Mairs and Power Inc

Item 5         Fees and Compensation
Investment advisory fees are billed and payable quarterly in arrears, based on the ending market value of
assets under management for each quarterly billing cycle. The Standard Fee Schedule calls for clients to
pay an annual fee of 1% of assets under management.

Additional fees may be required if the account is complex or requires additional administrative effort by
us. Different fee schedules also apply to those who were clients of Mairs & Power prior to April 1,
2014.

In addition, fees different from the Standard Fee Schedule, including, but not limited to, performance-
based fees and fixed fees, may be negotiated in our sole discretion. Special circumstances warranting
departures from the Standard Fee Schedule include, but are not limited to, large holdings, low tax costs,
unsupervised assets, and the management of other related accounts. Any variations to the Standard Fee
Schedule must be approved by our fee committee in advance and will be agreed to by the relevant client in
its investment management agreement or a similar written agreement between the parties. Fees will be
separately billed to the client; however, clients may elect to authorize us to directly debit fees from their
accounts. The method of billing as a general matter is documented in the clients’ investment management
agreements with us.

Accounts initiated or terminated during a calendar quarter will be charged a prorated fee for the period
of time during the quarter that the account was open. Investment management agreements are required
with all clients and may be terminated in writing by either party consistent with the notice provision
contained in the agreement.

Our fees do not include brokerage commissions, transaction fees, and other related costs and expenses
that will be incurred in connection with an advisory account. Custodians, brokers, and other third parties
may charge our clients for items such as custodial fees, odd-lot differentials, transfer taxes, wire transfer
and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Item

                                           Mairs & Power, Inc.
                                            Form ADV Part 2A
                                             March 21, 2026

Item 7         Types of Clients
Our clients include individuals, high net worth individuals, institutions, investment companies, trusts,
trust companies, pension and profit-sharing plans, health and welfare plans, the Funds and the Private
Funds.

The various types of institutional investors may include, but are not limited to, trusts, endowments,
foundations, corporations, or other types of entities. Investors in the Private Funds may also be high
net worth individuals that meet the applicable regulatory requirements under which the Private Funds
operate.

The minimum account size for clients seeking advisory services is $2,000,000. We may aggregate
related accounts for the purpose of determining whether the account size minimum has been met
and may otherwise waive the minimum in our sole discretion.

Interests in Private Funds are offered in private placements under the U.S. Securities Act of 1933 (the
“Securities Act”) and as a result, limited partnership interests in the Private Funds are limited to
“accredited investors” as defined under Regulation D of the Securities Act and “qualified purchasers”

                                            Mairs & Power, Inc.
                                             Form ADV Part 2A
                                              March 21, 2026
as defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940 (the “1940 Act”), due to
the Private Funds’ exempt status from registration as “investment companies.”

Employees who qualify as “knowledgeable employees” under Rule 3c-5 of the 1940 Act are
permitted to invest in the Private Funds.

The Mairs & Power Venture Fund I and Venture Fund II have a minimum investment requirement of
$250,000 and $500,000 respectively; however, the minimum investment level may be waived in our
sole discretion.

Current and potential investors should carefully review the Governing Documents of the Private
Funds for complete information regarding investing in a Private Fund.