Fund Details - Objective & Key Features

United States Brent Oil Fund, LP, a Delaware limited partnership, is a commodity pool that will issue units that may be purchased and sold on the NYSE Arca.

BNO's Objective

The investment objective of BNO is for the daily changes in percentage terms of its units’ net asset value to reflect the daily changes in percentage terms of the spot price of Brent crude oil as measured by the changes in the price of the futures contract on Brent crude oil as traded on the ICE Futures Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case the futures contract will be the next month contract to expire (the "Benchmark Futures Contract"), less BNO’s expenses.

BNO's Target

Crude oil is one of the world's most widely-used commodities and one of the most actively traded commodities worldwide. A key geo-political benchmark, the price of oil is among the most quoted statistics in business headlines today.¹ Due to the liquidity and price transparency of light, sweet crude oil futures contracts, they are used as a principal international pricing benchmark.

¹ Source: ICE Futures website (www.theice.com)

BNO's Portfolio

BNO’s portfolio will consist primarily of investments in futures contracts for crude oil, heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the ICE Futures Exchange, the NYMEX, or other U.S. and foreign exchanges (collectively, “Futures Contracts”). BNO may also invest in other crude oil-related investments such as cash-settled options on Futures Contracts, forward contracts for crude oil, cleared swap contracts and over-the-counter transactions that are based on the price of crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, “Other Crude Oil-Related Investments”). For convenience and unless otherwise specified, Futures Contracts and Other Crude Oil-Related Investments collectively are referred to as “Crude Oil Interests.” BNO will also invest in short-term obligations of the United States with remaining maturities of two years or less (“Treasuries”) and hold cash and/or cash equivalents to be used to meet its current or potential margin or collateral requirements with respect to its positions in Futures Contracts and Other Crude Oil-Related Investments.

BNO’s Creation & Redemption Process

• Authorized Purchasers will pay a $1,000 fee for each order to create or redeem one or more baskets consisting of 100,000 units ("Creation Baskets" or "Redemption Baskets"). Authorized Purchasers will not be required to sell any specific number or dollar amount of units. The per unit price of units offered in Creation Baskets will be the total NAV of BNO calculated shortly after the close of the core trading session on the NYSE Arca on that day divided by the number of issued and outstanding units.

BNO’s Key Features

• In managing BNO’s assets the General Partner does not intend to use a technical trading system that issues buy and sell orders. The General Partner does intend to employ a quantitative methodology whereby each time a Creation Basket is sold, the General Partner will take corresponding positions in Crude Oil Interests, such as the Benchmark Futures Contract, that have an aggregate market value that approximates the amount of Treasuries and/or cash received from the sale of the Creation Basket.

U.S. Federal Income Tax Considerations

A summary of the material U.S. federal income tax consequences of the purchase, ownership and disposition of units in BNO, and the U.S. federal income tax treatment of BNO, is set forth in the Prospectus .

Each prospective investor is advised to consult its own tax advisor as to the U.S. federal income tax consequences of an investment in BNO to the investor and as to applicable state, local or foreign taxes.

Tax Status of BNO

BNO is organized and will be operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state law. Under the Internal Revenue Code of 1986, as amended (the "Code"), an entity classified as a partnership that is deemed to be a "publicly traded partnership" is generally taxable as a corporation for federal income tax purposes. The Code provides an exception to this general rule for a publicly traded partnership whose gross income for each taxable year of its existence consists of at least 90% "qualifying income" ("qualifying income exception"). For this purpose, section 7704 defines "qualifying income" as including, in pertinent part, interest (other than from a financial business), dividends and gains from the sale or disposition of capital assets held for the production of interest or dividends. In addition, in the case of a partnership a principal activity of which is the buying and selling of commodities (other than as inventory) or of futures, forwards and options with respect to commodities, "qualifying income" includes income and gains from such commodities and futures, forwards and options with respect to commodities. BNO and the General Partner have represented the following to Sutherland Asbill & Brennan LLP:

• At least 90% of BNO’s gross income for each taxable year will constitute "qualifying income" within the meaning of Code section 7704 (as described above);
• BNO will be organized and operated in accordance with its governing agreements and applicable law;
• BNO has not elected, and will not elect, to be classified as a corporation for U.S. federal income tax purposes.

Based in part on these representations, Sutherland Asbill & Brennan LLP is of the opinion that BNO will be classified as a partnership for federal income tax purposes and that it will not be taxable as a corporation for such purposes.

If BNO failed to satisfy the qualifying income exception in any year, other than a failure that is determined by the Internal Revenue Service to be inadvertent and that is cured within a reasonable time after discovery, BNO would be taxable as a corporation for federal income tax purposes and would pay federal income tax on its income at regular corporate rates. In that event, unitholders would not report their share of BNO’s income or loss on their returns. In addition, distributions to unitholders would be treated as dividends to the extent of BNO’s current and accumulated earnings and profits. To the extent a distribution exceeded BNO’s earnings and profits, the distribution would be treated as a return of capital to the extent of a unitholder’s basis in its units, and thereafter as gain from the sale of units. Accordingly, if BNO were to be taxable as a corporation, it would likely have a material adverse effect on the economic return from an investment in BNO and on the value of the units.

The foregoing is only a partial summary of the federal income tax consequences of an investment in BNO. The full summary can be found in the Prospectus .

Fund Details
BNO	as of 02/03/2012
Ticker	BNO
CUSIP	91167Q100
ISIN	US91167Q1004
Minimum Trade Size	1 unit
Marginable*	Yes
Options Traded	Yes
Administrator	Brown Brothers Harriman & Co
Distributor	ALPS Distributors, Inc.
General Partner	United States Commodity Funds LLC
Management Expense Ratio	0.75%
Trading Increment	$0.01

*There are special risks associated with margin investing. Please ask your financial advisor for more information about these risks.