVEMENT OF 250BPS


10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

2016 Leverage Mix Productivity 2019

18.2%


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

60 bps 20.0%

A Path to Increased Profitability

on Organic

Growth


INCREASED FREE CASH FLOW MARGIN DRIVES 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



$4.46 $4.28 $4.24

$5.30

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2013 2014 2015 2016

FCF % of Net Income

83.1% Peer C

92.9% Peer B

101.1% Belden

2013 – 20162

98.7% Peer A

1. Based on management’s best estimate. 2. Q4 2016 peer performance based on analyst estimates. Peers include APH, TEL, and AXE

LEAN ENTERPRISE SYSTEM HAS DRIVEN SUSTAINABLE

IMPROVEMENTS TO FREE CASH FLOW GENERATION

1

Record Free Cash Flow

FCF PER SHARE


$-

$300

$600

$900

$1,200

Beginning Cash MandatoryPreferred

Free Cash Flow Debt Reduction Dividends Acquisitions Ending Cash $-

$300

$600

$900

$1,200

Beginning Cash MandatoryPreferred

Free Cash Flow Acquisitions Dividends Debt Reduction Ending Cash

$502

$240

($17) ($71)

($18) $851

$217

2016 Sources and Uses of Cash

A STRONG BALANCE SHEET WILL ALLOW FOR CONTINUED

EXECUTION OF OUR STRATEGIC PLAN

(in Millions)

$502

$242

($17) ($71) ($18)

$853

$217

Free Cash

Flow

Debt

Reduction


COVENANT LIGHT, FIXED LONG-TERM DEBT

WITH NO SIGNIFICANT MATURITIES UNTIL 2022

1. Euro-denominated debt. Using on conversion rate at 10/2/16.

$5

$700

$568

$200 $222

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Fixed, long-term maturities combine

attractive rates with certainty of interest

payments for years to come

Average Cost of Debt = 5.3%

Euro-denominated debt improves

earnings exposure to the Euro

A Quality Balance Sheet with Long-Term Maturities

(in Millions)

1 1


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.


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


Consistent growth and balance across regions

and platforms drives predictable results

Business transformation delivering an

improved business model

Excellent cash flow generation, low cost of

capital creates significant strategic advantage

Disciplined approach to deploying capital

creates shareholder value

BALANCED

PROFITABLE

WELL

CAPITALIZED

VALUE

CREATING

Accelerating Shareholder Value with Strong



Thank You!


(Unaudited)

2016 2015 2014 2013

GAAP revenues 2,358,000$ 2,309,222$ 2,308,265$ 2,069,193$

Deferred revenue adjustments 7,000 51,361 11,954 15,297

Adjusted revenues 2,365,000$ 2,360,583$ 2,320,219$ 2,084,490$

GAAP net income attributable to Belden 141,000$ 66,204$ 74,449$ 103,313$

Interest expense, net 95,900 100,613 81,573 72,601

Loss on debt extinguishment 2,300 - - 1,612

Income tax expense (benefit) 5,000 (26,568) 7,114 22,315

Loss from discontinued operations - 242 (579) 1,421

Loss from disposal of discontinued operations - 86 562 -

Noncontrolling interest (400) (24) - -

Amortization of intangible assets 98,300 103,791 58,426 50,803

Deferred gross profit adjustments 7,000 52,876 10,777 11,337

Depreciation expense 46,500 46,551 43,736 43,648

Severance, restructuring, and acquisition integration costs 34,200 47,170 70,827 14,888

Purchase accounting effects related to acquisitions 1,400 9,747 12,540 6,550

Gain on sale of assets - - - (1,278)

Adjusted EBITDA 431,200$ 400,688$ 359,425$ 327,210$

GAAP net income margin 6.0% 2.9% 3.2% 5.0%

Adjusted EBITDA margin 18.2% 17.0% 15.5% 15.7%

Years Ended December 31,

(In tho us ands , except percentages )

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP

operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities;

purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value and transaction

costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets;

amortization of intangible assets; gains (losses) on debt extinguishment; discontinued operations; and other costs. We adjust for the items listed

above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments,

we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating

results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important

insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we

adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been

recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying

performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts

of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we

exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We

exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected

ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable

insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United

States.

Reconciliation of Non-GAAP Measures: Adjusted EBITDA


Reconciliation of Non-GAAP Measures: Free Cash Flow

(Unaudited)

2016 2015 2014 2013

GAAP net cash provided by operating activities 293,900$ 236,410$ 194,028$ 164,601$

Capital expenditures, net of proceeds from

the disposal of tangible assets (52,000) (54,436) (43,575) (37,040)

Cash paid for severance and other costs for the

integration of our acquisition of Grass Valley - - 37,720

Non-recurring tax payments made for gain on 2012 sale of

Thermax and Raydex cable business - - - 41,808

Non-recurring tax payments made in settlement of tax

sharing agreement with Cooper Industries - - - 30,000

Non-GAAP free cash flow 241,900$ 181,974$ 188,173$ 199,369$

Diluted weighted average shares 45,600 42,953 43,997 44,737

Non-GAAP free cash flow per diluted share 5.30$ 4.24$ 4.28$ 4.46$

We define free cash flow, which is a non-GAAP financial measure, as net cash provided by operating activities adjusted for capital expenditures net of

the proceeds from the disposal of tangible assets and certain cash payments for severance and other costs for the integration of our 2014 acquisition of

Grass Valley. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is

available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one

financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with

financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from

definitions used by other companies.


( In tho us a nds )


Reconciliation of Non-GAAP Measures: Tripwire Income

(Unaudited)

2016 2015

GAAP Segment EBITDA for Network Security Solutions 46,000$ 44,620$

Depreciation expense (4,000) (4,137)

Interest expense - (4,600)

Income tax expense (8,000) (7,177)

Adjusted segment income 34,000$ 28,706$

Adjusted segment income per diluted share 0.80$ 0.67$

Diluted weighted average shares 42,500 42,953


In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including:

asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and

deferred revenue to fair value and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets;

amortization of intangible assets; gains (losses) on debt extinguishment; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is

clearly immaterial to our financial statements. When we calculate the taxeffect of the adjustments, we include all current and deferred income taxexpense commensurate with the adjusted measure of

pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to

investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business

operations on a day-to-day basis. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise

been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly,

we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value adjustments because they generally are not related to the acquired business' core

business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses.

We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the

adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

(In tho us ands , except per s hare amo unts )


Year Ended Three Months Ended

December 31, 2016 December 31, 2016

Adjusted revenues $2.355 - $2.375 billion $605 - $625 million

Deferred revenue adjustments ($7 million) ($1 million)

GAAP revenues $2.348 - $2.368 billion $604 - $624 million

Adjusted income per diluted share attributable to Belden common stockholders $5.20 - $5.30 $1.36 - $1.46

Amortization of intangible assets ($1.56) ($0.30)

Severance, restructuring, and acquisition integration costs ($0.54) ($0.08)

Deferred gross profit adjustments ($0.11) ($0.02)

Loss on debt extinguishment ($0.03) ($0.03)

Purchase accounting effects ($0.02) ($0.02)

GAAP income per diluted share attributable to Belden common stockholders $2.94 - $3.04 $0.91 - $1.01

Our guidance for revenues and income per diluted share attributable to Belden common 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 "Forward-Looking Statements" in this release. 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.

Reconciliation of Non-GAAP Measures: 2016 Revenue

and Earnings Guidance

Belden Investor Day

Investor Relations

Transcript of Belden Investor Day