##### 



EXECUTION COPY
   AMENDMENT No. 1 and WAIVER No. 1
TO THE
CREDIT AGREEMENT
 dated as of April 7, 2006
 among
 Kansas City Southern de México, S.A. de C.V.
(formerly known as TFM, S.A. de C.V.),
as Borrower
 ARRENDADORA TFM, S.A. de C.V.,
as Guarantor
 CERTAIN LENDERS,
 BANK OF AMERICA, N.A.,
as Administrative Agent,
 and
 BBVA BANCOMER, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO
FINANCIERO BBVA BANCOMER,
as the Collateral Agent




---



##### 



THIS AMENDMENT No. 1 AND WAIVER NO. 1 TO THE CREDIT AGREEMENT, Amendment), (sociedad anónima de capital variable) Borrower), (sociedad anónima de capital
variable) (Arrendadora ), Section 11.8(b) Lender), Administrative Agent), Collateral Agent).
 RECITALS
 WHEREAS, Credit
Agreement);
 WHEREAS, Section 11.3
 WHEREAS,
 NOW THEREFORE,
 Certain Defined Terms .
 2. Amendments . Section..1.1
 Indebtedness
   Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 2




---



##### 



Section 1.1
 Specified Deferred Payment Obligations
 Section 2.
(b)(i),
 Section 6.2(b)
  Amendment No. 1 and Waiver 
No. 1 to the Credit Agreement
 3




---



##### 



Waiver . Section 6.2(a) provided
 Section 6.2(b)
 Section 6.2(c) provided
 Section 6.2(d) Section 6.2(a) provided
 Section 7.1(c) Section 2(a) provided
 Representations and Warranties ,
   Amendment No. 1 and Waiver No. 1 to the Credit Agreement
 4




---



##### 



Effect of Amendment
 Effectiveness .
 (a)
    
    certified copies of the Organizational Documents of the Borrower and the
Guarantor (unless such Organizational Documents have not been modified since the
Effective Date (other than the modification to the Borrowers Organizational
Documents to change the name of TFM, SA de C.V. to Kansas City Southern de México,
S.A. de C.V., which was effective on December 2, 2005), as certified by an
authorized officer of the Borrower or the Guarantor, as applicable), and
 (b)
    
    if required by Applicable Law, documents (including appropriate resolutions
of its shareholders or the Board of Directors or similar body) evidencing due
authorization of the execution, delivery and performance by it of this Amendment by
the Borrower and the Guarantor, or a certification from an authorized officer of the
Borrower and the Guarantor if such documents are not required by Applicable Law.
 Governing Law .
 Counterparts .
 Section Headings .
 Amendment No. 1 and Waiver No. 1 to the Credit Agreement
 5




---



##### 



Loan Document .
  Amendment No. 1 and Waiver No. 1 to the Credit Agreement
 6




---



##### 



IN WITNESS WHEREOF,
 KANSAS CITY SOUTHERN DE MÉXICO, S.A. DE C.V., as BorrowerBy:
    /s/ Paul J. WeyandtName:
    Paul J. WeyandtTitle:
    Interim Treasurer and Authorized RepresentativeBy:
    /s/ Jay M. NadlmanName:
    Jay M. NadlmanTitle:
    Corporate Secretary and Authorized RepresentativeARRENDADORA TFM, S.A. DE C.V., as GuarantorBy:
    /s/ Paul J. WeyandtName:
    Paul J. WeyandtTitle:
    Interim Treasurer and Authorized RepresentativeBy:
    /s/ Jay M. NadlmanName:
    Jay M. NadlmanTitle:
    Corporate Secretary and Authorized Representative Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-1




---



##### 



BANK OF AMERICA, N.A.,
as Administrative AgentBy:
    /s/ ROBERT RITTELMEYERName:
    ROBERT RITTELMEYERTitle:
    VICE PRESIDENT Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-2




---



##### 



BBVA BANCOMER, S.A., INSTITUCIÓN DE
BANCA MÚLTIPLE, GRUPO
FINANCIERO BBVA BANCOMER,
as Collateral AgentBy:
    /s/ LEONARDO SANCHEZ ESPEJELName:
    LEONARDO SANCHEZ ESPEJELTitle:
    DIRECTOR DIVISIONAL 2BANCO CORPORATIVABy:
    /s/ JOAN ALBERTO VAZQUEZ CHABOLLAName:
    JOAN ALBERTO VAZQUEZ CHABOLLATitle:
    DIRECTOR DIVISIONAL 3BANCA CORPORATIVA Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-3




---



##### 



LENDERS:
BBVA BANCOMER, S.A., INSTITUCIÓN DE
BANCA MÚLTIPLE, GRUPO FINANCIERO
BBVA BANCOMER, GRAND CAYMAN
BRANCHBy:
    /s/ LEONARDO SANCHEZ ESPEJELName:
    LEONARDO SANCHEZ ESPEJELTitle:
    DIRECTOR DIVISIONAL 2BANCO CORPORATIVABy:
    /s/ JOAN ALBERTO VAZQUEZ CHABOLLAName:
    JOAN ALBERTO VAZQUEZ CHABOLLATitle:
    DIRECTOR DIVISIONAL 3BANCA CORPORATIVALending Office: Grand Cayman, Cayman Islands
BBVA BANCOMER, S.A., INSTITUCIÓN DE
BANCA MÚLTIPLE, GRUPO FINANCIERO
BBVA BANCOMERBy:
    /s/ LEONARDO SANCHEZ ESPEJELName:
    LEONARDO SANCHEZ ESPEJELTitle:
    DIRECTOR DIVISIONAL 2BANCO CORPORATIVABy:
    /s/ JUAN ALBERTO VAZQUEZ CHABOLLAName:
    JUAN ALBERTO VAZQUEZ CHABOLLATitle:
    DIRECTOR DIVISIONAL 3BANCA CORPORATIVALending Office: Mexico City, D.F., Mexico Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-4




---



##### 



BANK OF AMERICA. N.A.By:
    /s/ Javier Orozco GarzaName:
    Javier Orozco GarzaTitle:
    V.P.Lending Office: Concord, California. United States of America
BANK OF AMERICA MEXICO. S.A.By:Name:Title:Lending Office: Mexico City, D.F. Mexico Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-5




---



##### 



EXPORT DEVELOPMENT CANADABy:
    /s/ IAN CAMERONName:
    IAN CAMERONTitle:
    ASSET MANAGEMENTBy:
    /s/ SHAUN ENRIGHTName:
    SHAUN ENRIGHTTitle:
    ASSET MANAGEMENTLending Office: Ottawa, Ontario, Canada Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-6




---



##### 



KFWBy:
    /s/ CHRISTIANE LEVERMANNName:
    CHRISTIANE LEVERMANNTitle:
    FVPBy:
    /s/ Dr. Inga ConradyName:
    Dr. Inga ConradyTitle:
    Vice PresidentLending Office: Frankfurt, Germany Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-7




---



##### 



BANK OF MONTREALBy:
    /s/ Patrick McDonnellName:
    Patrick McDonnellTitle:
    Managing DirectorBy:Name:Title:Lending Office: Chicago, Illionis, United States of America Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-8




---



##### 



THE BANK OF NOVA SCOTIABy:

/s/ TIM LORIMERName:
    TIM LORIMERTitle:
    VP, INTERNATIONAL CORPORATE BANKINGBy:Name:Title:Lending Office: New York, New York, United States of America Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-9




---



##### 



JPMORGAN CHASE BANK, N.A.By:Name:Title:By:Name:Title:Lending Office: New York, New York, United States of America Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-10




---



##### 



RAIFFEISEN ZENTRALBANK
OESTERREICH AGBy:Name:Title:By:Name:Title:Lending Office: Vienna, Austria Amendment No. 1 and Waiver
No. 1 to the Credit Agreement
 S-11




---



##### 



Schedule I
 Payment Schedule for Service Agreement Indebtedness
  Rehabilitation and track maintenance on Line N
 
 2006
    
    $
    2.52007
    
    
    2.42008
    
    
    2.22009
    
    
    2.12010
    
    
    1.92011
    
    
    1.82012
    
    
    1,0$
    13.9
 Locomotive and maintenance agreements
 Alstom
Transporte S.A. De C.V. and
 
 Alstom
    
    GETS
    
    Total2006
    
    $
    4.5
    
    
    $
    3.8
    
    
    $
    8.32007
    
    
    4.6
    
    
    
    3.9
    
    
    
    8.52008
    
    
    4.8
    
    
    
    1.7
    
    
    
    6.52009
    
    
    2.0
    
    
    
    0.4
    
    
    
    2.3$
    15.9
    
    
    $
    9.8
    
    
    $
    25.6
 Schedule I to the Amendment
No. 1 and Waiver No. 1 to the
Credit Agreement