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 27th, 2017

1. Date, time and place: On March 27th, 2017, at 12:00 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 majority 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) proposal for managements total
annual compensation for the fiscal year 2017, to be submitted to the Companys
Annual General Shareholders Meeting approval; and (ii) calling notice for the
Companys Annual and Extraordinary General Shareholders Meetings.

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

5.1. Approval of the proposal to fix the amount of R$ 33,395,000.00 relating to the
Managements global annual compensation for the fiscal year 2017, as per proposal
submitted by Companys Management to the Board of Directors, which shall be
submitted to the approval of the Companys Annual General Shareholders Meeting.
The amount approved is net of applicable social security contributions.

5.2. Pursuant to Articles 124 and 132 of Law 6,404/76 and Article 22, item "e" of the
Company's Bylaws, approval of the calling notice for the Annual and Extraordinary
General Shareholders Meetings, expected to be held, cumulatively, on April 28th,
2017, at 11:00 AM, at the Companys head office.

5.3. 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 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. Jos Carlos de
Arajo Sarmento Barata, John Michael Sullivan and Duncan George Osborne sent
their votes in writing.

Rio de Janeiro, March 27th, 2017.

______________________________
Marcelo Vianna Soares Pinho
Secretary