Important Information Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website. The information within this site is issued by Pilgrim Administration Ltd about the Michael Royde Pilgrim SIPP for information purposes only. It does not constitute an offer to enter into any contract/agreement nor is it a solicitation to buy or sell any investment. The information contained within this site is not connected with Burns-Anderson PLC. Advice No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. Please contact Michael Royde for advice. Investment Risk The investment risk associated with each individual investment is provided to new investors at the point of invitation to enter into a particular investment and prior to any investment being made. If there are significant risks, these are pointed out prior to any investment being made. Recommendations to invest are made on an individual basis following consultation with and advice from Michael Royde. There are significant risks associated with investment in the funds outlined in the site. Investment in the unregulated collective investment schemes on this site is intended for sophisticated investors who can accept the risks associated with such an investment including a substantial or complete loss of their investment. Such schemes are permitted to and use gearing as an investment strategy. Past performance is not necessarily a guide to future performance. The value of investments and any income derived from them can go down as well as up and the value of an investor's investment may be extremely volatile and be subject to sudden and substantial falls. Investment in emerging market funds involves risk factors and special considerations which may not be typically associated with investing in more developed markets. Political or economic change and instability may be more likely to occur and have a greater effect on the economies and markets of emerging countries. Adverse government policies, taxation, restrictions on foreign investment and on currency convertibility and repatriation, currency fluctuations and other developments in the laws and regulations of emerging countries in which investment may be made, including expropriation, nationalisation or other confiscation could result in loss to the fund. Income from investments may fluctuate. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. The funds are not traded on an exchange or recognised market and in common with some of their investments may not be readily realisable. This factor can make it difficult to obtain independent verification of the investment value and the extent of the risks to which they are exposed. Investors should be fully aware of the restrictions on transfer of investments. Any information relating to taxation is based on information currently available. Tax assumptions may change if the law changes and the value of any tax relief (if any) will depend upon your individual circumstances. We recommend that you consult an independent tax or legal advisor about your personal tax position. The foregoing list of risk factors is not complete and reference should be made to the relevant Investor Invitation. Subscriptions will only be received and shares in unregulated collective investment schemes will only be issued on the basis of the current relevant Investor Invitation and as such prospective investors should carefully consider the risk warnings and disclosures set out in such Investor Invitation. Content of Web Site The contents of this website are based upon sources of information believed to be reliable, however, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to its accuracy or completeness and, Pilgrim Administration Ltd, members, officers and employees of the managing member do not accept any liability or responsibility in respect of the information or any views expressed herein. This website may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. If you have accessed this site using a link from another site, Pilgrim Administration Ltd does not accept any liability or responsibility for the accuracy of information contained within the sites of other providers who have links to any pages of this site or to whom this site is linked.