MULTIPLAN EMPREENDIMENTOS IMOBILIRIOS S.A.

CNPJ/MF No. 07.816.890/0001-53

NIRE No. 33.3.0027840-1
Publicly-held Company
Minutes of the Board of Directors Meeting
held on September 21st, 2016

1. Date, time and place: On September 21st, 2016, at 11:15 AM, at the City and
State of Rio de Janeiro, at Av. das Amricas No. 3.900, Barra da Tijuca.
2. Call notice and attendance: Meeting called in accordance with the Company's
Bylaws, with the attendance of the totality of the Board of Directors members.
3. Presiding the Board: Chairman: Mr. Jos Paulo Ferraz do Amaral; Secretary: Mr.
Marcelo Vianna Soares Pinho.
4. Agenda: Discuss and decide about the following matters: (a) grant of investments
units to the collaborators in the fiscal year of 2016, under the terms of the Companys
Long-Term Incentive Plan; (b) new Companys Stock Buyback Program; (c) update on
the status of the ongoing projects; (d) update on the Companys cash availability and
funding; and (e) general matters.
5. Resolutions: The members of the Board of Directors decided, without caveat, the
following:
5.1. Grant of Investments Units. Under the terms of Section 3.2 (b) of the Companys
Long-Term Incentive Plan approved by the Board of Directors Meeting held on July
29th, 2015 (Long-Term Incentive Plan), approve the granting of two million, five
hundred thousand, seven hundred and fifty (2,500,750) investments units in this fiscal
year of 2016, as per the proposal submitted by Companys Management to the Board
of Directors. The grant of the investments units to the participants shall be
consummated upon execution of the relevant Grant Agreement, under the terms of
Section 5.2 of the Long-Term Incentive Plan, up to thirty (30) days from this date, being
considered, for the purposes of fixation of the reference value, this day of September
21st, 2016 as the granting date of the investment units. The reference value on the
granting date is sixty-one reais and thirty-eight centavos (R$ 61.38), which corresponds
to the average of the quotation of the Companys shares at BM&FBOVESPA - Bolsa de
Valores, Mercadorias e Futuros, calculated by dividing the financial volume by the
amount of shares traded, accrued in the twenty (20) trading sessions prior to the base
date of its calculation.

5.2. New Companys Stock Buyback Program. Approve the new Companys stock
buyback program, through which the Company may trade up to two million and five
hundred thousand (2,500,000) common shares with no par value, issued by the
Company, in accordance with the terms and conditions of Exhibit I hereto and subject
to the provisions of Securities and Exchange Commission of Brazil (CVM) Instruction
No. 567/15 (Stock Buyback Program).
5.2.1. The deadline for the settlement of the authorized transactions is of eighteen
(18) months, starting September 22nd, 2016 through March 22nd, 2018.
5.2.2. The Board of Directors authorized the Management of the Company to practice
all necessary acts to implement the Stock Buyback Program, and the Executive Board
may trade with the shares issued by the Company, at the time it deems appropriate,
subject to the terms and limits established in the Stock Buyback Program and in the
applicable rules. The authorization hereby granted by the Board of Directors to the
Executive Board includes, without limitation, (i) the acquisition of shares (a) to fulfill
exercise of options pursuant to the Company stock options programs; (b) to be held in
treasury; and/or (c) to subsequent cancellation or transfer; and (ii) the transfer of
shares eventually acquired under the Stock Buyback Program, as well as shares
currently held in treasury remaining from previous buyback programs.
5.3. The members of the Board of Directors reviewed, discussed and evaluated,
without caveat, the following matters:
5.3.1. The ongoing projects;
5.3.2. The Companys cash availability and funding; and
5.3.3. The Companys general matters.
5.4.
The Board of Directors authorized the Management of the Company to practice
all necessary acts to implement the discussed matters by the Company and/or through
its subsidiaries companies.
6. Closing, Drawing Up, and Approval of the Minutes: With no further issue to be
addressed, these minutes were approved as per Article 17, 2nd paragraph and Article
19 of the Companys Bylaws, and were duly signed by the members of the Board of
Directors who attended the meeting.
Rio de Janeiro, September 21st, 2016.

Marcelo Vianna Soares Pinho

Secretary

EXHIBIT I
INFORMATION REGARDING THE APPROVAL OF TRADING WITH OWN
SHARES (as per Exhibit 30-XXXVI of CVM Instruction No. 480/09)

1. Provide detailed justification on the objectives and expected economic

effects of the transactions.
The Stock Buyback Program aims to invest the available resources of the Company to
maximize value creation for the shareholders. The transactions authorized under the
Stock Buyback Program may be carried out at the discretion of the Executive Board, at
the time it deems appropriate, subject to the terms and limits established in the Stock
Buyback Program and in the applicable rules, and includes, without limitation, (i) the
acquisition of shares (a) to fulfill exercise of options pursuant to the Company stock
options programs; (b) to be held in treasury; and/or (c) to subsequent cancellation or
transfer; and (ii) the transfer of shares eventually acquired under the Stock Buyback
Program, as well as shares currently held in treasury remaining from previous buyback
programs.
No relevant economic effects are expected resulting from the approved transactions,
given the number of shares to be traded and its value.
2.

Inform the amount of (i) free float shares; and (ii) treasury shares.

(i) 80,862,436 free float shares.

(ii) 1,313,864 treasury shares.
3. Inform the amount of shares that may be acquired or disposed by the
company.
The Company may negotiate up to 2,500,000 common shares with no par value,
issued by the Company, without reduction of the capital stock, also subject to the
threshold of 10% of the total outstanding Companys common shares, as per Article 8
of Instruction CVM No. 567/15.
4. Description of the main features of the derivative instruments that the
company may use, if any.
Not applicable, since the Company is not currently planning to use derivative
instruments within this Stock Buyback Program.

5. Description, if any, of vote agreements or orientations entered into between

the company and the counterparty of the transaction.
Not applicable.
6. In the event of transactions performed out of the organized markets,
information on (a) the highest (lowest) price at which the shares will be acquired
(disposed); and (b) if applicable, the reasons that justify the carrying out of the
transaction at a price more than 10% (tem per cent) higher, in case of
acquisition, or more than 10% (ten per cent) lower, in case of disposal, than the
average of the price weighted by the trade volume, in the last ten (10) auctions in
the stock exchange.
Not applicable, since the transactions will not be performed out of organized markets.
7. If applicable, information on the effects that the negotiation will have on the
control or administrative structures of the company.
Not applicable, as the Company estimates no relevant effects of the trade on its
ownership structure or administration.
8. Identify the counterparties, if known, and, if such counterparty is a
companys related party, as defined in the accounting rules regarding this
matter, provide the information required by Article 8 of CVM Instruction No.
481/09.
The transactions will be performed through the stock exchange, and it is not possible to
identify previously the counterparties in the operations.
9.

Indicate the destination of the funds raised, if applicable.

The shares eventually acquired may be used (a) to fulfill exercise of options under the
Company stock options programs; (b) to be held in treasury; (c) to be cancelled; in
which cases the Company will not raise funds. However, in the event the Company
decides to transfer shares, as permitted by the program, the funds raised will be
destined to the Companys operations.
10. Indicate the deadline for settlement of the authorized operations.
The deadline for the settlement of the authorized transactions is of eighteen (18)
months, starting September 22nd, 2016 through March 22nd, 2018.

11. Identify the institutions that will act as intermediaries, if any.

(a) Bradesco S/A CTVM, with headquarter at Avenida Paulista No. 1450, 7th floor, So
Paulo, SP; (b) Credit Suisse Brasil S.A. CTVM, with headquarter at R. Leopoldo Couto
Magalhaes Jr. No. 700, 10th, 12th, 13th and 14th floors, So Paulo, SP; (c) Ita CV S.A.,
with headquarter at Av. Brigadeiro Faria Lima No. 3400, 10th floor, So Paulo, SP; and
(d) BTG Pactual CTVM S.A., with headquarter at Av. Brigadeiro Faria Lima No. 3477,
14th floor, part, So Paulo, SP.
12. Specify the available funds to be used, pursuant to art. 7, paragraph 1, of
CVM Instruction No. 567/15.
According to financial statements regarding the quarter ended on June 30th, 2016, the
Company has R$ 1,925,061 thousand in capital budget reserve deemed as available
funds pursuant to Article 7, paragraph 1, of CVM Instruction No. 567/2015.
13. Specify the reasons why the members of the Board feel comfortable that the
buyback of shares will not adversely affect the fulfillment of the obligations
entered into by the Company with its creditors or the payment of mandatory
dividends, either fixed or minimum.
The Company has, on this date, full capacity in paying its financial commitments, since
its operations are consistently cash-generating.
Even in the event of buyback of totality of the 2,500,000 shares subject of the
Company Stock Buyback Program (which historically has not occurred in previous
buyback programs of the Company, in which the transactions involved an amount of
shares lower than the threshold approved), the Company, according to the
Managements judgement, would preserve full capacity to pay its financial obligations,
based on the financial statements regarding the quarter ended on June 30th, 2016.
Additionally, before each transaction, it will be taken all necessary steps to ensure that
the financial situation of the Company supports the settlement of such transaction.
In view of the above reasons, as well as the Board of Directors overall evaluation
regarding the Company's financial situation, there are no reason, on this date,
indicating that the buyback of shares may adversely affect the fulfillment of the
obligations entered into by the Company with its creditors or the payment of mandatory
dividends, either fixed or minimum.
*****