Mullen Group Ltd. — Capital/Financing Update 2022

Dec 12, 2022

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NEWS RELEASE

Head Office:

121A - 31 Southridge Drive Okotoks, Alberta, Canada T1S 2N3 Tel: 403-995-5200 Toll-free: 1-866-995-7711 Fax: 403-995-5296

Mullen Group Ltd. Announces the Divestiture of Non-Core Assets

(Okotoks, Alberta December 12, 2022) (TSX: MTL) Mullen Group Ltd. (" Mullen Group ", " We ", " Our " and/or the " Corporation ") announced today the closing of an asset purchase agreement (the " Transaction ") with Environmental 360 Solutions Ltd. (" E360S "), which included E360S purchasing the hydrovac assets and business operating out of Sherwood Park, Alberta, under the former operating entity Canadian Hydrovac Ltd. and the hydrovac assets and business operating out of Hardisty, Alberta, under the former operating entity Recon Utility Search L.P. (collectively, the " Hydrovac Assets "). The Transaction includes E360S hiring the personnel related to the operation of the Hydrovac Assets.

" Earlier this year we identified a few assets that we viewed as non-core to our long-term strategy. Today I am pleased to announce that the Hydrovac Assets have been acquired by a strategic buyer. E360S has a mission to expand in this dynamic and growing industry and is better positioned to take advantage of new opportunities. At Mullen Group, we are focused on building an end-to-end supply chain solution for shippers, expanding our lessthan-truckload network in Canada, adding additional warehouse capacity to meet customers' demands as well as building our intermodal capacity, " said Mr. Richard J. Maloney, Senior Operating Officer.

Mullen Group has agreed to a transition period with E360S customary for a transaction of this nature to ensure ongoing service to the customers, along with allowing for the appropriate time to properly transfer and register all of the Hydrovac Assets and onboard all personnel.

About Mullen Group Ltd.

Mullen Group is one of North America's largest logistics providers. Our network of independently operated businesses provide a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, we provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.

Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol " MTL ". Additional information is available on our website at www.mullen-group.com or on the Corporation's issuer profile on SEDAR at www.sedar.com.

Contact Information

Mr. Murray K. Mullen - Chair, Senior Executive Officer and President Mr. Richard J. Maloney - Senior Operating Officer

Mr. Carson P. Urlacher - Senior Accounting Officer

Ms. Joanna K. Scott - Senior Corporate Officer

121A - 31 Southridge Drive Okotoks, Alberta, Canada T1S 2N3 Telephone: 403-995-5200 Fax: 403-995-5296