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All Equity Portfolio Strategy Objective Logistics Our primary objective is to participate in market gains, but to avoid significant losses. Our research shows that virtually all market declines of significance are preceded by periods of negative, more moderate price decreases. Our strategy attempts to exit markets during the preliminary phase of the decline, before large losses are realized. When markets are rising, assets are fully invested and we attempt to track the market indices. During significant long-term declines, Toews attempts to mimic the return of money market or fixed income instruments and avoid the majority of losses. Inception Date April 1996 Firm AUM as-of 3/31/2017 $1,678,738,007 Target Allocation when fully allocated Small Cap Stocks 25% Mid Cap Stocks 25% Large Cap Stocks 18% Performance Developed Int'l Stocks 30% Money Market 2% Time Period: 4/1/1996 to 3/31/2017 $ 475 $ 400 $ 325 $ 250 $ 175 $ 100 $ 25 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Toews All Equity (Gross) Toews All Equity (NET) Toews All Equity Benchmark Annualized Return Cumulative Return Annualized Excess Return Cumulative Excess Return Toews All Equity (Gross) 6.69% 289.90% 0.45% 33.07% Toews All Equity (NET) 5.20% 189.82% -1.05% -67.01% Toews All Equity Benchmark 6.24% 256.83% 0.00% 0.00% Calculation Benchmark: Toews All Equity Benchmark Past performance is no guarantee of future results. All investments involve risk, including the potential loss of principal invested. The use of Toews does not eliminate risks associated with investing. Consider the investment objectives, risks, charges, and expenses carefully before investing. The investment return and principal value of an investment will fluctuate. The investor’s account may be worth less than the original investment when liquidated. Drawdown Time Period: 4/1/1996 to 3/31/2017 0% -20% -40% -60% -80% 1997 1998 1999 2000 2001 Toews All Equity (Gross) 2002 2003 2004 2005 2006 2007 2008 Toews All Equity (NET) 2009 2010 2011 2012 2013 2014 2015 2016 Toews All Equity Benchmark Max Drawdown Average Drawdown Average Loss Worst Quarter Best Quarter Toews All Equity (Gross) -25.46% -5.00% -3.37% -9.45% 28.42% Toews All Equity (NET) -29.31% -5.54% -3.44% -9.68% 26.95% Toews All Equity Benchmark -61.30% -11.49% -10.00% -27.18% 29.75% Phone: 1 (888) 600-6522 www.ToewsCorp.com Source: Morningstar Direct 1204620a MK All Equity Portfolio Return / Loss Deviation Time Period: 4/1/1996 to 3/31/2017 8% Return 6% 4% 2% 0% 0% 3% 5% 8% 10% 13% 15% Loss Deviation Toews All Equity (Gross) Toews All Equity (NET) Toews All Equity Benchmark Return Standard Deviation Loss Deviation Alpha Beta Toews All Equity (Gross) 6.69% 13.33% 5.37% 2.33% 0.44% Toews All Equity (NET) 5.20% 13.20% 5.76% 0.92% 0.43% Toews All Equity Benchmark 6.24% 21.87% 14.20% 0.00% 1.00% Calculation Benchmark: Toews All Equity Benchmark Return Calendar Year Returns 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Toews All Equity (Gross) S&P 500 Index Toews All Equity (NET) Toews All Equity Benchmark 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Toews All Equity (Gross) 9.15% 20.62% 30.34% 21.81% 6.21% -8.87% -12.74% 24.70% 3.74% 0.88% 14.02% Toews All Equity (NET) 7.33% 18.05% 28.22% 18.74% 4.41% -10.70% -14.50% 22.27% 1.61% -1.13% 13.56% Toews All Equity Benchmark 7.88% 13.31% 15.33% 41.45% -15.94% -19.78% -29.11% 41.60% 13.19% 9.81% 13.85% S&P 500 Index 16.70% 33.36% 28.58% 21.04% -9.10% -11.89% -22.10% 28.68% 10.88% 4.91% 15.79% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Toews All Equity (Gross) 2.18% -3.58% 36.67% 9.87% -19.36% 11.00% 26.39% -1.70% -8.76% -5.12% 4.20% Toews All Equity (NET) 2.18% -3.58% 34.70% 8.46% -20.20% 9.89% 25.11% -2.70% -9.75% -6.14% 3.81% Toews All Equity Benchmark 13.11% -42.53% 36.98% 19.65% -4.14% 16.42% 32.65% 4.03% 1.17% 4.93% 7.24% S&P 500 Index 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% 1.38% 11.96% 6.07% Phone: 1 (888) 600-6522 www.ToewsCorp.com Source: Morningstar Direct 1204620a MK Past performance is no guarantee of future results. All investments involve risk, including the potential loss of principal invested. The use of Toews does not eliminate risks associated with investing. Consider the investment objectives, risks, charges, and expenses carefully before investing. The investment return and principal value of an investment will fluctuate. The investor’s account may be worth less than the original investment when liquidated. Toews Corporation (Toews or TC) is an SEC registered investment adviser with its principal place of business in the State of New Jersey. This presentation is limited to the dissemination of general information pertaining to its investment advisory/management services. The Toews All-Equity composite shown reflects the reinvestment of dividends and other earnings and is shown both gross and net of the management fee charged by Toews and gross of any custody fee. The Toews All-Equity performance shown is gross and net performance of IRMS accounts from March 31, 1996 through February 28, 2006, and reflects gross and net performance of i-Vest accounts from February 28, 2006 through March 31, 2017. The IRMS program generally consists of variable annuities contracts and is managed using available sub-accounts of the annuity. Although investment strategies in both programs are the same, performance is shown for i-Vest after 2005 because it is a better expression of TC’s management capability and end-investor cost (selection of investments is not as limited as with annuities, and annuities in IRMS may have a variety of insurance features that may increase cost significantly. The Toews All-Equity portfolio invests mainly in equities and/or equity derivatives/futures. Prior to 07/29/2015, the Toews All-Equity portfolio was referred to as the Toews Aggressive Growth portfolio. The Toews All Equity Benchmark is comprised of 30 percent Morningstar Small Cap Growth, 20 percent Morningstar Mid Cap Growth, 20 percent Morningstar Large Cap Growth, & 30 percent MSCI EAFE—rebalanced monthly. Prior to June 30, 1997, the Toews All Equity Benchmark was comprised of 30 percent Russell 2000 Growth Index, 20 percent Russell Mid Cap Growth Index, 20 percent Russell 1000 Growth Index, & 30 percent MSCI EAFE. The MSCI EAFE Index is an equity index of 900 large and mid-cap companies in Developed Markets countries excluding the US and Canada. The S&P 500 Index (S&P) has been used as a comparative benchmark because the goal of the above account is to provide equity-like returns. The S&P is one of the world’s most recognized indexes by investors and the investment industry for the equity market. The S&P, however, is not a managed portfolio and is not subject to advisory fees or trading costs. Investors cannot invest directly in the S&P 500 Index. The S&P returns also reflect the reinvestment of dividends. Clients or prospective clients should be aware that the referenced benchmark funds may have a different composition, volatility, risk, investment philosophy, holding times, and/or other investment-related factors that may affect the benchmark funds’ ultimate performance results. Therefore, an investor’s individual results may vary significantly from the benchmark’s performance. 1204620a MK The Russell 2000 Index is a subset of the Russell 3000 equity index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 1000 Growth index measures the performance of the Russell 1000’s growth segment, which includes firms whose share prices have higher price to book ratios and higher expected earnings growth rates. The Russell Midcap Growth index measures the performance of the mid capitalization growth sector of the U.S. equity market. Indices are not managed, and investors cannot invest directly in an index. Comparison of the Toews composite to the “market” is for illustrative purposes only. Investors should be aware that the referenced benchmarks may have a different composition, volatility, risk, investment philosophy, holding times, and/or other investment-related factors that may affect the benchmark’s ultimate performance results. There is no guarantee that the Toews composite or any individual account will outperform any benchmark in any given market environment. Toews portfolios are actively traded and thus are not tax efficient. Investors may incur additional tax liabilities as a result of investing in Toews portfolios. Performance of any particular client account may differ from the composite depending on each client’s investment objectives, allocations, timing of funding of the account, withdrawals of or additions to the account, size of the account, tax status of the account, investment instruments and custodial platforms chosen. All statistics are calculated on a quarterly basis, and all performance not provided by Morningstar has been calculated on a quarterly basis. Any third-party performance, including all calculations, contained herein is believed to be accurate but has not been verified by Toews Corporation. Therefore, Toews Corporation cannot take responsibility for its completeness or accuracy. All calculations have been computed by Morningstar. Target Allocations are for when the portfolio is fully invested; however, allocations may fluctuate at any given time. Loss Deviation: A measure of dispersion about an average which depicts how widely negative returns vary during the investment period Average Loss: A geometric average of the quarters with a loss Max Drawdown: Maximum peak to trough decline during a specific record period, quoted as the percentage between the peak to the trough Average Drawdown: Average of all peak to trough declines, quoted as the percentage between the peak to the trough Worst Quarter: The lowest quarterly return of the investment during the investment period Best Quarter: The highest quarterly return of the investment during the investment period Standard Deviation (Std Dev): A measure of dispersion about an average which depicts how widely the returns vary during the investment period 1204620a MK Alpha: A measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta Beta: A measure of systematic/market risk with respect to a benchmark. Measures the sensitivity of the fund’s excess return with respect to the benchmark’s excess return that results from their systematic co-movement For additional information about Toews, including fees and services, send for our disclosure statement as set forth on Form ADV by writing to Toews at Toews Corporation, 1750 Zion Road, Suite 201, Northfield, NJ 08225-1844 or phoning us at (877) 863-9726. 1204620a MK