Company Press Release

Mairs & Power Announces Lead Investment Manager Changes at Funds

ST. PAUL, Minn.--Veteran fund managers Mark L. Henneman and Ronald L. Kaliebe were named lead manager of the Mairs & Power Growth Fund and Mairs & Power Balanced Fund respectively, effective July 1st. William Frels, lead manager of both funds, moves to a co-manager role in preparation for his retirement in 18 months.

“Bill’s leadership and mentorship at Mairs & Power over the past three decades leave an important legacy. He has worked effectively with both Mark and Ron for several years and the Funds will benefit as that close working relationship continues during this planned management transition”

“Bill’s leadership and mentorship at Mairs & Power over the past three decades leave an important legacy. He has worked effectively with both Mark and Ron for several years and the Funds will benefit as that close working relationship continues during this planned management transition,” said Jon A. Theobald, President and CEO, Mairs & Power, Inc.

These portfolio management moves are being made to allow for a smooth transition in the management of the Funds during the eighteen months leading up to Frels’ mandatory retirement date of December 31, 2014 at age 75. The conservative, long-term investment management approach of both the Growth Fund and the Balanced Fund will remain unchanged.

Frels, who joined Mairs & Power in 1992, has been lead manager of the Mairs & Power Balanced Fund since then. He was co-manager of the Mairs & Power Growth Fund with George A. Mairs III from 1999 through 2004, when he became lead manager. Kaliebe, who joined Mairs & Power in 1999 and Henneman, who joined in 2004, both assumed co-manager roles at their respective funds in 2006. Henneman and Frels were named Morningstar’s Domestic Equity Fund Managers of the Year for 2012.

As of June 28, 2013, the Mairs & Power Growth Fund (MPGFX) held $3 billion in assets under management and the Balanced Fund (MAPOX) held $463 million in assets under management.