- Back on deck, Lightoller's trying to keep everyone calm, but it's pretty much chaos.
- Cal and Lovejoy are trying to find a boat. Cal nabs Mr. Murdoch and tells him he has a business proposition.
- Meanwhile, Jack and Rose are up on the deck now, too, looking for a boat. The band is still playing.
- Cal sticks money in Mr. Murdoch's pocket.
- Lovejoy hunts for Cal.
- He finds him, and tells him that Rose is waiting for a boat on the other side with Jack.
- He is just about to get on a boat, but he decides to sacrifice his chance to find her.
- Meanwhile, that boat heads down with Mr. Ismay on it, looking devastated.
- Rose is being invited into a boat. Jack's encouraging her, but she's resisting going without him.
- Cal joins them and also urges her to leave. Cal says that he has an arrangement with a man that will get him and Jack onto another boat.
- This finally convinces Rose, and she gets in. Oh, and Cal gives her his coat to keep her warm.
- The boat lowers toward the ocean as she stares at her two lovers above.
- Cal and Jack then discuss the reality that while Cal has an arrangement with someone, Jack doesn't—and they both just lied to Rose to get her to leave.
- Meanwhile, Rose suddenly realizes she can't leave without Jack and leaps from the boat onto one of the lower levels.
- She and Jack race back toward each other and embrace, even though Jack's angry she gave up her chance at leaving on a lifeboat.
- Cal watches them, super-mad.
- Lovejoy tries to pull him away, but Cal grabs his gun and tries to shoot Jack.
- Jack and Rose run away. They end up plunging into the rising water inside the ship and get away when Cal runs out of bullets.
- Cal then realizes that he let Rose escape with the diamond, which (unknown to her) was in the coat he gave her.
- Rose and Jack try to find a way back up above. As they run, they hear a kid screaming. They rescue him, but then the boy's father comes back and is furious that they have his kid.
- The dad grabs his kid and heads the wrong way, and so they get swept away in the water as it bursts through the wall.
- Jack and Rose struggle in the rising water to get up above deck again. They get stuck briefly at a gate, but get they keys from a staff member and manage to get it open themselves.
- They head back to the deck.
- Meanwhile, Cal is rushing to try to get a boat. He sees a random child who appears to have lost her parents and seems to get an idea…
- Cal talks to Mr. Murdoch about their arrangement, and Murdoch throws the money back at Cal, saying his money can't help him.
- When the crowd starts pushing, Murdoch starts shooting—and he gets Tommy, who had been pushed forward by accident.
- He immediately regrets the act and shoots himself in the head, his body falling into the ocean.
- Cal grabs the crying child and pretends to be her parent so they'll let him onto a boat.