MULTIPLAN EMPREENDIMENTOS IMOBILIRIOS 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

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Date, time and place: On April 16th, 2014, at 4:30 pm, at the Multiplan Empreendimentos Imobilirios S.A. (Company) head office in the city and state of Rio de Janeiro, at Av. das Amricas, 4.200, block 2, 5th floor. 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. Jos Carlos de Arajo Sarmento Barata justified his absence. Presiding the Board: Chairman: Mr. Jos Isaac Peres; Secretary: Mr. Marcelo Vianna Soares Pinho. Agenda: Examine and discuss the granting of stock options in 2014 to the Companys employees. 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 Companys Stock Option Plan approved by the Extraordinary General Meeting held on July 6th, 2007 (the Plan), as per the proposal submitted by Companys 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 Companys 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 Companys Stock Option Plan. According to the section

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171, paragraph 3 of Law n. 6.404/76 and section 8, paragraph 1 of the Companys By-Laws, as well as section 5.3 of the Companys Stock Option Plan, the Companys 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 Companys 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 Companys Bylaws, 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. Jos Paulo Ferraz do Amaral will send their votes in writing. April 16th, 2014.

_________________________ Marcelo Vianna Soares Pinho Secretary