<SEC-DOCUMENT>0001144204-13-018331.txt : 20130328
<SEC-HEADER>0001144204-13-018331.hdr.sgml : 20130328
<ACCEPTANCE-DATETIME>20130328163951
ACCESSION NUMBER:		0001144204-13-018331
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130328
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130328
DATE AS OF CHANGE:		20130328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States Brent Oil Fund, LP
		CENTRAL INDEX KEY:			0001472494
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				270925904
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34704
		FILM NUMBER:		13724519

	BUSINESS ADDRESS:	
		STREET 1:		1320 HARBOR BAY PARKWAY
		STREET 2:		SUITE 145
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1320 HARBOR BAY PARKWAY
		STREET 2:		SUITE 145
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v339673_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B><BR>
<B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt"><B>CURRENT
REPORT</B><BR>
<B>PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Date of Report (Date
of earliest event reported):<B> March 28, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES BRENT OIL FUND, LP&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-34704</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>27-0925904</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT><BR>
<FONT STYLE="font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; text-align: center">
    <TD STYLE="width: 25%; text-align: center"><B>(510) 522-9600</B></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>1999 Harrison Street, Suite 1530</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Oakland, California 94612</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top">Registrant's telephone number,<FONT STYLE="font-size: 10pt"><B> </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices) (Zip Code)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt"> including area code</FONT></TD>
    <TD STYLE="text-align: center"></TD>
    <TD STYLE="text-align: center"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<U>see</U><I> </I>General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Wingdings">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communication pursuant
to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -22.85pt; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">Item 7.01. Regulation
FD Disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">On
March 28, 2013, the United States Brent Oil Fund, LP (the &ldquo;Registrant&rdquo;) issued its annual financial statements for
the year ended December 31, 2012, as required pursuant to Rule 4.22 under the Commodity Exchange Act. A copy of the annual financial
statements is furnished as Exhibit 99.1 to this Current Report on Form 8-K and also can be found on the Registrant&rsquo;s website
at <FONT STYLE="text-underline-style: none; color: windowtext">www.unitedstatesbrentoilfund.com</FONT>. The information furnished
in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be &ldquo;filed&rdquo; for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth
by specific reference in any such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt"><B>Item 9.01. Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">Exhibit
99.1 Annual Financial Statements of the Registrant for the year ended December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt"><B>SIGNATURES
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">UNITED STATES BRENT OIL FUND, LP</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 10pt">United States Commodity Funds LLC, its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;March 28, 2013</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Howard Mah</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Howard Mah</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v339673_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tpg1.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES COMMODITY FUNDS LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>General Partner of the United States
Brent Oil Fund, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 26, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear United States Brent Oil Fund, LP Investor,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enclosed with this letter is your copy of the 2012
financial statements for the United States Brent Oil Fund, LP (ticker symbol &ldquo;BNO&rdquo;). We have mailed this
statement to all investors in BNO who held shares as of December 31, 2012 to satisfy our annual reporting requirement under
federal commodities laws. In addition, we have enclosed a copy of the current BNO Privacy Policy. Additional information
concerning BNO&rsquo;s 2012 results may be found by referring to BNO&rsquo;s Annual Report on Form 10-K (the &ldquo;Form
10-K&rdquo;), which has been filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;). You may obtain a
copy of the Form 10-K by going to the SEC&rsquo;s website at <B><U>www.sec.gov</U></B>, or by going to BNO&rsquo;s own
website at <B><U>www.unitedstatesbrentoilfund.com</U></B>. You may also call BNO at <B>1-800-920-0259</B> to speak to a
representative and request additional material, including a current BNO Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States Commodity Funds LLC is the
general partner of BNO. United States Commodity Funds LLC is also the general partner or sponsor and manager of several other commodity
based exchange traded security funds. These other funds are referred to in the attached financial statements and include:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Oil Fund, LP</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol: <B>USO</B>)</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States 12 Month Natural
    Gas Fund, LP</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol:<B> UNL</B>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Natural Gas Fund, LP</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol: <B>UNG</B>)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Commodity Index Fund</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol:<B> USCI</B>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States 12 Month Oil Fund, LP</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol:<B> USL</B>)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Copper Index Fund</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol:<B> CPER</B>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Gasoline Fund, LP</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol:<B> UGA</B>)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Agriculture Index Fund</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol: <B>USAG</B>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Diesel-Heating Oil Fund, LP</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">(ticker symbol: <B>USO</B>)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Metals Index Fund</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol: <B>USMI</B>) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><B>United States Short Oil Fund, LP</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif; color: black">(ticker symbol:<B> DNO</B>)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about these other funds is contained within the
Annual Report as well as in the current BNO Prospectus. Investors in BNO who wish to receive additional information about these
other funds may do so by going to their respective websites.* The websites may be found at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatesoilfund.com</U></B></FONT></TD>
    <TD STYLE="width: 53%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstates12monthnaturalgasfund.com</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatesnaturalgasfund.com</U></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatescommodityindexfund.com</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstates12monthoilfund.com</U></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatescopperindexfund.com</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatesgasolinefund.com</U></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatesagricultureindexfund.com</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatesdieselheatingoilfund.com</U></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatesmetalsindexfund.com</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B><U>www.unitedstatesshortoilfund.com </U></B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may also call United States Commodity
Funds LLC at <B>1-800-920-0259</B> to request additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you for your continued interest in BNO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regards,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Nicholas Gerber</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicholas Gerber</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Commodity Funds LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* This letter is not an offer to buy or
sell securities. Investment in any of these other funds is only made by prospectus. Please consult the relevant prospectus for
a description of the risks and expenses involved in any such investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRIVACY POLICY OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES COMMODITY FUNDS LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS GENERAL PARTNER OF:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES OIL FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES NATURAL GAS FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES 12 MONTH OIL FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES 12 MONTH NATURAL GAS FUND,
LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES GASOLINE FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES DIESEL-HEATING OIL FUND,
LP (FORMERLY, UNITED STATES HEATING OIL FUND, LP)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES SHORT OIL FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES BRENT OIL FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS SPONSOR OF UNITED STATES COMMODITY
INDEX FUNDS TRUST AND THE FOLLOWING SERIES THEREIN:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES COMMODITY INDEX FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES COPPER INDEX FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES AGRICULTURE INDEX FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES METALS INDEX FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS SPONSOR OF THE UNITED STATES COMMODITY
FUNDS TRUST I AND THE FOLLOWING SERIES THEREIN:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES SUGAR FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES GASOIL FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES NATURAL GAS DOUBLE INVERSE
FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES ASIAN COMMODITIES BASKET
FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AND AS SPONSOR OF THE UNITED STATES CURRENCY
FUNDS TRUST AND THE FOLLOWING SERIES THEREIN:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US GOLDEN CURRENCY FUND</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This privacy policy explains the policies
of United States Commodity Funds LLC (the &ldquo;Company&rdquo;), a commodity pool operator registered with the Commodity Futures
Trading Commission, and (i) the statutory trusts for which the Company acts as sponsor, United States Commodity Index Funds Trust
(the &ldquo;Index Funds Trust&rdquo;), and United States Commodity Funds Trust I (&ldquo;Trust I&rdquo;) and United States Currency
Funds Trust (the &ldquo;Currency Funds Trust&rdquo; and together with the &ldquo;Index Funds Trust&rdquo; and &ldquo;Trust I&rdquo;,
the &ldquo;Trusts&rdquo;) and (ii) each of the funds for which the Company serves as the general partner or series within the Trusts
for which the Company serves as sponsor (each a &ldquo;Fund&rdquo; and together, the &ldquo;Funds&rdquo;) each as referenced above
relating to the collection, maintenance and use of nonpublic personal information about the Funds&rsquo; investors, as required
under federal legislation. This privacy policy applies to the nonpublic personal information of investors who are individuals and
who obtain financial products or services primarily for personal, family or household purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Collection of Investor Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Units of the Funds are registered in the
name of Cede &amp; Co., as nominee for the Depository Trust Company. However, the Company may collect or have access to personal
information about Fund investors for certain purposes relating to the operation of the Funds, including for the distribution of
certain required tax reports to investors. This information may include information received from investors and information about
investors&rsquo; holdings and transactions in units of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disclosure of Nonpublic Personal Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company does not sell or rent investor
information. The Company does not disclose nonpublic personal information about Fund investors, except as required by law or as
described below. Specifically, the Company may share nonpublic personal information in the following situations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">To service providers in connection with the administration
and servicing of the Trust and the Funds, which may include attorneys, accountants, auditors and other professionals. The
Company may also share information in connection with the servicing or processing of Trust and Fund transactions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73.65pt; text-indent: -65.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">To respond to subpoenas, court orders, judicial process
or regulatory authorities;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73.65pt; text-indent: -65.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">To protect against fraud, unauthorized transactions (such
as money laundering), claims or other liabilities; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73.65pt; text-indent: -65.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">Upon consent of an investor to release such information,
including authorization to disclose such information to persons acting in a fiduciary or &#9;representative capacity on behalf
of the investor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fund investors have no right to opt out of the Company&rsquo;s
disclosure of non-public personal information under the circumstances described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Protection of Investor Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company holds Fund investor information
in the strictest confidence. Accordingly, the Company&rsquo;s policy is to require that all employees, financial professionals
and companies providing services on its behalf keep client information confidential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company maintains safeguards that comply
with federal standards to protect investor information. The Company restricts access to the personal and account information of
investors to those employees who need to know that information in the course of their job responsibilities. Third parties with
whom the Company shares investor information must agree to follow appropriate standards of security and confidentiality, which
includes safeguarding such information physically, electronically and procedurally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&rsquo;s privacy policy applies
to both current and former investors. The Company will only disclose nonpublic personal information about a former investor to
the same extent as for a current investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Changes to Privacy
Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">The
Company may make changes to its privacy policy in the future. The Company will not make any change affecting Fund investors without
first sending investors a revised privacy policy describing the change. In any case, the Company will send Fund investors a current
privacy policy at least once a year as long as they continue to be Fund investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES BRENT OIL FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>A Delaware Limited Partnership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the years ended December 31, 2012, 2011 and 2010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AFFIRMATION OF THE COMMODITY POOL OPERATOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Unitholders of the United States Brent Oil Fund, LP:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Rule 4.22(h) under the Commodity
Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in this Annual
Report for the years ended December 31, 2012, 2011 and 2010 is accurate and complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: /s/ Nicholas Gerber</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicholas Gerber</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Brent Oil Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President &amp; CEO of United States Commodity Funds LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(General
Partner of United States Brent Oil Fund, LP)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="tpg3.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5251 SOUTH QUEBEC STREET &bull; SUITE 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">GREENWOOD VILLAGE, COLORADO 80111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">TELEPHONE: (303) 753-1959</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FAX: (303) 753-0338</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">www.spicerje ries.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Partners of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Brent Oil Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying statements
of financial condition of United States Brent Oil Fund, LP (the &ldquo;Fund&rdquo;) as of December 31, 2012 and 2011, including
the schedule of investments as of December 31, 2012 and 2011, and the related statements of operations, changes in partners&rsquo;
capital and cash flows for the years ended December 31, 2012, 2011 and 2010. These financial statements are the responsibility
of the Fund&rsquo;s management. Our responsibility is to express an opinion on these financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the financial statements
referred to above present fairly, in all material respects, the financial position of United States Brent Oil Fund, LP as of December
31, 2012 and 2011, and the results of its operations and its cash flows for the years ended December 31, 2012, 2011 and 2010, in
conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also have audited, in accordance with
standards of the Public Company Accounting Oversight Board (United States), the Fund&rsquo;s internal control over financial reporting
as of December 31, 2012, based on criteria established in Internal Control &mdash; Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission and our report dated March 26, 2013 expressed an unqualified opinion on
the Fund&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tsig.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greenwood Village, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 26, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This page inTenTionally lefT blank</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States Brent Oil Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Statements of Financial Condition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>At December 31, 2012 and 2011</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2012</B></TD><TD STYLE="color: black; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2011</B></TD><TD STYLE="color: black; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black"><B>Assets</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; color: black; text-align: left; padding-left: 9pt">Cash and cash equivalents (Notes 2 and&nbsp;&nbsp;5)</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">39,506,019</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">29,961,706</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Equity in UBS Securities LLC trading accounts:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Cash and cash equivalents</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,934,103</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">8,300,817</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Unrealized gain (loss) on open commodity futures contracts</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">739,330</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(916,570</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Receivable from General Partner (Note 3)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">47,248</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">104,431</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Dividend receivable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,036</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">340</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Interest receivable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">11</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt; padding-bottom: 1pt">Other assets</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">827</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">278</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 27pt; padding-bottom: 2.5pt"><I>Total assets</I></TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">45,228,563</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">37,451,013</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>Liabilities and Partners' Capital</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Professional fees payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">125,339</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">146,522</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">General Partner management fees payable (Note 3)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">28,273</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">33,910</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Brokerage commissions payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,221</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">916</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt; padding-bottom: 1pt">Other liabilities</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">1,109</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">1,277</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 27pt; padding-bottom: 1pt"><I>Total liabilities</I></TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">155,942</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">182,625</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>Commitments and Contingencies</B> (Notes 3, 4 and 5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>Partners' Capital</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 27pt">General Partner</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 27pt; padding-bottom: 1pt">Limited Partners</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">45,072,621</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">37,268,388</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 27pt; padding-bottom: 1pt"><I>Total Partners' Capital</I></TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">45,072,621</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">37,268,388</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt; padding-bottom: 2.5pt"><I>Total liabilities and partners' capital</I></TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">45,228,563</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">37,451,013</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt; padding-bottom: 2.5pt">Limited Partners' units outstanding</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">550,000</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">500,000</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; padding-left: 9pt; padding-bottom: 2.5pt">Net asset value per unit</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">81.95</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">74.54</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; padding-left: 9pt; padding-bottom: 2.5pt">Market value per unit</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">82.07</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">74.64</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States Brent Oil Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B><I>Schedule of Investments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>At December 31, 2012</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Unrealized</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Gain</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>on Open</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>% of</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Number of</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Commodity</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Partners'</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Contracts</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Contracts</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Capital</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>Open Futures Contracts - Long</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"><B>Foreign Contracts</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; color: black; text-align: left; padding-bottom: 2.5pt">ICE Brent Crude Oil Futures CO February 2013 contracts, expiring January 2013</TD><TD STYLE="width: 1%; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 2.5pt double">406</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 2.5pt double">739,330</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 2.5pt double">1.64</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Principal</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Market</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Amount</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>Cash Equivalents</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"><B>United States Treasury Obligation</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; color: black; text-align: left; padding-bottom: 1pt">U.S. Treasury Bill, 0.10%, 1/17/2013</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">$</TD><TD STYLE="width: 10%; color: black; text-align: right; padding-bottom: 1pt">2,700,000</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">2,699,886</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">5.99</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>United States - Money Market Funds</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Fidelity Institutional Government Portfolio - Class I</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,502,749</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,502,749</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">12.21</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Goldman Sachs Financial Square Funds - Government Fund - Class FS</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">11,002,270</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">11,002,270</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">24.41</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Morgan Stanley Institutional Liquidity Fund - Government Portfolio</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">11,510,274</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">11,510,274</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">25.53</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Wells Fargo Advantage Government Money Market Fund - Class I</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 1pt">10,000,497</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">10,000,497</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">22.19</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt"><B>Total Money Market Funds</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">38,015,790</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">84.34</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt"><B>Total Cash Equivalents</B></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">40,715,676</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">90.33</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States Brent Oil Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Schedule of Investments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>At December 31, 2011</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Unrealized</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Loss</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>on Open</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>% of</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Number of</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Commodity</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Partners'</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Contracts</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Contracts</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Capital</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>Open Futures Contracts - Long</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"><B>Foreign Contracts</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; color: black; text-align: left; padding-bottom: 2.5pt">ICE Brent Crude Oil Futures CO February 2012 contracts, expiring January 2012</TD><TD STYLE="width: 1%; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 2.5pt double">347</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 2.5pt double">(916,570</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="width: 1%; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 2.5pt double">(2.46</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Principal</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center"><B>Market</B></TD><TD STYLE="color: black"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Amount</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Value</B></TD><TD STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>Cash Equivalents</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"><B>United States Treasury Obligation</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; color: black; text-align: left; padding-bottom: 1pt">U.S. Treasury Bill, 0.03%, 6/21/2012</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">$</TD><TD STYLE="width: 10%; color: black; text-align: right; padding-bottom: 1pt">2,340,000</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">2,339,665</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">6.28</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>United States - Money Market Funds</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Fidelity Institutional Government Portfolio - Class I</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,502,196</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,502,196</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">14.76</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Goldman Sachs Financial Square Funds - Government Fund - Class SL</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">288</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">288</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">0.00</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Morgan Stanley Institutional Liquidity Fund - Government Portfolio</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; text-align: right; padding-bottom: 1pt">11,503,853</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">11,503,853</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">30.87</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt"><B>Total Money Market Funds</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">17,006,337</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">45.63</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt"><B>Total Cash Equivalents</B></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">19,346,002</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">51.91</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B><I>United States
Brent Oil Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B><I>Statements of
Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B><I>For the years
ended December 31, 2012, 2011 and 2010</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year&nbsp;ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year&nbsp;ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year&nbsp;ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>December&nbsp;31,&nbsp;2012</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>December&nbsp;31,&nbsp;2011</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>December&nbsp;31,&nbsp;2010*</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black"><B>Income</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Gain (loss) on trading of commodity futures contracts:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; color: black; text-align: left; padding-left: 9pt">Realized gain on closed positions</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">3,239,910</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">8,052,950</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">2,352,020</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Change in unrealized gain (loss) on open positions</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,655,900</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,239,230</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">322,660</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Dividend income</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,149</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,457</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,220</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Interest income</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,345</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,586</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">259</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Other income</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">10,500</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">20,050</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in; padding-bottom: 1pt"><I>Total income</I></TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">4,921,804</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">6,841,813</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">2,678,159</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black"><B>Expenses</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">General Partner management fees (Note 3)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">391,039</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">318,548</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">47,800</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Professional fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">125,339</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">146,522</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">122,904</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Brokerage commissions</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">33,506</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">31,871</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,718</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Other expenses</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">9,844</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">4,953</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">421</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in"><I>Total expenses</I></TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">559,728</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">501,894</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">176,843</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Expense waiver (Note 3)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(47,248</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(104,431</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(113,715</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in; padding-bottom: 1pt"><I>Net expenses</I></TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">512,480</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">397,463</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">63,128</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt"><B>Net income</B></TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">4,409,324</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">6,444,350</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">2,615,031</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt"><B>Net income per limited partnership unit</B></TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">7.41</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">11.46</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">13.08</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt"><B>Net income per weighted average limited partnership unit</B></TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">6.74</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">11.48</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">13.08</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt"><B>Weighted average limited partnership units outstanding</B></TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">653,825</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">561,370</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">200,000</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The commencement of operations of the United States Brent
Oil Fund, LP was June 2, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States Brent Oil Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Statements of Changes in Partners&rsquo; Capital</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>For the years ended December 31, 2012, 2011 and 2010</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">General Partner</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Limited Partners</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; color: black; font-weight: bold">Balances, at December 31, 2009*</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 12%; color: black; text-align: right">20</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 12%; color: black; text-align: right">980</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 12%; color: black; text-align: right">1,000</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Addition of 200,000 partnership units</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,000,000</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,000,000</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Redemption of initial investment</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(20</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(980</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,000</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">2,615,031</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">2,615,031</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold">Balances, at December 31, 2010</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">12,615,031</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">12,615,031</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Addition of 2,800,000 partnership units</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">205,178,034</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">205,178,034</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Redemption of 2,500,000 partnership units</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(186,969,027</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(186,969,027</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">6,444,350</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">6,444,350</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold">Balances, at December 31, 2011</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">37,268,388</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">37,268,388</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Addition of 1,100,000 partnership units</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">89,087,948</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">89,087,948</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Redemption of 1,050,000 partnership units</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(85,693,039</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(85,693,039</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">4,409,324</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">4,409,324</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 2.5pt">Balances, at December 31, 2012</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">-</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">45,072,621</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">45,072,621</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold">Net Asset Value Per Unit:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black">At December 31, 2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black">At June 2, 2010 (commencement of operations)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">50.00</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black">At December 31, 2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">63.08</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black">At December 31, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">74.54</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black">At December 31, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">81.95</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The commencement of operations of the United States Brent
Oil Fund, LP was June 2, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><I>See
accompanying notes to financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States Brent Oil Fund, LP<BR>
Statements of Cash Flows</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>For the years ended December 31, 2012, 2011 and 2010</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>December 31,</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>December 31,</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>December 31,</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2012</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2011</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2010*</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Cash Flows from Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; color: black; text-align: left; padding-left: 9pt">Net income</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">4,409,324</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">6,444,350</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">2,615,031</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">(Increase) decrease in commodity futures trading account - cash and cash equivalents</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,366,714</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(5,131,599</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(3,169,218</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Unrealized (gain) loss on futures contracts</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,655,900</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,239,230</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(322,660</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">(Increase) decrease in receivable from General Partner</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">57,183</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">9,284</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(113,715</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Increase in dividend receivable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(696</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(54</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(286</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">(Increase) decrease in interest receivable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">11</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(11</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Increase in other assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(549</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(278</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Increase (decrease) in professional fees payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(21,183</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">23,618</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">122,904</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Increase (decrease) in General Partner management fees payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(5,637</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">26,107</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">7,803</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in">Increase in brokerage commissions payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">305</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">500</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">416</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 0.25in; padding-bottom: 1pt">Increase (decrease) in other liabilities</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(168</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">1,076</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">201</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 27pt; padding-bottom: 1pt"><I>Net cash provided by (used in) operating
    activities</I></TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">6,149,404</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">2,612,223</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(859,524</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Cash Flows from Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Addition of partnership units</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">89,087,948</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">205,178,034</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,000,000</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt; padding-bottom: 1pt">Redemption of partnership units</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(85,693,039</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(186,969,027</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(1,000</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 27pt; padding-bottom: 1pt"><I>Net cash provided by financing activities</I></TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">3,394,909</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">18,209,007</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">9,999,000</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Net Increase in Cash and Cash Equivalents</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">9,544,313</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">20,821,230</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">9,139,476</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1pt"><B>Cash and Cash Equivalents,</B> beginning of year</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">29,961,706</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">9,140,476</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">1,000</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 2.5pt"><B>Cash and Cash Equivalents,</B> end of year</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">39,506,019</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">29,961,706</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">9,140,476</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The commencement of operations of the United States Brent
Oil Fund, LP was June 2, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><I>See
accompanying notes to financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>United States Brent Oil Fund, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For the years ended December 31, 2012, 2011 and 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 1 - ORGANIZATION AND BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The United States Brent
Oil Fund, LP (&ldquo;USBO&rdquo;) was organized as a limited partnership under the laws of the state of Delaware on September 2,
2009. USBO is a commodity pool that issues limited partnership units (&ldquo;units&rdquo;) that may be purchased and sold on the
NYSE Arca, Inc. (the &ldquo;NYSE Arca&rdquo;). USBO will continue in perpetuity, unless terminated sooner upon the occurrence of
one or more events as described in its Third Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013 (as
amended from time to time, the &ldquo;LP Agreement&rdquo;). The investment objective of USBO is for the daily changes in percentage
terms of its units&rsquo; per unit net asset value (&ldquo;NAV&rdquo;) 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 the futures contract for Brent crude oil traded
on the ICE Futures Exchange (the &ldquo;ICE Futures&rdquo;) 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 &ldquo;Benchmark
Futures contract&rdquo;), less USBO&rsquo;s expenses. It is not the intent of USBO to be operated in a fashion such that the per
unit NAV will equal, in dollar terms, the spot price of Brent crude oil or any particular futures contract based on Brent crude
oil. It is not the intent of USBO to be operated in a fashion such that its per unit NAV will reflect the percentage change of
the price of any particular futures contract as measured over a time period greater than one day. United States Commodity Funds
LLC (&ldquo;USCF&rdquo;), the general partner of USBO, believes that it is not practical to manage the portfolio to achieve such
an investment goal when investing in Futures Contracts (as defined below) and Other Crude Oil-Related Investments (as defined below).
USBO accomplishes its objective through investments in futures contracts for crude oil, diesel-heating oil, gasoline, natural gas
and other petroleum-based fuels that are traded on the ICE Futures, the New York Mercantile Exchange (the &ldquo;NYMEX&rdquo;),
or other U.S. and foreign exchanges (collectively, &ldquo;Futures Contracts&rdquo;), and 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, &ldquo;Other Crude Oil- Related Investments&rdquo;). As of December 31, 2012, USBO held 406 Futures Contracts for
Brent crude oil traded on the ICE Futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO commenced investment operations on
June 2, 2010 and has a fiscal year ending on December 31. USCF is responsible for the management of USBO. USCF is a member of the
National Futures Association (the &ldquo;NFA&rdquo;) and became a commodity pool operator registered with the Commodity Futures
Trading Commission (the &ldquo;CFTC&rdquo;) effective December 1, 2005. USCF is also the general partner of the United States Oil
Fund, LP (&ldquo;USOF&rdquo;), the United States Natural Gas Fund, LP (&ldquo;USNG&rdquo;), the United States 12 Month Oil Fund,
LP (&ldquo;US12OF&rdquo;), the United States Gasoline Fund, LP (&ldquo;UGA&rdquo;) and the United States Diesel-Heating Oil Fund,
LP (formerly, the United States Heating Oil Fund, LP (&ldquo;USDHO&rdquo;), which listed their limited partnership units on the
American Stock Exchange (the &ldquo;AMEX&rdquo;) under the ticker symbols &ldquo;USO&rdquo; on April 10, 2006, &ldquo;UNG&rdquo;
on April 18, 2007, &ldquo;USL&rdquo; on December 6, 2007, &ldquo;UGA&rdquo; on February 26, 2008 and &ldquo;UHN&rdquo; on April
9, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USOF&rsquo;s, USNG&rsquo;s, US12OF&rsquo;s,
UGA&rsquo;s and USDHO&rsquo;s units commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of
the United States Short Oil Fund, LP (&ldquo;USSO&rdquo;) and the United States 12 Month Natural Gas Fund, LP (&ldquo;US12NG&rdquo;),
which listed their limited partnership units on the NYSE Arca under the ticker symbols &ldquo;DNO&rdquo; on September 24, 2009
and &ldquo;UNL&rdquo; on November 18, 2009, respectively. USCF is also the sponsor of the United States Commodity Index Fund (&ldquo;USCI&rdquo;),
the United States Copper Index Fund (&ldquo;CPER&rdquo;), the United States Agriculture Index Fund (&ldquo;USAG&rdquo;), and the
United States Metals Index Fund (&ldquo;USMI&rdquo;), each a series of the United States Commodity Index Funds Trust. USCI, CPER,
USAG and USMI listed their units on the NYSE Arca under the ticker symbol &ldquo;USCI&rdquo; on August 10, 2010 and &ldquo;CPER&rdquo;
on November 15, 2011, USAG on April 13, 2012 and USMI on June 19, 2012, respectively. All funds listed previously are referred
to collectively herein as the &ldquo;Related Public Funds.&rdquo; USCF has also filed registration statements to register units
of the United States Sugar Fund (&ldquo;USSF&rdquo;), the United States Natural Gas Double Inverse Fund (&ldquo;UNGD&rdquo;), the
United States Gasoil Fund (&ldquo;USGO&rdquo;) and the United States Asian Commodities Basket Fund (&ldquo;UAC&rdquo;), each a
series of the United States Commodity Funds Trust I, and the US Golden Currency Fund (&ldquo;HARD&rdquo;), a series of the United
States Currency Funds Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective February 29, 2012, USBO issues
units to certain authorized purchasers (&ldquo;Authorized Purchasers&rdquo;) by offering baskets consisting of 50,000 units (&ldquo;Creation
Baskets&rdquo;) through ALPS Distributors, Inc., as the marketing agent (the &ldquo;Marketing Agent&rdquo;). Prior to February
29, 2012, USBO issued units to Authorized Purchasers by offering baskets consisting of 100,000 units through the Marketing Agent.
The purchase price for a Creation Basket is based upon the NAV of a unit calculated shortly after the close of the core trading
session on the NYSE Arca on the day the order to create the basket is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From July 1, 2011 through December 31,
2012 (and continuing at least through May 1, 2013), the applicable transaction fee paid by Authorized Purchasers is $350 to USBO
for each order they place to create or redeem one or more baskets (&ldquo;Redemption Baskets&rdquo;); prior to July 1, 2011, this
fee was $1,000. Units may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation
Basket or Redemption Basket. Units purchased or sold on a nationally recognized securities exchange are not purchased or sold at
the per unit NAV of USBO but rather at market prices quoted on such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2010, USBO initially registered
50,000,000 units on Form S-1 with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;). On June 2, 2010, USBO listed
its units on the NYSE Arca under the ticker symbol &ldquo;BNO.&rdquo; USBO established its initial per unit NAV by setting the
price at $50.00 and issued 200,000 units in exchange for $10,000,000. USBO commenced investment operations on June 2, 2010, by
purchasing Futures Contracts traded on the ICE Futures based on Brent crude oil. As of December 31, 2012, USBO had registered a
total of 50,000,000 units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Revenue Recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commodity futures contracts, forward contracts,
physical commodities, and related options are recorded on the trade date. All such transactions are recorded on the identified
cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial
condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement
prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical
commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.
Changes in the unrealized gains or losses between periods are reflected in the statements of operations. USBO earns interest on
its assets denominated in U.S. dollars on deposit with the FCM at the 90-day Treasury bill rate. In addition, USBO earns income
on funds held at the custodian or FCM at prevailing market rates earned on such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brokerage Commissions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brokerage commissions on all open commodity futures contracts
are accrued on a full-turn basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">USBO is not subject to federal income taxes; each partner reports
his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with accounting principles
generally accepted in the United States of America (&ldquo;GAAP&rdquo;), USBO is required to determine whether a tax position is
more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related
appeals or litigation processes, based on the technical merits of the position. USBO files an income tax return in the U.S. federal
jurisdiction, and may file income tax returns in various U.S. states. USBO is not subject to income tax return examinations by
major taxing authorities for years before 2009 (year of inception). The tax benefit recognized is measured as the largest amount
of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax
benefit previously recognized results in USBO recording a tax liability that reduces net assets. However, USBO&rsquo;s conclusions
regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going
analysis of and changes to tax laws, regulations and interpretations thereof. USBO recognizes interest accrued related to unrecognized
tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or
penalties have been recognized as of and for the year ended December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Creations and Redemptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective February 29, 2012, Authorized
Purchasers may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 units at a price equal to the NAV
of the units calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Prior
to February 29, 2012, Authorized Purchasers could only purchase Creation Baskets or redeem Redemption Baskets in blocks of 100,000
units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO receives or pays the proceeds from
units sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized
Purchasers are reflected in USBO&rsquo;s statements of financial condition as receivable for units sold, and amounts payable to
Authorized Purchasers upon redemption are reflected as payable for units redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Partnership Capital and Allocation of Partnership Income
and Losses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profit or loss shall be allocated among
the partners of USBO in proportion to the number of units each partner holds as of the close of each month. USCF may revise, alter
or otherwise modify this method of allocation as described in the LP Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Calculation of Per Unit Net Asset Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO&rsquo;s per unit NAV is calculated
on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing
that amount by the total number of units outstanding. USBO uses the closing price for the contracts on the relevant exchange on
that day to determine the value of contracts held on such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Net Income (Loss) Per Unit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income (loss) per unit is the difference
between the per unit NAV at the beginning of each period and at the end of each period. The weighted average number of units outstanding
was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the
number of units outstanding at the end of the period, adjusted proportionately for units added and redeemed based on the amount
of time the units were outstanding during such period. There were no units held by USCF at December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Offering Costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering costs incurred in connection with
the registration of additional units after the initial registration of units are borne by USBO. These costs include registration
fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs
are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter
period if warranted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash equivalents include money market funds and overnight deposits
or time deposits with original maturity dates of six months or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reclassification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain amounts in the accompanying financial statements were
reclassified to conform to the current presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements
in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue
and expenses during the reporting period. Actual results may differ from those estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 3 - FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>USCF Management Fee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the LP Agreement, USCF is responsible
for investing the assets of USBO in accordance with the objectives and policies of USBO. In addition, USCF has arranged for one
or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to USBO. For
these services, USBO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.75% per annum of daily average
net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ongoing Registration Fees and Other Offering Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO pays all costs and expenses associated
with the ongoing registration of its units subsequent to the initial offering. These costs include registration or other fees paid
to regulatory agencies in connection with the offer and sale of units, and all legal, accounting, printing and other expenses associated
with such offer and sale. For the years ended December 31, 2012, 2011 and 2010, USBO did not incur registration fees and other
offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Directors&rsquo; Fees and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO is responsible for paying its portion
of the directors&rsquo; and officers&rsquo; liability insurance for USBO and the Related Public Funds and the fees and expenses
of the independent directors who also serve as audit committee members of USBO and the Related Public Funds organized as limited
partnerships and, as of July 8, 2011, the Related Public Funds organized as a series of a Delaware statutory trust. USBO shares
the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each
fund computed on a daily basis. These fees and expenses for the year ended December 31, 2012 were $540,586 for USBO and the Related
Public Funds. USBO&rsquo;s portion of such fees and expenses for the year ended December 31, 2012 was $9,844. For the years ended
December 31, 2011 and 2010, these fees and expenses were $607,582 and $1,107,140, respectively for USBO and the Related Public
Funds. USBO&rsquo;s portion of such fees and expenses for the year ended December 31, 2011 was $4,593 and for the period ended
December 31, 2010, USBO&rsquo;s portion of such fees and expenses was $421. Effective as of April 1, 2010, USBO became responsible
for paying its portion of any payments that may become due to the independent directors pursuant to the deferred compensation agreements
entered into between the independent directors, USCF, USBO and the Related Public Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Tax Reporting Cost</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fees and expenses associated with USBO&rsquo;s
audit expenses and tax accounting and reporting requirements are paid by USBO. These costs were approximately $75,000, $75,000
and $160,000 for the years ended December 31, 2012, 2011 and 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Expenses and Fees and Expense Waivers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the fees described above,
USBO pays all brokerage fees and other expenses in connection with the operation of USBO, excluding costs and expenses paid by
USCF as outlined in Note 4 below. USCF has voluntarily agreed to pay certain expenses typically borne by USBO, to the extent that
such expenses exceed 0.15% (15 basis points) of USBO&rsquo;s NAV, on an annualized basis, through at least June 30, 2013. USCF
has no obligation to continue such payments into subsequent periods. For the year ended December 31, 2012, USCF waived $47,248
of USBO&rsquo;s expenses. This voluntary waiver is in addition to those amounts USCF is contractually obligated to pay as described
in Note 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 4 - CONTRACTS AND AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO is party to a marketing agent agreement,
dated as of March 31, 2010, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides
certain marketing services for USBO as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal
to 0.06% on USBO&rsquo;s assets up to $3 billion and 0.04% on USBO&rsquo;s assets in excess of $3 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above fees do not include the following
expenses, which are also borne by USCF: the cost of placing advertisements in various periodicals; web construction and development;
or the printing and production of various marketing materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO is also party to a custodian agreement,
dated February 8, 2010, as amended from time to time, with Brown Brothers Harriman &amp; Co. (&ldquo;BBH&amp;Co.&rdquo;) and USCF,
whereby BBH&amp;Co. holds investments on behalf of USBO. USCF pays the fees of the custodian, which are determined by the parties
from time to time. In addition, USBO is party to an administrative agency agreement, dated February 8, 2010, as amended from time
to time, with USCF and BBH&amp;Co., whereby BBH&amp;Co. acts as the administrative agent, transfer agent and registrar for USBO.
USCF also pays the fees of BBH&amp;Co. for its services under such agreement and such fees are determined by the parties from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Currently, USCF pays
BBH&amp;Co. for its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting
and fund administration services rendered to USBO and each of the Related Public Funds, as well as a $20,000 annual fee for its
transfer agency services. In addition, USCF pays BBH&amp;Co. an asset-based charge of (a) 0.06% for the first $500 million of USBO&rsquo;s,
USOF&rsquo;s, USNG&rsquo;s, US12OF&rsquo;s, UGA&rsquo;s, USDHO&rsquo;s, USSO&rsquo;s, US12NG&rsquo;s, USCI&rsquo;s, CPER&rsquo;s
USAG&rsquo;s and USMI&rsquo;s, combined net assets, (b) 0.0465% for USBO&rsquo;s, USOF&rsquo;s, USNG&rsquo;s, US12OF&rsquo;s, UGA&rsquo;s,
USDHO&rsquo;s, USSO&rsquo;s, US12NG&rsquo;s, USCI&rsquo;s, CPER&rsquo;s USAG&rsquo;s and USMI&rsquo;s combined net assets greater
than $500 million but less than $1 billion, and (c) 0.035% once USBO&rsquo;s, USOF&rsquo;s, USNG&rsquo;s, US12OF&rsquo;s, UGA&rsquo;s,
USDHO&rsquo;s, USSO&rsquo;s, US12NG&rsquo;s, USCI&rsquo;s, CPER&rsquo;s, USAG&rsquo;s and USMI&rsquo;s combined net assets exceed
$1 billion. The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000.
USCF also pays transaction fees ranging from $7 to $15 per transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO has entered into a brokerage agreement
with UBS Securities LLC (&ldquo;UBS Securities&rdquo;). The agreement requires UBS Securities to provide services to USBO in connection
with the purchase and sale of Futures Contracts and Other Crude Oil-Related Investments that may be purchased and sold by or through
UBS Securities for USBO&rsquo;s account. In accordance with the agreement, UBS Securities charges USBO commissions of approximately
$7 to $15 per round-turn trade, including applicable exchange and NFA fees for Futures Contracts and options on Futures Contracts.
Such fees include those incurred when purchasing Futures Contracts and options on Futures Contracts when USBO issues units as a
result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when USBO
redeems units as a result of a Redemption Basket. Such fees are also incurred when Futures Contracts and options on Futures Contracts
are purchased or redeemed for the purpose of rebalancing the portfolio. USBO also incurs commissions to brokers for the purchase
and sale of Futures Contracts, Other Crude Oil-Related Investments or short term obligations of the United States of two years
or less (&ldquo;Treasuries&rdquo;). During the year ended December 31, 2012, total commissions accrued to brokers amounted to $33,506.
Of this amount, approximately $29,562 was a result of rebalancing costs and approximately $3,945 was the result of trades necessitated
by creation and redemption activity. By comparison, during the year ended December 31, 2011, total commissions accrued to brokers
amounted to $31,871. Of this amount, approximately $21,560 was a result of rebalancing costs and approximately $9,311 was the result
of trades necessitated by creation and redemption activity. By comparison, during the year ended December 31, 2010, total commissions
accrued to brokers amounted to $5,718. Of this amount, approximately $357 was a result of rebalancing costs and approximately $5,361
was the result of trades necessitated by creation and redemption activity. The increase in total commissions accrued to brokers
for the year ended December 31, 2012, as compared to the year ended December 31, 2011, was primarily a function of increased brokerage
fees due to a higher number of futures contracts being held and traded as a result of the increase in USBO&rsquo;s total net assets.
The increase in total net assets required USBO to purchase a greater number of Futures Contracts and incur a higher amount of broker
commissions. The increase in total commissions accrued to brokers for the year ended December 31, 2011, as compared to the year
ended December 31, 2010, was primarily due to the fact that USBO was only operating for a portion of the year ended December 31,
2010 versus the full year of operations for the year ended December 31, 2011. As an annualized percentage of average daily total
net assets, the figure for the year ended December 31, 2012 represents approximately 0.06% of average daily total net assets. By
comparison, the figure for the year ended December 31, 2011 represented approximately 0.08% of average daily total net assets and
the figure for the year ended December 31, 2010, represented approximately 0.09% of average daily total net assets. However, there
can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 5 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS
AND CONTINGENCIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO engages in the trading of futures
contracts, options on futures contracts and may engage in cleared swaps (collectively, &ldquo;derivatives&rdquo;). USBO is exposed
to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the
risk of failure by another party to perform according to the terms of a contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO may enter into futures contracts,
options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract
obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity
at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in
cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the
underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange
before the designated date of delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase and sale of futures contracts,
options on futures contracts and cleared swaps require margin deposits with a FCM. Additional deposits may be necessary for any
loss on contract value. The Commodity Exchange Act requires a FCM to segregate all customer transactions and assets from the FCM&rsquo;s
proprietary activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Futures contracts and cleared swaps involve,
to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of
variation margin. The face or contract amounts reflect the extent of the total exposure USBO has in the particular classes of instruments.
Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the
futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the futures contracts held by USBO
were exchange-traded through December 31, 2012. The risks associated with exchange-traded contracts are generally perceived to
be less than those associated with over-the-counter transactions since, in over-the-counter transactions, a party must rely solely
on the credit of its respective individual counterparties. However, in the future, if USBO were to enter into non-exchange traded
contracts, it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty
non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. USBO has credit risk under
its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange
on which the relevant contracts are traded. In addition, USBO bears the risk of financial failure by the clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO&rsquo;s cash and other property, such
as Treasuries, deposited with a FCM are considered commingled with all other customer funds, subject to the FCM&rsquo;s segregation
requirements. In the event of a FCM&rsquo;s insolvency, recovery may be limited to a pro rata share of segregated funds available.
It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of a
FCM could result in the complete loss of USBO&rsquo;s assets posted with that FCM; however, the majority of USBO&rsquo;s assets
are held in cash and/or cash equivalents with USBO&rsquo;s custodian and would not be impacted by the insolvency of a FCM. The
failure or insolvency of USBO&rsquo;s custodian, however, could result in a substantial loss of USBO&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF invests a portion of USBO&rsquo;s
cash in money market funds that seek to maintain a stable per unit NAV. USBO is exposed to any risk of loss associated with an
investment in such money market funds. As of December 31, 2012 and December 31, 2011, USBO held investments in money market funds
in the amounts of $38,015,790 and $17,006,337, respectively. USBO also holds cash deposits with its custodian. Pursuant to a written
agreement with BBH&amp;Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks
located in Toronto, Canada, London, United Kingdom, Grand Cayman, Cayman Islands and Nassau, Bahamas, which are subject to U.S.
regulation and regulatory oversight. As of December 31, 2012 and December 31, 2011, USBO held cash deposits and investments in
Treasuries in the amounts of $6,424,332 and $21,256,186, respectively, with the custodian and futures commission merchant. Some
or all of these amounts may be subject to loss should USBO&rsquo;s custodian and/or futures commission merchant cease operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For derivatives, risks arise from changes
in the market value of the contracts. Theoretically, USBO is exposed to market risk equal to the value of futures contracts purchased
and unlimited liability on such contracts sold short. As both a buyer and a seller of options, USBO pays or receives a premium
at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO&rsquo;s policy is to continuously
monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting
controls and procedures. In addition, USBO has a policy of requiring review of the credit standing of each broker or counterparty
with which it conducts business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial instruments held by USBO
are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value,
because of their highly liquid nature and short-term maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 6 - FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents per unit performance
data and other supplemental financial data for the years ended December 31, 2012 and 2011 and 2010. This information has been derived
from information presented in the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Year ended</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>December 31,</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>December 31,</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>December 31,</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2012</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2011</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>2010<SUP>*</SUP></B></FONT></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-decoration: underline; text-align: left">Per Unit Operating Performance:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; color: black; text-align: left">Net asset value, beginning of year</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">74.54</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">63.08</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">50.00</TD><TD NOWRAP STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Total income (loss)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">8.19</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">12.17</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">13.40</TD><TD NOWRAP STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Net expenses</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(0.78</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(0.71</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(0.32</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Net increase in net asset value</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">7.41</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">11.46</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">13.08</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Net asset value, end of year</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">81.95</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">74.54</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">63.08</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Return</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">9.94</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">18.17</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">26.16</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Ratios to Average Net Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Total income (loss)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">9.44</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">16.11</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">24.52</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Management fees</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.75</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.75</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.75</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%**</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Total expenses excluding management fees</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.32</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.43</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">2.02</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%**</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Expenses waived</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(0.09</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(0.24</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(1.78</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)%**</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Net expenses excluding management fees</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.23</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.19</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.24</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%**</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Net income (loss)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">8.46</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">15.17</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">23.94</TD><TD NOWRAP STYLE="color: black; text-align: left; padding-bottom: 2.5pt">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* The commencement of operations of the
United States Brent Oil Fund, LP was June 2, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Annualized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total returns are calculated based on the
change in value during the period. An individual unitholder&rsquo;s total return and ratio may vary from the above total returns
and ratios based on the timing of contributions to and withdrawals from USBO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 7 - QUARTERLY FINANCIAL DATA (Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarized (unaudited) quarterly
financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September
30 and December 31, 2012, and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">First</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Second</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Third</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Fourth</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Quarter</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Quarter</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Quarter</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Quarter</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; color: black; text-align: left; padding-bottom: 1pt">Total Income (Loss)</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">7,523,732</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">(10,655,004</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">7,650,429</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">402,647</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Total Expenses</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">146,662</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">130,211</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">147,750</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">135,105</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Expense Waivers</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(8,066</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(10,782</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(10,169</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(18,231</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Net Expenses</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">138,596</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">119,429</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">137,581</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">116,874</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Net Income (Loss)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">7,385,136</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(10,774,433</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">7,512,848</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">285,773</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Net Income (Loss) per Unit</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">11.76</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(16.93</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">11.83</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">0.75</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">First</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Second</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Third</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Fourth</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Quarter</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Quarter</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Quarter</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center">Quarter</TD><TD NOWRAP STYLE="color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; color: black; text-align: left; padding-bottom: 1pt">Total Income (Loss)</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">5,087,506</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">(41,744</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">(2,088,279</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="width: 1%; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 10%; color: black; text-align: right; border-bottom: Black 1pt solid">3,884,330</TD><TD STYLE="width: 1%; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Total Expenses</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">105,026</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">146,064</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">132,228</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">118,576</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Expense Waivers</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(43,596</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(32,310</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">(28,525</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Net Expenses</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">61,430</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">113,754</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">103,703</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1pt solid">118,576</TD><TD STYLE="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Net Income (Loss)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">5,026,076</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(155,498</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(2,191,982</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">3,765,754</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Net Income (Loss) per Unit</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">14.82</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(2.83</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">(5.82</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 2.5pt double">5.29</TD><TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USBO values its investments in accordance
with Accounting Standards Codification 820 - Fair Value Measurements and Disclosures (&ldquo;ASC 820&rdquo;). ASC 820 defines fair
value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about
fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair
value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a
fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from
sources independent of USBO (observable inputs) and (2) USBO&rsquo;s own assumptions about market participant assumptions developed
based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820
hierarchy are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level I - Quoted prices (unadjusted) in active markets for identical
assets or liabilities that the reporting entity has the ability to access at the measurement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level II - Inputs other than quoted prices
included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include
the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets
or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability,
and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated
inputs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level III - Unobservable pricing input
at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that
observable inputs are not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In some instances, the inputs used to measure
fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the
fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair
value measurement in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes the valuation of USBO&rsquo;s
securities at December 31, 2012 using the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid">At December 31, 2012</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level I</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level II</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level III</TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; color: black">Short-Term Investments</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">40,715,676</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">40,715,676</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Exchange-Traded Futures Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Foreign Contracts</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">739,330</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">739,330</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&mdash;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&mdash;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">During
the year ended December 31, 2012, there were no transfers between Level I and Level II. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes the valuation of USBO&rsquo;s
securities at December 31, 2011 using the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: black; border-bottom: Black 1pt solid"><B>At December 31, 2011</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Total</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Level I</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Level II</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Level III</B></TD><TD STYLE="color: black; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; color: black">Short-Term Investments</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">19,346,002</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">19,346,002</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 10%; color: black; text-align: right">&mdash;</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Exchange-Traded Futures Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left; padding-left: 9pt">Foreign Contracts</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(916,570</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(916,570</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&mdash;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&mdash;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the year ended December 31, 2011, there were no transfers
between Level I and Level II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fair Value of Derivative Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="color: black; text-align: center"><B>Statements of</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Fair Value</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>Fair Value</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="color: black; text-align: center"><B>Financial</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>At</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>At</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="color: black; text-align: center"><B>Condition</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>December 31,</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center"><B>December 31,</B></TD><TD NOWRAP STYLE="color: black"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: black; border-bottom: Black 1pt solid"><B>Derivatives not Accounted for as Hedging Instruments</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>Location</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2012</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; text-align: center; border-bottom: Black 1pt solid"><B>2011</B></TD><TD NOWRAP STYLE="color: black; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"><B>Futures - Commodity Contracts</B></TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: center">Assets</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">739,330</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">$</TD><TD STYLE="color: black; text-align: right">(916,570</TD><TD STYLE="color: black; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Effect of Derivative Instruments on the Statements of
Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">For the year
    ended</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">For the year
    ended</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">For the year
    ended</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31, 2012</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31, 2011</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31, 2010*</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Change in</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Change in</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Change in</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Location of</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Realized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Unrealized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Realized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Unrealized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Realized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Unrealized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">Derivatives not</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Gain or (Loss)</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Gain or (Loss)</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Gain or (Loss)</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Gain or (Loss)</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Gain or (Loss)</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Gain or (Loss)</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Gain or (Loss)</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">Accounted for</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">on Derivatives</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">On Derivatives</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">on Derivatives</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">on Derivatives</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">on Derivatives</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">on Derivatives</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">on Derivatives</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">as Hedging</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="color: black; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Recognized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Recognized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Recognized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Recognized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Recognized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Recognized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Recognized</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: black; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Instruments</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">in
    Income</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">in
    Income</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">in
    Income</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">in
    Income</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">in
    Income</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">in
    Income</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">in
    Income</FONT></TD><TD NOWRAP STYLE="color: black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 23%; color: black; text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Futures
    - Commodity Contracts</B></FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; color: black; text-align: left"><FONT STYLE="font-size: 10pt">Realized gain on closed positions</FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; color: black; text-align: right"><FONT STYLE="font-size: 10pt">3,239,910</FONT></TD><TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; color: black; text-align: right"><FONT STYLE="font-size: 10pt">8,052,950</FONT></TD><TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">2,352,020</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: black; text-align: left"></TD><TD STYLE="width: 8%; color: black; text-align: right"></TD><TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: black; text-align: left"><FONT STYLE="font-size: 10pt">Change in unrealized gain (loss) on &nbsp;open positions</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: black; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="color: black; text-align: right"><FONT STYLE="font-size: 10pt">1,655,900</FONT></TD><TD STYLE="color: black; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: black; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="color: black; text-align: right"><FONT STYLE="font-size: 10pt">(1,239,230</FONT></TD><TD STYLE="color: black; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black; text-align: right"></TD><TD STYLE="color: black; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: black"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: black; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="color: black; text-align: right"><FONT STYLE="font-size: 10pt">322,660</FONT></TD><TD STYLE="color: black; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The commencement of operations of the United States Brent
Oil Fund, LP was June 2, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 9 - RECENT ACCOUNTING PRONOUNCEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2011, the Financial Accounting
Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2011-11, &ldquo;Balance Sheet (Topic
210): Disclosures about Offsetting Assets and Liabilities.&rdquo; The amendments in ASU No. 2011-11 require an entity to disclose
information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those
arrangements on its financial position. ASU No. 2011-11 is effective for annual reporting periods beginning on or after January
1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods
presented. USCF is currently evaluating the impact ASU No. 2011-11 will have on USBO&rsquo;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 10 - SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">USBO
has performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not
result in any subsequent events that necessitated disclosures and/or adjustments. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
