Quarterly reportQ2 2020

Letter to shareholdersQ2 2020

Vitruvio is holding up well in the crisis.

We have recently made public the estimated impact of the crisis on Vitruvio (see

link), and it is also included in this quarterly report.

A drop of only 15.75% in recurring revenues is estimated. This was mainly due to

the rent discounts and deferrals for tenants who had justifiably sought

assistance.

Vitruvio's tenants have in turn kept their commitments and overall portfolio

occupancy remains very high at 97%. Vacant assets not only do not earn rent,

but also generate expenses that, when rented, are paid by the tenant.

Maintaining such a high level of occupancy is very good news in such a

deteriorated environment.

It is also important to note that negotiations with tenants have consisted of aid

in the event forced closure, and not renegotiation of the leases, thus keeping

rentals unchanged.

The low level of debt (29%), the high liquidity, a positive cash flow at year-end

and strong diversification by property type and tenant, with assets located in

areas of high demand, continue to be the essential elements for holding up

well in the crisis. Investors have recognised this, with an increase in the number

of shareholders (up to 427) at the end of the quarter.

1

Change of plans.

The recent Fidelgés transaction involved the addition of assets with an

upside, but which, in the short term, led to a reduction in the dividend. To

avoid this and to keep up with dividends, a decision was taken to make a

number of disposals this year and in the next three years (a low percentage

of total assets, in any event). With the crisis, it has been agreed to delay

sales this year.

Without these sales, expected profit has dropped, and this fall is greater

than that of recurring revenues. For Vitruvio, a long-term real estate

company, it make little sense to waste the value of certain properties in such

an adverse environment as the current one. Basically, because we can wait.

And, despite the foregoing, Vitruvio will continue to remunerate

shareholders on a quarterly basis in such a complicated year. This limits

the problem to the fact that there would be less apportionment than last

year, unless, of course, an even more adverse scenario than that

experienced in the first half of the year were to occur.

Vitruvio usually pays three equal interim dividends and a fourth and

usually larger payment, distributing the remainder of profit. The first

payment is made in summer against profit for the current year, then in

autumn and winter in the same amounts, with the last and largest in spring.

Source: Vitruvio2

Contents

Impact of COVID-19 on Vitruvio

Quarterly report Q2 2020

Investment profile

3

Vitruvio is a classic real estate

company taking a non-speculative

long-term management approach

with a highly diversified portfolio

located mainly in central areas of

Madrid.

Target dividend (quarterly payment)

Target overall shareholder return

High occupancy rateActive management approach

Debt limit Diversification by use and tenants

3%yearly

Summary33%

5%yearly

95% 99% 100% 100% 100%

4

Occupancy analysis

In exchange for assistance, Vitruvio

has managed to maintain its usual

high occupancy at 97%.

High street properties were the

hardest hit by closures. On the whole,

74% in that segment was unable to

open its doors during lockdown and

certain tenants have permanently

shuttered. Nevertheless, there is still

an 89% occupancy rate.

COVID-19 effects97% occupancy rate maintained

Occupancy by use in portfolio(at end of Q2 2020)

Source: Vitruvio

Since 30 June there have been no significant changes in occupancy.

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5

Analysis of affected tenants

A total of 66 of Vitruvio's 221 tenants

requested assistance because of the

crisis. Those 66 tenants represent 64%

of total rental income.

Agreements have been reached with

57 tenants and negotiations are at an

advanced stage with other nine as of

29 July.

The agreements have not entailed

changes in lease income, but rather

temporary assistance.

COVID-19 effects57 out of 66 negotiations closed

Tenants who have justifiably requested assistance(% of rent to total per use)

Source: Vitruvio

5%

35%

48%

74%

100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Residencial Logístico Oficinas Locales Residencial

CP

The decline in revenue is moderate

(15.75%). In addition to the fall in

revenue, disposals planned for 2020

that would halve profit have been put

off.

However, shareholders will continue

to be remunerated by means of a

share premium refund.

The cash flow in 2020 will be positive

and liquidity will be kept at 3x

expenses for the year.

6

Analysis of income statement

Source: Vitruvio

COVID-19 effectsShareholders will continue to be remunerated

Usual dividend

payment dates

1

23

4

Source: Vitruvio7

Contents

Impact of COVID-19 on Vitruvio

Quarterly report Q2 2020

€180M

Gross value1

Gross asset value (GAV)

221 tenants212 weigh < 2% of rental

income

29.0% debt2

of gross value (2% average interest)

€8.0M income3

Annualised income, June.(Rent = NRI/month x 12)

97% occupancyexcluding properties under

refurbishment

1% refurbishmentProperties being refurbished

427 shareholdersThe largest holding 4.80%

Introduction

Vitruvio is a listed long-term public real estate investment company. It focuses on the

purchase and subsequent rental of urban real estate and distributing the rental profits to

its shareholders. To become a Vitruvio shareholder suffice to buy shares on the MAB

(Ticker: YVIT and ISIN ES0105139002).

The properties are located in central locations with high occupancy demand, mainly in

Madrid and certain provincial capitals.

The assets that make up the portfolio are diversified by type, with high street retail

units, residential buildings, offices and a residual part in industrial and logistics. Strong

tenant diversification is also a hallmark.

The management approach focuses on income-producing assets. Investments are also

made in properties that require a transformation process, as a lever for generating

shareholder value. The shareholder base is broad and widely distributed, with 427

shareholders at the end of June, none of which hold a controlling position.

Vitruvio quarterly report

Q2 2020

> Long-term asset management

Vitruvio

8

Vitruvio’s main indicators

1 The GAV valuation is the sum of: a) the valuation conducted by Savills of the Vitruvio properties at 31/12/19; b) the carrying amount at 30/06/20 of the surface rights with the Madrid Social Housing Agency; and c) the valuation conducted by Savills of the Fidelgés, S.L. properties at 31/12/19.2 The percentage of debt is calculated as net debt (EUR 50 million at the end of March) divided by the valuation1 of the assets (EUR 180 million).3 In June Vitruvio reached agreements on reductions and/or deferrals. These are extraordinary conditions because the rental income from long-term contracts has not changed significantly.

€122M

Net Asset ValueNAV per share de 14,99 €

Madrid3 91%

Vizcaya 7%

Barcelona 3%

Other 2%

Locations, Spain Detail of Madrid, central “almond” region

Source: Vitruvio9

Q2 2020

> Geographical distribution

Vitruvio quarterly report

3 Madrid and Corredor del Henares in the province of Guadalajara

Valuation (€)1

Net Rental Income (%)2

Weight in the valuation1

Residential3High Street OfficesIndustrial &

logistics

63.5 million69.5 million 24.4 million 11.7 million

3.2%5.4% 5.5% 7.5%

38%41% 14% 7%

Tenants

Assets

Annualised NRI2

12959 26 5

971 8 3

€2,022,000€3,775,000 €1,331,000 €880,000

Occupancy 98%95% 100% 100%

Source: Vitruvio10

Data at the end of the second quarter

Q2 2020

Vitruvio quarterly report

Weight in income 25%47% 17% 11%

1 The GAV valuation is the sum of: a) the valuation conducted by Savills of the Vitruvio properties at 31/12/19; b) the carrying amount at 30/06/20 of the surface rights with the Madrid Social Housing Agency; and c) the valuation conducted by Savills of the Fidelgés, S.L. properties at 31/12/19. This table does not

include short-term residential use, which is valued at EUR 9.6 million.2 In June Vitruvio reached agreements on reductions and/or deferrals. These are extraordinary conditions because the rental income from long-term contracts has not changed significantly.3 Includes short-term residential.

Use

GLA (m²)

Valuation (GAV)

€/m²

Residential

4,731m²

€21,321,000

€4,506/m²

Sagasta 24

Madrid

Ayala 101

Madrid

Residential

2,983 m²

€11,321,000

€3,795/m²

Goya 5-7

Madrid

Retail & Offices

1,828 m²

€9,746,000

€5,331/m²

Fdz. de la Hoz 52

Madrid

Offices

2,708 m²

€12,776,000

€4,717/m²

Short-term residential

€9,600,000

€3,097/m²

Duque de Rivas 4

Madrid

3,099 m²

GLA: Gross leasable area.

Does not include the square metres of the car park (not included for the calculation of €/m² either)

> Our portfolio

Main assets

Q2 2020

Vitruvio quarterly report

Use

GLA (m²)

Valuation (GAV)1

€/m²

Av. Albufera 25 (VIPs)

Madrid

High Street Retail

568 m²

3,103,000

€5,463/m²

Aguirre 1

Madrid

Residential

1,349 m²

€5,978,000

€4,431/m²

Residential

€5,867,000

€3,586/m²

Tribulete 23

Madrid

1,636 m²

> Our portfolio

Main assets

Q2 2020

Vitruvio quarterly report

Residential

€8,278,000

€2,092/m²

Madrid Río

Madrid

3,956 m²

Mercamadrid

Madrid

Industrial and Logistics

5,358 m²

2,298,000

€428/m²

GLA: Gross leasable area.

Does not include the square metres of the car park (not included for the calculation of €/m² either)

24% 23%

18%

10% 10%

5,6% 6,4%

4,7%4,6%

4,3%

3,9%

3,9%

3,6%

3,3%

2,4%

2,1%

2,0%

64,0%

The Vitruvio portfolio is made up of the

following uses: high street retail

(predominant use with 41% of the

total); residential and short-term

residential (38%); offices (with a

weight of 14%); and, residually,

industrial and logistics (7%).

Tenant diversification is one of

Vitruvio's key advantages. The

Company manages 73 properties and

221 tenants. This diversification

strategy limits counterparty risk, thus

avoiding one single tenant from

holding too much weight. No single

tenant weighs more than 5% of total

rental revenue. From the outset, this

distribution of payers has played a key

part of the management strategy.

Unemployment has increased due to the

profound crisis unleashed these months.

However, Vitruvio has still managed to

maintain very high occupancy levels of

97%. As a result of the negotiation of

reasonable leases and limited effort rates for

tenants, optimal occupancy levels have been

achieved without speculating with higher

rent (and the counter effect of having vacant

properties, which would undermine the

conservative long-term strategy). Properties

undergoing refurbishment are excluded from

the calculation (1%).

Distribution by use (%)

Distribution by tenants (%) Distribution of retail units (%)

Occupancy by use (%)

Source: Vitruvio13

Q2 2020

212 tenants that

weigh < 2%

Vitruvio quarterly report

Retail is highly diversified by the tenant’s type

of business. This approach reaffirms the

diversification strategy implemented both

overall for the assets and individually for each

use, thus securing higher occupancy than

other portfolios that may be affected by

structural changes in demand. In the long

term, we continue to focus on restaurants

and leisure and health as the best segments.

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44%30%

14%

7%5%

High Street Retail ResidentialOffices Industrial & LogisticsShort-term Residential

41%

32%

14%

7%6%

Comercial Residencial

Oficinas Industrial&Logístico

Residencial CP

95% 99% 100% 100% 100%

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Diversified income

Net rental income for June (annualised) stood at EUR 8.01 million. There has been a drop in income due to

the departure of one tenant (announced before the crisis) and the reductions and deferrals agreed with

those tenants that have been forced into lockdown by the authorities and have thus closed their

establishments and companies.

Regardless, the effect of the pandemic has been limited in scope with rental income falling by only 0.4% on

the previous quarter as a result of Vitruvio's conservative strategy.

Net Rental Income (%)

Distribution of income by use among total income

> Overall portfolio data

Income details

4.7% Net Rental Income

(annualised data)

Source: Vitruvio14

Q2 2020

Vitruvio quarterly report

44%30%

14%

7%5%

High Street Retail ResidentialOffices Industrial & LogisticsShort-term Residential

44%30%

14%

7%5%

High Street Retail ResidentialOffices Industrial & LogisticsShort-term Residential

2,9%3,2%

5,4% 5,5%

7,5%

0,0%

2,0%

4,0%

6,0%

8,0%

Residencial CP Residencial

Comercial Oficinas

Industrial&Logístico

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

Repayment 2020 Repayment 2021

2,0%

4,5%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

4,5%

5,0%

Coste medio deuda % rentabilidad actual(ingresos/GAV total)

72,2%

27,8%

GAV-deuda DeudaModerate leverage

The Company has a debt level of 29.04%, nearly two points lower than 2019 year-end and more than

four points lower than in the first quarter of 2019. The decision to lower debt was taken in 2019 in view of

the stage of the economic cycle.

In the second quarter, the management team negotiated a 12-month deferral of the principal

repayment for 75% of the outstanding debt. In addition, a 12-month extension to the term of these

loans has also been negotiated, with the aim that, when principal payments are resumed, the instalments

will not be higher than those previously paid. Net debt stands at EUR 50 million, divided between

mortgage loans (87% of the total) and credit facilities maturing at between three and five years (13% of

the total). Overall, 64% of the debt is hedged against interest rate changes.

It is reasonable to expect lower property valuations due to the crisis, which would increase Vitruvio's total

debt percentage. As a theoretical exercise, even with a 15% drop in valuation, the level of net debt would

still be low at 34.1%.

29.0% Level of indebtedness

(at quarter end)

Source: Vitruvio

> Financial data

Debt details

15

Net Rental Income yield and cost of debt (%)

Novations and repayment after negotiations1.1x

Coverage ratio

(2020)

Vitruvio quarterly report

Q2 2020

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-neg

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Pre

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2,0%

4,5%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

4,5%

5,0%

Average cost of debt Net Rental Income Yield(NRI/GAV)

72,2%

27,8%

GAV-debt Debt

Vitruvio's portfolio has been valued since 2015 by the real

estate consulting firm Savills following RICS standards.

This valuation methodology is based on the principles of

the Royal Institute of Chartered Surveyors (RICS), which

publishes the most widely used property valuation

guidelines on the professional investment market.

These guidelines consist of giving a specific value to

property assets based on the flows they generate. Assets are

valued based on their type, location, the type of tenant and

the contracted rent. Factors such as how much demand

there is (liquidity) for each asset also influence the final

value.

The valuations of the properties in the portfolio have

progressively gone up since the beginning, as explained in

the presentation; most remain within a conservative range

in Vitruvio's opinion. However, renewed contracts could

lead to the impairment of certain assets, with the related

impact on profit or loss. The crisis caused by COVID-19

could also affect these valuations.

The Company prefers constancy and stability in values over

sharp, short-term changes in valuation. Vitruvio undertakes

long-term investments.

> Appendix

Summary

Source: Savills valuation at 31/12/1916

Vitruvio quarterly report

Q2 2020

Cartera Vitruvio Ubicación Sup. m² Valoración € €/m² Cartera Vitruvio Ubicación Sup. m² Valoración € €/m²

Residencial 18.184 66.419.293 30.432 Comercial

Sagasta, 24 Madrid 4.731 21.321.000 4.507 Rambla Celler, 83-85 Barcelona 465 1.090.000 2.344

Ayala, 101 Madrid 2.983 11.321.000 3.795 Dos de Mayo, 26-L1 Madrid 93 1.081.000 11.659

Duque de Rivas, 4 Madrid 3.099 9.600.000 3.098 Marcelo Usera, 85 Madrid 228 1.078.000 4.736

Ermita del Santo, 14 Madrid 3.956 8.278.000 2.093 Augusto Figueroa, 31 Madrid 196 1.075.000 5.472

Aguirre, 1 Madrid 1.349 5.978.000 4.431 Olímpica, 26 Madrid 216 1.019.000 4.720

Tribulete, 23 Madrid 1.636 5.867.000 3.586 Orense, 22 Madrid 247 1.019.000 4.124

Valladolid, 57 Madrid 309 656.000 2.123 Monte Igueldo, 12 Madrid 300 981.000 3.273

Toledo, 101 Madrid 111 455.000 4.099 Mayor, 41 Madrid 196 957.000 4.886

Trasteros Madrid 10 27.000 2.700 Alcalá, 310 Madrid 240 931.000 3.881

Dº de superficie IVIMA Madrid - 2.916.293 - Goya, 30 Madrid 90 928.000 10.311

Oficinas 6.171 24.421.000 3.957 Concha Espina, 69 Madrid 204 927.000 4.543

Fernández de la Hoz, 52 Madrid 2.708 12.776.000 4.718 Dos de Mayo, 23-A Madrid 242 916.000 3.785

Goya, 5-7 Madrid 1.064 5.127.000 4.819 Fernández de los Ríos, 63 Madrid 229 886.000 3.867

General Álvarez de Castro, 26 Madrid 1.099 2.831.000 2.576 Hortaleza, 78 Madrid 40 876.000 21.966

Infanta Mercedes, 31 Madrid 1.008 2.641.000 2.620 Gaztambide, 36 Madrid 153 875.000 5.726

López de Hoyos, 10 Madrid 292 1.046.000 3.582 Lagasca, 80 Madrid 114 862.000 7.561

Comercial 19.129 69.485.000 3.632 Bravo Murillo, 170 Madrid 183 861.000 4.718

Parque Comercial Artea Pais Vasco 2.757 4.877.000 1.769 Núñez de Balboa, 64 Madrid 112 788.000 7.036

Goya, 5 Madrid 467 3.265.000 6.991 Constitución, 102-104 Barcelona 351 783.000 2.231

Cuchilleros, 7 Madrid 246 3.143.000 12.776 Habana, 41 Orense 480 777.000 1.619

Albufera, 25 Madrid 568 3.103.000 5.463 León, 25 Madrid 161 763.000 4.737

Sánchéz Barcaiztegui, 12 Madrid 980 2.738.000 2.794 Federico Mompou, 6 Madrid 110 751.000 6.827

Gran Vía Diego López de Haro, 61 Pais Vasco 608 2.678.000 4.405 Puerto de Balbarán, 45 Madrid 126 743.000 5.887

Bravo Murillo, 174 Madrid 534 1.986.000 3.719 Dos de Mayo, 26-L2 Madrid 300 735.000 2.446

Felipe II, 16 Madrid 434 1.743.000 4.016 Mossen Jaume Soler, 5 Barcelona 917 712.000 776

Concepción Jerónima, 29 Madrid 368 1.557.000 4.235 Reina Mercedes, 13 Madrid 283 683.000 2.413

Guzmán el Bueno, 28 Madrid 293 1.533.000 5.230 Dos de Mayo, 23-B Madrid 117 660.000 5.641

Pintor Rosales, 20 Madrid 157 1.419.000 9.038 Montecarlo, 20-24 Barcelona 300 633.000 2.110

Alcalde Luis de Marichalar, 5 Madrid 231 1.410.000 6.095 Rambla Anselm J.A Calvé, 4 Barcelona 302 614.000 2.033

Juan Carlos I, 4 Madrid 907 1.396.000 1.539 Zurbano, 56 Madrid 165 609.000 3.691

Goya, 7 Madrid 297 1.354.000 4.559 Gran Vía, 43 Salamanca 350 600.000 1.714

Marqués de la Ensenada, 16 Madrid 410 1.350.000 3.293 Dr. Reig, 44 Barcelona 210 460.000 2.190

Monte Igueldo, 16 Madrid 240 1.315.000 5.479 San Torcuato, 12 Zamora 269 403.000 1.498

Corregidor Diego de Valderrábano, 25 Madrid 209 1.287.000 6.158 Mayor principal, 21 Palencia 117 292.000 2.496

Bravo Murillo, 129 Madrid 232 1.280.000 5.517 Industrial 25.601 11.764.000 460

Alcalá, 223 Madrid 387 1.199.000 3.101 Encofradores, 4 -PI Mohedano YunqueraYunquera Henares 13.587 5.248.000 386

Alcalá, 183 Madrid 101 1.198.000 11.861 Torneros, 74 Madrid 6.656 4.218.000 634

Segovia, 8 Madrid 455 1.164.000 2.558 Mercamadrid Madrid 5.358 2.298.000 429

Goya, 143 Madrid 143 1.122.000 7.858

Total Valoración Vitruvio 69.085 172.089.293 2.491

NAV €: net asset value, i.e. Vitruvio’s equity adjusted by the valuation of an

independent party. The NAV is calculated and approved by the Board of Directors of

Vitruvio using the methodology described

NAV per share: NAV divided by the number of shares outstanding (excluding treasury

shares)

GAV €: gross asset value. Vitruvio obtains this information from the valuations made

by the consulting firm Savills AN España.

GRI €: gross rental income, agreed rent plus expenses borne by the tenant.

NRI €: net rental income, contractually agreed rent, discounting the charging of

expenses.

NOI €: net operating income, contractually agreed net rent, calculated as GRI less total

community association charges, property tax, insurance and any direct expense relating

to the assets.

Rental yield %: contractually agreed rent divided by valuation (NRI/GAV).

Vacancy %: calculated as the valuation of vacant assets to the total portfolio valuation

(vacant GAV/GAV), excluding assets that are being renovated.

EBITDA: Earnings before interest, taxes, depreciation and amortisation.

Earnings per share (EPS): profit for the year divided by the number of shares

outstanding (excluding treasury shares).

Dividend per share (DPS): dividend distributed in the year divided by the number of

shares outstanding (excluding treasury shares).

Dividend yield %: DPS/NAV/share

Leverage %: the Company's bank borrowings less cash, divided by the valuation (net

debt/GAV)

FFO/share: profit for the year + amortisations and depreciations - capital gains/losses

from disposal, divided by the number of shares outstanding.

DSCR: debt service coverage ratio (EBITDA/(finance costs + principal repayment).

> Appendix

Glossary

17

Vitruvio quarterly report

Q2 2020

Nota adicional

Vitruvio publica trimestralmente un informe con la descripción de la situación de la

compañía a cierre del periodo. Se incluyen los indicadores claves de la cartera

inmobiliaria, así como la información financiera más relevante. En ocasiones, se

presenta también información posterior al cierre trimestral cuando la misma es

relevante. En el presente informe se aporta la citada información sobre Vitruvio y se

añade información sobre el impacto que la compañía estima tendrá en las cuentas la

actual crisis provocada por el virus.

La valoración inmobiliaria de Savills AN es a cierre de 2019 y la valoración contable del

derecho de superficie con la Agencia Social de la Vivienda de Madrid (antiguo IVIMA)

es de 30 de junio. De la suma de ambos elementos se alcanzan las cifras de valoración

presentadas en el informe.

En esta ocasión, el informe se divide entre:

1. Informe del impacto de la crisis provocada por el COVID: las cifras que se

presentan son el resultado de estimar el cierre anual, recogiendo el impacto que la

compañía considera que tendrá en su cuenta de resultados la actual crisis y su

repercusión en las renegociaciones de alquileres que se han tenido que llevar a

cabo –y que aún se siguen- con los inquilinos afectados por el cierre obligado por

el estado de alarma.

2. Informe trimestral: los ingresos que se muestran son, como en los informes

anteriores, el resultado de anualizar los de junio. Este dato trata de ofrecer una

imagen estática, a última fecha, de la marcha de Vitruvio. En un entorno tan

inestable como el actual, anualizar los ingresos de cierre del trimestre puede

reflejar de forma menos aproximada los ingresos previstos para todo el año.

18

Por último, es importante destacar que este informe es provisional, puede contener

errores, información no actualizada o susceptible de ser finalmente determinada con

relación al cierre del ejercicio con la formulación de los EEFF sometidos a auditoría. Y,

en general, la evolución de los acontecimientos relacionados con la crisis sanitaria y las

medidas para combatir el virus pueden hacer que los datos del informe sufran rápidas

variaciones, en coherencia con el general clima de incertidumbre actual.

Aviso legal

Este documento contiene una presentación de la compañía con fines únicamente informativos. No constituye una recomendación, ni una oferta de venta, ni una solicitud de una

oferta de compra de ningún valor al que pueda hacerse referencia a lo largo de la presentación, ni en modo alguno puede considerarse una invitación a suscribir contrato o

compromiso alguno en relación con ningún valor, inversión, servicio de gestión de inversiones o servicio de asesoramiento.

Aunque Vitruvio Real Estate Socimi S.A. ha tomado todas las medidas necesarias para asegurar que la información suministrada sea lo más exacta posible y veraz al momento de la

presentación, los diferentes datos, estimaciones y proyecciones contenidas en esta presentación podrán sufrir modificaciones en cualquier momento, debido a que dicha

información tiene carácter preliminar.

Vitruvio advierte de que los datos y proyecciones se han estimado en condiciones regulares y que están sujetas a variaciones y expuestas a diversos factores y riesgos. En especial,

los riesgos derivados de pandemias que puedan ocasionar el cierre masivo de establecimientos abiertos al público, la imposibilidad de acudir al centro habitual de trabajo y el

resto de medidas restrictivas que se podrían derivar de un estado de alarma o de medidas similares impuestas legalmente o por la fuerza. Esta información se encuentra publicada

en la página web de Vitruvio, cuyo enlace es www.vitruviosocimi.com.

Los inversores potenciales deben considerar cuidadosamente si una inversión es adecuada para ellos a la luz de sus circunstancias, conocimientos y recursos financieros, por lo que

debe consultar a sus propios asesores para obtener asesoramiento profesional e independiente en relación con diversas consideraciones legales, fiscales y factores económicos

para evaluar y valorar la idoneidad, legalidad y riesgos antes de realizar una inversión en esta sociedad, especialmente durante períodos de pánico o euforia financiara que pudiera

alterar las valoraciones de la compañía.