Watermark in lower right corner of the screen

I just finished downloading the update and am confirming this. Steam Library shows me to be running the unaltered live client. Steam options report that I am not subscribed to the optional beta. The beta tag also appears for me. Same revision number as the OP. After applying Update 41, the server listing has been populated, but it was not populated prior to the update. Full screencap added to show live servers with beta tag client.
steam_3

update41_1

For the sake of clarity, the update referenced here is most likely what updated for me. It may or may not be related.

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