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So if I go through those puts and takes and I look at the changes in CapEx and the changes in EBITDA, and if there is negative free cash flow, then would management just take up debt temporarily? Or would you look at asset sales to compensate? -------------------------------------------------------------------------------- Jerry Storch, Hudson's Bay Company - CEO [21] -------------------------------------------------------------------------------- We certainly have ample capacity on our ABL. So in terms of funding the Company, we're actually in a very good position. And I think that's demonstrated by the renegotiation of the rate on our term loan facility. We reduced the cost of that by 50 basis points for the quarter which I think is a vote of confidence. -------------------------------------------------------------------------------- Paul Beesley, Hudson's Bay Company - CFO [22] -------------------------------------------------------------------------------- I would add, just conceptually, if EBITDA is less than we expected, then we push ourselves very hard to make up for that on a cash flow basis with working capital and capital cuts. And so we've been focused on that balance. -------------------------------------------------------------------------------- Jerry Storch, Hudson's Bay Company - CEO [23] -------------------------------------------------------------------------------- And then also recall we have other opportunities such as what we demonstrated with the transaction around Short Hills and the lease in Hawaii, whereby we were able to generate CAD100 million of cash from returning Short Hills to the landlord and renegotiation of some of the terms in Hawaii. So in the sense no one would have that in their model and that's additional cash to fund the business. -------------------------------------------------------------------------------- Vishal Shreedhar, National Bank Financial - Analyst [24] -------------------------------------------------------------------------------- Okay.

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