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 March 8th, 2017

1. Date, time and place: On March 8th, 2017, at 4:00 PM, at the Multiplan
Empreendimentos Imobilirios S.A. (Company) head office, in the city and state of Rio
de Janeiro, at Av. das Amricas, No. 4.200, block 2, 5th floor, 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: Decide about (i) the homologation of the Companys capital increase,
by means of private subscription, within the authorized capital, as approved in the Board
of Directors Meeting held on January 9th, 2017 (Capital Increase); and (ii) the
performance, by the Companys management, of all acts necessary to the
implementation of the resolutions approved on this meeting.

5. Resolutions: The members of the Board of Directors decided, without caveat,

the following:

5.1. To fully homologate the Capital Increase in the amount of R$ 600,000,043.50 (six
hundred million, forty-three Reais and fifty cents), by means of the issuance, for private
subscription and within the authorized capital limit, of 10,256,411 (ten million, two
hundred and fifty-six thousand, four hundred and eleven) nominative common shares
with no par value, for the issuance price of R$ 58.50 (fifty-eight Reais and fifty cents) per
share, fixed in accordance with the article 170, sole paragraph, item III, of Law No.
6.404/1976, fully allocated to the Companys capital stock, as approved in the Board of
Directors Meeting held on January 9th, 2017.

5.2. To record that Companys capital stock will increase from R$ 2,388,062,147.38
(two billion, three hundred and eighty-eight million, sixty-two thousand, one hundred and
forty-seven Reais and thirty-eight cents) to R$ 2,988,062,190.88 (two billion, nine
hundred and eighty-eight million, sixty-two thousand, one hundred and ninety Reais and
eighty-eight cents), divided into 200,253,625 (two hundred million, two hundred and fifty-
three thousand, six hundred and twenty-five) nominative shares with no par value, which
188,395,278 (one hundred and eighty-eight million, three hundred and ninety-five
thousand, two hundred and seventy-eight) are common shares and 11,858,347 (eleven
million, eight hundred and fifty-eight thousand, three hundred and forty-seven) are
preferred shares.

5.3. To authorize the Companys management, at any time, to perform all acts
necessary to the implementation of the approved resolutions.

5.3.1. The Board of Directors shall submit the approved resolutions to the Shareholders
Meeting in order to amend the article 5th of the Bylaws, so the capital of the Company
will be updated.

6. Closing, Drawing Up, and Approval of the Minutes: With no further issue to
be addressed, these minutes were approved in accordance with articles 17, second
paragraph, and 19, of the Companys Bylaws, and signed by the Board members who
attended the meeting. The members of the Board of Directors, Messrs. John Michael
Sullivan, Duncan George Osborne and Leonard Peter Sharpe will send their votes in
writing.

Rio de Janeiro, March 8th, 2017.

______________________________
Marcelo Vianna Soares Pinho
Secretrio