This certificate certifies that Helen Chiappini, an Italian citizen born in Terni, Italy, successfully passed the final exam for her PhD in Management, Banking and Commodity Sciences from Sapienza University's Banking curriculum on July 20, 2016. She defended her dissertation titled "Impact funds: a comprehensive analysis of investment strategy and mission consistency." The examination committee consisted of Professors Francesco Minnetti, Marco De Marco, and Rita Jirillo. The certificate is composed of one page and is only valid with a revenue stamp.