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© 2016 Belden Inc. | belden.com | @BeldenInc

June 2016

Belden

Leading the Way to an

Interconnected World

© 2016 Belden Inc. | belden.com | @BeldenInc 2

Leading The Way to an Interconnected World

Delivering highly-engineered signal transmission

solutions for mission-critical applications in a diverse set of global markets

Business Platforms Applications Vertical Markets

Data

Sound

Video

Industrial

Enterprise

Broadcast


Five Business Platforms Delivering

Innovative Connectivity Solutions

Broadcast Enterprise Industrial

Connectivity

Industrial IT

Solutions

Network

Security

• Industrial and I/O Connectors

• Industrial Cable

• Distribution Boxes

• Customized Connectivity Solutions

• Ethernet Switches

• Wireless Systems

• Routers and Gateways

• Security Devices

• Network Management Software

• Copper and Fiber Connectivity

• Racks and Enclosures

• Ethernet, Fiber Optic and Coaxial Cabling

• Custom Infrastructure Solutions

• Broadcast Connectors

• Routers and Interfaces

• Broadband

Connectivity

• Multi-Viewers and Monitoring and Control Systems

• Playout Systems

• Vulnerability Assessment

• Security Configuration Management

• Log Intelligence

• Analytics and Reporting

http://www.alphawire.com/en/default.aspx


A Global Signal Transmission Solutions Company

Broadcast Enterprise

Connectivity

Industrial

Connectivity Industrial IT

Network

Security

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

3-Year Market

Growth Rate 1-3% 1-3% 0-2% 1-3% 10-12%

Market Share1 18% 14% 16% 20% 4%

2015 Revenue $740.0M $605.9M $603.3M $244.3M $167.1M

2015 EBITDA

Margin 15.4% 16.5% 16.6% 17.7% 26.5%

Key Markets

• Broadband

• Broadcast

Studios

• Mobile

Production

• Finance

• Healthcare

• Commercial

Buildings

• Discrete

• Process

• Energy

• Transportation

• Finance

• Energy

• Retail

• Government

• Industrial

1. Served addressable market..


Financial Performance

Revenues (M) EBITDA Margin1 Return on

Invested Capital2 Free Cash Flow3

2005 $1,246 8.5% 4.1% $37M

2015 $2,361 17.0% 12.0% $182M

Variance 6.6% CAGR Improvement of

850 bps

Average of

13.1% 17.3% CAGR

Driving best-in-class shareholder value

1. Non-GAAP results. See appendix for reconciliation to comparable GAAP results.

2. Excluding excess cash, Average of 2012-2015.

3. See appendix for reconciliation to comparable GAAP results.


A Disciplined Capital Deployment Strategy

Innovation and

Market Expansion

Share

Repurchase M&A

Invest in

growth opportunities

Repurchase Belden stock

at attractive prices

Identify product and market

opportunities, and acquire with

a disciplined approach

• Product innovation

• Productivity

improvement

• Capital expenditure

• Repurchased 7.4 million shares at $47.43 average

• ~16% of outstanding shares

• $350M invested since 2011

• >$2.8 billion invested

since 2007

• >15% Cash ROIC on

acquisitions made

before 2012

2015 ROIC* = 12.0%

Deploy capital to highest ROIC project

* ROIC excluding excess cash


Connectivity Peers

Cable Peers

10.0%

20.0%

30.0%

40.0%

50.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

A Common Misperception About Belden

“Belden is a Wire and Cable company.”

Improvement of

1,930 bps

Belden’s Gross Profit Margin Exceeds Connectivity Peers

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

2. Peer margin based on 2015 expectations


10%

12%

14%

16%

18%

20%

2010 2011 2012 2013 2014 2015

Consistent Margin Progression

We have shown the ability to consistently

improve margins in a low-growth environment

EBITDA

Margin

Goal:

18 - 20%

11.9% 11.7%

13.0%

15.7% 15.5%

EBITDA Margin (%)1

17.0% Peer Average

1. Non-GAAP results. See appendix for reconciliation to comparable GAAP results


10 Year EPS Growth

0%

5%

10%

15%

20%

25%

Peer A S&P 500 Peer B Peer C Peer D Belden

Since 2005, Belden has generated

upper quartile EPS growth of 22%


High Quality Earnings: Free Cash Flow Generation

Delivering 21.4% CAGR in free cash flow per share

0

1

2

3

4

5

6

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

FCF per Share1

1. Non-GAAP results. See appendix for reconciliation to comparable GAAP results

2. Excludes the cash payments for the Broadcast restructuring program that began in Q3 2015.

$2.41

$3.07 $3.38

$2.47

$0.71

$1.80

$4.942

$3.03 $3.16

$4.28 $4.46

21.4% CAGR


4.2x

4.9x 4.9x 4.7x 4.6x

4.2x

4.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

2010 2011 2012 2013 2014 2015 2016

Net Interest Coverage Ratio Has Been Consistent

Incurrence

Covenant

Belden generates more than 2x the required EBITDA

Net Interest Coverage Ratio


2008 Versus 2015

Market

Broadcast

Enterprise

Industrial

Product

Networking

Connectivity

Cable

2008

Market Product

2015

Divested cable

Acquired software,

networking and

connectivity

Network Security Security

Broadcast

Enterprise

Industrial

Networking

Connectivity

Cable


Transformation To Drive Continued Margin Expansion

14%

16%

18%

20%

2015 Leverage Mix Productivity Inorganic 2018

140 bps 20 bps

120 bps 20 bps 20.0%

17.0%


Opportunity Exists to Drive Increased Shareholder Value*

4x

8x

12x

16x E

V/E

BIT

DA

Mu

ltip

le

10% 15% 20% 25% 30% 5%

EBITDA-Capex Margin

A

B

C

Increased free cash flow margin drives multiple expansion

Legacy Peers

E

C D

A

B

Best In Class

Peers

F

2008

Today


Business Model Goals

THREE YEAR FINANCIAL GOALS

Growth 5 - 7%

EBITDA 18 - 20%

Return on Invested Capital 13 - 15%

Free Cash Flow Exceed Net Income

• Headwinds

− Weak global growth

− Strong US dollar

− Sustained low oil prices

• Tailwinds

− Cybersecurity

− Broadband demand

− Strength in enterprise

Market Growth

1-3%

Share Capture

2%

Inorganic Activity

2%

Total

Growth

5-7% = + +


Continued Focus on Productivity Improvement Industrial Platform Cost Measures

Industrial Tailwinds

• Internet of Things

• Industrial automation

• Market-leading portfolio

Industrial Headwinds

• Stronger US dollar

• Industrial production

• Continued low oil prices

• Capacity utilization rates

Year Cash

Investment Savings

EPS

Impact

2016 $23M $6M $0.11

2017 $15M $17M $0.32

2018 - $22M $0.41


Q2 and Full Year 2016 Guidance*

Fiscal Year 2016

Revenues of between

$570 and $590

million

*Non-GAAPresults. See appendix for reconciliation to comparable GAAP results

Q2 2016

EPS of between

$1.20 and

$1.30 per

diluted share

Revenues of between

$2.320 and

$2.370 billion

EPS of between

$5.15 and

$5.45 per

diluted share


GAAP to Non-GAAP Reconciliation

Year Ended Three Months Ended

December 31, 2016 July 3, 2016

Adjusted revenues $2.320 - $2.370 billion $570 - $590 million

Deferred revenue adjustments ($7 million) ($2 million)

GAAP revenues $2.313 - $2.363 billion $568 - $588 million

Adjusted income per diluted share attributable to Belden stockholders $5.15 - $5.45 $1.20 - $1.30

Amortization of intangible assets ($1.64) ($0.43)

Severance, restructuring, and acquisition integration costs ($0.56) ($0.12)

Deferred gross profit adjustments ($0.11) ($0.03)

GAAP income per diluted share attributable to Belden stockholders $2.84 - $3.14 $0.62 - $0.72

Our guidance for revenues and income per diluted share attributable to Belden 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 below regarding forward-looking statements. 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.


Q1 2016 Earnings Release

Conference Call Presentation


• Delivered first quarter revenues of $543.8 million;

• Expanded gross profit margins to 42.3%, an increase of 170 basis points from 40.6% in the year-ago period;

• Generated EBITDA margins of 16.4%, an increase of 90 basis points from 15.5% in the year-ago period;

• Repaid $51 million of debt during the quarter; and

• Increased full-year adjusted revenues and adjusted EPS guidance.

Q1 2016 Highlights

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


Precision A/V

Cable and Connectivity

1st Quarter Segment Overview

Revenue $41.7M

EBITDA Margin 27.5%

Revenue $53.9M

EBITDA Margin 16.0%

Revenue $135.9M

EBITDA Margin 17.5%

Revenue $141.1M

EBITDA Margin 16.3%

Revenue $171.3M

EBITDA Margin 13.6%

Broadcast

Enterprise

Connectivity

Industrial

Connectivity

Industrial

IT

Network

Security

Camera Mounted

Fiber Solutions

Signal Processing

& Routing

Monitoring

Systems

Automation Playout

& Branding

Systems

Industrial and

I/O Connectors

Industrial

Cables

IP/Networking

Cables

I/O Modules/

Active

Distribution

Boxes

Customer-Specific

Wiring

Copper and Fiber

Connectivity

Racks and

Enclosures

Ethernet,

Fiber Optic and Coaxial

Cables, Security

& Routing Wireless Switches Connectivity

Vulnerability Assessment Targeted Attack Detection Threat Analytics



Q1 2016 Financial Summary

Q1 2016 Q4 2015 Q1 2015

Revenue $543.8M $602.5M $569.5M

Gross profit $229.8M $259.6M $231.0M

Gross profit percentage 42.3% 43.1% 40.6%

EBITDA $89.1M $114.6M $88.5M

EBITDA percentage 16.4% 19.0% 15.5%

Net Income1 $42.7M $69.3M $43.3M

Earnings Per Share1 $1.01 $1.63 $1.00


(1) All references to Net Income and EPS refer to income attributable to Belden stockholders and income attributable to Belden

stockholders per diluted share.


Segment Results


(1) Consolidated results include income from our equity method investment.

Broadcast Enterprise

Connectivity

Industrial

Connectivity Industrial IT

Network

Security Consolidated

Q1 2016

Revenue $171.3M $135.9M $141.1M $53.9M $41.7M $543.8M

EBITDA(1) $23.3M $23.7M $23.0M $8.6M $11.5M $89.1M

EBITDA Margin 13.6% 17.5% 16.3% 16.0% 27.5% 16.4%

Q4 2015

Revenue $201.8M $147.2M $141.8M $62.8M $48.9M $602.5M

EBITDA(1) $40.3M $24.7M $23.9M $11.5M $14.7M $114.6M

EBITDA Margin 19.9% 16.8% 16.8% 18.4% 30.0% 19.0%

Q1 2015

Revenue $176.5M $141.8M $153.0M $61.1M $37.1M $569.5M

EBITDA(1) $23.1M $20.0M $24.2M $11.1M $9.9M $88.5M

EBITDA Margin 13.1% 14.1% 15.8% 18.2% 26.7% 15.5%


Q1 2016 Balance Sheet Highlights

Q1 2016 Q4 2015 Q1 2015

Cash and cash equivalents $146M $217M $167M

Inventory turns 5.9x 7.1x 5.7x

Days sales outstanding 60 days 62 days 63 days

PP&E turns 6.8x 7.7x 6.9x

Total debt principal amount $1.72B $1.75B $1.90B

Net Leverage1 3.7x 3.6x 3.9x

(1) Net leverage calculated as (A) total debt less cash and cash equivalents divided by (B) trailing twelve months Adjusted EBITDA plus trailing twelve months stock based compensation

expense plus trailing twelve months long-term incentive plan expense for certain acquired companies.


Cash Flow Highlights

(1) Capital expenditures, net of proceeds from the disposal of tangible assets. See Appendix for reconciliation.

(2) Free cash flow is not a term defined by generally accepted accounting principles (GAAP) and our definition may or may not be used consistently with other companies that define this term.

See Appendix for reconciliation to comparable GAAP results.

(3) Net of cash acquired.

Q1 2016 Q1 2015

Cash flows from operating activities $12.7M $(48.2)M

Less: Net capital expenditures(1) $13.4M $15.5M

Free cash flow (2) $(0.7)M $(63.7)M

Cash used to acquire businesses(3) $15.3M $695.3M

Share repurchases and dividends $2.1M $ 2.1M


Q2 2016(1)

• Revenue of $570 - $590 million

• Earnings Per Share2 of $1.20 - $1.30

Outlook

2016 Full Year(1)

• Revenue of $2.320 - $2.370 billion

• Earnings Per Share2 of $5.15 - $5.45

(1) Adjusted Outlook. See Appendix for reconciliation to comparable GAAP outlook.

(2) All references to EPS refer to income per diluted share attributable to Belden stockholders.

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