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Automatic Train Protection System

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Automatic Train Protection System Industry Research Report 2026

Market perspective

The global Automatic Train Protection System market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.

North America: the Automatic Train Protection System market is projected to increase from US$ million in 2026 to US$ million by 2032, reflecting a CAGR of % over 2026–2032. Europe: the Automatic Train Protection System market is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032. Asia Pacific: the Automatic Train Protection System market is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032. Leading global service providers of Automatic Train Protection System include ALTPRO, Cisco, KAVACH, MERMIC Inc, Siemens and Thales Group, among others; in 2025, the top three vendors together accounted for approximately % of global revenue.

Report Scope

Read the full market overview

This report quantifies the global Automatic Train Protection System market in terms of revenue (US$ million) and, where applicable, service volume (k units), using 2024 as the base year and providing annual historical and forecast data for 2021–2032.

It standardizes definitions of service Types and end-use Applications, harmonizes provider attribution, and delivers comparable time series by company, Type, Application, and region or country, including indicative price bands (US$/k units) and concentration ratios (CR5/CR10). Outputs are intended to support service design, budgeting, capacity planning, and benchmarking for providers, platforms, channel partners, and investors; the report also reviews technology shifts and notable service innovations relevant to Automatic Train Protection System.

Key Companies & Market Share Insights

This section profiles leading service providers with 2021–2025 results and a 2026–2032 outlook—covering revenue, market share, price bands, service portfolio and client mix, regional and channel mix, and key developments (M&A, network expansion, certifications). It also provides global revenue, average price, and—where applicable—volume metrics by provider, and calculates CR5/CR10 and rank changes to support comparative benchmarking.

Automatic Train Protection System Market by Company

ALTPRO

Cisco

KAVACH

MERMIC Inc

Siemens

Thales Group

Automatic Train Protection System Segment by Type

Induction System

Active System

Automatic Train Protection System Segment by Application

Railway

Subway

Others

Automatic Train Protection System Segment by Region

North America

United States

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Spain

Russia

Netherlands

Nordic Countries

Asia-Pacific

China

Japan

South Korea

India

Australia

Taiwan

Southeast Asia

South America

Brazil

Argentina

Chile

Middle East & Africa

Saudi Arabia

Israel

United Arab Emirates

Turkey

Iran

Egypt

Key Drivers & Barriers

High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.

Reasons to Buy This Report

1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Automatic Train Protection System market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.

2. This report will help stakeholders to understand the global industry status and trends of Automatic Train Protection System and provides them with information on key market drivers, restraints, challenges, and opportunities.

3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.

4. This report stays updated with novel technology integration, features, and the latest developments in the market

5. This report helps stakeholders to gain insights into which regions to target globally

6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Automatic Train Protection System.

7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.

Chapter Outline

Chapter 1: Research objectives, research methods, data sources, data cross-validation;

Chapter 2: Introduces the report scope of the report, executive summary of different market segments (product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.

Chapter 3: Provides the analysis of various market segments product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 4: Provides the analysis of various market segments application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 5: Introduces executive summary of global market size, regional market size, this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.

Chapter 6: Detailed analysis of Automatic Train Protection System companies’ competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.

Chapter 7, 8, 9, 10, 11: North America, Europe, Asia Pacific, South America, Middle East and Africa segment by country. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.

Chapter 12: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including revenue, gross margin, product introduction, recent development, etc.

Chapter 13: The main points and conclusions of the report.

More report detail

Tables and figures
List of Tables Table 1. Secondary Sources Table 2. Primary Sources Table 3. Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million) Table 4. Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million) Table 5. Global Automatic Train Protection System Market Size by Type (2021-2026) & (US$ Million) Table 6. Global Automatic Train Protection System Revenue Market Share by Type (2021-2026) Table 7. Global Automatic Train Protection System Forecasted Market Size by Type (2027-2032) & (US$ Million) Table 8. Global Automatic Train Protection System Revenue Market Share by Type (2027-2032) Table 9. Global Automatic Train Protection System Market Size by Application (2021-2026) & (US$ Million) Table 10. Global Automatic Train Protection System Revenue Market Share by Application (2021-2026) Table 11. Global Automatic Train Protection System Forecasted Market Size by Application (2027-2032) & (US$ Million) Table 12. Global Automatic Train Protection System Revenue Market Share by Application (2027-2032) Table 13. Global Automatic Train Protection System Market Size by Region (US$ Million): 2021 VS 2025 VS 2032 Table 14. Global Automatic Train Protection System Market Size by Region (2021-2026) & (US$ Million) Table 15. Global Automatic Train Protection System Market Share by Region (2021-2026) Table 16. Global Automatic Train Protection System Forecasted Market Size by Region (2027-2032) & (US$ Million) Table 17. Global Automatic Train Protection System Market Share by Region (2027-2032) Table 18. Automatic Train Protection System Industry Trends Table 19. Automatic Train Protection System Industry Drivers Table 20. Automatic Train Protection System Industry Opportunities and Challenges Table 21. Automatic Train Protection System Market Restraints Table 22. Global Top Automatic Train Protection System Players by Revenue (US$ Million) & (2021-2026) Table 23. Global Automatic Train Protection System Revenue Market Share by Players (2021-2026) Table 24. Global Automatic Train Protection System Industry Players Ranking, 2024 VS 2025 VS 2026 Table 25. Global Key Players of Automatic Train Protection System, Headquarters and Area Served Table 26. Global Automatic Train Protection System Players, Product Type & Application Table 27. Global Players Market Concentration Ratio (CR5 and HHI) Table 28. Global Automatic Train Protection System by Players Type (Tier 1, Tier 2, and Tier 3) & (Based on the Revenue of 2025) Table 29. Players Mergers & Acquisitions, Expansion Plans Table 30. North America Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032 (US$ Million) Table 31. North America Automatic Train Protection System Market Size by Country (2021-2026) & (US$ Million) Table 32. North America Automatic Train Protection System Market Size by Country (2027-2032) & (US$ Million) Table 33. Europe Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032 (US$ Million) Table 34. Europe Automatic Train Protection System Market Size by Country (2021-2026) & (US$ Million) Table 35. Europe Automatic Train Protection System Market Size by Country (2027-2032) & (US$ Million) Table 36. Asia Pacific Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032 (US$ Million) Table 37. Asia Pacific Automatic Train Protection System Market Size by Region (2021-2026) & (US$ Million) Table 38. Asia Pacific Automatic Train Protection System Market Size by Country (2027-2032) & (US$ Million) Table 39. South America Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032 (US$ Million) Table 40. South America Automatic Train Protection System Market Size by Country (2021-2026) & (US$ Million) Table 41. South America Automatic Train Protection System Market Size by Country (2027-2032) & (US$ Million) Table 42. Middle East & Africa Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032 (US$ Million) Table 43. Middle East & Africa Automatic Train Protection System Market Size by Country (2021-2026) & (US$ Million) Table 44. Middle East & Africa Automatic Train Protection System Market Size by Country (2027-2032) & (US$ Million) Table 45. ALTPRO Company Information Table 46. ALTPRO Business Overview Table 47. ALTPRO Revenue in Automatic Train Protection System Business (2021-2026) & (US$ Million) Table 48. ALTPRO Automatic Train Protection System Product Portfolio Table 49. ALTPRO Recent Developments Table 50. Cisco Company Information Table 51. Cisco Business Overview Table 52. Cisco Revenue in Automatic Train Protection System Business (2021-2026) & (US$ Million) Table 53. Cisco Automatic Train Protection System Product Portfolio Table 54. Cisco Recent Developments Table 55. KAVACH Company Information Table 56. KAVACH Business Overview Table 57. KAVACH Revenue in Automatic Train Protection System Business (2021-2026) & (US$ Million) Table 58. KAVACH Automatic Train Protection System Product Portfolio Table 59. KAVACH Recent Developments Table 60. MERMIC Inc Company Information Table 61. MERMIC Inc Business Overview Table 62. MERMIC Inc Revenue in Automatic Train Protection System Business (2021-2026) & (US$ Million) Table 63. MERMIC Inc Automatic Train Protection System Product Portfolio Table 64. MERMIC Inc Recent Developments Table 65. Siemens Company Information Table 66. Siemens Business Overview Table 67. Siemens Revenue in Automatic Train Protection System Business (2021-2026) & (US$ Million) Table 68. Siemens Automatic Train Protection System Product Portfolio Table 69. Siemens Recent Developments Table 70. Thales Group Company Information Table 71. Thales Group Business Overview Table 72. Thales Group Revenue in Automatic Train Protection System Business (2021-2026) & (US$ Million) Table 73. Thales Group Automatic Train Protection System Product Portfolio Table 74. Thales Group Recent Developments Table 75. Authors List of This Report List of Figures Figure 1. Research Methodology Figure 2. Research Process Figure 3. Key Executives Interviewed Figure 4. Automatic Train Protection System Product Image Figure 5. Global Automatic Train Protection System Market Size Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million) Figure 6. Global Automatic Train Protection System Market Share by Type: 2025 VS 2032 Figure 7. Induction System Product Figure 8. Active System Product Figure 9. Global Automatic Train Protection System Market Size by Application (2021 VS 2025 VS 2032) & (US$ Million) Figure 10. Global Automatic Train Protection System Market Share by Application: 2025 VS 2032 Figure 11. Railway Product Figure 12. Subway Product Figure 13. Others Product Figure 14. Global Automatic Train Protection System Market Size (US$ Million), Year-over-Year: 2021-2032 Figure 15. Global Automatic Train Protection System Market Size, (US$ Million), 2021 VS 2025 VS 2032 Figure 16. Global Automatic Train Protection System Market Share by Region: 2025 VS 2032 Figure 17. Global Automatic Train Protection System Market Share by Players in 2025 Figure 18. Global Automatic Train Protection System Manufacturers Established Date Figure 19. Global Top 5 and 10 Automatic Train Protection System Players Market Share by Revenue in 2025 Figure 20. Players Type (Tier 1, Tier 2, and Tier 3): 2021 VS 2025 Figure 21. North America Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 22. North America Automatic Train Protection System Market Share by Country (2021-2032) Figure 23. United States Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 24. Canada Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 25. Mexico Automatic Train Protection System Market Share by Country (2021-2032) Figure 26. Europe Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 27. Europe Automatic Train Protection System Market Share by Country (2021-2032) Figure 28. Germany Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 29. France Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 30. U.K. Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 31. Italy Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 32. Spain Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 33. Russia Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 34. Netherlands Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 35. Nordic Countries Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 36. Asia-Pacific Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 37. Asia-Pacific Automatic Train Protection System Market Share by Country (2021-2032) Figure 38. China Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 39. Japan Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 40. South Korea Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 41. India Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 42. India Automatic Train Protection System Market Share by Country (2021-2032) Figure 43. Australia Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 44. China Taiwan Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 45. Southeast Asia Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 46. South America Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 47. South America Automatic Train Protection System Market Share by Country (2021-2032) Figure 48. Brazil Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 49. Argentina Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 50. Chile Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 51. Colombia Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 52. Peru Automatic Train Protection System Market Size YoY Growth (2021-2032) & (US$ Million) Figure 53. ALTPRO Revenue Growth Rate in Automatic Train Protection System Business (2021-2026) Figure 54. Cisco Revenue Growth Rate in Automatic Train Protection System Business (2021-2026) Figure 55. KAVACH Revenue Growth Rate in Automatic Train Protection System Business (2021-2026) Figure 56. MERMIC Inc Revenue Growth Rate in Automatic Train Protection System Business (2021-2026) Figure 57. Siemens Revenue Growth Rate in Automatic Train Protection System Business (2021-2026) Figure 58. Thales Group Revenue Growth Rate in Automatic Train Protection System Business (2021-2026)

Scope & coverage.

Types
  • Induction System
  • Active System
Applications
  • Railway
  • Subway
  • Others
Companies covered
  • ALTPRO
  • Cisco
  • KAVACH
  • MERMIC Inc
  • Siemens
  • Thales Group

Inside the report.

1 Preface
  1. 1.1 Scope of Report
  2. 1.2 Reasons for Doing This Study
  3. 1.3 Research Methodology
  4. 1.4 Research Process
  5. 1.5 Data Source
  6. 1.5.1 Secondary Sources
  7. 1.5.2 Primary Sources
2 Market Overview
  1. 2.1 Product Definition
  2. 2.2 Automatic Train Protection System by Type
  3. 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032)
  4. 2.2.2 Induction System
  5. 2.2.3 Active System
  6. 2.3 Automatic Train Protection System by Application
  7. 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032)
  8. 2.3.2 Railway
  9. 2.3.3 Subway
  10. 2.3.4 Others
  11. 2.4 Assumptions and Limitations
3 Automatic Train Protection System Breakdown Data by Type
  1. 3.1 Global Automatic Train Protection System Historic Market Size by Type (2021-2026)
  2. 3.2 Global Automatic Train Protection System Forecasted Market Size by Type (2027-2032)
4 Automatic Train Protection System Breakdown Data by Application
  1. 4.1 Global Automatic Train Protection System Historic Market Size by Application (2021-2026)
  2. 4.2 Global Automatic Train Protection System Forecasted Market Size by Application (2027-2032)
5 Global Growth Trends
  1. 5.1 Global Automatic Train Protection System Market Perspective (2021-2032)
  2. 5.2 Global Automatic Train Protection System Growth Trends by Region
  3. 5.2.1 Global Automatic Train Protection System Market Size by Region: 2021 VS 2025 VS 2032
  4. 5.2.2 Automatic Train Protection System Historic Market Size by Region (2021-2026)
  5. 5.2.3 Automatic Train Protection System Forecasted Market Size by Region (2027-2032)
  6. 5.3 Automatic Train Protection System Market Dynamics
  7. 5.3.1 Automatic Train Protection System Industry Trends
  8. 5.3.2 Automatic Train Protection System Market Drivers
  9. 5.3.3 Automatic Train Protection System Market Challenges
  10. 5.3.4 Automatic Train Protection System Market Restraints
6 Market Competitive Landscape by Players
  1. 6.1 Global Top Automatic Train Protection System Players by Revenue
  2. 6.1.1 Global Top Automatic Train Protection System Players by Revenue (2021-2026)
  3. 6.1.2 Global Automatic Train Protection System Revenue Market Share by Players (2021-2026)
  4. 6.2 Global Automatic Train Protection System Industry Players Ranking, 2023 VS 2024 VS 2025
  5. 6.3 Global Key Players of Automatic Train Protection System Head Office and Area Served
  6. 6.4 Global Automatic Train Protection System Players, Product Type & Application
  7. 6.5 Global Automatic Train Protection System Manufacturers Established Date
  8. 6.6 Global Automatic Train Protection System Market CR5 and HHI
  9. 6.7 Global Players Mergers & Acquisition
7 North America
  1. 7.1 North America Automatic Train Protection System Market Size (2021-2032)
  2. 7.2 North America Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032
  3. 7.3 North America Automatic Train Protection System Market Size by Country (2021-2026)
  4. 7.4 North America Automatic Train Protection System Market Size by Country (2027-2032)
  5. 7.5 United States
  6. 7.5 United States
  7. 7.6 Canada
  8. 7.7 Mexico
8 Europe
  1. 8.1 Europe Automatic Train Protection System Market Size (2021-2032)
  2. 8.2 Europe Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032
  3. 8.3 Europe Automatic Train Protection System Market Size by Country (2021-2026)
  4. 8.4 Europe Automatic Train Protection System Market Size by Country (2027-2032)
  5. 8.5 Germany
  6. 8.6 France
  7. 8.7 U.K.
  8. 8.8 Italy
  9. 8.9 Spain
  10. 8.10 Russia
  11. 8.11 Netherlands
  12. 8.12 Nordic Countries
9 Asia-Pacific
  1. 9.1 Asia-Pacific Automatic Train Protection System Market Size (2021-2032)
  2. 9.2 Asia-Pacific Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032
  3. 9.3 Asia-Pacific Automatic Train Protection System Market Size by Country (2021-2026)
  4. 9.4 Asia-Pacific Automatic Train Protection System Market Size by Country (2027-2032)
  5. 9.5 China
  6. 9.6 Japan
  7. 9.7 South Korea
  8. 9.8 India
  9. 9.9 Australia
  10. 9.10 China Taiwan
  11. 9.11 Southeast Asia
10 South America
  1. 10.1 South America Automatic Train Protection System Market Size (2021-2032)
  2. 10.2 South America Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032
  3. 10.3 South America Automatic Train Protection System Market Size by Country (2021-2026)
  4. 10.4 South America Automatic Train Protection System Market Size by Country (2027-2032)
  5. 10.5 Brazil
  6. 10.6 Argentina
  7. 10.7 Chile
  8. 10.8 Colombia
  9. 10.9 Peru
11 Middle East & Africa
  1. 11.1 Middle East & Africa Automatic Train Protection System Market Size (2021-2032)
  2. 11.2 Middle East & Africa Automatic Train Protection System Market Growth Rate by Country: 2021 VS 2025 VS 2032
  3. 11.3 Middle East & Africa Automatic Train Protection System Market Size by Country (2021-2026)
  4. 11.4 Middle East & Africa Automatic Train Protection System Market Size by Country (2027-2032)
  5. 11.5 Saudi Arabia
  6. 11.6 Israel
  7. 11.7 United Arab Emirates
  8. 11.8 Turkey
  9. 11.9 Iran
  10. 11.10 Egypt
12 Players Profiled
  1. 12.1 ALTPRO
  2. 12.1.1 ALTPRO Company Information
  3. 12.1.2 ALTPRO Business Overview
  4. 12.1.3 ALTPRO Revenue in Automatic Train Protection System Business (2021-2026)
  5. 12.1.4 ALTPRO Automatic Train Protection System Product Portfolio
  6. 12.1.5 ALTPRO Recent Developments
  7. 12.2 Cisco
  8. 12.2.1 Cisco Company Information
  9. 12.2.2 Cisco Business Overview
  10. 12.2.3 Cisco Revenue in Automatic Train Protection System Business (2021-2026)
  11. 12.2.4 Cisco Automatic Train Protection System Product Portfolio
  12. 12.2.5 Cisco Recent Developments
  13. 12.3 KAVACH
  14. 12.3.1 KAVACH Company Information
  15. 12.3.2 KAVACH Business Overview
  16. 12.3.3 KAVACH Revenue in Automatic Train Protection System Business (2021-2026)
  17. 12.3.4 KAVACH Automatic Train Protection System Product Portfolio
  18. 12.3.5 KAVACH Recent Developments
  19. 12.4 MERMIC Inc
  20. 12.4.1 MERMIC Inc Company Information
  21. 12.4.2 MERMIC Inc Business Overview
  22. 12.4.3 MERMIC Inc Revenue in Automatic Train Protection System Business (2021-2026)
  23. 12.4.4 MERMIC Inc Automatic Train Protection System Product Portfolio
  24. 12.4.5 MERMIC Inc Recent Developments
  25. 12.5 Siemens
  26. 12.5.1 Siemens Company Information
  27. 12.5.2 Siemens Business Overview
  28. 12.5.3 Siemens Revenue in Automatic Train Protection System Business (2021-2026)
  29. 12.5.4 Siemens Automatic Train Protection System Product Portfolio
  30. 12.5.5 Siemens Recent Developments
  31. 12.6 Thales Group
  32. 12.6.1 Thales Group Company Information
  33. 12.6.2 Thales Group Business Overview
  34. 12.6.3 Thales Group Revenue in Automatic Train Protection System Business (2021-2026)
  35. 12.6.4 Thales Group Automatic Train Protection System Product Portfolio
  36. 12.6.5 Thales Group Recent Developments
13 Report Conclusion
    14 Disclaimer

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