Mullen Group Ltd. — Capital/Financing Update 2022

Dec 16, 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 Additional Non-Core Assets

(Okotoks, Alberta December 15, 2022) (TSX: MTL) Mullen Group Ltd. (" Mullen Group ", " We ", " Our " and/or the " Corporation ") announced today the closing of an additional purchase and sale agreement (the " Transaction ") with a third party whereby Mullen Group agreed to the sale of real property that includes an operating terminal and associated lands consisting of 4.5 acres (the " Terminal ") in Surrey, British Columbia. Tenold Transportation Ltd. (" Tenold ") currently operates out of the Terminal, however, will be moving to a more fit for purpose facility in Abbotsford, British Columbia.

At the beginning of 2022, we established a number of priorities for Mullen Group, which included managing the balance sheet. As part of this process, we identified a number of non-core assets including the Tenold Terminal. With the closing of this Transaction, along with our previously announced sale of the Hydrovac Assets, we have divested approximately $50.0 million of non-core assets this year. We will be close to our target of virtually no bank debt by year end 2022.

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

Disclaimer

This news release may contain forward-looking statements that are subject to risk factors associated with the oil and natural gas business and the overall economy. Mullen Group believes that the expectations reflected in this news release are reasonable, but results may be affected by a variety of variables. The forward-looking information contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for "forward-looking" statements.