DEL PARAGUAY Derpacho MTD Asuncion December 23", 2020 Massachusetts Institute of Technology School of Management Dear Members of the Admissions Committee | am writing to fully recommend Maria De La Paz Cabrera Saguier for admission at your prestigious institution. Currently, | am serving as a member of the Board of Directors at the Central Bank of Paraguay. | met Miss Cabrera in 2016, when she became an intern at the institution while Iwas Manager of the Markets Department. During that period, she conducted important research about a diverse range of financial and economic topics, such as the efficiency and effectiveness of the Central Bank liquidity management and the financial system performance. The conclusions she obtained were relevant for the development of our financial markets and were therefore used a tools to improve the Department's operations. Additionally, she collaborated in the elaboration, writing and presentation of several analysis and methodologies such as ‘Monetary Policy Instruments Guideline’, ‘Forward Pricing Methodology’ and ‘Treasury Management Best Practices’, which were later used as references and published as methodological notes and articles of interest by the Central Bank of Paraguay. ‘After she decided to participate in the public contest to become a permanent staff of the Central Bank, it was no surprise to me that even though the selection process was extremely competitive and the exams were very advanced, she was the youngest selected from a long list of applicants. ‘AS a quantitative analyst, Maria always demonstrated strong willingness to learn and soon started developing projects of her own. She had the opportunity to work with numerous professionals in different fields such as risk analysis, economic studies, securities trading, and open market operations. Through this rotation, she was able to develop a deep insight of financial markets, which helped her to perform high quantitative analysis and reports related to reserve management best practices, portfolio optimization, macroeconomic indicators surveillance and open market operations strategies. During the period mentioned, Maria has demonstrated a strong analytical and mathematical background, a high predisposition to learn and adapt, as well as an impressive level of commitment in the activities assigned to her. For this reason, she was several times asked to find solutions for questions that were usually beyond the skills of a person of her age and experience. She succeeded in every task given and gained my trust and that of her peers. Particularly, | remember choosing her to lead an analysis and presentation to the Board of Directors of the Bank. She was in charge of performing and evaluating historical exchange rate intervention policies and determine the effectiveness of each method of intervention. On this, | can say that she exceeded my expectations. Her findings and the way she presented them received compliments from the Board, claiming the excellent level of quantitative analysis, organization and synthesis exposed. While working on this, Ms. Cabrera also exhibited her genuine interest on management and analysis of financial data and finding relevant relationships ‘among financial indicators that can improve the quality of the policies applied. > \