Arbitration Chamber: Market Arbitration Chamber established by the Bovespa for resolution of disputes between companies and its investors.

Bovespa: São Paulo Stock Exchange (Bolsa de Valores de São Paulo).

BR GAAP: Accounting practices adopted in Brazil, or Brazilian GAAP or Brazilian Corporation Law. CBLC: The Brazilian Settlement and Custodial Company (Companhia Brasileira de Liquidação e Custódia).

Company or CCP: Refers to Cyrela Commercial Properties S.A. Empreendimentos e Participações

CVM: The Brazilian Securities Commission (Comissão de Valores Mobiliários).

EBITDA: EBITDA represents profit (loss) before income and social contribution tax for the fiscal year or period, excluding the effects of the financial result, depreciation and amortization, including amortization of goodwill. The EBITDA is not a measurement recognized by the Brazilian or United States GAAP and should not be considered as an alternative to net profit, as an indicator of operating results, as an alternative to operational cash flow or as an indicator of liquidity. The EBITDA does not have a standardized definition and

CCP’s definition of EBITDA might not be comparable with those used by other companies.

Real, Reais or R$: refers to the Brazilian real, the official currency of Brazil

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.

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.

SEC: Securities and Exchange Commission.

U.S. dollar, U.S. dollars or US$: refers to U.S. dollars

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