And now we'll take a tour of the Debenhams LBO model. First thing we notice on our cover page is that this is a circular model. There is a switch, so we need to be mindful of that when we come to the interest portion of the operating model. And we also need to be sure that we are beginning our modeling with our iterations off. On the LBO tab, we have the key assumptions. Now, these are the assumptions for the transaction only. Below this, we have assumptions for the capital structure and we have the ability to change the capital structure from the standard bank and bond to a unitranche to the sale and lease back. We also have assumptions off to the right for the interest on the debt. Below this, we have our sources and uses, and then our ownership stakes at entry and exit. On the Input tab, we have our assumptions for the remainder of the model, which is primarily the operating portion of the model. So first thing we notice here is we have a switch as well, which will enable us to toggle the expenses or the SG&A expenses back and forth between a bank case and a management case. In the Calcs tab, we will do our traditional side calculations for net PP&E, equity and working capital. We have tabs for both the income statement and the balance sheet. We also have a tab for the cash flow statement, and the cash flow statement, and the income statement will depend on our calculations on the debt structuring tab where we will do our interest calculations for the various tranches of debt. Lastly, on the LBO page at the bottom, we have our returns below the ownership section, which highlight the returns to the various equity stakeholders. Let's begin the model.