US Accelerator Index Fund (US Dollar) Gresham Defined Funds

Corporates & Markets

Investment management by 02

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.

US Accelerator Index Fund (US Dollar) return profile Are you looking for:

US Accelerator Index Fund (US Dollar) Level % 130 • An investment which is designed to outperform 125 the S&P 500® Index? 120 • An investment structure with potential for 115 high returns? 110 • Daily access to your capital via a UK-regulated 105 100 FSA-authorised fund? 95 90 90 92 94 96 98 100 102 104 106 108 110 112 114 116 118 120 122 124 Final Index Level %

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

Source: Corporates & Markets February 2013 03

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

Why the US Accelerator Index Fund If the Index rises by more than 12%, the return (US Dollar)? of the Fund would be fixed at 13.8%. If the Index This is a sub-fund of Gresham Defined Funds, at maturity trades below the Initial Index Level, an Open Ended Investment Company (OEIC) the investor will receive a return corresponding authorised in the by the to the fall. The return profile below illustrates the Financial Services Authority (FSA). return you can expect at maturity.

The Fund’s Investment Objective is to provide The final reference level of the Index will an investment that gives exposure to the be determined using averaging. This is a performance of the S&P 500® Index (the commonly-used method which protects investors ‘Index’) over consecutive one-year periods. from volatility in the financial markets. Therefore, The current period began on 9 November in order to reduce the risk of falls in the Index 2012. Unlike traditional funds, this has been at the end of the investment term, the final designed to give discretionary and institutional level of the Index is taken as the average of the managers an investment tool that will closing levels of the Index over the five business consistently outperform the Index over a broad days preceding maturity. This may also restrict range of return scenarios. growth in a rising market over these five days.

The daily liquidity provided by the Gresham Return profile at maturity1 Defined Funds’ platform allows shareholders the flexibility to realise gains whenever they S&P 500® Capital amount returned Index2 per $100 investment choose, rather than on the fixed maturity date 80% $80.00 of a product. 85% $85.00

How does the Fund work? 90% $90.00

The Fund will outperform the Index by offering 95% $95.00 enhanced participation in any growth in the Index, 100% $100.00 subject to an index cap of 12%. The growth participation level has been set at 115%. Should 105% $105.75 the level of the Index be lower at maturity, the Fund 110% $111.50 will track the fall on a 1:1 basis. 115% $113.80

120% $113.80 This means that if the Index is above the Initial 1 Index Level at maturity but no higher than 12% The return at maturity is inclusive of Annual Management Charges (AMC) but excludes any initial charge. It assumes a participation of above Initial Index Level, the investor will receive 115% of any growth in the Index. 2 a return corresponding to the growth in the Index The final level of the Index after averaging as a percentage of the Initial Index Level. 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. 04

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

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.

US Accelerator Index Fund (US Dollar) return profile Features of the US Accelerator Index Fund (US Dollar)

US Accelerator Index Fund (US Dollar) Level % This FSA-authorised fund offers investors the potential for a benchmark ® 130 outperformance by providing enhanced participation in the S&P 500

125 Index, subject to a cap. 120 115 The product offers a transparent secondary market with daily liquidity 110 around the Net Asset Value (NAV). 105 100 The investment term is 12 months, but the unique structure of the Fund 95 gives the manager the flexibility to offer a roll-over product at the end of 90 the investment period. 90 92 94 96 98 100 102 104 106 108 110 112 114 116 118 120 122 124

Final Index Level %

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

Source: Commerzbank Corporates & Markets February 2013

Key Benefits Key Risks

• Outperforms S&P 500® Index in a rising market • Performance returns will be negatively affected by a fall in the S&P 500® Index • Enhanced participation, set at 115% in the first • The Fund is exposed to Commerzbank AG. Given that the Fund has to comply 12% growth of the S&P 500® Index with specific fund regulations (UCITS III), exposure to Commerzbank AG is • UK OEIC authorised by the FSA limited to a maximum 10% of NAV • Daily dealing around NAV • Defined terms are only applicable if the investment is held to the end of the • Marketed returns net of all ongoing fees one-year period. The Fund price may differ from the defined return in the and charges interim period • Flexibility to restructure at 12 month maturities • The value of investments may fall as well as rise and the investor may not get • Returns subject to CGT back the amount initially invested • Credit risk limited to 10% of NAV to any one • The Fund will underperform the S&P 500® Index if the index performance is asset or counterparty 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 05

Your questions answered

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

Where can I find more information about How do I invest in the US Accelerator the US Accelerator Index Fund (US Dollar)? Index Fund (US Dollar)? You can find out more information about the For more details on how to subscribe to the US Accelerator Index Fund (US Dollar) in the Fund please contact Kleinwort Benson or simplified prospectus and the prospectus or you Capita Financial Managers Limited directly can visit www.commerzbank.com/gresham or via your private bank, financial advisor or broker. What is the Standard and Poor’s 500 Index (S&P 500® Index)? When can I access my capital? The S&P 500® Index is widely regarded as Liquidity, i.e. full access to capital, is provided the best single gauge of US equity markets. daily. You can buy and redeem shares in the This internationally-recognised index includes Fund through Capita Financial Managers a representative sample of 500 leading Limited, the Authorised Corporate Director companies in leading industries of the US (ACD) of the Fund. economy. The S&P 500® Index focuses on the large cap segment of the market. How much do I pay for each share? You will pay a price per share related to the The Index does not include an allowance for NAV per share at the time of investment plus and return of reinvestment of dividend income. an initial charge of 0.5%. The Index was developed with a base level of 10 for the 1941-1943 base period. What happens if I redeem my shares prior to the maturity date? Where can I get more information about If you redeem your shares prior to the maturity the S&P 500® Index? date you will get a return related to the NAV You can find more information about S&P 500® per share at the time you redeem your shares. Index at www.standardandpoors.com 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. 06

For more details on how to subscribe to the Product Summary Fund or to obtain a copy of the simplified Objective The US Accelerator Index Fund (US Dollar) aims to prospectus, please contact your financial provide an investment that gives exposure to the S&P adviser or Capita Financial Managers Limited 500® Index over a one-year period. The Fund will give a participation of 115% in any growth in the S&P 500® directly. Investors should read the simplified Index, subject to a maximum rise in the Index of 12% prospectus of the Fund carefully before and a maximum return of 13.8%. If the S&P 500® Index falls below the Initial Index Level the Fund will track the investing. If necessary, take independent performance of the Index on a 1:1 basis at maturity. financial advice to ensure this investment is appropriate for your circumstances. Classification UK OEIC

Launch Date of Fund 8 November 2007 The information in this brochure is provided on 27 February 2013. Should you be reading ® Current Initial Index The closing level of the S&P 500 Index on the this after this date and require up-to-date Level 9 November 2012 (1379.85) information, please contact your financial Underlying index S&P 500® Index adviser, Capita Financial Managers or the investment manager Kleinwort Benson Currency USD Bank Limited.

Launch price 100c For more information please contact: Initial charge 0.5% Kleinwort Benson Thom Gascoigne Annual Management 1.25% per annum +44 (0)20 3207 7141 Charge [email protected] Minimum Investment USD 2,000.00 Commerzbank Valuation NAV daily on www.capitafinancial.co.uk Gary Geiler +44 (0)20 7444 9081 SEDOL B28XFD2 [email protected] ISIN GB00B28XFD29 Institutional Funds Solutions Dealing dates Daily +44 (0)20 7444 9378 [email protected] Authorised Corporate Capita Financial Managers Limited Director (ACD) Capita Financial Managers Ltd Sponsor Commerzbank AG Branch Share Dealing +44 (0)845 922 0044 Investment Manager Kleinwort Benson Bank Limited

Depositary Bank of New York Trust & Depositary Company Limited 07

Bringing together leading names in financial solutions

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.

Commerzbank Corporates & Markets Kleinwort Benson Commerzbank Corporates & Markets (C&M) is As Investment Manager, Kleinwort Benson the corporate and investment banking segment is responsible for purchasing assets to of Commerzbank AG, providing a broad range achieve the Fund’s investment objectives of products and services to corporate and and managing liquidity and risk within the institutional clients in , Europe and Fund. Kleinwort Benson provides services beyond. The business incorporates strategic to private and corporate clients through its advisory and capital markets activities in Private Wealth Management and Corporate debt, equities, commodities, fixed income and Fiduciary & Intermediaries business lines. currencies with a strong focus on derivatives Structured products are an integral part of its and structured products. C&M aspires to be offering, capitalising on proven expertise in clients’ partner of choice when it comes to the creating bespoke products that provide defined development and execution of smart solutions risk and returns, accessibility to alternative for all their financing and capital market needs. asset classes and a clear and competitive pricing structure. Gresham Defined Funds Gresham Defined Funds is an OEIC (Open Capita Financial Managers Ended Investment Company), defined as a Capita Financial Managers is the Authorised UCITS III scheme, and authorised by the Corporate Director (ACD) of the Fund. The Financial Services Authority (FSA). All of its ACD manages subscriptions and redemptions sub-funds – such as the US Accelerator Index of the Fund’s shares and ensures that the Fund (US dollar) – are ‘defined return funds’, Fund complies with FSA requirements. which means that the target return is specified Capita Financial Managers is at the forefront at the outset – thereby potentially providing of the Collective Investment Schemes investors with a far higher degree of certainty industry, providing fund administration and than traditional investment funds. management services in partnership with some of the most prestigious investment As an OEIC, Gresham Defined Funds also professionals in the industry. Capita Financial offers an investor-friendly, highly-regulated Managers is a wholly-owned subsidiary of The and tax-efficient investment structure. Shares Capita Group Plc, a FTSE 100 company and in Gresham funds can be bought or redeemed the leading provider of outsourcing services in the same way as other OEIC funds. in the UK. 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, /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 . 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, Commerzbank AG 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 Corporates & Markets 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 30 Gresham Street the needs of Commerzbank AG or the owners of the Index into consideration in determining, composing or calculating the VIX. S&P and CBOE London EC2V 7PG 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. United Kingdom Tel. +44 (0)20 7623 8000 © Commerzbank AG www.cbcm.commerzbank.com February 2013 | GPP 29646