Quarterly Performance

BNO Performance as of 12/31/2012
	1 month	3 month	Year to Date	1 Year	5 Year	Since Inception*
Net Asset Value	0.65%	0.92%	9.94%	9.94%	N/A	63.90%
Share Price	0.87%	1.31%	9.95%	9.95%	N/A	64.14%

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted.

BNO Performance vs. Benchmark as of 12/31/2012

Growth of a $10,000 Investment as of 12/31/2012

The chart above shows how a hypothetical investment of $10,000 in BNO at its inception would have performed versus an investment in the Benchmark Futures Contract. 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.

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For a copy of the Prospectus contact: ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado 80203 or call 800.920.0259 or click here. Please read it carefully before investing.

The Commodity Futures Trading Commission has not passed upon the merits of participating in these pools nor has the Commission passed on the adequacy or accuracy of this Prospectus.

Neither the Securities and Exchange Commission ("SEC"), nor any State Securities Commission has approved or disapproved the securities offered in this Prospectus or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

BNO^®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 thereunder.

This investment is not suitable for all investors.

Commodity trading is highly speculative. Commodities and futures generally are volatile and are not suitable for all investors. BNO is speculative and involves a high degree of risk. Investing in BNO subjects you to the risks of the oil industry. These risks could result in large fluctuations in the price of BNO's units. An investor may lose all or substantially all of an investment in BNO. Funds that focus on a single sector generally experience greater volatility.

The Benchmark Futures Contract does not correlate exactly with the spot price of Brent crude oil and this could cause the changes in the price of the units to substantially vary from the changes in the spot price of Brent crude oil. Therefore, you may not be able to effectively use BNO to hedge against crude oil-related losses or as a way to indirectly invest in crude oil. For further discussion of these and additional risks associated with an investment in BNO units, click here.

Market returns are based on the market close and do not represent the returns an investor would receive if shares were traded at other times.

* BNO commenced operations on 06/02/2010.

** Performance figures presented reflect the expense ratio for BNO.

^ BNO seeks to manage its portfolio such that the average daily changes in its Net Asset Value ('NAV') over any rolling 30 day period is within 10%+/- of the average daily change in the price of the Benchmark Oil Futures Contract(s). (The Benchmark Oil Futures Contract is the near month futures contract for light, sweet crude oil. When the new month contract is within two weeks of expiration, the Benchmark Oil Futures Contract will become the next contract to expire.)

Units of BNO may be purchased or sold throughout the day through any brokerage account, which will result in typical brokerage commissions. Investors buy and sell units in the secondary market (i.e., not directly from BNO). Only authorized purchasers may trade directly with BNO, in minimum blocks of 50,000 units.

The United States Brent Oil Fund, LP is distributed by ALPS Distributors, Inc.

BNO United States Brent Oil Fund^® and Design mark are registered trademarks of The United States Commodity Funds LLC. The United States Commodity Funds^® is a registered trademark. | All rights reserved.