$1,400,000,000+ approx. as of 4/30/12

2. $1,400,000,000+ approx.as of 4/30/12

4. Benefits of tactical strategies • Able to move in and out of no-load, stock market mutual funds in response to varying market conditions • Uses inverse funds with the goal of profiting even when the traded market is falling • Employs leveraged funds to have even greater market participation when their models signal particularly favorable market conditions • Seeks to improve the risk-adjusted returns of the portfolio by reducing drawdown during market sell-offs and increasing participation in market rallies

5. Introducing two new tactical strategies Volatility Adjusted NASDAQ (VAN) Contrarian S&P Trading (CSPT)

6. Volatility Adjusted NASDAQ (VAN) Benefits of Volatility Adjusted NASDAQ (VAN) • Evaluates the current short-term volatility risk relative to its long-term historical average on a daily basis • Combines momentum with this volatility measure • Targets equity index market exposure through aggressive leveraged position sizing in low-risk environments, and partial, neutral or short positions in volatile markets • Suitable for more aggressive investors

7. Volatility Adjusted NASDAQ (VAN) Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. 98-Dec. 11). Strategy returns shown are after 2.6% advisory fee. An establishment fee of 1.2% has been deducted at inception. The Index shown is not tradable. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

8. Volatility Adjusted NASDAQ (VAN) Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. 98-Dec. 11). Strategy returns shown are after 2.6% advisory fee. An establishment fee of 1.2% has been deducted at inception. The Index shown is not tradable. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

9. Most frequently asked question:VAN and Self-Adjusting Trend Following (STF) 1998-2012 YTD   Correlation matrix for the same period: Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. 98-Dec. 11). These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

10. Contrarian S&P Trading Benefits of Contrarian S&P Trading (CSPT) • Seeks to provide “market returns” in up markets and to outperform the S&P 500 Index in down markets • Goes long only when a strict set of high probability circumstances are present • Offers low drawdown impact • May be appropriate for a wide range of suitability profiles

11. Contrarian S&P Trading Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. 98-Dec. 11). Strategy returns shown are after 2.6% advisory fee. An establishment fee of 1.2% has been deducted at inception. The Index shown is not tradable. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

12. Contrarian S&P Trading Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. 98-Dec. 11). Strategy returns shown are after 2.6% advisory fee. An establishment fee of 1.2% has been deducted at inception. The Index shown is not tradable. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

13. Suggested client suitability VAN CSPT Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

14. Strategic High Yield Bond growth of $100,000 Based on hypothetical research Merrill Lynch High Yield Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. ’98 – Mar. ‘12). Strategy returns shown are after 2.6% advisory fee. An establishment fee of 1.2% has been deducted at inception. The Index shown is not tradable. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

15. Strategic High Yield Bond Buy-and-sell dates SOLD MONDAY Source: Merrill Lynch High Yield Index and ProfitScore Capital Management, Inc. buy and sell signal dates. Information utilized for Flexible Plan Hypothetical Research Reports Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

16. Why another high yield bond strategy? One of the most effective active management strategies Trades more often then most competitors Other providers are at capacity – many of the best high yield funds are not available to them – we’re still small & flexible Diversify your clients’ managed high yield investments by adding a manager

17. Third Day Tactical Blend growth of $100,000 Based on hypothetical research S&P 500 Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. ’98 – Mar. ‘12). Strategy returns shown are after 2.6% advisory fee. An establishment fee of 1.2% has been deducted at inception. The Index shown is not tradable. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

18. Key Points • The Third Day strategies seek to reduce risk and enhance performance by: • being completely out of the market much of the time • calculating each trade’s position size according to the historical success of the indicators that are operative for that trade • Tactical Blend and Tactical Blend Balanced are absolute return strategies, tending to produce returns in a non-correlated fashion to: • 1) the equity markets and • 2) momentum or trend-following strategies

21. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

22. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

25. Marketing materials availableUpon request • Contact our Internal Sales Department at 800-347-3539 ext. 2 or sales@flexibleplan.com VAN marketing flier CSPT marketing flier Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

26. 3 Easy ways to illustrate to clients Illustration Generator OnTarget proposal Research report Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

27. 5 profiles

31. Disclosures This presentation is provided for information purposes only and should not be used or construed as an indicator of future performance, an offer to sell, a solicitation of an offer to buy, or a recommendation for any security. Flexible Plan Investments, Ltd. cannot guarantee the suitability or potential value of any particular investment. Advisor provides suitability-based profiles designated Enhanced Income, Conservative, Moderate, Balanced, Growth and Aggressive. Clients should draw no conclusions from such titles. They are simply a way of designating the hierarchical ranking of the MAPS portfolios within the MAPS program. They are not meant to imply any ranking within some universal risk measure or benchmark, nor are they equivalent to a client’s subjective concept of the term. The Research results provided are HYPOTHETICAL. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Annual returns are compounded weekly and are inclusive of the last full trading week of the year, but may not necessarily include the last trading day of the year. Research results are NOT represented as actual trading of client experience nor do they reflect the impact on decision making of economic or market factors experienced during actual management of funds. Performance between selected dates may be misleading as indicative of overall performance of a strategy since the dates chosen by the operator of the program are susceptible of having been selected to present optimum performance. The maximum investment advisory fee is 2.6% yearly, dependent upon assets under management, and is deducted quarterly. Expenses of the funds or sub-accounts are included to the extent they are reflected in the NAV. Other fees may apply. All expenses are required to be disclosed in each investment’s prospectus available from your financial representative and the product provider. Distributions have been reinvested. When provided, dividends are reinvested for indexes. In those cases where indexes do not provide dividend information, those returns would be understated. And, as with all third parties, Flexible Plan by necessity relies on their information, data and software provided, but whose reliability, while believed to be accurate, cannot be guaranteed and losses may result from reliance upon them. These are normal risks for which Flexible Plan takes no responsibility beyond use of reasonable care in its selection of the third party. As individual tax rates vary, taxes have not been considered. Various minimum-holding periods for each fund may be utilized to comply with trading restrictions. Advisor reserves the right to change these periods. No index is directly tradable. Actual investment performance of any trading strategy may frequently be materially different than the results shown. Some funds used in the model may not be available for future use. As supplemental information, a listing of all assumed trades and other data used to generate the referenced results is available upon requests. Inquiry of more current results is advised. The performance data quoted on reverse represents past hypothetical performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. If the Universe Components consist of Evolution Funds, since Flexible Plan Investments would receive a fee for its sub-advisor activities, the client will receive a pro-rata credit on his billing. These credits are not reflected in the results shown, causing an understatement of returns where they exist. Rafferty Asset Management, LLC serves as the Funds’ Investment Advisor and Flexible Plan Investments, Ltd. serves as the Funds’ sub-advisor. Read the Direxion Funds Prospectus and Flexible Plan Investments’ Brochure Form ADV Part 2A carefully before investing. In deciding whether to invest in the Funds described, you should carefully consider the investment objectives, risks and the charges and expenses of the investment company before investing. The Prospectus and Funds’ SAI contain information regarding the above considerations and more. You may obtain a Prospectus and SAI by calling Direxion Funds at (800) 851-0511 or writing Evolution Managed Funds, P.O. Box 1993, Milwaukee, WI 53201-1993 or download the PDF from http://www.flexibleplan.com/files/docs/EVProspectus.pdf. Returns shown are net of a 2.6% management fee. A Maximum Establishment Fee of 1.2% has been deducted at inception. PAST RESEARCH REPORT RESULTS DO NOT GUARANTEE FUTURE RESULTS. Inherent in any investment is the potential for loss as well as the potential for gain. A list of all recommendations made within the immediately preceding year is available upon written request. See “Risk Considerations” in Brochure Form ADV Part 2.

32. Mark your calendars Coming June 1 more out-of-the-box solutions Features • Utilize all of Flexible Plan’s universe of strategies to draw from, including any new strategies that become available as well as those from 1998 or prior • Draws from all asset categories • Ability to go long or short and use leverage • Many have GIPS reports • Offers low volatility and low correlation that may lead to a smoother equity line • All portfolios use the same strategies in different allocations depending on the suitability

33. Diversified Tactical Equity Features • Actively managed strategies that move in and out of no-load equity mutual funds in response to tactical signals • Volatility Adjusted portfolio allocations quarterly • Available on accounts as low as $5,000

34. Diversified Tactical Equity growth of $100,000 Based on hypothetical research S&P 500 Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. ’03 – Apr. ‘12). Strategy returns shown are after 2.6% advisory fee. An establishment fee of 1.2% has been deducted at inception. The Index shown is not tradable. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

35. Diversified Bonds Features • Diversified portfolios that utilize low-correlated, actively managed bond strategies that seek to provide investors with competitive returns while reducing risk • Actively managed strategies that move in and out of no-load bond mutual funds in response to tactical signals • Volatility Adjusted portfolio allocations quarterly • Available on accounts as low as $5,000

36. Diversified Bonds growth of $100,000 Based on hypothetical research DJ Corporate Bond Index Source: Flexible Plan Investments’ Hypothetical Research Reports (Jan. ’03 – Apr. ‘12). Strategy returns shown are after 2.6% advisory fee. An establishment fee of 1.2% has been deducted at inception. The Index shown is not tradable. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

37. Efficient Frontier DTE and DBD Combination Return T-Bill Risk Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

38. Website resources 0

39. Best and worst in the 4/2 – 5/22/12 downturn FPI, all Strategic Solutions, Wolf Pack Advisors and Schwab strategies 4/2/2012 – 5/22/2012. Performance is after applying prorata maximum advisory fee of 2.6%. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request. Source: Performance is derived from the exchange history files of each strategy used. Actual buy-sell trading signals and pricing are used in conjunction with such files to create the applicable statistics for each model account. These exchange-history derived returns are believed representative of each strategy’s actual results, but the results do not represent the actual experience of any client during the period. Index returns during the same period: S&P 500 -6.5% Barclays Aggregate Bond Index 1.2% Best and worst 2012 YTD Index returns during the same period: S&P 500 4.7% Barclays Aggregate Bond Index 1.4%

40. Percentage of FPI strategies beating S&P 500 since 4/2/2012 decline began Source: Performance is derived from the exchange history files of each strategy used. Actual buy-sell trading signals and pricing are used in conjunction with such files to create the applicable statistics for each model account. These exchange-history derived returns are believed representative of each strategy’s actual results, but the results do not represent the actual experience of any client during the period. FPI, all Strategic Solutions, Wolf Pack Advisors and Schwab strategies 4/2/2012 – 5/22/2012. Performance is after applying prorata maximum advisory fee of 2.6%. Past performance does not guarantee future results. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding 12 months is available upon request.

41. BONUS Market insights from Jerry Wagner Bespoke Investment Group Bespoke Investment Group

44. Bespoke Investment Group

46. Disclosures This presentation is provided for information purposes only and should not be used or construed as an indicator of future performance, an offer to sell, a solicitation of an offer to buy, or a recommendation for any security. Flexible Plan Investments, Ltd. cannot guarantee the suitability or potential value of any particular investment. Advisor provides suitability-based profiles designated Enhanced Income, Conservative, Moderate, Balanced, Growth and Aggressive. Clients should draw no conclusions from such titles. They are simply a way of designating the hierarchical ranking of the MAPS portfolios within the MAPS program. They are not meant to imply any ranking within some universal risk measure or benchmark, nor are they equivalent to a client’s subjective concept of the term. The Research results provided are HYPOTHETICAL. These results were achieved by means of retroactive application of a computer model and may not represent the results of actual trading. Annual returns are compounded weekly and are inclusive of the last full trading week of the year, but may not necessarily include the last trading day of the year. Research results are NOT represented as actual trading of client experience nor do they reflect the impact on decision making of economic or market factors experienced during actual management of funds. Performance between selected dates may be misleading as indicative of overall performance of a strategy since the dates chosen by the operator of the program are susceptible of having been selected to present optimum performance. The maximum investment advisory fee is 2.6% yearly, dependent upon assets under management, and is deducted quarterly. Expenses of the funds or sub-accounts are included to the extent they are reflected in the NAV. Other fees may apply. All expenses are required to be disclosed in each investment’s prospectus available from your financial representative and the product provider. Distributions have been reinvested. When provided, dividends are reinvested for indexes. In those cases where indexes do not provide dividend information, those returns would be understated. And, as with all third parties, Flexible Plan by necessity relies on their information, data and software provided, but whose reliability, while believed to be accurate, cannot be guaranteed and losses may result from reliance upon them. These are normal risks for which Flexible Plan takes no responsibility beyond use of reasonable care in its selection of the third party. “Model Account” results for the identified investment management strategy shown are time weighted geometrically linked returns. Except where noted, statistics are taken from single strategy accounts and are representative of our largest mutual fund and variable annuity holdings. These returns reflect actual accounts and dates of Flexible Plan's buy and sell signals. If an account terminates during a period, an alternative single account is substituted. Selection of accounts to serve as “model accounts” is based on the longevity of the account and least number of additions and withdrawals. Accordingly, many of the single accounts serving as ‘models’ are titled in the name of Flexible Plan’s President and sole shareholder, a person related to Flexible. If single strategy account histories are unavailable, statistics applicable to such accounts are derived from the exchange history files of each strategy used. Actual buy-sell trading signals and pricing are used in conjunction with such files to create the applicable statistics for each model account. These exchange-history derived returns are believed representative of each strategy’s actual results, but the results do not represent the actual experience of any client during the period. Therefore, these results may not reflect the impact that material economic and market factors might have had on the results. Nor do they reflect any problems of execution or pricing that may have been encountered in the actual implementation of the buy and sell signals shown in the exchange history files, the effect of which has not been determined, and may be indeterminable. As individual tax rates vary, taxes have not been considered. Various minimum-holding periods for each fund may be utilized to comply with trading restrictions. Advisor reserves the right to change these periods. No index is directly tradable. Actual investment performance of any trading strategy may frequently be materially different than the results shown. Some funds used in the model may not be available for future use. As supplemental information, a listing of all assumed trades and other data used to generate the referenced results is available upon requests. Inquiry of more current results is advised. The performance data quoted on reverse represents past hypothetical performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. If the Universe Components consist of Evolution Funds, since Flexible Plan Investments would receive a fee for its sub-advisor activities, the client will receive a pro-rata credit on his billing. These credits are not reflected in the results shown, causing an understatement of returns where they exist. Rafferty Asset Management, LLC serves as the Funds’ Investment Advisor and Flexible Plan Investments, Ltd. serves as the Funds’ sub-advisor. Read the Direxion Funds Prospectus and Flexible Plan Investments’ Brochure Form ADV Part 2A carefully before investing. In deciding whether to invest in the Funds described, you should carefully consider the investment objectives, risks and the charges and expenses of the investment company before investing. The Prospectus and Funds’ SAI contain information regarding the above considerations and more. You may obtain a Prospectus and SAI by calling Direxion Funds at (800) 851-0511 or writing Evolution Managed Funds, P.O. Box 1993, Milwaukee, WI 53201-1993 or download the PDF from http://www.flexibleplan.com/files/docs/EVProspectus.pdf. Returns shown are net of a 2.6% management fee. A Maximum Establishment Fee of 1.2% has been deducted at inception. PAST RESEARCH REPORT RESULTS DO NOT GUARANTEE FUTURE RESULTS. Inherent in any investment is the potential for loss as well as the potential for gain. A list of all recommendations made within the immediately preceding year is available upon written request. See “Risk Considerations” in Brochure Form ADV Part 2.

47. Our schwab 1-year anniversary special On non-Pcra assets • Bring new assets or transfer new assets to FPI actively managed strategies at Schwab (PCRA accounts not eligible). • We will permanently reduce our portion of the fees by 20 bps on the first $500,000 of your client's assets, or you can increase your fees by the same amount. • We make it easy for clients who select Flexible Plan's active management strategies at Schwab. • Discount authorized through June 30, 2012 Updated 5/2012