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 3:00 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: Discuss about the following matters: (i) the Auditors report,
Managements report, officers account and Companys Financial Statements
regarding the fiscal year ended on December 31st, 2016, to be submitted to the
Companys Annual Meeting; (ii) the proposal of destination of net income by the
Company, to be submitted to the Companys Annual Meeting; and (iii) the feasibility
study of the expectation of future taxable income generation to permit the deferred tax
assets in compliance with CVM Rule No. 371/02.

5. Resolutions: The members of the Board of Directors decided, unanimously and

without caveat, the following:

5.1. Approval of the Auditors Report, the Managements Report, the Officers Account
and the Companys Financial Statements regarding the fiscal year ended on
December 31st, 2016, to be submitted to the Companys Annual Meeting approval,
which call notice will be made in accordance with the law and the Companys Bylaws.

5.2. Approval of the proposal of destination of net income regarding the fiscal year
ended on December 31st, 2016, submitted by Companys Management, in the total
amount of R$ 311,541,599.95, to be submitted to the Companys Annual Meeting,
according to the following terms: (i) R$ 15,577,080.00 to Legal Reserve; (ii) R$
200,964,519.95 to Expansion Reserve; and (iii) R$ 95,000,000.00 as distribution of
interest on shareholders equity to the Companys shareholders, as already approved
by the Companys Board of Directors on June 27th, 2016 and attributed to the minimum
mandatory dividend related to the fiscal year ended on December 31st, 2016 for its net
value, i. e., deducted of income tax, in the terms of article 9, paragraph 7 of Law No.
9.249/95 and in accordance with item V of Resolution No. 207/96 of the Brazilian
Securities Exchange Commission (Comisso de Valores Mobilirios CVM), in an
amount higher than the minimum mandatory dividend, all as set forth below:

Proposal on Destination of the

R$
Net Income 2016
Net income for the year 311,541,599.95
Legal Reserve (-)15,577,080.00
Adjusted Net Income 295,964,519.95

Minimum Mandatory Dividends* 73,991,129.99

*Amount not distributed, due to the distribution of interest on
shareholders' equity higher than the minimum mandatory
dividend.

Interest on shareholders equity approved on 2016 95,000,000.00

(gross amount)
Destination Percentage (gross amount) 32.10%

Income tax withheld at Interest on shareholders equity 13,656,968.07

Interest on shareholders equity approved on 2016 81,343,031.93

(net of taxes)

Destination Percentage (net of taxes) 27.48%

Expansion/ Development Reserve 200,964,519.95

5.3. Approval of the feasibility study of the expectation of future taxable income
generation of the deferred tax assets in compliance with CVM Rule No. 371/02, as per
the proposal submitted by Companys Management to the Board of Directors.

5.4. The Board of Directors authorized the management of the Company to practice all
necessary acts to implement the resolutions herein approved 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 was approved as per article 17, 2nd paragraph and article 19
of the Bylaws, and was duly signed by the members of the Board of Directors which
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