##### 



Exhibit 2.9
 Grupo TMM, S.A
 The Guarantors Named Herein,
  The Bank of New York
 Indenture




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##### 



TABLE OF CONTENTS
 PageARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
    
    
    1SECTION 1.01
    
    DEFINITIONS
    
    
    1SECTION 1.02
    
    COMPLIANCE CERTIFICATES AND OPINIONS
    
    
    25SECTION 1.03
    
    FORM OF DOCUMENTS DELIVERED TO TRUSTEE
    
    
    26SECTION 1.04
    
    NOTICES, ETC. TO TRUSTEE AND COMPANY
    
    
    27SECTION 1.05
    
    NOTICE TO HOLDERS; WAIVER
    
    
    27SECTION 1.06
    
    CONFLICT WITH TRUST INDENTURE ACT
    
    
    28SECTION 1.07
    
    EFFECT OF HEADINGS AND TABLE OF CONTENTS
    
    
    28SECTION 1.08
    
    SUCCESSORS AND ASSIGNS
    
    
    28SECTION 1.09
    
    SEPARABILITY CLAUSE
    
    
    28SECTION 1.10
    
    BENEFITS OF INDENTURE
    
    
    28SECTION 1.11
    
    GOVERNING LAW
    
    
    28SECTION 1.12
    
    SUBMISSION TO JURISDICTION
    
    
    28SECTION 1.13
    
    LEGAL HOLIDAYS
    
    
    29SECTION 1.14
    
    APPOINTMENT OF AGENT FOR SERVICE
    
    
    29SECTION 1.15
    
    COUNTERPART ORIGINALS
    
    
    29ARTICLE TWO NOTE FORMS
    
    
    29SECTION 2.01
    
    FORMS GENERALLY
    
    
    29SECTION 2.02
    
    FORM OF FACE OF NOTE
    
    
    31SECTION 2.03
    
    FORM OF REVERSE OF NOTE
    
    
    35SECTION 2.04
    
    FORM OF GUARANTEE
    
    
    43SECTION 2.05
    
    FORM OF TRUSTEES CERTIFICATE OF AUTHENTICATION
    
    
    45SECTION 2.06
    
    REMOVAL OF PRIVATE PLACEMENT LEGEND
    
    
    45ARTICLE THREE THE NOTES
    
    
    47SECTION 3.01
    
    TITLE AND TERMS
    
    
    47SECTION 3.02
    
    DENOMINATIONS; PAYMENT CURRENCY
    
    
    51SECTION 3.03
    
    EXECUTION, AUTHENTICATION, DELIVERY AND DATING
    
    
    51SECTION 3.04
    
    TEMPORARY NOTES
    
    
    51SECTION 3.05
    
    NOTE REGISTRAR AND PAYING AGENT
    
    
    52SECTION 3.06
    
    PAYING AGENT TO HOLD MONEY IN TRUST
    
    
    52SECTION 3.07
    
    HOLDER LISTS
    
    
    53SECTION 3.08
    
    TRANSFER AND EXCHANGE
    
    
    53SECTION 3.09
    
    MUTILATED, DESTROYED, LOST AND STOLEN NOTES
    
    
    59SECTION 3.10
    
    PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED
    
    
    59SECTION 3.11
    
    PERSONS DEEMED OWNERS
    
    
    60
 i




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##### 



PageSECTION 3.12
    
    CANCELLATION
    
    
    61SECTION 3.13
    
    COMPUTATION OF INTEREST
    
    
    61SECTION 3.14
    
    RANKING; SUBORDINATION
    
    
    61SECTION 3.15
    
    CUSIP NUMBERS
    
    
    61ARTICLE FOUR REDEMPTION OF NOTES
    
    
    61SECTION 4.01
    
    APPLICABILITY OF ARTICLE
    
    
    61SECTION 4.02
    
    RIGHT OF REDEMPTION
    
    
    61SECTION 4.03
    
    ELECTION TO REDEEM; NOTICE TO TRUSTEE
    
    
    62SECTION 4.04
    
    SELECTION BY TRUSTEE OF NOTES TO BE REDEEMED
    
    
    62SECTION 4.05
    
    NOTICE OF REDEMPTION
    
    
    62SECTION 4.06
    
    DEPOSIT OF REDEMPTION PRICE
    
    
    63SECTION 4.07
    
    NOTES PAYABLE ON REDEMPTION DATE
    
    
    63SECTION 4.08
    
    NOTES REDEEMED IN PART
    
    
    64SECTION 4.09
    
    OPTIONAL REDEMPTION DUE TO CHANGES IN TAX TREATMENT
    
    
    64ARTICLE FIVE COVENANTS
    
    
    64SECTION 5.01
    
    PAYMENTS OF PRINCIPAL, PREMIUM, IF ANY, AND INTEREST
    
    
    64SECTION 5.02
    
    MAINTENANCE OF OFFICE OR AGENCY
    
    
    65SECTION 5.03
    
    MONEY FOR NOTE PAYMENTS TO BE HELD IN TRUST
    
    
    65SECTION 5.04
    
    EXISTENCE
    
    
    66SECTION 5.05
    
    MAINTENANCE OF PROPERTIES; INSURANCE
    
    
    66SECTION 5.06
    
    PAYMENT OF TAXES
    
    
    67SECTION 5.07
    
    ANNUAL OFFICERS CERTIFICATE TO TRUSTEE
    
    
    67SECTION 5.08
    
    REPORTS TO BE FURNISHED TO TRUSTEE AND HOLDERS
    
    
    67SECTION 5.09
    
    FURTHER ASSURANCES
    
    
    68SECTION 5.10
    
    COMPANY TO FURNISH TRUSTEE INFORMATION AS TO NAMES AND ADDRESSES OF HOLDERS
    
    
    68SECTION 5.11
    
    WAIVER OF STAY, EXTENSION OR USURY LAWS
    
    
    69SECTION 5.12
    
    LIMITATION ON RESTRICTED PAYMENTS
    
    
    69SECTION 5.13
    
    LIMITATION ON TRANSACTIONS WITH AFFILIATES
    
    
    71SECTION 5.14
    
    LIMITATION ON INDEBTEDNESS
    
    
    71SECTION 5.15
    
    LIMITATION ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING RESTRICTED SUBSIDIARIES
    
    
    74SECTION 5.16
    
    CHANGE OF CONTROL
    
    
    75SECTION 5.17
    
    LIMITATION ON LIENS
    
    
    77SECTION 5.18
    
    RESTRICTION ON ASSET DISPOSITIONS AND QUALIFYING DISPOSITIONS; APPLICATION OF VAT PROCEEDS
    
    
    78SECTION 5.19
    
    LIMITATION ON SALE AND LEASEBACK TRANSACTIONS
    
    
    81
 ii




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##### 



PageSECTION 5.20
    
    LIMITATION ON INVESTMENTS
    
    
    82SECTION 5.21
    
    LIMITATION ON BUSINESS ACTIVITIES
    
    
    82SECTION 5.22
    
    PAYMENTS FOR CONSENT
    
    
    82SECTION 5.23
    
    ADDITIONAL GUARANTEES; LIMITATION ON ISSUANCES OF GUARANTEES BY RESTRICTED SUBSIDIARIES
    
    
    82SECTION 5.24
    
    RESTRICTION ON INVESTMENT ACTIVITY
    
    
    83ARTICLE SIX REMEDIES
    
    
    84SECTION 6.01
    
    EVENTS OF DEFAULT
    
    
    84SECTION 6.02
    
    DEFAULT RATE OF INTEREST
    
    
    87SECTION 6.03
    
    ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT
    
    
    87SECTION 6.04
    
    COLLECTION OF INDEBTEDNESS BY TRUSTEE; TRUSTEE MAY PROVE DEBT
    
    
    88SECTION 6.05
    
    TRUSTEE MAY FILE PROOFS OF CLAIM
    
    
    89SECTION 6.06
    
    TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF NOTES
    
    
    90SECTION 6.07
    
    APPLICATION OF MONEY OR PROPERTY COLLECTED
    
    
    90SECTION 6.08
    
    LIMITATION ON SUITS
    
    
    91SECTION 6.09
    
    RIGHTS OF HOLDERS OF NOTES TO RECEIVE PAYMENT
    
    
    91SECTION 6.10
    
    RESTORATION OF RIGHTS AND REMEDIES
    
    
    92SECTION 6.11
    
    RIGHTS AND REMEDIES CUMULATIVE
    
    
    92SECTION 6.12
    
    DELAY OR OMISSION NOT WAIVER
    
    
    92SECTION 6.13
    
    CONTROL BY HOLDERS
    
    
    92SECTION 6.14
    
    WAIVER OF PAST DEFAULTS
    
    
    93ARTICLE SEVEN CONCERNING THE TRUSTEE
    
    
    93SECTION 7.01
    
    DUTIES OF TRUSTEE
    
    
    93SECTION 7.02
    
    CERTAIN RIGHTS OF TRUSTEE
    
    
    94SECTION 7.03
    
    TRUSTEE NOT
RESPONSIBLE FOR RECITALS, ETC.
    
    
    95SECTION 7.04
    
    TRUSTEE AND OTHERS MAY HOLD NOTES
    
    
    96SECTION 7.05
    
    MONEYS HELD BY TRUSTEE OR PAYING AGENT
    
    
    96SECTION 7.06
    
    COMPENSATION OF TRUSTEE AND ITS LIEN
    
    
    96SECTION 7.07
    
    RIGHT OF TRUSTEE TO RELY ON CERTIFICATE OF CERTAIN OFFICERS
    
    
    97SECTION 7.08
    
    PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE
    
    
    97SECTION 7.09
    
    RESIGNATION AND REMOVAL OF TRUSTEE; APPOINTMENT OF SUCCESSOR
    
    
    98SECTION 7.10
    
    ACCEPTANCE OF APPOINTMENT BY SUCCESSOR TRUSTEE
    
    
    99SECTION 7.11
    
    MERGER, CONVERSION OR CONSOLIDATION OF TRUSTEE
    
    
    99SECTION 7.12
    
    AUTHENTICATING AGENTS
    
    
    100SECTION 7.13
    
    REPORTS BY TRUSTEE
    
    
    102
 iii




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##### 



PageSECTION 7.14
    
    TRUSTEE RISK
    
    
    102SECTION 7.15
    
    NOTICE OF DEFAULT
    
    
    102SECTION 7.16
    
    PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY
    
    
    102SECTION 7.17
    
    TRUSTEES APPLICATION FOR INSTRUCTIONS FROM THE COMPANY
    
    
    102SECTION 7.18
    
    LIMITATION OF LIABILITY
    
    
    102ARTICLE EIGHT CONCERNING THE HOLDERS
    
    
    103SECTION 8.01
    
    EVIDENCE OF ACTION TAKEN BY HOLDERS
    
    
    103SECTION 8.02
    
    PROOF OF EXECUTION OF INSTRUMENTS AND OF HOLDING OF NOTES
    
    
    103SECTION 8.03
    
    RIGHT OF REVOCATION OF ACTION TAKEN
    
    
    104ARTICLE NINE HOLDERS MEETINGS
    
    
    105SECTION 9.01
    
    PURPOSES FOR WHICH HOLDERS MEETINGS MAY BE CALLED
    
    
    105SECTION 9.02
    
    CALL OF MEETINGS BY TRUSTEE
    
    
    105SECTION 9.03
    
    COMPANY AND HOLDERS MAY CALL MEETING
    
    
    105SECTION 9.04
    
    PERSONS ENTITLED TO VOTE AT MEETING
    
    
    105SECTION 9.05
    
    DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETING
    
    
    106SECTION 9.06
    
    COUNTING VOTES AND RECORDING ACTION OF MEETING
    
    
    106ARTICLE TEN SUPPLEMENTAL INDENTURES AND AMENDMENT OF COLLATERAL DOCUMENTS
    
    
    107SECTION 10.01
    
    SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS
    
    
    107SECTION 10.02
    
    SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS
    
    
    108SECTION 10.03
    
    EXECUTION OF SUPPLEMENTAL INDENTURES
    
    
    109SECTION 10.04
    
    EFFECT OF SUPPLEMENTAL INDENTURES
    
    
    109SECTION 10.05
    
    CONFORMITY WITH TRUST INDENTURE ACT
    
    
    109SECTION 10.06
    
    REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES
    
    
    110ARTICLE ELEVEN SUCCESSOR CORPORATION
    
    
    110SECTION 11.01
    
    WHEN COMPANY
MAY MERGE, ETC.
    
    
    110SECTION 11.02
    
    SUCCESSOR CORPORATION
    
    
    111ARTICLE TWELVE SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
    
    
    111SECTION 12.01
    
    TERMINATION OF COMPANYS OBLIGATIONS
    
    
    111SECTION 12.02
    
    APPLICATION OF TRUST MONEY
    
    
    114SECTION 12.03
    
    REPAYMENT TO COMPANY
    
    
    114SECTION 12.04
    
    REINSTATEMENT
    
    
    114
 iv




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##### 



PageARTICLE THIRTEEN IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
    
    
    114SECTION 13.01
    
    PERSONAL
IMMUNITY FROM LIABILITY OF INCORPORATORS, STOCKHOLDERS, ETC.
    
    
    114ARTICLE FOURTEEN GUARANTEE
    
    
    115SECTION 14.01
    
    GUARANTEE
    
    
    115SECTION 14.02
    
    LIMITATION ON GUARANTOR LIABILITY
    
    
    118SECTION 14.03
    
    SUCCESSORS AND ASSIGNS
    
    
    118SECTION 14.04
    
    NO WAIVER
    
    
    118SECTION 14.05
    
    EXECUTION AND DELIVERY OF GUARANTEE
    
    
    118SECTION 14.06
    
    GUARANTORS MAY CONSOLIDATE, ETC., ON CERTAIN TERMS
    
    
    119SECTION 14.07
    
    RELEASES FOLLOWING SALE OF ASSETS OR CAPITAL STOCK
    
    
    119SECTION 14.08
    
    APPLICATION OF CERTAIN TERMS AND PROVISIONS TO THE GUARANTORS
    
    
    119ARTICLE FIFTEEN
    
    
    120SECTION 15.01
    
    COLLATERAL; COLLATERAL DOCUMENTS
    
    
    120SECTION 15.02
    
    VOTING RIGHTS AND PAYMENT OF DIVIDENDS AND DISTRIBUTIONS IN RESPECT OF COLLATERAL
    
    
    122SECTION 15.03
    
    RELEASE OF COLLATERAL
    
    
    122SECTION 15.04
    
    REMEDIES UPON ACCELERATION
    
    
    124SECTION 15.05
    
    FURTHER ASSURANCES AND SECURITY
    
    
    124SECTION 15.06
    
    OPINIONS AS TO RECORDING
    
    
    125SECTION 15.07
    
    LIMITATION ON DUTY OF TRUSTEE IN RESPECT OF THE COLLATERAL PLEDGE
    
    
    125SECTION 15.08
    
    AUTHORIZATION OF ACTIONS TO BE TAKEN BY COLLATERAL AGENT UNDER THE COLLATERAL DOCUMENTS
    
    
    126SECTION 15.09
    
    AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER THE COLLATERAL DOCUMENTS
    
    
    126SECTION 15.10
    
    ASSIGNMENT OF RIGHTS, NOT ASSUMPTION OF DUTIES
    
    
    127
 v




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##### 



Trust Indenture Act Sections
    
    Indenture Section310
    
    7.08310(a)
    
    7.11310(a)(1)
    
    7.08(a)(2)
    
    7.08(a)(3)
    
    N.A.(a)(4)
    
    N.A.(a)(5)
    
    N.A(b)
    
    7.08310(b)(1)
    
    7.08(c)
    
    N.A.311(a)
    
    7.16(b)
    
    7.16(c)
    
    N.A.312(a)
    
    3.07(b)
    
    N.A(c)
    
    N.A313
    
    7.13313(a)
    
    N.A.(b)
    
    N.A.(c)
    
    7.15(d)
    
    N.A314(a)
    
    N.A.314(a)(4)
    
    5.07
 vi




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##### 



Trust Indenture Act Sections
    
    Indenture Section(b)
    
    15.06(c)
    
    15.06(d)
    
    15.03, 15.06(e)
    
    15.06(f)
    
    N.A.315
    
    7.02, 7.07, 8.02315(a)
    
    N.A.(b)
    
    N.A.(c)
    
    7.01(a)(d)
    
    N.A.(e)
    
    7.09316(a)
    
    N.A.(b)
    
    N.A.(c)
    
    8.02317(a)
    
    6.04(b)
    
    N.A.318(a)
    
    N.A.(b)
    
    N.A.(c)
    
    N.A.
 
 N.A. means not applicable*
    
    This Cross-Reference table shall not, for any purpose, be deemed to be part
of the Indenture vii




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##### 



Indenture Grupo TMM, S.A . Company TMM Holdings, S.A. de C.V . TMM Holdings Guarantors The Bank of New York Trustee
 Exchange
Offer 1 2 2003 Notes 2003 Note
Indenture 1 4 2006 Notes Existing Notes 2006 Note Indenture Existing Indentures
  Notes
 ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
 SECTION 1.01 DEFINITIONS .
  1




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##### 



or
      Acquired Indebtedness
 Additional Amounts
 Additional Notes
 Adjusted Net Assets
 2




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##### 



ADRs
 ADSs
 Affiliate
 Affiliate Transaction
 Agent
 Agreed Discount Rate
 Applicable Procedures 
 Asset Disposition disposition provided
 3




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##### 



provided provided
 Associate
 Attributable Debt
 Authenticating Agent
 Average Life
 Bankruptcy Law
 Benefited Party
 Board of Directors provided provided further
 Board Resolution
 4




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##### 



Business Day
 Capitalized Lease Obligation
 Capital Stock
 Cash Equivalents A-l
 Cash Interest Rate
 Change of Control
 Clearstream société anonyme
 CNBV
 5




---



##### 



Collateral
 Collateral Agent Collateral
Agent
 Collateral Documents JP Morgan Bank , TMM Multimodal Trust Agreement ,
 Collateral Pledge
 Commission
 Company Company
 6




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##### 



Company Request Company Order
 Consolidated Amortization Expense Person Subsidiaries
 Consolidated Cash Flow Available for Interest Expense Person Subsidiaries
 Consolidated Debt Service Coverage Ratio Transaction Date provided Consolidated Cash Flow Available for Interest Expense Consolidated Interest
Expense Reference Period
 7




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##### 



Person Subsidiary
 Consolidated Depreciation Expense Person Subsidiaries
 Consolidated Income Tax Expense Person Subsidiaries
 Consolidated Interest Expense Person Subsidiaries
 Consolidated Net Income provided Consolidated Net Income Subsidiary Subsidiaries
 8




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##### 



Consolidated Net Worth
 Corporate Trust Office
 CPOs certificados de
participación ordinarios
 CPO Trustee
 Currency Agreement
 Custodian
 Default
 Default Rate
 Defaulted Interest
 Definitive Note
 Depositary
 Designated Investment Bank provided
 9




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##### 



provided, however
 Disqualified Stock
 Distribution Compliance Period
 Dollars $
 DTC
 Euroclear
 Event of Default
 Excess Proceeds
 Excess Proceeds Offer
 Exchange Act
 Exchange Transaction
 Existing Servia Payable
 Extension Election
 10




---



##### 



Extension Fee
 Global Note
 Global Note Legend
 GM Put
 Group
 Grupo TFM
 GTFM Disposition group-level taxes provided
 11




---



##### 



Guarantee Primary Obligor
 Guarantee Obligations
 Guarantors
 Holder
  IAI Global Note 
 IAS provided
 Incurrence
 Indebtedness
 12




---



##### 



provided provided
 Indenture
 Initial Issuance Date
 Initial Notes
  Initial Private Notes 
 13




---



##### 



 Institutional Accredited Investor 
 Interest Payment Date
 Interest Rate Agreement
 Investment
  J.B. Hunt Parties 
 J.B. Hunt Agreement
  J.B. Hunt Letter Agreement 
 14




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##### 



 J.B. Hunt Note 
 KCS 
 KCS Transaction
 Lien fideicomiso de garantía fideicomiso de garantía Lien
 Maturity
 Mexican Government
 Minimum Cash Rate
 Moodys
 Net Cash Proceeds
 15




---



##### 



provided provided, however
  Non-U.S. Person 
 Note Linked Securities
  Note Purchase Agreement 
 16




---



##### 



Note Register Note Registrar
 Notes
 Notice of Sale
 Offer
 Officers Certificate
 Offset Amount
 Opinion of Counsel
 Outstanding 
  provided
 17




---



##### 



provided, however
 Partial Qualifying Disposition
 Participant
 Paying Agent
 Person person
 Place of Payment
 18




---



##### 



Predecessor Note
 Principal Market
  Private Placement Legend 
 Proceeds Offer Repurchase Date
 Promotora Servia
  Purchasers 
 Put 
  QIB 
 Qualifying Disposition
  provided
 19




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##### 



Qualifying Exchange provided
 Qualifying PEMEX Securitization Transaction
 
    Qualifying Subordinated Indebtedness
 20




---



##### 



Receivables Securitization Facility Master Trust Agreement Maple Investor Certificates Series 2003-A Supplement Receivables Letter
Agreement
 Receivables Securitization Facility Foreclosure
 Redemption Date,
 Redemption Price,
 Refinance
 Refinancing Indebtedness
 21




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##### 



 Registration Rights Agreement 
 Regular Record Date provided
  Regulation S 
  Regulation S Global Note 
 Repurchase Date
 Repurchase Price,
 Responsible Officer,
  Restricted Global Notes 
 Restricted Payments
 Restricted Subsidiary
  Rule 144 
  Rule 144A 
 22




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##### 



 Rule 144A Global Note 
  Rule 506(a) 
  Rule 903 
  Rule 904 
 Securities Act
  Shelf Registration Statement 
 Special Record Date
 Standard & Poors
 Stated Maturity,
 Subsidiary
 Surviving Entity
 TFM
 TMM Holdings
 TMM Multimodal
 Transfer
 23




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##### 



 Transfer Restricted Securities 
 Trustee
 Trust Indenture Act
  Unrestricted Global Note 
 U.S. Government Obligations
  U.S. Person 
 VAT Cash Proceeds
 VAT Claim Tribunal Colegiado en Materia Administrativa del Primer
Circuito
 VAT Proceeds
  24




---



##### 



Volume Weighted Average Price Bloomberg
 Voluntary Reduction
 Wholly Owned Subsidiary
 SECTION 1.02 COMPLIANCE CERTIFICATES AND OPINIONS . 25
      SECTION 1.03 FORM OF DOCUMENTS DELIVERED TO TRUSTEE .
   26
      SECTION 1.04 NOTICES, ETC. TO TRUSTEE AND COMPANY .
 provided
 provided
 SECTION 1.05 NOTICE TO HOLDERS; WAIVER .
  27
      SECTION 1.06 CONFLICT WITH TRUST INDENTURE ACT .
 SECTION 1.07 EFFECT OF HEADINGS AND TABLE OF CONTENTS .
 SECTION 1.08 SUCCESSORS AND ASSIGNS .
 SECTION 1.09 SEPARABILITY CLAUSE .
 SECTION 1.10 BENEFITS OF INDENTURE .
 SECTION 1.11 GOVERNING LAW .
 SECTION 1.12 SUBMISSION TO JURISDICTION . 28
        SECTION 1.13 LEGAL HOLIDAYS . provided
 SECTION 1.14 APPOINTMENT OF AGENT FOR SERVICE .
 SECTION 1.15 COUNTERPART ORIGINALS .
 ARTICLE TWO
NOTE FORMS
 SECTION 2.01 FORMS GENERALLY . General
 29
      Initial Private Notes
  Book-Entry Provisions Global Notes
 30
      Definitive Notes
 SECTION 2.02 FORM OF FACE OF NOTE .
   31
      Grupo Tmm, S.A.  Senior Secured Note due 2007
 CUSIP NO.
    
    $
 
 Grupo Tmm, S.A.   1 2
 provided
 Interest Payment Date
    
    
    
    Applicable Interest RateFebruary 1, 2005
    
    
    
    12.00%August 1, 2005
    
    
    
    12.00%February 1, 2006
    
    
    
    12.00%August 1, 2006
    
    
    
    12.00%February 1, 2007
    
    
    
    12.50%August 1, 2007
    
    
    
    13.00%
 32
      Voluntary Reduction Amount
    
    Interest Rate ReductionLess than $100,000,000
    
    
    0.00
    %$100,000,000 up to $150,000,000
    
    
    0.67
    %more than $150,000,000
    
    
    1.00
    %
 provided
     33
      provided
     In Witness Whereof
  Grupo Tmm, S.A.By:
  
 34
      SECTION 2.03 FORM OF REVERSE OF NOTE . Notes Indenture Trustee
 Successor Jurisdiction Taxes Additional Amounts provided, however
    35
      Secretaría de Hacienda y Crédito Público
 36
      37
      38
                39
      Date:
    
    Your signature:(Sign exactly as your name appears on the other side of this Note)Signature Guarantee:
    (1)
    
    o to the Company; or(2)
    
    o pursuant to an effective registration statement under the Securities Act (including,
but not limited to, a Shelf Registration Statement); or(3)
    
    o inside the United States to a qualified institutional buyer (as defined in Rule
144A under the Securities Act) that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that such
transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule
144A under the Securities Act; or
 40
      (4)
    
    o to an Institutional Accredited Investor (as defined in Rule 501(a) under the
Securities Act) in a transaction exempt from the registration requirements of the
Securities Act; or(5)
    
    o outside the United States in an offshore transaction within the meaning of Regulation
S under the Securities Act in compliance with Rule 903 or Rule 904 under the Securities
Act; or(6)
    
    o pursuant to the exemption from registration provided by Rule 144 under the Securities
Act; or(7)
    
    o in accordance with another exemption from the registration requirements of the
Securities Act.
         41
      provided however
 Signature
 Signature Guarantee:Signature must be guaranteed
    
    
    
    Signature
  
   Dated:NOTICE:
    
    To be executed by an executive officer
 42
      Date:
    
    Your signature:(Sign exactly as your name appears on the other side of this Note)Signature Guarantee:
 SECTION 2.04 FORM OF GUARANTEE
 SENIOR SECURED GUARANTEE
 Guarantee
 Indenture
 43
      44
      In Witness Whereof
 DATED:[Guarantors]By:ATTEST:
 SECTION 2.05 FORM OF TRUSTEES CERTIFICATE OF AUTHENTICATION
  The Bank Of New York,as TrusteeBy:Authorized Signatory
 SECTION 2.06 REMOVAL OF PRIVATE PLACEMENT LEGEND.
   45
      46
      ARTICLE
THREE
THE NOTES
 SECTION
3.01 TITLE AND TERMS.
  th Extension
Election Extension Fee
 provided, however
 47
      provided Minimum Cash Rate Cash Interest
Rate
  Interest Payment Date
    
    Applicable Interest RateFebruary 1, 2005
    
    12.00%August 1, 2005
    
    12.00%February 1, 2006
    
    12.00%August 1, 2006
    
    12.00%February 1, 2007
    
    12.50%August 1, 2007
    
    13.00%
  48
      Voluntary
Reduction
 49
      Voluntary Reduction Amount
    
    Interest Rate Reductionless than $100,000,000
    
    0.00%$100,000,000 up to $150,000,000
    
    0.67%more than $150,000,000
    
    1.00%
  provided
 provided
  50
          SECTION 3.02 DENOMINATIONS; PAYMENT CURRENCY .
 SECTION 3.03 EXECUTION, AUTHENTICATION, DELIVERY AND DATING .
     SECTION 3.04 TEMPORARY NOTES 51
      SECTION 3.05 NOTE REGISTRAR AND PAYING AGENT Note Registrar Paying Agent Note Register Note Registrar Paying Agent
    SECTION 3.06 PAYING AGENT TO HOLD MONEY IN TRUST.
 52
      SECTION 3.07 HOLDER LISTS.
 SECTION 3.08 TRANSFER AND EXCHANGE.
 Transfer and Exchange of Global Notes. however,
 Transfer and Exchange of Beneficial Interests in the Global Notes
  53
      Cancellation and/or Adjustment of Global Notes
 General Provisions Relating to Transfers and Exchanges 54
             Transfer and Exchange of Definitive Notes
   provided however
 55
      Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a
Restricted Global Note
   56
      Exchanges Among Rule 144A Global Notes, IAI Global Notes and Regulation S Global
Notes .
  57
         Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note
     58
      SECTION 3.09 MUTILATED, DESTROYED, LOST AND STOLEN NOTES .
      SECTION 3.10 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED .
  59
      Defaulted Interest
    SECTION 3.11 PERSONS DEEMED OWNERS .
 60
      SECTION 3.12 CANCELLATION .
 SECTION 3.13 COMPUTATION OF INTEREST
 SECTION 3.14 RANKING; SUBORDINATION. pari passu
 SECTION 3.15 CUSIP NUMBERS. provided
 ARTICLE FOUR
REDEMPTION OF NOTES
 SECTION 4.01 APPLICABILITY OF ARTICLE .
 SECTION 4.02 RIGHT OF REDEMPTION
  61
      SECTION 4.03 ELECTION TO REDEEM; NOTICE TO TRUSTEE .
 SECTION 4.04 SELECTION BY TRUSTEE OF NOTES TO BE REDEEMED .
   SECTION 4.05 NOTICE OF REDEMPTION
    62
      SECTION 4.06 DEPOSIT OF REDEMPTION PRICE .
 SECTION 4.07 NOTES PAYABLE ON REDEMPTION DATE provided, however
  63
      SECTION 4.08 NOTES REDEEMED IN PART .
 SECTION 4.09 OPTIONAL REDEMPTION DUE TO CHANGES IN TAX TREATMENT
 ARTICLE FIVE
COVENANTS
  SECTION 5.01 PAYMENTS OF PRINCIPAL, PREMIUM, IF ANY, AND INTEREST .
 64
      SECTION 5.02 MAINTENANCE OF OFFICE OR AGENCY .
 provided, however
 SECTION 5.03 MONEY FOR NOTE PAYMENTS TO BE HELD IN TRUST .
     65
      provided, however
 SECTION 5.04 EXISTENCE . provided, however
 SECTION 5.05 MAINTENANCE OF PROPERTIES; INSURANCE . provided, however
 66
       provided, further,
  SECTION 5.06 PAYMENT OF TAXES . provided, however
 SECTION 5.07 ANNUAL OFFICERS CERTIFICATE TO TRUSTEE .
 SECTION 5.08 REPORTS TO BE FURNISHED TO TRUSTEE AND HOLDERS .
   67
             SECTION 5.09 FURTHER ASSURANCES .
 SECTION 5.10 COMPANY TO FURNISH TRUSTEE INFORMATION AS TO NAMES AND ADDRESSES
OF HOLDERS . 68
        SECTION 5.11 WAIVER OF STAY, EXTENSION OR USURY LAWS .
 SECTION
5.12 LIMITATION ON RESTRICTED PAYMENTS. Restricted Payments 69
        provided
   provided
  70




---



##### 



SECTION 5.13 LIMITATION ON TRANSACTIONS WITH AFFILIATES .
 Affiliate
Transaction
  SECTION 5.14 LIMITATION ON INDEBTEDNESS.
 Incurrence
  Schedule 5.14(b)(i)
  71




---



##### 



provided
 provided
   Refinance Refinancing Indebtedness provided
 72




---



##### 



provided, further provided further
 provided
 less
 73




---



##### 



provided
   provided
 SECTION 5.15 LIMITATION ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING
RESTRICTED SUBSIDIARIES .
 74




---



##### 



Schedule 5.15
 SECTION 5.16 CHANGE OF CONTROL . Group provided Change of Control Offer Repurchase Date
   75




---



##### 



76




---



##### 



SECTION 5.17 LIMITATION ON LIENS . Schedule 5.17 provided provided provided
 77




---



##### 



provided
 SECTION 5.18 RESTRICTION ON ASSET DISPOSITIONS AND QUALIFYING DISPOSITIONS; APPLICATION
OF VAT PROCEEDS.
 provided
 provided ,
  78




---



##### 



Excess Proceeds Excess Proceeds Offer Proceeds Offer Repurchase Date
       79




---



##### 



80




---



##### 



Exchange Transaction provided
 SECTION 5.19 LIMITATION ON SALE AND LEASEBACK TRANSACTIONS .
 81




---



##### 



SECTION 5.20 LIMITATION ON INVESTMENTS Schedule 5.20
 SECTION 5.21 LIMITATION ON BUSINESS ACTIVITIES
 SECTION 5.22 PAYMENTS FOR CONSENT .
 SECTION 5.23 ADDITIONAL GUARANTEES; LIMITATION ON ISSUANCES OF GUARANTEES BY RESTRICTED
SUBSIDIARIES.
  82




---



##### 



Guaranteed Indebtedness pari passu provided pari passu pari passu
  SECTION 5.24 RESTRICTION ON INVESTMENT ACTIVITY. provided, however
 83




---



##### 



SECTION 5.25 RULE 144A INFORMATION. .
 SECTION 5.26 DELAY FEE.
 SECTION 5.27 REAL ESTATE COLLATERAL.
 SECTION 5.28 CERTAIN AGREEMENTS RELATING TO THE RECEIVABLES SECURITIZATION
FACILITY.
  ARTICLE SIX
REMEDIES
 SECTION 6.01 EVENTS OF DEFAULT . Event of Default
 84




---



##### 



Bankruptcy Law sindico
 85




---



##### 



sindico
 provided provided further provided th
 86




---



##### 



medida cautelar
     SECTION 6.02 DEFAULT RATE OF INTEREST . Default Rate
 SECTION 6.03 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT .
 87




---



##### 



SECTION 6.04 COLLECTION OF INDEBTEDNESS BY TRUSTEE; TRUSTEE MAY PROVE DEBT .
  88




---



##### 



SECTION 6.05 TRUSTEE MAY FILE PROOFS OF CLAIM .
  89




---



##### 



SECTION 6.06 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF NOTES .
 SECTION 6.07 APPLICATION OF MONEY OR PROPERTY COLLECTED .
   90




---



##### 



SECTION 6.08 LIMITATION ON SUITS .
       SECTION 6.09 RIGHTS OF HOLDERS OF NOTES TO RECEIVE PAYMENT.
 91




---



##### 



SECTION 6.10 RESTORATION OF RIGHTS AND REMEDIES .
 SECTION 6.11 RIGHTS AND REMEDIES CUMULATIVE .
 SECTION 6.12 DELAY OR OMISSION NOT WAIVER .
 SECTION 6.13 CONTROL BY HOLDERS . provided
    92




---



##### 



SECTION 6.14 WAIVER OF PAST DEFAULTS .
    ARTICLE SEVEN
CONCERNING THE TRUSTEE
 SECTION 7.01 DUTIES OF TRUSTEE.
        93




---



##### 



SECTION 7.02 CERTAIN RIGHTS OF TRUSTEE .
    94




---



##### 



provided, however
      SECTION 7.03 TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC
 95




---



##### 



SECTION 7.04 TRUSTEE AND OTHERS MAY HOLD NOTES .
 SECTION 7.05 MONEYS HELD BY TRUSTEE OR PAYING AGENT .
 SECTION 7.06 COMPENSATION OF TRUSTEE AND ITS LIEN .
 96




---



##### 



SECTION 7.07 RIGHT OF TRUSTEE TO RELY ON CERTIFICATE OF CERTAIN OFFICERS .
 SECTION 7.08 PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE .
 97




---



##### 



provided, however
 SECTION 7.09 RESIGNATION AND REMOVAL OF TRUSTEE; APPOINTMENT OF SUCCESSOR.
      98




---



##### 



SECTION 7.10 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR TRUSTEE .
   SECTION 7.11 MERGER, CONVERSION OR CONSOLIDATION OF TRUSTEE .
 99




---



##### 



SECTION 7.12 AUTHENTICATING AGENTS . Authenticating Agent
   100




---



##### 



The Bank of New York,As TrusteeBy:As Authenticating AgentBy:Authorized Signatory
 101




---



##### 



SECTION 7.13 REPORTS BY TRUSTEE .
 SECTION 7.14 TRUSTEE RISK .
 SECTION 7.15 NOTICE OF DEFAULT. provided, however
 SECTION 7.16 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY.
 SECTION 7.17 TRUSTEES APPLICATION FOR INSTRUCTIONS FROM THE COMPANY.
 SECTION 7.18 LIMITATION OF LIABILITY. Bank
 102




---



##### 



provided, however
 ARTICLE EIGHT
CONCERNING THE HOLDERS
 SECTION 8.01 EVIDENCE OF ACTION TAKEN BY HOLDERS .
 SECTION 8.02 PROOF OF EXECUTION OF INSTRUMENTS AND OF HOLDING OF NOTES .
  103




---



##### 



provided
   SECTION 8.03 RIGHT OF REVOCATION OF ACTION TAKEN .
 104




---



##### 



ARTICLE NINE
HOLDERS MEETINGS
 SECTION 9.01 PURPOSES FOR WHICH HOLDERS MEETINGS MAY BE CALLED .
     SECTION 9.02 CALL OF MEETINGS BY TRUSTEE .
 SECTION 9.03 COMPANY AND HOLDERS MAY CALL MEETING .
 SECTION 9.04 PERSONS ENTITLED TO VOTE AT MEETING .
 105




---



##### 



SECTION 9.05 DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETING .
  provided, however
  SECTION 9.06 COUNTING VOTES AND RECORDING ACTION OF MEETING .
 106




---



##### 



ARTICLE TEN
SUPPLEMENTAL INDENTURES AND AMENDMENT OF
COLLATERAL DOCUMENTS
 SECTION 10.01 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS .
   provided
    107




---



##### 



SECTION 10.02 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS .
 provided,
however
   108




---



##### 



(1)
    
    release (other than as expressly permitted by Section 15.03 and the Collateral
Documents), or create any additional Lien in favor of any Person other than the
Collateral Agent, the Holders or the Trustee in the Collateral, or(2)
    
    modify any of the provisions of Section 5.18 or of this Section 10.02(b).
  SECTION 10.03 EXECUTION OF SUPPLEMENTAL INDENTURES
 SECTION 10.04 EFFECT OF SUPPLEMENTAL INDENTURES .
 SECTION 10.05 CONFORMITY WITH TRUST INDENTURE ACT .
 109




---



##### 



SECTION 10.06 REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES.
  ARTICLE ELEVEN
SUCCESSOR CORPORATION
 SECTION 11.01 WHEN COMPANY MAY MERGE, ETC. Transfer
 Surviving Entity provided
    110




---



##### 



provided
 SECTION 11.02 SUCCESSOR CORPORATION.
 ARTICLE TWELVE
SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
 SECTION 12.01 TERMINATION OF COMPANYS OBLIGATIONS.
   111




---



##### 



112




---



##### 



U.S. Government Obligations
 113




---



##### 



SECTION 12.02 APPLICATION OF TRUST MONEY.
 SECTION 12.03 REPAYMENT TO COMPANY.
 provided
 SECTION 12.04 REINSTATEMENT. provided
 ARTICLE THIRTEEN
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND 
DIRECTORS
 SECTION 13.01 PERSONAL IMMUNITY FROM LIABILITY OF INCORPORATORS, STOCKHOLDERS, ETC.
 114




---



##### 



ARTICLE FOURTEEN
GUARANTEE
 SECTION 14.01 GUARANTEE. Guarantee Obligations pari passu
 Benefited Party
 115




---



##### 



orden excusion y division
  116




---



##### 



117




---



##### 



SECTION 14.02 LIMITATION ON GUARANTOR LIABILITY.
 SECTION 14.03 SUCCESSORS AND ASSIGNS.
 SECTION 14.04 NO WAIVER.
 SECTION 14.05 EXECUTION AND DELIVERY OF GUARANTEE.
   118




---



##### 



SECTION 14.06 GUARANTORS MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.
 SECTION 14.07 RELEASES FOLLOWING SALE OF ASSETS OR CAPITAL STOCK. provided
  SECTION 14.08 APPLICATION OF CERTAIN TERMS AND PROVISIONS TO THE GUARANTORS.
   119




---



##### 



ARTICLE FIFTEEN
SECURITY
 SECTION 15.01 COLLATERAL; COLLATERAL DOCUMENTS.
 Collateral
  120




---



##### 



provided, however
 ,
     121




---



##### 



provided
 SECTION 15.02 VOTING RIGHTS AND PAYMENT OF DIVIDENDS AND DISTRIBUTIONS IN RESPECT OF COLLATERAL provided
 SECTION 15.03 RELEASE OF COLLATERAL.
 provided however
 Releases in connection with Asset Dispositions and Qualifying
Dispositions
 122




---



##### 



Releases of Net Cash Proceeds and VAT Cash Proceeds
 Releases of Cash Held in Cash Collateral Account
  123




---



##### 



SECTION 15.04 REMEDIES UPON ACCELERATION provided
 SECTION 15.05 .
 124




---



##### 



SECTION 15.06 OPINIONS AS TO RECORDING.
     SECTION 15.07 LIMITATION ON DUTY OF TRUSTEE IN RESPECT OF THE COLLATERAL PLEDGE.
  125




---



##### 



SECTION 15.08 AUTHORIZATION OF ACTIONS TO BE TAKEN BY COLLATERAL AGENT UNDER THE
COLLATERAL DOCUMENTS.
 SECTION 15.09 AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER THE COLLATERAL
DOCUMENTS.
 126




---



##### 



SECTION 15.10 ASSIGNMENT OF RIGHTS, NOT ASSUMPTION OF DUTIES
 SECTION 15.11 NO ELECTION OF REMEDIES.
 127




---



##### 



In
Witness Whereof
 Grupo Tmm, S.A.,as IssuerBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactTmm Holdings, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactOperadora De Apoyo Logístico, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactCompañía Arrendadora Tmm, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-Fact




---



##### 



Transportes Marítimos México, S.A.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactDivisión De Negocios Especializados, S.A., De C.V.as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactInmobiliaria Tmm, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactLacto Comercial Organizada, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-Fact




---



##### 



Línea Mexicana Tmm, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactNaviera Del Pacifico, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactOperadora Marítima Tmm, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactOperadora Portuaria De Tuxpan, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-Fact




---



##### 



Personal Marítimo, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactServicios Administrativos DeTransportación, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactServicios De Logística De México, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactServicios En Operaciones Logísticas, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-Fact




---



##### 



Servicios En Puertos Y Terminales, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactTerminal Marítima De Tuxpan, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactTmg Overseas, S.A.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactTmm Agencias, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-Fact




---



##### 



Tmm Logistics, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-FactTransportación Portuaria Terrestre, S.A. De C.V.,as GuarantorBy:
    
    /s/ Juan Fernandez GaleazziName: Juan Fernandez GaleazziTitle:   Attorney-in-Fact




---



##### 



The Bank Of New York,as TrusteeBy:
    
    /s/  Authorized SignatoryName:Title: