This report follows the history of the CPN (M) since its beginning in 1995, focusing on key turning points and analysing how the organisation constantly tried to adapt its strategy and tactics in relation to political developments inside and outside Nepal. For that purpose, exclusive interviews were carried out with Maoist leaders, most frequently with Dr. Baburam Bhattarai, who is one of the main policy makers of the CPN (M) and has been a key figure in successive peace negotiations with the state.