Elena Vereina, Controlling Manager, Commercial Functions Controlling Dept, Baltika Breweries LLC, part of the Carlsberg Group  Justification of the topic choice. Accuracy in defining the aim and objectives of the thesis. Justification of the topic choice; accuracy in defining the aim and tasks of the thesis; originality of the topic and the extent to which it was covered; alignment of the thesis’ topic, aim and objectives.	5 Structure and logic of the text flow. Logic of research; full scope of the thesis; alignment of thesis’ structural parts, i.e. theoretical and empirical parts.	5 Quality of analytical approach and quality of offered solution to the research objectives. Adequacy of objectives coverage; ability to formulate and convey the research problem; ability to offer options for its solution; application of the latest trends in relevant research are for the set objectives.	4 Quality of data gathering and description. Quality of selecting research tools and methods; data validity adequacy; adequacy of used data for chosen research tools and methods; completeness and relevance of the list of references.	5 Scientific aspect of the thesis. Independent scientific thinking in solving the set problem/objectives; the extent to which the student contributed to selecting and justifying the research model (conceptual and/or quantitative), developing methodology/approach to set objectives.	4 Practical/applied nature of research. Extent to which the theoretical background is related to the international or Russian managerial practice; development of applied recommendations; justification and interpretation of the empirical/applied results. 	5 Quality of thesis layout. Layout fulfils the requirements of the Regulations for master thesis preparation and defense, correct layout of tables, figures, references.	5  Additional comments:  Strengths: •	Subject and approach/methods are relevant and applicable •	Tesis is consistent, described in suitable format and with enough granularity •	Case and conclusions are unique and original, well-reasoned and results can be applied to another subjects •	Described framework is composite and complex, it’s formalized and analyzed by appropriated way with focus on crucial parts and links Weaknesses: •	Only one approach is considered, alternative models isn’t presented (conclusions are based only on deviations from the approach, there aren’t comparison)  •	In the practical part (audit) deviations from described framework is detected, but additional value/cost of each part isn’t evaluated  Master thesis of Sidorenko Alexey meets the requirements of the Master in Corporate Finance program, and according to the reviewer’s opinion deserves an “excellent (A)” grade, thus the author can be given the desired degree.