Mullen provides 2008 Canadian Income Tax information

OKOTOKS, AB, March 2 /PRNewswire-FirstCall/ – (TSX-MTL.UN) The Mullen Group Income Fund (“Mullen” and/or the “Fund”) is pleased to provide the following information which is intended to assist Canadian resident Unitholders in the preparation of a 2008 T1 Income Tax Return. The Fund has determined that for Canadian resident Unitholders, distributions declared and paid in respect of 2008 are comprised of 97.61 percent taxable income and 2.39 percent return of capital.

The information contained herein is based on the Fund’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.

Mullen qualifies as a mutual fund trust under the Act and as such, the Mullen Trust Units (“Units”) are 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 2008 Income Tax Return.

A Unitholder that does not hold his or her Units in an RRSP, RRIF, RESP or DPSP, must report the taxable portion of the 2008 income allocated by the Trust to the Unitholder, on the Unitholder’s 2008 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, 2009.

    Trust Units
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    Mullen's distributions totaled $1.80 per Unit for 2008. The following
table summarizes the taxable income and return of capital components of each
monthly distribution declared and paid in respect of 2008, including the
distribution paid on January 15, 2009 to Unitholders of record on December 31,
2008:

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                                                          Taxable  Return of
         Record               Payment      Distribution   Portion    Capital
          Date                  Date         per Unit    per Unit   per Unit
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    January 31, 2008     February 15, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    February 29, 2008       March 17, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    March 31, 2008          April 15, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    April 30, 2008            May 15, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    May 31, 2008             June 16, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    June 30, 2008            July 15, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    July 31, 2008          August 15, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    August 31, 2008     September 15, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    September 30, 2008    October 15, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    October 31, 2008     November 17, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    November 30, 2008    December 15, 2008     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------
    December 31, 2008     January 15, 2009     $0.15     $0.14641   $0.00359
    -------------------------------------------------------------------------

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.

This press release may contain forward-looking statements that are subject to risk factors associated with the oil and gas business and the overall economy. The Fund believes that the expectations reflected in this press release are reasonable, but results may be affected by a variety of variables. The Fund relies on litigation protection for “forward-looking” statements.

Mullen is an open-ended income fund 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 the Fund has strong business relationships and industry leadership. Administration of the Fund is delegated to Mullen Group Inc. which, in addition to managing the Fund, provides management and financial expertise, technology and systems support to its independent businesses.

Mullen is a publicly traded income trust listed on the Toronto Stock Exchange under the symbol “MTL.UN”. Additional information is available on our website at www.mullen-group.com.

SOURCE Mullen Group Income Fund