March 17, 2022

Dear Friends and Fellow Stakeholders:

Twenty twenty-one was an amazing year for our organization. We completed six acquisitions, positioning us squarely as of one of North America’s largest logistics providers. We have achieved a scale, size and diversification of service offerings that very few will ever replicate. This places Mullen in a great position to capitalize on the emergence of logistics as a valuable and integral component of the supply chain, once taken for granted but no longer. The industry we specialize in provides an essential service that is crucial to a well-functioning economy.

Last year I borrowed from an ancient proverb to highlight our growth ideas. Using the planting of trees as the analogy for our acquisition strategy, I suggested that “We will plant new trees today so that our shareholders can benefit tomorrow.” Little did I realize that we would be planting a figurative forest. Six acquisitions, all high-quality companies with outstanding reputations, strategic competitive advantages and an outstanding workforce. The future for our organization is brighter with these companies under our umbrella, especially if we consider the potential for the economy to remain strong. Yes, there will be challenges and inflationary pressures will persist, but I anticipate that the economy will do just fine, especially given the propensity of governments to prop up the economy with easy monetary policies, stimulative spending and a vibrant job market, which has turned rapidly into a labour shortage. Clearly this is an inhibitor to growth, but it also is creating the opportunity for pricing power, something that we have not seen in the transportation and logistics industry for decades. I will share my thoughts on this timely and game-changing topic in the full text of my message.

I fully expect 2022 to be a record year for Mullen. I would be remiss, however, if I did not reiterate that challenges remain. Risks intensify with geopolitical tensions rising. If need be, we will adapt quickly, as we have before. We have the experience necessary to migrate our way through whatever challenges arise, along with a large professional, dedicated and high-quality workforce, supported by great leaders who understand the value of working alongside their fellow workers. And best of all: we love to innovate, to do things a bit differently. We never sit idle.

In this year’s report I will delve into topics like inflation and how we will respond. For the first time I will provide additional analysis on how we make investment decisions, including discussing our rationale for owning real estate. My objective is to encourage every investor to look closely at the underlying value in our stock, the potential we have for long-term profitable growth, and to get as excited about this company’s future as I am.

To all our employees and contractors, I reiterate how important your commitment and dedication to customer service are to the ongoing success of this organization. I know inflation is hitting, and we will address this as required. I also know you are integral to an efficient supply chain.



Signed:  “Murray K, Mullen”
Chair, CEO and President