DAVY VIEW

We think DCC is in an excellent position with respect to energy transition. It has a >40-year corporate track record built on entrepreneurship, change and agility. It also has deep customer relationships across its energy businesses and, in many cases, market-leading positions in the energy ‘vectors’ (especially LPG and commercial liquid-based fuels) that we think can facilitate decarbonisation. Furthermore, we expect increased sustainability reporting and transparency to positively impact Environmental, Social and Corporate Governance (ESG) ratings.