Blue Goats Capital Co., Ltd. (Headquarters: Chuo-ku, Tokyo; Representative Director: Kazuhiro Aoyagi; hereinafter "the Company") announces that it has decided to revise its policy on shares it holds in Muraki Co., Ltd. (Tokyo Stock Exchange Standard Market: 7477; hereinafter "the Target Company") and to proceed with their sale. The Company evaluated the potential corporate value of the Target Company and held its shares from a long-term perspective even before the Target Company introduced its anti-takeover defense measures at its 67th Ordinary General Meeting of Shareholders held on June 20, 2025. The Company is not a new shareholder who acquired shares with the intent to circumvent the anti-takeover defense measures, but rather has remained a shareholder of the Target Company since before their introduction. Throughout its holding period, the Company has consistently sought constructive dialogue with the Target Company aimed at improving its corporate value. However, the Target Company's stance towards the Company's initiatives, as far as the Company understands, has been as follows: The Target Company has experienced prolonged stagnation in its performance, and its price-to-book ratio (PBR) has remained below 1x for an extended period. Despite this, the Company is not aware of any efforts to improve management through the acceptance of outside directors or substantive dialogue with shareholders. When the Company sought to acquire additional shares, it explained to the representative director of the Target Company, to the best of the Company's knowledge, that it had received inquiries from parties wishing to sell shares in a market with poor liquidity, that it was considering an acquisition, and that it had no hostile intentions. The Company received no particular objections. Furthermore, when the Company submitted a shareholder proposal based on its rights as a shareholder, it confirmed the schedule for the Ordinary General Meeting of Shareholders in advance. At