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Industry Research
All Terrain Road Bikes Industry Research Report 2026
Market perspective
The global All Terrain Road Bikes market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
The North America market for All Terrain Road Bikes is forecast to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026–2032.
The Europe market for All Terrain Road Bikes is projected to rise 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 All Terrain Road Bikes is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032.
Leading global manufacturers of All Terrain Road Bikes include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global All Terrain Road Bikes market in revenue (US$ million) and, where applicable, sales volume (k units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of types and applications, harmonizes vendor attribution, and presents comparable time series by company, type, application, and region/country, including indicative price bands (US$/k units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for manufacturers, new entrants, channel partners, and investors; the report also reviews technology shifts and notable product introductions relevant to All Terrain Road Bikes.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
All Terrain Road Bikes Market by Company
Boardman
Canyon
Cannondale
Devinci
GT
Orbea
Vitus
Bianchi
3T
Giant
Juliana
Lauf
On-One
Diverge
Focus
Kinesis Tripster
Fuji Bikes
Merida
Bulls
KTM
Cervelo
Ribble
Polygon
Factor
Pinarello
Wilier
Trek
NORCO
All Terrain Road Bikes Segment by Type
24-Speed Transmission
21-Speed Transmission
Others
All Terrain Road Bikes Segment by Application
Off-Road
Travel
Contest
Others
All Terrain Road Bikes 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 All Terrain Road Bikes 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 All Terrain Road Bikes 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 All Terrain Road Bikes.
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 (by region, 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: Detailed analysis of All Terrain Road Bikes manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of All Terrain Road Bikes by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of All Terrain Road Bikes in regional level and country level. 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 production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by 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 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: 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 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- 24-Speed Transmission
- 21-Speed Transmission
- Others
Applications
- Off-Road
- Travel
- Contest
- Others
Companies covered
- Boardman
- Canyon
- Cannondale
- Devinci
- GT
- Orbea
- Vitus
- Bianchi
- 3T
- Giant
- Juliana
- Lauf
- On-One
- Diverge
- Focus
- Kinesis Tripster
- Fuji Bikes
- Merida
- Bulls
- KTM
- Cervelo
- Ribble
- Polygon
- Factor
- Pinarello
- Wilier
- Trek
- NORCO
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 All Terrain Road Bikes by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 24-Speed Transmission
- 2.2.3 21-Speed Transmission
- 2.2.4 Others
- 2.3 All Terrain Road Bikes by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Off-Road
- 2.3.3 Travel
- 2.3.4 Contest
- 2.3.5 Others
- 2.4 Global Market Growth Prospects
- 2.4.1 Global All Terrain Road Bikes Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global All Terrain Road Bikes Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global All Terrain Road Bikes Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global All Terrain Road Bikes Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global All Terrain Road Bikes Production by Manufacturers (2021-2026)
- 3.2 Global All Terrain Road Bikes Production Value by Manufacturers (2021-2026)
- 3.3 Global All Terrain Road Bikes Average Price by Manufacturers (2021-2026)
- 3.4 Global All Terrain Road Bikes Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global All Terrain Road Bikes Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global All Terrain Road Bikes Manufacturers, Product Type & Application
- 3.7 Global All Terrain Road Bikes Manufacturers Established Date
- 3.8 Global All Terrain Road Bikes Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 Boardman
- 4.1.1 Boardman All Terrain Road Bikes Company Information
- 4.1.2 Boardman All Terrain Road Bikes Business Overview
- 4.1.3 Boardman All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.1.4 Boardman Product Portfolio
- 4.1.5 Boardman Recent Developments
- 4.2 Canyon
- 4.2.1 Canyon All Terrain Road Bikes Company Information
- 4.2.2 Canyon All Terrain Road Bikes Business Overview
- 4.2.3 Canyon All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.2.4 Canyon Product Portfolio
- 4.2.5 Canyon Recent Developments
- 4.3 Cannondale
- 4.3.1 Cannondale All Terrain Road Bikes Company Information
- 4.3.2 Cannondale All Terrain Road Bikes Business Overview
- 4.3.3 Cannondale All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.3.4 Cannondale Product Portfolio
- 4.3.5 Cannondale Recent Developments
- 4.4 Devinci
- 4.4.1 Devinci All Terrain Road Bikes Company Information
- 4.4.2 Devinci All Terrain Road Bikes Business Overview
- 4.4.3 Devinci All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.4.4 Devinci Product Portfolio
- 4.4.5 Devinci Recent Developments
- 4.5 GT
- 4.5.1 GT All Terrain Road Bikes Company Information
- 4.5.2 GT All Terrain Road Bikes Business Overview
- 4.5.3 GT All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.5.4 GT Product Portfolio
- 4.5.5 GT Recent Developments
- 4.6 Orbea
- 4.6.1 Orbea All Terrain Road Bikes Company Information
- 4.6.2 Orbea All Terrain Road Bikes Business Overview
- 4.6.3 Orbea All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.6.4 Orbea Product Portfolio
- 4.6.5 Orbea Recent Developments
- 4.7 Vitus
- 4.7.1 Vitus All Terrain Road Bikes Company Information
- 4.7.2 Vitus All Terrain Road Bikes Business Overview
- 4.7.3 Vitus All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.7.4 Vitus Product Portfolio
- 4.7.5 Vitus Recent Developments
- 4.8 Bianchi
- 4.8.1 Bianchi All Terrain Road Bikes Company Information
- 4.8.2 Bianchi All Terrain Road Bikes Business Overview
- 4.8.3 Bianchi All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.8.4 Bianchi Product Portfolio
- 4.8.5 Bianchi Recent Developments
- 4.9 3T
- 4.9.1 3T All Terrain Road Bikes Company Information
- 4.9.2 3T All Terrain Road Bikes Business Overview
- 4.9.3 3T All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.9.4 3T Product Portfolio
- 4.9.5 3T Recent Developments
- 4.10 Giant
- 4.10.1 Giant All Terrain Road Bikes Company Information
- 4.10.2 Giant All Terrain Road Bikes Business Overview
- 4.10.3 Giant All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.10.4 Giant Product Portfolio
- 4.10.5 Giant Recent Developments
- 4.11 Juliana
- 4.11.1 Juliana All Terrain Road Bikes Company Information
- 4.11.2 Juliana All Terrain Road Bikes Business Overview
- 4.11.3 Juliana All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.11.4 Juliana Product Portfolio
- 4.11.5 Juliana Recent Developments
- 4.12 Lauf
- 4.12.1 Lauf All Terrain Road Bikes Company Information
- 4.12.2 Lauf All Terrain Road Bikes Business Overview
- 4.12.3 Lauf All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.12.4 Lauf Product Portfolio
- 4.12.5 Lauf Recent Developments
- 4.13 On-One
- 4.13.1 On-One All Terrain Road Bikes Company Information
- 4.13.2 On-One All Terrain Road Bikes Business Overview
- 4.13.3 On-One All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.13.4 On-One Product Portfolio
- 4.13.5 On-One Recent Developments
- 4.14 Diverge
- 4.14.1 Diverge All Terrain Road Bikes Company Information
- 4.14.2 Diverge All Terrain Road Bikes Business Overview
- 4.14.3 Diverge All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.14.4 Diverge Product Portfolio
- 4.14.5 Diverge Recent Developments
- 4.15 Focus
- 4.15.1 Focus All Terrain Road Bikes Company Information
- 4.15.2 Focus All Terrain Road Bikes Business Overview
- 4.15.3 Focus All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.15.4 Focus Product Portfolio
- 4.15.5 Focus Recent Developments
- 4.16 Kinesis Tripster
- 4.16.1 Kinesis Tripster All Terrain Road Bikes Company Information
- 4.16.2 Kinesis Tripster All Terrain Road Bikes Business Overview
- 4.16.3 Kinesis Tripster All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.16.4 Kinesis Tripster Product Portfolio
- 4.16.5 Kinesis Tripster Recent Developments
- 4.17 Fuji Bikes
- 4.17.1 Fuji Bikes All Terrain Road Bikes Company Information
- 4.17.2 Fuji Bikes All Terrain Road Bikes Business Overview
- 4.17.3 Fuji Bikes All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.17.4 Fuji Bikes Product Portfolio
- 4.17.5 Fuji Bikes Recent Developments
- 4.18 Merida
- 4.18.1 Merida All Terrain Road Bikes Company Information
- 4.18.2 Merida All Terrain Road Bikes Business Overview
- 4.18.3 Merida All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.18.4 Merida Product Portfolio
- 4.18.5 Merida Recent Developments
- 4.19 Bulls
- 4.19.1 Bulls All Terrain Road Bikes Company Information
- 4.19.2 Bulls All Terrain Road Bikes Business Overview
- 4.19.3 Bulls All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.19.4 Bulls Product Portfolio
- 4.19.5 Bulls Recent Developments
- 4.20 KTM
- 4.20.1 KTM All Terrain Road Bikes Company Information
- 4.20.2 KTM All Terrain Road Bikes Business Overview
- 4.20.3 KTM All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.20.4 KTM Product Portfolio
- 4.20.5 KTM Recent Developments
- 4.21 Cervelo
- 4.21.1 Cervelo All Terrain Road Bikes Company Information
- 4.21.2 Cervelo All Terrain Road Bikes Business Overview
- 4.21.3 Cervelo All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.21.4 Cervelo Product Portfolio
- 4.21.5 Cervelo Recent Developments
- 4.22 Ribble
- 4.22.1 Ribble All Terrain Road Bikes Company Information
- 4.22.2 Ribble All Terrain Road Bikes Business Overview
- 4.22.3 Ribble All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.22.4 Ribble Product Portfolio
- 4.22.5 Ribble Recent Developments
- 4.23 Polygon
- 4.23.1 Polygon All Terrain Road Bikes Company Information
- 4.23.2 Polygon All Terrain Road Bikes Business Overview
- 4.23.3 Polygon All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.23.4 Polygon Product Portfolio
- 4.23.5 Polygon Recent Developments
- 4.24 Factor
- 4.24.1 Factor All Terrain Road Bikes Company Information
- 4.24.2 Factor All Terrain Road Bikes Business Overview
- 4.24.3 Factor All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.24.4 Factor Product Portfolio
- 4.24.5 Factor Recent Developments
- 4.25 Pinarello
- 4.25.1 Pinarello All Terrain Road Bikes Company Information
- 4.25.2 Pinarello All Terrain Road Bikes Business Overview
- 4.25.3 Pinarello All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.25.4 Pinarello Product Portfolio
- 4.25.5 Pinarello Recent Developments
- 4.26 Wilier
- 4.26.1 Wilier All Terrain Road Bikes Company Information
- 4.26.2 Wilier All Terrain Road Bikes Business Overview
- 4.26.3 Wilier All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.26.4 Wilier Product Portfolio
- 4.26.5 Wilier Recent Developments
- 4.27 Trek
- 4.27.1 Trek All Terrain Road Bikes Company Information
- 4.27.2 Trek All Terrain Road Bikes Business Overview
- 4.27.3 Trek All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.27.4 Trek Product Portfolio
- 4.27.5 Trek Recent Developments
- 4.28 NORCO
- 4.28.1 NORCO All Terrain Road Bikes Company Information
- 4.28.2 NORCO All Terrain Road Bikes Business Overview
- 4.28.3 NORCO All Terrain Road Bikes Production, Value and Gross Margin (2021-2026)
- 4.28.4 NORCO Product Portfolio
- 4.28.5 NORCO Recent Developments
5 Global All Terrain Road Bikes Production by Region
- 5.1 Global All Terrain Road Bikes Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global All Terrain Road Bikes Production by Region: 2021-2032
- 5.2.1 Global All Terrain Road Bikes Production by Region: 2021-2026
- 5.2.2 Global All Terrain Road Bikes Production Forecast by Region (2027-2032)
- 5.3 Global All Terrain Road Bikes Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global All Terrain Road Bikes Production Value by Region: 2021-2032
- 5.4.1 Global All Terrain Road Bikes Production Value by Region: 2021-2026
- 5.4.2 Global All Terrain Road Bikes Production Value Forecast by Region (2027-2032)
- 5.5 Global All Terrain Road Bikes Market Price Analysis by Region (2021-2026)
- 5.6 Global All Terrain Road Bikes Production and Value, YOY Growth
- 5.6.1 North America All Terrain Road Bikes Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe All Terrain Road Bikes Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China All Terrain Road Bikes Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan All Terrain Road Bikes Production Value Estimates and Forecasts (2021-2032)
- 5.6.5 South Korea All Terrain Road Bikes Production Value Estimates and Forecasts (2021-2032)
- 5.6.6 India All Terrain Road Bikes Production Value Estimates and Forecasts (2021-2032)
6 Global All Terrain Road Bikes Consumption by Region
- 6.1 Global All Terrain Road Bikes Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global All Terrain Road Bikes Consumption by Region (2021-2032)
- 6.2.1 Global All Terrain Road Bikes Consumption by Region: 2021-2026
- 6.2.2 Global All Terrain Road Bikes Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America All Terrain Road Bikes Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America All Terrain Road Bikes Consumption by Country (2021-2032)
- 6.3.3 United States
- 6.3.4 Canada
- 6.3.5 Mexico
- 6.4 Europe
- 6.4.1 Europe All Terrain Road Bikes Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe All Terrain Road Bikes Consumption by Country (2021-2032)
- 6.4.3 Germany
- 6.4.4 France
- 6.4.5 U.K.
- 6.4.6 Italy
- 6.4.7 Russia
- 6.4.8 Spain
- 6.4.9 Netherlands
- 6.4.10 Switzerland
- 6.4.11 Sweden
- 6.4.12 Poland
- 6.5 Asia Pacific
- 6.5.1 Asia Pacific All Terrain Road Bikes Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific All Terrain Road Bikes Consumption by Country (2021-2032)
- 6.5.3 China
- 6.5.4 Japan
- 6.5.5 South Korea
- 6.5.6 India
- 6.5.7 Australia
- 6.5.8 Taiwan
- 6.5.9 Southeast Asia
- 6.6 South America, Middle East & Africa
- 6.6.1 South America, Middle East & Africa All Terrain Road Bikes Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa All Terrain Road Bikes Consumption by Country (2021-2032)
- 6.6.3 Brazil
- 6.6.4 Argentina
- 6.6.5 Chile
- 6.6.6 Turkey
- 6.6.7 GCC Countries
7 Segment by Type
- 7.1 Global All Terrain Road Bikes Production by Type (2021-2032)
- 7.1.1 Global All Terrain Road Bikes Production by Type (2021-2032) & (k units)
- 7.1.2 Global All Terrain Road Bikes Production Market Share by Type (2021-2032)
- 7.2 Global All Terrain Road Bikes Production Value by Type (2021-2032)
- 7.2.1 Global All Terrain Road Bikes Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global All Terrain Road Bikes Production Value Market Share by Type (2021-2032)
- 7.3 Global All Terrain Road Bikes Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global All Terrain Road Bikes Production by Application (2021-2032)
- 8.1.1 Global All Terrain Road Bikes Production by Application (2021-2032) & (k units)
- 8.1.2 Global All Terrain Road Bikes Production Market Share by Application (2021-2032)
- 8.2 Global All Terrain Road Bikes Production Value by Application (2021-2032)
- 8.2.1 Global All Terrain Road Bikes Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global All Terrain Road Bikes Production Value Market Share by Application (2021-2032)
- 8.3 Global All Terrain Road Bikes Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 All Terrain Road Bikes Value Chain Analysis
- 9.1.1 All Terrain Road Bikes Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 All Terrain Road Bikes Production Mode & Process
- 9.2 All Terrain Road Bikes Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 All Terrain Road Bikes Distributors
- 9.2.3 All Terrain Road Bikes Customers
10 Global All Terrain Road Bikes Analyzing Market Dynamics
- 10.1 All Terrain Road Bikes Industry Trends
- 10.2 All Terrain Road Bikes Industry Drivers
- 10.3 All Terrain Road Bikes Industry Opportunities and Challenges
- 10.4 All Terrain Road Bikes Industry Restraints
11 Report Conclusion
12 Disclaimer
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