The SEGA SAMMY Group's Value Creation and Materiality

In accordance with our mission of Constantly Creating, Forever Captivating, we will work to realize a sustainable society and increase corporate value by responding to society's needs.

To achieve those objectives, we are focusing on creating value through the Group's core businesses and identifying key issues in their operations (materiality). Referencing the Sustainability Accounting Standards Board (SASB) model, an external framework, we have defined materiality for the SEGA SAMMY Group and are working to communicate it across the Group.

Realize a Sustainable Society and Value

Value Created by Our Businesses

Value Creation in Core Business

Entertainment

Contents Business

Materiality to Be Addressed and Key Categories

Materiality to Be AddressedKey CategoriesRelated SDGs

Environment

Reduce Environmental Burden

We design products with a view to lowering the environmental burden of

manufacturing processes and enhancing efficiency through recycling and

reuse. Further, we are advancing efforts to preserve the environment and

reduce power consumption.

Constantly Creating, Forever Captivating

-Making Life More Colorful-

Add color to life by providing experiences that move the heart through games and other entertainment.

Pachislot and

Pachinko

Machines Business

Add stimulation to everyday life by providing experiences that move the heart through pachislot and pachinko machines.

Resort Business

Add relaxation to life by providing experiences that move the heart through resorts.

Addiction

We are taking steps to tackle and prevent different types of addiction, such as addiction to playing pachinko and pachislot machines; "gaming disorder," which is an addiction to video games that seriously affects health; and gambling addiction, which is strongly related to the integrated resort business.

People

We will strive to create motivating work environments for diverse human resources and build a corporate culture with a high level of creativity. We also aim to make diversity an inherent part of our business, while also ensuing fairness by respecting human rights, prohibiting discrimination of any kind and protecting disadvantaged people.

Products and Services

In order to create experiences that move the heart through entertainment to make life more colorful, we will build development processes that allow us to provide innovative products, continually improve the quality of products and services, and supply products and services that can be enjoyed with safety and confidence.

Governance

We will emphasize corporate governance, including compliance and risk management, strengthen legal compliance frameworks and internal control systems, ensure sound business management, enhance transparency and improve efficiency through rigorous governance management.

Mitigate Addiction

Enhance Job Satisfaction

Increase Diversity

Eliminate Inequality

Develop Innovative Products

Improve the Quality of

Products and Services

Supply Safe and

Trusted Products

Reinforce Governance

46

SEGA SAMMY HOLDINGS

INTEGRATED REPORT 2021

47

Environment

Reducing Environmental Burden Caused by Business Activities

Addiction

Addiction Countermeasures in the Pachislot and Pachinko Machine Industry

  1. Reuse and Recovery of Components from Pachislot

and Pachinko Machines

98.6%

Sammy has been working to improve the reusability of pachislot and

Sammy Pachislot and Pachinko

pachinko machine components by working from the design and

Machine Recycling Ratio

development stages to standardize components, circuit boards, and

(%)

97.2

96.0

95.0

95.4

units, and set targets for the number of reusable components in

100

2016. In the fiscal year ended March 2021, the recovery rate for

reused components reached 89.7% and the recycling rate for

80

pachislot and pachinko machines was 98.6%. Sammy will continue

  1. Support for the Helpline Services of the Recovery Support Network
    The Group began to implement initiatives against addiction follow- ing the establishment of the Society for Research on Pachinko Addiction in 2003. The Recovery Support Network (RSN), which was created in 2006 with the support of various groups within the industry, has also introduced a wide range of initiatives, including awareness-raising activities and telephone helpline services.

Addiction Countermeasures in the Pachislot and Pachinko Machine Industry

2003 Establishment of the Society for Research on Pachinko Addiction

2006 Establishment of the Recovery Support Network (RSN)

2017 Release of a statement on pachinko/pachislot addiction

2018 Replacement of pachislot and pachinko machines with new models that comply with amended regulations

its efforts to maximize the benefits of reuse.

60

Sammy is also working with other manufacturers to develop

platforms for components and units as part of industry-wide efforts

to reduce environmental impact.

40

20

0

2017

2018

2019

2020

2021

(FY)

Activities During Pachislot and Pachinko Addiction Awareness Week

Pachislot and Pachinko Addiction Awareness Week is held in Japan every year from May 14 to May 20 with the aim of raising awareness about pachislot and pachinko addiction. Centered around Awareness Week, in addition to holding forums to broaden understanding of these issues, industry organizations are also engaged in Awareness Week poster campaigns and other activities.

Establishment of the Advisory Council on Addiction Countermeasures in the Pachinko and Pachislot Industry (a committee of independent experts)

2019 Formulation of Basic Guidelines for Addressing Pachinko Addiction

Formulation of Basic Guidelines for the Pachinko and Pachislot Industry for Addressing Addiction

2020 National Police Agency expresses expectations and urges cooperation at a meeting of the Board of Directors of the Japan Federation of Gaming Business Associations

Caring for the Global Environment and Resources

P Promoting Reuse across the Value Chain

We are improving the efficiency of reuse activities by expanding

Addressing Gaming Addiction in the Entertainment Contents Business

The Group is pursuing optimization in all areas of the pachislot and

pachinko machine value chain, including development, manufactur-

ing, and sales. Through these efforts, we aim to reduce environmen-

tal impact by cutting back on component use while also promoting

the reuse of components, which is supporting an improvement in

business profitability.

Promoting Reuse across the Value Chain

the range of reused components and increasing the ratio of standardized components and materials.

Environmental Indicators at Sammy's Kawagoe Factory

See page 57 for more details

  1. Collaboration with Industry Groups
    At the World Health Assembly in May 2019, the World Health Orga- nization (WHO) recognized "gaming disorder" as a disease, defining it as a pattern of excessive online and video gaming.
    In Japan, the Computer Entertainment Supplier's Association (CESA), the Japan Online Game Association (JOGA), the Mobile Content Forum (MCF), and the Japan eSports Union (JeSU) jointly established a study group to conduct surveys and research relating

to phenomena triggered by gaming, and to educate the public about appropriate ways to enjoy gaming.

The four organizations are currently carrying out collaborative surveys and research about gaming disorder and exploring countermeasures for the future. The Group will continue to address these issues appropriately in cooperation with the study group.

Developing and Operating Safe, Trusted Integrated Resorts

R Industry-academia joint research project on

medical institutions and other organizations.

Design and Development

At the design and development stages, we are designing products with reuse in mind, including measures such as promoting common components and increasing the range of reused components.

Reuse

Production

At the production stage, we have consolidated previously dispersed component warehouse functions at the site of the neighboring Kawagoe Factory and are facilitating efficient component recycling and reuse.

Waste Disposal

Sales

We are striving to strengthen relationships with pachinko halls and establish a cycle of reuse and recycling by selling pachinko machine boards that help reduce investments when introducing new machines.

gambling addiction

SEGA SAMMY HOLDINGS and Kyoto University are jointly con-

ducting a process research project* on gambling addiction, which

involves the collection and analysis of data on progression in

gambling behavior. The purpose of this research is to discover

advance warning signs of dangerous gambling behavior by

collecting and analyzing playing data from casinos.

The Group plans to use the results of this research to establish

Studies to date have analyzed playing data. In particular, research focused on examining the effects of prior wins or losses on subsequent betting behavior in the process of repeated gambling. Playing data for the card game baccarat were analyzed. Results from the joint research showed that repeated gambling behavior results in a tendency to increase the size of wagers, regardless of whether the gambler wins or loses, and that this pattern is especially conspicuous after a win. It was also found that the percentage of

The Group seeks to ensure proper disposal of used pachislot and pachinko machines that have reached the end of their lives of bringing joy to customers. We therefore promote recycling by offering trade-in programs with regard to our own machines and by utilizing an industry association collection system. We also participate in the used pachislot and pachinko machine collection system developed by industry associations to implement more advanced recycling measures (reduction of weight and appropriate treatment).

systems for the early identification of players showing signs of

addiction, so that steps can be taken to prevent escalation. We will

also establish facility operations that encourage users to exercise

self-control and restraint. In this way, we aim to develop an inte-

grated structure for gambling addiction countermeasures, from

education and prevention through to treatment in collaboration with

people who will engage in risky gambling tends to increase after repeated wins. These results were also published in the research journal International Gambling Studies.

  • This research project is being carried out from December 2017 to March 2023 at the Kokoro Research Center Kyoto University.

48

SEGA SAMMY HOLDINGS

E Entertainment Contents Business  P Pachislot and Pachinko Machines Business  R Resort Business  SS Group

E Entertainment Contents Business  P Pachislot and Pachinko Machines Business  R Resort Business  SS Group

INTEGRATED REPORT 2021

49

People

Enhance Job Satisfaction

SS New Personnel System Implemented (from April 2021)

To realize our Mission of Constantly Creating, Forever Captivating,

the Group is striving to Be a Game Changer. This is the shared com-

mitment of the Group. We formulated The SEGA SAMMY Group

Vision for HR Reform s as our guiding principles in the area of human

resource development, with the aim of maintaining our role as an

innovator in a rapidly changing business environment. The vision

represents a departure from traditional human resource administra-

tion styles based on seniority and on rigid structures. Its goal is to

provide a strategic direction for change that will allow us to maxi-

mize the core qualities leveraging diversity of each Group company

and each individual while also realizing our strengths as a Group. We

have also identified three elements and five priorities with the aim of

creating fields in which personnel who demonstrate aspirations and

high abilities can play an active role.

In addition, each Group company will approach human resource

The SEGA SAMMY Group Vision for HR Reform

Three Elements

Five Priorities

Products and Services

Improve Product and Service Quality; Supply Safe, Trusted Products

P Safety and Quality Assurance of Products and Services

In response to suspicious solicitations for "sakura/uchiko" by

In the Pachislot and Pachinko Machine Business, we provide safe,

people posing as representatives of the Company or SEGA

high-quality products and services through proactive ingenuity and

SAMMY Group, as well as groundless walkthroughs and strategy

effective quality improvement. We have also set a zero target for

guides that have been circulating in some areas of the market, we

significant defects with the potential to affect safety.

are implementing various countermeasures and encouraging cau-

1

Develop quality manuals and manage quality records

tion via the Sammy website, leaflets, and other means.

2

Verify that the 4M* system is being properly implemented by

E Product and Service Labeling

suppliers, conduct audits and provide guidance

In the Consumer area of the Entertainment Contents Business, we

3

Conduct process audits for production and testing for products in

label product packaging, user manuals and other tools for home

a high-temperature environment

video game software in accordance with the relevant laws and regu-

4

Optimize inspection specifications for movable accessories and

lations, industry group guidelines, and internal rules. By applying

evaluate performance with life testing

clear and appropriate labels, we ensure that customers can use our

Reinforce collaboration between development, sales, and pro-

5

products and services with confidence. We also clearly specify the

duction departments to improve product quality

range of users for each product and actively address any ethical

* Man, machine, material, method

concerns. Our products are labeled according to assessments

development with the aim of instilling S.S. FIVE -OurCore Quali-

ties- Drive, Empathy, Initiative, Control, Resolve as the basis for

behaviors that leverage diversity. We will also maximize the value of

our human assets across Group divisions by basing job appoint-

ment and dismissal decisions on aspirations and abilities, and by

reflecting results and contributions in remuneration.

  1. Developing Remote Working Environments
    To ensure the safety of its employees during the COVID-19 pan- demic, the Group has adopted workstyles that combine remote and onsite work according to work and operational requirements. We will continue our efforts to prevent the spread of the disease while maintaining and improving productivity.

Realizing the Mission

Pyramid is a shared and

absolute axis

Shifting from a seniority- based system to one in which individuals who demonstrate aspirations and high abilities can succeed over the course of their challenges

Maximizing opportunities for human resources to thrive across the Group

Fulfilling respective roles needed to realize our mission

Employees working together to achieve shared missions, with each person taking on a challenging role

Behaviors leveraging diversity

Employees driving innovation by leveraging each other's diverse approaches and behaviors

Appointments and removals according to aspirations and abilities

Creating a powerful sense of ownership and growth by appointing people to roles according to their ambitions and abilities as individuals, rather than a seniority-based

Compensation based on results and contributions

Ensuring well-balanced compensation based on each individual's results and contributions

Opportunities to thrive across the Group

Quality Assurance Activities

conducted in countries around the world. In Japan, we indicate the

target age group for each game based on the CERO* ratings

(Pachislot and Pachinko Machines Business)

system and also label products in accordance with our own volun-

Design review  Reliability testing

tary standards. By drawing on expertise accumulated through the

CERO rating system and case studies, we have formulated guide-

Planning

lines that cover nine categories and 26 items. We are also working

Designing

First article inspection

to improve employee awareness by circulating information about

Inspection for defects

recent ethical issues relating to expressions used in products in

Trial production

Japan and overseas through our email newsletter.

Market

for mass

* The Computer Entertainment Rating Organization (NPO)

Quality

production

Assurance

Department

Includes no expressions or content subject to age classification;

appropriate for all ages.

Maximizing the value of the Group's human assets by creating opportunities for organizational transfers between companies and organizations

Shipping

Manufacturing

Spot check

Inspection for defects

Audit (suppliers and Sammy's

Includes expressions or content appropriate for those aged

12 and older.

Includes expressions or content appropriate for those aged

Increase Diversity and Eliminate Inequality

SS Partnership Certificates for Same-Sex Couples

SS Declarations Condemning Racial Discrimination

production processes)

15 and older.

One of the social issues faced by same-sex couples is the fact that they are not legally recognized as being married, with the result that they are unable to enjoy the rights and the services that are available to families as a matter of course. SEGA SAMMY HOLDINGS treats same-sex partners on an equal footing with spouses under its various internal systems.

Currently, notarized declarations are required when making applications relating to a same-sex partner, but we also plan to accept partnership certificates issued by the Famiee Project.

In June 2020, Sega of America, Inc. responded to growing support for the "Black Lives Matter" anti-racism movement by issuing a statement condemning discrimination against people of color. In addition, in March 2021, both Sega of America, Inc. and SEGA SAMMY HOLDINGS expressed their support for efforts to eradicate all forms of racial discrimination and violence following a rapid increase in the number of hate crimes being committed against people of Asian descent.

P Measures Against Illegal Customer Behavior

The Revised Amusement Businesses Law Enforcement Ordinance,

in effect since July 2004, is primarily intended to control excessive

gambling elements on pachislot and pachinko machines and pre-

vent improper modifications. Adhering to this ordinance, the Pachis-

lot and Pachinko Machines Business has established a special

group to collect market information and build pachislot and

pachinko machines that are resistant to abuse in order to prevent

users from illegally manipulating the machines for illicit benefit. To

combat improper modifications, which are becoming increasingly

complex, we monitor and manage the distribution of pachislot and

pachinko machines to completely eradicate any machines that have

been illegally modified from the market.

Includes expressions or content appropriate for those aged

17 and older.

Includes expressions or content only appropriate for those

aged 18 and older.

(Category assuming the game will not be sold or distributed to persons under age 18)

CERO Age Rating System Age Classification Marks

The inclusion of age classification marks and other information based on the content and expressions in computer and video games allows consumers to purchase and enjoy products with confidence. These marks are displayed on game software and other products sold in Japan for home use, with the exception of game software for commercial use.

For more information on initiatives to expand IP value, see the Special Feature (pages 28-33)

50

SEGA SAMMY HOLDINGS

E Entertainment Contents Business  P Pachislot and Pachinko Machines Business  R Resort Business  SS Group

E Entertainment Contents Business  P Pachislot and Pachinko Machines Business  R Resort Business  SS Group

INTEGRATED REPORT 2021

51

ESG Risks and Countermeasures in the Value Chain

Recognizing that the various ESG risks faced by different face-to-face markets and business models confront different types of risk, our group has taken steps to address these risks and has identified key themes for contributing to the SDGs.

ESG Risks

E Environmental Risks

S Social Risks

G Governance Risks

Pachislot and Pachinko Machines Business

4

1

4

Planning and

Manufacturing

Sales

Operations

In-house 

development

  Outsourcing

Key Themes for Contribution to SDGs

1 Environment

2 Addiction

3 People

4 Products and Services

5 Governance

Entertainment Contents Business

4

2

4

Consumer Area

Operations and

additional

Planning and

development

Distribution

and sales

In-house 

contents distribution

  Outsourcing

Regulator revisions and etc.

S

Before they can be sold, pachislot and pachinko machines must receive approval through prototype testing, which determines whether machines are compliant with the Entertainment Establishments Control Law and other statutory laws and regulations. Therefore, regulatory revision can significantly affect the marketability and unit sales of pachis- lot and pachinko machines.

ResponseWe are taking steps to increase efficiency with the aim of accelerating development so that we can swiftly respond to regulatory revision. In addition, we have to address the risk of a potential drop in the ratio of products receiving approval through prototype testing while also developing models with diverse gameplay that a wide range of customers can enjoy casually. Our goal is to improve the quality

Environmental burden of raw

materials and the processing E of recovered and surplus components

Sammy's manufacturing processes could give rise to surplus electrical components and other components. We use natural resources, such as wood, and materials that could place a burden on the environment, such as adhesives. Also, processing pachislot and pachinko machines at the end of their service lives is an important responsibility.

ResponseWe are committed to the "3Rs" (reduce, reuse and recycle) throughout all our business processes. At the design and development stages, we are working to standardize parts and share parts between pachislot and pachinko machines, and we reuse machines removed from pachinko halls. We are promoting the use of water-based adhesives with less environmental impact.

Addiction and improper

modifications or playingS techniques that undermine

the industry's image

There are concerns that growing public criticism about pachislot and pachinko addiction and the use of improperly modified pachislot and pachinko machines in commercial operations or improper playing techniques could harm the image of this industry, ultimately leading to a contraction in the pachislot and pachinko machine market.

ResponseTo support the sustainable development of this industry, we are actively working with industry bodies to control addictive behavior. We also provide backing for Recovery Support Networks and are developing machines with more casual gameplay. In terms of efforts to prevent improper modifications, we coordinate with industry associations in a voluntary drive to collect pachislot and pachinko machines that

Excessive use by minors

S

Social problems associated with minors who incur excessive fees when playing games based on the Gacha system, which encourages gambling aspects, are not infrequent. Content vendors are required to take countermeasures for this issue.

Customer support

S

Games create continued contact points between the provider and consumers. There- fore, the provision of ongoing support is neces- sary. Any shortcomings in such support could harm brands.

Game addiction

S

The World Health Organization (WHO) has recognized gaming disorder as a mental disease.

ResponseResearch has begun by external experts with a fair, neutral, professional back- ground, led by game organizations such as

of our products, in parallel with efforts to rapidly address changes to regulations.

Our reuse initiatives are aimed at mitigating environmental impact, but a parallel objective is to improve the profitability of our businesses by increasing efficiency through the use of common parts to reduce procurement costs.

have been improperly modified. In addition, we have established an internal office tasked with preventing illegal acts, which gathers market information and contributes to the manufacture of pachislot and pachinko machines that are highly resistant to improper modification. We also take measures to urge caution in relation to strategy guides that are unfounded.

ResponseWe provide safe and trusted products and services. For certain titles, we have applied age authentication to set upper limits on monthly fees, and we have established and implemented in-house guidelines to avoid the use of vague terms that can give players overly high expectations and to prevent the charging of excessive fees. We also create experiences that move the heart for people worldwide by providing

ResponseNormally, we respond to customer inquiries through a player support help- desk. If needed, however, we establish dedicated helpdesks.

CESA, JOGA, MCF, and JeSU.

With the support of the four groups, a

bench-marketing study has been launched to look at appropriate measurement criteria and the characteristics of game addiction to support further research, such as understanding the scale of problem gaming, its causes and protective factors.

Resort Business

2

5

Integrated Resort

Planning

Development

Management of IR facilities

Management of resort

(IR)

with casinos

complexes without casinos

(Overseas)

(Japan)

various types of gameplay for diverse users.

Compliance violations

G

Any litigation filed against us or any penalties incurred from regulatory authorities for violations of laws or ordinances may undermine our brand image and possibly affect our participation in domestic IR operations.

Response Under the Group Compliance Liaison Committee, we are working to build a corporate structure that fosters the development of sound corporate management in observance of laws, ordinances, and societal norms.

Measures against addiction

S

Lack of responsiveness to social demands for measures against gambling addiction could invite public backlash and jeopardize business continuity.

Response Through industry-academia joint research with Kyoto University we are working to develop systematic measures against gambling addiction.

By analyzing behavioral data from players showing signs of gambling addiction, we aim to establish a system that rapidly detects addiction and prevents behavior from escalating.

52

SEGA SAMMY HOLDINGS

INTEGRATED REPORT 2021

53

A History of Experiences That Move the Heart

The SEGA SAMMY Group will continue to pursue the creation of experiences that move the heart well into the future.

The SEGA SAMMY Group was formed in October 2004 through the management integration of SEGA, a creator of well-known innovative products, and Sammy, a developer of various industry-first products. Since the management integration, SEGA SAMMY Group companies have continued to offer experiences that move the heart for consumers and create new experiences through the full-scale entry into the Resort Business in 2012 and other initiatives.

2013

2015

2019

2021

Launched Pachislot Hokuto No Ken Chapter

Launched new series Pachinko CR Shin

Launched Pachislot Hokuto No Ken Tenshou,

Launched Pachislot Hokuto No Ken Shukumei

of Resurrection

Hokuto Muso, drawing on a game IP

the first title in the Hokuto No Ken series for

for No. 6.1 models

Launched Pachislot Bakemonogatari

No. 6 models

Established 1975

Management Integration 2004

Pachislot

Pachinko CR Shin Hokuto Muso

Pachislot Hokuto No Ken Tenshou

Pachislot Hokuto No Ken Shukumei

Bakemonogatari

©Buronson & Tetsuo Hara

©Buronson & Tetsuo HaraNSP 1983,

©Buronson & Tetsuo Hara/COAMIX 1983,

©Nisioisin/Kodansha,

Pachislot Hokuto No Ken

NSP 1983 Approved No.KOJ-111

©NSP 2007 Approved No.YAF-420

©COAMIX 2007 Approved No.YRG-121

Aniplex Inc., SHAFT INC.

Chapter of Resurrection

©2010-2013 Koei Tecmo Games Co., Ltd.

©Sammy

©Sammy

©Sammy

©Buronson & Tetsuo HaraNSP1983,

©Sammy

©NSP2007 Approved No.YGL-126

©Sammy

1989

Launched ALADDIN, the industry's first single-bonus hitter pachislot machine

ALADDIN

©Sammy

Established 1960

1988

2001

Launched Beast King, a pachislot machine with assist time (AT)

Beast King

©Sammy

1993

2003

Launched Pachislot Hokuto No Ken, which set an unprecedented sales record unbeaten to this day

Pachislot Hokuto No Ken

©Buronson & Tetsuo HaraNSP 1983 ©Sammy

1998

2008

Launched Pachinko CR Hokuto No Ken, the Company's best-selling pachinko machine by number of units

Pachinko CR Hokuto No Ken

©Buronson & Tetsuo HaraNSP 1983, ©NSP2007 Approved No. SAE-307 ©Sammy

2005

2009

Launched Pachislot Psalms of Planets Eureka Seven, which introduced new gameplay characteristics into No. 5 models

Pachislot Psalms of Planets Eureka Seven

©2005 BONES/Project EUREKA ©SAMMY

©BNEI

2012

2012

2017

Made PHOENIX RESORT CO., LTD., a wholly

Acquired gaming machine manufac-

owned subsidiary

ture and sales license in the U.S. State

Established a joint venture with the PARADISE

of Nevada

GROUP of South Korea

Opened PARADISE CITY, South

Korea's first integrated resort

Phoenix Seagaia Resort

PARADISE CITY

©Phoenix Resort

©PARADISE SEGASAMMY Co., Ltd. All rights reserved.

20132016

2021

Launched PHANTASY STAR ONLINE 2

NEW GENESIS

PHANTASY STAR ONLINE 2 NEW GENESIS

©SEGA

2020

Launched the Mega Drive home video game console powered by a high-performance16-bit CPU

Mega Drive

©SEGA

Started rolling out Virtua Fighter, a 3D computer graphics (CG) fighting game

Launched Dreamcast, the industry's first home video console with internet connectivity

Dreamcast

Launched Ryu ga Gotoku, the first title in a blockbuster series of home video console games Launched the first title in the Sangokushi Taisen series of network-enabledtrading card games

Started distribution of online

RPG PHANTASY STAR

ONLINE 2

PHANTASY STAR ONLINE 2

Started distribution of smartphone game Puyo Puyo!! Quest and CHAIN CHRONICLE

Puyo Puyo!! Quest

©SEGA

Launched home video console game Persona 5

Launched PC game Total War:

WARHAMMER 2

Total War: WARHAMMER 2

© Games Workshop Limited 2020. Published by SEGA.

Released the Sonic the Hedgehog movie

Launched HATSUNE MIKU: COLORFUL STAGE!

HATSUNE MIKU: COLORFUL STAGE!

© SEGA/© CP/© CFM

Sonic The Hedgehog

©2020 PARAMOUNT PICTURES AND SEGA OF AMERICA, INC.

ALL RIGHTS RESERVED.

54 SEGA SAMMY HOLDINGS

Virtua Fighter

©SEGA

©SEGA

Ryu ga Gotoku

©SEGA

Sangokushi Taisen

©SEGA

©SEGA

Persona 5

©ATLUS. ©SEGA. All rights reserved.

CHAIN CHRONICLE

©SEGA

INTEGRATED REPORT 2021

55

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