Studio Dragon Decides to Absorb Wholly-Owned Subsidiary Next Scene - Capital-Free Small-Scale Merger

Studio Dragon (surviving) decided to absorb its wholly-owned subsidiary Next Scene (disappearing) via a capital-free merger (merger ratio 0).
Purpose: enhance management efficiency; as a small-scale merger under commercial law, board approval replaces shareholder meeting.
Studio Dragon's total assets approx. KRW 1.0345 trillion (consolidated, 11.9% of CJ ENM's consolidated assets).
Next Scene's latest fiscal year (end 2025): total assets KRW 1.14 billion, revenue KRW 0.22 billion, net loss KRW 0.096 billion.
Merger date scheduled for June 30, 2026; no shareholder appraisal rights granted.

Filing: Decision on Merger of Companies (Major Management Matters of Subsidiary)
Company: CJ ENM (035760)
Submission: CJ ENM
Receipt: 04-29-2026
Under KRX KOSDAQ Market Division, Amended (Refer to related filing)