Everyone who was at the gala goes outside. The doors were right next to them, so there isn't much panic. Deadshot continues looking and tells China White that the target isn't taking the bait. He'd like Malcolm driven upstairs. We see Malcolm grab Tommy. "There's an exit on the second floor," he says. What? Like, with an external staircase? That seems unlikely. And Tommy was already outside! But they run up the stairs anyway. Upstairs, there are Chinese goons with machine guns. Oliver's there! He shoots one and tells the Merlyns to run. Malcolm says they're going to his panic room. Deadshot takes a bead on the penthouse. Oliver kills one goon and beats up four others. China White takes her wig off, and her hair looks great underneath it. I mean, considering it's been tucked under a wig for hours. She and Oliver fight, clearly revealing his face in the process. But I think she didn't notice.
The Merlyns are stopped by two goons. I guess they carefully guard the staircases. Malcolm smoothly takes their guns and kills them. Tommy is shocked! Once they're in the penthouse, Malcolm assures Tommy that they're safe. The glass is bulletproof Lexan. Tommy continues to be shocked that his father can fight. And kill. Fancy close-ups show Deadshot's gun being loaded. Malcolm opens his Arrowroom (a secret room behind a bookcase where he keeps his Black Arrow stuff), but before he can show Tommy his secret, Deadshot fires. It's an explosive! A hole is blown in the fancy Lexan windows, and the door to the Arrowroom slides shut.
Oliver is still fighting China White. He's about to kill her when McKenna comes up and tells him to freeze.
The Merlyns stand up. Deadshot shoots Malcolm through the chest. He's not moving.
McKenna tells Oliver to turn around slowly. He slowly turns but he still has the bowstring drawn back. He shoots a fire extinguisher, which immediately fills the entire room with smoke. Oliver escapes. The police should really stop warning him, because he consistently escapes without being shot.
Malcolm's alive! He was wearing a bulletproof vest. He says he'll be fine, even though there's blood. He faints. Oliver comes up to the penthouse (there's no explanation to how he got in the panic room, because I don't think he went outside and came in through the hole in the window) and sniffs a bullet. It's coated in curare, which is still the stupidest thing. Tommy should be able to see Oliver's face from there. He's pointing a gun at Oliver and seems distraught. Oliver says Malcolm needs Tommy's blood to dilute the curare. Tommy yells, "Why should I trust you?!" and Oliver unhoods and says "Because you always have." Yet another person learns that Oliver Queen is the vigilante.