Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 3: Among the ~7,000 companies in our GS SUSTAIN database, the 7 key sectors we Exhibit 4: Out of global GHG emissions, the seven sectors considered account for only 16% consider in our analysis represent almost 90% of reported Scope 1 emissions of the total. Covered companies for which estimates have been provided cover 46% of those Sector breakdown of global Scope 1 emissions from corporates in our GS SUSTAIN coverage (2019 — or c.7% of total GHG emissions data) Breakdown of global GHG emissions in 2019 with respect to the scope of coverage in our analysis Other sectors Companies cov. by From covered From covered SUSTAIN (ex. 7 companies by GIR companies Mining & Metals sectors) w/oforecasts covered by GIR Utilities Chemicals Companies 7% Airlines cov. by 82% 16% SUSTAIN in 4% Construction Materials 5% Global GHG Steel Emissions,ex. 7 From companies sectors and not covered by Oil & Gas SUSTAIN GIR Sectors as de“ned in our GS SUSTAIN sector classi“cation. Oil & Gas comprises Oil & Gas Producers and Oil Re“ners. Utilities Data refers to 2019 global GHG emissions comprises Electric Utilities, Gas Utilities, Multi-Utilities and Water Utilities. Source: EDGAR, Goldman Sachs Global Investment Research Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research Our new bottom-up forecasts reflect a subset of companies in these seven sectors where our analysts see sufficient basis for forecasting. Companies for which we received GHG emissions forecasts represent 65% of emissions from corporates covered by our equity research teams in the seven key sectors, or 3.8 bn tons of CO -eq — corresponding to 7% 2 of global total GHG emissions in 2019. While the overall percentage of both disclosed corporate Scope 1 emissions and emissions from companies where we have forecasts is low, we nevertheless believe the directional takeaways are important. We expect to grow the percentage of emissions forecasted over time. Response rates from our analysts are the highest for Oil & Gas and the lowest for Chemicals. As highlighted in Exhibit 5, the number of estimates we received varied widely among sectors and regions. On a Scope 1-basis, response rates were the highest for the Oil & Gas sector (66% on average). We also note response rates for Utilities were 46% on average — 48% for Electric Utilities, 29% for Gas Utilities, 59% for Multi-Utilities and 44% for Water Utilities. The Chemicals sector is where response rates were the lowest — 10%, globally — due to a combination of (1) limited company disclosures regarding decarbonization pathways and (2) difficulty in forecasting emissions trajectories by our analysts, in our view.