Don't use the Object Allocations instrument for looking at your total memory usage. It does not display the true total memory size of your application, for reasons that I speculate about in my answer here.
Instead, pair Object Allocations with the Memory Monitor instrument, the latter of which will show the true total size of your application. I'm willing to bet that it's way larger than the 2.42 MB you're seeing in Object Allocations (for example, I had an application with 700k of memory usage according to ObjectAlloc, but its actual size was ~25 MB in memory). If you are receiving memory warnings on an iPad, your application is probably chewing up quite a bit of memory.
Object Allocations is handy for telling you what you have resident in memory, but it's not an accurate indicator of the size of those items. It's also a great tool for showing you steady increases in allocated objects by using the heap shot functionality (the "Mark Heap" button on the left-hand side of the instrument).