Greenleaf Trust 2023 Annual Report

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 talentdriven for the past 25 years, we adhere to the highest standards of fiduciary excellence, while providing personalized service and customized solutions.

William D. Johnston Chairman

Sincere appreciation is sent to all those clients and friends of Greenleaf Trust who helped us celebrate our 25th anniversary last fall. The celebration was a spectacular event that helped Ronda and me reflect upon the history and growth of Greenleaf Trust. We are acutely aware the growth story of Greenleaf Trust was made possible by the talented team of professionals who serve and advise our truly wonderful clients. It is once again my honor to present to you our 2023 annual report.

Over the years, I have been asked to provide opinions about what makes really great companies. My response never varies, nor do I hesitate in sharing my view, which is a belief that a majority of companies begin with a shared vision to be great and to enjoy superb client satisfaction and customer retention, but only a small percentage ever reach that goal. What separates those who do from those who simply dream is that the doers have been intentional in building a workplace culture from within, and they have invested time, talent and resources to do so. Within the pages of this year’s annual report, the leaders of our various divisions will deliver wonderful stories about the talent of our teams working on behalf of our valued clients. I invite you to read those divisional reports and learn of the exciting progress being made in technology, cyber security, human capital practices, investment management and wealth planning strategies.

From time to time, and admittedly more recently, I have been asked about succession planning at Greenleaf Trust. Annually, I deliver to our Board of Directors a current succession plan for all executive leaders in our company that includes myself, as chair of our board, and Ronda, as vice chair of our board. When we established Greenleaf Trust, we coined the phrase “Financial security from generation to generation.” We promised to our prospects, clients and to those that advised them that Greenleaf Trust was here in perpetuity. That promise is as strong today as it was when we began this journey 25 years ago. To help assure that promise this year, we are welcoming our adult children, Michael, Megan and Annie, to join our Board of Directors as nonvoting member advisers. They are honored and excited to learn and serve in a governance role.

During our anniversary celebration in September, we honored Ron Kilgore and celebrated his

retirement. In a board resolution read by Ronda on stage, we not only paid homage to Ron’s 25-year contribution to the development of Greenleaf Trust, we also named Ron to senior vice president emeritus and senior trust officer emeritus, and lifetime “Keeper of the Culture” at Greenleaf Trust. Great business and workplace cultures are built and last over time only because people like Ron Kilgore believe in and live through their daily deeds and actions as pillars of those cultures.

Continuing to serve you, our valued clients, remains a humbling honor and one we take seriously. Thank you for your trust, and we pledge to earn that trust for many years to come.

Sincerely,

PMichael F. Odar, CFA® President & Chief Executive Officer

Celebrating our 25th year in business made 2023 very special. Reflecting back on all those years fills me with nostalgia and pride. We have many people to thank for this achievement. First and foremost are our clients. We opened our doors for them back in 1998 and, without their belief in us, we would not be where we are today.

I would also like to especially thank one of our founders and original CEO, Ron Kilgore, who retired from Greenleaf Trust this year. Ron taught us all how to serve and lead with our hearts. His vast knowledge and sage advice provided the foundation on which we built our company. Thanks, Ron.

As you read this annual report, you’ll find that we achieved significant milestones in 2023, all driven by our commitment to further enhance the value we provide to our clients. Over the course of the year, we added new and talented teammates, built upon organizational inclusion, enhanced our service delivery model, invested in new tools to serve our clients, created new investment opportunities and expanded our brand awareness.

Thank you again to all who have put their trust in us. We take the work we do for our clients seriously and strive to continuously improve in order to serve them even better. Cheers to 2023, and we look forward to an exciting 2024!

CClient Centric Team

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

It is with great gratitude that I write this report on behalf of the client centric team, whose daily 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 goal 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 2023 was a banner year in many regards thanks to the hard work and dedication of our team as well as the unwavering support and trust of our clients.

CLIENTS

To our clients, we extend our sincerest thanks for entrusting us with your wealth management needs. Your confidence in our firm has allowed us to continue to grow and strive for excellence in all that we do. We are honored to be a part of your financial journey and look forward to serving you for many years to come.

Our annual 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.

This year we experienced one of our highest client response rates, well in excess of industry average, and some of our highest satisfaction scores to date.

The aim is to listen to client comments and suggestions so that we can enhance the services provided on their behalf. This year we experienced one of our highest client response rates, well in excess of industry average, and some of our highest satisfaction scores to date. The box on the right represents a summary of what we heard our clients say.

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.

TEAMMATES

To our teammates, a special thank you for your unwavering commitment to our clients, and for your tireless efforts to ensure their financial well-being. Your hard work and dedication do not go unnoticed, and it is a privilege to work alongside each and every one of you. During the year, we put a number of internal innovations into practice including landing game-changing projects focused on automations in the prospect-to-client lifecycle, as well as technology enhancements bolstering regulatory compliance and professional development. Each was identified, designed and implemented to ensure our role as fiduciary was executed at the highest levels and allow our team members more time with and for our clients. We also added talent around the state to maintain our commitment to personal service and custom solutions as we grow. Additionally, this year marked our eighth 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 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, Corbin Donaldson earned the Chartered Life Underwriter® (CLU®) designation, Alexa Willner earned the Certified Associate in Project Management (CAPM) certification, Vasantha Arunachalam received her IRS Enrolled Agent certification, and Rachel Mortensen, Mike Holmes, Karen McNish and Alex Solis-Mullen all 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:

James Curry SVP, Director of Wealth Management

Jeff Pauza VP, Assistant Director of Wealth Management

Andrew Riker SVP, Senior Wealth Management Advisor

Nicole Asher SVP, Senior Wealth Management Advisor

Eddie Warr Senior Wealth Management Associate

Kristen Tidd VP, Senior Trust Relationship Officer – Team Lead

Michael Holmes Senior Trust Relationship Officer

Melinda Shull AVP, Senior Trust Relationship Officer

Theresa Burgos Assistant Director of Personal Trust

Christina Mena Team Service Coordinator II

Lauree VanderVeen VP, Senior Trust Relationship Officer & Northern Michigan Team Lead

Regina Jaeger VP, Senior Trust Relationship Officer & Northern Michigan Team Lead

FIND THEIR CLIENT CENTRIC TEAM MEMBERS TO BE EASILY ACCESSIBLE.

FEEL THEIR QUESTIONS AND CONCERNS ARE ANSWERED IN A PROMPT AND SATISFACTORY MANNER.

ARE SATISFIED WITH THE FREQUENCY OF CONTACT.

FEEL AS THOUGH THEY ARE TREATED AS A VERY IMPORTANT CLIENT.

BELIEVE WE LISTEN TO AND UNDERSTAND THEIR UNIQUE GOALS AND OBJECTIVES.

BELIEVE THEIR ACCOUNTS ARE TAILORED TO MEET THEIR UNIQUE FINANCIAL GOALS AND OBJECTIVES.

BELIEVE WE ARE SUCCESSFUL IN MEETING THEIR INVESTMENT NEEDS.

HHuman Resources

Karen Baldwin, CSPTM, SHRM-SCPTM, NDCCDP Chief Human Resources Officer

It is hard to believe 2023 is over. For the human resources team, the year seemed to fly by in the blink of an eye. The year provided stability in team members, rapid growth and change, a focus on succession planning and individual development opportunities. We had 100% retention of team members through the first half of the year, and, in the second half, we celebrated three retirements and ended 2023 with 96% retention and 89% team member engagement.

Our clients are our greatest priority; because of this, we continue to focus on team member engagement. High engagement results in high performance for our clients. Leadership provided clarity to our team members regarding our commitment to continue providing flexibility at work, which allows team members to manage their work and personal lives in the way that works best for them. It allows them to bring their best selves to serve our clients. Roughly 80% of our team members have returned to the office on a regular basis, while the other 20% work remotely or come in as needed. I am confident the speed at which 2023 flew by is partly due to the camaraderie and community we all experienced being with each other, and our clients, in person.

The demographics of our company are rapidly changing, and we are working with an inevitable clock of turnover due to retirements over the next five to fifteen years.

Our clients are our greatest priority; because of this, we continue to focus on team member engagement. High engagement results in high performance for our clients.

We are focused on the transfer of knowledge, documentation of processes for the ease of training, creating pathing plans and providing the necessary opportunities and training to those we have identified as future leaders in the organization. We provide training for three different levels of

leadership, as well as an opportunity to explore what leadership is all about at Greenleaf Trust.

In 2023, we filled 33 positions and added 23 new, highly talented team members to the Greenleaf Trust team; 11 of which were hired for Birmingham, Grand Rapids, Delaware, Traverse City and Midland.

We look forward to 2024 and adding additional top talent to help serve our clients.

With team members working both remotely and in the office, managing recruiting, onboarding, providing opportunities for connectivity, and relationship building became increasingly important in 2023. We made the decision to hold all our onboarding in Kalamazoo and in person. Our new team members have appreciated the time together getting to know everyone, as have the rest of our teammates.

New team members shared how welcomed, prepared for and connected they felt to others they met. For many, the process was the best they had ever experienced. We are acutely aware that team members are most engaged and excited when they first begin a new position; our goal is to help them maintain that engagement and to help them feel included, seen and heard throughout the company.

The human resources team continued to develop their talents and knowledge. T’Ausia Bronson was promoted to senior human resources coordinator. Lisa Luebke, Senior Talent Acquisition Specialist, completed the Professional Certificate in Human Resources and Talent Management through Michigan State’s School of Human Resources and Labor Relations.

Jackie Sperling, Senior Talent Acquisition Specialist, completed the Certified Talent Acquisition Specialist through Academy to Innovate Human Resources. We look forward to 2024 and adding additional top talent to help serve our clients.

MILESTONE WORK ANNIVERSARIES

Our ability to provide the highest level of client service depends on the deep understanding of client needs and the trusting relationships established. We applaud and recognize our team members who celebrated 25, 20, 15 and 10 years of service in 2023.

CELEBRATING

25 YEARS

William Johnston

Chairman and Founder

Lorey Matties

Retirement Plan Division

CELEBRATING

15 YEARS

Gabrielle Contesti

Business Information Services

Kimberly Dudley

Human Resources

Division

CELEBRATING

20 YEARS

Tyler Becker

Retirement Plan Division

Todd Tetzlaff

Business Information Services

Kathleen Waldron

Retirement Plan Division

James Gray Corporate Administration

Michelle Gray Retirement Plan Division

Brenda Hildon-Kaempf

Personal Trust

Oliver Krings

Business Information Services

Beth Ann LaPointe Governance, Risk and Compliance Division

Michael Storms Research Division

Lauree VanderVeen

Personal Trust

Celebrating our Team Members

RETIRED TEAM MEMBERS

The dedication of our team members is integral to our workplace culture. We give gratitude to those team members who retired in 2023. Their countless contributions will leave a lasting impact on Greenleaf Trust.

CELEBRATING 10 YEARS

Sharon Conran Personal Trust

Asa Davis Retirement Plan Division

Kristen Tidd Personal Trust

Ron Kilgore

Senior Executive Vice President

and Senior Trust Officer

(Former Chief Executive Officer)

Jennifer Billings

Senior Compliance Administrator

(Former Vice President, Director of Compliance)

Mary Schiffhauer

Senior Trust Operations Specialist, Client Accounts

DDiversity, Equity &Inclusion

Karen Baldwin, CSPTM, SHRM-SCPTM, NDCCDP Chief Human Resources Officer

The journey continues…

The team at Greenleaf Trust experiences an annual growth rate of approximately 13%. More than 40% of our team members have tenure greater than five years, while 25% have joined us within the last two years. We have built a diverse team distributed across multiple locations, spanning four generations. Succession planning and knowledge transfer remain focus areas for us, now and in the coming years. Facilitating conversations, shared experiences and educational opportunities among team members has helped team members connect and fostered greater understanding and acceptance. Identifying similarities enhances communication and strengthens relationships.

Since our inception, Greenleaf Trust has remained committed to diversity, equity and inclusion (DEI). Our guiding principles focus on five different areas: respect, transparency, democracy, advocacy and confidentiality. These core values embody the spirit of teamwork and the recognition of each team member for their unique strengths, ensuring they feel empowered to bring these talents and their authentic selves to work each day.

The vision of the DEI team is laser focused and actively working to guide Greenleaf Trust toward becoming an anti-racist organization that fully supports diversity, equity and inclusivity at all levels.

Key Statistics

The mission is as follows: The Greenleaf Trust DEI team seeks to cultivate a culture of diversity, equity and inclusivity through hiring, awareness, education and training opportunities for our team members, clients and communities. In practice, 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 and inclusive values.

Greenleaf Trust DEI Council:

Karen Baldwin, T’Ausia Bronson, Gabrielle Contesti, Bethany Cwalina, Christie Dando, Lyndsay Deery, Kimberly Dudley, Kevin Jawahir, Jermaine Johnson, Albert Little, Lisa Luebke,

Jackie Sperling, Kristen Tidd, Beverly Whaley and Alexa Willner.

In 2023, we partnered with Translator’s Consulting to help us continue our inclusion journey. The DEI council members met with our consultant, strategizing on consolidating our efforts and transitioning from seven subcommittees to four dynamic workgroups. Several team members raised their hands, demonstrating their leadership and commitment to our inclusion mission. We reviewed data, established goals and timelines, offered several training and education opportunities to the team and finished the year with a robust plan for 2024. Each of the four workgroups meets regularly, focused on achieving our objectives and effecting tangible change.

DEI Initiatives

Greenleaf Trust workgroups and leads:

WORKFORCE

Jackie Sperling

Alexa Willner

WORKPLACE

Christie Dando

Beverly Whaley

INDUSTRY

Gabrielle Contesti

Lyndsay Deery

PHILANTHROPY AND COMMUNITY

Bethany Cwalina

T’Ausia Bronson

Below is a short list of some of accomplishments of the DEI team in 2023:

• Facilitated virtual book reading and discussions, in both large and small groups, for all team members interested in participating.

• Shared informative and educational emails with our team members celebrating diversity honored months and activities in each of our market locations.

• Several team members participated in classes with ERACCE (Eliminating Racism & Creating/Celebrating Equity) to obtain additional knowledge and awareness.

• Other initiatives accomplished include:

• Supported written award submissions

• Developed questions to present to current and prospective vendors

• Continued gathering benchmark information

• Rolled out an inclusion program for all new hires

• Presented a DEI overview at Greenleaf Trust for all new hires on a quarterly basis

• Continued reviewing policies and created schedule for future review

• Surveyed team members on benefit offerings and changes desired

• Conducted several third-party anonymous surveys on how our team members feel about DEI at Greenleaf Trust

• Met with several other companies’ DEI program leaders to learn about their DEI journey

• Updated naming conventions to include our female clients and colleagues to address them via envelope and letters

• Worked with our marketing team to prepare social media posts on Martin Luther King, Jr. Day, and Juneteenth, as well as on celebrating the successes of our Greenleaf Trust scholars.

• Kimberly Dudley, Senior Human Resources Specialist-Senior Team Lead, was selected as a Crain’s 2023 Excellence in HR Awards winner in the Diversity, Equity, and Inclusion category.

The Greenleaf Trust Scholarship Program continues to grow and now awards 20 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. Over $2.3 million has been awarded since the program’s inception in 1999. Further, the program has produced over 115 graduates who have been recruited and placed at many top financial companies in our state and country, including Greenleaf Trust.

Greenleaf Trust has a long history of community volunteering and giving, which we plan to continue. In 2023, our team volunteered more than 2,000 hours for local community nonprofits in our communities.

Last year, we shared about a program Greenleaf Trust offers to expand financial education opportunities for high school students of color. With proven desire, commitment and success from the students of three Kalamazoo Public High Schools, we expanded the program into Portage Public Schools in 2022, and added additional schools and community connections in 2023. Carlos Clay, Jr., a prior Kalamazoo Public Schools employee, continues to lead the initiative with Alexia Gomez, our current wealth developer. The club meets monthly for learning sessions presented by Greenleaf Trust professionals alongside community professionals and many current and previous Greenleaf Trust

scholars and interns. During 2023, our attendance grew to nearly 50 students per session.

In 2024, our commitment remains steadfast as we continue to provide educational opportunities; share information about inclusion at Greenleaf Trust, both internally and externally; foster communication on DEI matters; offer support and benchmark data to other internal workgroups cultivating inclusivity; and identify opportunities for adopting best practices. Our goal in sharing insights with like industries is to engage others and spread our message of inclusion. As our team embraces inclusivity, our diversity, equity, thoughts and ideas will continue to grow, directly affecting the success of our organization and benefiting our clients, teammates and the communities we serve.

RResearch

Nicholas A. Juhle, CFA® Chief Investment Officer

I’m grateful to be contributing to this year’s annual report. Not only because it follows Greenleaf Trust’s 25th year in business, but because in 2023, we enjoyed a rebound in investment markets that took the S&P 500 back to record heights—after having endured the second worst year of investment performance since the late 1970s.

Entering 2023, we characterized our outlook as “cautiously pessimistic.” We were pessimistic because there really wasn’t anything to feel good about, but we were cautious in our pessimism because it also seemed like investor expectations were already priced for a bad outcome. We encouraged clients to remain disciplined, stay invested and resist the temptation to time the market based on short-term sentiment and perceived risks. As it turns out, that was pretty good advice.

After notching declines of 13% to 20% in 2022, equity categories gained anywhere from 10% in emerging markets to more than 26% for domestic large caps in 2023. Fixed income categories declined alongside stocks in 2022 but posted gains across the board last year. Interestingly, the few things that worked in 2022, notably managed futures and commodities strategies, lost ground in 2023. All in, even a balanced portfolio constructed with 60% stocks and 40% bonds returned nearly 16% in 2023 after declining almost 14% the year before— talk about a tale of two years!

Against this backdrop, our portfolio recommendations generated competitive outcomes for our clients punctuated by strong performance from the Intrinsic Value Strategy (internally managed domestic equity), actively managed domestic equity funds and internally managed fixed income allocations.

In 2023, we also expanded our investment platform to include a robust private alternatives solution. In true Greenleaf Trust fashion, we have added talent and resources over the last several years to support this exciting initiative. Our private alterna-

tives analyst, Andrew Edgar, has been instrumental in spearheading the effort which resulted in the successful launch of our first private alternatives fund in December. This illiquid strategy will provide broadly diversified exposure to private markets in a vehicle designed for convenience and efficiency without any incremental fees or financial benefits attributable to Greenleaf Trust. We envision a series structure with subsequent funds offered every two years going forward.

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 2023, Jacob Barker was recognized for his growth and impact with promotion to assistant vice president, senior manager selection analyst. Jacob was also added as a voting member of the investment committee, alongside Vice President, Assistant Director of Research Chris Burns, and myself.

As a research team, our mission is to create comprehensive investment solutions that help our clients reach their financial goals.

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.

R Retirement Plan Division

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

The Retirement Plan Division of Greenleaf Trust notched another year of significant progress in 2023. Beyond the continued growth of clients, team members and assets, we made notable enhancements to our processes and service platforms. As usual, these advancements have been viewed through the lens of client desires, regulatory requirements and core competencies.

We recognize the importance of technology in driving efficiency and providing clients with a clear financial picture. Along with an integrated technology partner, Savology, we rolled out a new financial wellness system for our retirement plan participants. This new platform simplifies otherwise complicated and intimidating financial topics by providing interactive tools in areas such as budgeting and estate planning. Additionally, our participant help center gained analytics from customer relationship manager, ZenDesk, that provides ongoing visibility into participant inquiries and service trends. We used these analytical insights to initiate simple and brief how-to website videos in areas where employees seem to have the most questions.

Sound plan governance is a major aspect of a successful retirement plan. Our clients rely on our ability to accurately administer their plans and we take fiduciary requirements seriously. Our clients deserve the peace of mind that comes with validation that their plans and

The importance of clean audit results cannot be overstated and for Greenleaf Trust, stellar results are the norm.

financial transactions are cross-checked and monitored for accuracy. Again in 2023, independent auditors validated the accuracy and reliability of our recordkeeping and operational services. The importance of clean audit results cannot be overstated and for Greenleaf Trust, stellar results are the norm.

On the legislative front, the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 legislation continues to be a key focus. Its stated purpose is to enhance American retirement savings over the coming years with steps such as expanding auto enrollment, enhancing tax credits for startup plans and enhancing the savers credits. Helping employers navigate the sweeping changes taking effect over the next several years is a tangible way we make complex topics simple. Fortunately, one of the most disruptive aspects of the legislation, forcing higher compensated employees (those making more than $145,000) to make catch-up contributions to a designated Roth account was postponed until January 1, 2026. Regardless, we continue guiding clients through all the possible changes that are underway and being activated into law through 2027.

Our success depends heavily on the growth and development of our team. During 2023, Melissa Coffin earned her Qualified 401(k) Administrator (QKA) designation through the American Society of Pension Professionals & Actuaries. In addition, three of our team members were recognized for their growth and impact by receiving the following promotions:

Rosie Hall, MBA, CRPS Senior Relationship Manager

Christina Sharp, QKA Senior Relationship Manager

Thanya Rhodes Senior Recordkeeping Analyst

We are proud of the significant progress made on key initiatives during 2023. On behalf of the Retirement Plan Division, we remain honored by the opportunity to work with employers across the state of Michigan and throughout the country!

F The FamilyOffice

Thomas A. DeMeester, J.D. Managing Director

The Family Office at Greenleaf Trust is tasked with the responsibility of providing comprehensive multi-family, family office services to a unique segment of Greenleaf Trust’s base of clients.

Each client family with whom we engage presents unique and differing needs, wants and desires. The Family Office is comprised of substantively skilled team members that bring diverse and varied professional backgrounds to work in concert with our client families’ trusted advisors to fully integrate collective knowledge and insights to ensure we meet and exceed expectations.

Throughout 2023, we deployed our full suite of wealth advisory services on behalf of our client families, including family wealth blueprint design services (clarify planning, optimization planning, family office services), comprehensive and consolidated wealth reporting, investment advisory services, fiduciary and custodian services (Michigan and Delaware situs-based administration), philanthropic services and lifestyle enhancement services. We continue to evolve our processes and procedures to ensure we are able to provide the highest levels of client service and fiduciary excellence consistent with Greenleaf Trust’s client-first culture.

Our private ownership structure and commitment to independence, combined with

The Family Office at Greenleaf Trust is tasked with the responsibility of providing comprehensive multi-family, family office services to a unique segment of Greenleaf Trust’s base of clients.

regulatory oversight as a state-chartered, trust-only bank, afford institutional continuity with integrity of process and procedure – allowing us to ensure our client families’ well-being is at the center of everything we do. Moreover, we are supported by a purposeful growth budget process that facilitates

robust, industry-leading resources and partnerships, in furtherance of our mission.

I am pleased to report we have deepened our philanthropic consulting capabilities within The Family Office through the hiring and appointment of Debby Kasemeyer as our director of community

We continue to evolve our processes and procedures to ensure we are able to provide the highest levels of client service and fiduciary excellence consistent with Greenleaf Trust’s client-first culture.

development and social impact. Debby joins us as a long-tenured industry expert within the philanthropic consulting field.

I am also pleased to report two 2023 earned promotions within The Family Office team: Davis McFarlane, CFP ® , CPA, has been promoted to senior family office advisor; and Shannon Barber has been promoted to family office coordinator. Our team remains privileged to work alongside our clients, their staff and advisory teams. We look forward to the opportunities 2024 will bring our way.

OOperations

Thomas L. Drews, CTOPTM Chief Operating Officer

As chief operating officer at Greenleaf Trust, I take great pride in ensuring Greenleaf Trust’s operations run seamlessly, efficiently and with utmost accuracy. It is a privilege to lead a team of talented professionals in trust operations, Business Information Services, and Governance, Risk and Compliance, all committed to serving our clients’ best interests.

In 2023 we achieved significant milestones dedicated to enhancing the services we provide to you, making it a remarkable year for our organization. A notable achievement was the completion of a major initiative that has streamlined our account opening and client onboarding processes. This project not only improves efficiency and processing speed, it also integrates multiple internal systems for better account coordination.

A key development this year was the enhancement of our governance framework. By revamping and formalizing our board committee and agenda structures, we have ensured our decision-making process remains focused on strategic and client-centric discussions. Furthermore, the bank underwent a comprehensive examination by the State of Michigan Department of Finance and Insurance Services in 2023. The positive outcome of this examination is a testament to our commitment to fiduciary excellence and a compliancefocused culture.

We also made significant progress in various other projects. These include improving the efficiency of monthly account reviews, strategically outsourcing certain back-office functions and collaborating with a trusted software vendor to upgrade our trust accounting system. These steps represent our continuous effort to advance in technology and process development.

A primary focus area this year has been information security. Recognizing the critical importance of protecting client information, our team has implemented a comprehensive security roadmap. This strategy encompasses regular cybersecurity training, collaboration with expert vendors for reviewing incident response practices and conducting social engineering tests and the adoption of multi-factor authentication technology. Our robust policies and procedures in the scope of information security demonstrate our proactive approach to mitigating potential threats and upholding the highest standards of data security.

I am pleased to announce the following promotions in 2023:

OPERATIONS

Peggy Anderson Executive Vice President, Director of Operations

Mario Campbell II Trust Operations Analyst

Erin Kiessling Senior Trust Operations Analyst

Victor Perez Retirement Processing Operations Specialist

Jennifer Reisterer-Brand Senior Retirement Processing Operations Analyst – Team Lead

Megan VanOosten Trust Operations Analyst

BUSINESS INFORMATION SERVICES

Lyndsay Deery Business Resiliency Analyst

Oliver Krings

Chief Information Officer and Chief Information Security Officer

Salena Al-Saadi

Assistant Vice President, Senior CRM Engineer

Kimberly Van Duine Vice President, Director of Business Information Services

The progress we’ve made in 2023 is a testament to our dedication to excellence and our ability to adapt in a dynamic financial landscape. Looking forward, we are committed to maintaining these high standards and continuing to evolve in ways that best serve our clients’ needs.

Steve McKiddy Chief Financial Officer

As I reflect on 2023, I am so very thankful for our clients who continue to entrust their futures with us and share their stories with others. It was a fruitful year in many aspects of our financial performance, as inflation began to ease and long-term investment strategies yielded solid returns. Combined entity assets under advisement surpassed $18 billion*, while our revenue growth and capital position continued to reflect stability and strategic agility. As evidence to the success, we continue to grow at a rate beyond our peer benchmark.

Despite a global pandemic, tumultuous 2022 markets and geopolitical uncertainty, our success stems from a foundation built over 25 years ago. Indeed, we can look back on several seeds that were planted in formative years that are still bearing fruit. Much of these were focused on advancing our team and culture. Yes, we concentrated on world-class development through education, process and technology. But, equally important, we established an environment where our teams collaborate and lift each other up. We allocated significant resources to ensure the best and brightest are partnering every day to enhance the lives of our clients. These outlays to expand our intellectual capital have created some critical differentiation against our competitive set. Whether it is our comprehensive continuity of care, independent investment research or operational excellence, we can point to early investments that have

provided fuel to thrive, even in challenging times. That is why we plan for the next quarter century, and not the next quarter. We are building for something greater than near-term corporate profit. We are building for the perpetual advancement of our esteemed clients.

*For our consolidated entities, our assets under advisement are approximately $18 billion as of December 31, 2023.

MMarketing & New Business

Sarah A. Johansson Executive Vice President, Director of Marketing

Greenleaf Trust’s marketing and new business development teams seized the opportunity presented by our twenty-fifth anniversary to reinforce our commitment to exceptional client care. Throughout the year, we revitalized our marketing strategies by launching a new advertising campaign and accompanying materials, alongside a robust schedule of client-focused events.

Building on the momentum of a successful 2022, our efforts in 2023 saw a consistent influx of new clients and assets under management in all the markets we serve, particularly thriving in Grand Rapids. This growth was significantly bolstered by referrals from both satisfied clients and esteemed professionals with whom we are honored to partner.

Our collaborative efforts with the broader Greenleaf Trust family have propelled our company’s forward momentum. Key initiatives in 2023 included:

• Celebrating our twenty-fifth anniversary with a memorable silver extravaganza graciously hosted by Bill Johnston and Ronda Stryker, featuring world renowned artist Michael Bublé

• Creating enhancements to our suite of marketing materials

• Continuation of our impactful advertising campaign and enhanced digital media presence

• Partnering with a national public relations firm to expand our reach and engagement

• Hosting over 50 engaging marketing events, providing entertainment and education to more than 2,000 clients, friends and trusted advisors

• Creating our annual client calendar, which showcases artwork from esteemed organizations—Artists Creating Together, Family and Children Services of Midland and Northwestern Michigan, the KIA and Children’s Center

• Supporting over 70 civic and cultural organizations in our collective markets

• Presenting an estate settlement seminar in several markets

• Marking the five-year anniversary of our teammates in Delaware with seminars across the state of Michigan

• Publication of insightful articles and speaking engagements by our esteemed team members, including George F. Bearup, J.D.

Thanks to our focus on culture and the collective effort of our team members, it was our honor this past year to receive numerous prestigious awards and accolades, including:

• Metro Detroit’s Best and Brightest Iconic Award

• 2023 DBusiness Top Corporate Culture Award – Community Engagement Award

• InvestmentNews Diversity, Equity and Inclusion Award Finalist

• West Michigan’s Best and Brightest Companies To Work For

• Metro Detroit’s Best and Brightest Companies To Work For

• 2023 Michigan Best and Brightest for Wellness

• Crain’s Excellence in HR award (Kimberly Dudley)

• 2023 Best Places to Work in Southeast Michigan

• 2023 Fortune Best Workplaces in Financial Services & Insurance

• 44 Top Purpose-Driven CEOs (Mike Odar) by Purpose Jobs

• Nation’s Best and Brightest in Wellness

• Best and Brightest Company to Work For in the Nation

• Top Workplace in Detroit in 2023

• Top Workplaces in the Nation for Employee Appreciation

• Top Workplaces in the Nation for Professional Development

• Top Workplaces in the Nation for Employee Well-Being

• Top Workplaces in the Nation for DE&I Practices

• Best Companies Group and COLOR Magazine Inclusive Workplace

As a part of our team’s commitment to continuous improvement, Digital Marketing and Media Specialist Taylor Farrell received her Adobe Certified Professional in Print & Digital Media Publication Using Adobe InDesign this year.

Whatever the opportunities and challenges we will face in 2024, this is certain: Our clients’ well-being will be the focus of every initiative and improvement, and it is our sincere pleasure and privilege to serve you. We hope to see you at one of the many seminars and social events we have planned for 2024.

Twenty-five years in the making.

Board of Directors

William D. Johnston

Chairman

Ronda E. Stryker

Vice Chairman

Michael F. Odar

Secretary

Ronald A. Elenbaas

Barbara L. James

James Liggins Jr.

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.