Mullen Group Ltd. provides 2009 Canadian Income Tax information in relations to its predecessor Mullen Group Income Fund

OKOTOKS, AB, Dec. 3 /CNW/ - (TSX-MTL) Mullen Group Ltd. ("Mullen Group" and/or the "Corporation") is pleased to provide the following information which is intended to assist Canadian residents in the preparation of a 2009 T1 Income Tax Return. On May 1, 2009, the holders of trust units of Mullen Group Income Fund (the "Fund") and the holders of Class B limited partnership units of Mullen Co. Limited Partnership approved a Plan of Arrangement that resulted in the conversion of the Fund from an open-ended income trust to a corporation called Mullen Group Ltd. The Corporation has determined that for the Fund's Canadian resident Unitholders, distributions declared and paid in respect of 2009 are comprised of 97.28 percent taxable income and 2.72 percent return of capital.

The information contained herein is based on the Corporation's understanding of the Income Tax Act (Canada) (the "Act") and the regulations thereunder, and is provided for general information only. Unitholders are advised to consult their personal tax advisors with respect to their particular circumstances.

The Fund qualified as a mutual fund trust under the Act until May 1, 2009 and as such, the Fund's trust units ("Units") were qualified investments for registered retirement savings plans ("RRSPs"), registered retirement income funds ("RRIFs"), registered education savings plans ("RESPs"), and deferred profit sharing plans ("DPSPs"), all as defined in the Act. Unitholders who hold their Units in a RRSP, RRIF, RESP, or DPSP need not report any income related to Unit distributions on their 2009 Income Tax Return.

A Unitholder that did not hold his or her Units in an RRSP, RRIF, RESP or DPSP, must report the taxable portion of the 2009 income allocated by the Trust to the Unitholder, on the Unitholder's 2009 Income Tax Return. This taxable amount will be reported on a "T3 - Statement of Trust Income and Allocations and Designations" ("T3 Slip") that will be issued (i.e., "Other income" - Box 26 on the T3 Slip) and mailed to all Unitholders before March 31, 2010.

Trust Units
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The Fund's distributions totaled $0.225 per Unit for 2009. The following table summarizes the taxable income and return of capital components of each monthly distribution declared and paid in respect of 2009:

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                                                         Taxable    Return of
                                       Distribution      Portion      Capital
    Record Date        Payment Date        per Unit     per Unit     per Unit
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    January 31, 2009   February 16, 2009     $0.075     $0.07296     $0.00204
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    February 28, 2009  March 16, 2009        $0.075     $0.07296     $0.00204
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    March 31, 2009     April 15, 2009        $0.075     $0.07296     $0.00204
    -------------------------------------------------------------------------

The return of capital portion of distributions reduces the Unitholder's adjusted cost base ("ACB") of Units. The ACB of a Unit generally equals the purchase price of the Unit, including commissions, less any return of capital distributions received or receivable after the date of acquisition. Unitholders should consult their own legal or tax advisors as to their particular tax consequences of holding Units.

Information for Canadian Taxholders in regards to the conversion of a
    ---------------------------------------------------------------------
    trust to a corporate structure
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    The following information may assist you in filing tax election forms with
the Canada Revenue Agency.

      Effective date of conversion          - May 1, 2009
      Closing price per unit on
       April 30, 2009                       - $12.06
      Five day weighted volume average
       price per unit at April 30, 2009     - $11.66

    MT Investments Inc.
      Redemption Value                      - non redeemable
      Paid up Capital per share             - $9.26
      Voting Shares                         - non retractable
      Tax year                              - January 1, 2009 to December 31,
                                              2009

    Mullen Group Ltd.
     Effective date of exchange of MT
      Investments Inc. common shares for
      common shares in Mullen Group Ltd.    - May 1,2009
      Tax year                              - March 12, 2009 to December 31,
                                              2009
      Fair value of Mullen Group Ltd.
       at May 1, 2009, per share            - $12.06

      Mullen Group Ltd. common shares
                                            - non redeemable, voting
                                            - paid up Capital $9.26 per share
                                            - non retractable

      Address of Mullen Group Ltd.          121A, 31 Southridge Drive
                                            Okotoks, Alberta, Canada T1S 2N3

This press 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 press release are reasonable, but results may be affected by a variety of variables. Mullen Group relies on litigation protection for "forward-looking" statements.

Mullen Group is a company that owns a network of independently operated businesses. Today the Mullen Group is recognized as the largest provider of specialized transportation and related services to the oil and natural gas industry in western Canada and as one of the leading suppliers of trucking and logistics services in Canada - two sectors of the economy in which Mullen Group has strong business relationships and industry leadership. Mullen Group provides management and financial expertise, technology and systems support 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.

%SEDAR: 00028425E