Hi, I'm Konstantin Kontor, Director and Professor of Finance at the American Institute of Business and Economics in Moscow. And now I'm offering to you my course in Mergers and Acquisitions. This is the final course or specialization of the standing moral in finance. So, we've finally reached this point when this is something that is the end of the long path. Now, the area of M&A is really the area of fairy tales. You know it's funny, but we can say that the modern version of a Cinderella story that was shown in the famous Pretty Woman movie. In this movie, the main hero is not the prince. He's a professional in the M&A area. So, this is the activity in which we talk about incredible amounts of money that sometimes fairy tales are developing and oftentimes dreams both come true, and then they result in complete disasters. So, this is also the area of lots of exotic buzzwords and it does attract a lot of attention of the journalists, and other people who are very far from finance. Well, we in our studies of M&A's, we pursue the same idea of understanding. And on this path by now, we are armed if you will with our faithful warriors, the models, and the approaches from the previous courses that we've studied, capital markets, corporate finance, and accounting. So, it is with these helpful members of our team that we'll be able to properly analyze M&A's transactions. Because M&A's cannot be studied without the stakeholders' paradigm, and here both capital markets and majorly accounting they come into play. The central topic in M&A's is evaluation and will be helped by our corporate finance models that we talk about raising capital. Again, we know something from capital markets failed to do so. So, this is finally the thing which will be able to sort of build up on what we already know and the most important thing to keep in mind is that in M&A's, we have to engage in many activities each of which is sort of necessary but none of them actually ensure success. So, you have to do many, many things, and do them all the right way and maybe the chance of success goes up. So that always allows us to keep in mind that it's easy to fall in the trap of making arrogant judgments like these people failed, those people committed the blunder. But it's much more interesting task to analyze what caused the potential successes of failures and we will see that we'll be able to make well-balanced, professional, and independent judgments about the potentially value-creating strategies. As always, we have to put together all this and see how that influences our life beyond business and beyond finance. And well, to the extent we are in fairy tales, we are dealing with something that gives us some if not recipes but at least hints of how to do it in a way so that you know our dreams come true and fairy tales convert into reality. So, I welcome you all to the fairyland of M&A's and I wish you all good luck.