Greenleaf Trust 2021 Annual Report by FairlyPainless

20 21 YEAR IN REVIEW

Greenleaf Trust is a comprehensive wealth management firm with specialized disciplines in goals-based wealth management, trust administration and retirement plan services. As one of Michigan’s first privately held and managed trust-only banks, our independence frees us from conflicts of interest and ensures that our clients’ well-being is at the center of everything we do. Client-aligned and talent-driven, we adhere to the highest standards of fiduciary excellence, while providing personalized service and customized solutions.

hairman’s etter

William D. Johnston Chairman

It has always been very rewarding and satisfying to take the time to reflect upon the year that just passed and recognize our wonderful team’s successes on behalf of our clients. Dear Greenleaf Trust Clients and Friends, It is once again my pleasure and honor to deliver to you our annual report for the year 2021. It has always been very rewarding and satisfying to take the time to reflect upon the year that just passed and recognize our wonderful team’s successes on behalf of our clients. For the past 23 years, our Greenleaf Trust team has been dedicated to serving the wealth management and fiduciary services needs of our clients. We wake up every day with you at the top of our minds. Though we had been warned that COVID-19 would be with us for longer than we wished, realistically none of us thought in early 2020 the

pandemic would still be impacting our lives at the conclusion of 2021, nearly 22 months after officially being recognized within our country. Our focus in 2021 mirrored our 2020 pandemic plan. The safety of our team and clients was our top priority. Delivering on our service promise required we work remotely but with appropriate emphasis on communication and attention to the details necessary to meet our clients’ wants, needs, and desires. Additionally, the leadership of Greenleaf Trust focused on the continuing needs of our teams as most continued to juggle family and professional responsibilities from the confines of their homes. I could not be more proud of our team’s resilience, dedication and support of one

another. Many companies speak of their business and workplace cultures and certainly I have spoken of ours often. It is, however, when times get tough and severe challenges present themselves that cultures are challenged and tested. I am here to report to you that the evidence is clear that our business and workplace culture we have worked hard to build over these past 23 years has stood the test of the COVID-19 pandemic exceptionally well! How do I know this? Our business culture begins and ends with the promises we make to our clients. No proprietary investment products, team-delivered services, a continuous improvement focus with a budget commitment connected to it, fiduciary standards measured at the highest benchmark and all of those promises wrapped together in a values system of honest and honorable. Asking our clients annually how we are, and if we are, delivering on our promises is at the core of allowing us to hear, see and feel what our clients think of our service delivery. Dan Rinzema, Chief Client Officer, will share in more detail the results of our client survey later in this report, however, I will spill some of the beans and tell you we have never had a higher response rate or better results in any prior years. Our client retention was at the highest level we have earned in our 23 years of tracking that data.

Simultaneous to delivering on our service promises to our existing clients, we achieved the highest level of growth in new business in our company’s history. To continue to serve our existing and new clients at the service standards we have established and our clients expect, our human resources team added 24 talented people to our team. Karen Baldwin, Executive Vice President and Director of Human Resources, will share the successes of our recruitment, selection, onboarding and developing of those new team members. Prior to the introduction of the Omicron variant, our marketing team, under the leadership of Senior Vice President Sarah Johansson, organized a return to some in-person events we have all missed so dearly. Reality set in shortly after our grand opening celebration of our Traverse City office as the new variant increased the infection rate which required us to retreat once again to creative remote marketing events. Here is to hoping 2022 brings us better opportunities to once again gather together in harmony and safety. Sarah will also share a list of human capital awards earned as a result of our benchmark level practices and policies that focus on our workplace culture.

Our President, Michael Odar, and his executive leadership team have delivered a spectacular year in 2021 and an ambitious strategic plan for 2022 that is exciting and one that our Board of Directors enthusiastically supports. The commitment to our growth plan of investing in existing geographical territories, while searching for new growth opportunities, led us to open a new Greenleaf Trust office in Midland, Michigan allowing our footprint to now include Bay Harbor, Birmingham, Grand Rapids, Kalamazoo, Midland and Traverse City. My pride in our collective Greenleaf Trust team in Michigan and Delaware is only exceeded by my thanks and appreciation for all of our clients who choose us and allow our teams to work on their behalf. We are humbled by the opportunity and responsibility to do so. It is, as I said last year, a privilege we hold very dear. Please enjoy the remainder of our 2021 annual report.

resident’s etter

Michael F. Odar, CFA® President

“Nothing worth having comes easy.” –Theodore Roosevelt This quote reminds me of 2021. I am both amazed and extremely proud of what we were able to accomplish in 2021. From many different perspectives, we had our most successful year ever. But it wasn’t easy. The ever-changing pandemic landscape challenged everyone’s emotions and required understanding, flexibility and grit. We prevailed because we stayed focused on what matters most – our unwavering commitment to our clients, colleagues, communities and culture. As you will read throughout this annual report, in 2021 we continued to add new talent, enhance our client experience, expand our value proposition, nurture our culture, explore new opportunities, open a new Midland office, build upon organizational diversity, and provide support

to our remarkable team and the communities in which we live and work. To our team’s credit, we were able to do all this despite working primarily apart from each other once again. I am pleased to share the following promotions awarded to division leaders in 2021: Karen Baldwin — Executive Vice President, Director of Human Resources Nick Juhle — Chief Investment Officer Finally, I would like to thank our clients and loyal centers of influence for the trust you put in us. We truly value that honor and our relationships with you.

lient Centric eam

Daniel J. Rinzema, CFA®, CFP®, CTFA Chief Client Officer

We then leverage the collective wisdom of the team to provide highly personalized service and customized solutions. The client centric team’s mission is to accelerate remarkable wealth outcomes for our clients through the delivery of holistic wealth management, advanced financial planning, expert trust administration and WOW client service. We pursue this aim by focusing first and foremost on the needs, wants and desires of our clients. We then leverage the collective wisdom of the team to provide highly personalized service and customized solutions. The year 2021 was both gratifying and humbling in this regard as the client centric team worked to create a consistently positive impact felt by both our clients and teammates. This others-focused perspective was rewarded with record client satisfaction, record client retention and record client referrals during another challenging year.

Clients Our annual client satisfaction survey is designed to gauge Greenleaf Trust’s collective efforts from our clients’ perspective. We not only want to know if we are delivering on our promises, but we also crave candid feedback on our shortcomings. Analyzing the results helps us more closely align the voice of our client with our daily impact. The aim is to listen to client comments and suggestions so that we can enhance the services provided on their behalf. Despite another difficult backdrop that accompanied 2021, we experienced our highest client response rate and our highest satisfaction scores to date.

While we are exceedingly pleased with the high marks received, we recognize there is always room for improvement. So, in order to achieve our standing goal of 100% client satisfaction across all measures, we are intently focused on the specific suggestions and comments provided by our clients. The following graphic, represents a summary of what we heard our clients say.

2021 Client Satisfaction Survey Results Personal Trust & Wealth Management 99.3% find their client centric team members to be easily accessible 99.3% feel their questions and concerns are answered in a prompt and satisfactory manner

Teammates

99.3% are satisfied with the frequency of contact

During the year, we put a number of internal innovations into practice. Each was identified, designed and implemented to ensure our role as fiduciary was executed at the highest levels, and to allow our team members more time with and for our clients as we grow. Some of the broad highlights include a review of our trading platform, enhancements to our Estate Settlement practice, establishment of the Client Centric Team University, and implementation of numerous workflow automations.

99.7% feel as though they are treated as a very important client 100% believe we listen to and understand their unique goals and objectives 100% believe their accounts are tailored to meet their unique financial goals and objectives 99% believe we are successful in meeting their investment needs Satisfaction scores with our account statements, performance reports, and newsletters uniformly exceeded 98%

We also added talent to each of our offices around the state of Michigan, including our newly opened office in Midland. Additionally, this year marks our sixth annual “Day of Caring” where teammates were given the day to form groups and volunteer together at a nonprofit of their choosing within their respective communities. Close to 1,000 hours on this day alone were spent giving back to food pantries, youth programs, resource centers and other nonprofit institutions within the communities in which we live, work and seek to remain deeply rooted.

Beyond growing our capacity to serve, we also take great pride in recognizing personal growth, growth in role, and impact in role within our overarching mission of remarkable client service. During the year, Mike Mikrut, Brian Farrell, Steve Davis, Brian Schafer and Cory Spaulding all passed the Certified Financial Planner (CFP®) examination. Additionally, Mark Meyers and Kate Schafer earned the Certified Trust Financial Advisor (CTFA) designation. Several teammates were also recognized for their growth and impact throughout the year receiving the following promotions: Garrett Urman – Senior Wealth Management Associate Steve Davis – Wealth Management Advisor Brian Farrell - Wealth Management Advisor

Mandi Doster – Client Service Associate

Mike Mikrut - Wealth Management Advisor

Kate Schafer – Senior Trust Relationship Associate

Corbin Donaldson – Senior Wealth Management Advisor

Jen Dohm – Senior Team Service Coordinator – Northern Michigan Team Lead Rachel Mortensen – Estate Settlement Associate – Team Lead Kristen Tidd – Assistant Vice President, Senior Trust Relationship Officer Sharon Conran – Vice President, Senior Estate Settlement Officer – Team Lead Beverly Whaley – Trust Relationship Associate

etirement Plan ivision

Chris A. Middleton, CTFA Executive Vice President, Director of Retirement Plan Division

Clients rely on us to ensure systems and platforms are in place for efficient, error-free operation of their plan. Amidst all the turbulence and restrictions faced by businesses, 2021 was another year of advancement for the Greenleaf Trust Retirement Plan Division. We experienced growth in assets and correspondingly grew our team to meet the additional client needs. Along the way, many improvements were made throughout all aspects of our business. A great retirement plan boasts strong plan governance and administration. Clients rely on us to ensure systems and platforms are in place for efficient, error-free operation of their plan. We initiated several enhancements in 2021, including the migration of our main software

platform from “on premises” to the Application Service Provider (ASP) model. The transition, although very involved, went off without a hitch and resulted in increased efficiencies, speed, background support, and business continuity capabilities of this key software platform. Mandatory “Cycle 3” Plan Document restatements were another large undertaking during the year. The IRS mandates that all pre-approved plan documents must be restated on a 6-year cycle. Restatement is a complete rewriting of the plan document, incorporating changes from any mandatory or voluntary amendments that may have been adopted since the last time the

contribution retirement account holders. The types of fraud currently taking place in the retirement plan market have outpaced the regulatory environment, creating financial and legal exposure for the retirement account holder, their employer, and the financial institution. Our fraud defense program defines the responsibilities of all parties in preventing and responding to attempted fraud on an account. Fortunately, our standard procedures have blocked any would-be fraudsters from directly gaining access to illicit funds, but we are hoping these newly reinforced procedures will strengthen our ability to remain ahead of cybercriminals.

document was rewritten. We were able to complete approximately 95% of our document restatements during the year and are well ahead of the July 31, 2022 deadline. Like previous years,independent auditors performed a SOC 1 audit to test the measurable controls of our retirement plan transactions. Once again, the final report indicated a “clean” audit of our retirement plan processes, ensuring that financial transactions within our clients’ plans are cross-checked and validated for accuracy. We also took an additional step towards cybersecurity with formal policies to block and handle cybercrime attempts. Given the largest accumulation of wealth for many Americans is their retirement plan account balances, in recent years, fraudsters have increased the frequency and magnitude of attacks directed at defined

All of our clients seek exceptional participant outcomes through employee education regarding saving and accessing high-quality investment options. Numerous research studies show participants want financial interactions to be simple and easy to understand. Our high-touch service model with a high-tech overlay proved critical to helping participants meet their savings and investment goals during the year. Not surprisingly, use of our mobile app, virtual meetings and electronic communication all increased significantly in 2021. We are committed to making it easy for participants to speak with a

committed to surpassing the high expectations of our client service capabilities. Rosie Hall successfully graduated from the Chartered Retirement Plans Specialist (CRPS) program through the College for Financial Planning. This designation adds to our team’s credentials and enhances our divisional expertise. Rosie was also promoted to the senior relationship specialist role within the division and continues to provide exceptional service to our clients.

Greenleaf Trust representative whenever they need help, while also offering self-service options that are simple and seamless to use. This led us to scope and begin implementation of a new, omni-channel participant services platform with significantly expanded bandwidth for handling participant calls and inquiries. Ensuring best-in-class investment options, while minimizing costs to participants, remains a key focus for the division. The investment choices within the investment menu of our plans had a very strong year of absolute and peer comparison performance. In addition, through close monitoring and negotiations, we were able to secure reduced mutual fund expense ratios for several investments during the year. These expense ratio reductions will save our participants several hundred thousand dollars in annual mutual fund costs, which obviously increases account balances and retirement readiness. Of course, great systems and services are nothing without great people to deliver those services. We were able to recruit Thanya Rhoades to join the recordkeeping group and Robenson Jean-Baptiste to join the participant services group. They have both proven to be valuable members of the team and are

It is because of our people that the Retirement Plan Division continues to celebrate success year after year. Although we are very proud of our progress in 2021, we look forward to connecting with our employers, participants and prospects more directly in the years ahead. Our broad experience and extensive resources position us well to provide retirement plans that are compliant, efficient and worry-free. Here is to a new year of helping more companies to operate a great retirement plan and more employees to retire with dignity.

S O

trategic utlook

James W. Gray, CFA® Chief Strategy Officer

We began with exceptional talent to ensure a strong connection to the community. The year 2021 was another example of our patient and intentional approach to organizational growth. In June, we were pleased to announce the launch of our Tri-Cities office and excited to raise the Greenleaf Trust sign on Main Street in downtown Midland. As always, we began with exceptional talent with the hiring of Jennifer West, Managing Director, to ensure a strong connection to the community. Ensuring the Greenleaf Trust brand and culture are woven into the fabric of the community is imperative and fully aligns with our long-term approach, but it does not happen overnight. That is why,

as we reflect on 2021, we are not considering this a box to be checked off our list. Instead, we are proud of our effort thus far and will continue to focus on imbedding the Greenleaf Trust brand and approach in the community. At this point, we are very pleased with the significant progress we have achieved during the early months of our long-term journey within the Tri-Cities area. As we look forward, we will continue to assess thoughtful growth opportunities throughout Michigan while focusing on deepening our roots within all of the communities we serve.

esearch

Nicholas A. Juhle, CFA® Chief Investment Officer

We exited 2021 with a healthy, growing economy and equity markets hovering near all-time highs. Last summer, we published our 2021 mid-year market review. Having hosted a virtual year-in-review seminar that January, the article highlighted how much changed in the first six months of the year as an increasingly vaccinated population rediscovered a sense of normalcy. The optimists in all of us were ready to declare victory and move on, but emergence of the Delta and Omicron variants in the second half of the year were a humbling indication that we were not out of the woods yet. In spite of the virus, we exited 2021 with a healthy, growing economy and equity markets hovering near all-time highs.

While not impervious to risks including new and existing variants, geopolitical uncertainties, and monetary and fiscal policy moves, the United States economy is on solid footing. Market returns in 2021 rode the coattails of a rapid economic recovery. Global equities appreciated more than 22%, led by U.S. stocks (+28%). Higher inflation and accelerated monetary tightening put a damper on fixed income returns, but they continued to play their role as diversifying assets in the context of a portfolio. Throughout the pandemic, our portfolio recommendations generated competitive returns for our clients driven by allocation decisions and outperformance from actively managed strategies.

As a research team, our mission is to create comprehensive investment solutions that help our clients reach their financial goals. Our success depends heavily on the continued growth and development of our team. In 2021, we recognized our newest CFA® charterholder, Jacob Barker, with promotion to senior manager selection analyst for his growth and impact throughout the year. In addition, Lucas Mansberger completed the Sustainability and Climate Risk certificate program sponsored by the Global Association of Risk Professionals.

I am also excited to share that in 2021, our team moved into a brand-new, purpose-built space in Kalamazoo. Our new suite is punctuated by state-of-the-art technology and an open design to foster collaboration. This investment highlights our continued commitment to delivering scale and resources rivaling larger firms, while maintaining the personalized approach to investment management that our clients value.

Despite an ever-changing landscape, continued investment in the talent and tools comprising our platform and our disciplined approach and long-term orientation serve us well in our efforts. Investment decisions are made in alignment with our documented investment philosophy and always with the intention of serving our clients’ best interests. On behalf of the entire division, we remain both honored and humbled by the opportunity to manage our clients’ wealth.

T G

he Family Office at reenleaf Trust Thomas A. DeMeester, J.D. Managing Director

Our dedicated team of professionals is empowered to provide a single-family office service experience consistent with the articulated goals and expectations of our client families and their advisors. The Family Office at Greenleaf Trust is tasked with the responsibility of providing comprehensive multifamily, family office services to a unique segment of Greenleaf Trust’s base of clients. We work with families at every level of the wealth continuum, from first generation wealth creators, to second generation family investment and fiduciary offices, to multigenerational single-family offices. What truly distinguishes The Family Office is not any one of the solutions we offer but, rather, their entirety; any and all are accessible to our clients based upon their current and future needs. Our core wealth advisory services include: Wealth Blueprint Design, Execution & Management; Comprehensive & Consolidated Wealth Reporting; Investment Advisory Services; Fiduciary & Custodian Services (Michigan and Delaware situs-based administration); Philanthropic Services; Lifestyle Enhancement Services; Single Family Office Platform Development; and Strategic Wealth Consulting. The Family Office is comprised of substantively skilled team members who bring diverse and varied professional backgrounds to work in

concert with our client families’ trusted advisors in order to fully integrate collective knowledge and insights. We are supported by a purposeful-growth budget process that continues to facilitate robust, industry-leading resources and partnerships, in furtherance of our mission. Chuck Knoll was recognized for his growth and impact and earned the promotion to senior family office portfolio manager. Our private ownership structure and commitment to independence, combined with regulatory oversight as a state-chartered, trust-only bank, afford institutional continuity with integrity of process and procedure – allowing us to ensure that our client families’ well-being is at the center of everything we do. Our dedicated team of professionals is empowered to provide a single-family office service experience consistent with the articulated goals and expectations of our client families and their advisors. We remain privileged to work alongside of our client families, their staff and trusted advisors. We look forward to the opportunities that 2022 will bring our way.

perations

Thomas L. Drews, CSOP™ Chief Operating Officer

In the second year of a global pandemic, with stops and starts, new virus variants and uncertainty, we were able to have one of our best years ever! I am amazed by the resilience our team has displayed during the challenges of 2021. In the second year of a global pandemic, with stops and starts, new virus variants and continued uncertainty, we delivered one of our best years ever! It is a testament to the work we have put in over the past several years growing and developing our team and creating efficient processes and procedures to allow us to navigate these trying times.

During the coming year, our focus will be on greater efficiencies and improvements within our processes and systems as we ensure best-in-class fiduciary excellence and maintain the highest level of accuracy and timeliness of transaction processing. A significant amount of resources will be directed to cybersecurity, which remains a high priority. In short, integrity and accuracy will drive our continuous advancements.

The Operations Division opened a record number of accounts and processed a record number of transactions in 2021. We also began the integration of retirement plan transaction processing into our operations team. The Business Information Services (BIS) team continued enhancements to our customer relationship management system, improved access to key data and made significant advances to our project management practices, all while keeping our clients’ information safe in an ever-evolving cybersecurity environment. The Governance, Risk and Compliance (GRC) team orchestrated a multitude of audits, policies, vendor and risk management decisions across the organization. In addition, ongoing enhancements to our business resiliency plan ensure continued operations in the occurrence of a business interruption event.

Andrea Stidmon – Assistant Director of Operations

The following promotions were awarded in 2021:

Patrick Bruining – Trust Operations Analyst Lyndsay Deery – Business Resiliency Specialist Jennifer Reisterer-Brand – Senior Retirement Processing Operations Analyst Victor Perez – Retirement Processing Operations Coordinator Demetra LaFayette – Tax Specialist in Operations I could not be prouder of the work that our team has accomplished over the past 12 months. On behalf of the Operations, Business Information Services and Governance, Risk and Compliance teams, thank you for allowing us to serve you.

FO’s etter

Steve McKiddy Chief Financial Officer

Continuous improvement efforts throughout our divisions have also contributed to our gains, driving increased scalability and cost leverage. Our unwavering commitment to focus first on the client has remained the cornerstone of our organizational investments and consistently strong financial delivery. Despite the continuance of a historic health crisis and inflationary landscape, Greenleaf Trust furthered its financial strength, discipline, and stewardship of resources in 2021. Indeed, we are poised for growth in capabilities and new markets, while remaining prudent with capital to ensure resiliency. As our assets under advisement have grown beyond $17 billion for our consolidated entities, we have delivered a 29% growth in revenue since the beginning of the pandemic. We have seen similar positive trends across many of our other financial metrics, including our balance sheet returns and

cash flow generation. Continuous improvement efforts throughout our divisions have also contributed to our gains, driving increased scalability and cost leverage. In particular, the funding of system enhancements that provide advanced analytics, performance dashboards, and operating platforms have developed insights that fuel more integrated and effective management processes. As a result of our endeavors, we have afforded ourselves the ability to shift more resources toward our clients and advance a healthy capitalization structure. These fundamentals continue to be the bedrock for our longstanding prosperity. In 2021, Marisol Quiroz was promoted to financial accounting analyst, joining the Finance Division from Operations.

uman esources

Karen Baldwin, CSP™, SHRM-SCP™, NDCCDP Executive Vice President, Director of Human Resources

We continue to focus on improving our full talent selection and onboarding process, caring for one another, and finding ways to stay connected. As we begin the new year, who would have thought we would still be navigating the everchanging guidance of a worldwide pandemic? Our team members have performed at record levels while we continue to provide a flexible work environment, which allows team members to manage their work and personal lives in the way that works best for them. We continue to focus on improving our full talent selection and onboarding process, caring for one another, and finding ways to stay connected. I’m amazed, but not surprised, by our resilient, kind and caring nature and teamwork to provide the best service to our clients.

I am proud to join Beth Ann LaPointe, Bethany Cwalina and Tom Drews in leading our COVID-19 Task Force, formed in March 2020. We monitor the changing landscape and provide up-to-date communication to help keep team members and clients safe in our “Business as Unusual” environment. We also created the Greenleaf Cares fund. Through the end of June 2021, Greenleaf Cares helped supplement reasonable and necessary additional expenses incurred during the COVID-19 pandemic. These funds were available to assist with childcare, tutoring, educational assistance, technology, or other expenses that enabled team members to focus

on our clients during the day. We worked together to maintain a safe, kind, and flexible environment through what felt like a roller coaster for much of 2021. In 2021, we added 24 highly talented team members to the Greenleaf Trust team; nine of which were hired for Birmingham, Grand Rapids, Delaware, and our newest location in Midland. With team members split and working both remotely and in the office, managing our recruiting and onboarding efforts in this transitional year took teamwork and communication to create a smooth and memorable experience for each new hire. As we circled back around with these new team members, they shared how connected they felt to others through our onboarding process, even though much of the onboarding remained virtual. Between filling 32 positions and bringing on 24 new team members, our team members found time to enhance their knowledge and assist other divisions. Kim Dudley stepped in to help train and assist the finance team with their workload as they added new team members. T’Ausia Bronson obtained her Certified Human Resources Specialist certification from Michigan State University and I earned the National Diversity Council Certified Diversity Professional

designation. I am also extremely proud to share that Lisa Luebke was selected as the President’s Award Winner for 2021 and was promoted to senior talent acquisition specialist. We are fortunate to have her on our team finding one more better than our best to serve our clients. It is vital to our success to remain competitive and to retain our talented team members. To do so, we offer a robust onboarding program for new hires. In an effort to create a culture where team members feel appreciated and cared for, we offer: individualized gifts; coaching for career advancement; engagement opportunities with

other team members; diversity, equity and inclusion (DEI) education; training and equipment; and an impressive comprehensive benefits package. We enjoyed a 93% retention of team members and experienced an 84% engagement rating of highly satisfied and highly engaged team members based on our cultural assessment surveys. We are grateful for the ability to provide a safe environment for our clients and team members, as well as the opportunity to continue growing our team to meet client needs.

iversity, quity & Inclusion

Karen Baldwin, CSP™, SHRM-SCP™, NDCCDP Executive Vice President, Director of Human Resources

Our core values embody the spirit of working together and valuing everyone for the talents they possess. We entered 2021 with the same uncertainty and unrest we navigated in 2020. This gave us the opportunity to rally and reinforce our determination to deliver on our promises for the new year: to listen and hear each other, to do better and be better, in all areas of our lives. Since our inception, Greenleaf Trust has been committed to diversity, equity and inclusion (DEI). Our core values embody the spirit of working together and valuing everyone for the talents they possess. Last year, we announced several strategic initiatives and put plans in place to achieve these goals. Nearly 40% of our team members raised

their hands to volunteer their time and passion to serve on seven subcommittees. Team members met on a regular basis to strengthen trusting relationships, read and learn from one another to form a common language and understanding of where each team member was beginning their personal journey. Although we have many opportunities for growth, we are proud to share the actions we carried out in 2021. The diversity, equity and inclusion team: • Facilitated virtual book readings and discussions, in both large and small groups, for all team members interested in participating on How to Be an Antiracist by Ibram X. Kendi. Suggested

readings also included Black Like Me, White Fragility, and Biased, along with other articles and publications. • Shared informative and educational emails with our team members celebrating diversity honored months and activities in each of our business locations. • Worked with our marketing team to prepare several social media posts on racial justice, Black History Month, National Hispanic Heritage Month, Juneteenth, downtown Kalamazoo Black Lives Matter mural, as well as many other posts celebrating the successes of our Greenleaf Trust scholars. • Accepted the 2021 Salute to Diversity Award for Diversity Focused Company through Corp! Magazine for the second year in a row on behalf of Greenleaf Trust. • Assisted our training and education subcommittee in attending a six-day, online Analysis Workshop on Understanding and Analyzing Systemic Racism with ERACCE (Eliminating Racism & Creating/Celebrating Equity) to obtain additional knowledge to help with internal educational opportunities.

Subcommittee involvement in additional initiatives: • Gathered benchmark information and supported written award submissions • Began the planning process and established a successful mentoring program • Cataloged all third-party partnerships based on relationship strength • Created CEI language for inclusivity statement, welcome emails, future RFPs, etc., to be used in the Team Policy Manual • Partnered with the marketing team to roll out a DEI page on our company’s website

The Greenleaf Trust Scholarship Program, led by Kim Dudley, has continued to grow and now awards 15 full scholarships annually to underrepresented minority business students studying finance or personal financial planning at Western Michigan University. Scholars receive $12,400 annually for tuition until graduation and over $1.8 million has been awarded since the program’s inception in 1999. The program has produced over 90 graduates who have been recruited and placed at many top financial companies, including Greenleaf Trust. This year we celebrated 13 scholar graduates. During 2021, Greenleaf Trust developed a new program to expand financial education opportunities for students of color. Greenleaf Wealth Development was launched in the fall of 2021 under the leadership of Amari Smith, a previous Greenleaf Trust scholar and intern. Twenty-one students were recruited from three Kalamazoo Public High Schools (KPS) to participate. Monthly club sessions include four learning and engagement modules, presented by Greenleaf Trust professionals alongside current

and previous Greenleaf Trust scholars and interns. Upon successful completion of the program, students earn an investment account containing $500. As we work through proof-of-concept issues, we will develop an improved plan for the second year and our expansion into the Portage Public Schools System. Ultimately, our desire is to place this program in school systems across the state with additional wealth developers throughout the markets in which we serve. Key Statistics (Interns not counted in percentages.) Full Organization – 157 Team Members • Five generations: • 1% Silent Generation • 20% Baby Boomer • 38% Gen X • 37% Millennial • 4% Gen Z • 61% Female/10% Females of Color • 39% Male/18% Males of Color • 14% Persons of Color

Greenleaf Trust’s Guiding Principles focus on five different areas: Respect, Transparency, Democracy, Advocacy and Confidentiality. Vision/Mission/Practices Statement

Greenleaf Trust DEI Council: Karen Baldwin, T’Ausia Bronson, Bethany Cwalina, Asa Davis, Kim Dudley, Lisa Hojnacki, Kevin Jawahir, Jermaine Johnson, Albert Little, Lisa Luebke, Lucas Mansberger, Kristen Tidd

Vision-We are actively working to become an anti-racist organization that fully supports diversity, equity and inclusivity at all levels.

Greenleaf Trust subcommittees and leads:

Mission-We seek to cultivate a culture of diversity, equity and inclusivity through hiring, awareness, education, and training opportunities for our team members, clients and communities.

• Policies & Procedures – Wendy Cox and Quinn McCormick

Practices-We continually examine all areas of our organization, including employment practices, policies and procedures, training and education, communication, and workplace culture, to ensure we are upholding anti-racist, diverse, equitable and inclusive values. It is important that our team members feel empowered to bring their authentic selves to work every day.

• Employment Practices – Lyndsay Deery and Rosie Hall

• Mentoring – Jacob Barker and Allison Birmingham • Vendor Management –Tom Drews • Training & Education – Mike Mikrut and Beverly Whaley • Workplace Culture Accountability – Kristin Bennett and Natasha Tamminga • Communication – Christie Dando and Kim Van Duine Moving into 2022, we will be focusing on three main initiatives: team member training, education and engagement; leadership and company accountability; and hiring a new team member to help lead our DEI efforts in a full-time capacity. We look forward to sharing our journey as we continue to seek opportunities for increasing our knowledge and creating equity. We are confident that, as our team becomes more diverse, equitable and inclusive, so will our thoughts and ideas; directly affecting the success of our organization, benefiting our clients, teammates and communities in which we serve.

M N

arketing & ew Business Development

Sarah A. Johansson Senior Vice President, Director of Marketing Daniel L. Baker, J.D., CTFA Senior Vice President, Director of Business Development & Trust Relationship Officer

Our growth was driven by word-of-mouth referrals from loyal Greenleaf Trust clients and the professional advisory community. Creating and distributing valuable, relevant and consistent content is a primary goal of Greenleaf Trust’s marketing team. Equally important are the unique educational and social events we host, both in-person and online. During 2021, countless in-person events were postponed or scaled back, enthusiastic RSVPs became last minute Regrets, and so on. And yet, embracing the British rally cry of the 1940s, we kept calm and carried on with a sizable number of in-person and virtual events. In hindsight, it was a thoroughly rewarding year.

A quick recap of highlights includes: • The festive ribbon cutting ceremony and grand opening in August of our beautiful new Traverse City office. (“New” in the sense of our refurbishment of the town’s historic 1904 City Hall building.) • A quiet opening of Greenleaf Trust’s Midland office with the hire of Jennifer West, our sponsorship of the LPGA tournament at Midland Country Club, and other notable civic endeavors. We’re currently planning a ribbon cutting ceremony and grand opening festivities for the Midland office in June 2022, and are enormously excited to be serving the communities in the Great Lakes Bay Area.

• A summer mini-tour with the Simone Vitale Band (the special occasion party band of U.S. Presidents, leading companies and music lovers from coast to coast) who gave lively performances to Greenleaf Trust clients and friends in Kalamazoo, Grand Rapids, Bay Harbor and Traverse City. • The exciting return (after a one-year postponement) of the USTA Boys’ 18 & 16 National Tennis Championships in Kalamazoo, and our celebration of the athletes, volunteers and coaches with a scaled-back clambake on the campus of Kalamazoo College. • The resumption of Western Michigan University’s team sports and the renewed opportunity to join clients and friends in cheering-on the Broncos. • A livestreamed cooking class in late autumn, for which we delivered fresh ingredients to budding chefs across Michigan and beyond. All in all, throughout the welcome return of Michigan’s warm summer, we entertained 1,100 clients and friends at 21 social and/or educational events. Of these events, 81% were in-person, primarily outdoors; 19% were virtual experiences.

In our desire to support and give back to the communities we serve, the Greenleaf Trust team undertook numerous acts of hands-on involvement in (and discrete, background support of) social service endeavors. Above and beyond our usual community support, we:

Social Media

• Collected backpacks and supplies for children whose families were temporarily living in encampments or government-funded hotels

• Engaged in paid social media with 27 ads to increase awareness and reach of the Greenleaf Trust brand

• Delivered food for the Homeless Intervention Project

• Increased our total audience by 14%

• Provided requested care items (e.g., compression socks, meals, snacks, tea, etc.) for the staff at area hospitals

• Increased the number of impressions (i.e., the number of times our content is displayed to users) by 1500% between paid and organic efforts

• Supported foster children with gifts and provided monetary contributions to related organizations Our 2021 efforts in social media, public relations, media recognition, and professional awards resulted in the following:

• Increased the number of posts by 18%

• Increased engagements (i.e., number of times that users engaged with posts) by 30% • New users to Greenleaftrust.com increased 37%

Public Relations • Greenleaf Trust was featured in 120 media articles in nearly 50 different publications, in addition to national syndication to over 60 additional outlets • Mentioned in 16 top-tier publications • Notable coverage included CNBC, Real Simple, Forbes, Next Avenue, Yahoo Finance, Grand Rapids Business Journal, Detroit Free Press and others • Participated in 36 speaking engagements including community and industry presentations

Awards • 2021 Fortune Best Workplaces in Financial Services & Insurance™ (ranked #33) • 2021 Winner for West Michigan’s Best and Brightest Companies to Work For® • 2021 Elite Award for Employee Achievement and Recognition for West Michigan’s Best and Brightest Companies to Work For® • Inc. (magazine) 2021 Best Workplaces in the Prosperous and Thriving, Enduring Impact, and Medium-Large categories • 2021 Winner for Metro Detroit’s Best and Brightest Companies to Work For® • 2021 Great Place to Work-Certified™ • Crain’s 100 Cool Places to Work in Michigan: #4 overall, #1 for medium company category

• 2021 Corp! Magazine’s Salute to Diversity Awards: Diversity Focused Company Honoree • 2021 Michigan’s Best and Brightest in Wellness Winner • 2021 Nation’s Best and Brightest in Wellness Winner • 2021 Best and Brightest Companies to Work For in the Nation® • 2021 Best and Brightest Companies to Work For in the Nation® Top 101 Winner

I am pleased to announce that marketing team member Taylor Farrell, in recognition of her growth and impact, was promoted to digital marketing and media specialist. Last but not least, growth in new clients and assets under advisement continued unabated in 2021. In fact, we saw record numbers in both metrics. Our growth was driven by word-of-mouth referrals from loyal Greenleaf Trust clients, and from the professional advisory community. We are wholeheartedly excited about 2022 and the new faces and opportunities it will bring our way. To our clients, thank you for the confidence you place in us, for your valuable feedback, and for giving us the privilege and pleasure of serving you.

oard of irectors

William D. Johnston Chairman

Ronda E. Stryker Vice Chairman

Ronald N. Kilgore Secretary

Ronald A. Elenbaas Barbara L. James Dr. Kay M. Palan Sydney E. Parfet David M. Thoms

Greenleaf Trust is a privately held, trust-only bank focused exclusively on wealth management, trust and estate administration, and administration of company-sponsored retirement plans. Through our straightforward and uniquely personal goals-based approach, we plan wisely for your financial security from generation to generation. Greenleaf Trust is a Michigan non-depository trust bank regulated by the Michigan Department of Insurance and Financial Services. Greenleaf Trust is wholly owned by Greenleaf Financial Holding Company, a Delaware corporation. Greenleaf Financial Holding Company is also the sole owner of Greenleaf Trust Delaware, a Delaware limited purpose trust company. Greenleaf Trust Delaware is regulated by the Office of the Delaware State Bank Commissioner. Both Greenleaf Trust and Greenleaf Trust Delaware provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management and other non-depository services. Greenleaf Trust and Greenleaf Trust Delaware offer personal trust, retirement plan and family office services to families and entities. To learn more, please call 800.416.4555 or visit us at greenleaftrust.com.

211 SOUTH ROSE STREET KALAMAZOO, MI 49007 25 OTTAWA AVENUE SW GRAND RAPIDS, MI 49503 34977 WOODWARD AVENUE BIRMINGHAM, MI 48009 160 EAST STATE STREET, SUITE 200 TRAVERSE CITY, MI 49684 4000 MAIN STREET, SUITE 150 BAY HARBOR, MI 49770 117 EAST MAIN STREET MIDLAND, MI 48640 GREENLEAFTRUST.COM

4001 KENNETT PIKE, SUITE 226 GREENVILLE, DE 19807 GREENLEAFTRUST-DE.COM