#1Fluent, Inc. (Nasdaq: FLNT) 23rd Annual Needham Virtual Growth Conference January 15, 2021#2Forward-Looking Statements Safe Harbor This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements speak only as of the date hereof and are based on the Company's current plans and expectations. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve a number of known and unknown uncertainties and risks, many of which are beyond the Company's control. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: compliance with a significant number of governmental laws and regulations, including those laws and regulations regarding privacy and data; failure to safeguard the personal information and other data contained in our database; unfavorable global economic conditions, including as a result of health and safety concerns around the ongoing COVID-19 pandemic; failure to compete effectively against other online marketing and advertising companies; dependence on third-party publishers, internet search providers and social media platforms for a significant portion of visitors to our websites; dependence on our key personnel; dependence on emails, text messages and telephone calls, among other channels, to reach users for marketing purposes; competition we face for web traffic; ability to compete and manage media costs in an industry characterized by rapidly-changing internet media and advertising technology, evolving industry standards, regulatory uncertainty, and changing user and client demands; liability related to actions of third-party publishers; limitations on our or our third-party publishers' ability to collect and use data derived from user activities; ability to remain competitive with the shift of online interactions from computers to mobile devices; dependence on third-party service providers; management of the growth of our operations, including the integration of the AdParlor and Winopoly businesses and other acquired business units or personnel; management of unfavorable publicity and negative public perception about our industry; failure to meet our clients' performance metrics or changing needs; risks associated with the expansion of our international operations; failure to detect click- through or other fraud on advertisements; achievement of some or all of the benefits that we expect to achieve as a stand-alone company; failure to adequately protect intellectual property rights, or allegations of infringement of intellectual property rights; compliance with the covenants of our credit agreement; and the potential for failures in our internal control over financial reporting. These and additional factors to be considered are set forth under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in our other filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements when evaluating the information presented herein, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations. Non-GAAP Financial Measures This presentation contains "non-GAAP financial measures," which are adjusted financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States, or "GAAP." We present non-GAAP measures, such as Media Margin, Adjusted EBITDA and ratios based on these financial measures, herein as supplemental measures of our financial and operating performance because our management believes that such information provides useful information to investors about our operating performance. Non- GAAP financial measures do not have any standardized meaning and are, therefore, unlikely to be comparable to similar measures presented by other companies. The presentation of non- GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. For reconciliations of the non-GAAP financial measures used in this presentation to the most comparable GAAP measures, please see the Appendix to this presentation. FLUENT#3Fluent helps leading brands and innovative disruptors acquire customers and drive sales & commerce through our technology-enabled, proprietary performance-based marketing platform in FLUENT#4FLUENT Company Snapshot COMPANY BACKGROUND 2010 Founded in NYC 500 4 Clients across multiple industries Offices in NYC, Toronto, South Florida & Kansas City 200+ Employees FINANCIAL IMPACT 14.2% Revenue CAGR(1) ◆ 20.5% Media Margin(2) CAGR (1) $1 Bil. Media spend to date ~900k Daily registrations on our O&O media properties in 2020 (1) 2016 through 2020P; Q4 '20 and FY '20 figures represent mid-point of preliminary ranges per Form 8-K and press release dated January 14, 2021. Non-GAAP measure defined as revenue minus cost of revenue (exclusive of depreciation and amortization) attributable to variable costs paid for media & related expenses. Reconciled in Appendix hereto. 2#5Industry Leader in Data-Driven Digital Marketing Services Connecting consumers & advertisers via the Fluent platform CONSUMERS Attract & engage consumers through our digital media properties ■ High-value, incremental audiences ■ Advertisers' MVCs (most valuable customers) FLUENT 94320 Findreomob 0 What is your current employment FULL TIME PART TIME SELF EMPLOYED DIGITAL MEDIA HOMEMAKER RETIRED PROPERTIES People Love This Speng App That Figures Out Where You're Wasting My M Flash Rewards Get rewarded in a flash. Complete four deals and eam a $100 gcend from your favorite trond CO Qu DATABASE ADVERTISERS Efficient customer acquisition for clients ■ Pay-for-performance model ► CPA, CPL, CPE, CPS ■ Aligns client & Fluent objectives 3#6Flash O&O MEDIA PROPERTIES 4 Rewards Flash Rewards Get rewarded in a flash. Earn $100 gift cards from your favorite brands! Get a Quick Start How it works Get Started Create your profile and answer a PROMOTIONS Diversified Media Footprint & Client Base FLUENT the smartwallet smartwallet Sponsored Content Disclosure 23 Stupid Simple Ways to Make Extra Cash in 2019 Updated on October 23, 201 by Alice Ly which the breat Wabei writer of M DISCLOSURE SURE harj y should always be an honest At the beginning of each year it's New Year, new you, right? But how long does that last? Now that we're halfway through 2019, r admit, I'm behind on my goals, CONTENT Yea I made my usual lose weight, save more money, and travel more resolutions, but let's Find DreamJobs FindDreamJobs Monday, April 22nd Find new job listings in your desired location. Job Title Keywords, Company work from home. 43201 CONTINUE FindDreamJobs EMPLOYMENT MARKETS SERVED US UK CA (coming soon) DIVERSIFIED CLIENT BASE MEDIA & ENTERTAINMENT FINANCIAL PRODUCTS & SERVICES HEALTH & WELLNESS y STAFFING & RECRUITMENT RETAIL & CPG OTHER 4#7$100 VISA Gift Card REGISTRATION FLUENT First Name Let's create your profile Last Name: Email Street Address City State Zip Code MM Date of Birth: DD Male Select Gender: Sample Consumer Experience Create New Profile YYYY Continue Female By clicking below, I agree to email marketing, the Terms & Conditions which includes mandatory arbitration and Privacy Policy ↑ SURVEY $100 VISA Gift Card How often do you use your credit/debit card to make an online purchase? OFTEN RARELY NEVER Ships in a flash! CONTINUE $100 VISA Gift Card MOST POPULAR TOP RATED DISCOVER Claim 1 Deal to continue towards $100 VISA Gift Card! TOP RATED X OFFERS TOP RATED M 6 Discover Step 1 of 3 30 Day- Free Trial! ***** $0.00* Claim Deal 7-Day Streaming Trial ***** $0.00 Claim Deal Your First Meal Box, Free! ***** $0.00 Claim Deal Sign Up and Receive Free... ***** $0.00 Claim Deal CRM Push Notifications SMS Email 5#8Digital Ad Spending 2020-24 Billions $250 $200 $150 $100 $50 $0 Large & Growing Market Opportunity Industry revenue by pricing model CPM Hybrid Performance +14.3% CAGR 20 21 22 23 FLUENT Source: eMarketer, October 2020 24 35.2% 1.9% FY2019 62.9% Note: Totals may not equal 100% due to rounding Source: IAB/PwC Internet Ad Revenue Report, FY 2019 Fluent's Business 100% Performance 72% CPA FY 2019 28% CPL 6#9Performance Marketplace ■ 25M active and authenticated consumers/month ■ 500 clients ■ 1.2M billable actions daily FLUENT Strategic Growth Pillars Media Footprint ■ Publisher & media platform partnerships ■ International expansion ■ Lifecycle marketing / LTV Proprietary Technology Platform ■ Consumer insights ■ Data science ■ Proprietary analytics and technology stack 7#10Annual: $182.6 $211.7 2016 (¹) 2017 $250.3 FLUENT 14.2% CAGR - FY 2016-2020P(1) $281.7 2018 ($ mil.) $310.7 $309.7 2019 2020P(2) Revenue Profile Quarterly: Name changed to Cogint, Inc. (from IDI) (9/26/16) Acquired Q-Interactive (6/8/16) Fluent Acquired by IDI, Inc. (12/8/15) $53.2 $51.0 $38.4$40.0 Name changed to Fluent, Inc. (from Cogint) (4/16/18) $49.2$51.0 Red Violet Spin-off (3/26/18) $54.9$56.5$56.0$56.9 $70.8 $66.5 Acquired AdParlor (7/1/19) $70.6 $66.6 $80.0578.9 $64.6 Acquired 50% of Winoploy (4/1/20) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 16(1) 16 (1) 16 (1)16(¹) 17 17 17 17 18 18 18 18 19 19 19 19 20 (1) Represents the portion of revenue reported by IDI/Cogint attributable to Fluent's business retained following the Red Violet Spin-off. Preliminary figures per Form 8-K and press release dated January 14, 2021. FY CAGR based on mid-point of FY 2020 preliminary figures. Q2 20 ($ mil.) $82.0 $78.3 $71.5 $81.0 Q3 Q4 20 20P(2) 8