This is a full White repertoire against the Caro-Kann Defence, based on 3.exd5 cxd5 4.Bd3. The Exchange Variation requires much less memorization than the main lines 3.Nc3 and 3.e5, yet offers just as good chances of an advantage. The book is based on recent developments in this variation and my own research, providing up-to-date lines and fresh ideas of how to pose Black maximum problems.