The flex ring sits in the exhaust can end of the flex and helps to prevent damage to the flex edges and does a pretty good job. It will add 5mm to the overall flex length. It must be the official TKM stamped one. It's also useful for tuning flex length in practice; adding/removing 5mm without looking for the hacksaw! The exhaust wrap is required as a noise reduction aid, not as exhaust sealer. Fit the exhaust and flex, apply the wrap between the 2 flanges, then fit the retaining springs. You could use lock wire to keep wrap in place before fitting springs and I would endorse AlanRR's use of lockwire to keep the whole thing together, including at the exhaust cradle.
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