Annual report including audited financial statements as at 31st December 2015 VITRUVIUS Société d'Investissement à Capital Variable with multiple portfolios Luxembourg R.C.S. Luxembourg B 71 899 No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus and the key investor information document ("KIID") supplemented by the latest annual report and the most recent semi-annual report, if published thereafter. VITRUVIUS Contents Organisation ..................................................................................................................................................... 3 General information ......................................................................................................................................... 9 Additional information for investors in Switzerland ................................................................................... 11 Additional information for investors in Germany ....................................................................................... 13 Additional information for investors in Austria........................................................................................... 14 Additional information for investors in UK .................................................................................................. 15 Report on activities of the Board of Directors............................................................................................. 16 Audit Report .................................................................................................................................................... 21 Combined statement of net assets ............................................................................................................... 23 Combined statement of operations and other changes in net assets ...................................................... 24 Vitruvius - Asian Equity ................................................................................................................................. 25 Statement of net assets ................................................................................................................................ 25 Statement of operations and other changes in net assets ........................................................................... 26 Statistical information .................................................................................................................................... 27 Statement of investments and other net assets ........................................................................................... 29 Industrial and geographical classification of investments ............................................................................. 31 Vitruvius - Emerging Markets Equity ............................................................................................................ 32 Statement of net assets ................................................................................................................................ 32 Statement of operations and other changes in net assets ........................................................................... 33 Statistical information .................................................................................................................................... 34 Statement of investments and other net assets ........................................................................................... 37 Industrial and geographical classification of investments ............................................................................. 41 Vitruvius - European Equity .......................................................................................................................... 43 Statement of net assets ................................................................................................................................ 43 Statement of operations and other changes in net assets ........................................................................... 44 Statistical information .................................................................................................................................... 45 Statement of investments and other net assets ........................................................................................... 48 Industrial and geographical classification of investments ............................................................................. 51 Vitruvius - Greater China Equity ................................................................................................................... 53 Statement of net assets ................................................................................................................................ 53 Statement of operations and other changes in net assets ........................................................................... 54 Statistical information .................................................................................................................................... 55 Statement of investments and other net assets ........................................................................................... 58 Industrial and geographical classification of investments ............................................................................. 59 Vitruvius - Growth Opportunities .................................................................................................................. 60 Statement of net assets ................................................................................................................................ 60 Statement of operations and other changes in net assets ........................................................................... 61 Statistical information .................................................................................................................................... 62 Statement of investments and other net assets ........................................................................................... 64 Industrial and geographical classification of investments ............................................................................. 65 Vitruvius - Japanese Equity........................................................................................................................... 66 Statement of net assets ................................................................................................................................ 66 Statement of operations and other changes in net assets ........................................................................... 67 Statistical information .................................................................................................................................... 68 Statement of investments and other net assets ........................................................................................... 71 Industrial and geographical classification of investments ............................................................................. 73 1 VITRUVIUS Contents (continued) Vitruvius - Swiss Equity ................................................................................................................................. 74 Statement of net assets ................................................................................................................................ 74 Statement of operations and other changes in net assets ........................................................................... 75 Statistical information .................................................................................................................................... 76 Statement of investments and other net assets ........................................................................................... 78 Industrial and geographical classification of investments ............................................................................. 79 Vitruvius - US Equity ...................................................................................................................................... 80 Statement of net assets ................................................................................................................................ 80 Statement of operations and other changes in net assets ........................................................................... 81 Statistical information .................................................................................................................................... 82 Statement of investments and other net assets ........................................................................................... 85 Industrial and geographical classification of investments ............................................................................. 87 Notes to the financial statements ................................................................................................................. 88 2 VITRUVIUS Organisation Registered Office 11, rue Aldringen L-1118 LUXEMBOURG Board of Directors Tiziano Brianza, Director Serge D’Orazio, Director Managing Director Head of Investment Funds & Global Custody Services BANCA DEL CERESIO SA, LUGANO KBL European Private Bankers S.A., LUXEMBOURG Raffaele Martinelli, Director Maurizio Solaro Del Borgo,