LETTER OF RECOMMENDATION OF THE MINISTER OF FINANCE OF CHILE

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(TRANSLATION INTO ENGLISH)

RECOMMENDATION

Mr. Pablo Mendieta Ossio, MA in Economics at the Catholic University of Chile, worked with me during three and a half years in several areas of economics, as Research Associate in my consultancy firm.

The fields in which we worked were related to economic growth and development, advisory in macroeconomic issues and fiscal policy to Latin American countries, short-term analysis of the current development of the Chilean and international economy, besides other concerns belonging to applied economics.

Pablo Mendieta had an excellent performance in macroeconomics, macro-econometrics and time series econometrics. I have been also aware of its excellent attitude to work, his great responsibility and his impressive human qualities of personal integrity.

I regret that familiar reasons induced him to leave Chile. Otherwise, I would be glad to continue working with him in my academic work, advisories and consultancies.

Given the previous background, I strongly recommend him.

Mr. Felipe Larraín B.

President of Felipe Larraín Associates

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LETTER OF RECOMMENDATION OF THE FORMER PRESIDENT OF CENTRAL BANK OF BOLIVIA

(TRANSLATION INTO ENGLISH)

To whom may it concern.

Mr. Pablo Mendieta has requested to me this letter of recommendation. I have known Mr. Mendieta since 2004. I knew for the first time when he came to work in the Main Advisory Office of Economic Policy [APEC] of the Central Bank of Bolivia [BCB], when I was President of this institution. He arrived to the BCB with excellent reputation due the good work done in Chile.

I could be aware almost immediately the great professional proficiency of Mr. Mendieta. His knowledge of monetary theory and policy were really outstanding. He undertook very soon the intellectual leadership in APEC, with a great influence in the reports [to the authorities] of his area [in the BCB]. I also had the chance to share with him in technical meetings of the committees [at the BCB], where his good criteria was evident. Besides his remarkable intellectual abilities and knowledge, Mr. Mendieta had an aptitude to motivate and lead his teammates. He was subject of respect and admiration of his supervisors as his colleagues.

When I let the BCB in March of 2006, sometimes I was in touch with Mr. Mendieta in the academic extent. He was my colleague at the Catholic University of Bolivia and we departed in some dissertation boards [of undergraduate theses]. I was also aware of his research after I left the BCB in national and international events. His speeches proved his strong reasoning and scholarship. It must be noted that academic interest of Mr. Mendieta are beyond monetary economics. He has an amazing and wider vision of all areas of the economic science and an extraordinary comprehension of the Bolivian economy.

He is, without hesitation, a well-qualified professional. He has several published papers and everyone that is acquainted of his work do not be unwilling to preconize him. Besides his intellectual and scholar abilities, Mr. Mendieta has a balanced personality; he is able to do an excellent work, either independently or with a team. His leadership is quite notorious.

I am convinced that Mr. Mendieta will have a great performance in a financial institution that could hire him as well in academic institutions. He is among the best professionals of his generation, and he could be the best among them.

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LETTER OF RECOMMENDATION OF THE

CHIEF ECONOMIST AT THE CENTRAL BANK OF BOLIVIA (TRANSLATION INTO ENGLISH)

Mr. Pablo Mendieta Ossio worked in the Main Advisory Office of Economic Policy (APEC) of the Central Bank of Bolivia (BCB) between August of 2004 and December of 2012. During those years he was under my close supervision when he worked as Monetary Policy Analyst (2004-2007), Chief of Economic Research Department (2007-2010) and Deputy Manager of Economic Research (2010-2012).

His main duties were related to the accomplishment and/or supervision of research and specialized analysis in economic issues of interest of the BCB, in specific tasks in charge of APEC, concerning policy advice to the main Board, principal Authorities and Committees of the BCB in order to contribute to the adoption of measures and policies associated with the main purposes of this institution.

Jointly with the whole team of APEC, Mr. Mendieta has been an active and outstanding participant in main policy advices within the scope of the BCB, in the elaboration of research documents and in economic and econometric modeling for analysis and forecast purposes. He also cooperated in numerous publications of APEC (BCB Annual Report, Monetary Policy Reports, Inflation Reports and massive scale booklets), and he was a representative of the BCB in numerous international and national events, especially those regarding the dissemination of Central Bank policies, where he showed a remarkable quality in his speeches. Likewise, he collaborated in the organization of many institutional events (Annual Monetary Summits, Annual Meetings of Bolivian Economist, among others).

During the implementation of the previously mentioned tasks, Mr. Mendieta has applied his knowledge to the needs of the office in a continuous basis; besides he was permanently interested in to improve it through training. Concerning his performance in supervision and management tasks, he was focused in leading his colleagues and forming team works for the achievement of diverse tasks. I emphasize his creativity, his sense of responsibility, his efficiency and his personal and human integrity. I regret that he left the team of APEC due personal reasons.

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LETTER OF RECOMMENDATION OF A FORMER ASSOCIATE TO FELIPE LARRAIN

(TRANSLATION INTO ENGLISH)

RECOMMENDATION

Mr. Pablo Mendieta, an economist with graduate studies at the Catholic University of Chile, worked with me in several times during his stay in Chile, in diverse tasks and the scope of applied economics for many clients [of my firm].

In his duties, Mr. Mendieta showed his intelligence and creativity, with an excellent background in economics and econometrics, when he was hard-working, accountable and highly enthusiast. Many times we had the chance to appreciate of his professional performance in a number of economic fields – macroeconomics, macro-econometrics, micro-econometrics, among others- where we were aware of his ability [in the development of his tasks] and his previous formation [in economics] as the permanent disposition to apply the state of arts, with proper performance and creativity to cope many issues.

We do not have doubts that in the case of not leaving Chile, Mr. Mendieta would have an excellent professional career as an applied economist, because he has a better level than the average of Chilean economist with MA.

We recommend him with great enthusiasm.

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Related subjects : Catholic University