Selected research
Industry Growth & Trends
Global Woodworking Router Bits Industry Growth and Trends Forecast to 2032
Market perspective
The global Woodworking Router Bits market was valued at US$ million in 2026 and is projected to reach US$ million by 2032, implying a CAGR of xx% over 2026-2032.
The North America market for Woodworking Router Bits is projected to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026-2032.
The Europe market for Woodworking Router Bits is projected to increase from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026-2032.
Read the full market overview
The Asia Pacific market for Woodworking Router Bits is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Leading global manufacturers of Woodworking Router Bits include Freud Tools, Amana Tool, Whiteside, CMT Orange Tools, Leuco, Leitz, Dimar Tooling, Vortex Tool, Inc and Festool, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report provides a structured, data-driven view of the global Woodworking Router Bits market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Woodworking Router Bits market size, estimates, and forecasts are presented in terms of sales volume (k units) and revenue (US$ million), with 2025 as the base year and historical and forecast data for 2021-2032. The report segments the global Woodworking Router Bits market by Type, Application, region/country, and company, provides regional market sizes at the segment level, profiles the competitive landscape and key players and their market ranks, and reviews technology trends and new product developments relevant to Woodworking Router Bits.
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Woodworking Router Bits market, including portfolio focus, innovation and product development, mergers and acquisitions, collaborations, and geographic expansion used to sustain or enhance competitive positions. It also summarizes recent corporate developments and key financial indicators and provides global revenue, price, and sales volume data by manufacturer for 2020-2025, enabling benchmarking of scale, pricing, and market share and supporting assessment of market concentration through indicators such as CR5 and CR10.
Woodworking Router Bits Market by Company
Freud Tools
Amana Tool
Whiteside
CMT Orange Tools
Leuco
Leitz
Dimar Tooling
Vortex Tool, Inc
Festool
Bosch
Stanley Black and Decker
WPW Engineering
Woodline USA
Trend Routing Technology
DIMAR GROUP
TIDEWAY
CORTOOL
Koocut
Weixiang Tools Manufacturing
Zhejiang Lichang Precision Machinery
Wanli Tools Group
LANKE Tool
Woodworking Router Bits Segment by Type
1/2"
1/4"
3/8"
3/4"
5/8"
5/16"
Woodworking Router Bits Segment by Application
Private
Commercial
Woodworking Router Bits Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
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 Woodworking Router Bits 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 Woodworking Router Bits 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 Woodworking Router Bits.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the study scope of this report, executive summary of market segments by type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Woodworking Router Bits manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Woodworking Router Bits in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter 5: Introduces market segments by application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 7, 8, 9, 10 and 11: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter 12: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics.
Chapter 13: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- 1/2"
- 1/4"
- 3/8"
- 3/4"
- 5/8"
- 5/16"
Applications
- Private
- Commercial
Companies covered
- Freud Tools
- Amana Tool
- Whiteside
- CMT Orange Tools
- Leuco
- Leitz
- Dimar Tooling
- Vortex Tool, Inc
- Festool
- Bosch
- Stanley Black and Decker
- WPW Engineering
- Woodline USA
- Trend Routing Technology
- DIMAR GROUP
- TIDEWAY
- CORTOOL
- Koocut
- Weixiang Tools Manufacturing
- Zhejiang Lichang Precision Machinery
- Wanli Tools Group
- LANKE Tool
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Woodworking Router Bits Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Woodworking Router Bits Sales Estimates and Forecasts (2021-2032)
- 1.3 Woodworking Router Bits Market by Type
- 1.3.1 1/2"
- 1.3.2 1/4"
- 1.3.3 3/8"
- 1.3.4 3/4"
- 1.3.5 5/8"
- 1.3.6 5/16"
- 1.4 Global Woodworking Router Bits Market Size by Type
- 1.4.1 Global Woodworking Router Bits Market Size Overview by Type (2021-2032)
- 1.4.2 Global Woodworking Router Bits Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Woodworking Router Bits Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Woodworking Router Bits Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Woodworking Router Bits Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Woodworking Router Bits Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Woodworking Router Bits Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Woodworking Router Bits Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Woodworking Router Bits Industry Trends
- 2.2 Woodworking Router Bits Industry Drivers
- 2.3 Woodworking Router Bits Industry Opportunities and Challenges
- 2.4 Woodworking Router Bits Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Woodworking Router Bits Revenue (2021-2026)
- 3.2 Global Top Players by Woodworking Router Bits Sales (2021-2026)
- 3.3 Global Top Players by Woodworking Router Bits Price (2021-2026)
- 3.4 Global Woodworking Router Bits Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Woodworking Router Bits Major Company Production Sites & Headquarters
- 3.6 Global Woodworking Router Bits Company, Product Type & Application
- 3.7 Global Woodworking Router Bits Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Woodworking Router Bits Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Woodworking Router Bits Players Market Share by Revenue in 2025
- 3.8.3 2025 Woodworking Router Bits Tier 1, Tier 2, and Tier 3
4 Woodworking Router Bits Regional Status and Outlook
- 4.1 Global Woodworking Router Bits Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Woodworking Router Bits Historic Market Size by Region
- 4.2.1 Global Woodworking Router Bits Sales in Volume by Region (2021-2026)
- 4.2.2 Global Woodworking Router Bits Sales in Value by Region (2021-2026)
- 4.2.3 Global Woodworking Router Bits Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Woodworking Router Bits Forecasted Market Size by Region
- 4.3.1 Global Woodworking Router Bits Sales in Volume by Region (2027-2032)
- 4.3.2 Global Woodworking Router Bits Sales in Value by Region (2027-2032)
- 4.3.3 Global Woodworking Router Bits Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Woodworking Router Bits by Application
- 5.1 Woodworking Router Bits Market by Application
- 5.1.1 Private
- 5.1.2 Commercial
- 5.2 Global Woodworking Router Bits Market Size by Application
- 5.2.1 Global Woodworking Router Bits Market Size Overview by Application (2021-2032)
- 5.2.2 Global Woodworking Router Bits Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Woodworking Router Bits Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Application
- 5.3.1 North America Woodworking Router Bits Sales Breakdown by Application (2021-2026)
- 5.3.2 Europe Woodworking Router Bits Sales Breakdown by Application (2021-2026)
- 5.3.3 Asia-Pacific Woodworking Router Bits Sales Breakdown by Application (2021-2026)
- 5.3.4 South America Woodworking Router Bits Sales Breakdown by Application (2021-2026)
- 5.3.5 Middle East and Africa Woodworking Router Bits Sales Breakdown by Application (2021-2026)
6 Company Profiles
- 6.1 Freud Tools
- 6.1.1 Freud Tools Company Information
- 6.1.2 Freud Tools Business Overview
- 6.1.3 Freud Tools Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 Freud Tools Woodworking Router Bits Product Portfolio
- 6.1.5 Freud Tools Recent Developments
- 6.2 Amana Tool
- 6.2.1 Amana Tool Company Information
- 6.2.2 Amana Tool Business Overview
- 6.2.3 Amana Tool Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 Amana Tool Woodworking Router Bits Product Portfolio
- 6.2.5 Amana Tool Recent Developments
- 6.3 Whiteside
- 6.3.1 Whiteside Company Information
- 6.3.2 Whiteside Business Overview
- 6.3.3 Whiteside Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 Whiteside Woodworking Router Bits Product Portfolio
- 6.3.5 Whiteside Recent Developments
- 6.4 CMT Orange Tools
- 6.4.1 CMT Orange Tools Company Information
- 6.4.2 CMT Orange Tools Business Overview
- 6.4.3 CMT Orange Tools Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 CMT Orange Tools Woodworking Router Bits Product Portfolio
- 6.4.5 CMT Orange Tools Recent Developments
- 6.5 Leuco
- 6.5.1 Leuco Company Information
- 6.5.2 Leuco Business Overview
- 6.5.3 Leuco Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 Leuco Woodworking Router Bits Product Portfolio
- 6.5.5 Leuco Recent Developments
- 6.6 Leitz
- 6.6.1 Leitz Company Information
- 6.6.2 Leitz Business Overview
- 6.6.3 Leitz Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 Leitz Woodworking Router Bits Product Portfolio
- 6.6.5 Leitz Recent Developments
- 6.7 Dimar Tooling
- 6.7.1 Dimar Tooling Company Information
- 6.7.2 Dimar Tooling Business Overview
- 6.7.3 Dimar Tooling Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 Dimar Tooling Woodworking Router Bits Product Portfolio
- 6.7.5 Dimar Tooling Recent Developments
- 6.8 Vortex Tool, Inc
- 6.8.1 Vortex Tool, Inc Company Information
- 6.8.2 Vortex Tool, Inc Business Overview
- 6.8.3 Vortex Tool, Inc Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 Vortex Tool, Inc Woodworking Router Bits Product Portfolio
- 6.8.5 Vortex Tool, Inc Recent Developments
- 6.9 Festool
- 6.9.1 Festool Company Information
- 6.9.2 Festool Business Overview
- 6.9.3 Festool Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 Festool Woodworking Router Bits Product Portfolio
- 6.9.5 Festool Recent Developments
- 6.10 Bosch
- 6.10.1 Bosch Company Information
- 6.10.2 Bosch Business Overview
- 6.10.3 Bosch Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 Bosch Woodworking Router Bits Product Portfolio
- 6.10.5 Bosch Recent Developments
- 6.11 Stanley Black and Decker
- 6.11.1 Stanley Black and Decker Company Information
- 6.11.2 Stanley Black and Decker Business Overview
- 6.11.3 Stanley Black and Decker Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Stanley Black and Decker Woodworking Router Bits Product Portfolio
- 6.11.5 Stanley Black and Decker Recent Developments
- 6.12 WPW Engineering
- 6.12.1 WPW Engineering Company Information
- 6.12.2 WPW Engineering Business Overview
- 6.12.3 WPW Engineering Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.12.4 WPW Engineering Woodworking Router Bits Product Portfolio
- 6.12.5 WPW Engineering Recent Developments
- 6.13 Woodline USA
- 6.13.1 Woodline USA Company Information
- 6.13.2 Woodline USA Business Overview
- 6.13.3 Woodline USA Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.13.4 Woodline USA Woodworking Router Bits Product Portfolio
- 6.13.5 Woodline USA Recent Developments
- 6.14 Trend Routing Technology
- 6.14.1 Trend Routing Technology Company Information
- 6.14.2 Trend Routing Technology Business Overview
- 6.14.3 Trend Routing Technology Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.14.4 Trend Routing Technology Woodworking Router Bits Product Portfolio
- 6.14.5 Trend Routing Technology Recent Developments
- 6.15 DIMAR GROUP
- 6.15.1 DIMAR GROUP Company Information
- 6.15.2 DIMAR GROUP Business Overview
- 6.15.3 DIMAR GROUP Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.15.4 DIMAR GROUP Woodworking Router Bits Product Portfolio
- 6.15.5 DIMAR GROUP Recent Developments
- 6.16 TIDEWAY
- 6.16.1 TIDEWAY Company Information
- 6.16.2 TIDEWAY Business Overview
- 6.16.3 TIDEWAY Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.16.4 TIDEWAY Woodworking Router Bits Product Portfolio
- 6.16.5 TIDEWAY Recent Developments
- 6.17 CORTOOL
- 6.17.1 CORTOOL Company Information
- 6.17.2 CORTOOL Business Overview
- 6.17.3 CORTOOL Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.17.4 CORTOOL Woodworking Router Bits Product Portfolio
- 6.17.5 CORTOOL Recent Developments
- 6.18 Koocut
- 6.18.1 Koocut Company Information
- 6.18.2 Koocut Business Overview
- 6.18.3 Koocut Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.18.4 Koocut Woodworking Router Bits Product Portfolio
- 6.18.5 Koocut Recent Developments
- 6.19 Weixiang Tools Manufacturing
- 6.19.1 Weixiang Tools Manufacturing Company Information
- 6.19.2 Weixiang Tools Manufacturing Business Overview
- 6.19.3 Weixiang Tools Manufacturing Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.19.4 Weixiang Tools Manufacturing Woodworking Router Bits Product Portfolio
- 6.19.5 Weixiang Tools Manufacturing Recent Developments
- 6.20 Zhejiang Lichang Precision Machinery
- 6.20.1 Zhejiang Lichang Precision Machinery Company Information
- 6.20.2 Zhejiang Lichang Precision Machinery Business Overview
- 6.20.3 Zhejiang Lichang Precision Machinery Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.20.4 Zhejiang Lichang Precision Machinery Woodworking Router Bits Product Portfolio
- 6.20.5 Zhejiang Lichang Precision Machinery Recent Developments
- 6.21 Wanli Tools Group
- 6.21.1 Wanli Tools Group Company Information
- 6.21.2 Wanli Tools Group Business Overview
- 6.21.3 Wanli Tools Group Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.21.4 Wanli Tools Group Woodworking Router Bits Product Portfolio
- 6.21.5 Wanli Tools Group Recent Developments
- 6.22 LANKE Tool
- 6.22.1 LANKE Tool Company Information
- 6.22.2 LANKE Tool Business Overview
- 6.22.3 LANKE Tool Woodworking Router Bits Sales, Revenue and Gross Margin (2021-2026)
- 6.22.4 LANKE Tool Woodworking Router Bits Product Portfolio
- 6.22.5 LANKE Tool Recent Developments
7 North America by Country
- 7.1 North America Woodworking Router Bits Sales by Country
- 7.1.1 North America Woodworking Router Bits Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Woodworking Router Bits Sales by Country (2021-2026)
- 7.1.3 North America Woodworking Router Bits Sales Forecast by Country (2027-2032)
- 7.2 North America Woodworking Router Bits Market Size by Country
- 7.2.1 North America Woodworking Router Bits Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Woodworking Router Bits Market Size by Country (2021-2026)
- 7.2.3 North America Woodworking Router Bits Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Woodworking Router Bits Sales by Country
- 8.1.1 Europe Woodworking Router Bits Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Woodworking Router Bits Sales by Country (2021-2026)
- 8.1.3 Europe Woodworking Router Bits Sales Forecast by Country (2027-2032)
- 8.2 Europe Woodworking Router Bits Market Size by Country
- 8.2.1 Europe Woodworking Router Bits Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Woodworking Router Bits Market Size by Country (2021-2026)
- 8.2.3 Europe Woodworking Router Bits Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Woodworking Router Bits Sales by Country
- 9.1.1 Asia-Pacific Woodworking Router Bits Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Woodworking Router Bits Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Woodworking Router Bits Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Woodworking Router Bits Market Size by Country
- 9.2.1 Asia-Pacific Woodworking Router Bits Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Woodworking Router Bits Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Woodworking Router Bits Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Woodworking Router Bits Sales by Country
- 10.1.1 South America Woodworking Router Bits Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Woodworking Router Bits Sales by Country (2021-2026)
- 10.1.3 South America Woodworking Router Bits Sales Forecast by Country (2027-2032)
- 10.2 South America Woodworking Router Bits Market Size by Country
- 10.2.1 South America Woodworking Router Bits Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Woodworking Router Bits Market Size by Country (2021-2026)
- 10.2.3 South America Woodworking Router Bits Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Woodworking Router Bits Sales by Country
- 11.1.1 Middle East and Africa Woodworking Router Bits Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Woodworking Router Bits Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Woodworking Router Bits Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Woodworking Router Bits Market Size by Country
- 11.2.1 Middle East and Africa Woodworking Router Bits Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Woodworking Router Bits Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Woodworking Router Bits Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Woodworking Router Bits Value Chain Analysis
- 12.1.1 Woodworking Router Bits Key Raw Materials
- 12.1.2 Key Raw Materials Price
- 12.1.3 Raw Materials Key Suppliers
- 12.1.4 Manufacturing Cost Structure
- 12.1.5 Woodworking Router Bits Production Mode & Process
- 12.2 Woodworking Router Bits Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Woodworking Router Bits Distributors
- 12.2.3 Woodworking Router Bits Customers
13 Concluding Insights
14 Appendix
- 14.1 Reasons for Doing This Study
- 14.2 Research Methodology
- 14.3 Research Process
- 14.4 Authors List of This Report
- 14.5 Data Source
- 14.5.1 Secondary Sources
- 14.5.2 Primary Sources
- 14.6 Disclaimer
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