GSB Capital LLC

Item 5 - Fees and Compensation
A. The fees applicable to each Fund are set forth in detail in each Fund’s respective offering documents
    and each SMA’s respective investment management agreement. The Funds’ fee schedules are
    omitted because this brochure is being delivered only to “qualified purchasers,” as defined in Section
    2(a)(51)(A) of the Investment Company Act of 1940, as amended (the “Investment Company Act”).

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    For other Clients, such as SMAs, the applicable types, frequency, calculation, and manner of our
    receipt, of compensation in connection such Clients are negotiated and set forth in the applicable
    governing documents and may vary from other Clients. A summary of the fees, expenses, and
    incentive compensation to which the Funds are subject is provided below.

    The Firm or the Firm’s affiliates receives management-based and performance-based compensation.
    Performance-based compensation is determined by the performance of each Fund’s respective assets
    under our management, subject to the terms of any applicable Governing Document (any such
    amount, a “Performance Amount”). Performance Amounts will generally be calculated based upon
    the annual trading profits of the assets managed by us after subtracting certain expenses, including,
    with respect to the Funds, the Management Fee. Management-based fees are paid based on a
    percentage of the Net Asset Value attributable to each applicable share class paid directly to the
    investment manager before the deduction of any Performance Fee.

    The Firm or the Firm’s affiliates may fully or partially waive, rebate, or calculate differently, the
    Management Fee and/or Performance Amount with respect to any Fund Investor in our sole
    discretion.

B. In connection with each Fund, fees and compensation paid to us or our affiliates are generally
   deducted from the Fund’s assets in arrears within 30 days of the end of each month and on a pro-rata
   basis for any shorter period, including the termination of the investment management agreement. The
   Investment Manager1 may, in its sole discretion, reduce or waive the management fee at any time.
   The Firm may from time to time receive its entitlement to a portion of the management fee as agreed
   with the Investment Manager by the issuance of shares of the Fund(s).

    Performance Amounts are calculated on a Class-by-Class basis in an amount equal to the specific
    percentage, negotiated based on share class, of the increase of each relevant class of shares, in the
    Net Asset Value per Share above the High-Water Mark during each Performance Period. The
    Performance Period refers to the period commencing on the initial date the Share is issued and ending
    at the close of business on the first to occur of: (1) the end of the Fiscal Year end (December 31); (2)
    each Redemption Day with respect to Participating Shares redeemed before Fiscal Year end; and (3)
    the date the Fund commenced winding up.

    For other Clients, such as SMAs, compensation is generally negotiated and set forth in the applicable
    governing documents.

C. All costs and expenses associated with the launch of the Firm’s Fund(s), including government
   incorporation charges and professional fees and expenses in connection with the preparation of the
   establishment of the Funds and their operating agreements referred to herein will be paid by the Fund
   out of the proceeds of the initial subscriptions and amortized over a period of three years from launch.

 Investment Manager herein refers to Gordian Capital Singapore Private Limited, the sponsor of the Funds sub-
advised by the Firm. Gordian Capital is a third-party manager and is not affiliated with GSB.

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    While the Directors consider that such an accounting policy is appropriate, that policy may lead to
    qualifications in the Fund's audited financial statements.

    The Firm renders its services to the Clients at its own expense including, without limitation, the
    payment of the compensation of employees or personnel necessary for such services, office costs and
    other administrative and operational costs and expenses, except that certain hardware and software
    expenses may be charged to the Fund by the Firm.

    The Firm’s Fund(s) do however bear all other expenses incidental to its operations and business,
    including, all transactional costs including brokerage, banking, sales and purchase commissions and
    charges and exchange fees, fees and charges of custodians and clearing agencies, interest and
    commitment fees on loans and debit balances, income taxes, withholding taxes, transfer taxes and
    other governmental charges and duties, any costs incurred in respect of meetings of the Directors
    (including its committees) and meetings, if any, of shareholders, fees of the Fund's legal advisers and
    the Auditors, Directors' fees and expenses, the costs of maintaining the Fund's registered office in the
    Cayman Islands and its registration as a mutual fund with the Cayman Monetary Authority and the
    costs of printing and distributing any offering materials and any reports and notices to shareholders.

    The Investment Manager may pay, or cause to be paid, fees to persons, whether affiliated with the
    Investment Manager, who are instrumental in the sale of Shares. Any such fees will in no event be
    payable by or chargeable to the Fund or any Shareholder or prospective Shareholder, unless there is
    an offsetting credit or fee reduction given by the Investment Manager on either or both fees.

    Regarding the Firm’s SMAs, as compensation for providing its investment advisory services under this
...

Item 7 - Types of Clients

As described above in Item 4, we provide investment advice to our Clients, which include private pooled
investment vehicles. It is not expected that any Client will be an individual or trust, however, the investors
in the pooled investment vehicles may include individuals, pension plans, banks or thrift institutions, other
investment entities, university endowments, sovereign wealth funds, family offices, pension and profit-
sharing plans, trusts, estates or charitable organizations or other corporations or business entities and
may also include, directly or indirectly, principals or other employees of GSB and its affiliates and members
of their families or service providers retained by GSB.

GSB does not have a minimum account size for Clients. However, for each Fund, GSB has a minimum initial
subscription per investor of US $1,000,000. In general, Investors will be required to be accredited investors
and qualified purchasers (as each such term is defined under applicable law) or qualified knowledgeable
GSB personnel. The Fund has appointed Gordian Capital Singapore Private Limited to act as investment
manager pursuant to the investment management agreement between the Fund and the investment
manager. The investment manager has appointed GSB Capital, LLC to act as sub-investment manager of
the Fund pursuant to sub-investment management agreement between the investment manager and the
sub-investment manager.