THI ART OI WAR BY SLN TZL

Translated by Lionel Giles
Originally published 1910
This version was generated automatically at
www.suntzusaid.com
TabIe of Contents
CHAPTER 1. LAYING PLANS............................... 3
CHAPTER 2. WAGING WAR................................ 6
CHAPTER 3. ATTACK BY STRATAGEM.................. 9
CHAPTER 4. TACTICAL DISPOSITIONS................ 12
CHAPTER 5. ENERGY........................................ 15
CHAPTER 6. WEAK POINTS AND STRONG............ 18
CHAPTER 7. MANEUVERING............................... 22
CHAPTER 8. VARIATION IN TACTICS................... 26
CHAPTER 9. THE ARMY ON THE MARCH............... 28
CHAPTER 10. TERRAIN..................................... 33
CHAPTER 11. THE NINE SITUATIONS.................. 37
CHAPTER 12. THE ATTACK BY FIRE..................... 45
CHAPTER 13. THE USE OF SPIES........................ 48
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CHAPTIR 1. LAYING PLANS
1. Sun Tzu said: The art of war is of vital importance to the
State.
2. It is a matter of life and death, a road either to safety or to
ruin. Hence it is a subject of inquiry which can on no account be
neglected.
3. The art of war, then, is governed by five constant factors, to be
taken into account in one's deliberations, when seeking to
determine the conditions obtaining in the field.
4. These are: (1) The Moral Law; (2) Heaven; (3) Earth; (4) The
Commander; (5) Method and discipline.
5,6. The MORAL LAW causes the people to be in complete accord
with their ruler, so that they will follow him regardless of their
lives, undismayed by any danger.
7. HEAVEN signifies night and day, cold and heat, times and
seasons.
8. EARTH comprises distances, great and small; danger and
security; open ground and narrow passes; the chances of life and
death.
9. The COMMANDER stands for the virtues of wisdom, sincerity,
benevolence, courage and strictness.
10. By METHOD AND DISCIPLINE are to be understood the
marshaling of the army in its proper subdivisions, the graduations
of rank among the officers, the maintenance of roads by which
supplies may reach the army, and the control of military
expenditure.
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11. These five heads should be familiar to every general: he who
knows them will be victorious; he who knows them not will fail.
12. Therefore, in your deliberations, when seeking to determine
the military conditions, let them be made the basis of a
comparison, in this wise:
13. (1) Which of the two sovereigns is imbued with the Moral
law? (2) Which of the two generals has most ability? (3) With
whom lie the advantages derived from Heaven and Earth? (4) On
which side is discipline most rigorously enforced? (5) Which army
is stronger? (6) On which side are officers and men more highly
trained? (7) In which army is there the greater constancy both in
reward and punishment?
14. By means of these seven considerations I can forecast victory
or defeat.
15. The general that hearkens to my counsel and acts upon it,
will conquer: let such a one be retained in command! The general
that hearkens not to my counsel nor acts upon it, will suffer
defeat: let such a one be dismissed!
16. While heeding the profit of my counsel, avail yourself also of
any helpful circumstances over and beyond the ordinary rules.
17. According as circumstances are favorable, one should modify
one's plans.
18. All warfare is based on deception.
19. Hence, when able to attack, we must seem unable; when
using our forces, we must seem inactive; when we are near, we
must make the enemy believe we are far away; when far away,
we must make him believe we are near.
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20. Hold out baits to entice the enemy. Feign disorder, and crush
him.
21. If he is secure at all points, be prepared for him. If he is in
superior strength, evade him.
22. If your opponent is of choleric temper, seek to irritate him.
Pretend to be weak, that he may grow arrogant.
23. If he is taking his ease, give him no rest. If his forces are
united, separate them.
24. Attack him where he is unprepared, appear where you are not
expected.
25. These military devices, leading to victory, must not be
divulged beforehand.
26. Now the general who wins a battle makes many calculations
in his temple ere the battle is fought. The general who loses a
battle makes but few calculations beforehand. Thus do many
calculations lead to victory, and few calculations to defeat: how
much more no calculation at all! It is by attention to this point
that I can foresee who is likely to win or lose.
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CHAPTIR ±. WAGING WAR
1. Sun Tzu said: In the operations of war, where there are in the
field a thousand swift chariots, as many heavy chariots, and a
hundred thousand mail-clad soldiers, with provisions enough to
carry them a thousand LI, the expenditure at home and at the
front, including entertainment of guests, small items such as glue
and paint, and sums spent on chariots and armor, will reach the
total of a thousand ounces of silver per day. Such is the cost of
raising an army of 100,000 men.
2. When you engage in actual fighting, if victory is long in
coming, then men's weapons will grow dull and their ardor will be
damped. If you lay siege to a town, you will exhaust your
strength.
3. Again, if the campaign is protracted, the resources of the State
will not be equal to the strain.
4. Now, when your weapons are dulled, your ardor damped, your
strength exhausted and your treasure spent, other chieftains will
spring up to take advantage of your extremity. Then no man,
however wise, will be able to avert the consequences that must
ensue.
5. Thus, though we have heard of stupid haste in war, cleverness
has never been seen associated with long delays.
6. There is no instance of a country having benefited from
prolonged warfare.
7. It is only one who is thoroughly acquainted with the evils of
war that can thoroughly understand the profitable way of carrying
it on.
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8. The skillful soldier does not raise a second levy, neither are his
supply-wagons loaded more than twice.
9. Bring war material with you from home, but forage on the
enemy. Thus the army will have food enough for its needs.
10. Poverty of the State exchequer causes an army to be
maintained by contributions from a distance. Contributing to
maintain an army at a distance causes the people to be
impoverished.
11. On the other hand, the proximity of an army causes prices to
go up; and high prices cause the people's substance to be drained
away.
12. When their substance is drained away, the peasantry will be
afflicted by heavy exactions.
13,14. With this loss of substance and exhaustion of strength, the
homes of the people will be stripped bare, and three-tenths of
their income will be dissipated; while government expenses for
broken chariots, worn-out horses, breast-plates and helmets,
bows and arrows, spears and shields, protective mantles,
draught-oxen and heavy wagons, will amount to four-tenths of its
total revenue.
15. Hence a wise general makes a point of foraging on the
enemy. One cartload of the enemy's provisions is equivalent to
twenty of one's own, and likewise a single PICUL of his provender
is equivalent to twenty from one's own store.
16. Now in order to kill the enemy, our men must be roused to
anger; that there may be advantage from defeating the enemy,
they must have their rewards.
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17. Therefore in chariot fighting, when ten or more chariots have
been taken, those should be rewarded who took the first. Our
own flags should be substituted for those of the enemy, and the
chariots mingled and used in conjunction with ours. The captured
soldiers should be kindly treated and kept.
18. This is called, using the conquered foe to augment one's own
strength.
19. In war, then, let your great object be victory, not lengthy
campaigns.
20. Thus it may be known that the leader of armies is the arbiter
of the people's fate, the man on whom it depends whether the
nation shall be in peace or in peril.
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CHAPTIR ¿. ATTACK BY STRATAGIM
1. Sun Tzu said: In the practical art of war, the best thing of all is
to take the enemy's country whole and intact; to shatter and
destroy it is not so good. So, too, it is better to recapture an
army entire than to destroy it, to capture a regiment, a
detachment or a company entire than to destroy them.
2. Hence to fight and conquer in all your battles is not supreme
excellence; supreme excellence consists in breaking the enemy's
resistance without fighting.
3. Thus the highest form of generalship is to balk the enemy's
plans; the next best is to prevent the junction of the enemy's
forces; the next in order is to attack the enemy's army in the
field; and the worst policy of all is to besiege walled cities.
4. The rule is, not to besiege walled cities if it can possibly be
avoided. The preparation of mantlets, movable shelters, and
various implements of war, will take up three whole months; and
the piling up of mounds over against the walls will take three
months more.
5. The general, unable to control his irritation, will launch his men
to the assault like swarming ants, with the result that one-third of
his men are slain, while the town still remains untaken. Such are
the disastrous effects of a siege.
6. Therefore the skillful leader subdues the enemy's troops
without any fighting; he captures their cities without laying siege
to them; he overthrows their kingdom without lengthy operations
in the field.
7. With his forces intact he will dispute the mastery of the
Empire, and thus, without losing a man, his triumph will be
complete. This is the method of attacking by stratagem.
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8. It is the rule in war, if our forces are ten to the enemy's one, to
surround him; if five to one, to attack him; if twice as numerous,
to divide our army into two.
9. If equally matched, we can offer battle; if slightly inferior in
numbers, we can avoid the enemy; if quite unequal in every way,
we can flee from him.
10. Hence, though an obstinate fight may be made by a small
force, in the end it must be captured by the larger force.
11. Now the general is the bulwark of the State; if the bulwark is
complete at all points; the State will be strong; if the bulwark is
defective, the State will be weak.
12. There are three ways in which a ruler can bring misfortune
upon his army:
13. (1) By commanding the army to advance or to retreat, being
ignorant of the fact that it cannot obey. This is called hobbling the
army.
14. (2) By attempting to govern an army in the same way as he
administers a kingdom, being ignorant of the conditions which
obtain in an army. This causes restlessness in the soldier's minds.
15. (3) By employing the officers of his army without
discrimination, through ignorance of the military principle of
adaptation to circumstances. This shakes the confidence of the
soldiers.
16. But when the army is restless and distrustful, trouble is sure
to come from the other feudal princes. This is simply bringing
anarchy into the army, and flinging victory away.
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17. Thus we may know that there are five essentials for victory:
(1) He will win who knows when to fight and when not to fight.
(2) He will win who knows how to handle both superior and
inferior forces. (3) He will win whose army is animated by the
same spirit throughout all its ranks. (4) He will win who,
prepared himself, waits to take the enemy unprepared. (5) He
will win who has military capacity and is not interfered with by
the sovereign.
18. Hence the saying: If you know the enemy and know yourself,
you need not fear the result of a hundred battles. If you know
yourself but not the enemy, for every victory gained you will also
suffer a defeat. If you know neither the enemy nor yourself, you
will succumb in every battle.
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CHAPTIR q. TACTICAL ÐISPOSITIONS
1. Sun Tzu said: The good fighters of old first put themselves
beyond the possibility of defeat, and then waited for an
opportunity of defeating the enemy.
2. To secure ourselves against defeat lies in our own hands, but
the opportunity of defeating the enemy is provided by the enemy
himself.
3. Thus the good fighter is able to secure himself against defeat,
but cannot make certain of defeating the enemy.
4. Hence the saying: One may KNOW how to conquer without
being able to DO it.
5. Security against defeat implies defensive tactics; ability to
defeat the enemy means taking the offensive.
6. Standing on the defensive indicates insufficient strength;
attacking, a superabundance of strength.
7. The general who is skilled in defense hides in the most secret
recesses of the earth; he who is skilled in attack flashes forth
from the topmost heights of heaven. Thus on the one hand we
have ability to protect ourselves; on the other, a victory that is
complete.
8. To see victory only when it is within the ken of the common
herd is not the acme of excellence.
9. Neither is it the acme of excellence if you fight and conquer
and the whole Empire says, "Well done!"
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10. To lift an autumn hair is no sign of great strength; to see the
sun and moon is no sign of sharp sight; to hear the noise of
thunder is no sign of a quick ear.
11. What the ancients called a clever fighter is one who not only
wins, but excels in winning with ease.
12. Hence his victories bring him neither reputation for wisdom
nor credit for courage.
13. He wins his battles by making no mistakes. Making no
mistakes is what establishes the certainty of victory, for it means
conquering an enemy that is already defeated.
14. Hence the skillful fighter puts himself into a position which
makes defeat impossible, and does not miss the moment for
defeating the enemy.
15. Thus it is that in war the victorious strategist only seeks
battle after the victory has been won, whereas he who is destined
to defeat first fights and afterwards looks for victory.
16. The consummate leader cultivates the moral law, and strictly
adheres to method and discipline; thus it is in his power to
control success.
17. In respect of military method, we have, firstly, Measurement;
secondly, Estimation of quantity; thirdly, Calculation; fourthly,
Balancing of chances; fifthly, Victory.
18. Measurement owes its existence to Earth; Estimation of
quantity to Measurement; Calculation to Estimation of quantity;
Balancing of chances to Calculation; and Victory to Balancing of
chances.
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19. A victorious army opposed to a routed one, is as a pound's
weight placed in the scale against a single grain.
20. The onrush of a conquering force is like the bursting of pent-
up waters into a chasm a thousand fathoms deep.
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CHAPTIR g. INIRGY
1. Sun Tzu said: The control of a large force is the same principle
as the control of a few men: it is merely a question of dividing up
their numbers.
2. Fighting with a large army under your command is nowise
different from fighting with a small one: it is merely a question of
instituting signs and signals.
3. To ensure that your whole host may withstand the brunt of the
enemy's attack and remain unshaken---this is effected by
maneuvers direct and indirect.
4. That the impact of your army may be like a grindstone dashed
against an egg---this is effected by the science of weak points
and strong.
5. In all fighting, the direct method may be used for joining
battle, but indirect methods will be needed in order to secure
victory.
6. Indirect tactics, efficiently applied, are inexhaustible as Heaven
and Earth, unending as the flow of rivers and streams; like the
sun and moon, they end but to begin anew; like the four seasons,
they pass away to return once more.
7. There are not more than five musical notes, yet the
combinations of these five give rise to more melodies than can
ever be heard.
8. There are not more than five primary colors (blue, yellow, red,
white, and black), yet in combination they produce more hues
than can ever been seen.
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9. There are not more than five cardinal tastes (sour, acrid, salt,
sweet, bitter), yet combinations of them yield more flavors than
can ever be tasted.
10. In battle, there are not more than two methods of attack: the
direct and the indirect; yet these two in combination give rise to
an endless series of maneuvers.
11. The direct and the indirect lead on to each other in turn. It is
like moving in a circle---you never come to an end. Who can
exhaust the possibilities of their combination?
12. The onset of troops is like the rush of a torrent which will
even roll stones along in its course.
13. The quality of decision is like the well-timed swoop of a falcon
which enables it to strike and destroy its victim.
14. Therefore the good fighter will be terrible in his onset, and
prompt in his decision.
15. Energy may be likened to the bending of a crossbow;
decision, to the releasing of a trigger.
16. Amid the turmoil and tumult of battle, there may be seeming
disorder and yet no real disorder at all; amid confusion and
chaos, your array may be without head or tail, yet it will be proof
against defeat.
17. Simulated disorder postulates perfect discipline, simulated
fear postulates courage; simulated weakness postulates strength.
18. Hiding order beneath the cloak of disorder is simply a
question of subdivision; concealing courage under a show of
timidity presupposes a fund of latent energy; masking strength
with weakness is to be effected by tactical dispositions.
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19. Thus one who is skillful at keeping the enemy on the move
maintains deceitful appearances, according to which the enemy
will act. He sacrifices something, that the enemy may snatch at
it.
20. By holding out baits, he keeps him on the march; then with a
body of picked men he lies in wait for him.
21. The clever combatant looks to the effect of combined energy,
and does not require too much from individuals. Hence his ability
to pick out the right men and utilize combined energy.
22. When he utilizes combined energy, his fighting men become
as it were like unto rolling logs or stones. For it is the nature of a
log or stone to remain motionless on level ground, and to move
when on a slope; if four-cornered, to come to a standstill, but if
round-shaped, to go rolling down.
23. Thus the energy developed by good fighting men is as the
momentum of a round stone rolled down a mountain thousands
of feet in height. So much on the subject of energy.
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CHAPTIR 6. WIAK POINTS ANÐ STRONG
1. Sun Tzu said: Whoever is first in the field and awaits the
coming of the enemy, will be fresh for the fight; whoever is
second in the field and has to hasten to battle will arrive
exhausted.
2. Therefore the clever combatant imposes his will on the enemy,
but does not allow the enemy's will to be imposed on him.
3. By holding out advantages to him, he can cause the enemy to
approach of his own accord; or, by inflicting damage, he can
make it impossible for the enemy to draw near.
4. If the enemy is taking his ease, he can harass him; if well
supplied with food, he can starve him out; if quietly encamped,
he can force him to move.
5. Appear at points which the enemy must hasten to defend;
march swiftly to places where you are not expected.
6. An army may march great distances without distress, if it
marches through country where the enemy is not.
7. You can be sure of succeeding in your attacks if you only
attack places which are undefended. You can ensure the safety of
your defense if you only hold positions that cannot be attacked.
8. Hence that general is skillful in attack whose opponent does
not know what to defend; and he is skillful in defense whose
opponent does not know what to attack.
9. O divine art of subtlety and secrecy! Through you we learn to
be invisible, through you inaudible; and hence we can hold the
enemy's fate in our hands.
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10. You may advance and be absolutely irresistible, if you make
for the enemy's weak points; you may retire and be safe from
pursuit if your movements are more rapid than those of the
enemy.
11. If we wish to fight, the enemy can be forced to an
engagement even though he be sheltered behind a high rampart
and a deep ditch. All we need do is attack some other place that
he will be obliged to relieve.
12. If we do not wish to fight, we can prevent the enemy from
engaging us even though the lines of our encampment be merely
traced out on the ground. All we need do is to throw something
odd and unaccountable in his way.
13. By discovering the enemy's dispositions and remaining
invisible ourselves, we can keep our forces concentrated, while
the enemy's must be divided.
14. We can form a single united body, while the enemy must split
up into fractions. Hence there will be a whole pitted against
separate parts of a whole, which means that we shall be many to
the enemy's few.
15. And if we are able thus to attack an inferior force with a
superior one, our opponents will be in dire straits.
16. The spot where we intend to fight must not be made known;
for then the enemy will have to prepare against a possible attack
at several different points; and his forces being thus distributed in
many directions, the numbers we shall have to face at any given
point will be proportionately few.
17. For should the enemy strengthen his van, he will weaken his
rear; should he strengthen his rear, he will weaken his van;
should he strengthen his left, he will weaken his right; should he
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strengthen his right, he will weaken his left. If he sends
reinforcements everywhere, he will everywhere be weak.
18. Numerical weakness comes from having to prepare against
possible attacks; numerical strength, from compelling our
adversary to make these preparations against us.
19. Knowing the place and the time of the coming battle, we may
concentrate from the greatest distances in order to fight.
20. But if neither time nor place be known, then the left wing will
be impotent to succor the right, the right equally impotent to
succor the left, the van unable to relieve the rear, or the rear to
support the van. How much more so if the furthest portions of the
army are anything under a hundred LI apart, and even the
nearest are separated by several LI!
21. Though according to my estimate the soldiers of Yueh exceed
our own in number, that shall advantage them nothing in the
matter of victory. I say then that victory can be achieved.
22. Though the enemy be stronger in numbers, we may prevent
him from fighting. Scheme so as to discover his plans and the
likelihood of their success.
23. Rouse him, and learn the principle of his activity or inactivity.
Force him to reveal himself, so as to find out his vulnerable spots.
24. Carefully compare the opposing army with your own, so that
you may know where strength is superabundant and where it is
deficient.
25. In making tactical dispositions, the highest pitch you can
attain is to conceal them; conceal your dispositions, and you will
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be safe from the prying of the subtlest spies, from the
machinations of the wisest brains.
26. How victory may be produced for them out of the enemy's
own tactics---that is what the multitude cannot comprehend.
27. All men can see the tactics whereby I conquer, but what none
can see is the strategy out of which victory is evolved.
28. Do not repeat the tactics which have gained you one victory,
but let your methods be regulated by the infinite variety of
circumstances.
29. Military tactics are like unto water; for water in its natural
course runs away from high places and hastens downwards.
30. So in war, the way is to avoid what is strong and to strike at
what is weak.
31. Water shapes its course according to the nature of the ground
over which it flows; the soldier works out his victory in relation to
the foe whom he is facing.
32. Therefore, just as water retains no constant shape, so in
warfare there are no constant conditions.
33. He who can modify his tactics in relation to his opponent and
thereby succeed in winning, may be called a heaven-born
captain.
34. The five elements (water, fire, wood, metal, earth) are not
always equally predominant; the four seasons make way for each
other in turn. There are short days and long; the moon has its
periods of waning and waxing.
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CHAPTIR ,. MANILVIRING
1. Sun Tzu said: In war, the general receives his commands from
the sovereign.
2. Having collected an army and concentrated his forces, he must
blend and harmonize the different elements thereof before
pitching his camp.
3. After that, comes tactical maneuvering, than which there is
nothing more difficult. The difficulty of tactical maneuvering
consists in turning the devious into the direct, and misfortune into
gain.
4. Thus, to take a long and circuitous route, after enticing the
enemy out of the way, and though starting after him, to contrive
to reach the goal before him, shows knowledge of the artifice of
DEVIATION.
5. Maneuvering with an army is advantageous; with an
undisciplined multitude, most dangerous.
6. If you set a fully equipped army in march in order to snatch an
advantage, the chances are that you will be too late. On the
other hand, to detach a flying column for the purpose involves
the sacrifice of its baggage and stores.
7. Thus, if you order your men to roll up their buff-coats, and
make forced marches without halting day or night, covering
double the usual distance at a stretch, doing a hundred LI in
order to wrest an advantage, the leaders of all your three
divisions will fall into the hands of the enemy.
8. The stronger men will be in front, the jaded ones will fall
behind, and on this plan only one-tenth of your army will reach
its destination.
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9. If you march fifty LI in order to outmaneuver the enemy, you
will lose the leader of your first division, and only half your force
will reach the goal.
10. If you march thirty LI with the same object, two-thirds of
your army will arrive.
11. We may take it then that an army without its baggage train is
lost; without provisions it is lost; without bases of supply it is
lost.
12. We cannot enter into alliances until we are acquainted with
the designs of our neighbors.
13. We are not fit to lead an army on the march unless we are
familiar with the face of the country---its mountains and forests,
its pitfalls and precipices, its marshes and swamps.
14. We shall be unable to turn natural advantage to account
unless we make use of local guides.
15. In war, practice dissimulation, and you will succeed.
16. Whether to concentrate or to divide your troops, must be
decided by circumstances.
17. Let your rapidity be that of the wind, your compactness that
of the forest.
18. In raiding and plundering be like fire, in immovability like a
mountain.
19. Let your plans be dark and impenetrable as night, and when
you move, fall like a thunderbolt.
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20. When you plunder a countryside, let the spoil be divided
amongst your men; when you capture new territory, cut it up into
allotments for the benefit of the soldiery.
21. Ponder and deliberate before you make a move.
22. He will conquer who has learnt the artifice of deviation. Such
is the art of maneuvering.
23. The Book of Army Management says: On the field of battle,
the spoken word does not carry far enough: hence the institution
of gongs and drums. Nor can ordinary objects be seen clearly
enough: hence the institution of banners and flags.
24. Gongs and drums, banners and flags, are means whereby the
ears and eyes of the host may be focused on one particular point.
25. The host thus forming a single united body, is it impossible
either for the brave to advance alone, or for the cowardly to
retreat alone. This is the art of handling large masses of men.
26. In night-fighting, then, make much use of signal-fires and
drums, and in fighting by day, of flags and banners, as a means
of influencing the ears and eyes of your army.
27. A whole army may be robbed of its spirit; a commander-in-
chief may be robbed of his presence of mind.
28. Now a soldier's spirit is keenest in the morning; by noonday it
has begun to flag; and in the evening, his mind is bent only on
returning to camp.
29. A clever general, therefore, avoids an army when its spirit is
keen, but attacks it when it is sluggish and inclined to return. This
is the art of studying moods.
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30. Disciplined and calm, to await the appearance of disorder and
hubbub amongst the enemy:---this is the art of retaining self-
possession.
31. To be near the goal while the enemy is still far from it, to wait
at ease while the enemy is toiling and struggling, to be well-fed
while the enemy is famished:---this is the art of husbanding one's
strength.
32. To refrain from intercepting an enemy whose banners are in
perfect order, to refrain from attacking an army drawn up in calm
and confident array:---this is the art of studying circumstances.
33. It is a military axiom not to advance uphill against the enemy,
nor to oppose him when he comes downhill.
34. Do not pursue an enemy who simulates flight; do not attack
soldiers whose temper is keen.
35. Do not swallow bait offered by the enemy. Do not interfere
with an army that is returning home.
36. When you surround an army, leave an outlet free. Do not
press a desperate foe too hard.
37. Such is the art of warfare.
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CHAPTIR S. VARIATION IN TACTICS
1. Sun Tzu said: In war, the general receives his commands from
the sovereign, collects his army and concentrates his forces.
2. When in difficult country, do not encamp. In country where
high roads intersect, join hands with your allies. Do not linger in
dangerously isolated positions. In hemmed-in situations, you
must resort to stratagem. In desperate position, you must fight.
3. There are roads which must not be followed, armies which
must be not attacked, towns which must not be besieged,
positions which must not be contested, commands of the
sovereign which must not be obeyed.
4. The general who thoroughly understands the advantages that
accompany variation of tactics knows how to handle his troops.
5. The general who does not understand these, may be well
acquainted with the configuration of the country, yet he will not
be able to turn his knowledge to practical account.
6. So, the student of war who is unversed in the art of war of
varying his plans, even though he be acquainted with the Five
Advantages, will fail to make the best use of his men.
7. Hence in the wise leader's plans, considerations of advantage
and of disadvantage will be blended together.
8. If our expectation of advantage be tempered in this way, we
may succeed in accomplishing the essential part of our schemes.
9. If, on the other hand, in the midst of difficulties we are always
ready to seize an advantage, we may extricate ourselves from
misfortune.
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10. Reduce the hostile chiefs by inflicting damage on them; and
make trouble for them, and keep them constantly engaged; hold
out specious allurements, and make them rush to any given
point.
11. The art of war teaches us to rely not on the likelihood of the
enemy's not coming, but on our own readiness to receive him;
not on the chance of his not attacking, but rather on the fact that
we have made our position unassailable.
12. There are five dangerous faults which may affect a general:
(1) Recklessness, which leads to destruction; (2) cowardice,
which leads to capture; (3) a hasty temper, which can be
provoked by insults; (4) a delicacy of honor which is sensitive to
shame; (5) over-solicitude for his men, which exposes him to
worry and trouble.
13. These are the five besetting sins of a general, ruinous to the
conduct of war.
14. When an army is overthrown and its leader slain, the cause
will surely be found among these five dangerous faults. Let them
be a subject of meditation.
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CHAPTIR q. THI ARMY ON THI MARCH
1. Sun Tzu said: We come now to the question of encamping the
army, and observing signs of the enemy. Pass quickly over
mountains, and keep in the neighborhood of valleys.
2. Camp in high places, facing the sun. Do not climb heights in
order to fight. So much for mountain warfare.
3. After crossing a river, you should get far away from it.
4. When an invading force crosses a river in its onward march, do
not advance to meet it in mid-stream. It will be best to let half
the army get across, and then deliver your attack.
5. If you are anxious to fight, you should not go to meet the
invader near a river which he has to cross.
6. Moor your craft higher up than the enemy, and facing the sun.
Do not move up-stream to meet the enemy. So much for river
warfare.
7. In crossing salt-marshes, your sole concern should be to get
over them quickly, without any delay.
8. If forced to fight in a salt-marsh, you should have water and
grass near you, and get your back to a clump of trees. So much
for operations in salt-marches.
9. In dry, level country, take up an easily accessible position with
rising ground to your right and on your rear, so that the danger
may be in front, and safety lie behind. So much for campaigning
in flat country.
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10. These are the four useful branches of military knowledge
which enabled the Yellow Emperor to vanquish four several
sovereigns.
11. All armies prefer high ground to low. and sunny places to
dark.
12. If you are careful of your men, and camp on hard ground, the
army will be free from disease of every kind, and this will spell
victory.
13. When you come to a hill or a bank, occupy the sunny side,
with the slope on your right rear. Thus you will at once act for the
benefit of your soldiers and utilize the natural advantages of the
ground.
14. When, in consequence of heavy rains up-country, a river
which you wish to ford is swollen and flecked with foam, you
must wait until it subsides.
15. Country in which there are precipitous cliffs with torrents
running between, deep natural hollows, confined places, tangled
thickets, quagmires and crevasses, should be left with all possible
speed and not approached.
16. While we keep away from such places, we should get the
enemy to approach them; while we face them, we should let the
enemy have them on his rear.
17. If in the neighborhood of your camp there should be any hilly
country, ponds surrounded by aquatic grass, hollow basins filled
with reeds, or woods with thick undergrowth, they must be
carefully routed out and searched; for these are places where
men in ambush or insidious spies are likely to be lurking.
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18. When the enemy is close at hand and remains quiet, he is
relying on the natural strength of his position.
19. When he keeps aloof and tries to provoke a battle, he is
anxious for the other side to advance.
20. If his place of encampment is easy of access, he is tendering
a bait.
21. Movement amongst the trees of a forest shows that the
enemy is advancing. The appearance of a number of screens in
the midst of thick grass means that the enemy wants to make us
suspicious.
22. The rising of birds in their flight is the sign of an ambuscade.
Startled beasts indicate that a sudden attack is coming.
23. When there is dust rising in a high column, it is the sign of
chariots advancing; when the dust is low, but spread over a wide
area, it betokens the approach of infantry. When it branches out
in different directions, it shows that parties have been sent to
collect firewood. A few clouds of dust moving to and fro signify
that the army is encamping.
24. Humble words and increased preparations are signs that the
enemy is about to advance. Violent language and driving forward
as if to the attack are signs that he will retreat.
25. When the light chariots come out first and take up a position
on the wings, it is a sign that the enemy is forming for battle.
26. Peace proposals unaccompanied by a sworn covenant indicate
a plot.
27. When there is much running about and the soldiers fall into
rank, it means that the critical moment has come.
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28. When some are seen advancing and some retreating, it is a
lure.
29. When the soldiers stand leaning on their spears, they are
faint from want of food.
30. If those who are sent to draw water begin by drinking
themselves, the army is suffering from thirst.
31. If the enemy sees an advantage to be gained and makes no
effort to secure it, the soldiers are exhausted.
32. If birds gather on any spot, it is unoccupied. Clamor by night
betokens nervousness.
33. If there is disturbance in the camp, the general's authority is
weak. If the banners and flags are shifted about, sedition is afoot.
If the officers are angry, it means that the men are weary.
34. When an army feeds its horses with grain and kills its cattle
for food, and when the men do not hang their cooking-pots over
the camp fires, showing that they will not return to their tents,
you may know that they are determined to fight to the death.
35. The sight of men whispering together in small knots or
speaking in subdued tones points to disaffection amongst the
rank and file.
36. Too frequent rewards signify that the enemy is at the end of
his resources; too many punishments betray a condition of dire
distress.
37. To begin by bluster, but afterwards to take fright at the
enemy's numbers, shows a supreme lack of intelligence.
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38. When envoys are sent with compliments in their mouths, it is
a sign that the enemy wishes for a truce.
39. If the enemy's troops march up angrily and remain facing
ours for a long time without either joining battle or taking
themselves off again, the situation is one that demands great
vigilance and circumspection.
40. If our troops are no more in number than the enemy, that is
amply sufficient; it only means that no direct attack can be made.
What we can do is simply to concentrate all our available
strength, keep a close watch on the enemy, and obtain
reinforcements.
41. He who exercises no forethought but makes light of his
opponents is sure to be captured by them.
42. If soldiers are punished before they have grown attached to
you, they will not prove submissive; and, unless submissive, then
will be practically useless. If, when the soldiers have become
attached to you, punishments are not enforced, they will still be
unless.
43. Therefore soldiers must be treated in the first instance with
humanity, but kept under control by means of iron discipline. This
is a certain road to victory.
44. If in training soldiers commands are habitually enforced, the
army will be well-disciplined; if not, its discipline will be bad.
45. If a general shows confidence in his men but always insists on
his orders being obeyed, the gain will be mutual.
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CHAPTIR 1o. TIRRAIN
1. Sun Tzu said: We may distinguish six kinds of terrain, to wit:
(1) Accessible ground; (2) entangling ground; (3) temporizing
ground; (4) narrow passes; (5) precipitous heights; (6) positions
at a great distance from the enemy.
2. Ground which can be freely traversed by both sides is called
ACCESSIBLE.
3. With regard to ground of this nature, be before the enemy in
occupying the raised and sunny spots, and carefully guard your
line of supplies. Then you will be able to fight with advantage.
4. Ground which can be abandoned but is hard to re-occupy is
called ENTANGLING.
5. From a position of this sort, if the enemy is unprepared, you
may sally forth and defeat him. But if the enemy is prepared for
your coming, and you fail to defeat him, then, return being
impossible, disaster will ensue.
6. When the position is such that neither side will gain by making
the first move, it is called TEMPORIZING ground.
7. In a position of this sort, even though the enemy should offer
us an attractive bait, it will be advisable not to stir forth, but
rather to retreat, thus enticing the enemy in his turn; then, when
part of his army has come out, we may deliver our attack with
advantage.
8. With regard to NARROW PASSES, if you can occupy them first,
let them be strongly garrisoned and await the advent of the
enemy.
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9. Should the army forestall you in occupying a pass, do not go
after him if the pass is fully garrisoned, but only if it is weakly
garrisoned.
10. With regard to PRECIPITOUS HEIGHTS, if you are beforehand
with your adversary, you should occupy the raised and sunny
spots, and there wait for him to come up.
11. If the enemy has occupied them before you, do not follow
him, but retreat and try to entice him away.
12. If you are situated at a great distance from the enemy, and
the strength of the two armies is equal, it is not easy to provoke
a battle, and fighting will be to your disadvantage.
13. These six are the principles connected with Earth. The general
who has attained a responsible post must be careful to study
them.
14. Now an army is exposed to six several calamities, not arising
from natural causes, but from faults for which the general is
responsible. These are: (1) Flight; (2) insubordination; (3)
collapse; (4) ruin; (5) disorganization; (6) rout.
15. Other conditions being equal, if one force is hurled against
another ten times its size, the result will be the FLIGHT of the
former.
16. When the common soldiers are too strong and their officers
too weak, the result is INSUBORDINATION. When the officers are
too strong and the common soldiers too weak, the result is
COLLAPSE.
17. When the higher officers are angry and insubordinate, and on
meeting the enemy give battle on their own account from a
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feeling of resentment, before the commander-in-chief can tell
whether or no he is in a position to fight, the result is RUIN.
18. When the general is weak and without authority; when his
orders are not clear and distinct; when there are no fixes duties
assigned to officers and men, and the ranks are formed in a
slovenly haphazard manner, the result is utter
DISORGANIZATION.
19. When a general, unable to estimate the enemy's strength,
allows an inferior force to engage a larger one, or hurls a weak
detachment against a powerful one, and neglects to place picked
soldiers in the front rank, the result must be ROUT.
20. These are six ways of courting defeat, which must be
carefully noted by the general who has attained a responsible
post.
21. The natural formation of the country is the soldier's best ally;
but a power of estimating the adversary, of controlling the forces
of victory, and of shrewdly calculating difficulties, dangers and
distances, constitutes the test of a great general.
22. He who knows these things, and in fighting puts his
knowledge into practice, will win his battles. He who knows them
not, nor practices them, will surely be defeated.
23. If fighting is sure to result in victory, then you must fight,
even though the ruler forbid it; if fighting will not result in victory,
then you must not fight even at the ruler's bidding.
24. The general who advances without coveting fame and
retreats without fearing disgrace, whose only thought is to
protect his country and do good service for his sovereign, is the
jewel of the kingdom.
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25. Regard your soldiers as your children, and they will follow you
into the deepest valleys; look upon them as your own beloved
sons, and they will stand by you even unto death.
26. If, however, you are indulgent, but unable to make your
authority felt; kind-hearted, but unable to enforce your
commands; and incapable, moreover, of quelling disorder: then
your soldiers must be likened to spoilt children; they are useless
for any practical purpose.
27. If we know that our own men are in a condition to attack, but
are unaware that the enemy is not open to attack, we have gone
only halfway towards victory.
28. If we know that the enemy is open to attack, but are unaware
that our own men are not in a condition to attack, we have gone
only halfway towards victory.
29. If we know that the enemy is open to attack, and also know
that our men are in a condition to attack, but are unaware that
the nature of the ground makes fighting impracticable, we have
still gone only halfway towards victory.
30. Hence the experienced soldier, once in motion, is never
bewildered; once he has broken camp, he is never at a loss.
31. Hence the saying: If you know the enemy and know yourself,
your victory will not stand in doubt; if you know Heaven and
know Earth, you may make your victory complete.
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CHAPTIR 11. THI NINI SITLATIONS
1. Sun Tzu said: The art of war recognizes nine varieties of
ground: (1) Dispersive ground; (2) facile ground; (3) contentious
ground; (4) open ground; (5) ground of intersecting highways;
(6) serious ground; (7) difficult ground; (8) hemmed-in ground;
(9) desperate ground.
2. When a chieftain is fighting in his own territory, it is dispersive
ground.
3. When he has penetrated into hostile territory, but to no great
distance, it is facile ground.
4. Ground the possession of which imports great advantage to
either side, is contentious ground.
5. Ground on which each side has liberty of movement is open
ground.
6. Ground which forms the key to three contiguous states, so that
he who occupies it first has most of the Empire at his command,
is a ground of intersecting highways.
7. When an army has penetrated into the heart of a hostile
country, leaving a number of fortified cities in its rear, it is serious
ground.
8. Mountain forests, rugged steeps, marshes and fens---all
country that is hard to traverse: this is difficult ground.
9. Ground which is reached through narrow gorges, and from
which we can only retire by tortuous paths, so that a small
number of the enemy would suffice to crush a large body of our
men: this is hemmed in ground.
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10. Ground on which we can only be saved from destruction by
fighting without delay, is desperate ground.
11. On dispersive ground, therefore, fight not. On facile ground,
halt not. On contentious ground, attack not.
12. On open ground, do not try to block the enemy's way. On the
ground of intersecting highways, join hands with your allies.
13. On serious ground, gather in plunder. In difficult ground,
keep steadily on the march.
14. On hemmed-in ground, resort to stratagem. On desperate
ground, fight.
15. Those who were called skillful leaders of old knew how to
drive a wedge between the enemy's front and rear; to prevent
co-operation between his large and small divisions; to hinder the
good troops from rescuing the bad, the officers from rallying their
men.
16. When the enemy's men were united, they managed to keep
them in disorder.
17. When it was to their advantage, they made a forward move;
when otherwise, they stopped still.
18. If asked how to cope with a great host of the enemy in
orderly array and on the point of marching to the attack, I should
say: "Begin by seizing something which your opponent holds
dear; then he will be amenable to your will."
19. Rapidity is the essence of war: take advantage of the enemy's
unreadiness, make your way by unexpected routes, and attack
unguarded spots.
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20. The following are the principles to be observed by an invading
force: The further you penetrate into a country, the greater will
be the solidarity of your troops, and thus the defenders will not
prevail against you.
21. Make forays in fertile country in order to supply your army
with food.
22. Carefully study the well-being of your men, and do not
overtax them. Concentrate your energy and hoard your strength.
Keep your army continually on the move, and devise
unfathomable plans.
23. Throw your soldiers into positions whence there is no escape,
and they will prefer death to flight. If they will face death, there is
nothing they may not achieve. Officers and men alike will put
forth their uttermost strength.
24. Soldiers when in desperate straits lose the sense of fear. If
there is no place of refuge, they will stand firm. If they are in
hostile country, they will show a stubborn front. If there is no
help for it, they will fight hard.
25. Thus, without waiting to be marshaled, the soldiers will be
constantly on the qui vive; without waiting to be asked, they will
do your will; without restrictions, they will be faithful; without
giving orders, they can be trusted.
26. Prohibit the taking of omens, and do away with superstitious
doubts. Then, until death itself comes, no calamity need be
feared.
27. If our soldiers are not overburdened with money, it is not
because they have a distaste for riches; if their lives are not
unduly long, it is not because they are disinclined to longevity.
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28. On the day they are ordered out to battle, your soldiers may
weep, those sitting up bedewing their garments, and those lying
down letting the tears run down their cheeks. But let them once
be brought to bay, and they will display the courage of a Chu or a
Kuei.
29. The skillful tactician may be likened to the SHUAI-JAN. Now
the SHUAI-JAN is a snake that is found in the Ch`ang mountains.
Strike at its head, and you will be attacked by its tail; strike at its
tail, and you will be attacked by its head; strike at its middle, and
you will be attacked by head and tail both.
30. Asked if an army can be made to imitate the SHUAI-JAN, I
should answer, Yes. For the men of Wu and the men of Yueh are
enemies; yet if they are crossing a river in the same boat and are
caught by a storm, they will come to each other's assistance just
as the left hand helps the right.
31. Hence it is not enough to put one's trust in the tethering of
horses, and the burying of chariot wheels in the ground
32. The principle on which to manage an army is to set up one
standard of courage which all must reach.
33. How to make the best of both strong and weak---that is a
question involving the proper use of ground.
34. Thus the skillful general conducts his army just as though he
were leading a single man, willy-nilly, by the hand.
35. It is the business of a general to be quiet and thus ensure
secrecy; upright and just, and thus maintain order.
36. He must be able to mystify his officers and men by false
reports and appearances, and thus keep them in total ignorance.
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37. By altering his arrangements and changing his plans, he
keeps the enemy without definite knowledge. By shifting his camp
and taking circuitous routes, he prevents the enemy from
anticipating his purpose.
38. At the critical moment, the leader of an army acts like one
who has climbed up a height and then kicks away the ladder
behind him. He carries his men deep into hostile territory before
he shows his hand.
39. He burns his boats and breaks his cooking-pots; like a
shepherd driving a flock of sheep, he drives his men this way and
that, and nothing knows whither he is going.
40. To muster his host and bring it into danger:---this may be
termed the business of the general.
41. The different measures suited to the nine varieties of ground;
the expediency of aggressive or defensive tactics; and the
fundamental laws of human nature: these are things that must
most certainly be studied.
42. When invading hostile territory, the general principle is, that
penetrating deeply brings cohesion; penetrating but a short way
means dispersion.
43. When you leave your own country behind, and take your
army across neighborhood territory, you find yourself on critical
ground. When there are means of communication on all four
sides, the ground is one of intersecting highways.
44. When you penetrate deeply into a country, it is serious
ground. When you penetrate but a little way, it is facile ground.
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45. When you have the enemy's strongholds on your rear, and
narrow passes in front, it is hemmed-in ground. When there is no
place of refuge at all, it is desperate ground.
46. Therefore, on dispersive ground, I would inspire my men with
unity of purpose. On facile ground, I would see that there is close
connection between all parts of my army.
47. On contentious ground, I would hurry up my rear.
48. On open ground, I would keep a vigilant eye on my defenses.
On ground of intersecting highways, I would consolidate my
alliances.
49. On serious ground, I would try to ensure a continuous stream
of supplies. On difficult ground, I would keep pushing on along
the road.
50. On hemmed-in ground, I would block any way of retreat. On
desperate ground, I would proclaim to my soldiers the
hopelessness of saving their lives.
51. For it is the soldier's disposition to offer an obstinate
resistance when surrounded, to fight hard when he cannot help
himself, and to obey promptly when he has fallen into danger.
52. We cannot enter into alliance with neighboring princes until
we are acquainted with their designs. We are not fit to lead an
army on the march unless we are familiar with the face of the
country---its mountains and forests, its pitfalls and precipices, its
marshes and swamps. We shall be unable to turn natural
advantages to account unless we make use of local guides.
53. To be ignored of any one of the following four or five
principles does not befit a warlike prince.
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54. When a warlike prince attacks a powerful state, his
generalship shows itself in preventing the concentration of the
enemy's forces. He overawes his opponents, and their allies are
prevented from joining against him.
55. Hence he does not strive to ally himself with all and sundry,
nor does he foster the power of other states. He carries out his
own secret designs, keeping his antagonists in awe. Thus he is
able to capture their cities and overthrow their kingdoms.
56. Bestow rewards without regard to rule, issue orders without
regard to previous arrangements; and you will be able to handle
a whole army as though you had to do with but a single man.
57. Confront your soldiers with the deed itself; never let them
know your design. When the outlook is bright, bring it before
their eyes; but tell them nothing when the situation is gloomy.
58. Place your army in deadly peril, and it will survive; plunge it
into desperate straits, and it will come off in safety.
59. For it is precisely when a force has fallen into harm's way that
is capable of striking a blow for victory.
60. Success in warfare is gained by carefully accommodating
ourselves to the enemy's purpose.
61. By persistently hanging on the enemy's flank, we shall
succeed in the long run in killing the commander-in-chief.
62. This is called ability to accomplish a thing by sheer cunning.
63. On the day that you take up your command, block the
frontier passes, destroy the official tallies, and stop the passage
of all emissaries.
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64. Be stern in the council-chamber, so that you may control the
situation.
65. If the enemy leaves a door open, you must rush in.
66. Forestall your opponent by seizing what he holds dear, and
subtly contrive to time his arrival on the ground.
67. Walk in the path defined by rule, and accommodate yourself
to the enemy until you can fight a decisive battle.
68. At first, then, exhibit the coyness of a maiden, until the
enemy gives you an opening; afterwards emulate the rapidity of a
running hare, and it will be too late for the enemy to oppose you.
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CHAPTIR 1±. THI ATTACK BY IIRI
1. Sun Tzu said: There are five ways of attacking with fire. The
first is to burn soldiers in their camp; the second is to burn
stores; the third is to burn baggage trains; the fourth is to burn
arsenals and magazines; the fifth is to hurl dropping fire amongst
the enemy.
2. In order to carry out an attack, we must have means available.
the material for raising fire should always be kept in readiness.
3. There is a proper season for making attacks with fire, and
special days for starting a conflagration.
4. The proper season is when the weather is very dry; the special
days are those when the moon is in the constellations of the
Sieve, the Wall, the Wing or the Cross-bar; for these four are all
days of rising wind.
5. In attacking with fire, one should be prepared to meet five
possible developments:
6. (1) When fire breaks out inside to enemy's camp, respond at
once with an attack from without.
7. (2) If there is an outbreak of fire, but the enemy's soldiers
remain quiet, bide your time and do not attack.
8. (3) When the force of the flames has reached its height, follow
it up with an attack, if that is practicable; if not, stay where you
are.
9. (4) If it is possible to make an assault with fire from without,
do not wait for it to break out within, but deliver your attack at a
favorable moment.
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10. (5) When you start a fire, be to windward of it. Do not attack
from the leeward.
11. A wind that rises in the daytime lasts long, but a night breeze
soon falls.
12. In every army, the five developments connected with fire
must be known, the movements of the stars calculated, and a
watch kept for the proper days.
13. Hence those who use fire as an aid to the attack show
intelligence; those who use water as an aid to the attack gain an
accession of strength.
14. By means of water, an enemy may be intercepted, but not
robbed of all his belongings.
15. Unhappy is the fate of one who tries to win his battles and
succeed in his attacks without cultivating the spirit of enterprise;
for the result is waste of time and general stagnation.
16. Hence the saying: The enlightened ruler lays his plans well
ahead; the good general cultivates his resources.
17. Move not unless you see an advantage; use not your troops
unless there is something to be gained; fight not unless the
position is critical.
18. No ruler should put troops into the field merely to gratify his
own spleen; no general should fight a battle simply out of pique.
19. If it is to your advantage, make a forward move; if not, stay
where you are.
20. Anger may in time change to gladness; vexation may be
succeeded by content.
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21. But a kingdom that has once been destroyed can never come
again into being; nor can the dead ever be brought back to life.
22. Hence the enlightened ruler is heedful, and the good general
full of caution. This is the way to keep a country at peace and an
army intact.
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CHAPTIR 1¿. THI LSI OI SPIIS
1. Sun Tzu said: Raising a host of a hundred thousand men and
marching them great distances entails heavy loss on the people
and a drain on the resources of the State. The daily expenditure
will amount to a thousand ounces of silver. There will be
commotion at home and abroad, and men will drop down
exhausted on the highways. As many as seven hundred thousand
families will be impeded in their labor.
2. Hostile armies may face each other for years, striving for the
victory which is decided in a single day. This being so, to remain
in ignorance of the enemy's condition simply because one
grudges the outlay of a hundred ounces of silver in honors and
emoluments, is the height of inhumanity.
3. One who acts thus is no leader of men, no present help to his
sovereign, no master of victory.
4. Thus, what enables the wise sovereign and the good general to
strike and conquer, and achieve things beyond the reach of
ordinary men, is FOREKNOWLEDGE.
5. Now this foreknowledge cannot be elicited from spirits; it
cannot be obtained inductively from experience, nor by any
deductive calculation.
6. Knowledge of the enemy's dispositions can only be obtained
from other men.
7. Hence the use of spies, of whom there are five classes: (1)
Local spies; (2) inward spies; (3) converted spies; (4) doomed
spies; (5) surviving spies.
48 www.suntzusaid.com
8. When these five kinds of spy are all at work, none can discover
the secret system. This is called "divine manipulation of the
threads." It is the sovereign's most precious faculty.
9. Having LOCAL SPIES means employing the services of the
inhabitants of a district.
10. Having INWARD SPIES, making use of officials of the enemy.
11. Having CONVERTED SPIES, getting hold of the enemy's spies
and using them for our own purposes.
12. Having DOOMED SPIES, doing certain things openly for
purposes of deception, and allowing our spies to know of them
and report them to the enemy.
13. SURVIVING SPIES, finally, are those who bring back news
from the enemy's camp.
14. Hence it is that which none in the whole army are more
intimate relations to be maintained than with spies. None should
be more liberally rewarded. In no other business should greater
secrecy be preserved.
15. Spies cannot be usefully employed without a certain intuitive
sagacity.
16. They cannot be properly managed without benevolence and
straightforwardness.
17. Without subtle ingenuity of mind, one cannot make certain of
the truth of their reports.
18. Be subtle! be subtle! and use your spies for every kind of
business.
49 www.suntzusaid.com
19. If a secret piece of news is divulged by a spy before the time
is ripe, he must be put to death together with the man to whom
the secret was told.
20. Whether the object be to crush an army, to storm a city, or to
assassinate an individual, it is always necessary to begin by
finding out the names of the attendants, the aides-de-camp, and
door-keepers and sentries of the general in command. Our spies
must be commissioned to ascertain these.
21. The enemy's spies who have come to spy on us must be
sought out, tempted with bribes, led away and comfortably
housed. Thus they will become converted spies and available for
our service.
22. It is through the information brought by the converted spy
that we are able to acquire and employ local and inward spies.
23. It is owing to his information, again, that we can cause the
doomed spy to carry false tidings to the enemy.
24. Lastly, it is by his information that the surviving spy can be
used on appointed occasions.
25. The end and aim of spying in all its five varieties is knowledge
of the enemy; and this knowledge can only be derived, in the first
instance, from the converted spy. Hence it is essential that the
converted spy be treated with the utmost liberality.
26. Of old, the rise of the Yin dynasty was due to I Chih who had
served under the Hsia. Likewise, the rise of the Chou dynasty was
due to Lu Ya who had served under the Yin.
27. Hence it is only the enlightened ruler and the wise general
who will use the highest intelligence of the army for purposes of
spying and thereby they achieve great results. Spies are a most
50 www.suntzusaid.com
important element in water, because on them depends an army's
ability to move.
51 www.suntzusaid.com

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IRGI XLI WE]MRK -J ]SY ORS[ XLI IRIQ] ERH ORS[ ]SYVWIPJ ]SY RIIH RSX JIEV XLI VIWYPX SJ E LYRHVIH FEXXPIW -J ]SY ORS[ ]SYVWIPJ FYX RSX XLI IRIQ] JSV IZIV] ZMGXSV] KEMRIH ]SY [MPP EPWS WYJJIV E HIJIEX -J ]SY ORS[ RIMXLIV XLI IRIQ] RSV ]SYVWIPJ ]SY [MPP WYGGYQF MR IZIV] FEXXPI [[[ WYRX^YWEMH GSQ .I [MPP [MR [LS LEW QMPMXEV] GETEGMX] ERH MW RSX MRXIVJIVIH [MXL F] XLI WSZIVIMKR .I [MPP [MR [LS ORS[W LS[ XS LERHPI FSXL WYTIVMSV ERH MRJIVMSV JSVGIW .8LYW [I QE] ORS[ XLEX XLIVI EVI JMZI IWWIRXMEPW JSV ZMGXSV] .I [MPP [MR [LSWI EVQ] MW ERMQEXIH F] XLI WEQI WTMVMX XLVSYKLSYX EPP MXW VEROW .I [MPP [MR [LS ORS[W [LIR XS JMKLX ERH [LIR RSX XS JMKLX .I [MPP [MR [LS TVITEVIH LMQWIPJ [EMXW XS XEOI XLI IRIQ] YRTVITEVIH .

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

% ZMGXSVMSYW EVQ] STTSWIH XS E VSYXIH SRI MW EW E TSYRH W [IMKLX TPEGIH MR XLI WGEPI EKEMRWX E WMRKPI KVEMR 8LI SRVYWL SJ E GSRUYIVMRK JSVGI MW PMOI XLI FYVWXMRK SJ TIRX YT [EXIVW MRXS E GLEWQ E XLSYWERH JEXLSQW HIIT [[[ WYRX^YWEMH GSQ .

IEZIR ERH )EVXL YRIRHMRK EW XLI JPS[ SJ VMZIVW ERH WXVIEQW PMOI XLI WYR ERH QSSR XLI] IRH FYX XS FIKMR ERI[ PMOI XLI JSYV WIEWSRW XLI] TEWW E[E] XS VIXYVR SRGI QSVI 8LIVI EVI RSX QSVI XLER JMZI QYWMGEP RSXIW ]IX XLI GSQFMREXMSRW SJ XLIWI JMZI KMZI VMWI XS QSVI QIPSHMIW XLER GER IZIV FI LIEVH 8LIVI EVI RSX QSVI XLER JMZI TVMQEV] GSPSVW FPYI ]IPPS[ VIH [LMXI ERH FPEGO ]IX MR GSQFMREXMSR XLI] TVSHYGI QSVI LYIW XLER GER IZIV FIIR WIIR [[[ WYRX^YWEMH GSQ .'.%48)6 )2)6+= 7YR 8^Y WEMH 8LI GSRXVSP SJ E PEVKI JSVGI MW XLI WEQI TVMRGMTPI EW XLI GSRXVSP SJ E JI[ QIR MX MW QIVIP] E UYIWXMSR SJ HMZMHMRK YT XLIMV RYQFIVW *MKLXMRK [MXL E PEVKI EVQ] YRHIV ]SYV GSQQERH MW RS[MWI HMJJIVIRX JVSQ JMKLXMRK [MXL E WQEPP SRI MX MW QIVIP] E UYIWXMSR SJ MRWXMXYXMRK WMKRW ERH WMKREPW 8S IRWYVI XLEX ]SYV [LSPI LSWX QE] [MXLWXERH XLI FVYRX SJ XLI IRIQ] W EXXEGO ERH VIQEMR YRWLEOIR XLMW MW IJJIGXIH F] QERIYZIVW HMVIGX ERH MRHMVIGX 8LEX XLI MQTEGX SJ ]SYV EVQ] QE] FI PMOI E KVMRHWXSRI HEWLIH EKEMRWX ER IKK XLMW MW IJJIGXIH F] XLI WGMIRGI SJ [IEO TSMRXW ERH WXVSRK -R EPP JMKLXMRK XLI HMVIGX QIXLSH QE] FI YWIH JSV NSMRMRK FEXXPI FYX MRHMVIGX QIXLSHW [MPP FI RIIHIH MR SVHIV XS WIGYVI ZMGXSV] -RHMVIGX XEGXMGW IJJMGMIRXP] ETTPMIH EVI MRI\LEYWXMFPI EW .

MHMRK SVHIV FIRIEXL XLI GPSEO SJ HMWSVHIV MW WMQTP] E UYIWXMSR SJ WYFHMZMWMSR GSRGIEPMRK GSYVEKI YRHIV E WLS[ SJ XMQMHMX] TVIWYTTSWIW E JYRH SJ PEXIRX IRIVK] QEWOMRK WXVIRKXL [MXL [IEORIWW MW XS FI IJJIGXIH F] XEGXMGEP HMWTSWMXMSRW [[[ WYRX^YWEMH GSQ .LS GER I\LEYWX XLI TSWWMFMPMXMIW SJ XLIMV GSQFMREXMSR# 8LI SRWIX SJ XVSSTW MW PMOI XLI VYWL SJ E XSVVIRX [LMGL [MPP IZIR VSPP WXSRIW EPSRK MR MXW GSYVWI 8LI UYEPMX] SJ HIGMWMSR MW PMOI XLI [IPP XMQIH W[SST SJ E JEPGSR [LMGL IREFPIW MX XS WXVMOI ERH HIWXVS] MXW ZMGXMQ 8LIVIJSVI XLI KSSH JMKLXIV [MPP FI XIVVMFPI MR LMW SRWIX ERH TVSQTX MR LMW HIGMWMSR )RIVK] QE] FI PMOIRIH XS XLI FIRHMRK SJ E GVSWWFS[ HIGMWMSR XS XLI VIPIEWMRK SJ E XVMKKIV %QMH XLI XYVQSMP ERH XYQYPX SJ FEXXPI XLIVI QE] FI WIIQMRK HMWSVHIV ERH ]IX RS VIEP HMWSVHIV EX EPP EQMH GSRJYWMSR ERH GLESW ]SYV EVVE] QE] FI [MXLSYX LIEH SV XEMP ]IX MX [MPP FI TVSSJ EKEMRWX HIJIEX 7MQYPEXIH HMWSVHIV TSWXYPEXIW TIVJIGX HMWGMTPMRI WMQYPEXIH JIEV TSWXYPEXIW GSYVEKI WMQYPEXIH [IEORIWW TSWXYPEXIW WXVIRKXL .8LIVI EVI RSX QSVI XLER JMZI GEVHMREP XEWXIW WSYV EGVMH WEPX W[IIX FMXXIV ]IX GSQFMREXMSRW SJ XLIQ ]MIPH QSVI JPEZSVW XLER GER IZIV FI XEWXIH -R FEXXPI XLIVI EVI RSX QSVI XLER X[S QIXLSHW SJ EXXEGO XLI HMVIGX ERH XLI MRHMVIGX ]IX XLIWI X[S MR GSQFMREXMSR KMZI VMWI XS ER IRHPIWW WIVMIW SJ QERIYZIVW 8LI HMVIGX ERH XLI MRHMVIGX PIEH SR XS IEGL SXLIV MR XYVR -X MW PMOI QSZMRK MR E GMVGPI ]SY RIZIV GSQI XS ER IRH .

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

'.)%/ 43-287 %2( 78632+ 7YR 8^Y WEMH .%48)6 .IRGI XLEX KIRIVEP MW WOMPPJYP MR EXXEGO [LSWI STTSRIRX HSIW RSX ORS[ [LEX XS HIJIRH ERH LI MW WOMPPJYP MR HIJIRWI [LSWI STTSRIRX HSIW RSX ORS[ [LEX XS EXXEGO 3 HMZMRI EVX SJ WYFXPIX] ERH WIGVIG] 8LVSYKL ]SY [I PIEVR XS FI MRZMWMFPI XLVSYKL ]SY MREYHMFPI ERH LIRGI [I GER LSPH XLI IRIQ] W JEXI MR SYV LERHW [[[ WYRX^YWEMH GSQ .LSIZIV MW JMVWX MR XLI JMIPH ERH E[EMXW XLI GSQMRK SJ XLI IRIQ] [MPP FI JVIWL JSV XLI JMKLX [LSIZIV MW WIGSRH MR XLI JMIPH ERH LEW XS LEWXIR XS FEXXPI [MPP EVVMZI I\LEYWXIH 8LIVIJSVI XLI GPIZIV GSQFEXERX MQTSWIW LMW [MPP SR XLI IRIQ] FYX HSIW RSX EPPS[ XLI IRIQ] W [MPP XS FI MQTSWIH SR LMQ &] LSPHMRK SYX EHZERXEKIW XS LMQ LI GER GEYWI XLI IRIQ] XS ETTVSEGL SJ LMW S[R EGGSVH SV F] MRJPMGXMRK HEQEKI LI GER QEOI MX MQTSWWMFPI JSV XLI IRIQ] XS HVE[ RIEV -J XLI IRIQ] MW XEOMRK LMW IEWI LI GER LEVEWW LMQ MJ [IPP WYTTPMIH [MXL JSSH LI GER WXEVZI LMQ SYX MJ UYMIXP] IRGEQTIH LI GER JSVGI LMQ XS QSZI %TTIEV EX TSMRXW [LMGL XLI IRIQ] QYWX LEWXIR XS HIJIRH QEVGL W[MJXP] XS TPEGIW [LIVI ]SY EVI RSX I\TIGXIH %R EVQ] QE] QEVGL KVIEX HMWXERGIW [MXLSYX HMWXVIWW MJ MX QEVGLIW XLVSYKL GSYRXV] [LIVI XLI IRIQ] MW RSX =SY GER FI WYVI SJ WYGGIIHMRK MR ]SYV EXXEGOW MJ ]SY SRP] EXXEGO TPEGIW [LMGL EVI YRHIJIRHIH =SY GER IRWYVI XLI WEJIX] SJ ]SYV HIJIRWI MJ ]SY SRP] LSPH TSWMXMSRW XLEX GERRSX FI EXXEGOIH .

IRGI XLIVI [MPP FI E [LSPI TMXXIH EKEMRWX WITEVEXI TEVXW SJ E [LSPI [LMGL QIERW XLEX [I WLEPP FI QER] XS XLI IRIQ] W JI[ %RH MJ [I EVI EFPI XLYW XS EXXEGO ER MRJIVMSV JSVGI [MXL E WYTIVMSV SRI SYV STTSRIRXW [MPP FI MR HMVI WXVEMXW 8LI WTSX [LIVI [I MRXIRH XS JMKLX QYWX RSX FI QEHI ORS[R JSV XLIR XLI IRIQ] [MPP LEZI XS TVITEVI EKEMRWX E TSWWMFPI EXXEGO EX WIZIVEP HMJJIVIRX TSMRXW ERH LMW JSVGIW FIMRK XLYW HMWXVMFYXIH MR QER] HMVIGXMSRW XLI RYQFIVW [I WLEPP LEZI XS JEGI EX ER] KMZIR TSMRX [MPP FI TVSTSVXMSREXIP] JI[ *SV WLSYPH XLI IRIQ] WXVIRKXLIR LMW ZER LI [MPP [IEOIR LMW VIEV WLSYPH LI WXVIRKXLIR LMW VIEV LI [MPP [IEOIR LMW ZER WLSYPH LI WXVIRKXLIR LMW PIJX LI [MPP [IEOIR LMW VMKLX WLSYPH LI [[[ WYRX^YWEMH GSQ .I GER JSVQ E WMRKPI YRMXIH FSH] [LMPI XLI IRIQ] QYWX WTPMX YT MRXS JVEGXMSRW .=SY QE] EHZERGI ERH FI EFWSPYXIP] MVVIWMWXMFPI MJ ]SY QEOI JSV XLI IRIQ] W [IEO TSMRXW ]SY QE] VIXMVI ERH FI WEJI JVSQ TYVWYMX MJ ]SYV QSZIQIRXW EVI QSVI VETMH XLER XLSWI SJ XLI IRIQ] -J [I [MWL XS JMKLX XLI IRIQ] GER FI JSVGIH XS ER IRKEKIQIRX IZIR XLSYKL LI FI WLIPXIVIH FILMRH E LMKL VEQTEVX ERH E HIIT HMXGL %PP [I RIIH HS MW EXXEGO WSQI SXLIV TPEGI XLEX LI [MPP FI SFPMKIH XS VIPMIZI -J [I HS RSX [MWL XS JMKLX [I GER TVIZIRX XLI IRIQ] JVSQ IRKEKMRK YW IZIR XLSYKL XLI PMRIW SJ SYV IRGEQTQIRX FI QIVIP] XVEGIH SYX SR XLI KVSYRH %PP [I RIIH HS MW XS XLVS[ WSQIXLMRK SHH ERH YREGGSYRXEFPI MR LMW [E] &] HMWGSZIVMRK XLI IRIQ] W HMWTSWMXMSRW ERH VIQEMRMRK MRZMWMFPI SYVWIPZIW [I GER OIIT SYV JSVGIW GSRGIRXVEXIH [LMPI XLI IRIQ] W QYWX FI HMZMHIH .

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

[MXL XLI WEQI SFNIGX X[S XLMVHW SJ ]SYV EVQ] [MPP EVVMZI .LIXLIV XS GSRGIRXVEXI SV XS HMZMHI ]SYV XVSSTW QYWX FI HIGMHIH F] GMVGYQWXERGIW 0IX ]SYV VETMHMX] FI XLEX SJ XLI [MRH ]SYV GSQTEGXRIWW XLEX SJ XLI JSVIWX -R VEMHMRK ERH TPYRHIVMRK FI PMOI JMVI MR MQQSZEFMPMX] PMOI E QSYRXEMR 0IX ]SYV TPERW FI HEVO ERH MQTIRIXVEFPI EW RMKLX ERH [LIR ]SY QSZI JEPP PMOI E XLYRHIVFSPX [[[ WYRX^YWEMH GSQ .I GERRSX IRXIV MRXS EPPMERGIW YRXMP [I EVI EGUYEMRXIH [MXL XLI HIWMKRW SJ SYV RIMKLFSVW .I QE] XEOI MX XLIR XLEX ER EVQ] [MXLSYX MXW FEKKEKI XVEMR MW PSWX [MXLSYX TVSZMWMSRW MX MW PSWX [MXLSYX FEWIW SJ WYTTP] MX MW PSWX .I EVI RSX JMX XS PIEH ER EVQ] SR XLI QEVGL YRPIWW [I EVI JEQMPMEV [MXL XLI JEGI SJ XLI GSYRXV] MXW QSYRXEMRW ERH JSVIWXW MXW TMXJEPPW ERH TVIGMTMGIW MXW QEVWLIW ERH W[EQTW .MR SVHIV XS SYXQERIYZIV XLI IRIQ] ]SY [MPP PSWI XLI PIEHIV SJ ]SYV JMVWX HMZMWMSR ERH SRP] LEPJ ]SYV JSVGI [MPP VIEGL XLI KSEP -J ]SY QEVGL XLMVX] 0.-J ]SY QEVGL JMJX] 0.I WLEPP FI YREFPI XS XYVR REXYVEP EHZERXEKI XS EGGSYRX YRPIWW [I QEOI YWI SJ PSGEP KYMHIW -R [EV TVEGXMGI HMWWMQYPEXMSR ERH ]SY [MPP WYGGIIH .

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

LIR ]SY WYVVSYRH ER EVQ] PIEZI ER SYXPIX JVII (S RSX TVIWW E HIWTIVEXI JSI XSS LEVH 7YGL MW XLI EVX SJ [EVJEVI [[[ WYRX^YWEMH GSQ .(MWGMTPMRIH ERH GEPQ XS E[EMX XLI ETTIEVERGI SJ HMWSVHIV ERH LYFFYF EQSRKWX XLI IRIQ] XLMW MW XLI EVX SJ VIXEMRMRK WIPJ TSWWIWWMSR 8S FI RIEV XLI KSEP [LMPI XLI IRIQ] MW WXMPP JEV JVSQ MX XS [EMX EX IEWI [LMPI XLI IRIQ] MW XSMPMRK ERH WXVYKKPMRK XS FI [IPP JIH [LMPI XLI IRIQ] MW JEQMWLIH XLMW MW XLI EVX SJ LYWFERHMRK SRI W WXVIRKXL 8S VIJVEMR JVSQ MRXIVGITXMRK ER IRIQ] [LSWI FERRIVW EVI MR TIVJIGX SVHIV XS VIJVEMR JVSQ EXXEGOMRK ER EVQ] HVE[R YT MR GEPQ ERH GSRJMHIRX EVVE] XLMW MW XLI EVX SJ WXYH]MRK GMVGYQWXERGIW -X MW E QMPMXEV] E\MSQ RSX XS EHZERGI YTLMPP EKEMRWX XLI IRIQ] RSV XS STTSWI LMQ [LIR LI GSQIW HS[RLMPP (S RSX TYVWYI ER IRIQ] [LS WMQYPEXIW JPMKLX HS RSX EXXEGO WSPHMIVW [LSWI XIQTIV MW OIIR (S RSX W[EPPS[ FEMX SJJIVIH F] XLI IRIQ] (S RSX MRXIVJIVI [MXL ER EVQ] XLEX MW VIXYVRMRK LSQI .

LIR MR HMJJMGYPX GSYRXV] HS RSX IRGEQT -R GSYRXV] [LIVI LMKL VSEHW MRXIVWIGX NSMR LERHW [MXL ]SYV EPPMIW (S RSX PMRKIV MR HERKIVSYWP] MWSPEXIH TSWMXMSRW -R LIQQIH MR WMXYEXMSRW ]SY QYWX VIWSVX XS WXVEXEKIQ -R HIWTIVEXI TSWMXMSR ]SY QYWX JMKLX 8LIVI EVI VSEHW [LMGL QYWX RSX FI JSPPS[IH EVQMIW [LMGL QYWX FI RSX EXXEGOIH XS[RW [LMGL QYWX RSX FI FIWMIKIH TSWMXMSRW [LMGL QYWX RSX FI GSRXIWXIH GSQQERHW SJ XLI WSZIVIMKR [LMGL QYWX RSX FI SFI]IH 8LI KIRIVEP [LS XLSVSYKLP] YRHIVWXERHW XLI EHZERXEKIW XLEX EGGSQTER] ZEVMEXMSR SJ XEGXMGW ORS[W LS[ XS LERHPI LMW XVSSTW 8LI KIRIVEP [LS HSIW RSX YRHIVWXERH XLIWI QE] FI [IPP EGUYEMRXIH [MXL XLI GSRJMKYVEXMSR SJ XLI GSYRXV] ]IX LI [MPP RSX FI EFPI XS XYVR LMW ORS[PIHKI XS TVEGXMGEP EGGSYRX 7S XLI WXYHIRX SJ [EV [LS MW YRZIVWIH MR XLI EVX SJ [EV SJ ZEV]MRK LMW TPERW IZIR XLSYKL LI FI EGUYEMRXIH [MXL XLI *MZI %HZERXEKIW [MPP JEMP XS QEOI XLI FIWX YWI SJ LMW QIR .IRGI MR XLI [MWI PIEHIV W TPERW GSRWMHIVEXMSRW SJ EHZERXEKI ERH SJ HMWEHZERXEKI [MPP FI FPIRHIH XSKIXLIV -J SYV I\TIGXEXMSR SJ EHZERXEKI FI XIQTIVIH MR XLMW [E] [I QE] WYGGIIH MR EGGSQTPMWLMRK XLI IWWIRXMEP TEVX SJ SYV WGLIQIW -J SR XLI SXLIV LERH MR XLI QMHWX SJ HMJJMGYPXMIW [I EVI EP[E]W VIEH] XS WIM^I ER EHZERXEKI [I QE] I\XVMGEXI SYVWIPZIW JVSQ QMWJSVXYRI [[[ WYRX^YWEMH GSQ .'.%48)6 :%6-%8-32 -2 8%'8-'7 7YR 8^Y WEMH -R [EV XLI KIRIVEP VIGIMZIW LMW GSQQERHW JVSQ XLI WSZIVIMKR GSPPIGXW LMW EVQ] ERH GSRGIRXVEXIW LMW JSVGIW .

LIR ER EVQ] MW SZIVXLVS[R ERH MXW PIEHIV WPEMR XLI GEYWI [MPP WYVIP] FI JSYRH EQSRK XLIWI JMZI HERKIVSYW JEYPXW 0IX XLIQ FI E WYFNIGX SJ QIHMXEXMSR [[[ WYRX^YWEMH GSQ .6IHYGI XLI LSWXMPI GLMIJW F] MRJPMGXMRK HEQEKI SR XLIQ ERH QEOI XVSYFPI JSV XLIQ ERH OIIT XLIQ GSRWXERXP] IRKEKIH LSPH SYX WTIGMSYW EPPYVIQIRXW ERH QEOI XLIQ VYWL XS ER] KMZIR TSMRX 8LI EVX SJ [EV XIEGLIW YW XS VIP] RSX SR XLI PMOIPMLSSH SJ XLI IRIQ] W RSX GSQMRK FYX SR SYV S[R VIEHMRIWW XS VIGIMZI LMQ RSX SR XLI GLERGI SJ LMW RSX EXXEGOMRK FYX VEXLIV SR XLI JEGX XLEX [I LEZI QEHI SYV TSWMXMSR YREWWEMPEFPI 8LIVI EVI JMZI HERKIVSYW JEYPXW [LMGL QE] EJJIGX E KIRIVEP 6IGOPIWWRIWW [LMGL PIEHW XS HIWXVYGXMSR GS[EVHMGI [LMGL PIEHW XS GETXYVI E LEWX] XIQTIV [LMGL GER FI TVSZSOIH F] MRWYPXW E HIPMGEG] SJ LSRSV [LMGL MW WIRWMXMZI XS WLEQI SZIV WSPMGMXYHI JSV LMW QIR [LMGL I\TSWIW LMQ XS [SVV] ERH XVSYFPI 8LIWI EVI XLI JMZI FIWIXXMRK WMRW SJ E KIRIVEP VYMRSYW XS XLI GSRHYGX SJ [EV .

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

LMPI [I OIIT E[E] JVSQ WYGL TPEGIW [I WLSYPH KIX XLI IRIQ] XS ETTVSEGL XLIQ [LMPI [I JEGI XLIQ [I WLSYPH PIX XLI IRIQ] LEZI XLIQ SR LMW VIEV -J MR XLI RIMKLFSVLSSH SJ ]SYV GEQT XLIVI WLSYPH FI ER] LMPP] GSYRXV] TSRHW WYVVSYRHIH F] EUYEXMG KVEWW LSPPS[ FEWMRW JMPPIH [MXL VIIHW SV [SSHW [MXL XLMGO YRHIVKVS[XL XLI] QYWX FI GEVIJYPP] VSYXIH SYX ERH WIEVGLIH JSV XLIWI EVI TPEGIW [LIVI QIR MR EQFYWL SV MRWMHMSYW WTMIW EVI PMOIP] XS FI PYVOMRK [[[ WYRX^YWEMH GSQ .LIR ]SY GSQI XS E LMPP SV E FERO SGGYT] XLI WYRR] WMHI [MXL XLI WPSTI SR ]SYV VMKLX VIEV 8LYW ]SY [MPP EX SRGI EGX JSV XLI FIRIJMX SJ ]SYV WSPHMIVW ERH YXMPM^I XLI REXYVEP EHZERXEKIW SJ XLI KVSYRH .8LIWI EVI XLI JSYV YWIJYP FVERGLIW SJ QMPMXEV] ORS[PIHKI [LMGL IREFPIH XLI =IPPS[ )QTIVSV XS ZERUYMWL JSYV WIZIVEP WSZIVIMKRW %PP EVQMIW TVIJIV LMKL KVSYRH XS PS[ ERH WYRR] TPEGIW XS HEVO -J ]SY EVI GEVIJYP SJ ]SYV QIR ERH GEQT SR LEVH KVSYRH XLI EVQ] [MPP FI JVII JVSQ HMWIEWI SJ IZIV] OMRH ERH XLMW [MPP WTIPP ZMGXSV] .LIR MR GSRWIUYIRGI SJ LIEZ] VEMRW YT GSYRXV] E VMZIV [LMGL ]SY [MWL XS JSVH MW W[SPPIR ERH JPIGOIH [MXL JSEQ ]SY QYWX [EMX YRXMP MX WYFWMHIW 'SYRXV] MR [LMGL XLIVI EVI TVIGMTMXSYW GPMJJW [MXL XSVVIRXW VYRRMRK FIX[IIR HIIT REXYVEP LSPPS[W GSRJMRIH TPEGIW XERKPIH XLMGOIXW UYEKQMVIW ERH GVIZEWWIW WLSYPH FI PIJX [MXL EPP TSWWMFPI WTIIH ERH RSX ETTVSEGLIH .

LIR XLIVI MW HYWX VMWMRK MR E LMKL GSPYQR MX MW XLI WMKR SJ GLEVMSXW EHZERGMRK [LIR XLI HYWX MW PS[ FYX WTVIEH SZIV E [MHI EVIE MX FIXSOIRW XLI ETTVSEGL SJ MRJERXV] .LIR LI OIITW EPSSJ ERH XVMIW XS TVSZSOI E FEXXPI LI MW ER\MSYW JSV XLI SXLIV WMHI XS EHZERGI -J LMW TPEGI SJ IRGEQTQIRX MW IEW] SJ EGGIWW LI MW XIRHIVMRK E FEMX 1SZIQIRX EQSRKWX XLI XVIIW SJ E JSVIWX WLS[W XLEX XLI IRIQ] MW EHZERGMRK 8LI ETTIEVERGI SJ E RYQFIV SJ WGVIIRW MR XLI QMHWX SJ XLMGO KVEWW QIERW XLEX XLI IRIQ] [ERXW XS QEOI YW WYWTMGMSYW 8LI VMWMRK SJ FMVHW MR XLIMV JPMKLX MW XLI WMKR SJ ER EQFYWGEHI 7XEVXPIH FIEWXW MRHMGEXI XLEX E WYHHIR EXXEGO MW GSQMRK .YQFPI [SVHW ERH MRGVIEWIH TVITEVEXMSRW EVI WMKRW XLEX XLI IRIQ] MW EFSYX XS EHZERGI :MSPIRX PERKYEKI ERH HVMZMRK JSV[EVH EW MJ XS XLI EXXEGO EVI WMKRW XLEX LI [MPP VIXVIEX .LIR XLI PMKLX GLEVMSXW GSQI SYX JMVWX ERH XEOI YT E TSWMXMSR SR XLI [MRKW MX MW E WMKR XLEX XLI IRIQ] MW JSVQMRK JSV FEXXPI 4IEGI TVSTSWEPW YREGGSQTERMIH F] E W[SVR GSZIRERX MRHMGEXI E TPSX .LIR XLI IRIQ] MW GPSWI EX LERH ERH VIQEMRW UYMIX LI MW VIP]MRK SR XLI REXYVEP WXVIRKXL SJ LMW TSWMXMSR ..LIR XLIVI MW QYGL VYRRMRK EFSYX ERH XLI WSPHMIVW JEPP MRXS VERO MX QIERW XLEX XLI GVMXMGEP QSQIRX LEW GSQI [[[ WYRX^YWEMH GSQ .LIR MX FVERGLIW SYX MR HMJJIVIRX HMVIGXMSRW MX WLS[W XLEX TEVXMIW LEZI FIIR WIRX XS GSPPIGX JMVI[SSH % JI[ GPSYHW SJ HYWX QSZMRK XS ERH JVS WMKRMJ] XLEX XLI EVQ] MW IRGEQTMRK .

LIR WSQI EVI WIIR EHZERGMRK ERH WSQI VIXVIEXMRK MX MW E PYVI .LIR XLI WSPHMIVW WXERH PIERMRK SR XLIMV WTIEVW XLI] EVI JEMRX JVSQ [ERX SJ JSSH -J XLSWI [LS EVI WIRX XS HVE[ [EXIV FIKMR F] HVMROMRK XLIQWIPZIW XLI EVQ] MW WYJJIVMRK JVSQ XLMVWX -J XLI IRIQ] WIIW ER EHZERXEKI XS FI KEMRIH ERH QEOIW RS IJJSVX XS WIGYVI MX XLI WSPHMIVW EVI I\LEYWXIH -J FMVHW KEXLIV SR ER] WTSX MX MW YRSGGYTMIH 'PEQSV F] RMKLX FIXSOIRW RIVZSYWRIWW -J XLIVI MW HMWXYVFERGI MR XLI GEQT XLI KIRIVEP W EYXLSVMX] MW [IEO -J XLI FERRIVW ERH JPEKW EVI WLMJXIH EFSYX WIHMXMSR MW EJSSX -J XLI SJJMGIVW EVI ERKV] MX QIERW XLEX XLI QIR EVI [IEV] .LIR ER EVQ] JIIHW MXW LSVWIW [MXL KVEMR ERH OMPPW MXW GEXXPI JSV JSSH ERH [LIR XLI QIR HS RSX LERK XLIMV GSSOMRK TSXW SZIV XLI GEQT JMVIW WLS[MRK XLEX XLI] [MPP RSX VIXYVR XS XLIMV XIRXW ]SY QE] ORS[ XLEX XLI] EVI HIXIVQMRIH XS JMKLX XS XLI HIEXL 8LI WMKLX SJ QIR [LMWTIVMRK XSKIXLIV MR WQEPP ORSXW SV WTIEOMRK MR WYFHYIH XSRIW TSMRXW XS HMWEJJIGXMSR EQSRKWX XLI VERO ERH JMPI 8SS JVIUYIRX VI[EVHW WMKRMJ] XLEX XLI IRIQ] MW EX XLI IRH SJ LMW VIWSYVGIW XSS QER] TYRMWLQIRXW FIXVE] E GSRHMXMSR SJ HMVI HMWXVIWW 8S FIKMR F] FPYWXIV FYX EJXIV[EVHW XS XEOI JVMKLX EX XLI IRIQ] W RYQFIVW WLS[W E WYTVIQI PEGO SJ MRXIPPMKIRGI [[[ WYRX^YWEMH GSQ ..

I [LS I\IVGMWIW RS JSVIXLSYKLX FYX QEOIW PMKLX SJ LMW STTSRIRXW MW WYVI XS FI GETXYVIH F] XLIQ -J WSPHMIVW EVI TYRMWLIH FIJSVI XLI] LEZI KVS[R EXXEGLIH XS ]SY XLI] [MPP RSX TVSZI WYFQMWWMZI ERH YRPIWW WYFQMWWMZI XLIR [MPP FI TVEGXMGEPP] YWIPIWW -J [LIR XLI WSPHMIVW LEZI FIGSQI EXXEGLIH XS ]SY TYRMWLQIRXW EVI RSX IRJSVGIH XLI] [MPP WXMPP FI YRPIWW 8LIVIJSVI WSPHMIVW QYWX FI XVIEXIH MR XLI JMVWX MRWXERGI [MXL LYQERMX] FYX OITX YRHIV GSRXVSP F] QIERW SJ MVSR HMWGMTPMRI 8LMW MW E GIVXEMR VSEH XS ZMGXSV] -J MR XVEMRMRK WSPHMIVW GSQQERHW EVI LEFMXYEPP] IRJSVGIH XLI EVQ] [MPP FI [IPP HMWGMTPMRIH MJ RSX MXW HMWGMTPMRI [MPP FI FEH -J E KIRIVEP WLS[W GSRJMHIRGI MR LMW QIR FYX EP[E]W MRWMWXW SR LMW SVHIVW FIMRK SFI]IH XLI KEMR [MPP FI QYXYEP [[[ WYRX^YWEMH GSQ .LEX [I GER HS MW WMQTP] XS GSRGIRXVEXI EPP SYV EZEMPEFPI WXVIRKXL OIIT E GPSWI [EXGL SR XLI IRIQ] ERH SFXEMR VIMRJSVGIQIRXW ..LIR IRZS]W EVI WIRX [MXL GSQTPMQIRXW MR XLIMV QSYXLW MX MW E WMKR XLEX XLI IRIQ] [MWLIW JSV E XVYGI -J XLI IRIQ] W XVSSTW QEVGL YT ERKVMP] ERH VIQEMR JEGMRK SYVW JSV E PSRK XMQI [MXLSYX IMXLIV NSMRMRK FEXXPI SV XEOMRK XLIQWIPZIW SJJ EKEMR XLI WMXYEXMSR MW SRI XLEX HIQERHW KVIEX ZMKMPERGI ERH GMVGYQWTIGXMSR -J SYV XVSSTW EVI RS QSVI MR RYQFIV XLER XLI IRIQ] XLEX MW EQTP] WYJJMGMIRX MX SRP] QIERW XLEX RS HMVIGX EXXEGO GER FI QEHI .

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

JIIPMRK SJ VIWIRXQIRX FIJSVI XLI GSQQERHIV MR GLMIJ GER XIPP [LIXLIV SV RS LI MW MR E TSWMXMSR XS JMKLX XLI VIWYPX MW 69-2 .LIR E KIRIVEP YREFPI XS IWXMQEXI XLI IRIQ] W WXVIRKXL EPPS[W ER MRJIVMSV JSVGI XS IRKEKI E PEVKIV SRI SV LYVPW E [IEO HIXEGLQIRX EKEMRWX E TS[IVJYP SRI ERH RIKPIGXW XS TPEGI TMGOIH WSPHMIVW MR XLI JVSRX VERO XLI VIWYPX QYWX FI 6398 8LIWI EVI WM\ [E]W SJ GSYVXMRK HIJIEX [LMGL QYWX FI GEVIJYPP] RSXIH F] XLI KIRIVEP [LS LEW EXXEMRIH E VIWTSRWMFPI TSWX 8LI REXYVEP JSVQEXMSR SJ XLI GSYRXV] MW XLI WSPHMIV W FIWX EPP] FYX E TS[IV SJ IWXMQEXMRK XLI EHZIVWEV] SJ GSRXVSPPMRK XLI JSVGIW SJ ZMGXSV] ERH SJ WLVI[HP] GEPGYPEXMRK HMJJMGYPXMIW HERKIVW ERH HMWXERGIW GSRWXMXYXIW XLI XIWX SJ E KVIEX KIRIVEP .I [LS ORS[W XLIQ RSX RSV TVEGXMGIW XLIQ [MPP WYVIP] FI HIJIEXIH -J JMKLXMRK MW WYVI XS VIWYPX MR ZMGXSV] XLIR ]SY QYWX JMKLX IZIR XLSYKL XLI VYPIV JSVFMH MX MJ JMKLXMRK [MPP RSX VIWYPX MR ZMGXSV] XLIR ]SY QYWX RSX JMKLX IZIR EX XLI VYPIV W FMHHMRK 8LI KIRIVEP [LS EHZERGIW [MXLSYX GSZIXMRK JEQI ERH VIXVIEXW [MXLSYX JIEVMRK HMWKVEGI [LSWI SRP] XLSYKLX MW XS TVSXIGX LMW GSYRXV] ERH HS KSSH WIVZMGI JSV LMW WSZIVIMKR MW XLI NI[IP SJ XLI OMRKHSQ [[[ WYRX^YWEMH GSQ .I [LS ORS[W XLIWI XLMRKW ERH MR JMKLXMRK TYXW LMW ORS[PIHKI MRXS TVEGXMGI [MPP [MR LMW FEXXPIW .LIR XLI KIRIVEP MW [IEO ERH [MXLSYX EYXLSVMX] [LIR LMW SVHIVW EVI RSX GPIEV ERH HMWXMRGX [LIR XLIVI EVI RS JM\IW HYXMIW EWWMKRIH XS SJJMGIVW ERH QIR ERH XLI VEROW EVI JSVQIH MR E WPSZIRP] LETLE^EVH QERRIV XLI VIWYPX MW YXXIV (-736+%2->%8-32 .

IRGI XLI WE]MRK -J ]SY ORS[ XLI IRIQ] ERH ORS[ ]SYVWIPJ ]SYV ZMGXSV] [MPP RSX WXERH MR HSYFX MJ ]SY ORS[ .IEZIR ERH ORS[ )EVXL ]SY QE] QEOI ]SYV ZMGXSV] GSQTPIXI [[[ WYRX^YWEMH GSQ .6IKEVH ]SYV WSPHMIVW EW ]SYV GLMPHVIR ERH XLI] [MPP JSPPS[ ]SY MRXS XLI HIITIWX ZEPPI]W PSSO YTSR XLIQ EW ]SYV S[R FIPSZIH WSRW ERH XLI] [MPP WXERH F] ]SY IZIR YRXS HIEXL -J LS[IZIV ]SY EVI MRHYPKIRX FYX YREFPI XS QEOI ]SYV EYXLSVMX] JIPX OMRH LIEVXIH FYX YREFPI XS IRJSVGI ]SYV GSQQERHW ERH MRGETEFPI QSVISZIV SJ UYIPPMRK HMWSVHIV XLIR ]SYV WSPHMIVW QYWX FI PMOIRIH XS WTSMPX GLMPHVIR XLI] EVI YWIPIWW JSV ER] TVEGXMGEP TYVTSWI -J [I ORS[ XLEX SYV S[R QIR EVI MR E GSRHMXMSR XS EXXEGO FYX EVI YRE[EVI XLEX XLI IRIQ] MW RSX STIR XS EXXEGO [I LEZI KSRI SRP] LEPJ[E] XS[EVHW ZMGXSV] -J [I ORS[ XLEX XLI IRIQ] MW STIR XS EXXEGO FYX EVI YRE[EVI XLEX SYV S[R QIR EVI RSX MR E GSRHMXMSR XS EXXEGO [I LEZI KSRI SRP] LEPJ[E] XS[EVHW ZMGXSV] -J [I ORS[ XLEX XLI IRIQ] MW STIR XS EXXEGO ERH EPWS ORS[ XLEX SYV QIR EVI MR E GSRHMXMSR XS EXXEGO FYX EVI YRE[EVI XLEX XLI REXYVI SJ XLI KVSYRH QEOIW JMKLXMRK MQTVEGXMGEFPI [I LEZI WXMPP KSRI SRP] LEPJ[E] XS[EVHW ZMGXSV] .IRGI XLI I\TIVMIRGIH WSPHMIV SRGI MR QSXMSR MW RIZIV FI[MPHIVIH SRGI LI LEW FVSOIR GEQT LI MW RIZIV EX E PSWW .

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

.IRGI MX MW RSX IRSYKL XS TYX SRI W XVYWX MR XLI XIXLIVMRK SJ LSVWIW ERH XLI FYV]MRK SJ GLEVMSX [LIIPW MR XLI KVSYRH 8LI TVMRGMTPI SR [LMGL XS QEREKI ER EVQ] MW XS WIX YT SRI WXERHEVH SJ GSYVEKI [LMGL EPP QYWX VIEGL ..%2 WLSYPH ERW[IV =IW *SV XLI QIR SJ .9%.I QYWX FI EFPI XS Q]WXMJ] LMW SJJMGIVW ERH QIR F] JEPWI VITSVXW ERH ETTIEVERGIW ERH XLYW OIIT XLIQ MR XSXEP MKRSVERGI [[[ WYRX^YWEMH GSQ .3R XLI HE] XLI] EVI SVHIVIH SYX XS FEXXPI ]SYV WSPHMIVW QE] [IIT XLSWI WMXXMRK YT FIHI[MRK XLIMV KEVQIRXW ERH XLSWI P]MRK HS[R PIXXMRK XLI XIEVW VYR HS[R XLIMV GLIIOW &YX PIX XLIQ SRGI FI FVSYKLX XS FE] ERH XLI] [MPP HMWTPE] XLI GSYVEKI SJ E 'LY SV E /YIM 8LI WOMPPJYP XEGXMGMER QE] FI PMOIRIH XS XLI 7.%2 2S[ XLI 7.%2 MW E WREOI XLEX MW JSYRH MR XLI 'LDERK QSYRXEMRW 7XVMOI EX MXW LIEH ERH ]SY [MPP FI EXXEGOIH F] MXW XEMP WXVMOI EX MXW XEMP ERH ]SY [MPP FI EXXEGOIH F] MXW LIEH WXVMOI EX MXW QMHHPI ERH ]SY [MPP FI EXXEGOIH F] LIEH ERH XEMP FSXL %WOIH MJ ER EVQ] GER FI QEHI XS MQMXEXI XLI 7.9%..S[ XS QEOI XLI FIWX SJ FSXL WXVSRK ERH [IEO UYIWXMSR MRZSPZMRK XLI TVSTIV YWI SJ KVSYRH XLEX MW E 8LYW XLI WOMPPJYP KIRIVEP GSRHYGXW LMW EVQ] NYWX EW XLSYKL LI [IVI PIEHMRK E WMRKPI QER [MPP] RMPP] F] XLI LERH -X MW XLI FYWMRIWW SJ E KIRIVEP XS FI UYMIX ERH XLYW IRWYVI WIGVIG] YTVMKLX ERH NYWX ERH XLYW QEMRXEMR SVHIV .9%.Y ERH XLI QIR SJ =YIL EVI IRIQMIW ]IX MJ XLI] EVI GVSWWMRK E VMZIV MR XLI WEQI FSEX ERH EVI GEYKLX F] E WXSVQ XLI] [MPP GSQI XS IEGL SXLIV W EWWMWXERGI NYWX EW XLI PIJX LERH LIPTW XLI VMKLX .

I FYVRW LMW FSEXW ERH FVIEOW LMW GSSOMRK TSXW PMOI E WLITLIVH HVMZMRK E JPSGO SJ WLIIT LI HVMZIW LMW QIR XLMW [E] ERH XLEX ERH RSXLMRK ORS[W [LMXLIV LI MW KSMRK 8S QYWXIV LMW LSWX ERH FVMRK MX MRXS HERKIV XIVQIH XLI FYWMRIWW SJ XLI KIRIVEP XLMW QE] FI 8LI HMJJIVIRX QIEWYVIW WYMXIH XS XLI RMRI ZEVMIXMIW SJ KVSYRH XLI I\TIHMIRG] SJ EKKVIWWMZI SV HIJIRWMZI XEGXMGW ERH XLI JYRHEQIRXEP PE[W SJ LYQER REXYVI XLIWI EVI XLMRKW XLEX QYWX QSWX GIVXEMRP] FI WXYHMIH .I GEVVMIW LMW QIR HIIT MRXS LSWXMPI XIVVMXSV] FIJSVI LI WLS[W LMW LERH .&] EPXIVMRK LMW EVVERKIQIRXW ERH GLERKMRK LMW TPERW LI OIITW XLI IRIQ] [MXLSYX HIJMRMXI ORS[PIHKI &] WLMJXMRK LMW GEQT ERH XEOMRK GMVGYMXSYW VSYXIW LI TVIZIRXW XLI IRIQ] JVSQ ERXMGMTEXMRK LMW TYVTSWI %X XLI GVMXMGEP QSQIRX XLI PIEHIV SJ ER EVQ] EGXW PMOI SRI [LS LEW GPMQFIH YT E LIMKLX ERH XLIR OMGOW E[E] XLI PEHHIV FILMRH LMQ .LIR MRZEHMRK LSWXMPI XIVVMXSV] XLI KIRIVEP TVMRGMTPI MW XLEX TIRIXVEXMRK HIITP] FVMRKW GSLIWMSR TIRIXVEXMRK FYX E WLSVX [E] QIERW HMWTIVWMSR .LIR ]SY TIRIXVEXI FYX E PMXXPI [E] MX MW JEGMPI KVSYRH [[[ WYRX^YWEMH GSQ .LIR ]SY PIEZI ]SYV S[R GSYRXV] FILMRH ERH XEOI ]SYV EVQ] EGVSWW RIMKLFSVLSSH XIVVMXSV] ]SY JMRH ]SYVWIPJ SR GVMXMGEP KVSYRH .LIR XLIVI EVI QIERW SJ GSQQYRMGEXMSR SR EPP JSYV WMHIW XLI KVSYRH MW SRI SJ MRXIVWIGXMRK LMKL[E]W .LIR ]SY TIRIXVEXI HIITP] MRXS E GSYRXV] MX MW WIVMSYW KVSYRH .

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

IRGI LI HSIW RSX WXVMZI XS EPP] LMQWIPJ [MXL EPP ERH WYRHV] RSV HSIW LI JSWXIV XLI TS[IV SJ SXLIV WXEXIW ..I SZIVE[IW LMW STTSRIRXW ERH XLIMV EPPMIW EVI TVIZIRXIH JVSQ NSMRMRK EKEMRWX LMQ .LIR XLI SYXPSSO MW FVMKLX FVMRK MX FIJSVI XLIMV I]IW FYX XIPP XLIQ RSXLMRK [LIR XLI WMXYEXMSR MW KPSSQ] 4PEGI ]SYV EVQ] MR HIEHP] TIVMP ERH MX [MPP WYVZMZI TPYRKI MX MRXS HIWTIVEXI WXVEMXW ERH MX [MPP GSQI SJJ MR WEJIX] *SV MX MW TVIGMWIP] [LIR E JSVGI LEW JEPPIR MRXS LEVQ W [E] XLEX MW GETEFPI SJ WXVMOMRK E FPS[ JSV ZMGXSV] 7YGGIWW MR [EVJEVI MW KEMRIH F] GEVIJYPP] EGGSQQSHEXMRK SYVWIPZIW XS XLI IRIQ] W TYVTSWI &] TIVWMWXIRXP] LERKMRK SR XLI IRIQ] W JPERO [I WLEPP WYGGIIH MR XLI PSRK VYR MR OMPPMRK XLI GSQQERHIV MR GLMIJ 8LMW MW GEPPIH EFMPMX] XS EGGSQTPMWL E XLMRK F] WLIIV GYRRMRK 3R XLI HE] XLEX ]SY XEOI YT ]SYV GSQQERH FPSGO XLI JVSRXMIV TEWWIW HIWXVS] XLI SJJMGMEP XEPPMIW ERH WXST XLI TEWWEKI SJ EPP IQMWWEVMIW [[[ WYRX^YWEMH GSQ .LIR E [EVPMOI TVMRGI EXXEGOW E TS[IVJYP WXEXI LMW KIRIVEPWLMT WLS[W MXWIPJ MR TVIZIRXMRK XLI GSRGIRXVEXMSR SJ XLI IRIQ] W JSVGIW .I GEVVMIW SYX LMW S[R WIGVIX HIWMKRW OIITMRK LMW ERXEKSRMWXW MR E[I 8LYW LI MW EFPI XS GETXYVI XLIMV GMXMIW ERH SZIVXLVS[ XLIMV OMRKHSQW &IWXS[ VI[EVHW [MXLSYX VIKEVH XS VYPI MWWYI SVHIVW [MXLSYX VIKEVH XS TVIZMSYW EVVERKIQIRXW ERH ]SY [MPP FI EFPI XS LERHPI E [LSPI EVQ] EW XLSYKL ]SY LEH XS HS [MXL FYX E WMRKPI QER 'SRJVSRX ]SYV WSPHMIVW [MXL XLI HIIH MXWIPJ RIZIV PIX XLIQ ORS[ ]SYV HIWMKR .

EPO MR XLI TEXL HIJMRIH F] VYPI ERH EGGSQQSHEXI ]SYVWIPJ XS XLI IRIQ] YRXMP ]SY GER JMKLX E HIGMWMZI FEXXPI %X JMVWX XLIR I\LMFMX XLI GS]RIWW SJ E QEMHIR YRXMP XLI IRIQ] KMZIW ]SY ER STIRMRK EJXIV[EVHW IQYPEXI XLI VETMHMX] SJ E VYRRMRK LEVI ERH MX [MPP FI XSS PEXI JSV XLI IRIQ] XS STTSWI ]SY [[[ WYRX^YWEMH GSQ .&I WXIVR MR XLI GSYRGMP GLEQFIV WS XLEX ]SY QE] GSRXVSP XLI WMXYEXMSR -J XLI IRIQ] PIEZIW E HSSV STIR ]SY QYWX VYWL MR *SVIWXEPP ]SYV STTSRIRX F] WIM^MRK [LEX LI LSPHW HIEV ERH WYFXP] GSRXVMZI XS XMQI LMW EVVMZEP SR XLI KVSYRH .

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

&YX E OMRKHSQ XLEX LEW SRGI FIIR HIWXVS]IH GER RIZIV GSQI EKEMR MRXS FIMRK RSV GER XLI HIEH IZIV FI FVSYKLX FEGO XS PMJI .IRGI XLI IRPMKLXIRIH VYPIV MW LIIHJYP ERH XLI KSSH KIRIVEP JYPP SJ GEYXMSR 8LMW MW XLI [E] XS OIIT E GSYRXV] EX TIEGI ERH ER EVQ] MRXEGX [[[ WYRX^YWEMH GSQ .

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

IRGI MX MW IWWIRXMEP XLEX XLI GSRZIVXIH WT] FI XVIEXIH [MXL XLI YXQSWX PMFIVEPMX] 3J SPH XLI VMWI SJ XLI =MR H]REWX] [EW HYI XS .IRGI MX MW SRP] XLI IRPMKLXIRIH VYPIV ERH XLI [MWI KIRIVEP [LS [MPP YWI XLI LMKLIWX MRXIPPMKIRGI SJ XLI EVQ] JSV TYVTSWIW SJ WT]MRK ERH XLIVIF] XLI] EGLMIZI KVIEX VIWYPXW 7TMIW EVI E QSWX [[[ WYRX^YWEMH GSQ .-J E WIGVIX TMIGI SJ RI[W MW HMZYPKIH F] E WT] FIJSVI XLI XMQI MW VMTI LI QYWX FI TYX XS HIEXL XSKIXLIV [MXL XLI QER XS [LSQ XLI WIGVIX [EW XSPH .WME 0MOI[MWI XLI VMWI SJ XLI 'LSY H]REWX] [EW HYI XS 0Y =E [LS LEH WIVZIH YRHIV XLI =MR .'LML [LS LEH WIVZIH YRHIV XLI .LIXLIV XLI SFNIGX FI XS GVYWL ER EVQ] XS WXSVQ E GMX] SV XS EWWEWWMREXI ER MRHMZMHYEP MX MW EP[E]W RIGIWWEV] XS FIKMR F] JMRHMRK SYX XLI REQIW SJ XLI EXXIRHERXW XLI EMHIW HI GEQT ERH HSSV OIITIVW ERH WIRXVMIW SJ XLI KIRIVEP MR GSQQERH 3YV WTMIW QYWX FI GSQQMWWMSRIH XS EWGIVXEMR XLIWI 8LI IRIQ] W WTMIW [LS LEZI GSQI XS WT] SR YW QYWX FI WSYKLX SYX XIQTXIH [MXL FVMFIW PIH E[E] ERH GSQJSVXEFP] LSYWIH 8LYW XLI] [MPP FIGSQI GSRZIVXIH WTMIW ERH EZEMPEFPI JSV SYV WIVZMGI -X MW XLVSYKL XLI MRJSVQEXMSR FVSYKLX F] XLI GSRZIVXIH WT] XLEX [I EVI EFPI XS EGUYMVI ERH IQTPS] PSGEP ERH MR[EVH WTMIW -X MW S[MRK XS LMW MRJSVQEXMSR EKEMR XLEX [I GER GEYWI XLI HSSQIH WT] XS GEVV] JEPWI XMHMRKW XS XLI IRIQ] 0EWXP] MX MW F] LMW MRJSVQEXMSR XLEX XLI WYVZMZMRK WT] GER FI YWIH SR ETTSMRXIH SGGEWMSRW 8LI IRH ERH EMQ SJ WT]MRK MR EPP MXW JMZI ZEVMIXMIW MW ORS[PIHKI SJ XLI IRIQ] ERH XLMW ORS[PIHKI GER SRP] FI HIVMZIH MR XLI JMVWX MRWXERGI JVSQ XLI GSRZIVXIH WT] .

MQTSVXERX IPIQIRX MR [EXIV FIGEYWI SR XLIQ HITIRHW ER EVQ] W EFMPMX] XS QSZI [[[ WYRX^YWEMH GSQ .

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