MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

CNPJ/MF No. 07.816.890/0001-53

NIRE 33.3.0027840-1

Publicly-held Company

Minutes of the Board of Directors’ Meeting

held on April 16th, 2014

1. Date, time and place: On April 16th, 2014, at 4:30 pm, at the Multiplan

Empreendimentos Imobiliários S.A. (“Company”) head office in the city and state of

Rio de Janeiro, at Av. das Américas, 4.200, block 2, 5th floor.

2. Call notice and attendance: Meeting called in accordance with the Company's

bylaws and held by conference call, as authorized by Article 17, 2nd paragraph of

the Bylaws. The meeting was held with the presence of the majority of members of

the Board of Directors. The member of the Board of Directors Mr. José Carlos de

Araújo Sarmento Barata justified his absence.

3. Presiding the Board: Chairman: Mr. José Isaac Peres; Secretary: Mr. Marcelo

Vianna Soares Pinho.

4. Agenda: Examine and discuss the granting of stock options in 2014 to the

Company’s employees.

5. Resolutions: The members of the Board of Directors discussed the item of the

Agenda and approved, unanimously and without any exceptions, the following:

5.1. Approved the granting of stock options for the purchase of 2,214.550

(two million, two hundred and fourteen thousand, five hundred fifty) shares issued

by the Company, to be granted in the financial year of 2014, under the terms of

the Company’s Stock Option Plan approved by the Extraordinary General Meeting

held on July 6th, 2007 (the “Plan”), as per the proposal submitted by Company’s

Management to the Board of Directors. The beneficiaries of the options shall

settle a Stock Option Grant Agreement with the Company (the “Option

Agreement”) under the terms of item 4.3 of the Plan, up to 30 days of the present

date, being considered, for settlement of the strike price, this day of April 16th,

2014 as the options granting date. The strike price will be R$ 48.03 per share,

which corresponds to the average of prices of the Company´s shares (same class

and type) in the last 20 trading sessions at BM&FBOVESPA immediately prior to

the date of the stock option granting, according to the trading volume, as set forth

in the section 6.1 of the Company´s Stock Option Plan. According to the section

171, paragraph 3 of Law n. 6.404/76 and section 8, paragraph 1 of the

Company´s By-Laws, as well as section 5.3 of the Company’s Stock Option Plan,

the Company´s shareholders shall not have the privilege on the granting or on the

exercise of the option under the Stock Option Grant Agreement.

5.2. The Board of Directors authorized the Company’s Management to

implement the resolutions herein approved.

6. Closing, Drawing Up, and Approval of the Minutes: With no further issues to be

addressed, these minutes were approved, as per the terms of the Company’s By-

laws, and were duly signed by the members of the Board of Directors which

attended the meeting. The members of the Board of Directors Mr. John Michael

Sullivan, Mr. Russell Todd Goin and Mr. José Paulo Ferraz do Amaral will send

their votes in writing.

April 16th, 2014.

_________________________

Marcelo Vianna Soares Pinho

Secretary