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-------------------------------------------------------------------------------- Paul Beesley, Hudson's Bay Company - CFO [45] -------------------------------------------------------------------------------- David, next year it's not going to have a big impact on the consolidated business. Certainly a lot of work actually is in progress now and will continue through next year but for purposes of modeling it's not going to have a big impact. -------------------------------------------------------------------------------- Jerry Storch, Hudson's Bay Company - CEO [46] -------------------------------------------------------------------------------- A lot of the start up is capital, of course. But after that, we will be opening the first stores in August and September so we will have the high selling season for those. So, I think they pretty much pay for the pre-opening expenses in the course of the year. I haven't really looked at it quarter by quarter to see what's involved there but I don't think it's big numbers. -------------------------------------------------------------------------------- David Hartley, Credit Suisse - Analyst [47] -------------------------------------------------------------------------------- Okay, thanks. I appreciate that. And just thinking about the time frame of potential surfacing of value opportunities from the real estate, could you refresh us on how you're thinking about that now going forward and what the time frame would be? -------------------------------------------------------------------------------- Richard Baker, Hudson's Bay Company - Governor & Executive Chairman [48] -------------------------------------------------------------------------------- Some time has gone by since we created our joint ventures. We've created some exciting transactions, the US joint venture with the Simon Company.

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