This document has been translated from the Japanese original for reference purposes only. in theevent of any discrepancy between this translated document and the Japanese original, the original
shall prevail. DyDo Group Holdings, Inc. assumes no responsibility for this translation or for direct,
indirect or any other forms of damages arising from the translation.

(Translation)

ARTICLES OF INCORPORATION

DyDo Group Holdings, Inc.

(Revised January 21, 2024)

Chapter 1. General provisions

Article 1. Company name
The name of the Company shall be DyDo Group Holdings Kabushiki Kaisha, represented in English as
DYDO GROUP HOLDINGS, INC.

Article 2. Purpose
1. The purpose of the Company shall be to control and manage through share capital or equity holdings thebusiness activities of companies (including foreign companies), associations (including entities whichcorrespond to associations in foreign countries), and other corresponding enterprises, respectively engaged
in the following businesses.
(1) Manufacture and marketing of soft drinks(2) Manufacture and marketing of various kinds of food products(3) Manufacture and marketing of pharmaceuticals, quasi-drug products, and cosmetics(4) Sales of soft drinks, various kinds of food products, and various kinds of merchandise throughvending machines(5) Provision of various kinds of services through vending machines(6) Sales of cigarettes and alcoholic beverages(7) Management of restaurants(8) Marketing and maintenance of various kinds of vending machines(9) Any and all business operations incidental or related to the foregoing items
2. The Company shall be able to engage in the business operations stated in the foregoing items and anyand all business operations incidental or related thereto.

Article 3. Location of head office
The head office of the Company shall be located in Osaka City.

Article 4. Governance organs
In addition to the general meeting of shareholders and directors, the Company shall have the following
governance organs.
(1) Board of directors(2) Corporate auditors(3) Board of corporate auditors(4) Accounting auditors

Article 5. Method of public notice
The Company shall publish public notices in the Nihon Keizai Shimbun newspaper.

Chapter 2. Shares

Article 6. Total number of shares authorized to be issued
The total number of shares authorized to be issued by the Company shall be 100 million shares.

Article 7. Acquisition of own shares
The Company shall be able, based on Article 165(2) of the Companies Act, in accordance with such
resolutions of the board of directors to acquire own shares through market transactions, etc.

Article 8. Number of shares per share lot
One lot of shares of the Company shall consist of 100 shares.

Article 9. Rights concerning odd-lot shares
Shareholders' exercisable rights concerning holdings of odd-lot shares of the Company shall be limited tothe following.
(1) The rights itemized in Article 189(2) of the Companies Act(2) The right to bring the requests stipulated in Article 166(1) of the Companies Act(3) The right to receive proportionate to the number of shares held allotments of shares for subscription
and allotments of subscription rights for new shares(4) The right to bring the requests stated in the following article

Article 10. Supplementary purchase of odd-lot shares
Shareholders of the Company holding odd-lot shares shall be able to request in accordance with the sharehandling regulations the sale and handover of supplementary shares in the number required to form a fullshare lot.

Article 11. Determination of matters concerning scrip issues of subscription rights for new shares
The Company shall be able to determine matters concerning the allotment of scrip issues of subscription
rights for new shares in accordance with resolutions of the board of directors and resolutions of thegeneral meeting of shareholders or resolutions of the board of directors based on such mandate conferredby resolution of the general meeting of shareholders.

Article 12. Share registrar
1. The Company shall have a share registrar.
2. The share registrar and its clerical operations offices shall be determined by resolution of the board ofdirectors and shall be officially announced.
3. The share registrar shall be charged with, and the Company shall handle none of, the preparation andmaintenance of the shareholder registry and the ledger of subscription rights for new shares of theCompany and any other clerical operations concerning the shareholder registry and the ledger ofsubscription rights.

Article 13. Share handling regulations
The handling of shares of the Company and subscription rights for new shares as well as the proceduresfor the exercise of shareholders' rights shall be determined based on laws and regulations, the articles ofincorporation, and the share handling regulations prescribed by the board of directors.

Chapter 3. General meeting of shareholders

Article 14. Convocation
The Company shall convocate an ordinary general meeting of shareholders within three months after theend of each business year and shall convocate an extraordinary general meeting of shareholders at any
time when the need arises.

Article 15. Base date for the ordinary general meeting of shareholders
The base date for voting rights at the ordinary general meeting of shareholders of the Company shall beJanuary 20 of each year.

Article 16. Convocator and chair of the general meeting of shareholders
1. The general meeting of shareholders shall be convocated and chaired by the director who serves aspresident of the Company.
2. If the director serving as president is unavailable, the general meeting of shareholders shall beconvocated and chaired by other directors in such order as determined in advance by the board ofdirectors.

Article 17. Measures for Providing Information in Electronic Format, Etc.
1. When the Company convenes a general meeting of shareholders, it shall take measures for providing information that constitutes the content of reference documents for the general meeting ofshareholders, etc. in electronic format.
2. Among items for which the measures for providing information in electronic format will be taken, theCompany may exclude all or some of those items designated by the Ministry of Justice Order fromstatements in the paper-based documents to be delivered to shareholders who requested the delivery of
paperbased documents by the record date of voting rights.

Article 18. Method of resolution
1. Unless stipulated otherwise in laws and regulations or the articles of incorporation, resolutions of thegeneral meeting of shareholders shall be passed by affirmative majority vote of the shareholders eligible tovote who are in attendance.
2. Resolutions provided for in Article 309(2) of the Companies Act shall be passed by affirmative vote ofat least two-thirds of the shareholders eligible to vote who are in attendance and hold at least one-third of

voting rights.

Article 19. Proxy voting
1. Shareholders of the Company shall be able to exercise their voting rights by appointment of one proxy
who shall be a holder of voting rights of the Company.
2. A shareholder or proxy shall for each general meeting of shareholders submit to the Company
documentary evidence of proxy authority.

Article 20. Matters for resolution of the general meeting of shareholder
Outside of resolving on matters stipulated otherwise in laws and regulations or the articles ofincorporation, the general meeting of shareholders shall be able to resolve on the adoption, change,continuation, and abolition of measures for acts of large-scale purchases of shares of the Company(takeover defense measures).

Article 21. Meeting minutes
The substance of proceedings and the results of the general meeting of shareholders and other matters
stipulated in laws and regulations shall be registered or recorded in meeting minutes.

Chapter 4. Directors and board of directors

Article 22. Number of directors
The Company shall have no more than 7 (seven) directors.

Article 23. Method of election
1. Directors shall be elected by the general meeting of shareholders.
2. Resolutions for the election of directors shall be passed by affirmative majority vote of the shareholders
in attendance who are eligible to exercise voting rights and hold at least one-third of voting rights.
3. With respect to the election of directors, cumulative voting shall not be permitted.

Article 24. Tenure
1. The tenure of a director shall continue until the close of the ordinary general meeting of shareholders
concerning the business year ending last within one year after the election of the director.
2. The tenure of a director elected due to an increase in the number of directors or elected as a substituteshall continue until the end of the tenure of the incumbent directors.

Article 25. Representative director and directors with executive designations
1. The board of directors shall by resolution elect a representative director.
2. The board of directors shall by resolution elect one director to serve as president, and shall be able toelect in accordance with necessity one chairman of the board of directors and a small number comprised of

directors to serve as executive vice president, senior managing directors, managing directors, and advisors.

Article 26. Notice of convocation of the board of directors
1. Notice of convocation of a meeting of the board of directors shall be issued to each director and eachcorporate auditor no later than three days before the date of the meeting. However, this period shall beable to be shortened in cases of urgent necessity.
2. A meeting of the board of directors shall be able to be held without convocation procedures when all
directors and corporate auditors have given their consent.

Article 27. Convocator and chair of the board of directors' meeting
1. Unless stipulated otherwise in laws and regulations, the board of directors' meeting shall be convocatedand chaired by the director serving as president.
2. If the director serving as president is unavailable, the board of directors' meeting shall be convocatedand chaired by other directors in such order as determined in advance by the board of directors.

Article 28. Passage of resolutions of the board of directors
1. Resolutions of the board of directors shall be passed by affirmative majority vote with the majority ofdirectors eligible to vote being in attendance.
2. For the purposes of the Company a resolution of the board of directors shall be deemed to have been
passed if the requirements of Article 370 of the Companies Act have been met.

Article 29. Meeting minutes of the board of directors' meeting
The substance of proceedings and the results of a board of directors' meeting and other matters stipulated
in laws and regulations shall be registered or recorded in meeting minutes.

Article 30. Board of directors' regulations
Matters concerning the board of directors shall be regulated by laws and regulations, the articles ofincorporation, and the board of directors' regulations established by the board of directors.

Article 31. Remuneration, etc.
The remuneration, bonuses, and other financial benefits provided directors by the Company asconsideration for the performance of duties ("Remuneration, etc.") shall be determined by resolution of thegeneral meeting of shareholders.

Article 32. Exemption of directors from liability
1. The Company shall be able, based on the stipulations of Article 426(1) of the Companies Act, byresolution of the board of directors, to exempt directors (including former directors) within the scopepermissible by laws and regulations from indemnification liability for damages due to the dereliction ofduty.
2. The Company shall be able, based on the stipulations of Article 427(1) of the Companies Act, to enterinto agreements with directors (excluding executive directors, etc.) that limit the indemnification liability
for damages due to dereliction of duty. However, the indemnification liability limit amount under suchagreements shall be the amount stipulated in laws and regulations.

Chapter 5. Corporate auditors and board of corporate auditors

Article 33. Number of corporate auditors
The Company shall have no more than four (4) corporate auditors.

Article 34. Method of election
1. Corporate auditors shall be elected by the general meeting of shareholders.
2. Resolutions for the election of corporate auditors shall be passed by affirmative majority vote of theshareholders in attendance who are eligible to exercise voting rights and hold at least one-third of votingrights.

Article 35. Tenure
1. The tenure of a corporate auditor shall continue until the close of the ordinary general meeting ofshareholders concerning the business year ending last within four years after the election of thecorporate auditor.
2. The tenure of a corporate auditor elected to replace an incumbent retiring before the end of the tenure
shall continue until the retiring incumbent's end of tenure.
3. A resolution for the election of a substitute corporate auditor shall remain in force and effect until theclose of the ordinary general meeting of shareholders concerning the business year ending last withinfour years after the election.

Article 36. Standing corporate auditor
The board or corporate auditors shall by resolution elect a standing corporate auditor.

Article 37. Notice of convocation of the board of corporate auditors
1. Notice of convocation of a meeting of the board of corporate auditors shall be issued to eachcorporate auditor no later than three days before the date of the meeting. However, this period shall beable to be shortened in cases of urgent necessity.
2. A meeting of the board of corporate auditors shall be able to be held without convocation procedures
when all corporate auditors have given their consent.

Article 38. Passage of resolutions of the board of corporate auditors
Unless stipulated otherwise in laws and regulations, resolutions of the board of corporate auditors shall bepassed by affirmative majority vote.

Article 39. Meeting minutes of the board of corporate auditors' meeting
The substance of proceedings and the results of a board of corporate auditors' meeting and other matters
stipulated in laws and regulations shall be registered or recorded in meeting minutes.

Article 40. Board of corporate auditors' regulations
Matters concerning the board of corporate auditors shall be regulated by laws and regulations, the articles
of incorporation, and board of corporate auditors' regulations established by the board of corporate
auditors.

Article 41. Remuneration, etc.
The Remuneration, etc., of corporate auditors shall be determined by resolution of the general meeting ofshareholders.

Article 42. Exemption of corporate auditors from liability
1. The Company shall be able, based on the stipulations of Article 426(1) of the Companies Act, byresolution of the board of directors to exempt corporate auditors (including former corporate auditors)
within the scope permissible by laws and regulations from indemnification liability for damages due tothe dereliction of duty.
2. The Company shall be able, based on the stipulations of Article 427(1) of the Companies Act, toenter into agreements with corporate auditors that limit the indemnification liability for damages due todereliction of duty. However, the indemnification liability limit amount under such agreements shall be
the amount stipulated in laws and regulations.

Chapter 6. Accounts

Article 43. Business year
The business year of the Company shall commence on January 21 of each year and continue until January
20 of the following year.

Article 44. Base date for dividends of earned surplus
1. The base date for year-end dividends of the Company shall be January 20 of each year.
2. The Company shall be able to determine a base date other that stated in the previous paragraph andpay dividends of earned surplus.

Article 45. Interim dividend
The Company shall be able pursuant to such resolution of the board of directors to pay an interim dividendwith the base on July 20 of each year.

Article 46. Lapse period for dividends

1. In the case of dividends funded with cash the Company shall be discharged from the duty to pay
dividends that are not collected within three full years after the payment commencement date.
2. No interest shall accrue to unpaid dividends.

(Supplementary Provisions)
1. The revision of Article 17 shall be effective from September 1, 2022, the date of enforcementof the revised provisions provided for in the proviso to Article 1 of the Supplementary Provisio
ns of the Act Partially Amending the Companies Act (Act No. 70 of 2019)(hereinafter referredto as the “Date of Enforcement”).
2. Notwithstanding the provision of the preceding paragraph, Article 17 (Internet Disclosure andDeemed Provision of Reference Documents for the General Meeting of Shareholders, Etc.) of theArticles of Incorporation shall remain effective regarding any
general meeting of shareholders held on a date within six months from the Date of Enforcement.
3. These Supplementary Provisions shall be deleted on the date when six months have elapsed from theDate of Enforcement or three months have elapsed from the date of the general meeting of shareholders in
the preceding paragraph, whichever is later.