A Note from Michael Hankin, President and CEO of Brown Advisory I love our NOW conferences. NOW, which is short for “Navigating Our World,” is a forum in which we join with clients and friends to learn from thought leaders about some of today’s most profound changes in technology, geopolitics and other fields. The conference is an important part of who we are as an investment firm. Our consideration of external viewpoints is a critical element of Brown Advisory’s culture, reflecting our belief that thoughtful attention to diverse perspectives helps us make better decisions for our clients. We held our first NOW forum in 2008 to mark our 10th anniversary as an independent firm. Since then, we have hosted the conference every other year in Washington, D.C., and, beginning last year, in London as well. NOW is embedded in our firm’s DNA, and is one of our most cherished shared experiences with clients. On April 25, we held our fifth NOW conference with the theme, “Moral Courage in a Time of Disruption.” At NOW, we do not promise answers. Instead, we tackle issues with the goal of helping us enlarge our contributions as citizens and investors. Some of these issues are familiar, such as the latest advances in the battle against cancer. Some challenges require courage, such as how we should address rising inequality in the U.S. All of the issues we discuss are provocative. At the end of the day, we come away with a firmer grasp on the range of possible outcomes generated by several powerful forces for change. In this review, Brown Advisory analysts summarize the themes discussed in most of the NOW sessions. The presentations provided ample food for thought, including possible investment opportunities and implications for client portfolios. We hope you enjoy these session summaries and videos. As always, we welcome your feedback. The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties