MULTIPLAN EMPREENDIMENTOS IMOBILIRIOS S.A. CNPJ/MF n. 07.816.890/0001-53 NIRE 33.3.

0027840-1 Minutes of the Board of Directors Meeting held on April 29th, 2014. 1. Date, time and place: On April 29th, 2014, at 4 pm, at the Companys headquarters, in the city and state of Rio de Janeiro, at Av. das Amricas, 4200, block 2, suite 501, Barra da Tijuca. Call notice and attendance: Meeting called in accordance with the Company's Bylaws, with the presence of the majority of members of the Board of Directors. The members of the Board of Directors Messrs. Eduardo Kaminitz Peres and Jos Carlos Arajo Sarmento Barata justified their absence. Presiding Board: Chairman: Mr. Jos Paulo Ferraz do Amaral; Secretary: Mr. Marcelo Vianna Soares Pinho. Agenda: Resolve on the reelection of the Companys Officers for a two-year term, redefining the duties and designations of their relevant positions. Resolutions: The members of the Board of Directors resolved about the subject of the Agenda and approved, unanimously and without exceptions, the following:

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5.1. Reelect the following Officers to compose the Board of Executive Officers of the Company, for a two-year term, having among their tasks, other than those set forth in the law, the duties and responsibilities as per the managements proposal: (i) as Chief Executive Officer, Mr. Jos Isaac Peres, Brazilian citizen, married, economist, holder of the identity card IFP/RJ n. 01.743.139-6 and enrolled with the Taxpayer Registration (CPF/MF) under n. 001.778.57749; (ii) as Vice President and Chief of Operations, Mr. Eduardo Kaminitz Peres, Brazilian citizen, single, businessman, holder of the identity card IFP/RJ n. 04.787.969-7 and enrolled with the Taxpayer Registration (CPF/MF) under n. 013.893.857-10; (iii) as Vice President of Development, Mr. Marcello Kaminitz Barnes, Brazilian citizen, married, civil engineer, holder of the identity card n. 06.992.223-5 and enrolled with the Taxpayer Registration (CPF/MF) under n. 966.447.707-97; (iv) as Vice President and Investor Relations Officer, Mr. Armando dAlmeida Neto, Brazilian citizen, married, administrator, holder of the identity card IFP/RJ n. 04738209-8 IFP/RJ and enrolled with the Taxpayer Registration (CPF/MF) under n. 757.797.307-68; and (v) as Administrative Officer, Mr. Alberto Jos dos Santos, Brazilian citizen, married, accountant, holder of the identity card CRC/RJ n. 059612-2

and enrolled with the Taxpayer Registration (CPF/MF) under n. 267.678.48700; all resident and domiciled in the city and state of Rio de Janeiro, with office at Av. das Amricas, n. 4200, block 2, suite 501, Barra da Tijuca, city and state of Rio de Janeiro.

5.1.1. Each of the officers hereby reelected declared that he is not convicted in any of the crimes foreseen in art. 147 of Law n. 6.404/76, as well as is not prevented to occupy positions in the Companys Management, and is not obliged to post any bond or guarantee, being duly vested in their positions through the signature of the respective Terms of Investiture in the proper book. 5.1.2. In view of the resolutions taken above, the Companys Board of Officers will be composed, from the date hereof, by: Mr. Jos Isaac Peres, as Chief Executive Officer; Mr. Eduardo Kaminitz Peres, as Vice President and Chief of Operations; Mr. Marcello Kaminitz Barnes, as Vice President of Development; Mr. Armando dAlmeida Neto, as Vice President and Investor Relations Officer; and Mr. Alberto Jos dos Santos, as Administrative Officer. 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 article 17, 2 and 19 of the Companys 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 Messrs. Jos Carlos Arajo Sarmento Barata, John Michael Sullivan, Russell Todd Goin and Leonard Peter Sharpe will send their votes in writing. Rio de Janeiro, April 29th, 2014.

Marcelo Vianna Soares Pinho Secretary