SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of NOVEMBER 2022

Commission File Number: 001-06439

SONY GROUP CORPORATION

(Translation of registrant's name into English)

1-7-1 KONAN, MINATO-KU, TOKYO, 108-0075, JAPAN

(Address of principal executive offices)

The registrant files annual reports under cover of Form 20-F.

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F,

Form 20-F X

Form 40-F __

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934, Yes No X

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-______

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SONY GROUP CORPORATION
	(Registrant)


	By: /s/ Hiroki Totoki
	(Signature)
	Hiroki Totoki
	Executive Deputy President and
	Chief Financial Officer

Date: November 1, 2022

List of materials

Documents attached hereto:

i) Press release: Quarterly Financial Statements for the Second Quarter Ended September 30, 2022 And Outlook for the Fiscal Year Ending March 31, 2023

Quarterly Financial Statements

for the Second Quarter Ended September 30, 2022

And

Outlook for the Fiscal Year Ending March 31, 2023

November 1, 2022

Sony Group Corporation

Quarterly Financial Statements (Unaudited)	F-1

Condensed Consolidated Statements of Financial Position	F-1
Condensed Consolidated Statements of Income (Three months ended September 30)	F-3
Condensed Consolidated Statements of Comprehensive Income (Three months ended September 30)	F-4
Condensed Consolidated Statements of Income (Six months ended September 30)	F-5
Condensed Consolidated Statements of Comprehensive Income (Six months ended September 30)	F-6
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Six months ended September 30)	F-7
Condensed Consolidated Statements of Cash Flows (Six months ended September 30)	F-8
Notes to Condensed Consolidated Financial Statements	F-10
- Business Segment Information	F-10
- Going Concern Assumption	F-20
- Accounting Policy and Other Information	F-20

Outlook for the Fiscal Year Ending March 31, 2023	1

Cautionary Statement	4

All financial information is presented on the basis of International Financial Reporting Standards (“IFRS”).

Sony Group Corporation and its consolidated subsidiaries are together referred to as “Sony” or “Sony Group”.

(Unaudited)

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Financial Position

	Yen in millions
	March 31, 2022		September 30, 2022		Change from March 31, 2022
ASSETS
Current assets:
Cash and cash equivalents		2,049,636		1,209,752		(839,884	)
Investments and advances in the Financial Services segment		360,673		333,187		(27,486	)
Trade and other receivables, and contract assets		1,628,521		1,940,402		311,881
Inventories		874,007		1,416,367		542,360
Other financial assets		149,301		166,440		17,139
Other current assets		473,070		566,885		93,815
Total current assets		5,535,208		5,633,033		97,825
Non-current assets:
Investments accounted for using the equity method		268,513		316,518		48,005
Investments and advances in the Financial Services segment		18,445,088		17,922,231		(522,857	)
Property, plant and equipment		1,113,213		1,258,705		145,492
Right-of-use assets		413,430		450,793		37,363
Goodwill		952,895		1,335,429		382,534
Content assets		1,342,046		1,629,636		287,590
Other intangible assets		450,103		561,708		111,605
Deferred insurance acquisition costs		676,526		696,238		19,712
Deferred tax assets		298,589		352,481		53,892
Other financial assets		696,306		909,486		213,180
Other non-current assets		289,050		309,744		20,694
Total non-current assets		24,945,759		25,742,969		797,210
Total assets		30,480,967		31,376,002		895,035

(Continued on the following page.)

F-1

Condensed Consolidated Statements of Financial Position (Continued)

	Yen in millions
	March 31, 2022			September 30, 2022			Change from March 31, 2022
LIABILITIES
Current liabilities:
Short-term borrowings		1,976,553			2,144,206			167,653
Current portion of long-term debt		171,409			205,600			34,191
Trade and other payables		1,843,242			2,238,168			394,926
Deposits from customers in the banking business		2,886,361			3,015,117			128,756
Income taxes payables		106,092			190,692			84,600
Participation and residual liabilities in the Pictures segment		190,162			234,838			44,676
Other financial liabilities		97,843			121,018			23,175
Other current liabilities		1,488,488			1,556,118			67,630
Total current liabilities		8,760,150			9,705,757			945,607
Non-current liabilities:
Long-term debt		1,203,646			1,291,603			87,957
Defined benefit liabilities		254,548			253,402			(1,146	)
Deferred tax liabilities		696,492			328,829			(367,663	)
Future insurance policy benefits and other		7,039,034			7,322,317			283,283
Policyholders’ account in the life insurance business		4,791,295			4,807,408			16,113
Participation and residual liabilities in the Pictures segment		220,113			239,400			19,287
Other financial liabilities		211,959			351,798			139,839
Other non-current liabilities		106,481			125,119			18,638
Total non-current liabilities		14,523,568			14,719,876			196,308
Total liabilities		23,283,718			24,425,633			1,141,915
EQUITY
Sony Group Corporation’s stockholders’ equity:
Common stock		880,365			880,365			–
Additional paid-in capital		1,461,053			1,456,437			(4,616	)
Retained earnings		3,760,763			4,185,731			424,968
Accumulated other comprehensive income		1,222,332			551,445			(670,887	)
Treasury stock, at cost		(180,042	)		(183,976	)		(3,934	)
Equity attributable to Sony Group Corporation’s stockholders		7,144,471			6,890,002			(254,469	)
Noncontrolling interests		52,778			60,367			7,589
Total equity		7,197,249			6,950,369			(246,880	)
Total liabilities and equity		30,480,967			31,376,002			895,035

F-2

Condensed Consolidated Statements of Income

	Yen in millions
	Three months ended September 30
	2021		2022			Change
Sales and financial services revenue:
Sales		2,003,203		2,451,043			447,840
Financial services revenue		366,162		300,836			(65,326	)
Total sales and financial services revenue		2,369,365		2,751,879			382,514
Costs and expenses:
Cost of sales		1,365,095		1,688,286			323,191
Selling, general and administrative		369,908		482,457			112,549
Financial services expenses		323,010		251,093			(71,917	)
Other operating (income) expense, net		1,214		(8,069	)		(9,283	)
Total costs and expenses		2,059,227		2,413,767			354,540
Share of profit (loss) of investments accounted for using the equity method		8,321		5,930			(2,391	)
Operating income		318,459		344,042			25,583
Financial income		4,812		18,594			13,782
Financial expenses		40,172		16,880			(23,292	)
Income before income taxes		283,099		345,756			62,657
Income taxes		68,703		78,085			9,382
Net income		214,396		267,671			53,275

Net income attributable to
Sony Group Corporation’s stockholders		213,106		263,963			50,857
Noncontrolling interests		1,290		3,708			2,418

	Yen
	Three months ended September 30
	2021		2022		Change
Per share data:
Net income attributable to Sony Group Corporation’s stockholders
- Basic		171.85		213.43		41.58
- Diluted		170.26		212.29		42.03

F-3

Condensed Consolidated Statements of Comprehensive Income

	Yen in millions
	Three months ended September 30
	2021			2022			Change
Net income		214,396			267,671			53,275
Other comprehensive income, net of tax -
Items that will not be reclassified to profit or loss
Changes in equity instruments measured at fair value through other comprehensive income		(56,779	)		(13,390	)		43,389
Remeasurement of defined benefit pension plans		(55	)		(87	)		(32	)
Share of other comprehensive income of investments accounted for using the equity method		(40	)		64			104
Items that may be reclassified subsequently to profit or loss
Changes in debt instruments measured at fair value through other comprehensive income		7,537			(393,219	)		(400,756	)
Cash flow hedges		1,125			8,708			7,583
Insurance contract valuation adjustments		(149	)		418			567
Exchange differences on translating foreign operations		7,447			116,651			109,204
Share of other comprehensive income of investments accounted for using the equity method		48			1,762			1,714
Total other comprehensive income, net of tax		(40,866	)		(279,093	)		(238,227	)
Comprehensive income		173,530			(11,422	)		(184,952	)

Comprehensive income attributable to
Sony Group Corporation’s stockholders		172,651			(16,364	)		(189,015	)
Noncontrolling interests		879			4,942			4,063

F-4

Condensed Consolidated Statements of Income

	Yen in millions
	Six months ended September 30
	2021		2022			Change
Sales and financial services revenue:
Sales		3,847,916		4,467,080			619,164
Financial services revenue		778,292		596,293			(181,999	)
Total sales and financial services revenue		4,626,208		5,063,373			437,165
Costs and expenses:
Cost of sales		2,613,868		3,079,953			466,085
Selling, general and administrative		715,210		889,223			174,013
Financial services expenses		711,079		465,193			(245,886	)
Other operating (income) expense, net		113		(10,794	)		(10,907	)
Total costs and expenses		4,040,270		4,423,575			383,305
Share of profit (loss) of investments accounted for using the equity method		12,589		11,207			(1,382	)
Operating income		598,527		651,005			52,478
Financial income		10,027		31,457			21,430
Financial expenses		42,245		45,330			3,085
Income before income taxes		566,309		637,132			70,823
Income taxes		138,798		151,155			12,357
Net income		427,511		485,977			58,466

Net income attributable to
Sony Group Corporation’s stockholders		424,935		482,159			57,224
Noncontrolling interests		2,576		3,818			1,242

	Yen
	Six months ended September 30
	2021		2022		Change
Per share data:
Net income attributable to Sony Group Corporation’s stockholders
- Basic		342.80		389.90		47.10
- Diluted		339.45		387.46		48.01

F-5

Condensed Consolidated Statements of Comprehensive Income

	Yen in millions
	Six months ended September 30
	2021			2022			Change
Net income		427,511			485,977			58,466
Other comprehensive income, net of tax -
Items that will not be reclassified to profit or loss
Changes in equity instruments measured at fair value through other comprehensive income		(30,409	)		(15,508	)		14,901
Remeasurement of defined benefit pension plans		(1,752	)		29			1,781
Share of other comprehensive income of investments accounted for using the equity method		(54	)		272			326
Items that may be reclassified subsequently to profit or loss
Changes in debt instruments measured at fair value through other comprehensive income		42,531			(1,027,712	)		(1,070,243	)
Cash flow hedges		927			7,591			6,664
Insurance contract valuation adjustments		136			939			803
Exchange differences on translating foreign operations		14,631			363,984			349,353
Share of other comprehensive income of investments accounted for using the equity method		17			4,441			4,424
Total other comprehensive income, net of tax		26,027			(665,964	)		(691,991	)
Comprehensive income		453,538			(179,987	)		(633,525	)

Comprehensive income attributable to
Sony Group Corporation’s stockholders		451,000			(188,478	)		(639,478	)
Noncontrolling interests		2,538			8,491			5,953

F-6

Condensed Consolidated Statements of Changes in Stockholders’ Equity

	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive income			Treasury stock, at cost			Sony Group Corporation’s stockholders’ equity			Noncontrolling interests			Total equity
Balance at April 1, 2021		880,214		1,489,597			2,914,503			1,520,257			(124,228	)		6,680,343			43,996			6,724,339
Comprehensive income:
Net income							424,935									424,935			2,576			427,511
Other comprehensive income, net of tax										26,065						26,065			(38	)		26,027
Total comprehensive income							424,935			26,065						451,000			2,538			453,538
Transfer to retained earnings							6,808			(6,808	)					–						–
Transactions with stockholders and other:
Exercise of stock acquisition rights							(162	)					4,095			3,933						3,933
Conversion of convertible bonds				(2,037	)		(160	)					12,292			10,095						10,095
Stock-based compensation				2,639												2,639						2,639
Dividends declared							(37,177	)								(37,177	)		(2,632	)		(39,809	)
Purchase of treasury stock													(21,496	)		(21,496	)					(21,496	)
Reissuance of treasury stock				1,542									1,746			3,288						3,288
Transactions with noncontrolling interests shareholders and other				(18,619	)											(18,619	)		3,580			(15,039	)
Balance at September 30, 2021		880,214		1,473,122			3,308,747			1,539,514			(127,591	)		7,074,006			47,482			7,121,488

	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive income			Treasury stock, at cost			Sony Group Corporation’s stockholders’ equity			Noncontrolling interests			Total equity
Balance at April 1, 2022		880,365		1,461,053			3,760,763			1,222,332			(180,042	)		7,144,471			52,778			7,197,249
Comprehensive income:
Net income							482,159									482,159			3,818			485,977
Other comprehensive income, net of tax										(670,637	)					(670,637	)		4,673			(665,964	)
Total comprehensive income							482,159			(670,637	)					(188,478	)		8,491			(179,987	)
Transfer to retained earnings							250			(250	)					–						–
Transactions with stockholders and other:
Exercise of stock acquisition rights				(2	)		(288	)					2,763			2,473						2,473
Conversion of convertible bonds				(2,588	)		(13,858	)					42,993			26,547						26,547
Stock-based compensation				4,890												4,890						4,890
Dividends declared							(43,295	)								(43,295	)		(4,555	)		(47,850	)
Purchase of treasury stock													(52,080	)		(52,080	)					(52,080	)
Reissuance of treasury stock				1,231									2,390			3,621						3,621
Transactions with noncontrolling interests shareholders and other				(8,147	)											(8,147	)		3,653			(4,494	)
Balance at September 30, 2022		880,365		1,456,437			4,185,731			551,445			(183,976	)		6,890,002			60,367			6,950,369

F-7

Condensed Consolidated Statements of Cash Flows

	Yen in millions
	Six months ended September 30
	2021			2022
Cash flows from operating activities:
Income before income taxes		566,309			637,132
Adjustments to reconcile income before income taxes to net cash provided by (used in) operating activities:
Depreciation and amortization, including amortization of contract costs		383,914			487,613
Amortization of deferred insurance acquisition costs		34,257			54,972
Other operating (income) expense, net		113			(10,794	)
Loss on securities, net (other than Financial Services segment)		23,555			27,994
Share of profit of investments accounted for using the equity method, net of dividends		(5,283	)		(5,205	)
Change in future insurance policy benefits and other		217,622			312,044
Change in policyholders’ account in the life insurance business, less cash impact		172,201			(129,948	)
Net cash impact of policyholders’ account in the life insurance business		38,146			145,590
Changes in assets and liabilities:
Increase in trade receivables and contract assets		(130,057	)		(142,011	)
Increase in inventories		(207,104	)		(470,440	)
Increase in investments and advances in the Financial Services segment		(703,887	)		(888,894	)
Increase in content assets		(252,055	)		(314,856	)
Increase in deferred insurance acquisition costs		(54,222	)		(70,096	)
Increase in trade payables		91,232			133,989
Increase in deposits from customers in the banking business		118,707			141,028
Increase in borrowings in the life insurance business and the banking business		257,118			32,962
Decrease in taxes payable other than income taxes, net		(31,035	)		(68,811	)
(Increase) decrease in other financial assets and other current assets		9,063			(19,041	)
Decrease in other financial liabilities and other current liabilities		(115,800	)		(13,438	)
Income taxes paid		(95,371	)		(69,292	)
Other		(465	)		(153,754	)
Net cash provided by (used in) operating activities		316,958			(383,256	)

(Continued on the following page.)

F-8

Condensed Consolidated Statements of Cash Flows (Continued)

	Yen in millions
	Six months ended September 30
	2021			2022
Cash flows from investing activities:
Payments for property, plant and equipment and other intangible assets		(230,317	)		(229,105	)
Proceeds from sales of property, plant and equipment and other intangible assets		3,007			6,401
Payments for investments and advances (other than Financial Services segment)		(37,385	)		(169,582	)
Proceeds from sales or return of investments and collections of advances (other than Financial Services segment)		20,348			8,301
Payments for purchases of businesses		(214,726	)		(242,479	)
Proceeds from sales of businesses		6,391			–
Other		5,130			(13,208	)
Net cash used in investing activities		(447,552	)		(639,672	)
Cash flows from financing activities:
Increase (decrease) in short-term borrowings, net		(245	)		131,190
Proceeds from issuance of long-term debt		13,306			90,490
Payments of long-term debt		(137,402	)		(69,389	)
Dividends paid		(37,148	)		(43,236	)
Payments for purchases of treasury stock		(21,496	)		(52,080	)
Other		(4,140	)		(618	)
Net cash provided by (used in) financing activities		(187,125	)		56,357
Effect of exchange rate changes on cash and cash equivalents		4,520			126,687
Net decrease in cash and cash equivalents		(313,199	)		(839,884	)
Cash and cash equivalents at beginning of the fiscal year		1,786,982			2,049,636
Cash and cash equivalents at end of the period		1,473,783			1,209,752

F-9

Notes to Condensed Consolidated Financial Statements

Business Segment Information

(Business Segments)

Segment sales and financial services revenue

	Yen in millions
	Three months ended September 30
	2021			2022			Change
Sales and financial services revenue:
Game & Network Services -
Customers		628,536			702,718			74,182
Intersegment		16,903			18,017			1,114
Total		645,439			720,735			75,296
Music -
Customers		268,543			356,928			88,385
Intersegment		3,067			2,391			(676	)
Total		271,610			359,319			87,709
Pictures -
Customers		260,554			335,580			75,026
Intersegment		152			1,888			1,736
Total		260,706			337,468			76,762
Entertainment, Technology & Services -
Customers		567,905			666,732			98,827
Intersegment		14,014			10,313			(3,701	)
Total		581,919			677,045			95,126
Imaging & Sensing Solutions -
Customers		254,159			369,580			115,421
Intersegment		24,104			28,786			4,682
Total		278,263			398,366			120,103
Financial Services -
Customers		366,162			300,836			(65,326	)
Intersegment		2,253			3,642			1,389
Total		368,415			304,478			(63,937	)
All Other -
Customers		21,074			17,643			(3,431	)
Intersegment		3,387			3,089			(298	)
Total		24,461			20,732			(3,729	)
Corporate and elimination		(61,448	)		(66,264	)		(4,816	)
Consolidated total		2,369,365			2,751,879			382,514

　　Game & Network Services (“G&NS”) intersegment amounts primarily consist of transactions with the Entertainment, Technology & Services (“ET&S”) segment. ET&S intersegment amounts primarily consist of transactions with the G&NS segment. Imaging & Sensing Solutions (“I&SS”) intersegment amounts primarily consist of transactions with the G&NS segment and the ET&S segment. Corporate and elimination includes certain brand and patent royalty income.

F-10

Segment profit (loss)

	Yen in millions
	Three months ended September 30
	2021			2022			Change
Operating income (loss):
Game & Network Services		82,679			42,132			(40,547	)
Music		50,586			78,733			28,147
Pictures		31,629			27,620			(4,009	)
Entertainment, Technology & Services		72,711			77,840			5,129
Imaging & Sensing Solutions		49,725			73,987			24,262
Financial Services		43,053			54,628			11,575
All Other		8,618			4,848			(3,770	)
Total		339,001			359,788			20,787
Corporate and elimination		(20,542	)		(15,746	)		4,796
Consolidated operating income		318,459			344,042			25,583

　　Operating income (loss) is sales and financial services revenue less costs and expenses, and includes the share of profit (loss) of investments accounted for using the equity method.

　　The former Electronics Products & Solutions (“EP&S”) segment has been renamed the ET&S segment effective from April 2022. This change has not resulted in any reclassification of businesses across segments.

F-11

(Business Segments)

Segment sales and financial services revenue

	Yen in millions
	Six months ended September 30
	2021			2022			Change
Sales and financial services revenue:
Game & Network Services -
Customers		1,230,694			1,291,179			60,485
Intersegment		30,555			33,672			3,117
Total		1,261,249			1,324,851			63,602
Music -
Customers		520,765			662,281			141,516
Intersegment		5,718			5,108			(610	)
Total		526,483			667,389			140,906
Pictures -
Customers		464,932			676,827			211,895
Intersegment		510			2,018			1,508
Total		465,442			678,845			213,403
Entertainment, Technology & Services -
Customers		1,134,424			1,210,638			76,214
Intersegment		23,763			18,717			(5,046	)
Total		1,158,187			1,229,355			71,168
Imaging & Sensing Solutions -
Customers		452,044			588,803			136,759
Intersegment		44,276			47,405			3,129
Total		496,320			636,208			139,888
Financial Services -
Customers		778,292			596,293			(181,999	)
Intersegment		4,508			5,941			1,433
Total		782,800			602,234			(180,566	)
All Other -
Customers		39,291			33,200			(6,091	)
Intersegment		7,156			6,866			(290	)
Total		46,447			40,066			(6,381	)
Corporate and elimination		(110,720	)		(115,575	)		(4,855	)
Consolidated total		4,626,208			5,063,373			437,165

　　G&NS intersegment amounts primarily consist of transactions with the ET&S segment. ET&S intersegment amounts primarily consist of transactions with the G&NS segment. I&SS intersegment amounts primarily consist of transactions with the G&NS segment and the ET&S segment. Corporate and elimination includes certain brand and patent royalty income.

F-12

Segment profit (loss)

	Yen in millions
	Six months ended September 30
	2021			2022			Change
Operating income (loss):
Game & Network Services		165,938			94,894			(71,044	)
Music		105,966			139,706			33,740
Pictures		56,983			78,275			21,292
Entertainment, Technology & Services		144,462			131,408			(13,054	)
Imaging & Sensing Solutions		80,204			95,676			15,472
Financial Services		67,066			135,934			68,868
All Other		12,772			7,713			(5,059	)
Total		633,391			683,606			50,215
Corporate and elimination		(34,864	)		(32,601	)		2,263
Consolidated operating income		598,527			651,005			52,478

　　Operating income (loss) is sales and financial services revenue less costs and expenses, and includes the share of profit (loss) of investments accounted for using the equity method.

　　The former EP&S segment has been renamed the ET&S segment effective from April 2022. This change has not resulted in any reclassification of businesses across segments.

F-13

(Sales to Customers by Product Category)

　　The following table is a breakdown of sales and financial services revenue to external customers by product category for each segment. Sony management views each segment as a single operating segment.

	Yen in millions
	Three months ended September 30
Sales and financial services revenue:	2021		2022		Change
Game & Network Services
Digital Software and Add-on Content		314,858		332,859		18,001
Network Services		100,445		117,006		16,561
Hardware and Others		213,233		252,853		39,620
Total		628,536		702,718		74,182
Music
Recorded Music - Streaming		113,296		151,930		38,634
Recorded Music - Others		43,004		72,030		29,026
Music Publishing		47,310		73,489		26,179
Visual Media and Platform		64,933		59,479		(5,454	)
Total		268,543		356,928		88,385
Pictures
Motion Pictures		97,089		123,791		26,702
Television Productions		86,998		114,586		27,588
Media Networks		76,467		97,203		20,736
Total		260,554		335,580		75,026
Entertainment, Technology & Services
Televisions		207,179		226,751		19,572
Audio and Video		75,267		99,887		24,620
Still and Video Cameras		104,972		147,862		42,890
Mobile Communications		99,102		93,227		(5,875	)
Other		81,385		99,005		17,620
Total		567,905		666,732		98,827
Imaging & Sensing Solutions		254,159		369,580		115,421
Financial Services		366,162		300,836		(65,326	)
All Other		21,074		17,643		(3,431	)
Corporate		2,432		1,862		(570	)
Consolidated total		2,369,365		2,751,879		382,514

F-14

	Yen in millions
	Six months ended September 30
Sales and financial services revenue:	2021		2022		Change
Game & Network Services
Digital Software and Add-on Content		635,294		618,704		(16,590	)
Network Services		202,431		223,529		21,098
Hardware and Others		392,969		448,946		55,977
Total		1,230,694		1,291,179		60,485
Music
Recorded Music - Streaming		222,405		291,041		68,636
Recorded Music - Others		85,784		132,486		46,702
Music Publishing		94,442		136,546		42,104
Visual Media and Platform		118,134		102,208		(15,926	)
Total		520,765		662,281		141,516
Pictures
Motion Pictures		176,592		246,916		70,324
Television Productions		148,286		253,747		105,461
Media Networks		140,054		176,164		36,110
Total		464,932		676,827		211,895
Entertainment, Technology & Services
Televisions		428,200		368,544		(59,656	)
Audio and Video		148,356		190,947		42,591
Still and Video Cameras		221,382		287,565		66,183
Mobile Communications		180,515		192,257		11,742
Other		155,971		171,325		15,354
Total		1,134,424		1,210,638		76,214
Imaging & Sensing Solutions		452,044		588,803		136,759
Financial Services		778,292		596,293		(181,999	)
All Other		39,291		33,200		(6,091	)
Corporate		5,766		4,152		(1,614	)
Consolidated total		4,626,208		5,063,373		437,165

　　In the G&NS segment, Digital Software and Add-on Content includes distribution of software titles and add-on content through the network by Sony Interactive Entertainment; Network Services includes network services relating to game, video and music content; Hardware and Others includes home gaming consoles, packaged software, game software sold bundled with home gaming consoles, peripheral devices and first-party software for third-party platforms. In the Music segment, Recorded Music - Streaming includes the distribution of digital recorded music by streaming; Recorded Music - Others includes the distribution of recorded music by physical media and digital download as well as revenue derived from artists’ live performances; Music Publishing includes the management and licensing of the words and music of songs; Visual Media and Platform includes the production and distribution of animation titles and game applications, and various service offerings for music and visual products. In the Pictures segment, Motion Pictures includes the worldwide production, acquisition and distribution of live-action and animated motion pictures; Television Productions includes the production, acquisition and distribution of television programming; Media Networks includes the operation of television and digital networks worldwide. In the ET&S segment, Televisions includes LCD and OLED televisions; Audio and Video includes Blu-ray disc players and recorders, home audio, headphones and memory-based portable audio devices; Still and Video Cameras includes interchangeable lens cameras, compact digital cameras, consumer video cameras and video cameras for broadcast; Mobile Communications includes smartphones and an internet-related service business; Other includes display products such as projectors and medical equipment.

F-15

(Condensed Financial Services Financial Statements)

　　The following schedules show unaudited condensed financial statements for the Financial Services segment and all other segments excluding Financial Services. These presentations are not in accordance with IFRS, which is used by Sony to prepare its condensed consolidated financial statements. However, because the Financial Services segment is different in nature from Sony’s other segments, Sony believes that a comparative presentation may be useful in understanding and analyzing Sony’s condensed consolidated financial statements. Both financial statements include transactions between the Financial Services segment and Sony without the Financial Services segment. The figures shown in the respective presentations for the Financial Services segment and Sony without the Financial Services segment are prior to the elimination and/or offset of such transactions and deferred tax assets and deferred tax liabilities of each. The condensed consolidated financial statements column is presented net of the elimination and/or offset of such intercompany balances and deferred tax assets and liabilities.

Condensed Statements of Financial Position

	Yen in millions
	Financial Services				Sony without Financial Services				Consolidated
	March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022
ASSETS
Current assets:
Cash and cash equivalents	¥	889,140	¥	551,192	¥	1,160,496	¥	658,560	¥	2,049,636	¥	1,209,752
Investments and advances in the Financial Services segment		360,673		333,187		–		–		360,673		333,187
Trade and other receivables, and contract assets		169,929		122,846		1,478,620		1,838,541		1,628,521		1,940,402
Inventories		–		–		874,007		1,416,367		874,007		1,416,367
Other financial assets		81,174		72,424		68,124		94,015		149,301		166,440
Other current assets		72,441		57,507		450,953		537,341		473,070		566,885
Total current assets		1,573,357		1,137,156		4,032,200		4,544,824		5,535,208		5,633,033
Non-current assets:
Investments accounted for using the equity method		–		–		268,513		316,518		268,513		316,518
Investments and advances in the Financial Services segment		18,445,088		17,922,231		–		–		18,445,088		17,922,231
Investments in Financial Services, at cost		–		–		550,483		550,483		–		–
Property, plant and equipment		18,010		15,803		1,095,241		1,242,573		1,113,213		1,258,705
Right-of-use assets		73,774		81,021		339,658		370,155		413,430		450,793
Goodwill and intangible assets, including content assets		72,578		72,892		2,672,466		3,453,881		2,745,044		3,526,773
Deferred insurance acquisition costs		676,526		696,238		–		–		676,526		696,238
Deferred tax assets		–		–		332,330		379,172		298,589		352,481
Other financial assets		37,037		51,020		663,233		862,632		696,306		909,486
Other non-current assets		77,657		76,411		284,834		305,525		289,050		309,744
Total non-current assets		19,400,670		18,915,616		6,206,758		7,480,939		24,945,759		25,742,969
Total assets	¥	20,974,027	¥	20,052,772	¥	10,238,958	¥	12,025,763	¥	30,480,967	¥	31,376,002

LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	¥	1,964,776	¥	2,040,389	¥	183,187	¥	309,417	¥	2,147,962	¥	2,349,806
Trade and other payables		118,921		62,155		1,744,011		2,196,704		1,843,242		2,238,168
Deposits from customers in the banking business		2,886,361		3,015,117		–		–		2,886,361		3,015,117
Income taxes payables		4,444		6,324		101,648		184,368		106,092		190,692
Participation and residual liabilities in the Pictures segment		–		–		190,162		234,838		190,162		234,838
Other financial liabilities		68,793		62,733		29,050		58,285		97,843		121,018
Other current liabilities		242,937		253,233		1,296,205		1,331,239		1,488,488		1,556,118
Total current liabilities		5,286,232		5,439,951		3,544,263		4,314,851		8,760,150		9,705,757
Non-current liabilities:
Long-term debt		470,498		443,649		733,148		847,954		1,203,646		1,291,603
Defined benefit liabilities		37,167		37,971		217,381		215,431		254,548		253,402
Deferred tax liabilities		634,576		242,870		110,715		127,470		696,492		328,829
Future insurance policy benefits and other		7,039,034		7,322,317		–		–		7,039,034		7,322,317
Policyholders’ account in the life insurance business		4,791,295		4,807,408		–		–		4,791,295		4,807,408
Participation and residual liabilities in the Pictures segment		–		–		220,113		239,400		220,113		239,400
Other financial liabilities		128,208		141,304		86,391		213,232		211,959		351,798
Other non-current liabilities		5,864		6,507		121,558		139,220		106,481		125,119
Total non-current liabilities		13,106,642		13,002,026		1,489,306		1,782,707		14,523,568		14,719,876
Total liabilities		18,392,874		18,441,977		5,033,569		6,097,558		23,283,718		24,425,633
Equity:
Stockholders’ equity of Financial Services		2,577,705		1,607,126		–		–		–		–
Stockholders’ equity of Sony without Financial Services		–		–		5,156,059		5,871,507		–		–
Sony Group Corporation’s stockholders’ equity		–		–		–		–		7,144,471		6,890,002
Noncontrolling interests		3,448		3,669		49,330		56,698		52,778		60,367
Total equity		2,581,153		1,610,795		5,205,389		5,928,205		7,197,249		6,950,369
Total liabilities and equity	¥	20,974,027	¥	20,052,772	¥	10,238,958	¥	12,025,763	¥	30,480,967	¥	31,376,002

F-16

Condensed Statements of Income

	Yen in millions
	Three months ended September 30
	Financial Services					Sony without Financial Services						Consolidated
	2021		2022			2021			2022			2021			2022

Sales	¥	–	¥	–		¥	2,004,651		¥	2,452,607		¥	2,003,203		¥	2,451,043
Financial services revenue		368,415		304,478			–			–			366,162			300,836
Total sales and financial services revenue		368,415		304,478			2,004,651			2,452,607			2,369,365			2,751,879

Cost of sales		–		–			1,367,802			1,691,296			1,365,095			1,688,286
Selling, general and administrative		–		–			368,649			479,669			369,908			482,457
Financial services expenses		325,263		254,735			–			–			323,010			251,093
Other operating (income) expense, net		99		(4,885	)		1,115			(878	)		1,214			(8,069	)
Total costs and expenses		325,362		249,850			1,737,566			2,170,087			2,059,227			2,413,767

Share of profit (loss) of investments accounted for using the equity method		–		–			8,321			5,930			8,321			5,930

Operating income		43,053		54,628			275,406			288,450			318,459			344,042

Financial income (expenses), net		–		–			(35,360	)		1,713			(35,360	)		1,714

Income before income taxes		43,053		54,628			240,046			290,163			283,099			345,756

Income taxes		12,167		14,069			56,536			63,745			68,703			78,085

Net income		30,886		40,559			183,510			226,418			214,396			267,671

Net income of Financial Services	¥	30,749	¥	40,445		¥	–		¥	–		¥	–		¥	–

Net income of Sony without Financial Services	¥	–	¥	–		¥	182,357		¥	222,824		¥	–		¥	–

Net income attributable to Sony Group Corporation’s stockholders	¥	–	¥	–		¥	–		¥	–		¥	213,106		¥	263,963

Net income attributable to noncontrolling interests	¥	137	¥	114		¥	1,153		¥	3,594		¥	1,290		¥	3,708

F-17

Condensed Statements of Income

	Yen in millions
	Six months ended September 30
	Financial Services					Sony without Financial Services						Consolidated
	2021		2022			2021			2022			2021			2022

Sales	¥	–	¥	–		¥	3,850,436		¥	4,470,190		¥	3,847,916		¥	4,467,080
Financial services revenue		782,800		602,234			–			–			778,292			596,293
Total sales and financial services revenue		782,800		602,234			3,850,436			4,470,190			4,626,208			5,063,373

Cost of sales		–		–			2,619,001			3,085,861			2,613,868			3,079,953
Selling, general and administrative		–		–			712,597			885,079			715,210			889,223
Financial services expenses		715,587		471,134			–			–			711,079			465,193
Other operating (income) expense, net		147		(4,834	)		(34	)		(3,654	)		113			(10,794	)
Total costs and expenses		715,734		466,300			3,331,564			3,967,286			4,040,270			4,423,575

Share of profit (loss) of investments accounted for using the equity method		–		–			12,589			11,207			12,589			11,207

Operating income		67,066		135,934			531,461			514,111			598,527			651,005

Financial income (expenses), net		–		–			6,940			27,460			(32,218	)		(13,873	)

Income before income taxes		67,066		135,934			538,401			541,571			566,309			637,132

Income taxes		15,907		37,054			122,890			113,802			138,798			151,155

Net income		51,159		98,880			415,511			427,769			427,511			485,977

Net income of Financial Services	¥	50,901	¥	98,659		¥	–		¥	–		¥	–		¥	–

Net income of Sony without Financial Services	¥	–	¥	–		¥	413,193		¥	424,172		¥	–		¥	–

Net income attributable to Sony Group Corporation’s stockholders	¥	–	¥	–		¥	–		¥	–		¥	424,935		¥	482,159

Net income attributable to noncontrolling interests	¥	258	¥	221		¥	2,318		¥	3,597		¥	2,576		¥	3,818

F-18

Condensed Statements of Cash Flows

	Yen in millions
	Six months ended September 30
	Financial Services						Sony without Financial Services						Consolidated
	2021			2022			2021			2022			2021			2022
Cash flows from operating activities:
Income (loss) before income taxes	¥	67,066		¥	135,934		¥	538,401		¥	541,571		¥	566,309		¥	637,132
Adjustments to reconcile income (loss) before income taxes to net cash provided by (used in) operating activities:
Depreciation and amortization, including amortization of contract costs		12,546			12,918			371,368			474,695			383,914			487,613
Amortization of deferred insurance acquisition costs		34,257			54,972			–			–			34,257			54,972
Other operating (income) expense, net		147			(4,834	)		(34	)		(3,654	)		113			(10,794	)
(Gain) loss on securities, net (other than Financial Services segment)		–			–			23,555			27,994			23,555			27,994
Change in future insurance policy benefits and other		217,622			312,044			–			–			217,622			312,044
Change in policyholders’ account in the life insurance business, less cash impact		172,201			(129,948	)		–			–			172,201			(129,948	)
Net cash impact of policyholders’ account in the life insurance business		38,146			145,590			–			–			38,146			145,590
Changes in assets and liabilities:
(Increase) decrease in trade receivables and contract assets		7,152			47,082			(140,049	)		(190,051	)		(130,057	)		(142,011	)
(Increase) decrease in inventories		–			–			(207,104	)		(470,440	)		(207,104	)		(470,440	)
(Increase) decrease in investments and advances in the Financial Services segment		(703,887	)		(888,894	)		–			–			(703,887	)		(888,894	)
(Increase) decrease in content assets		–			–			(252,055	)		(314,856	)		(252,055	)		(314,856	)
(Increase) decrease in deferred insurance acquisition costs		(54,222	)		(70,096	)		–			–			(54,222	)		(70,096	)
Increase (decrease) in trade payables		(20,356	)		(52,966	)		114,511			187,852			91,232			133,989
Increase (decrease) in deposits from customers in the banking business		118,707			141,028			–			–			118,707			141,028
Increase (decrease) in borrowings in the life insurance business and the banking business		257,118			32,962			–			–			257,118			32,962
Increase (decrease) in taxes payable other than income taxes, net		269			266			(31,304	)		(69,077	)		(31,035	)		(68,811	)
Other		7,135			(25,328	)		(214,906	)		(234,336	)		(207,856	)		(260,730	)
Net cash provided by (used in) operating activities		153,901			(289,270	)		202,383			(50,302	)		316,958			(383,256	)

Cash flows from investing activities:
Payments for property, plant and equipment and other intangible assets		(10,440	)		(11,869	)		(219,877	)		(217,302	)		(230,317	)		(229,105	)
Payments for investments and advances (other than Financial Services segment)		–			–			(37,385	)		(169,582	)		(37,385	)		(169,582	)
Proceeds from sales or return of investments and collections of advances (other than Financial Services segment)		–			–			20,348			8,301			20,348			8,301
Other		2,913			–			(203,111	)		(251,569	)		(200,198	)		(249,286	)
Net cash provided by (used in) investing activities		(7,527	)		(11,869	)		(440,025	)		(630,152	)		(447,552	)		(639,672	)

Cash flows from financing activities:
Increase (decrease) in borrowings, net		(5,503	)		4,527			(118,838	)		147,764			(124,341	)		152,291
Dividends paid		(39,159	)		(41,335	)		(37,148	)		(43,237	)		(37,148	)		(43,236	)
Other		(4	)		(1	)		(25,799	)		(52,696	)		(25,636	)		(52,698	)
Net cash provided by (used in) financing activities		(44,666	)		(36,809	)		(181,785	)		51,831			(187,125	)		56,357

Effect of exchange rate changes on cash and cash equivalents		–			–			4,520			126,687			4,520			126,687

Net increase (decrease) in cash and cash equivalents		101,708			(337,948	)		(414,907	)		(501,936	)		(313,199	)		(839,884	)
Cash and cash equivalents at beginning of the fiscal year		497,218			889,140			1,289,764			1,160,496			1,786,982			2,049,636
Cash and cash equivalents at end of the period	¥	598,926		¥	551,192		¥	874,857		¥	658,560		¥	1,473,783		¥	1,209,752

F-19

Going Concern Assumption

　　Not Applicable

Accounting Policy and Other Information

(Net Income Attributable to Sony Group Corporation’s Stockholders and Weighted-average Number of Outstanding Shares Used for the Computation of EPS of Common Stock)

	Yen in millions
	Three months ended September 30
	2021		2022
Net income attributable to Sony Group Corporation’s stockholders		213,106		263,963
Adjustment amount to net income attributable to Sony Group Corporation’s stockholders for diluted EPS computation:
Zero coupon convertible bonds		42		20
Net income attributable to Sony Group Corporation’s stockholders for diluted EPS computation		213,148		263,983

	Thousands of shares
Weighted-average shares outstanding for basic EPS computation		1,240,050	1,236,755
Effect of dilutive securities:
Stock acquisition rights		5,125	3,618
Zero coupon convertible bonds		6,752	3,132
Weighted-average shares for diluted EPS computation		1,251,927	1,243,505

	Yen in millions
	Six months ended September 30
	2021		2022
Net income attributable to Sony Group Corporation’s stockholders		424,935		482,159
Adjustment amount to net income attributable to Sony Group Corporation’s stockholders for diluted EPS computation:
Zero coupon convertible bonds		93		51
Net income attributable to Sony Group Corporation’s stockholders for diluted EPS computation		425,028		482,210

	Thousands of shares
Weighted-average shares outstanding for basic EPS computation		1,239,606	1,236,622
Effect of dilutive securities:
Stock acquisition rights		5,092	3,847
Zero coupon convertible bonds		7,399	4,059
Weighted-average shares for diluted EPS computation		1,252,097	1,244,528

(Segmentation)

　　The former EP&S segment has been renamed the ET&S segment effective from April 2022. This change has not resulted in any reclassification of businesses across segments.

　　The G&NS segment includes the network services businesses, the manufacture and sales of home gaming products and the production and sales of software. The Music segment includes the Recorded Music, Music Publishing and Visual Media and Platform businesses. The Pictures segment includes the Motion Pictures, Television Productions and Media Networks businesses. The ET&S segment includes the Televisions business, the Audio and Video business, the Still and Video Cameras business, the smartphone business and the internet-related service business. The I&SS segment includes the image sensors business. The Financial Services segment primarily represents individual life insurance and non-life insurance businesses in the Japanese market and the banking business in Japan. All Other consists of various operating activities, including the disc manufacturing and recording media businesses. Sony’s products and services are generally unique to a single operating segment.

F-20

(Acquisition of Bungie, Inc.)

　　On July 15, 2022, Sony Interactive Entertainment LLC (“SIE”), a wholly-owned subsidiary of Sony, completed the acquisition of 100% of the shares of Bungie, Inc. (“Bungie”), an independent videogame developer in the United States. As a result of this acquisition, Bungie has become a wholly-owned subsidiary of Sony. This acquisition gives SIE access to Bungie’s approach to live game services and technology expertise.

　　The total consideration of this acquisition, which was determined after customary working capital and other adjustments, was 510,860 million yen (3,704 million U.S. dollars), inclusive of the purchase price and committed employee incentives. Of the total consideration, 348,169 million yen (2,525 million U.S. dollars) was allocated to the purchase consideration of this acquisition, and the remaining 162,691 million yen (1,179 million U.S. dollars) was mainly allocated to deferred payments to employee shareholders that are conditional upon their continuous employment, and other retention incentives. The deferred payments and other retention incentives will be expensed over the required post-acquisition service periods.

　　The fair value of the purchase consideration of this acquisition as of the acquisition date was 334,261 million yen (2,424 million U.S. dollars) which consisted of upfront cash consideration of 207,912 million yen (1,508 million U.S. dollars), deferred consideration of 84,410 million yen (612 million U.S. dollars), and contingent consideration of 41,938 million yen (304 million U.S. dollars) that is subject to employee shareholders’ continuous employment and represents the vested portion of the total vesting term of replacement awards that existed as of the acquisition date. Deferred consideration and contingent consideration are included in other financial liabilities (current and non-current) in the condensed consolidated statements of financial position.

　　Sony’s condensed consolidated statements of income for the three and six months ended September 30, 2022 include net loss after income taxes of 13,868 million yen (97 million U.S. dollars) attributable to Bungie since the acquisition date, including the deferred payments and other retention incentives arising out of this acquisition and amortization of intangible assets recognized as of the acquisition date. Revenue after elimination of intercompany transactions attributable to Bungie since the acquisition date for the three and six months ended September 30, 2022 has not been presented because the revenue was not material.

　　Sony consolidated Bungie by using the acquisition method of accounting and recorded the fair value of the identifiable assets acquired, liabilities assumed and residual goodwill of Bungie. The following table summarizes the fair values assigned to the assets and liabilities of Bungie that were recorded in the G&NS segment. The purchase price allocation as of the acquisition date is preliminary as of September 30, 2022 and is subject to change. The primary areas of the purchase price allocation that are not yet finalized are related to goodwill, content assets, other intangible assets and deferred tax assets.

	Yen in millions
Cash and cash equivalents		37,800
Trade and other receivables, and contract assets		5,093
Other current assets		3,412
Property, plant and equipment		7,481
Right-of-use assets		15,540
Goodwill		196,473
Content assets		45,512
Other intangible assets		66,257
Deferred tax assets		4,788
Other		3,564
Total assets		385,920
Trade and other payables		3,060
Other current liabilities		12,195
Long-term debt		30,944
Other		5,460
Total liabilities		51,659

　　Content assets and other intangible assets mainly consist of license agreements and software. Goodwill mainly represents future growth from new revenue streams and synergies with existing Sony businesses and is not deductible for tax purposes. Goodwill recorded in connection with the acquisition is included in the G&NS segment.

　　Pro forma results of operations have not been presented because the effect of the acquisition is not material.

F-21

(Change in presentation)

Condensed Consolidated Statements of Cash Flows

　　Certain reclassifications of the condensed consolidated statements of cash flows for the six months ended September 30, 2021 have been made to conform to the presentation for the six months ended September 30, 2022.

	(Billions of yen)
	March 31, 2022 Results	July Forecast	November Forecast	Change from July Forecast
Sales *¹	¥9,921.5	¥11,500	¥11,600	+ ¥100 bil	+0.9	%
Operating income	1,202.3	1,110	1,160	+50 bil	+4.5	%
Income before income taxes	1,117.5	1,070	1,120	+50 bil	+4.7	%
Net income attributable to Sony Group Corporation’s stockholders	882.2	800	840	+40 bil	+5.0	%

For all segments excluding the Financial Services segment *²	March 31, 2022 Results	July Forecast	November Forecast	Change from July Forecast
Net cash provided by operating activities	¥813.3	¥820	¥820	-	-

	Assumed foreign currency exchange rates for the second half of the fiscal year ending March 31, 2023	(For your reference) Assumed foreign currency exchange rates for the fiscal year ending March 31, 2023 at the time of the July forecast
1 U.S. dollar	approximately 140 yen	approximately 130 yen
1 Euro	approximately 138 yen	approximately 138 yen

	(Billions of yen)
	March 31, 2022 Results			July Forecast			November Forecast
Game & Network Services (G&NS)
Sales	¥2,739.8			¥3,620				¥3,630
Operating income		346.1			255			225
Music
Sales		1,116.9			1,280			1,370
Operating income		210.9			230			265
Pictures
Sales		1,238.9			1,380			1,450
Operating income		217.4			100			115
Entertainment, Technology & Services (ET&S)
Sales		2,339.2			2,450			2,510
Operating income		212.9			180			180
Imaging & Sensing Solutions (I&SS)
Sales		1,076.4			1,440			1,440
Operating income		155.6			200			220
Financial Services
Financial services revenue		1,533.8			1,440			1,310
Operating income		150.1			220			220
All Other, Corporate and elimination
Operating loss		(90.7	)		(75	)		(65	)
Consolidated
Sales		9,921.5			11,500			11,600
Operating income		1,202.3			1,110			1,160

(i)	Sony’s ability to maintain product quality and customer satisfaction with its products and services;
(ii)	Sony’s ability to continue to design and develop and win acceptance of, as well as achieve sufficient cost reductions for, its products and services, including image sensors, game and network platforms, smartphones and televisions, which are offered in highly competitive markets characterized by severe price competition and continual new product and service introductions, rapid development in technology and subjective and changing customer preferences;
(iii)	Sony’s ability to implement successful hardware, software, and content integration strategies, and to develop and implement successful sales and distribution strategies in light of new technologies and distribution platforms;
(iv)	the effectiveness of Sony’s strategies and their execution, including but not limited to the success of Sony’s acquisitions, joint ventures, investments, capital expenditures, restructurings and other strategic initiatives;
(v)	changes in laws, regulations and government policies in the markets in which Sony and its third-party suppliers, service providers and business partners operate, including those related to taxation, as well as growing consumer focus on corporate social responsibility;
(vi)	Sony’s continued ability to identify the products, services and market trends with significant growth potential, to devote sufficient resources to research and development, to prioritize investments and capital expenditures correctly and to recoup its investments and capital expenditures, including those required for technology development and product capacity;
(vii)	Sony’s reliance on external business partners, including for the procurement of parts, components, software and network services for its products or services, the manufacturing, marketing and distribution of its products, and its other business operations;
(viii)	the global economic and political environment in which Sony operates and the economic and political conditions in Sony’s markets, particularly levels of consumer spending;
(ix)	Sony’s ability to meet operational and liquidity needs as a result of significant volatility and disruption in the global financial markets or a ratings downgrade;
(x)	Sony’s ability to forecast demands, manage timely procurement and control inventories;
(xi)	foreign exchange rates, particularly between the yen and the U.S. dollar, the euro and other currencies in which Sony makes significant sales and incurs production costs, or in which Sony’s assets, liabilities and operating results are denominated;
(xii)	Sony’s ability to recruit, retain and maintain productive relations with highly skilled personnel;
(xiii)	Sony’s ability to prevent unauthorized use or theft of intellectual property rights, to obtain or renew licenses relating to intellectual property rights and to defend itself against claims that its products or services infringe the intellectual property rights owned by others;
(xiv)	the impact of changes in interest rates and unfavorable conditions or developments (including market fluctuations or volatility) in the Japanese equity markets on the revenue and operating income of the Financial Services segment;
(xv)	shifts in customer demand for financial services such as life insurance and Sony’s ability to conduct successful asset liability management in the Financial Services segment;
(xvi)	risks related to catastrophic disasters, geopolitical conflicts, pandemic disease or similar events;
(xvii)	the ability of Sony, its third-party service providers or business partners to anticipate and manage cybersecurity risk, including the risk of unauthorized access to Sony’s business information and the personally identifiable information of its employees and customers, potential business disruptions or financial losses; and
(xviii)	the outcome of pending and/or future legal and/or regulatory proceedings.