Document:

GSBF SETTLEMENT AGREEMENT

      The parties to this  agreement  are Randy  Catanese,  Robert  Shull,  Gary
Burnie,  and Floyd Cochran,  and those parties identified in Exhibit "A" namely,
Rodney Ray,  Steve  Browning  and Greg  Rotelli.  Collectively,  all parties are
referred to as the "Settling  Parties"  which  includes  their agents,  assigns,
controlled corporations, attorneys, employees and independent contractors.

      The Settling  Parties  agree to mutually  release every one and each other
from any and all claims or rights,  whether known or unknown, under Canadian and
U.S. law (including  California) under the following terms and conditions.  This
Settlement  Agreement  shall be  effective  as of the date it is executed by all
parties and shall represent a full and complete  release and settlement  between
the Settling Parties  excepting for any rights or obligations  which are created
in this Agreement.

      The Settling Parties agree to the following -

      (1)   Steve  Browning,  should he so desire,  shall  remain the CEO of GSB
            Financial Services, Inc. and a board member pursuant to his existing
            employment contract;

      (2)   All  actions  of  Steve   Browning  and  Catanese  &  Wells,  A  Law
            Corporation,  are ratified and consented to by the Settling Parties.
            Any corporate  minute book for GSB Financial,  Inc. or other related
            materials  for GSBF will be  returned at no charge to Gary Burnie by
            Catanese & Wells, A Law Corporation.

      (3)   The Settling  Parties agree that Greg Rotelli is due  $35,000.00 for
            investment banking services rendered to GSBF.

      (4)   The Settling  Parties also agree that Brian Longpre (or his company)
            is due  approximately  $27,000.00 for services  rendered and for any
            stock investment losses in GSBF proven by Mr. Longpre.

      (5)   The  Settling  Parties  further  agree  that Gary  Burnie  and Floyd
            Cochran shall be entitled to recover $366,000.00 plus interest at 5%
            for  12  months  from  card  processing   revenue  payable  to  GSBF
            (repayment  of these fees shall be agreed upon  between  Gary Burnie
            and Steve Browning - CEO of GSBF).

      (6)   The Settling Parties further agree that any outstanding payments due
            to  Canadian   Business   Wire  or  to  Lee  Shrout   shall  be  the
            responsibility of GSBF.

      (7)   Any expenses  which are proven up and related to and for the benefit
            of GSBF  incurred by Robert  Shull,  Gary Burnie,  or Floyd  Cochran
            shall be reimbursed by GSBF.

      (8)   Gary  Burnie,  Floyd  Cochran  and  Robert  Shull  agree to  recover
            1,000,000  shares in GSBF delivered to a Toronto  investment  group,
            such shares when recovered  shall be placed in a segregated  account
            at Lines Overseas  Management  managed by Floyd Cochran with account
            broker  Andrew  McAlpine - such shares  shall be sold to finance and
            provide capital for GSBF.
<PAGE>

      (9)   Rodney Ray shall cause Direct Response Financial  Services,  Inc. to
            enter into a contract  with GSBF whereby GSBF is appointed an ISO to
            Direct Card Services.  Under that agreement GSBF will be entitled to
            20% of all card  processing  revenue  payable to DRFS  directly from
            Eric Peacock (or his company).  Further,  under that  agreement GSBF
            will obtain at least 30% of card processing revenue for new business
            brought to Direct  Card  Services  from GSBF.  Rodney Ray shall also
            cause  Direct  Response  Financial  Services,  Inc.  to enter into a
            contract  with  GSBF  whereby  GSBF  is  given  a  20%  override  or
            commission of any revenue earned from Al Rosario (or his company).

      (10)  Randy Catanese shall deliver  550,000 shares of GSBF equally between
            Gary Burnie, Floyd Cochran and Robert Shull.

      (11)  Randy Catanese,  Rodney Ray and Robert Shull shall act in good faith
            to obtain restricted shares in Direct Response  Financial  Services,
            Inc. as follows - Gary Burnie 500,000  shares,  Robert Shull 500,000
            shares,  and Floyd  Cochran  500,000  shares.  These shares shall be
            restricted  under Rule 144 and will be subject to a voting trust. It
            is agreed that such shares may only become  available after DRFS has
            booked $50,000,000 in card processing business.

      The Settling  Parties agree that this  Agreement is binding on themselves,
their agents, assigns, controlled corporations,  and heirs. The Settling Parties
further  agree  that the terms and  conditions  of this  Agreement  will  remain
privileged  and  confidential  and may not be  disclosed.  The Settling  Parties
further  agree  that  they  have the  right  and  authority  to enter  into this
Agreement and have been given the  opportunity  to seek counsel  before  signing
this Agreement.

Accordingly,  this Agreement is executed and entered into this 21st day of June,
2002.

                                        /s/ Randy Catanese
                                        -------------------------------
                                        Randy Catanese

                                        /s/ Robert Shull
                                        --------------------------------
                                        Robert Shull

                                        /s/ Gary Burnie
                                        --------------------------------
                                        Gary Burnie

                                        /s/ Floyd Cochran
                                        --------------------------------
                                        Floyd Cochran
<PAGE>

                                   EXHIBIT "A"

      The  undersigned  are  aware of the  contents  of the  attached  Agreement
insofar  as it is  applicable  to each of us. In signing  below,  we agree to be
bound by and accept the terms of the attached Agreement.

            Dated:
                   ---------------      --------------------------------
                                        Rodney Ray

            Dated:
                   ---------------      --------------------------------
                                        Steve Browning

            Dated:
                   ---------------      --------------------------------
                                        Greg RotelliGSBF AGREEMENT

      The parties to this  agreement  are Randy  Catanese,  Robert  Shull,  Gary
Burnie,  and Floyd  Cochran.  Collectively,  all parties are  referred to as the
"Agreed Parties" which includes their agents, assigns,  controlled corporations,
attorneys, employees and independent contractors.

      This is an amendment to the prior Settlement  Agreement between the Agreed
Parties dated June 21, 2002. The prior Settlement Agreement,  and each and every
term thereof, remains in effect. This amendment is providing additional terms to
the prior  Settlement  Agreement.  In the event of a conflict  or  contradiction
between the Settlement  Agreement and this amendment,  the Settlement  Agreement
shall  control  except with respect to paragraph 1 of the  Settlement  Agreement
which is hereby amended by this paragraph 1.

      The Agreed Parties further agree as follows:

      (1)   The Agreed Parties shall obtain restricted shares in Direct Response
            Financial  Services,  Inc. ("DRFL") as follows - Gary Burnie 500,000
            shares and Floyd Cochran 500,000 shares.  Rob Shull shall coordinate
            with Mr.  Burnie and Mr.  Cochran the delivery of a Trust  agreement
            showing such shares and the  disposition of such shares in the Trust
            agreement.  Both Mr.  Burnie  and Mr.  Cochran  agree to accept  the
            instructions on the disposition of such shares pursuant to the Trust
            agreement.  At this time the  parties  anticipate  disposition  of a
            minimum of 5,000  shares per month by all other  parties  related to
            this agreement.

      (2)   The Agreed Parties, individually and jointly, ratify and confirm all
            prior stock issuances made by the Agreed Parties to themselves or to
            their controlled entities,  specifically  including 8,000,000 shares
            of  restricted  stock in GSBF which was issued in or about  October,
            2001,  to each of the  Agreed  Parties  for an  aggregate  amount of
            32,000,000  shares.  The shares shall be utilized in the same manner
            as those  described in paragraph #1 above.  At this time the parties
            anticipate  disposition  of a minimum of $5,000 per month by all the
            parties related to this agreement.

      (3)   Mr. Catanese agree he will deliver  100,0000 shares of "DRFL" to Mr.
            Cochran  provided  there has been no business  income paid to "GSBF"
            from Direct Card Services as detailed in #5 of this Agreement.

      (4)   Rob Shull,  or his controlled  entities,  shall deliver free trading
            shares,  without  restriction,  in DRFL  as  follows  - Gary  Burnie
            100,000  shares and Floyd Cochran  130,000  shares.  Rob Shull shall
            coordinate  with Mr.  Burnie and Mr.  Cochran  the  delivery of such
            shares on or before #7 of this agreement takes place.
<PAGE>

      (5)   Direct Card Services,  LLC will transfer Twenty Percent (20%) of all
            gross  receipts  revenues  derivative of its account with the Nevada
            Taxation  and  Revenue  Department  to GSBF  for so  long  as  "DCS"
            receives  income  from this  account  (Randy  Catanese is signing as
            Managing Member for DCS to this Agreement). In addition, Direct Card
            Services LLC will transfer Ten Percent  (10%) of all gross  receipts
            revenues  derivatives of its accounts with business  income from all
            sources  for a period of (5) five  years  from the date of the first
            payment.   Mr.  Catanese  will  work  with  Mr.  Burnie  to  provide
            additional card processing  revenue as appropriate and in accordance
            with the existing agent contract between DCS and GSBF.

      (6)   All parties  agree to work  together to take GSBF to the  NASD-OTCBB
            Bulletin  Board,  Mr. Burnie and Mr.  Catanese will  coordinate this
            effort.

      (7)   Mr. Cochran will deliver all shares he is holding in "trust" in DRFL
            to Mr. Shull as soon as practicable.  The delivery of such shares is
            a condition  to every term and  condition  in this  amendment.  Such
            shares were  identified by Mr.  Cochran in a letter to Pacific Stock
            Transfer Company.

      The Agreed  Parties  agree that this  Agreement is binding on  themselves,
their agents, assigns,  controlled  corporations,  and heirs. The Agreed Parties
further  agree  that the terms and  conditions  of this  Agreement  will  remain
privileged and confidential. The Agreed Parties further agree that they have the
right and  authority  to enter  into  this  Agreement  and have  been  given the
opportunity to seek counsel before signing this Agreement.

      Accordingly,  this Agreement is executed and entered into this 22nd day of
May, 2003.

                                        /s/ Randy Catanese
                                        -------------------------------
                                        Randy Catanese

                                        /s/ Robert Shull
                                        -------------------------------
                                        Robert Shull

                                        /s/ Floyd Cochran
                                        -------------------------------
                                        Floyd Cochran

                                        /s/ Gary Burnie
                                        -------------------------------
                                        Gary Burnie

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