Average Annual Report length Average length of narrative Average length of financials Full sample South Africa United States 203pp Full sample Longest average narrative 113pp Full sample Longest average financials 91pp Longest average Annual Report 336pp South Africa Shortest average narrative 185pp South Africa 60pp Brazil 151pp 30pp Shortest average Annual Report Shortest average financials 106pp United States www.blacksunplc.com © Black Sun Plc 2011 5