2006 ANNUAL REPORT FOR SHAREHOLDERS

POINTS OF IMPACT ANNUAL MEETING GENERAL INFORMATION The 18th Annual Meeting of Shareholders will be held at 10:30 CORPORATE HEADQUARTERS a.m.on Wednesday,May 16,2007, 1451 E. Battlefield at the Hilton Garden Inn, Springfield, MO 65804 Independence,Missouri. 1 (800) 749-7113 MAILING ADDRESS P.O. Box 9009, Springfield, MO 65808 CORPORATE PROFILE CORPORATE MISSION DIVIDEND REINVESTMENT For details on the automatic reinvestment of Great Southern Bancorp, Inc. The Company’s mission is to build dividends in common stock of the (“GSBC”or the “Company”) is the winning relationships with our Company call: holding company for Great Southern customers, associates, shareholders and 1 (800) 725-6651 or write: Bank (the “Bank”),which converted communities. We carry out our mission from a mutual to a stock company in through our core values of teamwork, Great Southern Bancorp, Inc. December 1989. In June 1998, the Bank mutual respect, doing what’s right and Shareholder Relations converted from a federal savings bank uncompromising ethical standards. P.O. Box 9009 charter to a Missouri chartered trust We are deeply committed to our Springfield, MO 65808 company. relationships with our four Great Southern was founded in 1923 constituencies. FORM 10-K with a $5,000 investment, 4 employees We build winning relationships with The Annual Report on Form 10-K filed with and 936 members, and has grown to our customers and help them make the Securities and Exchange Commission over $2.2 billion in assets, with more their lives better and easier with our may be obtained from the Company’s Web than 725 employees and in excess of products and services. site at www.greatsouthernbank.com 159,000 customers. We build winning relationships with or without charge by request to: The Bank is headquartered in our associates, who have chosen our Rex Copeland Springfield, Mo., and operates 37 company to share their skills and Treasurer banking centers in 16 counties across talents and who deserve the Great Southern Bancorp, Inc. Missouri; 13 in Springfield. opportunity to reach their full P.O. Box 9009, Springfield, MO 65808 A community-oriented company, potential. GSBC and its subsidiaries offer a full We build winning relationships with INVESTOR RELATIONS range of banking, lending, investment, our shareholders, who have entrusted Teresa Chasteen-Calhoun insurance and travel services. us with their wealth and financial or Kelly Polonus future, and with our communities, Great Southern Bank upon which our company’s strength, P.O. Box 9009, Springfield, MO 65808 prosperity and future rest. AUDITORS BKD, LLP STOCK INFORMATION Hammons Tower P.O. Box 1190 The Company’s Springfield, MO 65801 Common Stock is listed HIGH/LOW STOCK PRICE Year Ended Year Ended on The NASDAQ Global December 31, 2006 December 31, 2005 LEGAL COUNSEL High Low High Low Select Market under the Silver, Freedman & Taff, L.L.P. First Quarter $30.04 $27.15 $36.99 $29.96 symbol “GSBC”. Second Quarter 31.00 25.05 33.15 28.45 3299 K St., NW,Suite 100 As of December 31, Third Quarter 30.65 26.10 35.77 28.61 Washington, DC 20007 2006, there were Fourth Quarter 32.14 26.58 32.61 26.32 Carnahan, Evans, Cantwell & Brown 13,676,965 total shares P.O. Box 10009 outstanding and Springfield, MO 65808 approximately 2,650 DIVIDEND DECLARATIONS Year Ended Year Ended December 31, 2006 December 31, 2005 shareholders of record. First Quarter $.140 $.120 TRANSFER AGENT AND The last sale price of Second Quarter .150 .130 REGISTRAR the Company’s Third Quarter .150 .130 Registrar & Transfer Company Common Stock on Fourth Quarter .160 .140 10 Commerce Drive December 31, 2006 was Cranford, NJ 07016 $29.51. POINTS OF IMPACT

2 CHAIRMAN’S LETTER TO SHAREHOLDERS We’ll reveal some remarkable numbers relative to those served by Great Southern.

4 PRESIDENT’S MESSAGE TO SHAREHOLDERS We are committed to our long-term growth strategy and have an intense focus on areas that can make the greatest impact.

8 CUSTOMER Our involvement in customer service and attention is genuine, and our customers know it.

12 GEOGRAPHIC The ripple effect. When you take great care of your customers, word gets around.

18 COMMUNITY Great Southern’s ability and desire to create points of impact in the communities we serve is powerful.

22 INTERNAL An environment that respects and empowers the individual, recognizes outstanding performance and encourages professional growth.

26 BOTTOM LINE Our dedication to helping people succeed in life takes full measure within each of our constituencies.

28 LEADERSHIP Great Southern Bancorp, Inc. and Great Southern Bank Directors and Officers.

1 Chairman’s Letter to Shareholders As we prepared this time) with products, December 31, 2006, were In the third quarter 2006, annual report and reflected technology and service, all $2.22 per diluted share Great Southern ranked 73rd on our company’s results for with unfailing reliability. ($30,743,000) compared to best on efficiency ratio 2006, we felt it important to Walt Disney always talked the $1.63 per diluted share among the largest 500 US highlight our renewed focus about "moments of truth" ($22,671,000) the Company bank holding companies on the customer and the with guests. Our mission is earned during the prior year. with an efficiency ratio of customer experience. very similar; we just like to We also realized growth 47.95%. I fear too many financial refer to those opportunities in a number of areas that we Locally,we continued to institutions have gotten as Great Southern’s "points believe will drive earnings better our market share caught up in viewing their of impact". and create value over the position in our home base of customers merely as credit There’s an old equation in long run: total assets were operations – Greene and scores, fee generators or broadcast media that says $2.24 billion (up 7.6 %); Christian counties. Based on profitability tiers.Whereas reach + frequency = gross loans receivable were the June 30, 2006, FDIC data, we strive to daily impact the IMPACT. Throughout the $1.70 billion (up 10.5%); and we have 21.90% of the lives of thousands (albeit pages that follow,we’ll break total deposits were $1.70 combined counties’ eligible one quality relationship at a down the various billion (up 9.9%). deposits. The institutions components of this Stockholders’ equity at ranking second and third, equation. We’ll look at it December 31, 2006, was Commerce Bank and Bank of from both ends of the $175.6 million (7.8% of total America had market share spectrum – on one hand assets), equivalent to a book figures of 9.84% and 9.63%, we’ll reveal some value of $12.84 per share. respectively. remarkable numbers relative In 2006, NASDAQ For the fourth to those served by Great reclassified the companies consecutive year, Great Southern, but we’ll also look listed on their exchange and Southern was named the at the individuals behind the GSBC was selected for "Best Bank" in the numbers and their personal inclusion in the new Global Springfield News-Leader’s testimonials. Both are a Select Market. This market Best of the Ozarks readers’ reflection of the exponential has the highest initial listing poll. Best Mortgage impact of our involvement standards of any exchange in Company and Best Travel and commitment to our the world based on financial Agency honors were also customers and communities, and liquidity requirements. bestowed upon us, as well as as well as factors in our While recent stock runner-up in the Investment ability to continue to reward performance hasn’t matched Services/Brokerage category. you, our shareholders. historical success, over the During 2006, our primary It’s our people that drive last five years the value of focus was core deposit this success. This year our our stock (assuming all growth to fund continued associates stepped up to dividends were reinvested strong loan growth. To that deliver on some tremendous and including adjustment for end, we rolled out two new initiatives and goals and we our two-for-one stock split in programs that have want to share their 2004) has increased 112%. significant, ongoing successes with you as well. And since going public potential to acquire new 2006 was a challenging (1989), each dollar invested deposits. First, our Great year for the industry and for in the initial public offering Access Deposit Direct – Great Southern. However, has now grown to remote deposit capture many different factors – approximately $38 in market program – allows a business both external market value. to scan checks at their office dynamics and internal Our industry is notorious and transmit a deposit initiatives – converged to for compiling lists, reports electronically instead of make this another record and surveys that enable physically making a trip to year for Great Southern investors, analysts and the bank. Thus, loan Bancorp. customers to see how our production offices that don’t Our earnings for the performance compares to currently take deposits now twelve months ended national and local peers. have a solution to offer

2 borrowers for securing their continues to be one of the strategy as figuring out the economy as a whole. deposits as part of the total fastest growing areas in where the Our associates, however, relationship. Missouri. To better serve the industry/business/consumer have done a commendable NetGain is a retail deposit northeast quadrant of the is going and working job of moving the acquisition strategy that is county,this fall we opened backwards to position profitability of our Company based on focusing direct our second banking center ourselves to be there. to consistently higher levels mail to prospects with in Ozark. As the area’s largest by focusing on relationship certain financial Columbia, Missouri was home-owned community banking and operating personalities that reside the site of this year’s bank, we know the efficiency. within a five mile proximity expansion within our LPO importance of giving back to I have every confidence of one of our banking office network. In addition, the communities that have in our strategy going centers. Response rates Great Southern Travel been so faithful to patronize forward and in the more exceeded industry standards acquired two agencies: our business. In 2006, we re- than 700 hard-working, and the bank’s return on Global Travel in Columbia invested over $300,000 in passionate people I am investment was realized in and Classic Cruise and Travel non-advertising related fortunate to work alongside. 15 months or less making it in Lee’s Summit. contributions, sponsorships Everything we do, and the a desirable strategy that will Over the past couple of and underwriting. manner in which we do it, be expanded and years we’ve talked a great We have over a 30-year reinforces our 84 years of accelerated in ‘07. deal about associate relationship with the knowledge, dedication and Keeping on our pace of engagement and this Missouri State University commitment to customers, adding two banking centers continued to be a priority Athletics program, so when communities and enhancing a year, we opened our first with the implementation of plans were announced for a shareholder value. I look banking center in a metro a new training course for new,state-of-the art arena to forward to updating you on area outside our southern middle management be ready for the 2008-09 our progress throughout the Missouri footprint – Lee’s supervisors. season, Great Southern met year. Thank you for your Summit. Putting to rest any In addition, our the challenge and gave a gift continued support and doubts about our ability to Leadership Team is to fund the purchase of a investment in our Company. be successful outside our championing a "Great to $1.8 million scoreboard for home territory, Lee’s Summit Greater" vision that all the JQH Arena – named after Sincerely, proceeded to break all associates can identify with, long-time friend and previous new facility records take ownership of, and customer, John Q. Hammons. surpassing the $12 million adopt as a playbook for their As we head into 2007, William V.Turner deposit mark in just six business units. At Great we’re mindful of the Chairman short months. Southern, we’ve always challenges facing our Christian County approached the process of Company,the industry and

Market Share* Five Year Cumulative Total Return** Based on Deposits in Greene Great Southern Nasdaq Nasdaq US & Christian Counties 21.9% Bancorp Financial Companies $ 275 20 250 $211.82 18 225 200 16 175 14 150 12 125 100 10 75 8 50 6 25 0 4 Dec 01 Dec 02 Dec 03 Dec 04 Dec 05 Dec 06 2 Great Southern Bank Great ** The graph above compares the cumulative total stockholder return on GSBC Common Stock to Empire Bank Empire Bank of America NA America Bank of Bank Commerce Signature Bank Signature 0 Liberty Bank Bank Guaranty LibertyGuaranty BankEmpire Bank Signature Bank Bank Bank ofCommerce AmericaGreat Bank Southern Bank the cumulative total returns of the Nasdaq U.S. Stock Index and the Nasdaq Financial Stocks Index * Data Source: FDIC Website for the period from December 31, 2001 through December 31, 2006. The graph assumes that $100 Data as of: June 30, 2006. was invested in GSBC Common Stock on December 31, 2001 and that all dividends were reinvested.

3 President’s Message to Shareholders The theme of this year’s the Company provides markets, our loan production revenues in 2006. In annual report, Points of charitable dollars to a local offices (LPOs) in Overland particular, Great Southern Impact, brings to mind the non-profit organization so Park, Kan., Rogers,Ark., Travel had an eventful year power of our Company to that it can address a need in Columbia, Mo. and St. Louis, as it acquired two travel make a positive impact on the community. Our ability Mo., performed especially agencies: Classic Cruise and the lives of our customers, to create Points of Impact well in 2006 and are making Travel in Lee’s Summit, Mo., associates, shareholders and day after day ultimately a significant contribution in and Global Travel and communities. For instance, translates into the our overall loan production. Vacations in Columbia, Mo. the impact comes at the Company’s financial Our total loan production The Company’s banking point when our more than performance and serves as a resulted in a 13% rise in center network expanded to 700 associates come measure of our success year operating net interest 37 with the addition of two together to make our after year. When this income, our strongest driver new banking centers. We customers’ lives better and happens, our shareholders in earnings growth. Also opened a new banking easier. It happens at the will be rewarded with a important in 2006, our center in Lee’s Summit, Mo., point when Great Southern superior return on their operating net interest in mid-September, which associates are given the long-term investment in our margin improved slightly to marked our first retail opportunity to be Company. 3.48% from 3.37% in 2005. presence in the Kansas City challenged and grow in their I’m proud to report that Core deposits (excluding metropolitan market. By professional lives, or when 2006 proved to be a brokered and national early March 2007, this successful year for Great certificates of deposit) also banking center generated Southern by several grew in 2006 in a very more than 800 new deposit important measures that competitive market with account relationships with were indeed Points of average balances gaining balances exceeding $12 Impact. We achieved record 14%, or $114 million, from million, our most successful earnings which were driven the previous year. For the banking center opening to primarily by our growth and year ended December 31, date. During the same time expansion efforts. 2006, consumer and period, a second full-service Loans increased 11%, or commercial demand and banking facility opened in $162 million, from 2005, savings average balances Ozark, Mo., a fast growing with growth mainly in increased by 11% and non- southwest Missouri commercial and residential brokered CD average community where our construction lending from balances rose by 23% market share continues to both our primary and loan compared to 2005. strengthen. production markets. While Our investment, insurance We also expanded our loan demand continued to and travel divisions posted a product line-up in 2006. Our be strong in our primary 5% increase in commission most significant product

Net Income* $2.22 Total Assets $2.24 Total Deposits $1.70 Total Loans $1.67 (per share of common stock) in billions in billions in billions 2.00 2.00 1.50 1.50

1.75 1.75 1.25 1.25 1.50 1.50 1.00 1.00 1.25 1.25

1.00 1.00 0.75 0.75

0.75 0.75 0.50 0.50 0.50 0.50 0.25 0.25 0.25 0.25

0.00 0.00 0.00 0.00 Jun Jun Jun Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec ’90† ’94 ’98 ’02 ’06 ’90 ’94 ’98 ’02 ’06 ’90 ’94 ’98 ’02 ’06 ’90 ’94 ’98 ’02 ’06 † Figure stated is as if the Company was publicly *All per share amounts have been adjusted to reflect stock splits. The Company converted to a calendar year in December 1998; therefore prior years’ net income traded for all of the fiscal year 1990 (conversion numbers will reflect a June 30 fiscal year end. was in Dec. 1989). 4 addition for the year was the expand and enhance our production offices in new expense management, introduction of Great Access business, one customer at a metropolitan markets. mergers/acquisitions Deposit Direct, a remote time. Specific corporate strategy,and a metropolitan capture deposit product for In 2007, we will begin priorities have been market entry model strategy. customers. Many industry executing a new corporate- identified by our In light of our strategic experts have touted this wide strategic plan, which management team that plan, expansion product to be as will serve as a roadmap to require our focused opportunities that fit within revolutionary as the reach our growth goals. attention in order for us to our business model will be introduction of the ATM. Moving forward, we’ll accomplish our long-term explored in 2007. A new With Deposit Direct, continue to concentrate on goals. Strategic initiatives banking center in the customers have the ability quality asset and core and tactics will be southwest Springfield, Mo., from any U.S. geographical deposit growth.We implemented around each of market will open in late location to make non-cash anticipate opening two to the corporate priorities spring and two more deposits to their bank four banking centers a year which include: customer banking centers will likely account from the and will likely enter or acquisition and retention, begin construction before convenience of their increase our presence in associate attraction and the end of the year. An computer desktop via the larger metropolitan markets. retention, funding (core and additional LPO site in a new Internet. Deposit Direct is We also expect to open loan non-core funding) strategies, metropolitan market is also being aggressively marketed to LPO clients as well as business clients in our SELECTED CONSOLIDATED FINANCIAL DATA current retail footprint and is expected to generate December 31, significant deposits for the 2006 2005 2004 2003 2002 Company in the future. Summary Statement of (Dollars in thousands) Condition Information: Looking ahead, we expect 2007 to be a challenging Assets $2,240,308 $2,081,155 $1,851,214 $1,544,052 $1,405,256 year and we anticipate some Loans receivable, net 1,674,618 1,514,170 1,334,508 1,146,571 1,048,644 headwinds with the current Allowance for loan losses 26,258 24,549 23,489 20,844 21,288 interest rate environment Available-for-sale securities 344,192 369,316 355,104 259,600 236,269 and competitive market Held-to-maturity securities 1,470 1,510 1,545 1,570 1,590 pressures. But we are also Foreclosed assets held for sale, net 4,768 595 2,035 9,034 4,328 looking at 2007 with Deposits 1,703,804 1,550,253 1,298,723 1,138,625 1,016,997 optimism and with the Total borrowings 325,900 355,052 401,625 276,584 268,494 understanding that we have Stockholders' equity (retained earnings substantially restricted) 175,578 152,802 140,837 121,679 109,636 a continuous opportunity to Average loans receivable 1,653,162 1,458,438 1,263,281 1,106,714 1,042,199 Average total assets 2,179,192 1,987,166 1,704,703 1,437,869 1,344,989 Commercial Real Estate & Construction Loans Average deposits 1,646,370 1,442,964 1,223,895 1,057,798 963,255 in millions $926 Average stockholders' equity 165,794 150,029 130,600 113,822 95,728 900 Number of deposit accounts 91,470 85,853 76,769 74,822 73,861 800 Number of full service offices 37 35 31 29 29 700 600 The tables on pages 5, 6, and 7 set forth selected consolidated financial information and other financial 500 data of the Company. The selected balance sheet and statement of income data, insofar as they relate to the 400 years ended December 31, 2006, 2005, 2004, 2003 and 2002, are derived from our consolidated financial statements, which have been audited by BKD, LLP.The amounts for 2004, 2003 and 2002 are restated 300 amounts. See Item 6,“Selected Consolidated Financial Data – Restatement of Previously Issued 200 Consolidated Financial Statements,”Item 7,“Management's Discussion and Analysis of Financial Condition 100 and Results of Operations”and Item 8,“Financial Statements and Supplementary Information”in the Company’s Annual Report on Form 10-K. Results for past periods are not necessarily indicative of results 0 Dec Dec Dec Dec Dec that may be expected for any future period. All share and per share amounts have been adjusted for the ’90 ’94 ’98 ’02 ’06 two-for-one stock split in the form of a stock dividend declared in May 2004.

5 President’s Message SELECTED CONSOLIDATED FINANCIAL DATA under consideration. As you can see, 2007 and For the Year Ended December 31, beyond will be busy and 2006 2005 2004 2003 2002 Summary Income Statement (Dollars in thousands) exciting times for Great Information: Southern. We are committed Interest income: to our long-term growth Loans $133,094 $98,129 $74,162 $66,739 $67,351 strategy and have an intense Investment securities and other 16,987 16,366 12,897 9,440 12,810 focus on areas that can make 150,081 114,495 87,059 76,179 80,161 the greatest impact. Of Interest expense: course, none of this would Deposits 65,733 42,269 28,952 25,147 29,344 be possible without our Federal Home Loan Bank advances 8,138 7,873 6,091 5,400 6,852 associates and their Short-term borrowings 5,648 4,969 1,580 588 555 commitment to our Subordinated debentures Company. I am certainly issued to capital trust 1,335 986 610 594 686 humbled to have the chance 80,854 56,097 37,233 31,729 37,437 to lead this talented group of Net interest income 69,227 58,398 49,826 44,450 42,724 people. I thank each and Provision for loan losses 5,450 4,025 4,800 4,800 5,800 every associate for their Net interest income after hard work and for the skills provision for loan losses 63,777 54,373 45,026 39,650 36,924 and talents they bring to our Noninterest income: Company,and the Points of Commissions 9,166 8,726 7,793 5,859 5,786 Impact they create each and Service charges and ATM fees 14,611 13,309 12,726 11,214 8,430 every day. Net realized gains on sales of loans 944 983 992 2,187 1,575 I would also like to thank Net realized gains (losses) on sales our customers, who let us of available-for-sale securities (1) 85 (373) 795 3,443 serve their financial needs Realized impairment of and give us an opportunity available-for-sale securities --- (734) ------to help make their lives a Net gain (loss) on sales of fixed assets 167 30 403 161 57 little better and easier. Our Late charges and fees on loans 1,567 1,430 872 771 723 success, even our very Change in interest rate swap fair existence, over the last 84 value net of change in hedged years is because of them. deposit fair value 1,498 ------And finally,I thank you, our Change in interest rate swap fair value --- (6,600) 1,136 (3,089) 9,569 shareholders, for the Interest rate swap net settlements --- 3,408 8,881 7,352 6,136 confidence you’ve placed in Other income 1,680 922 879 1,004 463 us. Without your investment 29,632 21,559 33,309 26,254 36,182 in our Company none of Noninterest expense: what we describe in the Salaries and employee benefits 28,285 25,355 22,007 18,739 15,842 subsequent pages of this Net occupancy expense 7,645 7,589 7,247 6,335 5,337 report would be possible. Postage 2,178 1,954 1,784 1,691 1,426 I welcome your thoughts Insurance 876 883 761 683 514 and suggestions … and Advertising 1,201 1,025 794 735 622 encourage you to learn more Office supplies and printing 931 903 811 855 828 about how our Company Telephone 1,387 1,068 903 797 769 makes and will continue to Legal, audit and other professional fees 1,127 1,410 1,309 1,078 808 make Points of Impact. Expense on foreclosed assets 119 268 485 1,939 597 Write-off of trust preferred securities issuance costs 783 ------Other operating expenses 4,275 3,743 3,160 2,901 2,245 48,807 44,198 39,261 35,753 28,988 Joseph W.Turner Income before income taxes 44,602 31,734 39,074 30,151 44,118 President and Chief Provision for income taxes 13,859 9,063 12,675 9,856 15,313 Executive Officer Net income $ 30,743 $ 22,671 $ 26,399 $20,295 $ 28,805

6 SELECTED CONSOLIDATED FINANCIAL DATA

At or For the Year Ended December 31, 2006 2005 2004 2003 2002 (Dollars in thousands, except per share data) Per Common Share Data: Basic earnings per common share $ 2.24 $1.65 $1.93 $1.48 $ 2.10 Diluted earnings per common share 2.22 1.63 1.89 1.46 2.07 Cash dividends declared 0.60 0.52 0.44 0.36 0.35 Book value 12.84 11.13 10.28 8.88 7.99 Average shares outstanding 13,697 13,713 13,702 13,707 13,726 Year-end actual shares outstanding 13,677 13,723 13,699 13,703 13,714 Year-end fully diluted shares outstanding 13,825 13,922 13,995 13,887 13,880

Earnings Performance Ratios: Return on average assets(1) 1.41% 1.14% 1.55% 1.41% 2.14% Return on average stockholders' equity(2) 18.54 15.11 20.21 17.83 30.09 Non-interest income to average total assets 1.36 1.08 1.95 1.83 2.69 Non-interest expense to average total assets 2.23 2.21 2.27 2.35 2.11 Average interest rate spread(3) 2.83 2.73 2.81 2.98 2.98 Year-end interest rate spread 2.95 3.05 2.63 2.88 3.05 Net interest margin(4) 3.39 3.13 3.10 3.27 3.30 Efficiency ratio(5) 49.37 55.28 47.23 50.57 36.74 Net overhead ratio(6) 0.88 1.14 0.35 0.66 (0.53) Common dividend pay-out ratio 27.03 31.90 23.28 24.32 16.79

Asset Quality Ratios: Allowance for loan losses/year-end loans 1.54% 1.59% 1.73% 1.78% 1.99% Non-performing assets/year-end loans and foreclosed assets 1.46 1.09 0.48 1.40 1.75 Allowance for loan losses/non-performing loans 129.71 151.44 524.43 282.02 146.60 Net charge-offs/average loans 0.23 0.20 0.17 0.47 0.56 Gross non-performing assets/year-end assets 1.12 0.81 0.35 1.06 1.34 Non-performing loans/year-end loans 1.19 1.05 0.33 0.63 1.36

Balance Sheet Ratios: Loans to deposits 98.29% 97.67% 102.76% 100.70% 103.11% Average interest-earning assets as a percentage of average interest-bearing liabilities 114.26 113.05 112.56 112.30 111.22

Capital Ratios: Average stockholders' equity to average assets 7.6% 7.6% 7.7% 7.9% 7.1% Year-end tangible stockholders' equity to assets 7.8 7.2 7.6 7.9 7.8 Great Southern Bank: Tier 1 risk-based capital ratio 10.2 10.1 10.7 11.0 10.8 Total risk-based capital ratio 11.5 11.3 11.9 12.3 12.0 Tier 1 leverage ratio 8.9 8.3 8.5 9.0 8.6

Ratio of Earnings to Fixed Charges:(7) Including deposit interest 1.55x 1.57x 2.05x 1.95x 2.18x Excluding deposit interest 3.95x 3.29x 5.72x 5.58x 6.45x

(1) Net income divided by (4) Net interest income (6) Non-interest expense less income taxes and fixed average total assets. divided by average non-interest income charges, and (b) fixed (2) Net income divided by interest-earning assets. divided by average total charges consist of interest average stockholders’ (5) Non-interest expense assets. and amortization of debt equity. divided by the sum of net (7) In computing the ratio of discount and expense (3) Yield on average interest- interest income plus non- earnings to fixed charges: including amounts earning assets less rate on interest income. (a) earnings have been capitalized and the average interest-bearing based on income before estimated interest portion liabilities. of rents.

7 CUSTOMER IMPACT

Exploring new ways to take care of our customers.

Customer Appreciation Days at any of Great Southern’s thirty-seven banking centers have all the elements of a family reunion and a neighborhood cookout. Each location chooses a date, hangs up its banner, and issues personal invitations to customers to stop by, say hello, and enjoy refreshments. Associates do the cooking and serving while customers – as well as family, friends, and neighbors – get to relax and enjoy the day.

A competitive begging question may be “at course, is very real. perspective. what cost to the bank’s own Universally-available credit, Consumer research notes identity?”In the effort to debit and gift cards – along the growing national trend make it simple for new with online banking and bill- for people to think of their customers to sign on, does a paying conveniences – not banks in terms of their bank bank forfeit the perception only serve to level the cards. Eager to generate new of a broader relationship playing field for competing customer relationships, big with customers in its contest banks, but also support a bank marketers have for card carriers? Are broader consumer trend packaged their identities and consumer expectations of toward self-reliance, doing-it- touted their cards as an easy- the relationship actually yourself and the idea that to-make – and deliver – diminished as they become having multiple options is, handshake of introduction. defined more and more by by itself, an expression of But if the success of such a the benefits of the card? independence. Or put strategy is measured by card A big part of this another way – “freedom distribution alone, the consumer perception, of from reliance on a

8 relationship”– hardly the harder than that. More we’re known. By more than traditional view,where a involved. More rewarding. a bank card. By more, even, bank relationship is seen as And something we’re than our bank. Great EXCEPTIONAL one of the more important especially good at. Southern Insurance has been IMPACT ones to develop. a local fixture in casualty In appreciation for their But as banks become their Our familiar face. protection since 1952. Great business and celebrating cards, the concept of In Great Southern Southern Financial Services their recent retirement, “relationship”is Country,relationship is celebrates its 25th year, and Financial Advisor Steve oversimplified to perhaps its everything. “Building has been named Runner-up Brooks treated Donetta and most impersonal form. Winning Relationships”is or Best Investment Harry Clouse (foreground) Building a real relationship not only our stated Securities/Brokerage Firm in to their first Springfield with customers is much corporate mission, it’s how three of the last four annual Cardinals game in style at Springfield News-Leader our Hammons Field box. reader polls. Great Southern Harry says simply, Travel enjoys its own reputation as the area’s biggest and best travel agency,and ranks among the nation’s Top 75. And of course, Great Southern Banking Centers and ATM signs are familiar and welcome sights everywhere. We’ve been named “Best “Since we met him Bank in the Ozarks”for four years running, but nobody’s three years ago, Steve thinking just bank. Around has managed our here, the whole IS greater investments better than the sum of our parts, and we’re referred to, simply, than any other as Great Southern. financial advisor Known by the company we’ve known.” we keep. Steve reflects,“While Today a customer will managing the occasional enter one of our Banking ‘home run’ stock sale or Centers and open an windfall inheritance for a account – one of 1,560 we’ll client can be fun, real open in a month. Another satisfaction – day-in and will head to a teller window day-out satisfaction – Great Southern Travel is recognized (Top) Ozark North Banking Center to conduct one of nearly comes from knowing I’ve among the nation’s top producers by a manager Donna Morris was delighted 245,000 transactions our helped earnest, long list of leading leisure vendors, when her Grand Opening prize winner tellers will handle this hardworking people like including MLT Worry Free Vacations, turned out to be a long-time customer month, while another pulls Harry and Donetta achieve Classic Custom Vacations, Ensemble of our other Ozark location. their financial goals so they Travel Group, Holland America, Apple Victoria Oxner won a Caribbean Cruise up to an ATM and makes one can retire comfortably and Vacations and Funjet – and for an for two. of 35,000 transactions our securely, for life.” unprecedented second year-in-a-row, (Bottom) Great Southern welcomes a 177 cash machines will garnered Disney Travel Company’s growing Hispanic population with free handle this week. Customer “Agency of the Year” award. checking, bilingual associates, 24-hour Service will answer more phone banking in Spanish and than 480 calls today,our dedicated lending officers to help switchboard another 340, them realize their American dreams of and our automated home and business ownership. PhoneBank system will

9 CUSTOMER IMPACT handle some 1,850 other and VIP services and financing assistance. customer inquiries. Business exploring new ways to take For businesses with lots Support Services will care of customers at every of checks to deposit, our process 150-200 customer touch point. Our Consumer Corporate Services team wires totaling $100-$150 Lending department has introduced Great Access million before the day’s out, grown to serve customers Deposit Direct, a state-of-the- and our Cash Vault will both directly and indirectly, art service that lets them process nearly 6,500 rolls of supporting a growing scan and deposit checks to coin for our merchant, network of more than 100 their accounts from the correspondent and banking area auto, boat and RV convenience of their center customers. dealers with on-the-spot desktop, securely,at will, If it’s an average day,we’ll also sell 209 airline tickets, make more than 90 hotel reservations and book 21 (Right, top)To help introduce the concept of Deposit Direct to business cruises and tours for our clients and prospects, Corporate customers. Services mailed die-cut-to-actual-size Our full-spectrum brochure cards showing the machine’s involvement in the daily small desktop footprint, along with lives of our customers is “interactive” check inserts equally evident and high- demonstrating how it works. energy away from the office. Every day,dedicated Great (Right, bottom) The Summit Club celebrated its 20th anniversary with Southern associates spread more than fourteen thousand active out into their communities, members. Southern Missouri’s largest delivering personal, business bank club, Summit Club offers exclusive banking, travel, insurance, and investment benefits to customers age 50 or better. Some seventeen hundred members and their guests attended the club’s annual birthday party last year at the Juanita K. Hammons Hall for Performing Arts.

(Opposite page, top) Commercial lending partnerships – like Hilton’s 200-room Promenade at Branson boutique hotel at Branson Landing – keep the Great Southern sun prominent with forward-thinking area developers.

(Opposite page, bottom) Consumer Lending effectively adds 100 convenient locations for Great Southern financing through an indirect network of local auto, boat, motorcycle and RV dealers.

10 without leaving the office. client service and depth of Grand Opening in Lee’s As our communities have support we offer to all Great Summit (we’re saving that grown, we’ve grown with Southern customers. for later – skip to page 17 for them, both in service and Lebanon welcomed our results), we opened a second EXCEPTIONAL physical convenience. Our expanded banking and travel banking center for our Ozark IMPACT Thayer branch celebrated its center there in a Grand Re- customers in early 30th year in the community Opening blitz that brought September with equally as a full-fledged banking in 64 new CDs, 24 new grand results. By year end, center, bringing our long- customers and $720,000 in Ozark North customers had time friends and neighbors deposits in just two days. opened 222 accounts, there the same sophisticated And on the heels of a stellar representing a balance of $1.88 million in new deposits. Importantly,our involvement in customer service and attention is genuine, and our customers know it. They see it every As a reminder of the impact superior service day,even rely on it, and are can have, our home office not surprised to note that loan team keeps a board free public seminars on the full of handwritten notes impact of Medicare Part D from customers, like this are sponsored by the one: Summit Club, that a timely Parents Magazine article on “Thank you, Chris! “Money Matters”is authored Congratulations and many ‘Thanks’ for your labor on by a Great Southern our project with Great associate they know,or that Southern Bank.We realize news of a special FHLB grant many hands were involved to help non-homeowners in the workmanship of our own their own homes comes ‘reverse mortgage loan’ but first from Great Southern. your leadership is what They note with some pride stands out in our minds. that our Financial Services partnership with Raymond You were 199% James is helping make a new professional at all $67 million arena for Missouri State University a times. reality,and that our We will have no problem Community Development recommending you and Corporation is driving a the staff at G.S.B. to anyone resurgence in downtown we may have the occasion development. to talk with.” Our involvement is Vern & Hildred appreciated. And the feeling Carpenter is mutual. ❂

11 GEOGRAPHIC IMPACT

The ripple effect.

When you take great care partnership with us on their operation, our Rogers,Ark. of your customers, word gets own projects, long-time office originated $75 million around. In addition to customers have played a in commercial loans for the helping us expand services visible role in the success of year, with $150 million in to existing clients, the power our loan production efforts loans outstanding. Rogers of a winning customer in targeted growth markets has proven to be a smart relationship comes sharply like Northwest Arkansas, choice for Great Southern into focus as we explore Kansas City,St. Louis, attention, and was recently new growth opportunities Branson and Central ranked best performing city outside our primary market Missouri. in the nation by the 2006 area. Both by referral and in In only its third year of Milken Report. High-visibility

Bentonville’s Oak Tree development offers spectacular custom home sites on one-third to 2-acre lots set among centuries-old majestic oaks.

12 partnerships – including Bentonville and the recently- Arkansas corridor ... and buildings for Kimberly-Clark completed Northwest beyond. Our relationship and Wal-Mart/Sam’s egg Arkansas children’s clinic in with Bella Vista and Branson supplier Country Creek, the Rogers – are making Great West developer Cooper EXCEPTIONAL impressive 200-acre Oak Southern a familiar and Communities even takes us Tree gated community welcome neighbor in the to Orange Beach,Alabama, IMPACT development in west burgeoning Northwest where the bank is With seven assisted living partnering with Arkansas facilities spread across National Bank on the 20- Illinois, Ohio and Indiana, story beachfront condo Provision Living President “Escapes!” Todd Spittal especially Also in its third year, our appreciates the LPO in Overland Park convenience of serving the Kansas City area Great Access Deposit Direct. mirrors the impact we’ve Each facility has its own been able to achieve in desktop deposit machine Arkansas, recording $75 and account, which million in commercial loan automatically sweep each originations for the year and day into an operating outstanding loan balances of account at his St. Louis $184 million. Our reputation headquarters. for top-notch service and assistance with residential development projects – like The National Golf Club, the upscale 1819 Lofts in Kansas City’s arts district and the Metropolitan Condominiums on 8th Street – has helped us secure new retail develop- ment business in the area as well. Like the 65,000 sq. ft. Belton Marketplace taking

(Top) A luxurious 20-story condo rises “The bank comes to me over the waterfront in Orange Beach, – I love it.” Alabama, where Great Southern is partnering with Arkansas National Todd Spittal Bank to make Cooper Communities’ President – Provision dream for “Escapes!” come true. Living, LLC

(Bottom) The new UAMS Center for Children – just our kind of project. Great Southern is proud to partner in commercial projects serving regional growth and progress, especially those which so broadly impact our community’s quality of life.

13 GEOGRAPHIC IMPACT shape on Hwy.58 just west major impact in the root in Ashton Woods under of Hwy.71 for Office Depot, revitalization of St. Louis’ the fertile Great Southern Hibbett Sports, Starbucks, downtown business district, sun. Verizon and other big-name including renovation of the Great Southern territory tenants. historic 475,000 sq. ft. spread into “Tiger Country” The Great Southern sun Missouri Pacific Building on in March 2006 with the has enjoyed a warm 13th Street, along with six establishment of a regional welcome in our St. Louis other LPO projects just four mid-Missouri LPO based in target from the outset. blocks away lining Columbia. The office Barely two years old, our Washington Avenue. Across oversees our commercial lending office in Creve town to the west, in the lending efforts in Columbia, Coeur produced $194 rolling hills surrounding Jefferson City and the Lake million in loan originations Eureka near Six Flags, a of the Ozarks region, and for 2006, with $213 million secluded 400-acre supports a local loan team at in outstanding loan balances community of luxury homes our Osage Beach Banking at year end. Significant with spacious yards and Center. By year end the partnerships are making a room to breathe is taking Columbia LPO generated

(Right) “Proactive. Progressive. Responsive.” That’s how Lake of the Ozarks developer Mark Kelly (right) sums up his working relationship with associates Curt Morgret, Columbia (left) and Mike Stuck, Osage Beach.

(Opposite page, top) MARKET MANAGERS Seated from left: Ron Pender, Northwest Arkansas, Curt Morgret, Central Missouri and Craig Kesner, Branson. Standing from left: Cyd Everett, Springfield, Kevin Baker, St. Louis and Henry Heimsoth, Kansas City.

(Opposite page, bottom) The historic Grand City Building began a new legacy as office headquarters for Fortune 500 company SAIC during the year. Developer Tim Boyle partnered with Kevin Baker of our St. Louis LPO to keep the massive renovation project on time and on budget.

14 loan originations totaling $26 million, with $40 million in outstanding balances. A dedicated loan office in EXCEPTIONAL Branson serves Missouri’s other major lakes-area IMPACT playground in the south, Referring to the difficulties comprising Table Rock, she and her husband Taneycomo, Beaver and Bull experienced with other Shoals lakes and stretching lenders while trying to deep into northern Arkansas. refinance their mortgage The rise of Branson Landing during the holidays, Rita on Lake Taneycomo in Hull praised Great downtown Branson has Southern’s attention, helped fuel a renaissance in concluding: planned development activity throughout the region, as a flourishing tourism economy continues to drive employment, retirement living and commercial and residential construction. Partnerships like the waterfront Majestic Condominiums, the “Ms.Warren, after dealing Fieldstone at Branson Creek with Chase, I can’t tell you townhome community in how refreshing it was to Hollister and Hilton’s unique have these two gentlemen Promenade at Branson offer such a professional, boutique hotel on Branson helpful and client friendly Landing underscore our approach to refinancing reputation as the area’s our home mortgage. Our lending authority, and daughter,Aimee Olmstead, helped our Branson office Great Southern Bank – record $143.7 million in Columbia, MO, gave us the new commercial, residential contact information for and consumer loans for the Chris. We are so pleased she year, with outstanding has joined such a people- balances of $197 million. friendly organization. We While commercial are certainly pleased with lending expertise has been the experience with Chris an effective calling card as Zimmerman and Billy Rude. we’ve explored new markets, other service Thanks to you and divisions are introducing your organization for and extending our brand providing such across the new market territory as well. With the excellent service.” acquisition of Columbia’s Canterbury Travel & Tiger Travel Associates in 2005, our travel division began familiarizing area residents

15 GEOGRAPHIC IMPACT and businesses with the Our Corporate Services ripple effect. It can also Great Southern name even team is positioning full-time make a big splash. In terms before we established an representatives in our St. of impact, our most LPO there in Spring 2006. A Louis and Kansas City LPO rewarding new market visible sponsor of University offices to extend on-site venture during the year was of Missouri sports at Mizzou business and deposit the launching of a full- Arena and the official travel services to our commercial blown, full-service Great agency of the MU Athletics loan clients there. Expanding Southern Banking Center in Department, Great Southern service. Building on winning Lee’s Summit in August Travel recently acquired relationships. Defining our 2006. Far from home turf Columbia’s Global Travel & brand. and in the backyard of some Vacations to expand its Having a good name has a professional staff and market presence in mid-Missouri.

(Right) 15,000 first-class mailing tubes nearly overwhelmed the local post office, but quickly became the talk of the town. Days later, recycled tubes were even showing up in creative new applications as classroom science projects.

(Opposite, top) SENIOR CREDIT COMMITTEE Back row: Joe Turner, President and Chief Executive Officer, William V. Turner, Chairman of the Board and Steve Mitchem, Senior Vice President and Chief Lending Officer. Front row: Bob Ogden, Director of Quality Control, Cyd Everett, Commercial Loan Market Manager, and Cal Glasco, Commercial Credit Officer.

16 of our most imposing big- much like the promise working out the operational to “Discover Great bank competitors, Lee’s Columbus felt in his own details, thinking ahead, Southern.” Summit promised both great distant ventures. Not sharing their expertise, The reward for all this potential and a huge surprisingly,our entire team planning ... and going all-out. team effort became apparent challenge to our associates – pitched in with enthusiasm, Before we opened, we had a early Saturday of Grand network of seven ATMs in Opening week as the lobby place at convenient spots quickly filled with well- across town, along with a wishers and new customers. cream-of-the-crop staff of We opened 131 accounts experienced local banking during the week-long associates on the team; Great Columbus Day celebration Southern Travel brought alone, and finished the year Lee’s Summit’s own Classic with more than 570. Lee’s Cruise & Travel in-house for Summit welcomed us with added customer open arms. Columbus convenience under the couldn’t have been much Great Southern banner; our prouder. ❂ corporate services and commercial lending teams hosted advance preview parties for area VIPs,and marketing taxed the local post office with 15,000 gold mailing tubes telling our story and inviting the public

(Left) At times the lobby was so crowded at our Lee’s Summit Grand Opening, people in line at our new accounts desks were taking numbers! Hopefully, that’s the last time they’ll ever have to be patient with their bank.

17 COMMUNITY IMPACT

Friends in Need.

Giving back to our communities is a part of everyday life at Great Southern. We do this with the understanding that our Company can only be as strong as the communities we serve. As a financial institution, Great Southern has the opportunity to play a unique role in creating positive points of impact in our communities. By the very nature of our business, we are able to touch (Right) Grant Avenue Baptist Church thousands of lives and help minister Brent Smith and family moved from Oxford, Mississippi into their new communities grow and home on North Grant, a rehab project prosper just with the made possible by our CDC in products, services and partnership with the Urban capital we can provide. But Neighborhoods Alliance. we don’t stop there. As active participants in the welfare of the community, (Opposite page) Great Southern we serve our neighbors in volunteers stay involved in a broad variety of community service activities, even more meaningful ways from highly-visible annual fund-raising everyday,through innovative events to everyday behind-the-scenes community partnerships, involvements like reading to kids in associate volunteerism and local classrooms. involvement, and targeted financial support. The Great Southern Community Development division continued its work to strengthen neighborhoods and to make an impact on the lives of people in the community. In its third year of operation, the Great Southern Community Development

18 Corporation (CDC) effort with the Urban Development was also completed two capital Neighborhoods Alliance instrumental in getting projects in 2006. The CDC’s (UNA), a non-profit CDC, to several new community inaugural project, a new rehabilitate a 100-year-old initiatives off the ground in downtown Springfield abandoned house in a 2006 and early 2007. An idea EXCEPTIONAL building, became the home Springfield center city between Great Southern and of the Community neighborhood. The house UNA to encourage and IMPACT Foundation of the Ozarks. was renovated and recruit quality teachers to Not only has this building subsequently sold to a locate in neighborhoods provided an accessible and family,which has already where they teach became a uniquely designed established roots in the reality with the development headquarters for this neighborhood. This of the “Teacher on the invaluable community private/public partnership Block”program. This organization, it has also was a prime example of a innovative program, in greatly improved the collaborative effort to help collaboration with Freddie landscape of this area of revitalize part of a core Mac and the Springfield R-12 downtown Springfield. So center city neighborhood School District, offers down much in fact that the with the hope that it will payment and closing costs building was recognized serve as a catalyst for further assistance for teachers who with the North Springfield rehabilitation work in the teach in center city Title 1 Betterment Association’s neighborhood. schools to purchase a home Beautification Award. In conjunction with in their school’s The second completed several community partners, neighborhood. Great CDC project was a joint Great Southern Community Southern is proud to be a participating lender in this "By participating in program, and offer financial Downtown Dollars, support to the program. Great Southern also Great Southern shows played a role in the creation that they have a of a regional community leadership program, which is stakehold in not only sponsored by Missouri State their customers, but University’s Community and the community as well. Social Issues Institute. The Company,with other It's a great feeling to community partners, know that we bank developed this program to with a company that provide civic and non-profit leaders with the tools and cares and supports skills they need to become local businesses." more effective and proficient at building strong Nicole and Dan Chilton communities. Owners - Moxie Cinema Support of Downtown Springfield revitalization efforts and business development continued in 2006. Our Company partnered with Urban Districts Alliance and the Downtown Springfield Association to introduce “Downtown Dollars,”a gift

19 COMMUNITY IMPACT certificate program for significant way we create than 80 associates chose one downtown businesses. To points of impact is through blistering hot August day to help kick-off the holiday our more than 700 volunteer their time by shopping season, Great associates. We strongly participating in United Way’s Southern sold the encourage them to be Day of Caring. Great certificates at selected involved in the community, Southern helped three of the banking centers and handled whether it’s sitting on a non- 26 United Way agencies, certificate processing for profit organization’s board, doing such things as more than 30 downtown volunteering at a community landscaping, sorting clothes, businesses. Demand for the event, or going once a week home repair and painting. certificates exceeded to read to a child at the local The impact of this one day expectations and school. In the spirit of our of volunteer work was underscored the great “Caring and Sharing”motto, invaluable both for the strides that have been made our associates shared their United Way agencies and for in downtown Springfield. skills and collectively gave the participants. Work These are but a few thousands of hours of their projects were accomplished examples of the points of time to worthy organizations that would not be possible impact that Great Southern that helped make our otherwise and volunteers made in 2006 through communities better and gained a better various community stronger. understanding of the needs collaborations and While associates gave of in our community and the partnerships. Another their time all year long, more satisfaction that they indeed

(Right) Louie rocks on Great Southern ribs! Manned by our top outdoor barbeque chefs, the Great Southern cookout booth at “Rock-N-Ribs” is always a popular spot with the crowd. The annual event was held on the parking lot at Bass Pro Headquarters last year, with proceeds benefitting Boys & Girls Town, Big Brothers/Big Sisters, Boy Scouts, Ronald McDonald House and the Good Samaritan Boys Ranch.

(Opposite top) Our CDC’s “Teacher on the Block” initiative encourages teachers to live close to work, with special home loan financing assistance on homes near their school.

(Opposite, bottom) The bank launched a public service campaign to help curb identity theft and promote awareness of the issue with an all-day public “ShredFest” on the lot at our Operations Center. Radio broadcasts invited the public to gather up sensitive, unneeded papers and “shred ‘em to oblivion in our ‘mother-of-all’ paper shredders.” Associates helped with heavy boxes, served refreshments, and passed out 7-point hot-sheets on the latest measures in ID theft prevention.

20 made a difference. contributions of more than AA affiliate of the St. Louis To complete the circle of $300,000 last year Cardinals, enters a third Great Southern’s impact in effectively addressed many season. We remain a major the community,the needs in our community, sponsor and the banking EXCEPTIONAL Company provides financial touched lives in meaningful partner of the Springfield IMPACT support to many community ways, and enhanced the Cardinals and continue to activities and charitable quality of life. reap the rewards of this organizations. We believe Our key sponsorship of affiliation. our sponsorships and the Springfield Cardinals, the We also continue in our tradition of backing area university and high school athletic programs, which are strongly supported by their respective communities. Our long-time association with Missouri State University "The Community Athletics keeps getting Foundation of the stronger. The University recently announced its new Ozarks has benefited $67 million sports venue, the greatly from the JQH Arena, named in honor completion of our new of Missouri State alumnus and Springfield, Mo. hotel building. It has developer John Q. enhanced our visibility Hammons. Great Southern in the community, has committed to purchase the new arena’s state-of-the- provided us with an art video scoreboard, which opportunity to host a will proudly bear the Great number of important Southern name and serve as a significant advertising community service medium for many years to discussions, and come. allowed us to be a part Great Southern’s ability and desire to create points of the ongoing Center of impact in the City redevelopment. communities we serve is We appreciate so much powerful. Being a good corporate citizen is a the leadership role that commitment we take the Great Southern seriously and we are actively Community engaged in making our communities better places Development to live, work and do Corporation played in business. Giving back to our communities is a part of this effort." everyday life at Great Gary Funk Southern. Stronger President, Community communities make for more Foundation of the Ozarks opportunities for our customers, associates and our shareholders. ❂

21 INTERNAL IMPACT

Staying on the same page, one page ahead.

It’s through our more than 700 associates that Great Southern is able to make a meaningful impact in the lives of our customers, shareholders and (Right) President Joe Turner hosts communities. This happens quarterly luncheons honoring associates who are celebrating a because our associates share service anniversary. a common set of beliefs in how we serve and treat (Opposite, top) Graduates of our 6- customers, how we support month-long Customer Relationship our communities, and how Academy share their experiences at a we keep the best interests of “picnic commencement” in our shareholders in mind in Fassnight Park. all decisions we make. The (Opposite, bottom) “Exploring Great foundation of these shared What Great Southern and understand where the Southern” associates get an inside beliefs comes from our associates bring to the Company is strategically look at the Operations Center item Company’s core values of workplace every day – their going and how we’re going processing department. doing what’s right, skills, talents and dedication to get there. Targeted efforts teamwork, mutual respect – is not taken for granted. A are being made through a and uncompromising ethical simple thank you, a show of “Great to Greater”initiative standards, which guide our sincere appreciation and to communicate the team in everything we do. recognition of a job well Company’s growth strategy. In order to create Points done can go a long way. As The Company’s long-term of Impact for the outside one way to show the goals and strategic plan are world, we know we must Company’s appreciation, communicated to associates create points of impact quarterly service anniversary at all levels of the inside our Company. That’s luncheons were introduced organization, so that each why we commit to provide a in 2006. Associates who are associate understands the fair and fulfilling workplace celebrating a service important role they play in with competitive anniversary during a the overall success of the compensation and benefits. particular quarter are invited Company. When all And why we strive to create to a high-energy luncheon associates know and an environment that hosted by President and understand where we’re respects and empowers the CEO Joe Turner, where they going and how we’re going individual, recognizes are publicly recognized and to get there, that creates a outstanding performance thanked for their loyalty. powerful force. and encourages professional For our team to achieve Just as we want our growth through training and the right kinds of impact, associates to learn about our constructive feedback. our associates must know corporate strategy,it is

22 critical that we give our people opportunities to learn, grow and advance in EXCEPTIONAL their careers. In 2006, IMPACT several new training The axiom “treat your initiatives were introduced customers as you would to help with individual and like to be treated” took on team development. These special meaning for bank classes supplement an associates Emily and Jeff already rich and Patrick when their comprehensive training honeymoon was curriculum provided by our interrupted by a cancelled experienced Training and flight. In a follow-up letter Development staff. thanking our travel “Achieving Extraordinary division, Emily explains, Customer Relations”is a program that offers associates various techniques and skills from many fields – psychology, sales training and scientific observation of behavior – that will add a new energy and warmth to their interactions with co-workers and our customers. This “It was about 5:30 in the training supports Great morning so our agent Southern’s use of wasn’t in but we called the extraordinary service to 800 number and differentiate itself and create explained our situation to customer loyalty. the gal who answered the Another new course, a phone. She literally had us six-week supervisory on a flight within 10 training program, provides minutes that was actually associates techniques to leaving before our original improve their supervisory flight and ended up being effectiveness and about $20 per person performance. Each class is cheaper. She also said that interactive with individual she had already taken care and team exercises as well as of the refund on the on-the-job assignments. original flight, had our To support the pursuit of return flights re-booked as continual learning among all well, and to call her if we associates, a "Brown Bag had any problems. Luncheon" series was “I know it doesn’t seem developed. These short 45- that major on paper, but minute luncheons are when you’re on ‘terminal characterized by positive hold’ at the airport, it’s energy,team spirit, and really nice to just call one number and have it taken activities that enhance care of that quickly.” motivation among all associates.

23 INTERNAL IMPACT A formal investments throughout the Company succeed when the sun sales training program was participate in this six-month shines and the wind is at created to support the great academy to learn about the their backs. A truer test of partnership between the organization’s inner the strength and integrity of Company’s investments workings, and most a company comes when division and the banking importantly,how to work adversity hits. center network. The together more effectively to Shortly after the program offers a full bring the full power of Great devastating ice storm in curriculum of courses Southern to the customer. January ‘07 that left more including Investments 101, At Great Southern, we than 400,000 Missourians referral training, fixed understand it begins with without power, the annuities training and call our associates, and our following recap appeared in training. commitment to their success “The Link”, Great Southern’s Two innovative training is deeply rooted. We believe intranet newsletter for initiatives that were there is a connection associates. It speaks volumes (Below, right) VIP kids. Supporting introduced last year between “inside”and about our internal culture, associates in their efforts to be here continue to provide positive “outside”Points of Impact. and is insightful reading for for customers dealing with the ice results for our Company. The work environment we shareholders as well: storm, VIP Banking associate Amy “Explore Great Southern,”a create for our associates Bilsland turned the Operations Center training room into an on-premise child two-day associate workshop serves as a catalyst for the care center. helps clarify how each Points of Impact that are division functions and inter- created outside the walls of (Below, left) Required equipment. relates to support the whole Great Southern. Associates using alternative heating organization. The “Customer sources at home during the power Relationship Academy” AN INSIDER’S LOOK outage were provided CO2 detectors to develops associates’ ability Where greatness lies. take home with them, just to be safe. to build deeper relationships One of the hallmarks of a with customers across successful organization is business lines. A select how it responds in crisis. number of associates Many organizations can

24 Ice Storm - Great relocated to the Operations storms. Lunch was provided Center. Supervisors were Southern responds. Center training room to help to associates on Monday and encouraged to be flexible their customers. By mid- Tuesday due to the with associates to help them After the initial storm hit, morning, half of our ATM hazardous outside take care of their many a management team network had been restored. conditions and the limited personal needs. The gathered at the Operations We were open and ready for number of restaurants open. company also responded Center on Saturday morning our customers when they Hundreds of gallons of with offers to the to review contingency plans needed us most. To better kerosene were made community. A charitable for responding to the help our customers-to-be, available to associates at cost donation was committed to anticipated challenges. Great Southern initiated one to help with their own one of the several shelters in Several generators were of its emergency policies to personal needs. Cots were Springfield to help with purchased over the allow non-customers to cash purchased and set up in the food. Several non-profits weekend, and an assessment checks up to $50 with Operations Center for were offered the use of of each banking center was proper ID. With so many associates to have a place to generators to bring power to performed. With the power businesses off-line and stay if conditions were their facilities. As further out at our Travel Center on unable to perform credit impossible at home. Several needs are assessed, our National, a generator was card transactions, cash was associates took advantage of company will be there to hooked up to run the king and we were there to the opportunity for a warm help. switchboard, and staff – help. By Tuesday morning, place to sleep. Children The initial response to the (including Director Kris all but one of our banking were allowed to be brought needs of our customers and Conley) answered phone centers were open and ready to work on Monday and associates demonstrated calls all weekend to respond to assist our customers. Tuesday to accommodate why Great Southern to panicked travelers trying The managers of our families, and by Wednesday, a continues to be the leader to get into and out of company knew that many of fully-staffed child care among financial institutions Springfield. By first thing our associates were also operation with 60 children in our markets. While the Monday morning, 33 out of experiencing hardship with (see pictures) was up and recovery and restoration for our 37 banking centers were the continued onslaught of running at the Operations our families and open for business ... four of two more waves of ice communities is just them running on generators. beginning, rest assured that Travel associates were we will be there for our customers, associates, shareholders, and communities today, tomorrow,and for many years to come. ❂

(Above) An ice storm so big they published a book.

25 BOTTOM LINE IMPACT

By the numbers. If what distinguishes our Company most had to be expressed in a word, customers and non-customers alike would find easy consensus on "involvement." Our dedication to helping people succeed in life takes full measure within each of our constituencies -- in customer service, in the well-being of our associates and shareholders, and in the quality of life in our communities.

New Accounts Opened Breaking all our records, we opened more new accounts in Since 2001, our partnership 2006 than any previous year: with one of the area’s largest 18,720 children’s charity has raised $132,380 PAVING THE WAY. Our Community Development Corporation acts as a catalyst between neighborhood groups, financial institutions, developers and government entities to stimulate economic revitalization and community growth. CDC projects range from abandoned home Largest in Missouri rehabs to center city commercial development, and No other bank seniors’ club in the in response to recent tornadoes, have helped rebuild state comes close to ours with communities after the storm. Community projects completed in 2006 14,071 Members sold for over $1.4 million Funding for historic renovation projects LOCATION, LOCATION, LOCATION. in 2006 exceeded $3 million Banking Centers ...... 37 ATMs ...... 177 Travel Retail Offices ...... 10 Travel Corporate On-site Offices ...... 3 Loan Production Offices...... 4 Building Square Footage ...... 312,000+

26 Other conveniences from Great Southern: 16,600 Online Banking Customers 677,314 PhoneBank inquiries in 2006 BUSINESS TO BUSINESS 1,784,916 ATM transactions in 2006 From northern Missouri to the Alabama coast, our lending officers Scoring Big Numbers with Investors have helped businesses grow with By offering a wide range of services and cross-selling 1,671 Commercial with our established banking customers, the number of Loans in 2006 Great Southern Financial Services customers reached 13,000

Getting Down to Business We’re helping retail customers manage credit purchases and keep the cash flow going with 800 Merchant Services Accounts

CHOICES. CHOICES. CHOICES. For the Year With so many options and perks 292,771 Loan transactions processed available to them, the number of our 744,000 Checking statements issued debit card customers increased to 60,000 Savings account statements 56,410 32,091,798 Items sorted and imaged

450 VIP Banking Customers at Great Southern enjoy a host of complimentary and preferred financial services, along with 154 Associate the convenience of a full-time Training classes point person, always on call to make things happen. including our Explore GS program, 140,800 Luncheon Series, and leadership Travel tickets, rentals building GS Academy are held & reservations year-round with for everything from executive 1,277 Associates business trips to family vacations Attending were handled by Great Southern Travel this year.

27 Directors and Executive Officers DIRECTORS OF GREAT SOUTHERN BANCORP, INC. AND GREAT SOUTHERN BANK Back row Earl A. Steinert, Jr. Board Member Co-owner, EAS Investment Enterprises, Inc./CPA William V. Turner Chairman of the Board Joseph W. Turner President and Chief Executive Officer Larry D. Frazier Board Member Retired – Hollister, MO Julie T. Brown Board Member Shareholder, Carnahan, Evans, Cantwell & Brown, P.C. Front row Thomas J. Carlson Board Member Partner, Carlson Gardner, Inc. Mayor of Springfield, MO William E. Barclay Board Member Retired – Springfield, MO EXECUTIVE OFFICERS OF GREAT SOUTHERN BANK Back Row Rex Copeland Senior Vice President and Chief Financial Officer/Treasurer Joseph W. Turner President and Chief Executive Officer William V. Turner Chairman of the Board Lin Thomason Vice President and Director of Information Services Front row Steve Mitchem Senior Vice President and Chief Lending Officer Larry Larimore Vice President and Compliance Officer/Secretary Doug Marrs Vice President and Director of Operations

28 Great Southern Leadership Team

Clockwise beginning at lower left: Teresa Chasteen-Calhoun Barby Pohl Director of Marketing Director of Retail Banking Kris Conley Brian Fogle Managing Director of Travel Director of Community Development Larry Larimore Matt Snyder Compliance Officer/Secretary Director of Human Resources Kelly Polonus Debbie Flowers Director of Corporate Communications Director of Credit Risk Administration Lin Thomason Tammy Baurichter Director of Information Services Controller Steve Mitchem Rex Copeland Chief Lending Officer Chief Financial Officer/Treasurer Byron Robison Joe Turner Insurance Agency Manager President and Doug Marrs Chief Executive Officer Director of Operations

29 im•pact (im-pakt) n. 1. a forceful contact. 2. the force exerted when one body collides with another. 3. the force exerted by the influence of new ideas. Impact (im-pakt) v. 1. to pack or drive firmly together. 2. to have an impact upon: make contact with.