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| Arbitration Panel |
Introduced by the BOVESPA, pursuant to Law 9,307 of September 23, 1996, the Market Arbitration Panel is designed to settle disputes which may arise from the application, validity, effectiveness, breach or misinterpretation of Brazilian Corporate Law, listed companies’ articles of incorporation, and the regulations published by the CMN (National Monetary Council), the Central Bank of Brazil, the CVM (Brazilian Securities and Exchange Commission) and the BOVESPA, including those related to listing on the Novo Mercado and Level 2 of Specific Practices of Corporate Governance, as well as the corresponding agreements, in addition to other norms applicable to the operation of the capital markets in general. |
| BACEN |
Brazilian Central Bank. |
| BOVESPA |
São Paulo Stock Exchange. |
| B2C |
Business to Consumer: business model which focuses on providing services directly to the final consumers. |
| CBLC |
The Brazilian Settlement and Custodial Company (Companhia Brasileira de Liquidação e Custódia). |
| CFC |
Conselho Federal de Contabilidade. |
| Código Civil |
Civil code. |
| COFINS |
Tax for social security financing (in substitution for Finsocial), social contribution on billings, social investment program. |
| Coligada |
Associated company. |
| Company or Tecnisa |
Tecnisa S.A. |
| COPOM |
Monetary Policy Committee. |
| CPMF |
Provisional Contribution on Financial Transactions. |
| CSLL |
Social contribution on net income. |
| CVM |
Securities and Exchange Commission of Brazil. |
| Dólar or US$ |
Official currency of USA. |
| EBITDA |
It´s one measure of the company’s operational performance before the financial result, social contribution, income tax, depreciation and amortization. The Company’s management does not believe EBITDA is the best practical measure to assess its operating performance, in view of some of the intrinsic characteristics of the construction and incorporation business. However, it is commonly used in other industries because it allows the comparison with other companies in the same segment. It is worth pointing out that EBITDA is not a measure established under the Brazilian Corporate Law or BR GAAP or US GAAP and may be defined and calculated differently by other companies. |
| FGTS |
Government severance indemnity fund for employees. |
| BR GAAP |
Accounting practices adopted in Brazil, or Brazilian GAAP or Brazilian Corporation Law. |
| Habite-se |
A certificate issued by the authorities of the municipality where the property was constructed following an inspection, attesting that the work was carried out in line with the project and declaring that the property meets all the necessary conditions for occupation. |
| Luxury |
Priced at over R$3,500.00 per square meter, this segment is targeted at the high and mid-high income groups. |
| Rule 144A |
Rule promulgated under the U.S. Securities Act of 1933, as amended, or the Securities Act, related to qualified institutional buyers of the United States. |
| Regulation S |
Rule promulgated under the U.S. Securities Act of 1933, as amended, or the Securities Act, related to institutional and other investors outside the United States and Brazil that are not U.S. persons. |
| SEC |
Securities and Exchange Commission. |
| SECOVI |
Association of Residential and Commercial Real Estate Companies. |
| Securities Act |
The United States Securities Act of 1933 and subsequent amendments thereto. |
| SFH |
Housing Financing System. |
| SFI |
Property Financing System created in 1977 by the law number 9,514 (11/20/1997) as an alternative to the House Financing System and the Mortgage Portfolio, the system authorized the securization of property credits and introduction or acquired shares, to promote profitability. |
| SINTRACON |
São Paulo Construction Workers´ Union. |
| SPE |
Specified Purpose Company. Company constituted for a specified social objective that allows an isolation of other commercial activities of the controlling shareholders. It allows financial agents direct and lessa bureaucratic access to the assets and earnings generated by the undertaking, in the case of company default. |
| TJLP |
Long Term Interest Rate, fixed and published by the National Monetary Council. |
| Tecnisa Consultoria |
Tecnisa Consultoria Imobiliária Ltda., a Company subsidiary. |
| Tecnisa Empreendimentos |
Tecnisa Empreendimentos Imobiliários Ltda., a Company subsidiary. |
| Tecnisa Holding |
Tecnisa Holding Ltda., a company incorporated by the Company on July 4, 2006. |
| Tecnisa Socipar |
Tecnisa Socipar Investimentos Imobiliários S.A. , a Company subsidiary. |
| U.S. GAAP |
Accounting practices adopted in the United States of America. |
| Vendas |
The value of the contracts entered into with clients related to the sale of completed units or units for future delivery. |
| Contratadas VGV |
Overall Sales Value, i.e., the value obtained or to be potentially obtained from the sale of all Units in a given real estate development. |
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