Yandell Investments LLC

Item 5 – Fees and Compensation
How You’re Charged and How We’re Compensated

Asset Management Programs
Clients who elect to receive asset management services through one or more of Yandell Investments, LLC
asset management programs will generally pay Yandell Investments, LLC and their advisor for those
services with an annual asset management fee based on a percentage of assets under management,
including cash and money market positions. The maximum account management fee that can be charged
in any of our firm’s managed account program is listed in the fee schedule below. Certain managed
account programs have lower maximum annual fee amounts, and fee schedules will vary among

programs. Clients are urged to carefully review and discuss the contents of this Brochure with their
advisor, including descriptions of the various programs and services offered, the fees and charges clients
will pay, the means by which Yandell Investments, LLC and your advisor are compensated, and the
conflicts of interest that exist between the client and Yandell Investments, LLC and your advisor in respect
to each program or service offered, to determine the most appropriate programs or services for your
specific needs.

Commonwealth PPS Program Fee Schedules
Following are the maximum allowable fee schedules for Commonwealth’s various PPS programs.

PPS Custom Program (Transactions)
The maximum allowable annual management fee schedule for a new PPS Custom Program (Transactions)
account is:

In addition to the annual management fee, and unless otherwise agreed between the client and the
advisor, clients participating in the PPS Custom Program (Transactions) will pay transaction charges as
described in the “Other Fees and/or Costs” section below.

Clients participating in the PPS Custom Program (Transactions) may pay more or less than clients might
otherwise pay if purchasing the services separately. There are several factors that determine whether
such costs would be more or less, including, but not limited to, the following:

       Size of the account
       Types of securities and strategies involved
       Amount of trading effected by the advisor
       Actual costs of such services if purchased separately

The advisory fees charged for the services provided by Commonwealth and Yandell Investments, LLC.,
including research, supplemental advisory, and client-related services offered through the PPS Custom
Program (Transactions), may exceed those of other similar programs.

PPS Select Program
Clients participating in the PPS Select Program will pay a total account fee that consists of a combination
of an advisor fee and a program fee.

The maximum allowable advisor fee in the PPS Select Program is as follows:

In addition to the annual advisor fee, all clients participating in PPS Select will pay an annual program fee.

There are several different PPS Select model portfolios with program fees that vary; however, the
maximum fee within the PPS Select program is as follows:

1 Themaximum annual advisor fee for certain account sizes and types may be negotiated.
2 Commonwealth will charge a minimum annual program fee of $600 ($150 quarterly) for certain accounts, which may exceed
the maximum annual program fee percentage based on account size.

Commonwealth performs fee billing on our firm’s behalf. In most cases, the annual account management
fees are payable quarterly in advance and are computed as one-quarter of the annual fee based on the
account’s AUM on the last business day of the previous calendar quarter, and in other cases, clients will
pay an annual flat dollar fee, payable quarterly in advance.

To the extent that you hold positions in your account for which pricing data is not readily available,
Commonwealth receives quarter-end values from alternative investment issuers or other service
providers which are used when calculating billable AUM for our clients. Neither Yandell Investments, LLC
nor Commonwealth engages in an independent valuation of your account assets and relies on valuations
provided by the investment issuers or other service providers. Yandell Investments LLC (via
Commonwealth and further via the account custodian) will provide periodic account statements which
include the market value of the alternative investment based on information received from the
investment issuer or other service provider. In providing these account statements, or any other valuation
information to you, (i) we rely on the valuation information provided by the manager of the alternative
investment or other service provider, (ii) the valuation information used to determine the billing fee is
based on estimates that may be outdated as of the dates of the account statements, (iii) the products
final valuations may be higher or lower than the values reflected in the periodic account statements and
(iv) while Commonwealth will adjust material estimated fee billings on a best efforts basis on Yandell
Investments, LLC behalf, neither we nor Commonwealth is under no obligation to provide notice or
compensation to you for differences in estimated alternative investment valuations.

*Account values in the Commonwealth reporting system will be used for our firm’s quarterly fee
calculations for advisory accounts custodied at National Financial Services (NFS). Although account
holdings and asset valuations should generally match, month-end market values reflected in
Commonwealth's Practice 360 reporting system sometimes differ from those provided by NFS on their
month-end statements. The three most common reasons why these values may differ are (i) differences
in the manner in which accrued interest is calculated, (ii) differences in the date upon which "as of"

dividends and capital gains are reported, and (iii) differences in whether settlement date valuations or
trade date valuations are used. If you have any questions or believe there are material discrepancies
...

Item 7 – Types of Clients
Yandell Investments, LLC generally provides advisory services to the following types of clients:

       Individuals (other than high net worth individuals)
       High net worth individuals
       Pension and profit-sharing plans
       Charitable organizations
       Corporations or other businesses not listed above

Yandell Investments, LLCs generally requires a $25,000 account minimum which can be waived in our sole
discretion. In some cases, account balances may be combined at the household level to satisfy the
account minimum.