Sapphire Terra Capital (hereinafter "Sapphire Terra"), an investment management company based in Chicago, USA, specializing in engagement investing in Japanese equities. Sapphire Terra has been continuously investing in Goldcrest Ltd. (TSE Code 8871, hereinafter "Goldcrest") since 2024. Background Sapphire Terra has previously proposed that Goldcrest implement the following corporate value enhancement measures as a listed company: 1. Optimization of financial leverage and improvement of capital efficiency (ROE) 2. Disclosure of a shareholder return policy with a strong message and introduction of restricted stock (RS) 3. Appointment of a CFO and establishment of a dedicated IR team Regarding "1. Optimization of financial leverage and improvement of capital efficiency (ROE)", we estimate that the company has achieved this through aggressive acquisition of urban properties and participation in real estate development projects funded by bank borrowings since last year, increasing its financial leverage (DOE) to approximately 1.4x as of the end of March 2026. As a result, we expect that the foundation for improving the company's ROE has been laid. Furthermore, Sapphire Terra appreciates the commitment shown by management to expand shareholder returns in the form of an increased dividend to 160 yen regarding "2. Shareholder return policy". In addition, Sapphire Terra continues to engage with management towards the realization of "2. Introduction of stock incentives such as RS" and "3. Appointment of a CFO and establishment of a dedicated IR team". New Proposal: Raising Growth Capital and Improving Market Liquidity Through Listing on the TSE Prime Market In addition to these proposals, Sapphire Terra is newly proposing the following corporate value enhancement measures: 1. Achieve listing on the Tokyo Stock Exchange Prime Market Currently, Goldcrest is listed on the Tokyo Stock Exchange Standard Market. However, Sapphire Terra believes that as a company with a unique and