Goldman Sachs GS SUSTAIN Exhibit 1: Increasing circularity for four key materials in Europe could reduce CO2 Exhibit 2: Some of the most underweight industries in ESG funds have portions of revenue emissions 56% vs business as usual that are eligible under the Taxonomy EU Emissions reduction potential from a more circular economy, Mt CO2 per year GICS 3 industries most relatively underweight in ESG funds, Mar 2022, with avg. eligible revenue % in exposed sectors 600 530 178 500 ear y -56% 400 per 56 300 62 dioxide 234 0% 200 arbon -20% Relativ c 13% 44% 100 20% 87% of 97% 96% 88% e Mt 65% -40% 0 86% u 62% n 2050 Baseline Materials Product Materials Circular Business 2050 Circular 88% 82% d e Recirculation Efficiency Models Scenario 37% r w 55% -60% eigh 91% 41% t Cement Aluminium Plastics Steel 16% Climate Change Mitigation (CCM) pot. eligible exposure -80% % Circular Economy (CE) pot. eligible exposure Avg pot. eligible revenue % in sector to CCM or CE -100% Source: Material Economics, Data compiled by Goldman Sachs Global Investment Research Source: Morningstar, Goldman Sachs Global Investment Research 3 May 2022 3