Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 25: Analysts estimates indicate emissions intensities decreasing by 14% in 2025E vs. Exhibit 26: ...as a result of emissions decreasing at a 1% CAGR through 2025E, with 2019... production acceleration at a 1% annual pace in the same period Emissions intensities profile for Aluminum companies (based on GICS 4 classification), calculated Change in Scope 1+2 emissions (left) and Aluminum throughput (right) for Aluminum companies in as Scope 1+2 GHG emissions divided by aluminum production. Indexed to 2019 base. our work — vs. 2019 base Carbonomics - 1.5C Scenario Carbonomics - <2C Scenario 140% Carbonomics - 2C Scenario Analyst estimates 120% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 2015 2025 2035 2045 2055 2065 2075 Mn Ton CO2-eq, Scope 1+2 Gt Aluminum produced As not all analysts model through 2025, 2024E and 2025E reflect the weighted average yoy change for companies where the Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research covering analysts have submitted data. The same applies for 2019 and 2020 weighted average estimates. The Aluminum sector is as de“ned based on GICS 4 classi“cation (sub-segment of Metal & Mining GICS 3). Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research