Branzan Investment Advisors Inc

“Item 5 - Fees and Compensation” and “Item 11 - Code of Ethics, Participation or Interest in Client
         Transactions and Personal Trading.”
     •   We may receive performance-based incentive allocations from the Private Funds. Since Private Fund
         investment Clients are subject to performance-based fees or allocations, this arrangement may create
         a conflict of interest as our IARs, and we may have the incentive to favor and devote more time and
         effort to managing the investments of the Private Funds that are subject to performance-based

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         incentive allocations. We address this conflict of interest through disclosure to Clients and operating
         per our Code of Ethics and fiduciary duties. See “Item 5 - Fees and Compensation” and “Item 11 -
         Code of Ethics, Participation or Interest in Client Transactions and Personal Trading.”
     •   The participation of persons related to us as investors in a Private Fund or individual Clients may also
         create a conflict of interest, and our IARs may have the incentive to favor and devote more time and
         effort to managing the investments of a Private Fund or the respective individual wealth management
         Clients. We also have the incentive to recommend that Clients participate in a Private Fund if we
         perceive that such additional investment will benefit a Private Fund overall. We address this conflict
         through disclosure to Clients and by operating per our Code of Ethics and fiduciary duties. See Item 6
         - Performance-Based Fees & Side-by-Side Management” and “Item 11 - Code of Ethics, Participation
         or Interest in Client Transactions and Personal Trading.”

ITEM 7 - TYPES OF CLIENTS
Our Firm provides investment management services and investment advice to individuals, high-net-worth
individuals, charitable foundations, institutions, and Private Funds.
Our Firm offers investment management services for separate accounts for an annual fee based on the amount
of assets under management. Our maximum annual fee is 1.50%. For separately managed accounts, our initial
account minimum is $5,000,000, negotiable at the firm’s discretion.
For separately managed accounts, our annual fee is prorated and charged quarterly in arrears, based on the
value of the Client’s assets under management as of the close of business on the last business day of the previous
quarter. Cash and cash equivalents, including money market funds, are subject to the agreed-upon advisory fee.
Clients should understand that the advisory fees charged on these balances may exceed the returns provided
by cash, cash equivalents, or money market funds, especially in low-interest rate environments.
Our Firm offers Private Funds for an annual fee based on the amount of assets under management or committed
capital. Our maximum annual management fee is 1.50%.
For our Private Funds, our minimum initial capital contribution per subscriber for Branzan Alternative Investment
Fund, L.L.L.P. is $150,000. The minimum initial capital contribution per subscriber for the Branzan Energy Income
Fund II, L.L.L.P. was $50,000. The minimum initial capital commitment per subscriber for Branzan Energy Income

  Branzan Investment Advisors | ADV Part 2A Brochure | March 2026                                  Page 10 of 30

Fund III, L.L.L.P. was $250,000. The Branzan Energy Income Fund II, L.L.L.P. and the Branzan Energy Income
Fund III, L.L.L.P. are closed to new investors as of the date of this firm brochure. In all cases, the General Partner
retains the right to waive the minimum investment thresholds.
Clients must execute a written agreement with our Firm specifying the advisory services to establish a Client
arrangement with us.