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Millennial Media Announces Closing of Initial Public Offering and Exercise of Underwriters' Option to Purchase Additional Shares

04/03/2012

Millennial Media, Inc. (NYSE: MM) announced today it has closed its previously announced initial public offering of 10,200,000 shares of common stock at a public offering price of $13.00 per share. Of these shares, 9,200,000 shares were sold by the company and 1,000,000 shares were sold by selling stockholders. In connection with the initial public offering, the underwriters exercised in full their option to purchase an additional 873,270 shares from the company and 656,730 shares from the selling stockholders. As a result, the total initial public offering size was 11,730,000 shares.

Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and Barclays Capital Inc. acted as joint bookrunners for the offering. Allen & Company LLC and Stifel Nicolaus Weisel acted as co-managers.

The initial public offering was made only by means of a prospectus. A copy of the prospectus may be obtained from the offices of Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com or by phone at (866) 718- 1649; Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by e-mail at prospectus-ny@ny.email.gs.com or by phone at (866) 471-2526; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at barclaysprospectus@broadridge.com or by phone at (888) 603-5847.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission on March 28, 2012.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.