STILL LOOKING FOR GROWTH!!

"Mullen shareholders enjoyed a stellar year in 2013; however, our
financial performance was essentially flat year-over-year. Are there
any logical conclusions that can explain the apparent disconnect?

RAISING THE ANNUAL DIVIDEND FROM $1.00 TO $1.20 PER SHARE
IN JANUARY 2013 MIGHT BE PART OF THE REASONING!"

I am not inclined to spend too much energy or time on the past, choosing rather to focus on the future. Or if you are a fan of hockey it was often said about one of the greatest players of all time - WAYNE GRETZKY - that he was always focused "on where the puck was going to be". It is, however, always important to remember the past and more importantly, at least from my perspective, to Learn from the Past. With this thought I paused to reflect upon 2013, to revisit my message to you last year, and to analyze what might be different today.

2013 was an interesting year to put it mildly. From a shareholder's perspective it was an outstanding year - one of our all-time best. In fact, Mullen shareholders saw the value of their investment increase by 41.6 percent - a combination of dividends and stock price appreciation. However, from an operational and financial performance point of view I can only characterize last year as "ho-hum". It wasn't bad - in fact Mullen generated record financial results last year. But I wouldn't characterize these as stellar results. So what gives? In this year's Chairman's Message I will do my best to answer this most puzzling question. And of course I will outline our plans for 2014. Like all shareholders I hope 2014 will be another stellar year. However, since hope is not a "strategy" I will focus on those issues within our line of sight. More arrow