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 SELLINGMARKET
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
%ADOPTION
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
$250
2010 2011 2012 2013 2014 2015 2016
Free Cash Flow
FCF per Share
BBS Delivers Significant Free Cash Flow Growth($Millions)
($pershare)
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
–312 –
Revenues
of Targets
In Diligence
NetworkIndustrialEnterpriseBroadcast 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
SUBCONTRACTORS
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
ExabytesperMonth
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
MARKETSHARE
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
LOWHIGH

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
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%
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
USD exchange rate
yoy2
International revenue
yoy1
% Revenues1
($78M)
INT’L
DECLINE
($33M)

CUSTOMERS HAD TO WAIT UNTIL
COMMON STANDARDS WERE ADOPTED
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

BELDEN COMBINES EXPERTISE IN COMPLEX LIVE PRODUCTION
WITH PAST IP MIGRATIONS TO DELIVER IDEAL PATH TO IP
Common Standards Adoption
IP Adoption
Open standards
Third Party Control
Vertically Accurate
Switching
Quiet Audio Switching
COTS integration
Multiple vendor
Interoperability
Founding and Developing the OPEN Standard
that Set the INDUSTRY Standard for IP
Grass ValleyPeer A Peer B
BALANCEDPROPRIETARY 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
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 PlayoutCreation
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 – 2016
1
)

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 – 2016
1
)

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 ChemicalsWater / 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

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

High-Speed IP
and Networking
Cabling
Component providers
without IP experience
INDUSTRIAL PEERS ENTERPRISE PEERS
Network
Management
Software
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

Create IP addresses
in the Cloud for
legacy equipment
Built-for-
purpose
solutions
High-Speed IP
and Networking
Cabling
IP & Industrial
Ethernet
Firewall
Connect
hard-to-reach
systems with
new
Component providers
Network
Management
Software

BELDEN HAS A BROAD, PURPOSE BUILT PRODUCT PORTFOLIO THAT
IS WELL POSITIONED TO SUPPORT THE CONVERGENCE OF OT AND IT
Create IP addresses
in the Cloud for
legacy equipment
Built-for-
purpose
solutions
High-Speed IP
and Networking
Cabling
IP & Industrial
Ethernet
Firewall
Connect
hard-to-reach
systems with
new
Component providers
Network
Management
Software

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 OVERVIEWVERTICAL 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

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 SWITCHESBELDEN’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 UNITCLOUD 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

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
PP PP
Changing
consumer
behavior
Labor
substitution
Increased
productivity
Innovation
supporting
automation
Built-for-purpose,
ruggedized
solutions
Deep application
knowledge &
expertise
TransportationDiscrete EnergyProcess

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 OVERVIEWVERTICAL MARKETS2
SOLUTIONS
1. Based on management’s best estimate 2. Compared to 2014 rates, foreign currency translation negatively impacted revenues by $27M
Ethernet SwitchesSecurity 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

Customers want
to wrap and re-use
legacy equipment
Gateways
Embedded
Modules
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
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
FirewallsGateways
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
Technology supporting
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)

PP PP
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
TransportationDiscrete EnergyProcess
2013
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

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 RemediationReporting and
Notification
FOUNDATIONAL CONTROLS
Console DatabaseAnalyst

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
WORLDWIDE3 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

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
Organizations
with problematic
shortage of security
professionals
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
AcquisitionFrequency
Inactives
5.3%
MoreFrequentlyLessFrequently
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 SecurityBroadcast 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
TransportationLive 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 accessP
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
PImproved 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
-312 -
Revenues
of Targets
In Diligence
ROBUST FUNNEL OF BOLT-ON AND ADJACENT
ACQUISITION OPPORTUNITIES
NetworkIndustrialEnterpriseBroadcast Adjacencies

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 Currency
Translation
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
1.9x3.7x2.6x2.2x

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.
EBITDAMARGIN%
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/EBITDAMultiple

$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 Mandatory
Preferred
Free Cash Flow Debt Reduction Dividends Acquisitions Ending Cash
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 taxexpense commensurate with the adjusted measure of pre-taxprofitability.
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 fromthe 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-taxprofitability.
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

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