P O I N T S O F I M P A

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.

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