Shareholder Rights Directive Statement

GSA Capital Partners LLP ("GSA") is making this statement in Compliance with Rule 2.2B.5R of the FCA's Conduct of Business Sourcebook ("COBS").

As an FCA authorised asset manager that invests in shares admitted to trading on regulated markets, Rule 2.2B.5R requires GSA to either:

(1) develop and publicly disclose an "Engagement Policy" providing details of, among other things, how GSA's investment strategies and shareholder engagement activities, including the exercise of voting and other applicable rights, and their implementation, contribute towards the performance of the assets of GSA or funds managed by GSA; or

(2) publicly disclose a clear and reasoned explanation of why GSA has chosen not to comply with any of the requirements in (1) above.

GSA deploys quantitative investment strategies and systematic approaches to trading that render formal engagement with investee companies and shareholder engagement activities impractical. Neither GSA nor funds managed by GSA directly or indirectly exercise voting rights attached to securities falling within the scope of the regulation. Therefore, whilst GSA supports the general principles of shareholder engagement, it has chosen not to implement an Engagement Policy at this time.