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Experience. Intelligent Investing.



The insane financial markets volatility in January brought to mind the Bangles refrain: Its just another manic Monday. Except of course every
day was manic.
It all began with currency markets. While plunging energy prices pressured petro-currencies, the speculation regarding the ultimate size of
the QE program the ECB would introduce exacerbated FX volatility to the point that Swiss National Bank chose to abandon its euro-peg. As
traders licked their wounds from this shocking development, the Bank of Canada surprised markets by cutting its overnight rate by 25bps.
Throw into the mix the newly elected left-wing SYRIZA party demanding relief for Greek debt, and the resulting chaos HAD to spill over into
debt and equity markets.
Sadly, these developments were trumped by several terrorist attacks in Paris and Belgium as well as the slaughter of several ISIS hostages.
Twenty-five years after the fall of the Berlin Wall, we can kiss the peace dividend good buy as the world tackles the War on Terror as well as the
escalation of Russian intervention (definitely a euphemism) in Ukraine. There seems little hope for resolution of current geopolitical crises. Yet
improved global partnership is the single most important pre-condition for progress toward greater world prosperity. I find it
difficult to predict harmony in financial markets when the world has become increasingly conflicted, unstable and unequal.
January is the month when strategists express their vision of the world and formulate predictions for the new year. I try to synthesize their
views, combine them with my own, and then reconcile the result with action in equity markets. Of course that just didnt happen this year, as
few market trends lasted longer than a day. So is my conclusion that the manic volatility will become the norm in 2015? I certainly hope not.
Definite trends will emerge as the year progresses and markets will begin to digest and embrace the New Global Context (2015 Davos theme).
Until that happens, I am stuck with the Manic Monday refrain playing in my head.
Despite the volatility and manic theme, the portfolios held steady and we managed to finish the month in positive territory
Thank you for your continued interest in the Fund. For further information, please contact your regional Arrow Capital representative.

Veronika Hirsch

Portfolio Manager
Arrow Capital Management Inc.

Unless otherwise stipulated Exemplar Funds returns are net of all fees, in Canadian dollars, reflect class A units and assume
reinvestment of all distributions. Commissions, trailing commissions, management fees and expenses all may be associated
with mutual fund investments. Please read the full prospectus before investing. Except as otherwise noted the indicated rates of
return are the historical compounded total returns including changes in share or unit value and the reinvestment of all dividends
or distributions and do not take into account the sales, redemption, distribution, optional charges or income tax payable by the
unitholder or shareholder that would have reduced returns. Mutual funds are not insured or guaranteed by Canada Deposit
Insurance Corporation (CDIC) or any other insurer. Mutual funds are subject to risks of loss of capital and income and their values
change frequently. Past performance may not be repeated.
^ Indices are denoted in US dollars.
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