Palo Alto – Program Structure & Strategic Vision

Project Definition

Palo Alto is a multi-phase shrimp development program designed to transform an existing, certified aquaculture operation into a fully integrated, scalable and institutionally compliant production platform.

The program is promoted by Grupo Camalago and structured to combine operational performance, biological security, industrial efficiency and ESG governance under a single strategic framework.

Unlike single-asset projects, Palo Alto is conceived as a long-term development platform, capable of attracting multilateral finance and long-term institutional capital.

Strategic Vision

The vision of Palo Alto is to consolidate a globally competitive shrimp production hub in Venezuela, aligned with international sustainability standards and capable of supplying premium markets with full traceability and risk control.

The program seeks to:

• Scale production capacity without compromising environmental performance

• Eliminate critical biological and supply-chain risks

• Strengthen export quality and industrial throughput

• Convert ESG compliance into a measurable source of economic value

Sustainability, governance and resilience are treated as core investment drivers, not as secondary compliance requirements.

Program Structure and Development Phases

Palo Alto is executed through clearly defined phases, each one addressing specific growth and risk-mitigation objectives.

Phase I – Operational Base (Completed)

• ASC-certified shrimp farming operation

• 464+ hectares in active production

• Proven export track record

• Established processing capacity

This phase provides the cash-generating and operational foundation of the program.

464+

20+

Years of experience

Hectares in active production

Phase II – Expansion, Autonomy, and Efficiency (Planned)

• Expansion of farming capacity to ~2,000 hectares

• Development of biological autonomy through a genetic center

• Expansion and automation of processing capacity

Phase II represents a USD 30 million integrated investment program, structured to eliminate the main operational, sanitary and logistical risks identified in the Triple Bottom Line analysis.

Phase III – Consolidation and Value Maximization (Planned)

• Optimization of production yields and cost efficiency

• Strengthening of long-term export contracts

• Full integration of ESG reporting and institutional governance

This phase positions Palo Alto as a stable, institutional-grade real asset with long-term value creation potential.

Why Vertical Integration Is Central to the Project

Vertical integration is not an optional strategy within Palo Alto; it is the core mechanism for risk mitigation and value creation.

Farming operations

By integrating:

Genetic supply

Industrial processing

Export and

commercialization

The program reduces exposure to third-party dependencies, improves cost control, and ensures consistent compliance with international sustainability standards.

This structure directly enhances bankability and resilience under multilateral financing frameworks.

Geographic and Operational Context

Palo Alto operates in Venezuela, a country with:

• Favorable climatic conditions for shrimp farming

• Competitive production costs

• Strategic proximity to the United States and European markets

The project leverages existing infrastructure and human capital, while implementing international governance, compliance and ESG standards to mitigate jurisdictional risk.

The Palo Alto Project is located in the Zulia region, Venezuela

What Differentiates Palo Alto

• Built on an existing, operating and certified asset base

• Structured for phased execution and early cash flow

• ESG performance fully integrated into the investment logic

• Governance and reporting aligned with multilateral lenders

• Designed to scale without sacrificing sustainability

This combination allows Palo Alto to move beyond the profile of a traditional aquaculture project and operate as a development platform.

The Palo Alto program establishes the structural and strategic foundation upon which the Strategic Projects (Phase II) are executed, each one designed to unlock scale while reinforcing resilience and ESG compliance.