Goldman Sachs GS SUSTAIN: ESG of the Future Exhibit 36: Our analysts GHG emissions estimates indicate emissions intensities among Construction Materials companies declining at a c.2% annual pace between 20219 and 2025E Construction Materials 2019-2025E emissions intensities (market cap-weighted, calculated dividing Scope 1+2 emissions by the volume production index), Scope 1+2 emissions and Volume Production Index (Market cap-weighted). Indexed to 2019 base. 140% 0% CAGR 2019-2025E 120% 100% 80% 60% 40% 20% 0% Emissions Intensity Mn Ton CO2-eq, Scope 1+2 Volume Index As not all analysts model through 2025, 2024E and 2025E reflect the weighted average yoy change for companies where the covering analysts have submitted data. The same applies for 2019 and 2020 weighted average estimates. The Construction Materials sector is as de“ned based on GS SUSTAIN sector classi“cation. Source: Company data, Thomson Reuters, Bloomberg, Goldman Sachs Global Investment Research