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.