Investor Presentation | March 2019

Safe harbor statementThis presentation contains forward-looking statements that involve risks and uncertainties, including statements relating to RealNetworks' current

expectations regarding future revenue, gross profit and adjusted EBITDA, our future growth, profitability, and market position, our strategic focus

and initiatives, and agreements with partners and customers. All statements contained in this presentation that do not relate to matters of

historical fact should be considered forward-looking statements. These statements reflect RealNetworks’ expectations as of today, and actual

results may differ materially from the results predicted. Factors that could cause actual results to differ from the results predicted include:

RealNetworks' ability to realize operating efficiencies, growth and other benefits from the implementation of its growth plan, strategic initiatives,

and restructuring efforts; the emergence of new entrants and competition in the market for digital media products and services; other competitive

risks, including the growth of competing technologies, products and services; the potential outcomes and effects of claims and legal proceedings

on RealNetworks' business, prospects, financial condition or results of operations; risks associated with key customer or strategic relationships,

business acquisitions and the introduction of new products and services; changes in consumer and advertising spending in response to

disruptions in the global financial markets; fluctuations in foreign currencies; and changes in RealNetworks' effective tax rate. More information

about potential risk factors that could affect RealNetworks' business and financial results is included in RealNetworks' annual report on Form 10-K

for the most recent year ended December 31, its quarterly reports on Form 10-Q and in other reports and documents filed by RealNetworks from

time to time with the Securities and Exchange Commission. The preparation of RealNetworks' financial statements and forward-looking financial

guidance requires the company to make estimates and assumptions that affect the reported amount of assets and liabilities and the reported

amounts of revenues and expenses during the reported period. Actual results may differ materially from these estimates under different

assumptions or conditions. The company assumes no obligation to update any forward-looking statements or information, which are in effect as of

their respective dates.

SAFR™, Kontxt™, RealMedia® HD, RealPlayer®, GameHouse®, RealVideo®, RealAudio®, RealTimes®, LISTEN®, Napster®, and other

trademarks of ours are used throughout this presentation.

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RealNetworks, the inventor of the streaming media category,

creates next-generation products that employ best-in-class

artificial intelligence and machine learning to enhance and

secure our daily lives.

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Investor highlights

i. Emerging turnaround story

ii. Continued legacy of innovation

iii. Diverse business portfolio

iv. Commercializing four growth initiatives

v. Scale and optionality in Napster, with 84% majority ownership

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Promising new

products in market to

drive top-line growth

Aligning and rightsizing

business operations to

enhance profitability

Fostering worldwide

technology and

distribution partnerships

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A legacy of innovation

1995

RealAudio brings

streaming audio to

the web

The streaming

media category is

born

1997

RealVideo brings

mainstream TV to

the internet

1998

RealJukebox lets

users download

and manage digital

music

2000

First video

streaming

subscription

service

2003

Rhapsody is the

first music

subscription

service to stream

music from the top

five labels

2002

Helix DNA

transcodes media

into multiple

formats

Ringback Tones

enhance the

mobile experience

2007

First DVR-like

recording of

internet video

2013

RealPlayer Cloud

lets users move,

watch, and share

video content

LISTEN offers

more ways to use

ringback tones

2015

RealTimes uses AI to

automate the creation of

sharable videos from photo

libraries

GameHouse Original Stories

brings unique narrative

games to engage and

entertain

2017

Kontxt AI gives mobile carriers

class-of-service message

handling

RealMedia HD next-generation

codec achieves unprecedented

size and quality with 4K video

streaming

2018

SAFR facial

recognition offers

advanced AI to

improve secure access

and convenience

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A diversified business portfolio

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High quality, low

overhead 8K video codec

delivered to any screen

without taxing networks,

bandwidth, or batteries

Intelligent message

classification and

analysis to drive new

revenue and stop spam

Original subscription

and free-to-play mobile

games to engage and

entertain

The premier facial

recognition platform for

live video in the real

world

Napster is a music and

audio streaming platform

that provides consumer

subscriptions and a B2B

platform as a service

MOBILE SERVICES CONSUMER MEDIA GAMES DIGITAL MUSIC

Also: Inter Carrier Messaging, Ringback Tones Also: RealPlayer, RMVB Also: Zylom.com

SLIDE | 8

• SAFR is the #1 growth focus for

RealNetworks

• SAFR ranks as one of the fastest and

most accurate facial recognition systems

in the world

• Security and secure access have

emerged as our primary commercial focus

The premier facial recognition platform

for live video in the real world

The facial recognition market is expected to grow by an average of 21.3% over the next four years, to $9.6 billion by 2022*

*Allied Market Research

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Following a strong launch last July, SAFR continues to receive

broad exposure and accolades

SLIDE | 10

• Unmanaged mobile message delivery

represents estimated carrier revenue loss of

$15 billion annually

• Yearly A2P message volume will surge to 3

trillion by 2020*

• Enables new carrier service tiers and revenue

streams

• Next-generation spam filtering and gray route

protection

*According to mobile intelligence research firm Mobilesquared

Content Analysis

Smart Classification

Clustering

Policy Control

Inline Spam Detection

Offline Spam Detection

A2P

Tagging

Policy Control

InsightsMSISDN Registry

Intelligent message classification and analysis

to drive new revenue and stop spam

SLIDE | 11

Best-in-class streaming media codec delivering

crystal-clear 4K video at half the bitrate, allowing

crisp and smooth playback on any device

• Ideal balance of quality vs. efficiency

• Higher compression efficiency, faster encoding

time, and lower costs

• Mobile friendly, with low CPU consumption

Commercial deployment in China with CIBN OTT TV,

reaching 110 million subscribers

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A unique category of narrative games with rich

character development and engaging

storylines

• Four internal studios and seven partner

studios

• Over 40 original titles with one new story

released per month

• 12 hours of gameplay per title

• 38 million mobile installs (+55% YOY)

Streaming music services and B2B platform. The only major

provider of both Platform as a Service (PaaS) and white label

products dedicated to music and audio

• Successful pivot to B2B strategy

• 20+ leading global platform & distribution partners

• Six consecutive quarters of positive operating income

• Industry analysts forecast global music streaming growth

through 2030

• Subscribers: 185 million today to 850 million+ *

• Revenue: $6 billion today to $20-$25 billion per year*

• PaaS opportunity is significant, with an addressable market that

we expect will exceed $1 billion over the next 3-5 years.

Record labels, publishers,

and artists like the Napster

model because it supports a

vibrant, diverse ecosystem

of platforms and distribution

points

*According to Goldman Sachs, GS Music in the Air Series (August 28, 2017)

SLIDE | 13

Peer valuation analysis

- All values based on most recent outstanding company financials and market data as of November 16, 2018

- RNWK revenue is comprised of combined revenue including Napster

Mobile Services

Consumer Media

Games

SLIDE | 14

Digital Music

$0.95 $0.68 $0.63 $1.21

$0.35 $0.74 $0.44 $0.36

$11.20

$-

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

RNWK GLUU ZNGA AVID ENT HLIT LLNW ONMOBILE SPOT

Cash / Share

0.45x

3.32x

4.78x

0.93x

1.40x 1.39x 1.44x

0.09x

4.44x

0.00x

0.75x

1.50x

2.25x

3.00x

3.75x

4.50x

5.25x

RNWK GLUU ZNGA AVID ENT HLIT LLNW ONMOBILE SPOT

EV / Revenue

RNWK Combined Revenue of ~$200M

Equity snapshot | Nasdaq: RNWK

Share Price(1): $3.31

Shares Outstanding(2): 37.7 M

Market Capitalization(1): $124.6 M

Net Debt(3): ($35.6) M

Enterprise Value(1): $89.1 M

1. Values for Share Price, Market Capitalization and Enterprise Value are based off the closing share price on FactSet on March 4,

2019.

2. Shares Outstanding is the number of shares of RNWK Common Stock as of October 31, 2018, as reported on Form 10-Q for the

Fiscal Quarter ended September 30, 2018.

3. Net Debt is third party debt of $0 less the combined total of cash and cash equivalents of $35.6M and short-term investments of $0M,

which is $35.6M, for the Fiscal Quarter ended December 31, 2018.

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