Mairs & Power, Inc. (Mairs & Power) is an SEC-registered investment adviser based in St. Paul, Minnesota. The firm was founded in 1931 and is 100 percent employee-owned. We provide discretionary and non-discretionary investment advisory services to a variety of clients, including institutional accounts, individuals, pension and profit-sharing plans, investment companies, trusts, trust companies and health and welfare plans. We generally offer investment management services for equity, fixed income, and balanced portfolios. We manage client accounts with a primary emphasis on the attractiveness and appropriateness of individual investments given the particular circumstances of each client account. The investment managers and analysts comprise the investment management committee (Investment Committee) and collectively average 24 years of investment experience. These professionals work collaboratively, leveraging their combined experience for the benefit of our clients. Investment portfolios are tailored to meet the needs and objectives of individual clients. Clients may impose investment restrictions regarding certain securities or types of securities within their portfolio. In addition, we provide investment management services to privately-placed pooled investment vehicles (the “Private Funds”) focusing on venture capital investments in a variety of sectors. Investment management services are provided on a discretionary basis and we typically engage third-party service providers, such as administrators and auditors, on behalf of the Private Funds. We provide investment management services as described in the investment strategy of the relevant Private Fund. The investment strategy is outlined in each fund’s Private Placement Memorandum (the “PPM”), limited partnership agreement, or other governing documents (collectively, the “Governing Documents”). The Governing Documents should be read carefully for a description of the merits for, and risks associated with, such type of investment prior to investing. Additionally, we have the ability to enter into agreements, such as side letters, with certain investors in the Private Funds that provide for terms of investment that are more favorable than the terms provided to other investors in the Private Funds. Such terms may include, but are not limited to, the waiver or reduction of fees or the provision of additional reports and information. Any existing side letters or other agreements are generally disclosed only to investors in the applicable Private Fund that have the right to review such agreements. We offer financial planning services tailored to the needs of the client; services

may vary from informal advice for clients of our investment advisory services to a formal written plan developed in consultation with the client. Services may include an analysis of a client’s overall financial condition and investment needs; an analysis of net worth, asset distribution, asset growth and cash flow; estate planning, retirement, and other funding needs; as well as other specific areas of client concern such as education planning. As part of the financial planning services offered, the potential for certain conflicts between the interests of the adviser and the client may arise due to the potential recommendation of certain investments that may be effected through the adviser’s investment advisory services. Clients are under no obligation to act upon any financial planning recommendations made nor to implement any recommendations through the adviser. In addition to separately managed accounts and the Private Funds, we manage the Mairs & Power Growth Fund, the Mairs & Power Balanced Fund, the Mairs & Power Small Cap Fund, and the Mairs & Power Minnesota Municipal Bond ETF (collectively, the “Funds”), all a series of the Trust for Professional Managers. Information concerning the Funds, including advisory fees charged, is available in the Funds’ prospectuses. As of December 31, 2023, we managed $10,782,680,646 of client assets on a discretionary basis and $172,493,179 of client assets on a non-discretionary basis. Client Investment Guidelines and Restrictions We manage portfolios subject to client-imposed investment guidelines and restrictions. Our investment management services can be tailored to a client’s needs, provided they are clearly stated and not unduly burdensome or restrictive. See Item 16 - Investment Discretion for more information. The Funds, including the Private Fund, and any other commingled vehicles that we may manage are not subject to an individual investor’s investment restrictions but are managed in accordance with the prospectus or similar governing documents. ERISA Restrictions To the extent a client account is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the client must inform us of any employer securities the client is not permitted to own under ERISA. In addition, in order to rely on the class exemption for qualified professional asset managers, the client must provide us with a list of every party with the authority to appoint or terminate Mairs & Power as investment adviser or to negotiate the terms of an investment management agreement with Mairs & Power with respect to the account, and certain affiliates of those parties.