I. Electrons from NADH produced in the mitochondrial matrix are oxidized by complex II
II. Ubiquinones oxidised to ubiquinol by receiving reducing equivalents from complex I
III. Ubiquinol oxidized to ubiquinone by transfer of electrons to complex III
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NADH uses Complex I for oxidation; Ubiquinone is reduced (not oxidized) when it accepts electrons.
Statement I: Incorrect — Electrons from NADH are oxidized by Complex I (not Complex II). Statement II: Incorrect — Ubiquinone (Q) is reduced to ubiquinol (QH$_2$), not oxidised, by receiving electrons. Statement III: Correct — Ubiquinol transfers electrons to Complex III and becomes oxidized to ubiquinone.