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Millennial Media Reports Q2’12 Financial Results

Outlook

Millennial Media expects total revenue for the third quarter of 2012 to be in the range of $43.5 million to $45 million and adjusted EBITDA to be between $(0.6) million and $(0.8) million. For the full year 2012, Millennial Media expects revenue to be in the range of $176 million to $179 million and adjusted EBITDA to be between $(1.0) million and $(2.0) million.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), Millennial Media reports adjusted EBITDA, which is a non-GAAP financial measure. The company uses this non-GAAP financial measure for financial and operational decision making and as a means to evaluate period-to-period comparisons. We believe that the measure provides useful information about operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures should be considered in addition to results and guidance prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP financial measure included in this press release has been reconciled to the nearest GAAP measure in the table following the financial statements attached to this press release.

Q2’12 Financial Results Conference Call: Millennial Media will host a conference call today at 5 p.m. ET to discuss the second quarter 2012 financial results, developments in our business and our expectations for the third quarter and remainder of 2012. A live webcast of the event will be available on the Investor Relations page of the Millennial Media website at http://investors.millennialmedia.com. A live domestic dial-in is available at (800) 299-8538 or (617) 786-2902 internationally, using passcode 54030092. A domestic replay will be available at (888) 286-8010 or (617) 801-6888 internationally, using passcode 67854036, and available via webcast until August 15, 2012.

About Millennial Media

Millennial Media is the leading independent mobile advertising platform company. Our technology, tools and services help app developers and mobile website publishers to maximize their advertising revenue, acquire users for their apps and gain insight about their users. We offer advertisers significant audience reach, sophisticated targeting capabilities and the ability to deliver rich and engaging ad experiences to consumers on their mobile connected devices.

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