PitchSend

Investor Presentaiton

85 90 Source: ONS 95 100 105 110 Demographic trends reflect out-migration - note "recovery” of Merthyr, continued underperformance of Blaenau Gwent: 115 Valleys LAs: population aged 16-64 (1991=100) 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bridgend Wales -Caerphilly Neath Port Talbot Valleys (incl NPT & Bridgend) -Merthyr Tydfil Rhondda Cynon Taf Torfaen Blaenau Gwent 6

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