Goldman Sachs GS SUSTAIN Exhibit 21: Mechanical and chemical recycling have a number of economic bottlenecks in the upstream and manufacturing stages, but see more tailwinds downstream Economic Drivers for the Linear and Circular Economy Circular Economy Economic Drivers Favorable Conditions Linear Mechanical Chemical Economy Recycling Recycling Feedstock Availability Easy access and proximity to feedstock tream Minimal pre-treatment requirements Ups Feedstock Cost Low cost of Feedstock Low volatility of feedstock prices Supply Chain Integrated supply chain Economies of Scale Large scale/high capacity Mature and robust technology capable of Technology accepting flexible feedstock High efficiency and yield Plastic and Resin ManufacturingCapExLower capital investment Favorable depreciation and lending OpEx Low energy and water requirements Polymer Price High value output products tream Social Perception Promotes circularity and use of recycled / Other content Downs Policy / Incentives Recycling and/or circularity subsidies Comprehensive definitions of recycling Headwind Neutral Tailwind Source: AFARA analysis, Goldman Sachs Global Investment Research Investable Ideas and companies investing for a Circular Economy We highlight 19 companies that we see as aligned to the seven key components of circularity. While these are mapped to one circular theme, most of these companies contribute to many of these themes, again reiterating the interlinking nature of these themes all working together towards net zero waste. 3 May 2022 <8