Exhibit 99.2
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VOTE YOUR GOLD PROXY CARD TODAY
May 3, 2011
Dear Pulse Electronics Shareholder:
DO NOT BE MISLED ABOUT THE FACTS
DEMAND ACCOUNTABILITY FROM THE PULSE BOARD
SEND A CLEAR MESSAGE THAT THE STATUS QUO IS NO LONGER ACCEPTABLE
The Board of Directors of Pulse Electronics has recently made statements regarding Bel’s solicitation of proxies to elect two independent nominees to the Pulse Board at its upcoming annual meeting of shareholders that we believe are misleading and are intended to divert attention away from Pulse’s poor performance and the clear benefits of combining both companies. In response, Bel has issued a shareholder presentation that seeks to address these statements and clarify why now is the right time for Pulse shareholders to act. You are encouraged to read the complete investor presentation, which is available at www.ProxyProcess.com/BelFuse.
Listed below are a few important points you should consider when voting the GOLD proxy card.
FACTS ABOUT BEL’S OFFER TO PURCHASE PULSE
| · | In 2006, representatives from Bel and Pulse began discussing a framework for a potential business combination |
| · | On February 28, 2011, Bel publicly offered to purchase Pulse for $6.00 per share |
| · | The Pulse Board summarily rejected Bel’s proposal prior to making any attempt to engage with Bel to discuss a suitable valuation or transaction |
| · | Both companies have agreed in the past that increasing raw material, labor and operating costs makes a Bel-Pulse combination very compelling for all shareholders |
· Bel offered a significant premium for Pulse which is well above what analysts indicate Pulse is worth by itself
· Bel is willing to revise the offer price and the form of consideration to include cash and/or stock
· Bel is willing to collapse its A/B share structure if it makes the most sense for all shareholders
· Bel has the ability to finance and close the transaction quickly
YOUR LAST VOTE IS THE ONLY VOTE THAT COUNTS!
Return the GOLD proxy card today
FACTS ABOUT THE ELECTION OF DIRECTORS
| · | In an attempt to urge the Pulse Board to examine ALL options available for maximizing shareholder value, Bel nominated two well-respected individuals for election to the Pulse Board at Pulse’s 2011 annual meeting of shareholders |
| · | After Bel made its offer and submitted its director nominations, Pulse expanded the Board from 6 to 8 members and nominated three new director candidates |
| · | Pulse is NOT making radical changes to address their past governance and performance concerns. If all of Pulse’s nominees are elected, the Board will continue to consist of 4 of 8 directors associated with Pulse’s past performance problems |
| · | Bel is NOT seeking control of the Pulse Board. If elected, Bel’s candidates will hold just 2 of 8 board seats |
| · | Bel is NOT seeking to surreptitiously obtain Pulse’s intellectual property by planting spies on the Pulse Board. Bel’s nominees will be bound by the same confidentiality restrictions and fiduciary duties as every other board member |
| · | Bel’s nominees are NOT “hand-picked” associates of Bel. These candidates are ethical, highly-qualified and completely independent from Bel. Both candidates were introduced to Bel through a specialized corporate governance consulting company and are well-respected advocates for shareholder rights |
| · | Bel’s nominees are NOT seeking to be disruptive inside the Pulse boardroom. If elected, these candidates will seek to work constructively with the other directors to ensure your value is protected |
VOTE YOUR GOLD PROXY CARD TODAY FOR TWO ETHICAL, HIGHLY-QUALIFIED ADVOCATES FOR IMPROVING SHAREHOLDER VALUE
 | Public Company Board Experience |
| Senior-Level Operating Experience |
| Mergers & Acquisitions Expertise |
| Independent Directors |
| Advocates for Shareholder Rights |
ABOUT BEL’S DIRECTOR NOMINEES
Timothy E. Brog (Age 47) | |
| Education | Relevant Experience |
· JD Fordham University School of Law · BA Tufts University | · Chairman & CEO, Peerless Systems (NASDAQ: PRLS) · Former Managing Director, Locksmith Capital Management · Former Managing Director, E2 Investment Partners · Former President, Pembridge Capital Management · Founder and Former Managing Director, The Edwards Andrews Group · Director, Eco-Bat Technologies · Former Director, The Topps Company · Former Associate, Skadden, Arps, Slate, Meagher & Flom |
James Dennedy (Age 45) | |
| Education | Relevant Experience |
· MBA Ohio State University · MA Economics University of Colorado · BS Economics United States Air Force Academy | · Principal and Chief Investment Officer, Arcadia Capital · Former Managing Partner, Hamilton-Madison Group · Former President and CEO, Engyro Corporation · Former Managing Partner, Mitchell-Wright, LLC · Director, Agilysys, Inc. (NASDAQ: AGYS) · Former Director and Chairman of Audit Committee, NaviSite, Inc. · Former Director, I-Many, Inc. · Former Director, Entrust, Inc. · Former Director, Abridean, Inc. |
If you have any questions about Bel’s nominees, or would like to speak with a representative from Bel to discuss this matter further, please contact Waheed Hassan from Alliance Advisors at whassan@allianceadvisorsllc.com or 877-777-5017 to coordinate a meeting.
Sincerely,
/s/ Daniel Bernstein
Daniel Bernstein
Director, President and CEO
Bel Fuse Inc.
“One thing rings with absolute clarity in my mind: the combination of Bel and our ECS would be not just company altering but, more importantly, industry altering. For those shareholders who chose to stay with the company, it could be a very, very lucrative deal over the next decade and one which neither of us can provide all by ourselves, at least not in the mid term, and probably not ever. The economics of this deal are just so compelling and we owe it to our respective shareholders to do what we can to explore it carefully and, if possible, make it happen.”
--- James Papada, former Pulse Chairman, in an email to Dan Bernstein, CEO of Bel, dated May 24, 2006, discussing a framework for a possible business combination
If you have any questions, require assistance in voting your GOLD proxy card, or need additional copies of Bel’s proxy materials, please call Alliance Advisors, LLC at the phone numbers or email listed below. Proxy materials are also available at www.ProxyProcess.com/BelFuse  200 Broadacres Drive, 3rd Floor Bloomfield, NJ 07003 (973) 873-7706 (Call Collect) whassan@allianceadvisorsllc.com or CALL TOLL FREE (877) 777-5017 |
ADDITIONAL INFORMATION
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. No tender offer for the shares of Pulse Electronics Corporation (“Pulse”) has commenced at this time. In connection with the proposal by Bel Fuse Inc. (“Bel”) to acquire Pulse, Bel may file tender offer documents with the U.S. Securities and Exchange Commission (“SEC”). Any definitive tender offer documents will be mailed to shareholders of Pulse. INVESTORS AND SECURITY HOLDERS OF PULSE ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Bel through the web site maintained by the SEC at http://www.sec.gov.