Corporates & Markets

US Accelerator Index Fund(US Dollar)Gresham Defined Funds

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Introducing the US Accelerator Index Fund (US Dollar)

The US Accelerator Index Fund (US Dollar) offers investors the opportunity to outperform the Standard & Poor’s 500® Index (S&P 500® Index) in a rising market. The Fund offers an enhanced participation of 115% in any growth of the Index over a one-year period, subject to a maximum rise in the Index of 12% (i.e. max. rise of 13.8% in the Fund), whilst tracking any decline in the Index on a 1:1 basis.

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130

90 92 94 96 98 100 102 104 106 108 110 112 114 116 118 120 122 124

US Accelerator Index Fund (US Dollar) Level %

— Fund (Net of management charges) — S&P500® Index

Final Index Level %

Are you looking for:

• An investment which is designed to outperform

the S&P 500® Index?

• An investment structure with potential for

high returns?

• Daily access to your capital via a UK-regulated

FSA-authorised fund?

Source: Commerzbank Corporates & Markets February 2013

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US Accelerator Index Fund (US Dollar) return profile

Why the US Accelerator Index Fund (US Dollar)?This is a sub-fund of Gresham Defined Funds, an Open Ended Investment Company (OEIC) authorised in the United Kingdom by the Financial Services Authority (FSA).

The Fund’s Investment Objective is to provide an investment that gives exposure to the performance of the S&P 500® Index (the ‘Index’) over consecutive one-year periods. The current period began on 9 November 2012. Unlike traditional funds, this has been designed to give discretionary and institutional managers an investment tool that will consistently outperform the Index over a broad range of return scenarios.

The daily liquidity provided by the Gresham Defined Funds’ platform allows shareholders the flexibility to realise gains whenever they choose, rather than on the fixed maturity date of a product.

How does the Fund work?The Fund will outperform the Index by offering enhanced participation in any growth in the Index, subject to an index cap of 12%. The growth participation level has been set at 115%. Should the level of the Index be lower at maturity, the Fund will track the fall on a 1:1 basis.

This means that if the Index is above the Initial Index Level at maturity but no higher than 12% above Initial Index Level, the investor will receive a return corresponding to the growth in the Index multiplied by the participation. The maximum return available from the Initial Index Level is 13.8%. This is calculated by multiplying the cap of 12% by the participation of 115%. For this to be achieved, the Index would have risen by at least 12% at the maturity date.

If the Index rises by more than 12%, the return of the Fund would be fixed at 13.8%. If the Index at maturity trades below the Initial Index Level, the investor will receive a return corresponding to the fall. The return profile below illustrates the return you can expect at maturity.

The final reference level of the Index will be determined using averaging. This is a commonly-used method which protects investors from volatility in the financial markets. Therefore, in order to reduce the risk of falls in the Index at the end of the investment term, the final level of the Index is taken as the average of the closing levels of the Index over the five business days preceding maturity. This may also restrict growth in a rising market over these five days.

Return profile at maturity1

1 The return at maturity is inclusive of Annual Management Charges (AMC) but excludes any initial charge. It assumes a participation of 115% of any growth in the Index.

2 The final level of the Index after averaging as a percentage of the Initial Index Level.

Enhanced participation in the growth of the S&P 500® Index

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S&P 500® Index2

Capital amount returnedper $100 investment

80% $80.00

85% $85.00

90% $90.00

95% $95.00

100% $100.00

105% $105.75

110% $111.50

115% $113.80

120% $113.80

What can the US Accelerator Index Fund (US Dollar) bring to your portfolio?

Features of the US Accelerator Index Fund (US Dollar) This FSA-authorised fund offers investors the potential for a benchmark outperformance by providing enhanced participation in the S&P 500® Index, subject to a cap.

The product offers a transparent secondary market with daily liquidity around the Net Asset Value (NAV).

The investment term is 12 months, but the unique structure of the Fund gives the manager the flexibility to offer a roll-over product at the end of the investment period.

The Fund provides an investment that gives exposure to the S&P 500® Index over rolling one-year periods, and gives investors the chance to outperform the S&P 500® Index in a rising market.

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90

95

100

105

110

115

120

125

130

US Accelerator Index Fund (US Dollar) Level %

— Fund (Net of management charges) — S&P500® Index

Final Index Level %

US Accelerator Index Fund (US Dollar) return profile

Source: Commerzbank Corporates & Markets February 2013

Key Benefits

• Outperforms S&P 500® Index in a rising market

• Enhanced participation, set at 115% in the first

12% growth of the S&P 500® Index

• UK OEIC authorised by the FSA

• Daily dealing around NAV

• Marketed returns net of all ongoing fees

and charges

• Flexibility to restructure at 12 month maturities

• Returns subject to CGT

• Credit risk limited to 10% of NAV to any one

asset or counterparty

Key Risks

• Performance returns will be negatively affected by a fall in the S&P 500® Index

• The Fund is exposed to Commerzbank AG. Given that the Fund has to comply

with specific fund regulations (UCITS III), exposure to Commerzbank AG is

limited to a maximum 10% of NAV

• Defined terms are only applicable if the investment is held to the end of the

one-year period. The Fund price may differ from the defined return in the

interim period

• The value of investments may fall as well as rise and the investor may not get

back the amount initially invested

• The Fund will underperform the S&P 500® Index if the index performance is

greater than 13.8%

• The Fund will lose value on a 1 for 1 basis below the Initial Index Level, with full

capital potentially at risk

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Your questions answered

Where can I find more information about the US Accelerator Index Fund (US Dollar)? You can find out more information about the US Accelerator Index Fund (US Dollar) in the simplified prospectus and the prospectus or you can visit www.commerzbank.com/gresham

What is the Standard and Poor’s 500 Index (S&P 500® Index)?The S&P 500® Index is widely regarded as the best single gauge of US equity markets. This internationally-recognised index includes a representative sample of 500 leading companies in leading industries of the US economy. The S&P 500® Index focuses on the large cap segment of the market.

The Index does not include an allowance for and return of reinvestment of dividend income. The Index was developed with a base level of 10 for the 1941-1943 base period.

Where can I get more information about the S&P 500® Index?You can find more information about S&P 500® Index at www.standardandpoors.com

How do I invest in the US Accelerator Index Fund (US Dollar)?For more details on how to subscribe to the Fund please contact Kleinwort Benson or Capita Financial Managers Limited directly or via your private bank, financial advisor or broker.

When can I access my capital?Liquidity, i.e. full access to capital, is provided daily. You can buy and redeem shares in the Fund through Capita Financial Managers Limited, the Authorised Corporate Director (ACD) of the Fund.

How much do I pay for each share?You will pay a price per share related to the NAV per share at the time of investment plus an initial charge of 0.5%.

What happens if I redeem my shares prior to the maturity date?If you redeem your shares prior to the maturity date you will get a return related to the NAV per share at the time you redeem your shares.

How am I taxed on the holdings of the Fund?Under current UK tax regulation, if you are an individual UK tax payer you may be subject to capital gains tax upon the sale of the units of the Fund. Please consult your own tax adviser and refer to the simplified prospectus for further information on tax matters.

Please see below for answers to key questions. Further technical details about the Fund can be found in the simplified prospectus.

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Product Summary

Objective The US Accelerator Index Fund (US Dollar) aims to provide an investment that gives exposure to the S&P 500® Index over a one-year period. The Fund will give a participation of 115% in any growth in the S&P 500® Index, subject to a maximum rise in the Index of 12% and a maximum return of 13.8%. If the S&P 500® Index falls below the Initial Index Level the Fund will track the performance of the Index on a 1:1 basis at maturity.

Classification UK OEIC

Launch Date of Fund 8 November 2007

Current Initial Index Level

The closing level of the S&P 500® Index on the 9 November 2012 (1379.85)

Underlying index S&P 500® Index

Currency USD

Launch price 100c

Initial charge 0.5%

Annual Management Charge

1.25% per annum

Minimum Investment USD 2,000.00

Valuation NAV daily on www.capitafinancial.co.uk

SEDOL B28XFD2

ISIN GB00B28XFD29

Dealing dates Daily

Authorised Corporate Director (ACD)

Capita Financial Managers Limited

Sponsor Commerzbank AG London Branch

Investment Manager Kleinwort Benson Bank Limited

Depositary Bank of New York Trust & Depositary Company Limited

For more details on how to subscribe to the Fund or to obtain a copy of the simplified prospectus, please contact your financial adviser or Capita Financial Managers Limited directly. Investors should read the simplified prospectus of the Fund carefully before investing. If necessary, take independent financial advice to ensure this investment is appropriate for your circumstances.

The information in this brochure is provided on 27 February 2013. Should you be reading this after this date and require up-to-date information, please contact your financial adviser, Capita Financial Managers or the investment manager Kleinwort Benson Bank Limited.

For more information please contact:Kleinwort Benson Thom Gascoigne+44 (0)20 3207 7141thom.gascoigne@kleinwortbenson.com

Commerzbank Gary Geiler+44 (0)20 7444 9081gary.geiler@commerzbank.com

Institutional Funds Solutions+44 (0)20 7444 9378FIMIFS@commerzbank.com

Capita Financial Managers Ltd Share Dealing +44 (0)845 922 0044

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Bringing together leading names in financial solutions

Commerzbank Corporates & MarketsCommerzbank Corporates & Markets (C&M) is the corporate and investment banking segment of Commerzbank AG, providing a broad range of products and services to corporate and institutional clients in Germany, Europe and beyond. The business incorporates strategic advisory and capital markets activities in debt, equities, commodities, fixed income and currencies with a strong focus on derivatives and structured products. C&M aspires to be clients’ partner of choice when it comes to the development and execution of smart solutions for all their financing and capital market needs.

Gresham Defined FundsGresham Defined Funds is an OEIC (Open Ended Investment Company), defined as a UCITS III scheme, and authorised by the Financial Services Authority (FSA). All of its sub-funds – such as the US Accelerator Index Fund (US dollar) – are ‘defined return funds’, which means that the target return is specified at the outset – thereby potentially providing investors with a far higher degree of certainty than traditional investment funds.

As an OEIC, Gresham Defined Funds also offers an investor-friendly, highly-regulated and tax-efficient investment structure. Shares in Gresham funds can be bought or redeemed in the same way as other OEIC funds.

Kleinwort BensonAs Investment Manager, Kleinwort Benson is responsible for purchasing assets to achieve the Fund’s investment objectives and managing liquidity and risk within the Fund. Kleinwort Benson provides services to private and corporate clients through its Private Wealth Management and Corporate Fiduciary & Intermediaries business lines. Structured products are an integral part of its offering, capitalising on proven expertise in creating bespoke products that provide defined risk and returns, accessibility to alternative asset classes and a clear and competitive pricing structure.

Capita Financial ManagersCapita Financial Managers is the Authorised Corporate Director (ACD) of the Fund. The ACD manages subscriptions and redemptions of the Fund’s shares and ensures that the Fund complies with FSA requirements. Capita Financial Managers is at the forefront of the Collective Investment Schemes industry, providing fund administration and management services in partnership with some of the most prestigious investment professionals in the industry. Capita Financial Managers is a wholly-owned subsidiary of The Capita Group Plc, a FTSE 100 company and the leading provider of outsourcing services in the UK.

A product such as the US Accelerator Index Fund (US Dollar) is only possible through the collaboration of leading names in investment banking, asset management and fund services.

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Disclaimer

This information sheet is a communication made, or approved for communication in the UK, by Commerzbank AG London Branch. Commerzbank AG London Branch is authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) the German Federal Financial Supervisory Authority and authorised and subject to limited regulation by the Financial Services Authority. Details about the extent of our authorisation and regulation by the Financial Services Authority are available from us on request.

Commerzbank AG London Branch does not deal for, or advise or otherwise offer any investment services to retail clients and this document is not intended for retail clients.

For further information on these funds retail customers should contact their retail bank, broker or financial adviser.

This information sheet is for discussion purposes only. Any forecasts and projections provided herein are indicative only as at the dates indicated and do not purport to be anything else and may in particular (but without limitation) be affected by changes in market conditions. Past performance is not indicative of future results. Potential counterparties/distributors should review independently and/or obtain independent professional advice and draw their own conclusions regarding the suitability/appropriateness of any transaction including the economic benefit and risks and the legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. Levels, bases and relief from taxation may change from time to time.

Any opinions expressed in this information sheet are those of Commerzbank as at the date of writing and subject to change without notice. Neither this information sheet nor any other statement (oral or otherwise) made at any time in connection herewith is an offer, invitation or recommendation to acquire or dispose of any securities or to enter into any transaction. Distribution of this information sheet does not oblige Commerzbank to enter into any transaction. Any offer would be made at a later date and subject to contract, satisfactory documentation, and prior transaction and market conditions. Commerzbank makes no representations as to the accuracy or completeness of any statements made herein or made at any time orally or otherwise in connection herewith and all liability (in negligence or otherwise) in respect of any such matters or statements is expressly excluded, except only in the case of fraud or wilful default. Commerzbank may have positions or deal in transactions or securities (or related derivatives) identical or similar to those described herein. In any such circumstance, if conflicts were to arise, Commerzbank would conduct its business without regard to the consequences of such conduct (adverse or otherwise to you).

The information in this sheet is subject to change without notice and may be amended, superseded or replaced in its entirety by subsequent sheets or other summaries. The information on this sheet has been created and published by the Corporates & Markets division of Commerzbank AG, Frankfurt/Main or the group companies mentioned in the document (“Commerzbank”). Commerzbank Corporates & Markets is the investment banking division of Commerzbank, integrating research, debt, equities, interest rates and foreign exchange. The terms and conditions shown are indicative and non-binding and may be subsequently changed without notice. The final terms and conditions of the fund will be set out in the prospectus or full offering documentation, which is available from Kleinwort Benson Bank.

Not for publication or distribution, directly or indirectly, in or into the United States of America, Australia, Canada or Japan. Commerzbank Group operates through many different legal entities throughout the world. In the UK, this includes Commerzbank London Branch (CBL), Commerzbank Bank AG, head office in Frankfurt, Commerzbank AG and associated and affiliated companies. The principal place of business of CBL, is at 30 Gresham Street, London, EC3V 7PG, United Kingdom. Commerzbank AG London Branch, registered in England and Wales No FC008139 and branch number BR 0010250. Should you require the current process or details of fund holdings, please contact the Investment Manager, Kleinwort Benson. Kleinwort Benson is the brand name of Kleinwort Benson Bank (KBPB) KBPB is authorised and regulated by the Financial Services Authority (FSA) and is a member of the London Stock Exchange. KBPB is registered in England, company number 2056420. The registered office is 30 Gresham Street, London EC2V 7PG. Telephone: +44 (0) 20 3207 7000. Calls may be recorded. ‘Standard & Poor’s®’, ‘S&P®’, ’S&P 500’ and ‘Standard & Poor’s 500’ are trademarks of Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. ‘VIX’ is a trademark of the Chicago Board Options Exchange, Incorporated. These marks have been licensed for use by Commerzbank AG. The Index is not sponsored, endorsed, sold or promoted by Chicago Board Options Exchange or Standard & Poor’s and Chicago Board Options Exchange and Standard & Poor’s make no representation regarding the advisability of investing in the Index.

The Index is not sponsored, endorsed, sold or promoted by S&P or the CBOE. S&P and CBOE make no representation, condition or warranty, express or implied, to the owners of the Index or any member of the public regarding the advisability of investing in securities generally or in the Index particularly or the ability of the VIX based on the S&P 500 Index (‘VIX’) to measure the volatility of the S&P 500 Composite Stock Price Index. S&P’s and CBOE’s only relationship to Commerzbank AG is the licensing of certain trademarks and trade names of S&P, CBOE and the VIX which is determined, composed and calculated by CBOE without regard to Commerzbank AG or the Index. CBOE has no obligation to take the needs of Commerzbank AG or the owners of the Index into consideration in determining, composing or calculating the VIX. S&P and CBOE are not responsible for and have not participated in the determination or calculation of the Index. S&P and CBOE have no obligation or liability in connection with the administration, marketing or calculation of the Index.

© Commerzbank AG

February 2013 | GPP 29646

Commerzbank AGCorporates & Markets

30 Gresham StreetLondon EC2V 7PGUnited KingdomTel. +44 (0)20 7623 8000www.cbcm.commerzbank.com