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Volatility Disclosure Statement

TurboTrade Financial, Ltd. wishes to alert you to the existence or potential existence of conditions of extreme volatility in one or more securities traded by you. While we appreciate your business and understand that your strategies may include taking advantage of these volatile conditions, we want you to know that in trading these securities you are assuming the risk of illiquidity, and potential losses as a result of unanticipated market conditions, sudden price moves, influx of orders, trading halts, etc. In particular, please be advised as follows:

1. High volumes of trading in a particular security or groups of securities at the opening or during the day may cause delays in execution or executions at prices significantly away from the market prices quoted.
2. Normal automated execution processes are quite likely to be overridden during periods of high volatility, including manual executions and reductions of order size guarantees.
3. Market orders must be executed promptly and therefore may be at prices and quantities that differ significantly from those expected or displayed.
4. While limit orders must be executed at the required price and size, significant delays and even failures of execution may occur if limits are not reached.
5. Computerized or other electronic direct access by you to an account or trading system is no guarantee that orders will be promptly processed or executed and you should be aware of the risk of substantial halts or delays and lack of access during periods of extreme volatility, including lack of telephone access.
6. While the company believes that its systems [and those of its clearing organization] are adequate to service all customers promptly during periods of extreme volatility, there is no guarantee that these systems will not be overloaded on occasion and therefore be less effective than normal in providing required service.
7. Initial Public Offering (IPO) securities are particularly likely to experience conditions of extreme volatility and investors in these issues should be particularly aware of the risks described above, including specifically the risk that the investor's order may be executed at a "top" from which the price thereafter experiences a precipitous decline, TurboTrade Financial, Ltd. has a policy of requiring all purchases of certain IPO stocks to be made only through a Registered Representative.]
8. You may experience that the company has raised maintenance margin requirements in your account to make sure that there is enough liquidity to absorb volatile price changes, or eliminating margin altogether for certain securities.
9. The entering of duplicate "cancellation" or "replacement" orders by you in order to achieve better execution may lead to your being responsible for ALL orders entered.

IF YOU HAVE ANY QUESTIONS ABOUT THE FOREGOING, PLEASE CONTACT YOUR BROKER AND PLEASE TAKE STEPS TO PROTECT YOURSELF THROUGH THE USE OF "LIMIT ORDERS" OR OTHERWISE.