We're now going to make the ProForma balance sheet adjustments for the Debenhams LBO. So what we have here are three columns following the historical balance sheet for the company. We have an accounting column where we'll track the purely accounting changes. We have the financing column where we'll track all of the changes that are related to the financing. And then we have the combo sheet which will tie everything together and hopefully still balance. For the accounting changes, the two changes that we have to deal with here is the elimination of the Goodwill. The Goodwill is being eliminated here purely in theory 'cause there is none, will be the opposite of F14. So that's gonna take that Goodwill off the books. Again, it's zero, so it doesn't really matter. And then we have to add to this the Goodwill that we calculated on the LBO tab for Debenhams, which is the 633.8. And that's coming on the books. So again, this is what we paid for above the book net asset value of the company. The next accounting adjustment that we have to make is to remove the previous owner's equity of the company. So those owners are being bought out. That also represents the old net asset value of the company. And that of course is being replaced. So we have to go down to the equity section and remove the previous equity value of the A 53.3. So obviously, those two adjustments don't offset each other. There's more adjusting that has to be done and that's going to happen in the financing section. So what's happening in the financing section are a few different things. First thing is, is we're paying off the previous or existing debt. And that's happening by taking first the existing cash and applying it to any outstanding debt balances. So cash is going away as well as the previous debt. And that's gonna be equal to the opposite of the revolver and the opposite of the senior debt. Now, the next thing we need to do is we need to add to this financing column, the new debt the transaction debt. So that's going to be what we calculated here back on our LBO page in this table, this sources of financing table. So this is already going to be factoring in our chosen capital structure in the toggle. So we don't have to do anything else with the toggle. I'll set it back to standard just so that we see the standard capital structure first. And we'll see that we have placeholders for all of these various pieces of debt. We also have a new placeholder and that's for the lease liability. So I'm doing the lease liability last, so I'm not gonna say too much about that now, but we will have a liability for this long-term lease. It's going to come about as a result of the sale lease back. So the first thing we need to do is we have the potential for a revolver in this sources and uses table. Now generally, the revolver is not drawn at the close of a deal. The revolver is for post deal, but just for the sake, the ease of modeling, we do have it in the sources and uses table. We do have it in the sources table and it will move forward in the transaction. So I need to go ahead and add that to my existing revolver because that revolver is still going to be the placeholder for the revolver post deal. So I'm gonna go over here to my LBO tab and I will put the new revolver in. The rest of it will go as follows. The first lien, I will link to the first lien, that works all the way down to the bridge loan. Lease liability, I'm gonna skip over for the moment and I will pick up again on the Mezzanine. And the Mezzanine is now in as well as the new preference shares with that kind of quasi-debt, quasi-equity piece that we have in there. So those are the adjustments on the liability side of the balance sheet. On the equity side of the balance sheet, financing changes that are coming about are twofold. First thing we have are the elimination of equity by way of the fees that are paid. Advisory fees are gonna be paid straight out of the owner's equity. So that's an immediate hit of 53.7. We will then add to that the common equity investment of 10. So we're gonna see a net negative change of 43.7. So before we add that up, if we just run our cursor over the liability section, we see that we have a total change of 583.7 in our sum check here in Excel. And if I go up to my asset section, see that I have a net change of 583.7. So immediately, that tells me that I'm going to be in balance here once I combine company along with the deal changes. So what I'll simply do here, I will simply sum across these columns all the way down and then I will take my totals from my existing total from my existing sum function because I don't wanna, I don't wanna build formulas twice. I wanna take formulas that already work and I know they work because I'm in balance in the historical years, right? So I will just continue to take some of these columns all the way down, skipping over the lease liability and then borrowing the existing total calculations from historical year 2015.

And that brings me to the top. And now I can can see that my total assets are 2,726.3 and my total liabilities are 2,726.3. And if that's not enough proof, I will simply go ahead and copy over my balance sheet check and it shows that we are in balance. And so our combo balance sheet is ready to go and this is again, the transaction as of the deal date. And that will bring us into our first full year as a new company or a new CO beginning in 2016.