Mr. Murray Mullen reports

MULLEN GROUP LTD. INCREASES BANK CREDIT FACILITIES TO $375.0 MILLION

Mullen Group Ltd. has entered into a new $125-million credit agreement with PNC Bank Canada Branch.

"Our relationship with PNC began in 2021 through the acquisition of Haulistic LLC. With the addition of PNC to our lending group, we now have $375-million of borrowing capacity providing additional liquidity and balance sheet flexibility, ensuring we can adapt to changing market and economic conditions, including the volatile interest rate environment. It also enables us to pursue strategic acquisition opportunities, providing growth to our organization and creating value for our shareholders," said Carson P. Urlacher, senior accounting officer.

The $375-million of borrowing capacity comes from three unsecured revolving demand credit facilities consisting of the PNC credit facility, a $100-million credit facility with Canadian Imperial Bank of Commerce and a $150-million credit facility with Royal Bank of Canada. All of the material terms of the PNC credit facility are consistent with those under the CIBC credit facility and the RBC credit facility.

As at Dec. 31, 2023, the company had $73-million drawn on the CIBC credit facility and the RBC credit facility, a decrease of $41.2-million from the $114.2-million drawn at Sept. 30, 2023. The addition of the PNC credit facility now provides Mullen Group with over $300-million of borrowing availability on the company's bank credit facilities.

The bank credit facilities are available in, among other things, Canadian-dollar loans, U.S.-dollar loans and Canadian-dollar banker acceptances. Interest on the bank credit facilities is based on either the Canadian bank prime rate plus 0.50 per cent or U.S. bank base rate plus 0.50 per cent, in each case payable monthly in arrears or banker acceptance rates plus an acceptance fee of 1.50 per cent payable upon acceptance.

The bank credit facilities are unsecured although the corporation's wholly owned subsidiary, MT Investments Inc., has granted an unlimited guarantee of any indebtedness owing on the bank credit facilities. The bank credit facilities are unsecured and uncommitted and do not have any financial covenants although the corporation cannot be in, and must provide notice of any, default of its obligations under any other credit agreement that it has entered into, and it must remain in compliance with certain reporting and general covenants customary for credit facilities of this nature.

About Mullen Group Ltd.

Mullen Group is one of Canada's largest logistics providers. The company's 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, the company provides 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 system 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.

We seek Safe Harbor.