2Q 2015 Conference Call  August 4, 2015  NeuLion empowers the world's top players to deliver and monetize next generation video experiences on any device 

  Safe Harbor Statements   Forward Looking StatementsCertain statements herein are forward-looking statements and represent NeuLion’s current intentions in respect of future activities. Forward-looking statements can be identified by the use of the words “will,” “expect,” “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. These statements, in addressing future events and conditions, involve inherent risks and uncertainties. Although the forward-looking statements contained in this presentation are based upon what management believes to be reasonable assumptions, NeuLion cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and NeuLion assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause NeuLion’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: our ability to derive anticipated benefits from the acquisition of DivX; our ability to successfully integrate the operations of DivX; our ability to realize some or all of the anticipated benefits of our partnerships; general economic and market segment conditions; our customers’ subscriber levels and financial health; our ability to pursue and consummate acquisitions in a timely manner; our continued relationships with our customers; our ability to negotiate favorable terms for contract renewals; competitor activity; product capability and acceptance rates; technology changes; regulatory changes; foreign exchange risk; interest rate risk; and credit risk. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. A more detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the “Risk Factors” section of NeuLion’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, which is available on www.sec.gov and filed on www.sedar.com. Use of Non-GAAP Financial MeasuresIn addition to our U.S. GAAP results, this presentation also includes disclosure on certain non-GAAP financial measures, as such term is used by the SEC. The Company defines Non-GAAP revenues as GAAP revenues before purchase price accounting adjustments as a result of an acquisition. The Company defines Non-GAAP Adjusted EBITDA as consolidated net income (loss) before interest, income taxes, depreciation and amortization, purchase price accounting adjustments, stock-based compensation, acquisition-related expenses, gain on revaluation of convertible note derivative, and foreign exchange loss. Non-GAAP Adjusted EBITDA is a key measure used by management to evaluate the Company’s results and make strategic decisions about the Company, including potential acquisitions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company’s presentation of Non-GAAP Adjusted Revenue and EBITDA may not be comparable to similarly titled measures of other companies. This measure does not have any standardized meaning prescribed by U.S. GAAP and therefore is unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with U.S. GAAP. 

 2Q Revenue Highlights  69% gain in GAAP revenue versus prior year’s levelNeuLion Digital Platform growth 16% versus a strong 2Q14 NeuLion Digital Platform growth largely driven by new customers, fixed license fees99% gain in non-GAAP revenue versus prior year’s levelFirst full quarter of DivX revenue  2012 2013 2014 2015          $/MM  38% CAGR  14% CAGR  25% CAGR  28% CAGR  45% CAGR  14% CAGR  25% CAGR  35% CAGR  $/MM 

  2Q EBITDA Highlights  Further benefits of scale – almost half of 700 bps cost of goods improvement driven by higher usage ratesRemaining cost improvement driven by a higher mix of DivX revenue (42% of non-GAAP revenue)Operating expenses higher due to acquisition of DivXSG&A expense, including stock-based compensation, increased 78%R&D expense more than tripled  $/MM  2012 2013 2014 2015         

 2Q Balance Sheet Highlights   (in $000)   6/30/2015   12/31/2014  Cash & Equivalents  34,059  25,898  Receivables  22,519  8,056  Total Current Assets  61,131  36,287  Payables  6,996  14,362  Deferred Revenue  9,364  9,602  Total Current Liabilities  24,100  29,212  Working Capital  37,031  7,075  Other Long-Term Liabilities  6,994  2,673  Total Redeemable Preferred Stock  14,970  14,955  Total Equity  61,627  5,099  Total Liabilities and Equity  107,691  51,938    *   * Reflects accounting for the DivX acquisition  

 Highlight    Strategic Significance  Partnered with Millicom to create and deliver a new Tigo Sports App for fans in Latin America. Originally launched in Bolivia, the service has expanded to include Paraguay, Columbia and Guatemala.   --->  Further monetizes platform, deepens customer relationship  Launched a long-term web, mobile and video partnership with Drum Corps International (DCI), Marching Music’s Major League™ who hosts an annual DCI Tour and more than 35 World Championships in 17 North American cities.  --->  New customer  Signed new multi-year agreement with Tennis Channel. Since signing original deal in 2014, Tennis Channel Plus subscriptions have grown 400% year-over-year and sees, on average, 25% of subscribers using the online service at least once daily.   --->  Deepens customer relationship  Signed new agreement with Rogers to deliver the 2015 Pan Am Games on Rogers Anyplace TV.   --->  Deepens customer relationship  The NeuLion College network continued to be fueled by the rise in mobile traffic with 54% of traffic coming from mobile devices in Q2, as compared to 43% in Q2 2014.   --->  Demonstrates expanded usage  Expanded partnership with Sky New Zealand to add the delivery of 4 linear channels to the recently launched over-the-top digital sports service, FAN PASS.   --->  Expanded customer relationship  Recognized at the 2015 Microsoft Build Developer Conference as a Premier Plus Developer Partner for Xbox LIVE applications through NeuLion’s work with major sports leagues.  --->  Demonstrates technological leadership  Hosted the NeuLion Partner Summit in New York that brought together attendees from its professional sports partners including the NHL, NBA, UFC, World Surf League and others.   --->  Deepens customer relationships  Powered World Congress Live, the digital extension of the Sports Business Journal IMG World Congress of Sports event giving viewers access to exclusive interviews from across the sports media landscape including the NHL, the United States Olympic Committee, Adidas and others.   --->  New customer  2Q Operational Highlights 

 Second Half 2015 Growth Initiatives     

 2Q GAAP to non-GAAP Reconciliation  

 2Q GAAP to non-GAAP Reconciliation 

 Investor Presentation | August 2015 

 Forward Looking Statements  Certain statements herein are forward-looking statements and represent NeuLion’s current intentions in respect of future activities. Forward-looking statements can be identified by the use of the words “will,” “expect,” “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. These statements, in addressing future events and conditions, involve inherent risks and uncertainties. Although the forward-looking statements contained in this presentation are based upon what management believes to be reasonable assumptions, NeuLion cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and NeuLion assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause NeuLion’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: our ability to attract new customers and increase revenue per customer; our ability to continue relationships with our customers and to negotiate favorable terms for contract renewals; our customers’ subscriber levels and financial health; our ability to derive anticipated benefits from the acquisition of DivX; our ability to successfully integrate the operations of DivX; our ability to pursue and consummate acquisitions in a timely manner; our ability to compete effectively and changes in the competitive environment; our ability to expand our product capabilities and acceptance rates of such products; our ability to accurately forecast revenue and appropriately plan expenses; our ability to integrate and expand our direct sales force; the attraction and retention of qualified employees and key personnel; our ability to protect and defend our intellectual property; unexpected events in the market for our solutions, including technological changes; general economic and market conditions; our ability to expand into new markets; future regulatory changes in our industry; foreign exchange, interest rate and credit risks. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. A more detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the “Risk Factors” section of NeuLion’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, which is available on www.sec.gov and filed on www.sedar.com. 

   Deliver and enable the highest quality live and on-demand digital video content experiences anywhere and on any device  NeuLion Mission 

   Enormous Industry Tailwinds & Market Opportunity– Fundamental Shift to Connected Devices: More people consuming more content on more devices– Addressing Significant Industry Problem: Live video delivery is mission-critical and very difficult  Large Market Opportunity    Large, Well-Known, Blue Chip Customer Base– Strong customer relationships with major Content Owners and CE Manufacturers– Live sports and entertainment are large and growing categories   High-Profile Customer Base    Compelling Financial Metrics– Recurring revenue with high margins and steady growth– Adjusted EBITDA positive since 2013– ~60% Adjusted EBITDA contribution margin  Strong Financial Profile & Scalable Business Model    Respected and Experienced Leadership Team– Deep technology and industry expertise– Track record and experience building businesses  Experienced Management & Board    Robust Technology Platform    Proprietary, Turnkey, End-to-End, Cloud-Based, Configurable Solution– Early to market, at the forefront of shift to digital video content– High barriers to entry – unique, home-grown, end-to-end platform  Investment Highlights 

   Delivered over 50,000 live sports events in 2014      Over 1 billion devices and 1 billion downloads in market  25 million application downloads    Stream 300+ live linear channels, 24 hours a day – Sports & Entertainment    7.6 million online consumer transactions – subscription & PPV services    1.5 million video assets managed by the NeuLion Digital Platform  Global PresenceHeadquartered: Plainview, NYTSX: NLNMarket Capitalization: US $283mEnterprise Value: US $264M 16 offices worldwide 500+ employees  NeuLion by the Numbers 

 Y-o-Y Online Video Industry Growth (2)  Internet Video Traffic (Exabytes) (1)    33% CAGR  Mobile Traffic By Application (2)  Cisco VNI Global IP Traffic Forecast 2014-2019 as of May 2015Cisco VNI Global IP Traffic Forecast 2014-2019 as of February 2015   The Global Sports Media Consumption Report 2014Futuresource Consulting, December 2014  Growth of 4K Resolution and Adoption (4)– Global 4K-enabled TV Shipments (Millions of Units) –     72% CAGR  Digital Video Industry Trends – Rising Tide Lifts All Ships  Sports Consumption on Connect Devices (3)– Self-identified Fans in 2014 –  

 Shifting Dynamics for All Customer Categories  Increased consumption of digital video content on connected devicesLive and on-demand content creating massive opportunity to reach new addressable audiencesConsumers demanding more personalized and interactive experiencesDesire to deliver live and on-demand content anytime, anywhere  Devices need secure playback of digital video content Consumers demanding Ultra HD / 4K resolution across all of their screens  CE Manufacturers  Content Owners 

 The Challenge of Delivering Live Digital Video Content  Challenges  Desire to deliver live and on-demand content anytime, anywhereSignificant infrastructure investment and expertiseLive events require real-time coordination and execution of technology and resourcesConsumers demand a more personalized and interactive experienceDevices need support, decode, decrypt and playback capabilities in high definition   Proprietary, turnkey end-to-end cloud-based, configurable solutionSeamless delivery of live content and real-time customized viewer experiencesDevice agnostic content delivery platformHighly extensibleExtensive monetization optionsHigh quality resolution and enhanced viewing experience  Solution      NeuLion Platform 

   NeuLion owns and operates every piece of the end-to-end platform that seamlessly delivers high-quality, interactive content across multiple screens  The Proprietary NeuLion Digital Platform 

 Engaging tools create a destination experience  Immersive, Customized Viewing Experience  Ultra HD / 4K  4K  Multiple Camera Angles  Integrated Stats  Instant Replay  Advanced User Control  Live to VOD Clips  Multi-Event Streaming  Timeline Event Markers  Integrated StatsMultiple Camera AnglesInstant ReplayMulti-Event StreamingTimeline Event MarkersSocial Media Integration  4  1  2  3  5  6  1  2  3  4  5  6 

   Smart TVs  Gaming Devices & 3rd Party STB  Smartphones & Tablets    1080i1080p4K  NeuLion Delivers on All ScreensAll Video Formats 

 Reduces complexities for content rights holdersProprietary, turnkey, end-to-end solutionSpeed time to marketDistribution to multiple devicesEnhanced viewer experienceIncreased monetization opportunitiesSuperior customer and operational service  Competitive Advantage 

 Mobile Consumer Apps Playback – Desktop and Web PlayerConverterDLNA Streaming to Devices    Consumer Software  Over 1 billion software downloads    DivX Video Viewing Solution  Better Screen ResolutionHigher QualityFaster Adaptive Bitrate StreamingReduced BufferingFaster Start Time, Video Loading   Over 1 billion CE devices shipped worldwide  CE Manufacturers  MainConcept Advanced Media Processing  Video Compression-Decompression ProgramsAdvanced Playback Solutions Integrate with Third Parties    40K+ HEVC files created per month  Video Integrators  NeuLion Empowers the Entire Ecosystem  NeuLion Digital Platform  End-to-end PlatformIngest Content FeedFormat for DeliveryEncode, TranscodeContent ManagementDelivery to Any Device MonetizationPerformance Analytics  Delivered 225+ petabytes of video in 2014    Content Owners 

 82PB  154PB  227PB  A petabyte is 1015 bytes of digital information.  One petabyte is equivalent to 1,000 terabytes.  Usage has almost tripled since 2012  Petabytes Streamed (1)  300PB +  Increasing NeuLion Customer Usage 

 Live Sports & Entertainment  Movies  User Generated  VALUE  Content Type  NeuLionFocus  NeuLion’s customers have the highest value content  Digital Content Pyramid 

 Content Owners  Video Integrators  CE Manufacturers            Attractive Blue Chip Customer Base 

 Selected to Deliver the 2014 FIFA World Cup on Multiple Devices Result: Unprecedented Digital Traffic  Delivered mission critical live and on-demand contentEnabled Univision users to view live streams of all matches on their connected devicesEnabled Univision users to view real-time highlights tied to match stats, match schedules, team alerts, and others  Univision Deportes + NeuLion  74M  Live video streams  4x as many unique live stream viewers as the 2010 FIFA World Cup  87%        87% of Univision Digital WC traffic came from a mobile device, 37% for 2010 WC    10 Millionunique live stream viewers, 12% lift to TV audience 

 Selected to Power its Digital Video Experience WorldwideResult: A go-to, hard-hitting online destination with access to everything UFC for fans to interact and engage with anytime, anywhere  Complete access to pay-per-view events with ability to watch in multiple angles, score the fight round-by-round, view real-time stats and moreMonthly subscription service, Fight Pass, gives fans access to exclusive UFC fights, original programming, behind the scenes content and access to the largest mixed martial arts fight library in the world  150+ Countries  UFC.TV is available in over 150 countries  Largest mixed martial arts fight library in the world          Fight PassThe first global digital only channel  MMA  Over 20 DevicesSupports delivery to over 20 different device models  UFC + NeuLion 

       Internal Deployments  Proprietary, End-to-End, Fully Integrated, Configurable Solution     Technology Licensee  Technology Licensee  High Perception of Value: Live Content Delivery Offered At Reasonable Price     High-cost alternative  Expensive; Potentially Ineffective  Dedicated Account Management & Customer/Operational Support        Investment in Internal Resources  Deep Industry Expertise with a Global Sales Footprint     U.S. Sales Focus  NA  Ability to Utilize Large, Recognizable Customer Base to Attract New Ones        NA  Best of Breed Platform 

     Compelling Growth Drivers 

 Board of Directors  Kanaan JemiliPresident and Chief Executive Officer  Chris WagnerEVP, Marketplace Strategy  Arthur J. McCarthyChief Financial Officer  Roy E. ReichbachGeneral Counsel and Corporate Secretary   Michael HerCo-Chief Technology Officer  Charles B. WangChairman  Nancy LiExecutive Vice Chairman  Roy ReichbachGeneral Counsel and Corporate Secretary   Gabriel A. BattistaDirector  Shirley Strum KenneyDirector  David KronfeldDirector  Robert E. BostromDirector  John A. CoelhoDirector  James R. HaleDirector  Management Team    Eric GrabCo-Chief Technology Officer  Ronald NunnEVP, Business Operations 

 Financial Overview 

 Recurring license revenue drives higher visibility  High and expanding margins – Adj. EBITDA positive since 2013  Land and expand model – customers scale over time  Financial Highlights  Usage revenue provides upside potential  Scalable business model with significant operating leverage 

 Recurring Revenue Model  Larger audienceMore content, features, devicesAdded events  Setup  Fixed/License Fees  Variable        NeuLion Digital PlatformSubscription basis# of channels, events# of connected devicesVariable basisVolume of digital video contentLevel of advertising and ecommerce activitySupport servicesDivX & MainConceptSubscription license agreements and variable per unit fees  Source: Management estimate, based on historical results.  

 Land and Expand Revenue ModelActual Content Owner Customer Case Study  Grows over time as customers grow the:# of Channels# of EventsNumber of connected devices Volume of digital video contentGrows as more customers are added and existing customers expand their use of our solution  Note: Annotations above denote price configuration assumptions 

 ($ in millions)  NeuLion 2012  NeuLion 2013  NeuLion 2014    Pro Forma 2014  Pro Forma 1H14  Pro Forma 1H15  Total Revenue  $39.0  $47.1  $55.5    $81.8  $40.0  $46.6  Cost of Revenue %  35.1%  28.2%  25.0%    25.3%  27.4%  18.8%  SG&A(1)  $23.5  $24.3  $27.1    $46.1  $21.7  $23.0  R&D  $6.7  $7.4  $8.4    $30.9  $15.7  $14.6  Adjusted EBITDA(2)  $(3.3)  $3.5  $8.4    $17.4  $7.8  $11.1  Net Income (Loss)  $(10.1)  $(2.3)  $3.6    $(24.9)  $(14.3)  $(5.9)  Includes stock based compensationAdjusted EBITDA represents net income (loss) before interest, income taxes, depreciation and amortization, stock-based compensation, acquisition-related expenses, purchase price accounting adjustments, impairment of intangibles, discount on convertible note, loss on dissolution of majority-owned subsidiary, gain on revaluation of convertible note derivative, investment income/expense and foreign exchange gain/loss.  Scalable Business Model with Significant Operating Leverage  Income Statement Highlights 

 Income Statement Highlights    Q2’15  Q1’15  Q4’14  Q3’14  Q2’ 14  Q1’14  Total Revenue  $22.7  $21.7  $16.5  $12.2  $13.4  $13.5  Cost of Revenue as a % of Revenue  19%  20%  25%  23%  26%  26%  SG&A(1)  $11.4  $9.9  $8.0  $6.3  $6.4  $6.4  R&D  $7.5  $5.3  $2.1  $2.1  $2.2  $2.0  Non-GAAP Adjusted EBITDA  $4.2  $6.8  $3.5  $1.3  $1.6  $2.0  GAAP Net Income (Loss)  $(3.2)  $(0.5)  $1.6  $0.2  $0.6  $1.1  Diluted EPS  $(0.01)  $0.00  $0.01  $0.00  $0.00  $0.00  High margin business with increasing revenue momentumCrossed over to GAAP profitability in Q4 2013First and fourth quarters are seasonally strongestQ1 2015 includes 2 months of DivXQ2 2015 includes first full quarter of DivX  Scalable Business Model with High Operating Leverage  Includes stock based compensation 

 (in $000)   6/30/2015   3/31/2015   12/31/2014  Cash & Equivalents  34,059  35,225  25,898  Receivables *  22,519  31,177  8,056  Total Current Assets  61,131  70,435  36,287  Payables  6,996  12,201  14,362  Deferred Revenue  9,364  10,978  9,602  Total Current Liabilities  24,100  31,400  29,212  Convertible Note and Note Derivative**   0  27,119  0  Working Capital  37,031  39,035  7,075  Other Long-Term Liabilities  6,985  7,268  2,673  Total Redeemable Preferred Stock  14,970  14,962  14,955  Total Equity  61,627  37,284  5,099  Total Liabilities and Equity  107,691  118,034  51,938     * Reflects accounting for the DivX acquisition ** Part of the consideration for the DivX acquisition converted to 25.8M common shares on June 4, 2015  Q2 Balance Sheet Highlights 

   Enormous Industry Tailwinds & Market Opportunity– Fundamental Shift to Connected Devices: More people consuming more content on more devices– Addressing Significant Industry Problem: Live video delivery is mission-critical and very difficult  Large Market Opportunity    Large, Well-Known, Blue Chip Customer Base– Strong customer relationships with major Content Owners and CE Manufacturers– Live sports and entertainment are large and growing categories   High-Profile Customer Base    Compelling Financial Metrics– Recurring revenue with high margins and steady growth– Adjusted EBITDA positive since 2013– ~60% Adjusted EBITDA contribution margin  Strong Financial Profile & Scalable Business Model    Respected and Experienced Leadership Team– Deep technology and industry expertise– Track record and experience building businesses  Experienced Management & Board    Robust Technology Platform    Proprietary, Turnkey, End-to-End, Cloud-Based, Configurable Solution– Early to market, at the forefront of shift to digital video content– High barriers to entry – unique, home-grown, end-to-end platform  Investment Highlights