We open in the Arrowlair, where the producers have decided to put the Shirtless Training Montage (or "STM") right at the top of the episode for once. Oliver has rigged up some kind of setup involving a rope, a pulley and a lot of concrete blocks. Then he drops the blocks for no apparent reason.
Well. I say "no apparent reason," but I should admit that for the first twenty minutes of this episode, all the CW was providing was the background music and sound effects. To get the dialogue, I had to turn on the closed captions. So it's possible I missed some of the nuances. On the other hand, there was kind of an artsy silent-movie vibe. So it's possible that Oliver was distracted by the news that he's about to be looking at. It says "Holder Group not liable for negligence in blaze," and you know how angry Oliver gets at people who aren't liable. And a glance at the notebook reveals that James Holder is on The List. Out comes the bow, which is not currently strung.
We next see a man who is presumably James Holder. He's strolling around at night next to a swimming pool on top of a skyscraper. And he's telling someone on the other end of a telephone that he's had to pay his legal team a lot of money to get him off. I can't hear his voice, but he probably sounds like a smug jackass. As he ends his call, his beer bottle shatters. Because Oliver (in his hood) is standing about twenty feet away and shot it with an arrow. He warns Holder that his security team can't hear him. Hey, neither can I! He asks how many people died in the fire. And as he starts to berate Holder, there's a gunshot! Holder dies suddenly because there was a sniper across the street. Holder falls into the pool and Oliver gets out of there. But not before being grazed by a stray shot.
After the credits, Oliver has returned to the Arrowlair so he can sew up his shoulder wound. That's the second time he's found a way to get his shirt off, and the episode's barely started. He voiceovers that he's not surprised that Holder has more than one enemy. So he crosses James Holder off the list. Then he staggers, realizing the bullet was poisoned. He goes to his box of island stuff and eats some grass. He's fine! Boy, it's a good thing that whatever poison was on the bullet just happened to have the antidote in the box!