All Numbers are in $ Canada...All principals of finance and accounting in the US are the same in Canada. Mr. Lube Canada Limited Partnership ("Mr. Lube") is a privately held investment partnership that is the master franchisor of a group of complete automotive maintenance services providers and Canada's largest quick lube brand. As the master franchisor, Mr. Lube does not manage the day to day operations of any location. However, the partnership can and does exercise some level of control and direction for the actual store operators. Founded in 1976, Mr. Lube pioneered the Canadian quick lube industry, a category of automotive servicing focused on convenience with no appointment necessary. Mr. Lube's network of 170 locations are operated by a national network of franchisees. Each store must be open a minimum of six (6) days a week. Some are open seven (7) days a week. The stores, on average, are open 338 days per year. Each store has approximately 10 appointments per day and each appointment produces, on average, $ 125 of revenue per customer per visit. Before the franchisees get to pay any of their bills, including employee salaries, they must pay 10% of gross revenue to the franchisor, Mr. Lube, in satisfaction of their contractually obligated annual franchise fee. In early 2021, Mr. Lube approached our financial institution, Canada First National Bank, for advice regarding matters of corporate valuation and strategy that would improve the financial position of the partners. Our Corporate Finance Deals Team, which is part of the bank and located in the banks headquarters in Winnipeg, Manitoba Providence was retained by Mr. Lube as its exclusive financial advisor. After looking at the alternatives, including going public, we concluded that the company should sell all of the partnerships real assets, including all intellectual property, to an acquirer and if that strategy cannot be concluded within a twelve month time frame at a price that is acceptable, the partnership should explore selling the partnership assets to the public. Our approach We led all aspects of the deal process, which included: Create a valuation study of the enterprise. Identifying potential acquirers. Creating a marketing document incorporating the valuation study. Marketing the sale of the business. Advising on negotiations with potential purchasers. Structuring the transaction to help maximize the post-transaction value to the owners. Assisting with definitive agreements to finalize the transaction. Collect funds wired by the purchaser in satisfaction of their purchase obligation. Ultimately disbursing all purchaser funds to the seller and, thus, closing the transaction. How we add value Mr. Lube attracted significant interest from both local and international acquirers that we had identified and contacted. On November 18, 2021, Diversified Royalty Corp. acquired the trademarks and certain other intellectual property of Mr. Lube for approximately $138.9 million. This transaction, defined as an asset sale, in effect sold the whole company, as we advised. The trust that owned the assets received as consideration for the cost of the sale, 75% of the transaction value in cash and 25% in debt, which was collateralized by the assets of the company. The description of the note that defines the seller financing is a five year maturity, annual interest and a 7% interest rate.

Please answer the following questions:

1) List as many of the assets that were sold as possible. (Do NOT answer by just repeating what is in the case study).

2) Are there any remaining risks to the Trust (the Seller) ??? And if there are risks, what are they?

3) Would you have done anything differently regarding this sale then what was done?

4) The Corporate Finance Department at Canada First National Bank was paid a fee of $ 10,000,000 for their work. Is that fee, in your opinion, reasonable? And if so, why?