Gensen Asset Management Inc

Item	5	–	Fees	and	Compensation

A.     Fee Schedule
The fees and compensation payable to GAM are negotiable and vary among its Clients.
However, the range of compensation is generally as follows:
       1.      Management Fee
Management fees will vary with each Client and are explained more fully in the applicable
governing documents of a Fund or management agreement with a SMA. The Firm is generally
paid a management fee on a monthly basis according to the terms of the relevant agreement
with each client. The management fee may be up to 1.5% (annualized) of the gross value of
the SMA.
       2.      Performance-based Fees
GAM receives an incentive fee up to 20% of the realized and unrealized net profits of the SMA,
as defined in the applicable documents. In most cases, Clients will not pay an incentive fee
on net profits until any aggregate net losses from the prior period have been recovered (a
“loss carryforward” or “high-water mark” provision”).
The Firm will only receive performance-based compensation if the receipt of such
compensation is in compliance with Rule 205-3 under the Investment Advisers Act of 1940,
as amended (the “Advisers Act”).
Unless otherwise agreed upon with a client, management fees and performance-based
compensation are generally billed to SMAs. As more fully described in the Investment
Management Agreement (“IMA”) establishing each SMA, the SMA will generally bear
expenses in connection with their trading and investment activities.
The IMA and account documentation relating to each SMA will specify the fees payable to the
Firm.

Item	7	–	Types	of	Clients

GAM provides investment advice and management primarily as a sub-advisor to a separately
managed account.
GAM may in the future provide the same or similar services to other privately placed
investment funds and/or separately managed accounts.