This is an English translation of our research update that was released June 28. Because both production costs and marketing costs for OVERKILL’s The Walking Dead (OTWD) are expected to be lower than our earlier estimate, we have chosen to lower our expectations for initial sales in late 2018. The game also seems to be a more niched product than we had previously expected and might not appeal to a wide more casual audience. Although we have lowered our estimate for initial sales of OTWD, this will have no major impact on revenues and profitability for 2018-2020. One of the explanations for this is that Starbreeze will be building up a small games portfolio during those years, which will increase diversification and thus decrease the risk in the company.