We attended REE's AGM at which the company’s Chairwoman/CEO gave a comprehensive speech providing details on the impact of COVID-19 to 4M 2020 results, REE’s 2020 guidance, investment pipeline, and business restructuring and CEO succession plan. Overall, we see upside risk to our medium-term forecast on the back of larger-than-expected investment pipelines in the renewable energy segment. Nevertheless, REE’s comments on the potential impact of COVID-19 to 2020 earnings might indicate downside