Vitruvius Sicav. Multi Portfolio and multi advisor Sicav managed by Belgrave Capital Management

Capital Opp. (EUR)	77.50
Capital Opp. (USD)	82.60
Em. Mkts. Eq. (EUR)	280.10
Em. Mkts. Eq. (USD)	279.40
Europ. Eq. (EUR)	159.95
Growth Opp. (EUR)	34.86
Growth Opp. (USD)	31.17
Italian Eq. (EUR)	71.14
Japanese Eq. (EUR)	114.85
Japanese Eq. (JPY)	86.32
Reserve Liq. (EUR)	117.99
Swiss Eq. (CHF)	89.90
Swiss Eq. (EUR)	67.45
US Eq. (EUR)	87.54
US Eq. (USD)	77.11

Nav as of 29-Dec-08

versione italiana

VITRUVIUS SICAV ("VITRUVIUS") is organized as a "société d'investissement à capital variable" in the Grand Duchy of Luxembourg and qualifies as an Undertaking for Collective Investment in Transferable Securities under the first European Directive of 2002. VITRUVIUS is registered for distribution in Austria, Germany, Italy, Luxembourg, and Switzerland. VITRUVIUS currently offers shares related to the following portfolios:
		Performance

PORTFOLIO	NAV	Daily	MTD	2008	Since Inception

Vitruvius Capital Opportunities (EUR)	77.50	-0.03%	1.75%	-29.80%	-15.87%

Vitruvius Capital Opportunities (USD)	82.60	1.29%	3.60%	-27.52%	-17.40%

Vitruvius Emerging Markets Equity (EUR)	280.10	-1.32%	3.93%	-44.85%	161.73%

Vitruvius Emerging Markets Equity (USD)	279.40	-1.08%	4.74%	-44.20%	179.40%

Vitruvius European Equity (EUR)	159.95	-0.17%	-2.18%	-27.72%	59.95%

Vitruvius Growth Opportunities (EUR)	34.86	-1.25%	-3.06%	-38.72%	-28.93%

Vitruvius Growth Opportunities (USD)	31.17	-0.70%	-2.26%	-38.09%	-68.83%

Vitruvius Italian Equity (EUR)	71.14	-0.50%	-2.68%	-42.35%	-28.86%

Vitruvius Japanese Equity (EUR)	114.85	0.67%	3.38%	-40.27%	2.54%

Vitruvius Japanese Equity (JPY)	86.32	0.61%	3.36%	-40.11%	-13.68%

Vitruvius Reserve Liquidity (EUR)	117.99	0.06%	0.26%	3.55%	17.99%

Vitruvius Swiss Equity (CHF)	89.90	0.97%	-7.18%	-32.76%	-10.10%

Vitruvius Swiss Equity (EUR)	67.45	0.93%	-7.07%	-32.32%	6.00%

Vitruvius US Equity (EUR)	87.54	-0.58%	-3.42%	-39.04%	-22.95%

Vitruvius US Equity (USD)	77.11	-0.63%	-3.89%	-39.38%	-22.89%

NAV as of 29-Dec-08
VITRUVIUS has a multi-portfolio and multi-advisor approach. Each portfolio is advised by one or more independent advisors selected by Belgrave Capital Management, the Investment Manager on the basis of professionalism, talent and experience. VITRUVIUS also offers Euro denominated shares for all portfolios whose reference currency is different from Euros. These shares are systematically hedged against the exchange risk compared to the reference currencies of the relevant portfolios. The Performance data indicated on this page should be read together with those included in the latest monthly letter of each portfolio.