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.

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,