Disclosures

An investment in the units issued by United States Heating Oil Fund, LP (“UHN”) 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 UHN’s units on the NYSE Arca will not closely track the changes in the price of heating oil. If these correlations do not exist, then investors is not able to use UHN as a cost-effective way to invest indirectly in heating oil or as a hedge against the risk of loss in heating oil-related transactions.

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

• Investors may choose to use UHN as a means of investing indirectly in heating oil and there are risks involved in such investments. Among other things, the heating oil industry experiences numerous operating risks. The risks and hazards that are inherent in the heating oil industry may cause the price of heating oil to widely fluctuate. The exploration for, and production of, crude oil, the raw material used to produce heating oil, 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 heating oil industry, may choose to use UHN 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, UHN generally does not expect to distribute cash to limited partners or other unit holders. You should not invest in UHN if you will need cash distributions from UHN to pay taxes on your share of income and gains of UHN, if any, or for any other reason.

• Goldman, Sachs & Co. (‘’Goldman Sachs’’) sent the United States Oil Fund, LP ("USOF"), another commodity pool 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 interests 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, USOF's management is of the view that the structure and operations of USOF and its affiliated commodity pools do not infringe these patents. USOF is 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, USOF has retained patent counsel to advise it on these matters and is 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. As stated in the Prospectus, ‘’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.’’

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

• UHN expects to invest primarily in heating oil futures contracts that are traded in the United States. However, a portion of UHN’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.

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

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

• The structure and operation of UHN 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 pools that it manages or any other pool it may form in the future.

• UHN 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.

• Commodities 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 the Fund. Funds that focus on a single sector generally experience greater volatility.

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