 Students, we are discussing the different phases of mergers and acquisition and we talked about a four stages model. Now in each of the stages of the integration of during a merger and acquisition, we will be concerned about the HR issues that take place in each of the phase. So you know that there are four phases, pre-MNA phase, due diligence phase, integration planning phase and implementation phase. We are going to look at the HR implications in the pre-MNA phase. So this is the model in which you can see that the firm is growing stepwise over the different phases and we will be discussing about the HR implications in the pre-MNA phase. You know that pre-MNA phase is the phase in which you are screening alternative partners. All right, so in the pre-MNA phase, the HR activities or the HR challenges would be involved in that particular stage are number one, identification of HR related issues. So you identify this thing that what kind of HR issues can be. Staffing labour is easily available to you, skilled workers are easily available to you, their knowledge pool is like this, for example, in many places, human capital is not available, human skills are not available that you can take such an industry there. So what different HR related issues that you can have in staffing, then what is the possibility that if you are going to go to a developed country, then in developed countries, the pay is very high, so if you pay according to the standards of your developing country, then no one will come to you. So how to pay, how to compensate and what challenges can be, what kind of issues can be, all these things you will identify in the pre-MNA phase. Then accordingly, HR related, you will plan for due diligence. So you will be looking at different aspects that you need to do due diligence activities. So what are the different types of aspects of HR? So whether you have to plan about the training of your employees or the cultural issues of your employees or about security needs of your employees. For example, if you are going to a country which is a victim of terrorism, particularly in case of Pakistan, if multinationals are coming from outside, they are really concerned about the security issues of their personnel and how they are going to make sure that they remain safe and secure in a country which is being affected by such kind of dynamics. It's very much relevant for Pakistani environment, sadly, but right now it is. I hope and all of us, we hope that we are going to get out of that. Then assessing people in that particular phase when you are looking for alternatives, you will be assessing a different type of people and you would be looking for prospective managers, you would be looking for prospective leadership, you would be looking for people who can run your company. Then you would be thinking about working out the organizational and cultural fit how you will structure both the organizations. If there is a lean structure, a tall structure, an organic structure, a mechanistic structure, a bureaucratic structure, and an informal structure, then how do you mix and integrate these two? Or is it possible that you can mix two different, starkingly different cultures, organizational structures, so you have to see if your organizational structure and culture can fit together or not. Then you would be concerned about forming the MNA Steering Team. So who would be the fit people to steer your organization into this very challenging task of merger and acquisition? So who is going to be the member of your steering team that is going to define how you are able to manage the entire process? And then educating the team on the HR implications. So you need to educate your personnel how they are going to manage the HR of the people of the two companies who are coming together. So in this phase, you will be actually planning out the fit of people coming together in your organization. So that are the basic activities of HR in the pre-MNA phase.