Mr. Murray Mullen reports

MULLEN GROUP LTD. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Mullen Group Ltd. has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid.

For its normal course issuer bid that began on March 10, 2023, and that will expire on March 9, 2024, Mullen Group previously received approval from the exchange to repurchase up to 8,644,508 common shares of the corporation. Of this amount, as of Feb. 29, 2024, the corporation had repurchased 3,532,168 shares for a total cost of approximately $51.9-million, representing a volume-weighted average price of $14.69 per share.

Pursuant to the renewed bid, the corporation may repurchase from time to time up to a maximum of 8,220,349 shares, which represents, as at Feb. 26, 2024, approximately 10 per cent of the corporation's public float (as that term is defined in the policies of the exchange) between March 11, 2024, and March 10, 2025. Purchases may be made through the facilities of the exchange or through alternative Canadian trading systems, if eligible. Any shares purchased under the bid will be cancelled. The price which the corporation will pay for any such shares will be the prevailing market price at the time of acquisition. The actual number of shares which may be purchased pursuant to the bid will be determined by management of the corporation.

As of Feb. 26, 2024, the corporation has 88,017,434 Shares issued and outstanding. The average daily trading volume of the shares on the exchange (ADTV) for the most recently completed six calendar months is 203,528. Pursuant to exchange policies, the maximum number of shares that may be purchased in one day pursuant to the bid will be the greater of 1,000 and 25 per cent of ADTV which amounts to 50,882 shares, subject to certain prescribed exceptions.

The corporation entered into an automatic securities purchase plan (the ASPP) with its broker, Scotia Capital Inc., to allow for the repurchase of shares at all times during the course of the bid, including when the corporation ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The financing for any purchase pursuant to the bid will be financed out of the working capital of the corporation.

The board of directors continues to believe that the underlying value of the corporation may not be reflected in the current market price of its shares. As a result, depending upon future price movements and other factors, the board believes that the shares may represent an attractive investment to the corporation in the best interests of the corporation and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold shares by increasing their equity interest in the corporation if the repurchased shares are cancelled.

A copy of the corporation's notice filed with the exchange may be obtained, by any shareholder without charge, by contacting the corporation's senior accounting officer or senior corporate officer.

About Mullen Group Ltd.

Mullen Group is one of Canada's largest logistics providers. Its 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, Mullen 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 systems support, shared services, and strategic planning to its independent businesses.

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