ComStage ETFs

The best ideas are often the simplest ComStage ETFs

Product Information

Achieving more together

Content

The best ideas are often the simplest Investment aim History Strategic asset allocation Full replication or swap Dividends Cost efciency Transparency Creditworthiness Leveraged and short ETFs Savings plans Flexibility Buying and trading hours Help in reading the website Looking ahead Conclusions General risk factors Glossary Disclaimer

4 5 6 8 10 11 12 13 14 15 16 16 17 18 20 21 22 23 26

4 | The best ideas are often the simplest

The best ideas are often the simplest

Our ComStage ETFs are full of great ideas. The diversication advantages of investment funds, the exibility of shares, low tracking error, low costs and the automatic inclusion of dividends through the use of total return indices this is what ComStage ETFs offer you. Our ETFs are particularly popular with private investors who have a long-term investment horizon. Institutional participants put their faith in our expertise and dependability. ComStage is the ETF platform of Commerzbank in Luxembourg. The Bank has been marketing exchange traded funds (ETFs) under this name since September 2008.

Investment aim | 5

Investment aim
Simply replicate the index

As well as the opportunity to build up wealth through the use of classic mutual funds or certicates, investors are increasingly turning to investment funds traded on the stock market, known internationally as exchange traded funds (ETFs). These funds aim to replicate the performance of the chosen index as closely as possible. The composition of the fund is meant to ensure there is as little deviation from this as possible. The aim of an ETF, therefore, is not to outperform the benchmark, but to achieve a performance which matches that of the underlying index as closely as possible.

A long-term investment in major market indicators such as the DAX 30 or EURO STOXX 50 has proven to be extremely successful in the past. Since 1988, the DAX has recorded a rise of 8.37 per cent p. a. while the EURO STOXX 50 recorded growth of 6.56 per cent p. a. (as at 30 July 2010).

DAX 30 vs. EURO STOXX 50 Performance of the indices (standardised)

1,000 800 600 400 200 0 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

DAX 30 performance index EURO STOXX 50 price index

Source: Reuters. As of: July 30, 2010. Past performance is no guarantee for future performance.

6 | History

History
It started in the USA

ETFs are becoming increasingly popular. The rst ETFs carried the label Made in USA and were listed on the American Stock Exchange in New York in 1993. Institutional investors in particular were quickly won over by the numerous positive product characteristics. Among these investors were insurance companies, pension funds and investment companies. By the end of June 2010 there were 2,252 ETFs listed throughout the world managing assets worth around EUR 801 billion.

ETF AuM worldwide in EUR billion

900 800 700 600 500 400 300 200 100 0
2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Steinbeis-Hochschule Berlin, Research Center for Financial Services. As of: June 30, 2010.

History | 7

Europe ETFs were rst introduced to Europe in April 2000. The market developed rapidly from the initial six ETFs managing EUR 723 million to a vast range of 961 products combining AuM of EUR 170.3 billion by the end of June 2010. Germany The German ETF market continous to exhibit very dynamic growth since its infancy. From EUR 4.8 billion in 2002, the AuM climbed to EUR 155.4 billion in June 2010. In Germany, investors can now choose from over 776 ETFs.

Number of ETFs in Germany and Europe

1,200 1,000 800 600 400 200 0
2002 2003 2004 2005 2006 2007 2008 2009 2010

Number of ETFs in Germany Number of ETFs in Europe

Source: Steinbeis-Hochschule Berlin, Research Center for Financial Services. As of: 30 June 2010.

Assets under Management in Germany and Europe

200 180 160 140 120 100 80 60 40 20 0
2002 2003 2004 2005 2006 2007 2008 2009 2010

AuM in Germany AuM in Europe Source: Steinbeis-Hochschule Berlin, Research Center for Financial Services. As of: 30 June 2010.

8 | Strategic asset allocation

Strategic asset allocation

Deciding on the right tactics

There are many different philosophies and investment aims. Investors can now choose from a wide range of investment instruments for a large number of investment strategies. At the start of any investment, however, a decision has to be taken on the right asset classes. Studies show that the performance of a portfolio largely depends on selecting the right asset classes and markets. Asset allocation therefore has the biggest effect on the investment performance. In addition, it is necessary to correctly assess ones personal expectations of prot and the risk associated with investment. Investors should therefore take all the available nancial products into account when planning to invest.

Importance of asset allocation in portfolio performance

2% 5% 3% Asset allocation Choice of security Market timing Other

90%

Only 10 per cent of portfolio performance is not determined by the selection of a class of investment. Source: Steinbeis-Hochschule Berlin, Research Center for Financial Services.

Strategic asset allocation | 9

Investment can be managed actively or passively. Actively managed funds, for instance, have the objective of achieving a yield on the investment which will exceed the performance of a benchmark index. To do this, fund managers analyse the markets and endeavour to actively improve the fund by picking the right stocks. In the 1970s, economists, such as Nobel laureate William Sharpe, were able to demonstrate that, on average, fund managers cannot outperform their benchmarks by managing a portfolio actively. Few fund managers are capable of beating the index in the long term after allowing for fees. There are many different indices for investors to choose from. In general, it is a good idea to note whether it is a total return index (dividend payments by companies held in the index are taken into account, e. g. DAX 30, MDAX), or whether it is a price index which does not take dividend payments into account (e. g. Dow Jones Industrial AverageSM, Nikkei 225). Since 2008, the importance of passively managed investment funds in Germany has signicantly increased. According to a forecast by the Steinbeis-Hochschule Berlin, the share of ETFs in an average portfolio will increase from 8 per cent to 12 per cent.

Portion of active and passive investment funds (Germany)

7% Bonds Active investment funds 33% Shares Certicates ETFs Remainder 17% 24%

9% 10%

Source: Steinbeis-Hochschule Berlin, Research Center for Financial Services.

10 | Full replication oder swap

Full replication or swap

Replicating the index precisely

In principle, there are two ways of tracking an index as closely as possible: the swap method which is used in the vast majority of ComStage ETFs, and the full replication method.

Swap method In swap ETFs, the fund assets are invested in transferable securities, for example in shares or bonds (collateral portfolio). In addition, a swap is entered into with a bank. This is used to exchange the performance of the basic port folio for that of the index to be replicated. The combination of the collateral portfolio and swap ensures that the ETF follows the index performance as closely as possible. The clear advantage of swap ETFs lies in the more accurate index tracking compared with full-replication ETFs. This means that index adjustments do not have to be made at fund level, but remain the task of the swap partner which is obliged by the swap contract to pay the exact index performance to the fund.

Full replication method In full replication ETFs, the shares of the index being replicated are bought according to the weighting of the index. A full replication ETF on the DAX will thus contain exactly 30 shares while one on the EURO STOXX 50 will contain exactly 50 shares. Should the composition of an index alter for instance as the result of a merger or because a company no longer satises the criteria for remaining on the index, the full replication ETF will imitate this change by exchanging the shares concerned. As well as an investment in the index components, a full replication ComStage ETF may use derivative instruments and techniques as well to imitate the index and optimise the portfolio. Full Replication ComStage ETFs carry the acronym FR.

Dividends | 11

Dividends
There is clearly more to be had

In the case of total return indices, any dividend payments made will be included in the calculation of the index and will therefore increase the index level. On 5 August 2010, the dividend yield related to the DAX 30 was approx. 3.05 per cent p. a. (source: Bloomberg). By contrast, the dividend is not included in the calculation of the index where price indices are concerned. The advantage of ComStage ETFs: The investor prots from taking into account any dividend payments, and it is irrelevant whether it is a total return index or a price index. As a rule, the outcome is that a ComStage ETF based on a price index will perform better than the underlying index itself.

ComStage ETFs based on a total return index bear the acronym TR (Total Return) or TRN (Total Return Net).

Historical performance of the DAX 30 in points

10,000 8,000 6,000 4,000 2,000 0 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

DAX 30 total return index DAX 30 price index

Source: Bloomberg. As of: 30. June 2010. The total return index clearly outperforms the price index because of the increase in value from the reinvestment of dividends. Past price trends offer no guarantee of future performance.

12 | Cost efciency

Cost efciency
Less is more

In comparison with actively managed funds, the costs of ETFs are substantially less. An ETF fund manager does not have to deal with analysing the fundamentals, technical analysis or timing aspects, greatly saving on costs. ETFs are offered through the stock market without a front-end load. Only the normal transaction costs of securities transactions are charged. As a rule, the management fee for ETFs is as low as 0.15 per cent to 0.90 per cent per p. a. Even lower management fees are charged for ComStage ETFs: between 0.10 and a maximum 0.65 per cent (as at August 2010). All the important information, such as the at-rate fees and the current buying and selling prices, can be found on the Internet at www.comstage.de.

The level of regular fees has a serious impact on investment performance, particularly when it is a long-term investment. This is clear from the example of a one-off investment of EUR 1,000 in the DAX 30. This comparison is based on actual DAX 30 performance between 31 December 1987 and 30 July 2010. With an investment in an actively managed fund investing in leading German equities, the nal result in EUR 4,904.64, allowing for fees of 1 per cent p. a. By contrast, lower fees of only 0.12 per cent p. a. would have led to a higher nal amount of EUR 5,983.53 if investing in a ComStage DAX ETF.

DAX 30 ETF vs. actively managed funds in German blue chips standardised
10,000 8,000 6,000 4,000 2,000 0 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

DAX 30 ETF actively managed fund

Source: Bloomberg. As of: 30 July 2010. Past performance offers no guarantee of future performance.

Transparency | 13

Transparency
Keeping things in perspective

The aim of ETFs is to track the performance of a benchmark index as accurately as possible. By contrast to the classic investment fund, they are usually managed passively. The fund manager of an ETF therefore does not attempt to achieve better performance than the underlying index through active stock picking. In Germany, it was primarily institutional investors who established ETFs as an investment product. Professionals really appreciate the high degree of transparency they offer. Whilst in the classic mutual fund, the portfolio balance can be accessed only at

the end of the quarter, with an ETF the investor can access the current index composition at all times. The required information on the current composition of the index. All the salient information can be downloaded via the index provider and from the website www.comstage.de. This secures a high level of transparency. The performance of an ETF is dependant on the performance of the underlying index. In addition, market makers provide buying and selling prices for each trading day and enable an ETF to be traded at any time. Therefore, the investor can react immediately to the current market situation.

14 | Creditworthiness

Creditworthiness
A solid foundation

Counterparty risk Depending on how the market develops, the swap may entail a claim for the ETF on the swap partner, because in relative terms the index may develop better than the collateral portfolio. If, due to insolvency, the swap partner is then unable to meet its obligations toward the ETF, this may result in losses for the ETF. However, to protect the investor this so-called counterparty risk is limited to a maximum of 10 per cent of the fund assets because of legal requirements.

ComStage ETFs even go one step further. If, due to the development of the market, a claim arises on the swap partner on behalf of the fund, this will be secured by the depositing of securities. The value of the securities will generally exceed the funds claims, so that there is a situation of over-collateralisation. Counterparty risk in the case of ComStage ETFs is thereby excluded as in the case of fully replicating ETFs.

Leveraged and short ETFs | 15

Leveraged and short ETFs

Participate in index performance, with leverage ComStage ETF EURO STOXX 50 Daily Leverage is based on the index of the same name. Price changes on the EURO STOXX 50 price index are augmented on a daily basis by a leverage effect of 2 in the strategic index, the EURO STOXX 50 Daily Leverage. A positive change in the EURO STOXX 50 Daily price index leads to roughly a positive performance of the EURO STOXX 50 Daily Leverage Index which is leveraged on a daily basis by a factor of 2, and vice versa. This relationship is not maintained over a longer period.

or prot from falling index rates But even during negative market phases positive earnings can be achieved with the ComStage ETF EURO STOXX 50 Daily Short GR. If the investor wishes to participate in the market trend when index levels are falling, he should invest in the ComStage ETF EURO STOXX 50 Daily Short GR. A negative movement of the EURO STOXX 50 Index will lead on a daily basis to a positive change and a positive movement of the EURO STOXX 50 Index will lead to a negative change in the EURO STOXX 50 Daily Short GR Index of an approximately equal percentage. This relationship is not maintained over a longer period. As well as beneting from the likelihood of falling levels the Short ETF can also be used for short-term hedging of an existing securities portfolio.

Just use the right leverage.

Minus also has a positive side

16 | Savings plans and Flexibility

Savings plans
A simple step-by-step way of investing

Fund-based savings plans using ComStage ETFs make it possible to invest even small sums inexpensively in the major national and international indices on a regular basis. Through the systematic and exible building of savings with a long-term plan you create the basis for achieving individual investment objectives. One important aspect of fund-based savings plans is that they can be frozen, paid out or adjusted easily at any time. The saver can therefore invest according to his or her personal needs. Selected discount brokers offer savings plans which are based on ComStage ETFs. More information regarding ETF savings plans can be obtained at the website www.comstage.de/en under the menu item ETF Savings Plans.

Flexibility
Available all the time

For investors, the ability to trade during the day is of great importance. In classic investment funds, the unit price for which the investor is able to buy or redeem the units at the fund company is determined only once a day. As a rule, orders must be given long before the price is determined. In this respect investors cannot react exibly to the expectations of the market during the trading day. The required degree of exibility can be offered only by liquid trading through the secondary market. Although various classic investments are also traded at stock exchanges, the bid/offer spreads are relatively high and liquidity can be very low. By contrast, ETFs can be traded at low bid/offer spreads on the stock market continuously. Market makers ensure there is liquidity and calculate what is termed an iNAV which provides an indication of the ETF value at any time. ETFs can therefore be traded like shares.

Buying and trading hours | 17

Buying and trading hours

You just need to know

ComStage ETFs can be acquired via various routes. They can be traded through the stock exchanges via ETF Best in Stuttgart and Frankfurt (oor trading) between 9 a. m. and 8 p. m. Xetra from 9 a. m. to 5.30 p. m.), as well as over-the-counter (OTC) direct with Commerzbank between 8 a. m. and 10 p. m. With orders given via the stock market, investors have the option to arrange buy and sell points by setting individual limits, i. e. particular price levels, without the need for constant monitoring. By contrast, investors using OTC trading can conclude the intended transaction in real time. This way of placing orders also dispenses with the normal brokers fee charged for stock transactions orders. Many discount brokers and direct banks now offer their customers the possibility of dealing direct with the market maker as part of live trading OTC via the Internet.

Commerzbank is the market maker for ComStage ETFs. This service can be utilised through the following banks: brokerjet (direct trading) comdirect bank (live trading) Commerzbank (branches) Cortal Consors (broking/ordering offthe-oor) DAB bank (DAB trading by the second) direktanlage.at (direct trading) e*trade (direct trading) matex (direct trading) atex (direct trading) ING-DiBa (direct trading) maxblue (direct trading) S Broker (direct trading) sino (direct trading) Swissquote (off-exchange direct trading) tradejet (direct trading)

18 | Help in reading the website

Help in reading the website

Find out more online

Commerzbank provides broad, clear information for investors about ComStage through the Exchange Traded Funds (ETF) internet platform.
Via www.comstage.de Internet users may, for example, use a chart tool to examine the chart for any ETF and the associated index. It is also possible to adjust the historical prices variably to a second preview chart depending on requirements. At a glance, investors nd price and fund information with important ratios, such as the current status of the indicative net asset value or the level of tracking error.

Help in reading the website | 19

1 Indicative net asset value (iNAV) The iNav gives an indication of the value of a unit in the fund (ETF). During trading hours it is calculated at least once per minute.

3 Reinvestment In the case of reinvestment funds the prots from securities (interest rates, dividends, sales proceeds) are invested to increase value.

2 Net asset value (NAV) The assets of a fund are expressed by the net asset value of all investments. The assets are added up once a day, the liabilities are subtracted from this gure and the total divided by the number of units in circulation.

Total expense ratio (TER) The total expense ratio (TER) expresses the annual costs and fees incurred each year as a percentage of the average fund volume Tracking error The tracking error shows to what extent the ETF differs from the benchmark (here 0.0173 per cent deviation of ComStage ETF DAX TR from the DAX 30 level).
5

4 5

20 | Looking forward

Looking forward
Thoroughly convincing - about the future too!

A study conducted by the well-known Steinbeis-Hochschule Berlin predicts the following trends for the development of ETFs in Germany: As well as institutional investors, private investors are increasingly making use of ETFs to build their assets. The volume of ETFs listed in Germany is likely to rise from todays (June 2010) level of around EUR 155.4 billion to between EUR 325 billion and EUR 419 billion in 2015. Actively managed investments will lose much of the funds invested by 2015, at the same time the share of passively managed investment classes will rise accordingly. ETFs are also increasingly used for pension provision. Funds of funds and standardised asset management companies will increase their allocations to ETFs. Structured products will in future be issued in an ETF wrapper.

Forecast: Growth of the ETF market in Germany until 2015 AuM in EUR billion
450 400 350 300 250 200 150 100 50 0
2005 2007 2009 2015e

Pessimistic estimate Optimistic estimate Source: Steinbeis-Hochschule Berlin, Research Center for Financial Services. As of: 30 June 2010.

Conclusions | 21

Conclusions
To the point

ETFs offer high transparency. The composition of the indexes underlying the ETFs is clear. During trading hours at the stock exchange, transparent secondary market trading at current prices is conducted. ETFs cause lower regular fees compared with classic investment funds. In the case of the ComStage ETFs these amount to between 0.10 and 0.65 per cent p. a. (valid as at August 2010).

No front-end load is charged when purchasing ETFs on the secondary market. When buying and selling ETFs on the secondary market, the investor is charged only the costs resulting from the difference between the buying and selling price of the market maker (the bid/offer spread) and the individual transaction costs (commission) of the investors bank.

22 | General risk factors

General risk factors

ComStage ETFs provide no capital guarantee. They are linked to an index whose development may be positive or negative. Therefore, the value of units in the fund can rise or fall. The net asset value of the units in the fund in particular may fall below the buying price at any time, meaning a capital loss in the event of sale. In really unfortunate circumstances (for example in the case of a loss in value among all index components as a result of the market situation) there may be a total loss of the capital invested. To achieve efcient management of the portfolio, nancial instruments and techniques are employed to link the funds value to the performance of the index. Careful use of these nancial instruments and techniques is generally an advantage, but also entails risks as a result of the special structure of derivatives and the mechanisms found in derivative markets.

The statutory and regulatory provisions apply to collateral provided to the company by counterparties in connection with securities lending, repurchase agreements and OTC transactions in order to minimise the counterparty risk. It is possible that individual items of collateral may have lost value at the time of sale or have become totally worthless by the time of sale. The securities underlying the index may be traded in a different currency to the investors own currency. In such cases, currency losses may have a negative impact on the investment outcome from the investors viewpoint.

Glossary | 23

Glossary

Equity fund

Equity funds largely use the investors deposit to acquire shares from listed companies. Through the shares the fund, and so also the investors, have a direct participation in the success of a company. An equity fund involves the purchase of shares in particular sectors as well as different countries. Investment funds whose composition the fund management follows, checks and alters in line with the market circumstances. Through its selection of shares, for example, the fund management aims to achieve a higher risk-adjusted yield for the actively managed portfolio than the risk-adjusted benchmark yield. The decision made by the investor as to which assets he or she should include in the portfolio and how they are weighted. In tactical asset allocation it is important to choose the right time. The investor observes the market indicators and on this basis decides what weighting to allocate to the individual asset groups within the portfolio. If conditions change, the weighting will also change, i. e. portfolio structuring. The front-end load is a one-off payment by the purchaser of fund units to the seller in return for advice and the sale. The front-end load is not standard, but will differ depending on the fund. For equity funds it may be as much as 5 per cent and for bond funds up to 3 per cent of the redemption price. The benchmark (= measure of comparison) denotes important reference assets which function as a comparison to the investors own investments or to the performance of investment funds. The benchmark can often be a market index such as the DAX 30 or S&P 500 index. Active fund management always has the aim of beating this benchmark index. Passively managed funds such as ETFs have the aim of performing exactly like the benchmark Unlike the holder of xed-income securities, the shareholder has no claim to receive a xed rate of interest, but instead has a claim to the proportion devolving to him or her in the case of a division of the portion of the net income intended for distribution by the number of shares of the company. These comprise index-linked funds that are traded on the stock market. Unlike actively managed funds, the fund manager does not endeavour to beat the underlying benchmark index through the optimal selection of shares. Instead, exchange traded funds replicate the respective benchmark index as exactly as possible. Consequence: the performance of the fund runs parallel to that of the index.

Actively managed funds

Asset allocation (portfolio structuring)

Front-end load

Benchmark

Dividends

Exchange traded funds (ETFs)

24 | Glossary

Taxation of funds

Like classic investment funds, ETFs constitute special assets which are subject to the taxation rules relating to funds. This means that the principle of transparency generally also applies to ETFs. For example, as the so-called ordinary income of the ETF, distributed or retained dividends are taxable at the time of distribution or reinvestment at the EFTs year-end in the case of private investors who are fully liable for taxation in Germany. There is an exception for SWAP ETFs, because they achieve synthetic earnings and are only liable for taxation when the fund units are sold. The sufx GR in the name of the ETF signies that the ETF index is a gross return index. Gross interest and gross dividends are allowed for in calculating the index. The companies contained in an index are reviewed at regular intervals or special occasions to establish whether they still meet the criteria for inclusion within the index (e. g. market value, share liquidity). If they do not, these companies are replaced by others which do. Index tracking means the most accurate replication of a capital market index as possible by a portfolio of securities. When following an appropriate investment policy, this is based on the concept that a specic selection of shares, for example, cannot achieve a higher yield than is expressed by the level of the index. A price index is exclusively oriented to the price development of the index components. In contrast to the total return index, the price markdown associated with a dividend payment is treated like a fall in the share price. Price indexes therefore lose value compared with the total return index when dividends are distributed. A liquid market allows a rapid, effective entry and exit at the respective current market rate. The possibility of entering and liquidating positions quickly is provided by the large number of market players willing to buy and sell or by market making. The market maker has the task of providing binding prices on request and thus of being constantly available as a market partner during stock exchange hours. He either sells or buys immediately from his own holdings or seeks a counterparty for the transaction; this often takes just seconds. The market value of a unit of a fund equals its asset value. In funds which do not charge selling fees, the asset value, market price and issue price are identical: they represent the price payable by the investor for a unit of the fund. Most funds charge the asset value each day after market close by valuing all the securities they hold at the closing rate and adding to all other assets they hold, such as cash, etc., deducting all liabilities and dividing the total (total net assets - total net market value) by the number of unit certicates outstanding.

GR gross return

Index adjustment

Index tracking

Price index

Liquidity

Market makers

NAV (net asset value)

Glossary | 25

iNAV (indicative net asset value) NR Net return index

The indicative net asset value (iNAV) is calculated continuously and represents the actual value of an ETFs in real time. This is calculated on the basis of the portfolio which is published daily. The sufx NR in the name of the ETF signies that the ETF index is a net return index. Net dividends/interest are included in the calculation of the index after deducting withholding tax. The sufx TRN signies that the ETF index is a total return net index. A performance index (total return net index, TRN) measures the increase in value of capital investments. When calculating the index, capital changes and dividend distributions are included after deducting withholding tax. The sufx TR in the name of the ETF signies that the ETF index is a performance index (total return index, TR). A performance index measures the increase in value of capital investments. When calculating the performance index, capital changes and dividend distributions are included after deducting withholding tax. A fund constitutes special assets, i. e. the money deposited by the investors is managed separately from the operating assets of the fund company The tracking error records how much a fund is deviating from the specied benchmark. Synonym for management fee. This is the payment received by the fund company for managing a fund. The level of management fee is shown in the sales prospectus and the information published about the fund (e. g. the website). The fee is not charged direct to the investor but to the fund assets. Interim prot refers to the payments contained in the selling or redemption price for collected or accrued interest that has not been distributed or reinvested by the fund and which therefore has not yet become taxable for the investor. The intention is that the ComStage ETFs should have an interim prot of zero.

TRN Total return net index

TR Total return index

Special assets

Tracking error Administrative fee

Interim prot

26 | Disclaimer

Disclaimer

This document is solely for distribution to customers of Commerzbank AG who have their residence in Germany. This yer provides only some information on the fund units indicated here, such as the underlying index, key fund gures (underlying, subscription ratio) and trading information (securities ID number (WKN), stock market listing). This is insufcient information on which to base an investment decision. Therefore, such decisions should be made solely on the basis of the detailed and simplied sales prospectuses, and not on this overview. Furthermore, investors are advised to consult their tax, nancial, legal or other advisors prior to acquiring units in the ETF described here and to clarify any potential economic or tax consequences of acquiring such units individually. The particular fund is not recommended, sold or advertised by the sponsor of the index, nor does the sponsor deliver other assurances regarding the fund. In addition, the sponsor of the index mentioned here does not provide any assurances or guarantees whatsoever with regard to results achieved through use of its index and/or index level on a particular day, or in any other respect. Commerzbank shall not assume any responsibility relating to this publication or the information contained therein, or for any errors or omissions, or for any losses arising from trust placed in the information in any way, subject to the laws and provisions in force. Commerzbank shall act as market maker for the fund units indicated, or trade with nancial instruments associated economically with fund units or derivatives. Commerzbanks trading and/or hedging activities may inuence price trends in relation to transactions conducted in fund units. Any change in the regulatory situation for ComStage ETFs may affect the investment policy and derivative techniques used for the purpose of achieving the investment objectives. Such legal changes may affect the value of fund units. ComStage ETF is registered in the Grand Duchy of Luxembourg. The sales prospectuses for ComStage ETFs feature a comprehensive description of the conditions governing the funds. You may obtain the detailed sales prospectus, the simplied sales prospectuses, the Articles of Association and the current annual and semi-annual reports free of charge from the following agents: Germany: Commerzbank AG, Kaiserstrae 16 (Kaiserplatz), 60311 Frankfurt am Main agiert als Informationsstelle; Austria: Erste Bank der sterreichischen Sparkassen AG, Graben 21, A-1010 Wien agiert als Zahlstelle und steuerlicher Vertreter in sterreich; Switzerland: Commerzbank AG, Frankfurt am Main, Zurich Branch, Utoquai 55, CH-8034 Zrich agiert als Zahlstelle und Vertreter in der Schweiz und Luxembourg: Verwaltungsgesellschaft Luxemburg: Commerz Derivatives Funds Solutions S.A., 25, rue Edward Steichen, 2540 Luxemburg. As of: April 20, 2011

Commerzbank AG Corporates & Markets Equity Markets & Commodities Mainzer Landstrasse 153 60327 Frankfurt Tel.: Fax: E-Mail: Internet: 069 / 136-4 33 33 069 / 136-4 75 95 info@comstage.de www.comstage.de/en

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