1. 2018: A Return To Normal Greg Flower Wealth Management
Tuesday, February 6, 2018
Southern Alberta Jubilee Auditorium

2. Disclaimer
Important Information: This document is not to be construed as a public offering of securities in any jurisdiction in Canada. Offering of units in the Arrow Global Growth Fund are made pursuant to the Confidential Offering Memorandum (offering memorandum) only to those investors who meet certain eligibility or minimum purchase requirements.
Important information about the fund including the fund’s fundamental investment objective is contained in the offering memorandum, a copy of which may be obtained from Arrow Capital Management Inc. Please read the offering memorandum carefully before investing. The information and materials in this document are for informational purposes only. They are not intended as investment, financial or other advice. The information included in this document is not an offer to sell. While the information and material in this document are believed to be accurate at the time they are prepared, Arrow Capital Management Inc. (and its affiliates, subsidiaries or sub-advisors) cannot give any assurance that they are accurate, complete or current at all times.
Past returns are not necessarily indicative of future performance. Actual results will vary.
This document is confidential and is intended solely for the information of the person to which it has been delivered. These pages are not complete without the Disclaimer(s). 2

3. Arrow Capital Management Inc.
An investment firm with expertise in global alternative and active portfolio management
Arrow was established in 1999
AUM of over C$1.1 billion
Partners and individual employees are largest investors in Arrow funds - 100% employee-owned
Offices in Vancouver, Calgary and Toronto
Founding Member of AIMA Canada 3

4. Forecast 1: Volatility to Rise
Low Rates = Income Generation Strategy = Speculation
Source: Cornerstone Macro 4

5. Forecast 1: Volatility to Rise
2017 was the second calmest market in history
Source: Pension Partners 5

6. Forecast 2: Interest Rates to Rise
U.S. 10 year Treasury bond poised to hit 3%; European rates are STUPID!
Source: Strategas 6

7. Forecast 3: Debt Becomes Problematic
Even the government is borrowing short term.
Source: Strategas 7

8. Forecast 3: Debt Becomes Problematic
Debt is a global issue across all sectors of economy.
Source: IIF, BIS, IMF, Hauer 8

9. Forecast 3: Debt Becomes Problematic
Rising rates are an issue in Canada
Disposable Income to Consumer Debt Ratio very high
Spillover into housing/credit markets a growing probability
Source: Bank of International Settlements 9

10. Forecast 4: Passive/ETF Peaks
“Crazy” ETFs
3x Leveraged ETF
Commodity ETFs
Odd Strategies
GWO
GURU
Source: Strategas 10

11. Forecast 5: Valuation Does Matter
Source: Cornerstone Macro 11

12. Forecast 6: Commodities Cheap to Financial Assets
Source: Dr. Torsten Dennin, Incrementum AG 12

13. Asset Class Performance
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
SPX
-37 26 15 2 16 32 14 1 12 22
Canadian $
-18 5 -2 3 -7 -9
-16 7
Commodities
-32 4
-26
-27 19
Gold 6 24 30 10
-28 -1
-10 8
US 30Y Bond
-13 23 17
US T-Bills
Spread 56 37 29 25 28 43 27 13
Assets>SPX
Best performing sector
Worst performing sector
There are alternatives to stocks (“TINA”/“FOMO”) 13

14. U.S. Sector Performance
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
SPX
-37 26 15 2 16 32 14 1 12 22
Cons Discret
-33 41 28 6 24 43 10 23
Cons Staples
-15 11 7 5 13
Energy
-35 20 25 -8
-21 27 -1
Financials
-55 17
-17 29 36 -2
Healthcare
-23 3 18 -3
Industrials
-40 21 19
Info Tech
-43 62 39
Materials
-46 49
-10
Real Estate
-45 8
Telecom
-30 9
Utilities
-29 -5
Spread 40 53 37 45 31 30
Sectors>SPX 4
Best performing sector
Worst performing sector 14

15. Conclusion: If our Forecast is Correct?
Need flexible investment mandate
Need to be active
Need to be rational 15

16. For more information, please contact:
Contact Information
For more information, please contact:
T: (416) | TF: (877)
Arrow Capital Management Inc.
36 Toronto Street, Suite 750
Toronto, Ontario
M5C 2C5 16