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August 13, 2013

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Safe Harbor

This  presenta,on  contains  forward-­‐looking  statements  that  are  subject  to  risks  and  uncertain,es.  All  statements  other  than  statements  of  historical  fact  included  in  this  presenta,on  are  forward-­‐looking  statements.  Forward-­‐looking  statements  give  our  current  expecta,ons  and  projec,ons  rela,ng  to  our  financial  condi,on,  results  of  opera,ons,  plans,  objec,ves,  future  performance  and  business.  You  can  iden,fy  

forward-­‐looking  statements  by  the  fact  that  they  do  not  relate  strictly  to  historical  or  current  facts.  These  statements  may  include  words  such  as  “may,” “will,” “could,” “should,” “expects,” “intends,” “plans,” “an,cipates,” “believes,” “es,mates,” “predicts,” “projects,”

“poten,al,” “con,nue,”  and  other  words  and  terms  of  similar  meaning  in  connec,on  with  any  discussion  of  the  ,ming  or  nature  of  future  

opera,ng  or  financial  performance  or  other  events.  For  example,  all  statements  we  make  rela,ng  to  expected  synergies  from  the  combina,on,  expected  full  year  2013  pro  forma  combined  guidance,  expecta,ons  regarding  the  ,ming  of  closing,  poten,al  strategic  

benefits  of  the  combina,on,  our  es,mated  and  projected  costs,  expenditures,  cash  flows,  growth  rates  and  financial  results,  our  plans  and  objec,ves  for  future  opera,ons,  growth  or  ini,a,ves  are  forward-­‐looking  statements.  All  forward-­‐looking  statements  are  subject  to  risks  and  uncertain,es  that  may  cause  actual  results  to  differ  materially  from  those  that  we  expected.  These  and  other  risks  and  uncertain,es  

associated  with  our  business  are  described  in  our  filings  from  ,me  to  ,me  with  the  Securi,es  and  Exchange  Commission.  Any  forward-­‐looking  statement  you  see  or  hear  during  this  presenta,on  reflects  our  current  views  with  respect  to  future  events  and  is  subject  to  these  and  other  risks,  uncertain,es,  and  assump,ons,  and  therefore  are  not  guarantees  of  future  performance.  We  assume  no  obliga,on  and  do  

not  intend  to  update  these  forward-­‐looking  statements  even  if  new  informa,on  becomes  available  in  the  future.    

Included  in  this  presenta,on  are  certain  measures  presented  on  a  basis  other  than  in  accordance  with  generally  accepted  accoun,ng  principles  (GAAP).    Millennial  Media  believes  presenta,on  of  these  non-­‐GAAP  measures  are  useful  to  understand  Millennial  Media's  performance,  as  it  excludes  certain  non-­‐cash  and  other  charges  that  many  investors  believe  may  obscure  Millennial  Media’s  on-­‐going  

opera,ng  results.  Investors  are  encouraged  to  review  the  related  GAAP  financial  measures  and  the  reconcilia,on  of  these  historical  non-­‐GAAP  financial  measures  to  their  most  directly  comparable  GAAP  financial  measure  included  in  this  presenta,on  and  in  the  10-­‐K  and  other  filings  Millennial  Media  has  filed  with  the  SEC.    

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Agenda

Introduction Transaction Overview Strategic Rationale

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Call Participants

Paul  Palmieri  

Chairman  &  CEO  Millennial  Media  

George  Bell  

CEO  Jumptap  

Michael  Avon  

EVP  &  CFO  Millennial  Media  

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Overview of Jumptap

Founded: 2004 #4 participant in the US mobile display market

Location: Boston, MA Leader in mobile performance advertising

Employees: 197 Processing more than 2 billion ads per day

User Pro!les: 120M (45M Cross-screen) 20+ data partnerships

2012A Revenue: $63.6M / $53.0M1 69 employees in product development

2011A – 2012 Rev. Growth1: 49% 105 sales representatives

7 sales offices

55 issued patents and more than 50 pending

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1 $53.0 revenue for Jumptap excludes Portal revenue. 2011-2012 revenue growth based on revenue excluding Portal.

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Transaction Overview

Consideration

n  Stock-for-stock transaction with minor cash component (employees’ taxes and unaccredited investors)

n  Shareholders of Jumptap to receive approximately 24.6 million shares1 (based on Millennial Media stock price as of August 9, 2013)

—  Implies approximately 22.51% ownership for Jumptap shareholders

Governance n  George Bell to be added to the Millennial Media Board of Directors as Vice Chairman, bringing total number of board seats to 8

Timetable n  Expected to close in Q4 2013

Closing Conditions

n  Millennial Media shareholder approval

n  Regulatory approvals

n  Other customary conditions

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1 Based on closing stock price of $9.13 as of 9-Aug-2013. Cash payment not to exceed $12 million with final mix to be determined by final share price at time of close. Overall ownership of equity could increase or decrease based on cash payment.

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Complementary assets and capabilities (technology, data, RTB, IP)

Bolsters position as clear market leader among independent mobile advertising

providers

Strategic Highlights

Deepens management bench in a fast growing and competitive environment

Estimated synergies and future cost avoidance of $20-25 million in 2015

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2012 Market Share US Third Party Mobile Display

Unique opportunity to add scale, bene!ting both sets of platform

participants, developers and advertisers

Combination creates clear independent market leader

Source: IDC

Google 29.0%

Pro Forma Combined

Millennial Media 28.7%

Apple 14.8%

All Others 27.5%

Jumptap Contribution

10.7%

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Global Scale Matters

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§  Developers desire a limited set of partners to monetize their apps

§  Advertisers and agencies seek to buy at scale, with fewer, full-service partners

§  Data driven business model with powerful network effects

§  Mobile advertising opportunity is global Key office locations

Key regional partner offices

Market is demanding global digital advertising platforms

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Complementary Assets and Capabilities

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Brand & Premium Performance

Performance / RTB Some Brand Demand Side Focus

First Party Third Party

Partnerships Data Asset

Smartphone, Tablet Smartphone, Tablet, PC Screens Targeted

North America, APAC, Europe, LatAm US Markets Served

Strategically Positioned with Mobile Developers Exchange Buying Supply Side Focus

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Accelerates Millennial Media’s Programmatic Strategy

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Sophisticated Bidding Tools

To Be Launched This Year

>2 Billion RTB Requests Per Day

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Adding Management Team Depth

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Bob Hammond | CTO, Jumptap §  Previously SVP of Technology at Vibrant Media

§  Prior to that, VP of Engineering at Yahoo for video platform and syndication

§  Bob joined Yahoo through the acquisition of Maven Networks where he led engineering

Frank Weishaupt | COO, Jumptap §  Leads sales and operations at Jumptap

§  Spent 10 years at Yahoo where he played a number of key operating roles including VP of Advertising Marketplaces where he led monetization strategy for North America’s search, display and platform business

Adam Soroca | Chief Product Officer, Jumptap §  History with Jumptap of over 8 years

§  Key architect of Jumptap’s performance business, exchange buying capabilities and cross-screen solution

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Synergies and Integration Costs

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Synergies

§  Primarily cost avoidance –  Engineering/product and sales professionals !ll previously

planned hiring needs at Millennial Media §  Data center consolidation §  Ad serving platform consolidation §  Other G&A

Integration Costs §  Expected one-time transaction and integration cost of approximately $11 million in 2013

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Financial Overview

$ in millions

2012A Revenue $177.7 $63.6 / $53.01

Adjusted Gross Pro!t2 $71.9 $22.8

Adjusted Gross Margin2 40.5% 35.8%

Adjusted EBITDA2 $4.5 $(10.7)

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Note: Jumptap figures are preliminary and unaudited. 1 $53.0 revenue for Jumptap excludes Portal revenue. 2011-2012 revenue growth based on revenue excluding Portal. 2 Adjusted Gross Profit and Adjusted EBITDA conformed to Millennial Media reporting policies.

Expected Pro Forma Combined Full Year 2013 Guidance:

n  Revenue: $340 – $350 million n  Adjusted EBITDA: $(1) – $1 million

Expected Synergies:

n  2015: $20–25 million

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Timetable to Close

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Event Expected Timeline

Millennial Media Shareholder Vote and Regulatory Approvals Approximately 10–12 weeks

Close Transaction Q4 2013

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With Jumptap, The Millennial Media Platform Will Be The Leading Audience and Data Platform For Digital Media

n  Globally recognized brand

n  The only independent leader with significant scale

n  Trusted partner to both brand and performance advertisers

n  Differentiated technology platform powered by growing data asset and targeting capabilities

n  Independent company focused on the mobile advertising opportunity

n Significant patent portfolio

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AEBITDA RECONCILIATION

AEBITDA RECONCILIATION $ in thousands 2012 2012

Net Loss (5,430) (13,043)

Adjustments: Interest expense 63 875 Income tax expense 70 - Depreciation and amortization expense 2,365 596

Other Income/Interest - 378 Stock-based compensation expense 7,474 526

Total net adjustments 9,972 2,375

AEBITDA $ 4,542 $ (10,668)

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Additional Information

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Additional Information about the Proposed Acquisition and Where You Can Find It Millennial Media, Inc. (“Millennial”) plans to !le a proxy statement with the Securities and Exchange Commission (the “SEC”) relating to a solicitation of proxies from its stockholders in connection with a special meeting of stockholders of Millennial to be held for the purpose of voting on the issuance of the shares of Millennial common stock to be issued in connection with the proposed acquisition (the “Shares”). BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE ISSUANCE OF THE SHARES CONTEMPLATED BY THE PROPOSED ACQUISITION, MILLENNIAL SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement and other relevant materials, and any other documents !led by Millennial with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, stockholders of Millennial may obtain free copies of the documents !led with the SEC by contacting Millennial’s Investor Relations department at (410) 522-8705, or Investor Relations, Millennial Media, Inc.,2400 Boston Street, Suite 201, Baltimore, Maryland 21224. You may also read and copy any reports, statements and other information !led by Millennial with the SEC at the SEC public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room. Interests of Certain Participants in the Solicitation Millennial and its executive officers and directors may be deemed to be participants in the solicitation of proxies from the stockholders of Millennial in favor of the proposed transaction. A list of the names of Millennial‘s executive officers and directors, and a description of their respective interests in Millennial, are set forth in the proxy statement for Millennial’s 2013 Annual Meeting of Stockholders, which was !led with the SEC on April 30, 2013, and in any documents subsequently !led by its directors and executive officers under the Securities and Exchange Act of 1934, as amended. If and to the extent that executive officers or directors of Millennial will receive any additional bene!ts in connection with the proposed transaction that are unknown as of the date of this !ling, the details of such bene!ts will be described in the proxy statement and security holders may obtain additional information regarding the interests of Millennial’s executive officers and directors in the proposed transaction by reading the proxy statement when it becomes available.