United States Brent Oil Overview

The United States Brent Oil Fund^® LP (BNO) is an exchange-traded security that is designed to track the daily price movements of Brent crude oil. BNO issues shares that may be purchased and sold on the NYSE Arca.

The investment objective of BNO is for the daily changes in percentage terms of its shares’ net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of Brent crude oil, as measured by the daily changes in the price of BNO’s Benchmark Oil Futures Contract, plus interest earned on BNO’s collateral holdings, less BNO’s expenses.

BNO’s Benchmark Futures Contract is the futures contract on Brent crude oil as traded on the ICE Futures Exchange that is the near month contract to expire. If the near month contract is within two weeks of expiration, the Benchmark will be the next month contract to expire.

BNO invests primarily in crude oil futures contracts, and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by BNO, BNO’s futures commission merchants, counterparties or other market participants), liquidity requirements, or in view of market conditions, other crude oil-related futures contracts, forwards and swap contracts. These investments will be collateralized by cash, cash equivalents, and US government obligations with remaining maturities of two years or less.

Reasons to Consider BNO

• BNO offers commodity exposure without using a commodity futures account.
• BNO provides features including, intra-day pricing, and market, limit, and stop orders.
• BNO provides portfolio holdings, market price, NAV and TNA on its website each day.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Performance

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The Fund's NAV is calculated by dividing the value of the Fund's total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

^†BNO commenced operations on 06/02/2010

Growth of $10,000 Investment

This chart shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark futures contract(s). The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Average Daily Returns

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Premium / Discount

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported NAV. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount expressed in basis points. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

^* A basis point is equal to 1/100th of 1%.

Premium/Discount Daily Information as of
NAV
4PM Bid/Ask Midpoint
Difference ($)
Premium/Discount (%)