Operational Update - March 2020

Dear Client,

There are few moments when our collective interdependence is as clear as it is now. Gilder Gagnon Howe & Co. consists of 88 employees living in 77 different zip codes, as well as thousands of clients located across the United States and the world. While our individual and communal health are of utmost importance, we write now to provide an update on how we are ensuring the firm can continue to serve our clients in a wide range of circumstances.

As you are no doubt aware, businesses across the country, and in New York in particular, are shutting temporarily to mitigate the spread of COVID-19. Last Sunday, we activated our business continuity plans and offered all employees the option of working remotely. On Wednesday, we asked most employees to test their own systems by working from home for the rest of the week. By Friday, only a handful of people were in the office.

Effective today, other than one or two employees designated to check the mail, all employees are working off-site. We have numerous cloud-based systems designed to enable distributed work, and our teams are in constant contact with one another. Phone calls are being forwarded and emails are being checked as usual. Our systems are working well; we don't foresee any interruption to our day to day activities. However, if you experience any delays in response time, please call or send an email directly to your account manager.

As we collect our thoughts, we are reminded of the more than five decades of history we have weathered as a firm. The market has obviously been tough, and just how tough it may get and for how long is unknowable. Nonetheless, we expect that when we reach the other side of this crisis there will be many investment opportunities for our style of investing. In the meantime, please take the utmost care of yourselves and your families.

If you have any questions or concerns, please don’t hesitate to contact us about anything.

In partnership,

Gilder Gagnon Howe & Co.

This document is for informational purposes only and is not an offer (or solicitation of an offer) to buy or sell any security or make any investment. Any opinion or information contained herein is subject to change, and we do not represent that such information is accurate or complete and should not be relied upon as such. No guarantee or warranty is being made as to the reasonableness of the assumptions or the accuracy of the market data used or that actual results may be achieved. This document does not contain a personal recommendation and does not take into account the particular investment objectives, financial situations, or needs of individual clients and should not be relied upon as investment advice. The opinions taken in this communication reflect the judgment of the individual author and are not necessarily the opinions of GGHC. No part of this document may be copied or duplicated in any form.