United States Natural Gas Fund

1.800.920.0259

Disclosures

An investment in the units issued by United States Natural Gas Fund, LP ("UNG") involves risks. These risks can significantly impact the market value of the units. Some of the risks you may face are summarized below. A more extensive discussion of these risks appears in the Prospectus accompanying this brochure.

• There is the risk that the changes in the price of UNG's units on the NYSE Arca will not closely track the changes in the price of natural gas. If these correlations do not exist, then investors is not able to use UNG as a cost-effective way to invest indirectly in natural gas or as a hedge against the risk of loss in natural gas-related transactions.

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

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

• Investors, including those who participate in the natural gas industry, may choose to use UNG 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, UNG generally does not expect to distribute cash to limited partners or other unitholders. You should not invest in UNG if you will need cash distributions from UNG to pay taxes on your share of income and gains of UNG, if any, or for any other reason.

• Representatives of the New York Mercantile Exchange, in a letter dated March 29, 2006, notified the General Partner that the other fund that it manages, USOF, is engaging in unauthorized use of such Exchange's service marks and settlement prices. The General Partner has engaged in discussions with the New York Mercantile Exchange regarding a possible license agreement.

If a license agreement is not consummated, it is possible that the New York Mercantile Exchange would cause the cessation of any market data vendor's provision of New York Mercantile Exchange settlement prices to UNG and/or take other action to prevent the UNG from using any New York Mercantile Exchange settlement prices. It is estimated that if a license agreement is consummated, then UNG, together with USOF, will pay a license fee based on daily NAV that equals .04% for the first $1,000,000,000 of combined assets of both funds and .02% for combined assets above $1,000,000,000.

At this time, the General Partner is unable to determine what the outcome from this matter will be. Thus, depending on the outcome of this matter, UNG may or may not enter into a licensing agreement with the New York Mercantile Exchange.

• Goldman, Sachs & Co. ("Goldman Sachs") sent USOF 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. If patents were to be issued to Goldman Sachs based upon these patent applications as currently drafted, and USOF continued to operate as currently contemplated after the patents were issued, claims against USOF and the General Partner for infringement of the patents may be made by Goldman Sachs.

• UNG and USOF are similarly structured and UNG will be a commodity pool that is administered like USOF. As a result, a claim could also be made against UNG. 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.

• UNG expects to invest primarily in natural gas futures contracts that are traded in the United States. However, a portion of UNG'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.

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

• UNG 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 UNG and will have to rely on the duties and judgment of the General Partner to manage UNG.

• The structure and operation of UNG 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.

• UNG 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 UNG units, see the Prospectus that accompanies this website.

For a copy of the Prospectus contact:
ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado 80203 or call 1.800.920.0259 or Click Here.

For further discussion of these and additional risks associated with an investment in UNG units, Click Here.

UNG is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation there under.

Commodities prices and futures generally are volatile and are not suitable for all investors. The Fund is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in UNG. Funds that focus on a single sector generally experience greater volatility.

UNG will be subject to credit risk with respect to counterparties to over-the-counter contracts entered into by UNG or held by special purpose or structured vehicles.

Investors buy and sell shares on a secondary market (i.e., not directly from the Fund). Only market makers or "authorized participants" may trade directly with the Fund, typically in blocks of 100k shares.

Investing in natural gas interests subjects UNG to the risks of the natural gas industry. These risks could result in large fluctuations in the price of UNG’s units. An investor could lose all or substantially all of his/her investment. The United States Natural Gas Fund is distributed by ALPS Distributors, Inc.