Impact Circle Inc. (Headquarters: Minato-ku, Tokyo; President and CEO: Satoshi Takahashi; hereinafter referred to as "Impact Circle") is pleased to announce that the case study "Reporting Norms Case Study: How QR Investment got started with qualitative approaches to impact reporting," co-created with Impact Frontiers, has been published on the Impact Frontiers website. Impact Frontiers is an international non-profit organization that promotes peer learning and market building to support investors in properly managing social and environmental impact and incorporating impact perspectives into investment decision-making. In addition to developing and disseminating norms for impact management, they provide practical tools and learning opportunities for investors, and organize and disseminate practical knowledge regarding impact measurement, management, and reporting. This case study introduces a practical example of qualitative impact assessment and reporting processes supported by Impact Circle, focusing on QR Investment Co., Ltd.'s impact fund "Noto Beyond Reconstruction Fund," established to support the reconstruction of the Noto region. In particular, it focuses on initiatives to visualize regional changes and the social value created by the fund, which cannot be fully captured by quantitative data alone, through interviews with investee companies and regional stakeholders. Impact Frontiers Case Study: https://impactreporting.org/report/how-qr-investment-got-started-with-qualitative-approaches-to-impact-reporting/ 1. Background and Objectives In recent years, impact investing has increasingly demanded transparent explanations of the social and environmental changes generated by investment activities, in addition to financial returns. However, in areas such as regional revitalization and reconstruction support, where outcomes emerge in a multifaceted and long-term manner, it can be difficult to fully explain impact solely through quantitative data. The "Impact Perfor