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Relevant.AnnualReviewweseektoIn201011BendigoandAdelaideBankbuiltfurtheronitsstrongrecoveryfromthedepthsoftheGlobalFinancialCrisisGFC.Thesurgeinearningsinthepreviousyearastheeconomyemergedfromtheworstofthecrisiswasfollowedbyfurthersolidgains.ThisstrongprotperformanceenabledDirectorstoliftshareholderdividendsmarginallywhilecontinuingtoinvestcapitalinthebusinesstobolsteritsbalancesheetandtopositionittocapitaliseongrowthopportunities.Ourperformancewasbuiltonafoundationofsoliddepositinowsandlending.Theresultsareatestamenttothestrengthofourretailfranchisethere-emergenceofourthirdpartylendingbusinesswhichhadbeenconstrainedbyalackofavailablefundingastheGFCbithardandthestrongmarginsearnedacrossourvariousbusinesses.OurBankcontinuestoplayanimportantroleinfacilitatingtheowofcapitalinlocaleconomiesduringaperiodofpatchyeconomicperformanceacrossthenation.Strongsupportfromourdepositorsenabledustoprovideagoodowoffundstohomeandbusinessborrowershelpingtomaintainlocaleconomicactivityacrossourcommunities.ThisisattheheartofwhatabankdoesafactthatwasforgottenbythosewhoprecipitatedtheGFCinthepursuitofprotattheexpenseofprudence.NexttothisChairmansReportisaneditedextractofanexcellentarticlebyourManagingDirectorwhichexaminessomeofthecausesoftheGFCandcontraststhiswiththewayinwhichourBankseekstosharevaluebetweenallstakeholderswhocontributetoitssuccess.Icommendthefullarticletoshareholdersitiswellworththeread.AfterbalancedateweappointedanewDirectortoourBoardandwillseekshareholderraticationattheforthcomingAnnualGeneralMeetingAGM.JacquelineHeywaspreviouslyCEOofEricssonintheUKandinAustralia.SheworkedwithEricssonformorethan20yearsinnancemarketingsalesandleadershiprolesinAustraliaSwedentheUKandtheMiddleEast.Herskillsintechnologyandcommunicationswillbeveryvaluable.WewelcomehertoourCompany.KevinAbrahamsonwillretirefromtheBoardatthisyearsAGM.KevinhasbeenaDirectorfor11yearsrstwithAdelaideBankandsince2007withthemergedBank.HehasmadeagreatcontributiontotheCompanyandwethankhimforallhishardwork.AsIwritethismessageinlateAugustworldnancialmarketscontinuetobeinturmoilastheeconomicoutlookfortheUSandEuroperemainsuncertain.ButoureconomicfundamentalsremainingoodshapeandtheFederalGovernmentandtheReserveBankretainthecapacitytorespondscallyandnanciallytofurtherchallenges.OurBankiswellplacedtocontinueitsprogress.ManyofourretailbranchesarestillinearlygrowthphaseandwecontinuetoopennewbranchesandtoestablishnewdistributionarrangementssuchastheexcitingagreementwithAustraliaPost.Wecontinuetoexpandourabilitytoservecustomersthroughforexamplenewinvestmentsintechnology.Fundingisavailabletoourthirdpartymortgagepartnersandwehavebegunorannouncedseverallargescaleinitiativesthatpromisetogenerateearnings.Mostimportantlyweremainfocusedonwhatproducesoursuccessandthatisthesuccessofourcustomersstaffpartnersandcommunities.Thismustcomerst.042011sharevalueChairmansMessage