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July 12, 2016

Inca Rail, link to Historic Machu Picchu, Announces Investment by Carlyle Peru Fund

On June 30th, 2016, Inca Rail and Servicios Ferroviarios, train operators involved in the transport to the Peruvian citadel of Machu Picchu, received a significant investment led by Carlyle Peru Fund L.P. Carlyle Peru Fund will partner with current shareholders, the Forsyth family, and Inca Rail’s management.

Inca Rail, which began service in 2009, enables tourists to travel in comfort from Cusco to the ancient ruins of Machu Picchu. As is well known, Internet voters in 2007 qualified Machu Picchu as one of the seven wonders of the world. As part of Inca Rail’s ethos of environmental respect, it practices and promotes responsible tourism at every available opportunity. This involves taking all actions conducive to minimizing the environmental impact of its operations, such as using fuel additives designed to minimize CO2 emissions and not using boxed packaging for on-board dining. On May 1, Inca Rail added service from Poroy to Machu Picchu.

Formed in 2013 by The Carlyle Group, Carlyle Peru Fund is a $308 million investment vehicle managed in consultation with Credicorp, Peru’s largest bank. The fund invests across industries including healthcare, retail and consumer, services to mining, construction and infrastructure businesses, and education. Other investments of the fund include Liderman, the largest security company in Peru, Hermes, a leading Peru-based cash management company and Nuevo Mundo and Condor Travel, the leading tourism conglomerate of the country.

The Carlyle Group has extensive experience in transportation investments including past ownership of railroad operator Genesee & Wyoming Inc., rail software provider RMI, and transportation communications and systems engineering firm ARINC.

 Part of the purchase price was funded through a medium-term loan financing structured by Credicorp and arranged with Banco de Crédito del Perú.

Sellers, Inca Rail and Servicios Ferroviarios

Miranda & Amado

Jose Daniel Amado (partner), Anahi Com (partner), Vanessa Masalias (associate), José Luis Vargas-Machuca (associate), Juan Carlos Ramirez (associate) and Eduardo Pedroza (associate)

Carlyle and Purchaser

Estudio Payet, Rey Cauvi, Pérez

José Antonio Payet (partner), Susan Castillo (partner), Carla Sinchi (associate), Gustavo Lopez (associate)

Banco de Crédito del Perú and Credicorp Capital Servicios Financieros

Miranda & Amado

José Miguel Puiggros (partner), Lisbeth Benavides (associate), Gabriel Boucher (associate)