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Marketing. Look at it this way. The 70-200L II IS lens was running about $2500 at one time and sometimes you can find it for around $2200 right now. Figure on the 100-400L to be $1399-$1599. These prices we're figuring over the last 2 years now.
Add in a 100-300 f/4L, and that isn't going to be as cheap as the 100-400 and probably a little cheaper than the 70-200L. So if I need a good zoom, I'm going to purchase the 100-400L for the cheapest and get more focal lengths covered. Throw in the 70-300L lens and now a 100-300L will never sell and that's exactly why there isn't one.
Add in a 100-300 f/4L, and that isn't going to be as cheap as the 100-400 and probably a little cheaper than the 70-200L. So if I need a good zoom, I'm going to purchase the 100-400L for the cheapest and get more focal lengths covered. Throw in the 70-300L lens and now a 100-300L will never sell and that's exactly why there isn't one.
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