Blue Goats Capital Submits Shareholder Proposal to Muraki (7477). Proposing a Shift to Growth Strategy and Improved Capital Efficiency

Blue Goats Capital Co., Ltd. (Headquarters: Chuo-ku, Tokyo; Representative Director: Kazuhiro Aoyagi; hereinafter "our company") submitted a five-item shareholder proposal, including the election of directors, for the 68th Ordinary General Meeting of Shareholders of Muraki Co., Ltd. (TSE Standard: Code 7477; hereinafter "Muraki"), dated April 23, 2026. As a major shareholder of Muraki, our company highly values its robust customer base. However, with the automotive industry at a historic turning point towards electrification (EV) and digitalization, we are convinced that more effective utilization of current management resources and accelerating the cycle of growth investment and shareholder returns will contribute to the common interests of all shareholders. This proposal seeks to invite executives from Ikuyo Co., Ltd. (hereinafter "Ikuyo"), which has a proven track record in the automotive parts sector, to work with Muraki's current management team to create "new forms of growth." 1. Purpose of this Proposal: Value Creation through Optimal Allocation of Management Resources While Muraki's network is extremely valuable, its market valuation (PBR below 1x) can hardly be said to reflect the company's true potential. Our company proposes solving the following issues: Optimization of Capital Efficiency: As of the end of September 2025, Muraki holds cash and deposits equivalent to approximately 35.5% of its total assets. By reallocating these as "offensive capital" towards expanding the car rental business and new ventures, it is possible to dramatically improve ROE (Return on Equity). Liquidation of Non-Operating Assets: We propose promptly liquidating "non-operating assets" such as cross-shareholdings with limited synergy with the core business, and allocating the proceeds as funds for growth investments, thereby accelerating growth while maintaining a solid financial foundation. 2. Summary of Shareholder Proposal: Renewal through Collaboration with Current Management Director Election (Hybrid System): In addition to our representative Aoyagi, we propose inviting experts such as Mr. Sun Feng (Representative Director) from Ikuyo. At the same time, we strongly support the continued tenure of four existing members, including Representative Director Toshinari Yanagida, to promote transformation while leveraging Muraki's strengths. Appropriation of Surplus (100% Dividend Payout Ratio): We aim to optimize the capital structure and clearly demonstrate a "shareholder-centric management" approach to the market. Amendment to Articles of Incorporation (Effective Use of Assets): The articles of incorporation will clearly state that funds from the sale of cross-shareholdings will be allocated to growth strategies such as EV-related businesses utilizing the SS network. Abolition of Takeover Defense Measures: This will increase stock liquidity and incorporate sound market discipline, thereby promoting compliance with listing maintenance standards and appropriate stock valuation. 3. Comment from Kazuhiro Aoyagi, Representative Director "Our proposal aims to sow the seeds of new growth on the foundation that President Yanagida and all of you have built for Muraki. Let's transform currently underutilized assets into tools to win in the next-generation mobility society. We are confident that if Ikuyo's expertise and Muraki's on-site capabilities merge, the company can once again embark on a strong growth trajectory. Especially for individual shareholders, presenting appropriate profit distribution and a bright growth story is a responsibility we bear as a major shareholder." [Summary of Shareholder Proposal Content] - Election of 10 Directors: 6 new candidates including Kazuhiro Aoyagi and Sun Feng, and continued tenure of 4 existing members including Toshinari Yanagida. - Election of 3 Auditors: Enhancement of governance through strengthened auditing functions. - Appropriation of Surplus: Direct shareholder return through a 100% dividend payout ratio. - Amendment to Articles of Incorporation: Sale of cross-shareholdings and reallocation to growth investments. - Abolition of Takeover Defense Measures: Restoration of market discipline and improvement of liquidity. d113556-3-1448672f87b4db289b08290ba177fb46.pdf