Greenleaf Trust 2022 Annual Report

2022 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.

Greenleaf Trust

CHAIRMAN’S LETTER

William D. Johnston Chairman

Dear Clients and Friends of Greenleaf Trust,

It is my distinct pleasure and honor to present to you our 2022 annual report. It is truly amazing to know that in July of this year we will be celebrating the 25th anniversary of Greenleaf Trust, and when we combine the predecessor to Greenleaf Trust, Greenleaf Asset Management Company, it will mark the 32nd year of delivering wealth management services to our clients.

The story of uninterrupted double-digit growth of new business for our entire history is remarkable and, in fact, is nearly three times our industry average. We remain convinced that our growth in new business is reflective of our business culture which begins, focuses and endures in service to our clients. Our Greenleaf Trust business culture is amplified and propelled by our workplace culture which is devoted and disciplined to the very highest benchmark of human capital standards and practices.

I am humbled in the knowledge that, by the end of 2023, the workforce that began with less than ten individuals in 1998 will number over two hundred teammates working in offices in six Michigan cities and one in Delaware. We are honored to employ the most talented, skilled, experienced and diverse teams in our

company’s history who are driven by their huge servant hearts to work on behalf of you, our clients.

Throughout the 2022 annual report, you will hear from the division leaders of our company who share the exciting work of the teams that they lead. Companies that have sustained success over long periods of time and in fact succeed at rates that their competition does not achieve, do so because their business culture resonates with their clients, prospects and the centers of influence that advise clients. Twenty-five years ago, we crafted a business culture that was grounded in having no conflicts of interest with those we served. Further, we committed ourselves to surrounding our clients with a client centric team that would deliver holistic fiduciary and wealth management services.

It has always been very rewarding and satisfying to take the time to reflect upon the year and recognize our wonderful team’s successes on behalf of our clients.

Knowing that tomorrow’s standards will always be higher than today’s, we invest in the internal processes to measure what we do and require that we do it better each and every year. Continuous improvement is the air we breathe. To facilitate our investment in always getting better, we married our budget process to our continuous improvement journey which requires commitment to people, technology and practices. Lastly, because trust is in our name, we always strive to be leaders in fiduciary and regulatory requirements.

You have heard me say before that we have really good people. Great organizations not only have great business cultures they also have great workplace cultures which together result in both great client retention and satisfaction and in great teammate retention and productivity. Throughout this report, you will learn of fabulous examples of business culture focus, client retention data and significant achievements in human capital practices.

Greenleaf Trust also benefits from a wonderful Board of Directors who practice great governance, provide exceptionally wise counsel and advocate strongly with their time at both the board and committee levels. We are thrilled that James L. Liggins, Jr., has been nominated, elected and appointed to the Board of Directors of Greenleaf Trust. James is a Senior Counsel at Warner Norcross + Judd and works from the Kalamazoo office in the Warner building at 180 Water Street. Prior to joining Warner, he was an attorney with Miller Canfield. He earned his B.A. from the University of Michigan and his J.D. from Michigan State University College of Law where he received the George N. Bashara Distinguished Alumni Award.

James currently serves as vice-chair of the Bronson Healthcare Group Board of Directors and leads the medical quality oversight committee. Additionally, he serves as a director for the Harold and Grace Upjohn Foundation, the Gilmore Keyboard Festival and the Kalamazoo Institute of Arts. He is a member of the Michigan, Illinois and Indiana Bar. On the state level, James is appointed to the State of Michigan Board of Ethics and is the co-chair of the State Bar’s Judicial Qualifications Committee. Demonstrating sustained community commitment, James is also a member of Southwest Michigan First Board of Directors and previously served as the state mock trial coordinator for the Michigan Center for Civic Education. Locally, James has served as a director for the Douglas Community Center and United Way of Kalamazoo, Battle Creek (now the United Way of South Central Michigan) where he chaired the 2018 Annual Fund effort and served several years as the board chair. James continues in his role as advisor for the Kalamazoo Central High School Mock Trial team which has won many high school state, regional and national titles under his leadership. Not surprising was James’ nomination and recognition as one of Michigan’s Super Lawyer Rising Stars. James resides in Kalamazoo, Michigan, with his wife Jyllian and three children.

Service to you, our valued clients, is a humbling honor and one we do not take for granted. We are honored to work on your behalf and relish the opportunity to continue to do so for many years to come.

Sincerely,

PRESIDENT’S LETTER

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

It’s hard not to acknowledge 2022 was a challenging year for everyone with a vested interest in capital markets. It took a focused plan and discipline to endure. I believe our clients felt the benefit of their relationship with us, because our objective from day one with all of them is to listen, develop a uniquely customized plan and communicate transparently and proactively as we encounter different situations and then be flexible but stay disciplined.

As you will read throughout this annual report, in 2022, we continued to add new teammates, built upon organizational diversity, equity and inclusion, enhanced our clients’ experience, received numerous awards validating our unique workplace culture, created Greenleaf Gives to provide more support to our communities, enjoyed being back in person at events and welcomed a dynamic new board member.

I am also pleased to share the promotion of Sarah Johansson to executive vice president, director of marketing in 2022.

Thank you 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 you even better. Finally, we are looking forward to celebrating our 25th anniversary in 2023.

CLIENT CENTRIC TEAM

Daniel J. Rinzema

CFA®, CFP®, CTFA

Chief Client Officer

It is with great gratitude that I write this annual report article 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 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 2022 has been a challenging one for all of us, but, through it all, we were able to navigate these uncertain waters thanks to the unwavering support and trust of our clients and the hard work and dedication of our team.

CLIENTS

To our clients, we extend our most sincere 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 client satisfaction survey is designed to gauge Greenleaf Trust’s collective efforts from our clients’ perspectives. 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 we can enhance the services provided on their behalf. Despite another difficult backdrop that accompanied 2022, we experienced one of our highest client response rates 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. 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. We also added talent to each of our offices around the state of Michigan, including our most recently opened office in Midland. Additionally, this year marked our seventh 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.

2022 CLIENT SATISFACTION SURVEY RESULTS

PERSONAL TRUST & WEALTH MANAGEMENT

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

UNIFORMLY EXCEEDED SATISFACTION SCORES OF ACCOUNT STATEMENTS, PERFORMANCE REPORTS, AND NEWSLETTERS

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, Garrett Urman passed the Certified Financial Planner™ examination, Corbin Donaldson obtained the Certified Private Wealth Advisor® designation, and Vasantha Arunachalam earned the Certified Trust and Financial Advisor designation. Several teammates were also recognized for their growth and impact throughout the year receiving the following promotions:

Stacy Beekman – Assistant Vice President, Senior Trust Relationship Officer

Allison Birmingham – Assistant Vice President, Senior Wealth Management Advisor

Anne Bohl – Senior Wealth Management Coordinator

Tiffany Clubs – Senior Trust Relationship Associate

Wendy Cox – Director of Personal Trust – Chief Fiduciary Officer

Jan Crossman – Team Service Coordinator II

Autumn Fromm – Senior Team Service Coordinator –Team Lead

Chelsea Holmes – Senior Team Service Coordinator

Kimberly Lloyd – Trust Relationship Officer

Cathie Magill – Senior Team Service Coordinator –Training Coordinator

Dawn Moore – Vice President, Senior Trust Officer –Delaware

Jeff Pauza – Assistant Vice President, Senior Wealth Management Advisor

Brian Schafer – Senior Wealth Management Associate

Kate Schafer – Trust Relationship Officer

Sharon Sleeper – Senior Team Service Coordinator

Alex Solis-Mullen – Senior Estate Settlement Officer

Garrett Urman – Wealth Management Advisor

Beverly Whaley – Senior Trust Relationship Associate

Alexa Willner – Team Service Coordinator II

The aim is to listen to client comments and suggestions, so we can enhance the services provided on their behalf.

HUMAN RESOURCES

Karen Baldwin, CSP™, SHRM-SCP™ ,

NDCCDP

Executive Vice President, Director of Human Resources

Quiet quitting, quiet firing, quiet hiring and quiet thriving were all buzzwords in 2022. These terms had companies and their team members anxious about how these trends would impact the workplace. Even at Greenleaf Trust, the beginning of 2022 brought turnover of valuable team members which gave rise to uncertainty for others. In reality, the amount of turnover experienced at the beginning of 2022 was in line with previous years, and we ended 2022 with 94% retention and 85% team member engagement.

Offering opportunities for growth, development and recognition has helped us increase our retention, engagement and productivity during the past year. Team members may lead new projects, further their education, apply for newly created roles or provide help where needed. As they embrace these new experiences and sometimes daunting challenges, they prove themselves in ways that contribute significantly to their own advancement, and that of our organization.

At Greenleaf Trust, nothing we do is “quiet.” We ensure our team understands our culture and the flexibility provided. Through quarterly coaching, our leaders provide team members opportunities to develop and utilize their talents while having an opportunity to expand their role and feel challenged within our company. Team members are supported in their ability to volunteer and advocate for a cause. This allows team members to perform at record levels while choosing the best ways to manage their professional and personal lives.

Our focus remains on improving our talent selection and onboarding process, caring for one another,

looking for ways to cultivate friendships and enhance connections between team members. Having groups to join and people to count on is essential to our team.

In response to COVID-19, our leaders and team members found ways to be intentional with their time and set healthy boundaries. Although this has been part of our coaching conversations for years, they intensified during our return to the office. Ensuring the safety of our team members and clients during the transition back to the office, in-person meetings and client events has continued to be a priority. We continue to work with each team member to meet their needs and remove barriers, so they are able to provide the best service to our clients.

During 2022, we added 28 highly talented team members to the Greenleaf Trust team, 14 of which were hired for Birmingham, Grand Rapids, Delaware and our newest location in Midland. With team members working both remotely and in the office, managing recruitment and onboarding efforts took teamwork, creativity and communication to create a smooth and memorable experience for each new hire. With so many new additions to our team, we moved to a monthly onboarding program in 2022. We have found having a cohort group to onboard with provides immediate camaraderie and greater opportunity for growth, learning and connectivity, not to mention efficiency for our current team members helping to welcome new teammates. Four weeks after hire, human resources meets individually with new team members to see how they are feeling, what went well and what one thing they would change about the onboarding process. Repeatedly, new team members shared how welcomed, prepared and connected they felt to others. For many,

the process was the best they had ever experienced. We are acutely aware team members are most engaged and excited when they first begin a new position; our goal is to help them maintain that engagement and ensure they feel included, seen and heard throughout the company. Each new person meets with President and Chief Executive Officer Mike Odar and me within the first six months to build deeper relationships and connectivity.

Between filling 34 positions and onboarding 28 new team members, our team enhanced their knowledge, assisted other divisions and mentored additions to the human resources team. We welcomed Carlos Clay, Jr., and Gabbi May to Greenleaf Trust; Carlos as our associate team lead for the Wealth Development Club and the Greenleaf Trust Scholarship and Internship program, and Gabbi as our talent acquisition coordinator. Jackie Sperling joined the Human Resources Division from the Retirement Plan Division as senior talent acquisition specialist. Lisa Luebke, senior talent acquisition specialist, completed and obtained her Certified Diversity and Inclusion Recruiter certification through AIRS.

The Human Resources Division looks forward to learning together as we continue to provide educational opportunities to our communities and teams. We are excited to welcome quality candidates into the Greenleaf Trust family to better meet our clients’ needs.

CELEBRATING OUR TEAM MEMBERS

RETIRED TEAM MEMBERS

The dedication of our team members is integral to our workplace culture. We give gratitude to those who retired in 2022. Their countless contributions will leave a lasting impact on Greenleaf Trust.

CELEBRATING 15 YEARS

Salena Al-Saadi – Business Information Services

Nicole Asher – Wealth Management

Melissa Coffin – Recordkeeping

Dan Baker – Personal Trust and Business Development

Allison Birmingham – Wealth Management

Sandford Leestma II – Wealth Management

CELEBRATING 10 YEARS

Dave Mange – Vice President, Senior Research Analyst

21 Years

Mark Jackson – Vice President, Senior Wealth Management Advisor

9 Years

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 10, 15 and 20 years of service in 2022.

CELEBRATING 20 YEARS

Julie Mentzer – Client Centric Team

Chris Middleton – Retirement Plan Division

Andrew Riker – Personal Trust and Wealth Management

Theresa Burgos – Client Centric Team

Wendy Cox – Personal Trust

Bethany Cwalina – Corporate Administration

Tom Drews – Corporate Administration

Nicholas Juhle – Research

Christina Sharp – Retirement Plan Division

Julie Weston – Estate Planning

DIVERSITY, EQUITY & INCLUSION

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

Wow! What a year of gratitude, change, belonging and grace 2022 turned out to be. With more and more team members coming into the office, yet many others still choosing to work from remote locations, it challenged us to rally and deepen our commitment to teamwork – one of our core values. Working together to ensure every team member felt included, whatever their location, was critical. We held several in-person events, reminding us all how lovely it is to be in the same space, working on our clients’ behalf.

Since inception, Greenleaf Trust has had a commitment to diversity, equity and inclusion (DEI). Our core values embody the spirit of working together and valuing everyone for the talents they bring to work each day.

In 2022, 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 sub-committees. Meeting on a regular basis has allowed team members to learn from one another and strengthen their trusting relationships as they form a common language and shared understanding of each individual’s personal journey.

Below are just some of the DEI team’s accomplishments in 2022.

• Virtual book readings and discussions were facilitated for large and small groups of interested team members; featured books included “So You Want to Talk

About Race” by Ijeoma Oluo and “Biased: Uncovering the Hidden Prejudice That Shapes What We See, Think, and Do” by Jennifer L. Eberhardt, Ph.D.

• Informative emails celebrating diversity-honored months and activities were shared with team members in each of our business locations.

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

• Our subcommittees were involved in a variety of initiatives, including:

– Reading relevant books, articles and publications

– Updating our Team Policy Manual to incorporate more inclusive language and an Inclusivity Statement

– Support for written award submissions

– Development of questions to be presented to vendors and prospective vendors

– Ongoing gathering of benchmark information

– Creating and piloting an Inclusion Program for all new hires, to roll out in 2023

– Hosting a virtual DEI trivia event

– Development of a DEI Overview at Greenleaf Trust for all new hires

– Reviewing policies and creating a schedule for future reviews

• Together with our marketing team, we prepared social media posts on racial justice, Black History Month, National Hispanic Heritage Month, Juneteenth, as well as the many successes of our Greenleaf Trust Scholars.

• Greenleaf Trust entered into a partnership with a consulting company to focus on inclusion in the workplace, and we are excited for the impact this will have.

• Lisa Luebke, senior talent acquisition specialist, completed and obtained her Certified Diversity and Inclusion Recruiter (CDR) certification through AIRS.

The Greenleaf Trust Scholarship Program has continued to grow and now awards 18 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 million have been awarded since the program’s inception in 1999. Further, the program has produced over 100 graduates who have been recruited and placed at many of the 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 2022, our team volunteered more than 2,000 hours for local community nonprofits in our communities.

In addition to our regular community volunteering and giving, in 2021, Greenleaf Trust developed a new program to expand financial education opportunities for students of color. With only a year from idea to design, development and implementation, Greenleaf Wealth Development Club for Student Investors was launched in the fall of 2021. Having proven success through the concept phase with students from three Kalamazoo Public High Schools (KPS), we expanded the program into Portage Public Schools in 2022 and plan to add additional schools in 2023. Additionally, Greenleaf Trust hired Carlos Clay, Jr., a prior Kalamazoo Public School employee, to help lead the initiative with Amari Smith, our current wealth developer. The monthly club sessions include four learning and engagement modules. Each session is presented by Greenleaf Trust professionals alongside many current and previous Greenleaf Trust scholars and interns. Upon successful completion of the program, students have the opportunity to earn an investment account with up to $500 that will allow their investment journey to continue. Ultimately, we desire to place this program in school systems across the state with additional wealth developers throughout the markets we serve.

KEY STATISTICS (interns not counted in percentages)

Full Organization – 172 Team Members

• Five generations:

– 1% Silent Generation

– 17% Baby Boomer

– 38% Gen X

– 37% Millennial

– 7% Gen Z

• 63% Female

• 13% Persons of Color

GREENLEAF TRUST’S GUIDING PRINCIPLES FOCUS ON FIVE DIFFERENT AREAS

Respect, Transparency, Democracy, Advocacy and Confidentiality

VISION/MISSION/PRACTICES STATEMENT

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

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.

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 our team members feel empowered to bring their authentic selves to work every day.

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, Kristen Tidd

Greenleaf Trust subcommittees and leads:

• Employment Practices – Lyndsay Deery and Jackie Sperling

• Policies & Procedures – Quinn McCormick and Andrea Stidmon

• Mentoring – Jacob Barker and Allison Birmingham

• Vendor Management – Tom Drews

• Training & Education – Beverly Whaley

• Workplace Culture Accountability – Natasha Tamminga

• Communication – Christie Dando and Lexi Willner

Moving into 2023, we will be focusing on the following main initiatives: team member training and education, inclusion training, continued benchmarking and surveys of team, our vendor selection process and partnering with our inclusion consultant at all levels within the company.

We look forward to sharing our journey as we continue to seek opportunities to increase our knowledge and create equity. We are confident as our team becomes more inclusive, so will our diversity, equity, thoughts and ideas. This will directly affect the success of our organization and benefit our clients, teammates and communities we serve.

RESEARCH

Nicholas A. Juhle, CFA® Chief Investment Officer

Arguably, 2022 was one of the more challenging in our organization’s history. We experienced high inflation that extended throughout the economy and induced monetary policy surprises as central banks tightened in response. Russia’s invasion of Ukraine shocked commodity prices exacerbating inflationary pressures and accelerating monetary policy changes. As the year progressed, tighter policy caused activity in the housing market to slow dramatically, and the combination of these factors significantly increased the likelihood of a recession. Relative to when the year began, all these developments came as surprises.

As for the markets, there was virtually nowhere to hide as positive return opportunities were limited to investments in commodities and managed futures strategies. Equities declined anywhere from 13% for domestic mid-caps to 20% in emerging markets. Meanwhile, fixed income categories, which typically provide diversification benefits in down markets, declined alongside stocks. In 2022, even a balanced portfolio constructed with 60% stocks and 40% bonds posted a double-digit decline. Any way you slice it, 2022 was a very challenging year for investors. Despite a challenging opportunity set, our portfolio recommendations generated competitive outcomes for our clients as asset allocation decisions and outperformance in actively managed fixed income strategies offset headwinds in global equities.

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 2022, Sam Riethman and Ebenezer Musookho completed Level I of the Chartered Financial Analyst® program, Jacob Barker and Mollie Felt passed the Certified Financial Planner™ examination, and Chris Burns completed the CFA Institute Certificate in ESG Investing. In addition, four research team members were recognized for their growth and impact receiving the following promotions:

Chris Burns – Vice President, Assistant Director of Research

Mollie Felt – Trader

Seth Kritzman – Senior Fixed Income Analyst

Ebenezer Musookho – Research Associate

Despite an ever-changing landscape, continued investment in the talent and tools comprising our platform, 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.

RETIREMENT PLAN DIVISION

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

Although 2022 was not a great year for investment markets, the Retirement Plan Division implemented many enhancements that strengthen our ability to deliver top-tier client service, great plan oversight and fantastic participant outcomes. Amongst the several highlights of 2022, seeing more of our clients face-toface was at the top of the list!

Assisting employers with plan governance and compliance is a cornerstone of our business. To better serve our clients, we initiated a payroll integration project to help streamline regular payroll contribution transmittals. With this new process improvement, changes within a client’s payroll system automatically trigger the same changes in our retirement plan software system. We are excited to roll this option out to most of our clients in 2023 and beyond. Continuing into 2023, we will reduce manual entry for employer payroll over to the retirement plan platform. The IRS-mandated “Cycle 3” plan document restatements were completed for all of our clients well ahead of the July 31, 2022, due date.

There was no shortage of legislative noise and changes during the year as well. In one of its final acts of 2022, Congress approved a massive year-end spending bill that included the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE)

Act 2.0. This bill combined three separate retirementfocused bills that enjoyed bipartisan support across both chambers. It builds on the original SECURE Act which was approved by Congress in 2019. At the heart of the legislation are dozens of changes to employersponsored plans which are intended to encourage companies to start new plans, strengthen existing plans and bolster participation by employees. One key provision for individual savers is an increase in the age at which individuals must begin taking Required

Minimum Distributions (RMDs) from their retirement account to age 73 from age 72 beginning January 1, 2023. In 2033, the RMD age will increase again to 75. RMDs will be eliminated completely for Roth 401(k) accounts beginning in 2024. Many of the other

SECURE Act 2.0 provisions are set to take effect in a laddered fashion extending into 2027. We stand ready to assist employers through the years ahead for all the changes and hurdles that tend to arise with new legislative actions.

Client service is a Greenleaf Trust hallmark. We employ a “high touch with high tech” participant service model. During 2022, we conducted nearly 1,600 group and one-on-one participant meetings. For those not able to engage with our service team in person, we adopted a new omnichannel help center platform which allows participants to communicate directly with our team through a variety of contact channels (call, text, chat, self-service, etc.). As a result, participants are now able to get help in new ways that align with how they prefer to interact. Capturing real-time client satisfaction feedback also ensures our team is effectively fielding client needs and addressing any unknown concerns. Of course, electronic and virtual developments continue to accelerate as regulations catch up with technological capabilities. Lifetime income disclosures were added to participant statements in the summer of 2022. We have also shifted processes by providing numerous disclosures in an electronic format which is more efficient and significantly reduces unnecessary paper usage.

Once again, the final report indicated a “clean” audit confirming that financial transactions within our clients’ plans are cross-checked and validated for accuracy. We are committed to continuing with this elective audit for the benefit of everyone who entrusts their assets to the Retirement Plan Division.

Our team has extensive experience within the retirement industry, and we strive to provide each employer and plan participant with the information they require to attain success in retirement. Our long-time team member, Lorey Matties, was promoted to senior participant services specialist, the highest level attainable within that role. Another long-time colleague, Chris Sharp, earned the Qualified 401(k) Administrator™ designation through the American Society of Pension Professionals & Actuaries. Additionally, the formal expertise of our two newest teammates has helped us build the most credentialed team we have ever had further enhancing our ability to assist in design, installation and administration of retirement plans. Our talented people and streamlined systems are key to providing remarkable client outcomes, and there is no doubt 2023 will prove to be a banner year for the Retirement Plan Division!

As a plan fiduciary, audits and safeguards are imperative for the safety and security of our clients. Beyond all of the normal requirements of a state-chartered bank, we again engaged in the SOC-1 audit for 2022. This audit is specifically geared toward the process and controls used to ensure our division is functioning appropriately.

Amongst the several highlights of 2022, seeing more of our clients face-to-face was at the top of the list!

We are pleased to report our progress during 2022 on a number of critical areas. While our strategic initiatives were all different and presented their own challenges, the underlying themes of patience and intentional focus were common throughout.

GREAT LAKES BAY REGION

The year 2022 marked the official opening of our newest office in Midland. Our exceptional client centric team is now fully established and ready to serve and guide our clients in the Great Lakes Bay Region. We are so pleased to have Karen McNish, J.D., and Carol Jackson join our team to provide exceptional guidance and service to our clients. After our first full year, we are more excited than ever to see the strong alignment of community traits and the fit with our workplace and business cultures. We continue to see a bright future for our Midland-based team!

SOUTHEAST MICHIGAN

As 2022 came to a close, we were excited to name Bill Feldmaier as the new managing director of our Birmingham office. Southeast Michigan presents our largest single opportunity for purposeful growth. Having a great team with a strong leader like Bill

positions Birmingham exceptionally well for the future of serving the needs of Southeast Michigan.

COMPLEX ESTATE ADMINISTRATION

During 2022, Greenleaf Trust continued to build experience and depth in the area of complex estate administration. We are actively serving as trustee of a complex estate with responsibility for the management, marketing and orderly liquidation of significant commercial real estate and farmland parcels. Additionally, we are responsible for the management of various operating entities as we look to suitable buyers. We are confident in our ability to deliver a strong result for the trust’s beneficiaries and to honor the wishes and legacy of the grantor. Overall, we continue to strengthen and expand our capacity for serving our clients, regardless of stage of life, need or complexity.

In summary, we are proud of the significant progress made during 2022 toward our meaningful strategic initiatives. We will continue to employ the lens of client needs and our core competencies as we assess our opportunities for thoughtful growth and determine our strategic path forward.

STRATEGIC OUTLOOK

James W. Gray, CFA® Chief Strategy Officer

THE FAMILY OFFICE AT

GREENLEAF TRUST

Thomas A. DeMeester, J.D. Managing Director

In 2022, The Family Office at Greenleaf Trust experienced extraordinary growth – in terms of team members, platform development and client families.

Our core values lay the foundation for everything we do, from our approach to doing business to how we conduct ourselves in service to our clients. Our core value of continuous improvement is paired with a budget process that focuses on purposeful growth ensuring necessary resources are allocated to advancing our business and our services, as well as our clients’ success.

The Family Office added seven new team members this past year doubling the number of dedicated fulltime employees working within our division. We fully integrated our market-based team members to improve our ability to provide key services, and our reporting platform was expanded to include enhanced alternative asset tracking and pacing. Several new consulting and full-service client families were also added to The Family Office.

In 2022, we deployed a full suite of solutions on behalf of our client families including wealth blueprint design services (clarifying, optimization and management), comprehensive reporting, investment advisory services, fiduciary and custodial services (Michigan and Delaware

situs-based administration), philanthropic services and lifestyle enhancement services.

The Family Office is composed of substantively skilled team members with diverse professional backgrounds who work in concert with our client families’ trusted advisors to fully integrate collective knowledge and insights. 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 our client families’ well-being is at the center of our focus. 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.

I am also proud to report that Kelly Jorgensen, our senior family office coordinator, received the President’s Award for 2022 in recognition of her impact to the organization during the year.

We remain privileged to work alongside our client families, their staff and trusted advisors. We look forward to the opportunities 2023 will bring our way.

It was another amazing year for Greenleaf Trust!

We continued to work through lingering economic impacts of the pandemic while also making remarkable improvements to processes, systems and internal controls to better serve our clients.

The Operations Division is responsible for ensuring the integrity and efficiency of all internal processes. This is of utmost importance as it helps us to provide a high level of service to our clients and maintain a competitive edge in the industry. The division is dedicated to maintaining the highest standards of excellence and continuously improving our operations.

In 2022, we had a record year in terms of new business which has led to an increase in the volume of new clients and assets being transferred. We have added team members to help manage these processes and the increased workload, ensuring all assets are transferred, clients are onboarded smoothly and our high standards of service are maintained.

We recognize the importance of technology in driving efficiency and improving our operations. Greenleaf Trust has partnered with our software vendors to drive improvements in systems functionality. We work closely with them to identify areas where our systems can be enhanced and confirm we are taking advantage of the latest technologies to improve our processing.

Information security is a critical aspect of our business operations, and we take it very seriously. We understand our clients’ personal information is extremely sensitive, and we are committed to protecting it at all times. In 2022, our business information services team

took a proactive step towards enhancing security by implementing multifactor authentication technology on all our external and internal applications. This additional layer of protection will make it more difficult for unauthorized individuals to gain access to sensitive information.

As the field of cybersecurity continues to evolve, our ongoing evaluation and updating of security measures allows us to remain ahead of the curve. We invest in the latest technology, implement strict processes and protocols and regularly train our team members and Board of Directors on best practices in information security. Our goal is to provide our clients with peace of mind knowing that their personal information is being safeguarded by the most advanced security measures available.

The growth of our business has necessitated the strengthening of our project management and application development teams. As our organization expands and takes on new projects and initiatives, it is essential we have a strong and capable team in place to manage and oversee these efforts. By strengthening these teams, we are equipped to handle the increased workload and ensure projects are completed on time and within budget.

Greenleaf Trust’s project management team is responsible for overseeing the entire project life cycle, from planning and initiation to executing, monitoring, controlling and closing. This includes setting project goals and objectives, identifying and managing project risks and ensuring all stakeholders are informed and engaged throughout the project.

The Operations Division is responsible for ensuring the integrity and efficiency of all internal processes.

Our application development team is responsible for designing and developing new software solutions to support our business operations. They work closely with the project management team to understand the requirements of the project and ensure the final product meets the needs of the organization. By having a dedicated team in place, we are able to more effectively manage process improvement and tool development for future growth.

The governance, risk and compliance team is responsible for many aspects of risk management for the organization, including identifying, assessing and mitigating risks that may affect the company’s financial stability and reputation, as well as making certain all relevant laws, regulations and industry standards are followed. The governance, risk and compliance team facilitates external audits and state banking examinations conducted by independent third-party organizations to ensure the accuracy and compliance of our financial systems and processes, working closely with these organizations to provide any information and documentation they need.

We take pride in having our fiduciary excellence standards independently tested each year. Guided by these standards, we can ensure we are meeting or exceeding industry standards while providing our clients with the highest level of financial security and the best possible service.

I am pleased to announce the following promotions in 2022:

OPERATIONS

Patrick Bruining – Senior Trust Operations Analyst

Erin Kiessling – Operations Analyst

Danielle Kubasiak – Operations Analyst

Hayley Smith-Bailey – Senior Trust Operations Analyst, Team Lead

BUSINESS INFORMATION SERVICES

Gabrielle Contesti – Senior Project Manager

Jermaine Johnson – Senior Applications Systems Analyst, Team Lead

Mercedes Sims – Project Manager

GOVERNANCE, RISK AND COMPLIANCE

Quinn McCormick – Compliance Specialist II

Client service and fiduciary excellence are critical to our success. Thank you for allowing us to serve on your behalf.

CFO’S LETTER

Steve McKiddy Chief Financial Officer

Fiscal year 2022 presented multiple financial headwinds for Greenleaf Trust. Despite this, our long-term capital management practices afforded us a strong foundation to service our clients with great care.

A wise leader once shared the importance of being steadfast with values and behaviors, as their consistency would provide a fortress in difficult times. With significant declines in both equity and fixed income markets for 2022, Greenleaf Trust truly experienced some of these difficult times he referenced. Our financial performance faced considerable inflationary pressures throughout most expense categories while revenues were hit by the reductions in asset valuation. Despite this dual pressure to income, our values and behaviors remained consistent, and we applied even more resources towards our client-facing teams. Assets under advisement for our consolidated entities finished the year at approximately $16 billion*, down notably from 2021, but not as negative as the markets. We are honored many new clients placed their trust in us to navigate these turbulent waters, and so many of our

existing clients shared our story with others. This led to organic growth and a solid landing of the final quarter, but, nevertheless, it was a challenging year. Prudent capital management throughout the pandemic helped buffer the impact to our overall financial health and allowed us the flexibility to invest in our client teams and technology. In contrast, others in our industry made significant cuts and reduced staffing to shore up nearterm results. Others announced price increases, and some decided to do both. All of this in mind, our values dictate we remain steadfast with client care and behave for long-term performance. That is our fortress.

I would like to thank my wonderful team which remains resilient in the advancement of our healthy capitalization structure. We are pleased to share Christine Hansen was promoted this year to assistant vice president of finance and Marisol Quiroz earned her CPA license.

Congratulations to you both!

*For our consolidated entities, our assets under advisement are approximately $16 billion as of December 31, 2022.

MARKETING & NEW BUSINESS DEVELOPMENT

Sarah A. Johansson Executive Vice President, Director of Marketing

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

As Greenleaf Trust continues to grow by nearly every measure, so too do our determined efforts to provide meaningful educational and social opportunities to clients far and wide. As always, everything we do remains focused on being of value and strengthening client relationships. An integral part of that is our in-person social and educational events. We hosted 32 events across the state of Michigan. Client response was tremendously positive, and it was wonderful to connect in person once again.

We added a new level of sophistication to marketing tactics while significantly enhancing our digital efforts. At the same time, we spread awareness of Greenleaf Trust across the state and well beyond Michigan thanks to nationally earned media placements. Introducing ever more individuals, families and businesses to Greenleaf Trust’s superior, client centric approach to wealth management is our goal.

A recap of 2022 highlights includes:

• A full slate of events resumed as we gathered with clients in a wide range of activities that included a celebration of ArtPrize, LPGA Great Lakes Bay Invitational, Traverse City and Bay Harbor summer gatherings, pickleball events, Balloons Over Bay Harbor, flower arranging event, multiple clambakes and a fall cocktail party in a tree house at John Ball Zoo.

• We completed our first, formal brand awareness survey in Michigan with a specific focus on awareness in Southeast Michigan. This benchmark will enable us to reliably measure our effectiveness in marketing and communication tactics going forward.

• We successfully undertook an ambitious corporate brand refresh across all facets of our print, digital and video advertising.

• Simultaneously, we launched a redesigned website that not only integrated our refreshed brand, but also enhanced user interaction and optimized search performance.

• In June, we celebrated the grand opening of our Great Lakes Bay Region office in Midland, Michigan.

SOCIAL MEDIA

• Engaged in paid social media with 150+ ads to increase awareness and reach of the Greenleaf Trust brand

• Increased our total audience by 11%

• Increased the number of posts by 11%

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

• Increased engagements (i.e., number of times that users engaged with posts) by 30%

• New users to greenleaftrust.com increased 37%

To reach our ever-wider audience, the Greenleaf Trust marketing team embraced new initiatives in social media, public relations, media relations and professional award recognition. It was a notable year, highlighted by the following:

As always, everything we do remains focused on being of value and strengthening client relationships.

PUBLIC RELATIONS

• Greenleaf Trust was featured in 100 media articles in nearly 60 different publications in addition to national syndication in over 30 additional outlets. Through this media coverage, Greenleaf Trust reached an audience of about 128 million views in 2022.

• Greenleaf Trust was mentioned in six top-tier publications, including Money Magazine, NerdWallet, Yahoo Finance, Nasdaq, MSN Money and U.S. News & World Report.

• Notable coverage included “Don’t Forget to Make This Smart Investing Move Before the End of the Year,” featuring Brian Farrell and appearing in Money Magazine, Yahoo Finance and Nasdaq; “Stock Market Trends for 2023,” featuring Nick Juhle and running in MSN Monday and U.S. News & World Report; and “How to Buy Treasury Bonds,” also featuring Nick and running in NerdWallet.

• Representatives from our organization participated in 17 media interviews.

We are proud to have earned 14 awards last year. These third-party recognitions are good for team morale, but, more importantly, they reinforce that Greenleaf Trust’s core values are embraced teamwide and conscientiously practiced day in and day out in service to our clients and the community at large. Awards also attest that our work/life balance is intellectually and emotionally healthy, and that Greenleaf Trust, when measured against thousands of dynamic companies across the country, is doing things well in the spirit of continuous improvement.

AWARDS

• West Michigan’s Best and Brightest Iconic Award Winner

• West Michigan’s 2022 Best and Brightest Companies to Work For®

• Nation’s Best and Brightest Brilliance Award

• Inc. Best Workplaces List

• Crain’s 100 Cool Places to Work – #6 overall, #1 in medium-sized companies

• Certified Great Place to Work

• Michigan’s Best and Brightest in Wellness Winner

• Michigan’s Best and Brightest in Wellness Elite Winner in Participation and Incentives

• Best and Brightest Companies to Work For Elite Winner for Employee Achievement and Recognition

• 2022 Best and Brightest Company to Work For in the Nation®

• The Nation’s 2022 Best and Brightest in Wellness Program

• Inclusive Workplace

• Metro Detroit’s 2022 Best and Brightest Companies to Work For®

• Metro Detroit’s Best and Brightest Iconic Award Winner Whatever the opportunities and challenges we’ll face in 2023, our clients’ well-being will be the impetus behind every initiative and improvement we make. To that end, we are especially appreciative when clients refer friends and family to us. Nothing could be more telling about their positive experiences and high levels of satisfaction than the referral of a loved one. It is our sincere pleasure and privilege to serve you. We look forward to seeing you at one of our many events in 2023.

BOARD

OF DIRECTORS

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

We are proud to welcome our newest board members James Liggins Jr. (left inset) and Michael F. Odar (right inset).

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.