Originally Posted by Richard Lane
It will use the widest available aperture at that focal length (e.g. f/5.6 at any zoom setting of 260mm or longer). It's a physical thing - at 400mm, the 100-400mm f/4.5-5.6L lens cannot open to f/4.5 because the optical elements are not large enough in diameter. That's also the reason the 100-400mm is ~$1500, while the forthcoming 200-400mm f/4 will be in the high thousands - the extra glass needed to open that wide at the long end.