Disclosures

An investment in the units issued by United States Gasoline Fund, LP (“UGA”) involves risks. These risks can significantly impact the market value of the units. Some of the risks you may face are summarized below.

• There is the risk that the changes in the price of UGA’s units on the American Stock Exchange will not closely track the changes in the price of gasoline. If these correlations do not exist, then investors may not be able to use UGA as a cost-effective way to invest indirectly in gasoline or as a hedge against the risk of loss in gasoline-related transactions.

• UGA seeks to have changes in its unit’s NAV track changes in the price of gasoline rather than profit from speculative trading of gasoline interests. The General Partner will therefore endeavor to manage UGA’s positions in gasoline interests so that UGA’s assets are, unlike those of other commodity pools, not leveraged (i.e., so that the aggregate value of UGA’s unrealized losses from its investments in such gasoline interests at any time will not exceed the value of UGA’s assets). If the General Partner permits UGA to become leveraged, you could lose all or substantially all of your investment if UGA’s trading positions suddenly turn unprofitable.

• Investors may choose to use UGA as a means of investing indirectly in gasoline and there are risks involved in such investments. Among other things, the gasoline industry experiences numerous operating risks. The risks and hazards that are inherent in the gasoline industry may cause the price of gasoline to widely fluctuate. The exploration for, and production of, crude oil, the raw material used to produce gasoline, is an uncertain process with many risks. The cost of drilling, completing and operating wells for crude oil is often uncertain, and a number of factors can delay or prevent drilling operations or production.

• Investors, including those who participate in the gasoline industry, may choose to use UGA as a vehicle to hedge against the risk of loss and there are risks involved in hedging activities. While hedging can provide protection against an adverse movement in market prices, it can also preclude a hedger’s opportunity to benefit from a favorable market movement.

• Unlike mutual funds, commodity pools or other investment pools that actively manage their investments in an attempt to realize income and gains from their investing activities and distribute such income and gains to their investors, UGA generally does not expect to distribute cash to limited partners or other unit holders. You should not invest in UGA ifyou will need cash distributions from UGA to pay taxes on your share of income and gains of UGA, if any, or for any other reason.

• Goldman, Sachs & Co. (‘’Goldman Sachs’’) sent the United States Oil Fund, LP ("USOF"), another commodity fund managed by the General Partner, a letter on March 17, 2006, providing USOF and the General Partner notice under 35 U.S.C. Section 154(d) of two pending United States patent applications, Publication Nos. 2004/0225593A1 and 2006/0036533A1. Both patent applications are generally directed to a method and system for creating and administering a publicly traded interest in a commodity pool. In particular, the Abstract of each patent application defines a means for creating and administering a publicly traded interest in a commodity pool that includes the steps of forming a commodity pool having a first position in a futures contract and a corresponding second position in a margin investment, and issuing equity interest of the commodity pool to third party investors. Subsequently, two U.S. Patents were issued, the first, patent number US7,283,978B2, was issued on October 16, 2007, and the second, patent number US7,319,984B2, was issued on January 15, 2008.

Preliminarily, we are of the view that the structure and operations of USOF and its affiliated commodity pools do not infringe these patents. We are also in the process of reviewing prior art (prior structures and operations of similar investment vehicles) that may invalidate one or more of the claims in these patents. In addition, we have retained patent counsel to advise us on these matters and are in the process of obtaining their opinions regarding the non-infringement of each of these patents by USOF and/or the patents’ invalidity based on prior art. If the patents were alleged to apply to USOF’s structure and/or operations, and are found by a court to be valid and infringed, Goldman Sachs may be awarded significant monetary damages and/or injunctive relief. See ‘’Operating Risks - Third parties may infringe upon or otherwise violate intellectual property rights or assert that the General Partner has infringed or otherwise violated their intellectual property rights, which may result in significant costs and diverted attention.’’

• UGA is similarly structured and will be a commodity pool that is administered like USOF. As a result, a claim could also be made against UGA. However, as these patent applications are pending and have not been substantively examined by the U.S. Patent and Trademark Office, it is uncertain at this time what subject matter will be covered by the claims of any patent issuing on one of these applications, should a patent issue at all.

• UGA expects to invest primarily in gasoline futures contracts that are traded in the United States. However, a portion of UGA’s trades may take place in markets and on exchanges outside the United States. Some non-U.S. markets present risks because they are not subject to the same degree of regulation as their U.S. counterparts.

• UGA may also invest in other gasoline interests, many of which are negotiated contracts that are not as liquid as gasoline futures contracts and expose UGA to credit risk that its counterparty may not be able to satisfy its obligations to UGA.

• UGA will pay fees and expenses that are incurred regardless of whether it is profitable.

• You will have no rights to participate in the management of UGA and will have to rely on the duties and judgment of the General Partner to manage UGA.

• The structure and operation of UGA may involve conflicts of interest. For example, a conflict may arise because the General Partner and its principal and affiliates may trade for themselves. In addition, the General Partner has sole current authority to manage the investments and operations, which may create a conflict with the unitholder’s best interests. The General Partner may also have a conflict to the extent that its trading decisions may be influenced by the effect they would have on the other commodity pool that it manages or any other pool it may form in the future.

• UGA is not a registered investment company so you do not have the protections of the Investment Company Act of 1940. Accordingly, you do not have the protections afforded by that statute which, for example, include: (1) controls over activities of an investment company’s investment adviser; (2) an express private right of action for shareholders; (3) restrictions on transactions between the fund and the adviser; (4) restrictions on investments; (5) regulation of adviser services and fees; and (6) capital structure requirements, including restrictions on debt.

For further discussion of these and additional risks associated with an investment in UGA units, see the Prospectus that accompanies this website.