TABLE OF CONTENTS




|                       |  |  |  |  |  |  |  | 
|---------------------- |  |  |  |  |  |  |  | 
|DECLARACIONES         
|CLÁUSULAS             
|CLÁUSULA 2            
|CLÁUSULA 3            
|CLÁUSULA 4            
|CLÁUSULA 5            
|CLÁUSULA 6            
|CLÁUSULA 7            
|CLÁUSULA 8            
|CLÁUSULA 9            
|CLÁUSULA 10           
|CLÁUSULA 11           
|CLÁUSULA 12           
|CLÁUSULA 13           
|CLÁUSULA 14           
|CLÁUSULA 15           
|CLÁUSULA 16           
|CLÁUSULA 17           
|CLÁUSULA 18           
|LOS FIDEICOMITENTES:
|LISTA DE ANEXOS       
|ANEXO H             



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##### Table of Contents





Exhibit 3.2


English translation to follow


CONTRATO DE FIDEICOMISO IRREVOCABLE DE ADMINSTRACIÓN Y
CUSTODIA
















como Fideicomitentes y


Fideicomisarios;












Representado por su Delegado Fiduciario


Lic. Idalia Morales Lever y el Lic. Armando Jorge Rivero
Laing


como Fiduciario
















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##### Table of Contents







| |       |                                                                                                                                                                                                                                                                                                                                                                            
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | El Ing. José Francisco Serrano Segovia
    (JSS), el señor Ramón Serrano
    Segovia (RSS), la Sra. Teresa Serrano Segovia
    (TSS) y Servicios Directivos Servia, S.A. de
    C.V. (Sedise) (a quienes en lo sucesivo,
    conjuntamente, se les denominará, los
    Fideicomitentes) y/o los
    Fideicomisarios como Fideicomitenete y
    Fideicomisarios;
|
| | (ii)  | Ixe Banco, S.A., Institución de Banca Múltiple, Ixe
    Grupo Financiero, División Fiduciaria, como Fiduciario (en
    lo sucesivo el Fiduciario); y                                                                                                                                                                                                                     
|
| | (iii) | Grupo TMM, S.A. (GTMM), TMM Holdings, S.A. de
    C.V. (TMM Holdings) y TMM Multimodal, S.A. de
    C.V. (MM).                                                                                                                                                                                                                                                       






DECLARACIONES




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|l.  | JSS declara que:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   
|l.1 | Es una persona física de nacionalidad mexicana, casado bajo
    el régimen de separación de bienes, según lo
    acredita con la copia certificada de su acta de matrimonio que
    se agrega como Anexo Ade este
    Contrato, y con capacidad legal para obligarse;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   
|l.2 | Es legítimo propietario de 3,808,607 (tres milliones
    ochocientas ocho mil seiscientas siete) acciones de la Series
    A del capital social de GTMM, mismas que se
    encuentran libres de todo gravamen, demanda o limitación de
    derechos por parte de terceros, y que son representativas del
    6.686% (seis punto seiscientos ochenta y seis por ciento) del
    capital social de GTMM (las Acciones JJS); en
    el entendido que, toda vez que las acciones representativas del
    capital social de GTMM se encuentran listadas en la Bolsa
    Mexicana de Valores, S.A. de C.V. (BMV), las
    Acciones JSS se encuentran depositadas en S.D. Indeval, S.A. de
    C.V., Institución para el Depósito de Valores
    (Indeval), a través de Ixe Casa de
    Bolsa, S.A. de C.V. (la Casa de Bolsa);
|   
|l.3 | La suscripción y cumplimiento de este Contrato de
    Fideicomisco no contraviene ley aplicable o disposición
    contractual alguna que la obligue o afecte, a él o a
    cualquiera de sus propiedades, y no constituye gravamen alguno
    sobre o respecto de sus propiedades, ni resultan en un
    incumplimiento de algún convenio o instrumento del que JSS
    sea parte, o conforme al que se enuentre obligado, o de
    acción o procedimiento alguno seguido ante cualquier
    tribunal, o agencia gubernamental;                                                                                                                                                                                                                                                                                                   
|   
|l.4 | Para la suscripción de este Contrato no requiere de
    autoización o cumplimiento de requisito alguno de autoridad
    gubernamental alguna o de cualquier otra personsa;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

1



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|I.5  |  | Este Contrato de Fideicomiso (i) constituye obligaciones
    legales, válidas y vinculantes para JSS, y
    (ii) cumplidos los pasos contenidos en este Contrato de
    Fideicomiso, constituye una transferencia válida y perfecta
    de las Acciones JSS al Fiduciario; y                                                                                                                                                                                                                                                                                                                                                                                            
|    
|I.6  |  | Establece como domicilio convencional para los efectos del
    presente Contrato:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    
|     |  | Av.
    De la Cúspide 4755,
    Piso 11          Parque
    del
    Pedregal          Delegación
    Tlalpan,          México,
    D.F.,
    México          C.P. 14010          Telefax:
    5629 8914                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    
|     |  | Atención:
    Lic. Javier Segovia Serrano                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    
|II.  |  | RSS declara que:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    
|II.1 |  | Es una persona física de nacionalidad mexicana, casado bajo
    el régimen de separación de bienes, según lo
    acredita con la copia certificada de su acta de matrimonio que
    se agrega como Anexo Bde este
    Contrato, y con capacidad legal para obligarse;                                                                                                                                                                                                                                                                                                                                                                                                 
|    
|II.2 |  | Es legítimo propietario de 2,331,746 (dos millones
    trescientas treinta y un mil setecientas cuarenta y seis)
    acciones de la Serie A del capital social de GTMM,
    mismas que se encuentran libres de todo gravamen, demanda o
    limitación de derechos por parte de terceros, y que son
    representativas del 4.093% (cuatro punto cero noventa y tres por
    ciento) del capital social de GTMM (las Acciones
    RSS); en el entendido que, toda vez que las acciones
    representativas del capital social de GTMM se encuentran
    listadas en la BMV, las Acciones RSS se encuentran depositadas
    en Indeval, a través de la Casa de Bolsa;
|    
|II.3 |  | La suscripción y cumplimiento de este Contrato de
    Fideicomiso no contraviene ley aplicable o disposición
    contractual alguna que la obligue o afecte, a él o a
    cualquiera de sus propiedades, y no constituye gravamen alguno
    sobre o respecto de sus propiedades, ni resultan en un
    incumplimiento de algún convenio o instrumento del que RSS
    sea parte, o conforme al que se encuentre obligado, o de
    acción o procedimiento alguno seguido ante cualquier
    tribunal, o agencia gubernamental;                                                                                                                                         
|    
|II.4 |  | Para la suscripción de este Contrato no requiere de
    autorización o cumplimiento de requisito alguno de
    autoridad gubernamental alguna (según se define más
    adelante) o de cualquier otra persona;                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|II.5 |  | Este Contrato de Fideicomiso (i) constituye obligaciones
    legales, válidas y vinculantes para RSS, y
    (ii) cumplidos los pasos contenidos en este Contrato de
    Fideicomiso, constituye una transferencia válida y perfecta
    de las Acciones RSS al Fiduciario;                                                                                                                                                                                                                                                                                                                                                                                              
|    
|II.6 |  | Establece como domicilio convencional para los efectos del
    presente Contrato:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    
|     |  | Av.
    De la Cúspide 4755,
    Piso 11          Parque
    del
    Pedregal          Delegación
    Tlalpan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

2



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               



| |                                      
| | -------------------------------------
| | México, D.F., México                 
| | C.P. 14010                           
| | Telefax: 5629 8917                   
|
| | Atención: Lic. Javier Segovia Serrano

|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|III.  |  | TSS declara que:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     
|III.1 |  | Es una persona física de nacionalidad mexicana, soltera,
    con capacidad legal para obligarse;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     
|III.2 |  | Es legítima propietaria de 850,000 (ochocientas cincuenta
    mil) acciones de la Serie A del capital social de
    GTMM, mismas que se encuentran libres de todo gravamen, demanda
    o limitación de derechos por parte de terceros, y que son
    representativas del 1.492% (uno punto cuatrocientos noventa y
    dos por ciento) del capital social de GTMM (las
    Acciones TSS); en el entendido que, toda vez
    que las acciones representativas del capital social de GTMM se
    encuentran listadas en la BMV, las Acciones TSS se encuentran
    depositadas en Indeval, a través de la Casa de Bolsa;
|     
|III.3 |  | La suscripción y cumplimiento de este Contrato de
    Fideicomiso no contraviene ley aplicable o disposición
    contractual alguna que la obligue o afecte, a ella o a
    cualquiera de sus propiedades, y no constituye gravamen alguno
    sobre o respecto de sus propiedades, ni resultan en un
    incumplimiento de algún convenio o instrumento del que TSS
    sea parte, o conforme al que se encuentre obligada, o de
    acción o procedimiento alguno seguido ante cualquier
    tribunal, o agencia gubernamental;                                                                                          
|     
|III.4 |  | Para la suscripción de este Contrato no requiere de
    autorización o cumplimiento de cualquier otro requisito
    alguno de autoridad gubernamental alguna (según se define
    más adelante) o de cualquier otra persona;                                                                                                                                                                                                                                                                                                                                                                                               
|     
|III.5 |  | Este Contrato de Fideicomiso (i) constituye obligaciones
    legales, válidas y vinculantes para TSS, y
    (ii) cumplidos los pasos contenidos en este Contrato de
    Fideicomiso, constituye una transferencia válida y perfecta
    de las Acciones TSS al Fiduciario; y                                                                                                                                                                                                                                                                                                                                               
|     
|III.6 |  | Establece como domicilio convencional para los efectos del
    presente Contrato:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     
|      |  | Av.
    De la Cúspide 4755, Piso
    11          Parque
    del
    Pedregal          Delegación
    Tlalpan México, D.F.,
    México          C.P.
    14010          Telefax:
    5629 8914                                                                                                                                                                                                                                                                                                                                                                                                                              
|     
|     
|IV.   |  | Sedise declara que:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|     
|IV.1  |  | Es una sociedad mercantil debidamente constituida y validamente
    existente conforme a las leyes de México, según consta
    en la escritura pública numero 27,671, de fecha 4 de
    diciembre de 2004, otorgada ante la fe del Lic. Roberto
    Núñez y Bandera, Notario Público número 1
    del Distrito Federal, cuyo primer testimonio quedó inscrito
    en el Registro Público de Co-                                                                                                                                                                                                                            

3



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  | mercio del Distrito Federal bajo el folio mercantil
    número 133, 163. Copia certificada de dicha escritura
    y de los estatutos sociales vigentes de Sedise se agregan a la
    presente como Anexo C;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    
|IV.2 |  | Es legítima propietaria de 425,850 (cuatrocientas
    veinticinco mil ochocientas cincuenta) acciones de la
    Serie A del capital social de GTMM, mismas que
    se encuentran libres de todo gravamen, demanda o limitación
    de derechos por parte de terceros, representativas del 0.747%
    (cero punto setecientos cuarenta y siete por ciento) del capital
    social de GTMM (las Acciones Sedisey,
    conjuntamente con las Acciones JSS, las Acciones RSS y las
    Acciones TSS, las Acciones); en el entendido
    que, toda vez que las acciones representativas del capital
    social de GTMM se encuentran listadas en la BMV, las Acciones
    Sedise se encuentran depositadas en Indeval, a través de la
    Casa de Bolsa;
|    
|IV.3 |  | La suscripción y cumplimiento de este Contrato de
    Fideicomiso no contraviene ley aplicable a Sedise, ni sus
    estatutos o disposición contractual alguna que la obligue o
    afecte, a ella o a cualquiera de sus propiedades, y no
    constituye gravamen alguno sobre o respecto de sus propiedades,
    ni resultan en un incumplimiento de algún convenio o
    instrumento del que Sedise sea parte, o conforme al que se
    encuentre obligada, o de acción o procedimiento alguno
    seguido ante cualquier tribunal, o agencia gubernamental;                                                                                                                                                                                          
|    
|IV.4 |  | Para la suscripción de este Contrato, no requiere de
    autorización, aprobación o cumplimiento de requisito
    alguna de autoridad gubernamental alguna, o de cualquier otra
    persona;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    
|IV.5 |  | Este Contrato de Fideicomiso (i) constituye obligaciones
    legales, válidas y vinculantes para Sedise, y
    (ii) cumplidos los pasos contenidos en este Contrato de
    Fideicomiso, constituye una transferencia válida y perfecta
    de las Acciones Sedise al Fiduciario;                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    
|IV.6 |  | A la fecha de este Contrato, no se encuentra en estado de
    insolvencia, ni se encuentra en quiebra, concurso mercantil o en
    cualquier otra situación financiera o legal, de factoo de jure, la cual pueda afectar la validez,
    cumplimiento, duración y/o legalidad de este Contrato de
    Fideicomiso. Además, no constituye una transmisión
    hecha en fraude de sus acreedores, incluyendo autoridades
    fiscales (ya sea que dichos acreedores sean directamente
    acreedores de Sedise, o lo sean por virtud de una garantía
    personal o aval de Sedise en obligaciones de terceras personas);                                                                                                                                  
|IV.7 |  | Su representante cuenta con poderes y facultades legales
    necesarios para la celebración de este Contrato de
    Fideicomiso, poderes y facultades que no le han sido revocados o
    limitados a la fecha; y                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    
|IV.8 |  | Establece como domicilio convencional para los efectos del
    presente Contrato:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



| |                                        
| | ---------------------------------------
| | Av. De la Cúspide 4755, Piso 11        
| | Parque del Pedregal                    
| | Delegación Tlalpan México, D.F., México
| | C.P. 14010                             
| | Telefax: 5629 8914                     
|
| | Atención: Lic. Javier Segovia Serrano  

4



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                      
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------
|V.   |  | GTMM declara que:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    
|V.1  |  | Es una sociedad mercantil debidamente constituida y validamente
    existente conforme a las leyes de México, según consta
    en la escritura pública numero 26,225, de fecha 14 de
    agosto de 1987, otorgada ante la fe del Lic. Miguel Limón
    Díaz, Notario Público número 97 del Distrito
    Federal, cuyo primer testimonio quedó inscrito en el
    Registro Público de Comercio del Distrito Federal bajo el
    folio mercantil número 102,499. Copia certificada de dicha
    escritura y de los estatutos sociales vigentes de GTMM se
    agregan a la presente como Anexo D; 
|    
|V.2  |  | Es legítima propietaria de 49 (cuarenta y nueve) acciones
    de la parte fija y 4,202,359 (cuatro millones doscientos dos mil
    trescientos cincuenta y nueve) acciones de la parte variable del
    capital social de TMM Holdings, libres de todo gravamen, demanda
    o de derechos por parte de terceros, representativas del 99.99%
    (noventa y nueve punto noventa y nueve por ciento) del capital
    social de TMM Holdings (las Acciones TMM
    Holdings);                                                                                                                     
|    
|V.3  |  | La suscripción y cumplimiento de este Contrato de
    Fideicomiso no contraviene ley aplicable a GTMM, ni sus
    estatutos o disposición contractual alguna que la obligue o
    afecte, a ella o a cualquiera de sus propiedades, y no
    constituye gravamen alguno sobre o respecto de sus propiedades,
    ni resultan en un incumplimiento de algún convenio o
    instrumento del que GTMM sea parte, o conforme al que se
    encuentre obligada, o de acción o procedimiento alguno
    seguido ante cualquier tribunal, o agencia gubernamental;                                       
|    
|V.4  |  | Su representante cuenta con poderes y facultades legales
    necesarios para la celebración de este Contrato de
    Fideicomiso, poderes y facultades que no le han sido revocados o
    limitados a la fecha; y                                                                                                                                                                                                                                                                                                                                                                                  
|    
|V.5  |  | Establece como domicilio convencional para los efectos del
    presente Contrato:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    
|8914 |  | Av.
    De la Cúspide 4755, Piso
    11          Parque
    del
    Pedregal          Delegación
    Tlalpan          México,
    D.F.,
    México          C.P.
    14010          Telefax:
    5629                                                                                                                                                                                                                                                                                                                                                                                             
|    
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Atención: Lic. Javier Segovia Serrano
|    
|VI.  |  | TMM Holdings declara que:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    
|VI.1 |  | Es una sociedad mercantil debidamente constituida y validamente
    existente conforme a las leyes de México, según consta
    en la póliza numero 6,352, de fecha, 12 de agosto de
    2002 otorgada ante la fe del Lic. Juan Martín Alvarez
    Moreno, Corredor Público número 46 del Distrito
    Federal, cuyo primer original quedó inscrito en el Registro
    Público de Comercio del Distrito Federal bajo el folio
    mercantil número 292,991. Copia certificada de dicha
    póliza y de los estatutos sociales vigentes de TMM Holdings
    se agregan a la presente como Anexo E;

5



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|VI.2  |  | Con fecha 11 de agoste de 2004, TMM Holdings e Inmobiliaria
    TMM, S.A. de C.V. (Inmobiliaria), como
    fideicomitentes, The Bank of New York como agente de
    garantías y fideicomisario en primer lugar, y Banco
    J.P. Morgan, S.A., Institución de Banca Múltiple,
    J.P. Morgan Grupo Financiero, División Fiduciaria, como
    fiduciario, suscribieron un Contrato de Fideicomiso Irrevocable
    de Administración y Garantía Número F/00088 (el
    Contrato de Fideicomiso MM), conforme al cual
    (i) TMM Holdings e Inmobiliaria constituyeron un
    fideicomiso (el Fideicomiso MM),
    (ii) TMM Holdings aportó 49 (cuarenta y nueve)
    acciones de la Clase I, Serie A y 2,661,208 (dos millones
    seiscientos sesenta y un mil doscientos ocho) acciones de la
    Clase II, Serie A, representativas del capital social
    de MM y que representan, en conjunto, más del 96% (noventa
    y seis por ciento) del capital social de MM (las
    Acciones MM) e Inmobiliaria aportó 1
    (una) acción de la Clase I, Serie A, de las
    representativas del capital social de MM, y (iii) el
    fiduciario debe permitir a TMM Holdings ejercer en nombre y en
    representación del fiduciario, todos los derechos de voto,
    corporativos y cualquier otro inherentes a las Acciones MM
    aportadas respectivamente por TMM Holdings, excepto en el caso
    de que el fiduciario del Fideicomiso MM hubiere recibido de The
    Bank of New York, en su capacidad de agente de garantías
    conforme al Contrato de Fideicomiso MM, un aviso de
    incumplimiento solicitando al fiduciario el revocar los poderes
    otorgados a TMM Holdings para ejercer los derechos de voto
    correspondientes a las Acciones MM.
|     
|VI.3  |  | La suscripción y cumplimiento de este Contrato de
    Fideicomiso no contraviene ley aplicable a TMM Holdings, ni sus
    estatutos o disposición contractual alguna que la obligue o
    afecte, a ella o a cualquiera de sus propiedades, y no
    constituye gravamen alguno sobre o respecto de sus propiedades,
    ni resultan en un incumplimiento de algún convenio o
    instrumento del que TMM Holdings sea parte, o conforme al que se
    encuentre obligada, o de acción o procedimiento alguno
    seguido ante cualquier tribunal, o agencia gubernamental;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     
|VI.4  |  | Su representante cuenta con poderes y facultades legales
    necesarios para la celebración de este Contrato de
    Fideicomiso, poderes y facultades que no le han sido revocados o
    limitados a la fecha; y                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|     
|VI.5  |  | Establece como domicilio convencional para los efectos del
    presente Contrato:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     
|      |  | Av.
    De la Cúspide 4755,
    Piso 11          Parque
    del
    Pedregal          Delegación
    Tlalpan          México,
    D.F.,
    México          C.P. 14010          Telefax:
    5629 8914                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     
|      |  | Atención:
    Lic. Javier Segovia Serrano                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     
|VII.  |  | MM declara que:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     
|VII.1 |  | Es una sociedad mercantil debidamente constituida y validamente
    existente conforme a las leyes de México, según consta
    en la escritura pública numero 24,965, de fecha 3 de marzo
    de 1986, otorgada ante la fe del Lic. Miguel Limón
    Díaz, Notario Público número 97 del Distrito
    Federal, cuyo primer testimonio quedó inscrito en el
    Registro Público de Comercio del                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

6



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                         
|------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------
|       |  | Distrito Federal bajo el folio mercantil
    número 89,707. Copia certificada de dicha escritura y
    de los estatutos sociales vigentes de MM se agregan a la
    presente como Anexo F                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      
|VII.2  |  | Es legítima propietaria de 3,868,401 (tres millones
    ochocientas sesenta y ocho mil cuatrociantas una) acciones
    representativas del 38.48% (treinta y ocho punto cuarenta y ocho
    por ciento) del capital social de GTFM, libres de todo gravamen,
    demanda o limitación de derechos por parte de terceros;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      
|VII.3  |  | La suscripción y cumplimiento de este Contrato de
    Fideicomiso no contraviene ley aplicable a MM, ni sus estatutos
    o diposición contractual alguna que la obligue o afecte, a
    ella o a cualquiera de sus propiedades, y no constituye gravamen
    alguno sobre o respecto de sus propiedades, ni resultan en un
    incumplimiento de algún convenio o instrumento del que MM
    sea parte, o conforme al que se encuentre obligada, o de
    acción o procedimiento alguno seguido ante cualquier
    tribunal, o agencia gubernamental;                                                                                                                                                                                                                                                                                                                                   
|      
|VII.4  |  | Su representante cuenta con poderes y facultades legales
    necesarios para la celebración de este Contrato de
    Fideicomiso, poderes y facultades que no le han sido revocados o
    limitados a la fecha; y                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      
|V.5    |  | Establece como domicilio convencional para los efectos del
    presente Contrato:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      
|8914   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Av. De la Cúspide 4755, Piso 11
    Parque del Pedregal
    Delegación Tlalpan
    México, D.F., México
    C.P. 01049
    Telefax: 5629
|      
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Atención: Lic. Javier Segovia Serrano                                                                                                   
|      
|VIII.  |  | JSS, RSS, TSS, GTMM, TMM Holdings y MM declaran que:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      
|VIII.1 |  | Con fecha 15 de diciembre de 2004, Kansas City Southern
    (KCS), KARA Sub Inc. (Kara
    Sub), KCS Investment I, Ltd. (KCS
    Investment), KCS Acquisition Subsidiary, Inc.
    (KCS Sub), y Caymex Transportation, Inc.
    (Caymex), por una parte, y GTMM, TMM
    Holdings, y MM, por la otra parte, suscribieron un Convenio
    denominado Amended and Restated Acquisition Agreement(el
    AAA), el cual modifica en su integridad
    cierto contrato denominado Acquisition Agreementde fecha
    20 de abril del 2003, conforme al cual, según ha quedado
    modificado, y sujeto a las condiciones ahí establecidas,
    KARA Sub, KCS Investment, y Caymex adquirirán (la
    Adquisición) todas las acciones
    propiedad de MM de las representativas del capital social de
    Grupo Transportación Ferroviaria Mexicana, S.A. de C.V.
    (GTFM); y
|      
|VIII.2 |  | La celebración del presente Contrato de Fideicomiso es una
    condición respecto de las obligaciones asumidas por KCS,
    Kara Sub, KCS Investment, KCS Sub y Caymex en el AAA.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

7



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|IX.  |  | Los Fideicomitentes conjuntamente declaran que:                                                                                                                                                                                                                                                                                                                                                                                                
|    
|IX.1 |  | Desean constituir este Fideicomiso y transferir al Fiduciario
    las Acciones con el objeto principal de establecer un mecanismo
    legal para votar las Acciones en la asamblea general de
    accionistas de GTMM, en favor de la aprobación del AAA;
    así como para que se apruebe el AAA en las asambleas
    generales de accionistas de TMM Holdings y de MM en las que se
    someta a aprobación el mismo;                        
|    
|IX.2 |  | Este Contrato de Fideicomiso (i) constituye obligaciones
    legales y válidas, y (ii) cumplidos los pasos
    referidos en este Contrato de Fideicomiso, constituye una
    transferencia válida y perfecta de las Acciones al
    Fiduciario; y                                                                                                                                                                                              
|    
|IX.3 |  | Todos los derechos que se conceden a KCS en este Contrato de
    Fideicomiso se entenderán como una estipulatción a
    favor de tercero en términos de los artículos 1868,
    1869 y 1870 del Código Civil Federal, en relación con
    la cual los Fideicomitentes en este acto renuncian a los
    derechos y excepciones que purdieren corresponderles conforme a
    los artículos 1871 y 1872 del Código Civil Federal.                 
|    
|X.   |  | El Fiduciario declara que:                                                                                                                                                                                                                                                                                                                                                                                                                     
|    
|X.1  |  | Es una institución de banca múltiple debidamente
    constituida y válidamente existente conforme las leyes de
    México;                                                                                                                                                                                                                                                                                                                     
|    
|X.2  |  | Desea actuar como fiduciario del presente Contrato de
    Fideicomiso, teniendo plena capacidad para ello;                                                                                                                                                                                                                                                                                                                                     
|    
|X.3  |  | Su delegados fiduciarios cuentan con los poderes y facultades
    legales necesarios para la celebración de este Contrato de
    Fideicomiso, poderes y facultades que no les han sido revocados
    o limitados a la fecha, lo cual acreditan mediante escritura
    pública número 97,506 libro 2,228 de fecha 10 de julio
    de 2003, ante la fe del Notario Público No. 151 del
    Distrito Federal, Licenciado Cecilio González Márquez.
|    
|X.4  |  | Expresamente informó a las partes de este Contrato, del
    contenido y alcance de las disposiciones contenidas en el
    Artículo 106 párrafo (b) de la
    Sección XIX de la LIC, como se establece en la
    Cláusula 14 del presente Contrato de Fideicomiso.                                                                                                                                                                              
|    
|XI.5 |  | Establece como domicilio convencional para los efectos del
    presente Contrato:                                                                                                                                                                                                                                                                                                                                                              
|    
|    

8



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| |                              
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               






CLÁUSULAS


CLÁUSULA 1


Definiciones e Interpretación


Inciso 1.1 Definiciones.


AAA


Acciones


Acciones MM


Acciones Sedise


Acciones JSS


Acciones RSS


Acciones TMM Holdings


Acciones TSS


Adquisición


9



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

BMV


Casa de Bolsa


Caución Ixe significa cualquier
contrato de caución bursátil que constituya el
Fiduciario para garantizar obligaciones de crédito que
contraiga Servicios Directivos Servia, S.A. de C.V. (Sedise) con
Ixe Banco, S.A., Institución de Banca Múltiple, Ixe
Grupo Financiero.


Caymex


Contrato de Fideicomiso MM


Día Hábil


Documentos Accesorios


Fideicomiso Citibank


Fideicomisarios


Fideicomiso


Fideicomiso MM


Fideicomitentes


Fiduciario


GTFM


GTMM


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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        

| |                      
| | ---------------------
| | Av Periférico Sur 314
| | San Angel Tlacopac   
| | CP 01049 México DF   
| | www.ixe.com.mx       

Indeval


Inmobiliaria


JSS


Kara Sub


KCS


KCS Investment


KCS Sub


LGTOC


LIC


México


MM


Parte Partes


Patrimonio del Fideicomiso


RSS


Sedise


TMM Holdings


TSS


11



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| |                              
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

Inciso 1.2 Encabezados.


Inciso 1.3 Referencias.





CLÁUSULA 2


Constitución del Fideicomiso


Inciso 2.1 Constitución.


Inciso 2.2 Transmisión de Acciones. Anexo G


Inciso 2.3 Acciones Adicionales.


Inciso 2.4 Aceptación.





CLÁUSULA 3


Partes


Inciso 3.1 Partes.




| |       |                                                                                                                      
| | ----- | ---------------------------------------------------------------------------------------------------------------------
| | (i)   | Fideicomitentes y Fideicomisarios: JSS, RSS, TSS y Sedise.                                                           
|
| | (ii)  | Fiduciario: Ixe Banco, S.A., Institución de Banca
    Múltiple, Ixe Grupo Financiero, División Fiduciaria.           
|
| | (iii) | GTMM, TMM Holdings y MM, manifestando que conocen y consienten
    en la celebración de este Contrato de Fideicomiso.

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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               




CLÁUSULA 4


Patrimonio del Fideicomiso


Inciso 4.1 Patrimonio. Patrimonio del Fideicomiso




| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)  | las Acciones tranferidas al Fideicomiso conforme al
    Inciso 2.2 y cualquier otra acción representativa del
    capital social de GTMM, adquirida o de alguna otra forma
    trasferida al Fideicomiso conforme a los términos de este
    Contrato de Fideicomiso y/o a cualquiera de los Fideicomitentes,
    con posterioridad a la fecha de este Contrato de Fideicomiso
    (excepto por aquellas que formen parte del patrimonio del
    Fideicomiso Citibank), según se establece en el
    Inciso 2.3 de este Contrato de Fideicomiso; y
|
| | (ii) | cualquier otro bien tangible o intangible que por cualquier
    razón o bajo cualquier circunstancia legal, llegue a ser
    parte del Patrimonio del Fideicomiso, si así lo acuerdan
    las Partes por escrito.                                                                                                                                                                                                                                                                                                                                 




CLÁUSULA 5


Fines del Fideicomiso


Inciso 5.1 Fines.






Documentos Accesorios




| |     |                                                                                                                                         
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------
| | (i) | aprobando irrevocablemente la Adquisición a y las otras
    operaciones contempladas por el AAA, así como los
    Documentos Accesorios;

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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(ii)  |  | instruyendo irrevocablemente para que se convoque a una asamblea
    de accionistas de TMM Holdings para analizar y, en su caso,
    aprobar irrevocablemente la Adquisición y las otras
    operaciones contempladas en los Documentos Accesorios; y                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(iii) |  | instruyendo irrevocablemente que, en la asamblea de accionistas
    de TMM Holdings que se convoque para analizar y, en su caso,
    aprobar irrevocablemente la Adquisición y las otras
    operaciones contempladas en los Documentos Accesorios, el
    derecho de voto inherente a todas las Acciones TMM Holdings sea
    ejercido por GTMM (I) aprobando irrevocablemente la
    Adquisición y las otras transacciones contempladas por el
    AAA y los Documentos Accesorios; y (II) instruyendo
    irrevocablemente que (A) se convoque a una asamblea de
    accionistas de MM para analizar y, en su caso, aprobar
    irrevocablemente la Adquisición y las otras transacciones
    contempladas por los Documentos Accesorios, y (B) en la
    asamblea de accionistas de MM convocada irrevocablemente para
    analizar y, en su caso, aprobar la Adquisición y las otras
    operaciones contempladas en los Documentos Accesorios, TMM
    Holdings ejerza los derechos de voto inherentes a todas las
    Acciones MM aprobando irrevocablemente la Adquisición,
    todas las otras operaciones contempladas por el AAA, los
    Documentos Accesorios y cualquier otro asunto relacionado con la
    celebración, aprobación, entrega (delivery),
    cumplimiento y ejecución del AAA;











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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               




CLÁUSULA 6


Administración de las Acciones


Inciso 6.1 Derechos de Voto.


Derechos Corporativos.


Derechos Corporativos en relación con la
Adquisición.


Convocatoria de Asamblea de Accionistas.


15



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

Inciso 6.2 Dividendos.


Inciso 6.3 Aumentos de Capital.





CLÁUSULA 7


Cuentas de los Fideicomitentes


Inciso 7.1 Cuentas.







CLÁUSULA 8


Impuestos


Inciso 8.1 Impuestos.





CLÁUSULA 9


Transferencia del Patrimonio del Fideicomiso y


de los Derechos Fideicomisarios.


Inciso 9.1 Transferencia del Patrimonio del
Fideicomiso.


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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               



Inciso 9.2 Transferencia y Gravámenes de los Derechos
Fideicomisarios.





CLÁUSULA 10


Defensa del patrimonio del Fideicomiso.


Inciso 10.1 Defensa del Patrimonio del Fideicomiso.





CLÁUSULA 11


Indemnizacíon.


Inciso 11.1 Indemnización.




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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               




CLÁUSULA 12


Irrevocabilidad del Fideicomiso; Extinción;
Modificaciones


Inciso 12.1 Extinción.




| |                                                                   
| | ------------------------------------------------------------------
| | A. - En la fecha en que se cumplan las siguientes
    condiciones:



| |     |                                                                                                                                                                            
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) | Que las asamblea de accionistas de GTMM, TMM Holdings y MM haya
    aprobado irrevocablemente la, celebración y entrega
    (delivery), cumplimiento y ejecución del AAA; y



| |      |                                                                                                                                                                                                                                                                                                                                                     
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) | Que las actas de las asambleas de accionistas de GTMM, TMM
    Holdings y MM en las que la celebración y entrega
    (delivery), cumplimiento y ejecución del AAA hayan
    sido autorizadas, hayan sido protocolizadas y se haya entregado
    al Fiduciario un testimonio de las escrituras públicas que
    contengan dichas protocolizaciones; o



| |                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
| | B. - El 31 de diciembre de 2005, o cualquier otra
    fecha posterior a la que se extendiere la Fecha de
    Terminación (según se define en el AAA) del AAA.



Inciso 12.2 Modificaciones.







CLÁUSULA 13


Derecho de Reversión


Inciso 13.1 Reversión.


18



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               





|     |  |                                                                                                                                                                                                                                                                                                                                                      
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i)  |  | Que la asamblea de accionistas de GTMM, TMM Holdings y MM haya
    aprobado irrevocablemente la celebración y entrega
    (delivery), cumplimiento y ejecución del AAA; y                                                                                                                                                                            
|(ii) |  | Que las actas de las asambleas de accionistas de GTMM, TMM
    Holdings y MM en las que la celebración y entrega
    (delivery), cumplimiento y ejecución del AAA hayan
    sido authorizadas, hayan sido protocolizadas y se haya entregado
    al Fiduciario un testimonio de las escrituras públicas que
    contengan dichas protocolizaciones; o



| |     |                                                                                                                                                                           
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | B.- | Haya transcurrido el 31 de diciembre de 2005, o cualquier
    otra fecha posterior a la que se extendiere la Fecha de
    Terminación (según se define en el AAA) del AAA.






CLÁUSULA 14


Responsabilidad Limitada del Fiduciario


Inciso 14.1 Responsabilidad.






| |                                                                                                             
| | ------------------------------------------------------------------------------------------------------------
| | ARTICULO 106.- A las instituciones de crédito les
    estará prohibido:                                    
|
| | XIX... En la realización de las operaciones a que se
    refiere la fracción XV del articulo 46 de esta Ley:
|
| | a)...                                                                                                       

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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b) Responder a los fideicomitentes, mandantes o
    comitentes, del incumplimiento de los deudores, por los
    créditos que se otorguen, o de los emisores, por los
    valores que se adquieran, salvo que sea por su culpa, según
    lo dispuesto en la parte final del artículo 391 de la
    Ley General de Títulos y Operaciones de Crédito, o
    garantizar la percepción de rendimientos por los fondos
    cuya inversión se les encomiende.
|
| | Si al término del fideicomiso, mandato o comisión
    constituidos para el otorgamiento de créditos, éstos
    no hubieren sido liquidados por los deudores, la
    institución deberá transferirlos al fideicomitente o
    fideicomisario, según sea el caso, o al mandante o
    comitente, absteniéndose de cubrir su importe.                                                                                                                     
|
| | Cualquier pacto en contrario a lo dispuesto en los
    párrafos anteriores, no producirá efecto legal
    alguno.                                                                                                                                                                                                                                                                                                                                      
|
| | En los contratos de fideicomiso, mandato o comisión se
    insertará en forma notoria lo dispuesto en este inciso y
    una declaración de la fiduciaria en el sentido de que hizo
    saber inequívocamente su contenido a las personas de
    quienes haya recibido bienes o derechos para su afectación
    fiduciaria.                                                                                                                            




CLÁUSULA 15


Comisiones del Fiduciario


Inciso 15.1 Comisiones. Anexo H





CLÁUSULA 16


Domicilios y Avisos


Inciso 16. Avisos.






| |                                
| | -------------------------------
| | Av. De la Cúspide 4755, Piso 11
| | Parque del Pedregal            

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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

|               |  |                                                                                                                                                                      
|-------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               |  | Delegación Tlalpan México, D.F., México
    C.P. 14010
    Telefax: 5629 8914                                                                                        
|               |  | Atención: Lic. Javier Segovia Serrano                                                                                                                                
|RSS:           |  |                                                                                                                                                                      
|               |  | Av. De la Cúspide 4755, Piso 11
    Parque del Pedregal
    Delegación Tlalpan México, D.F., México
    C.P. 14010
    Telefax: 5629 8914                            
|               |  | Atención: Lic. Javier Segovia Serrano                                                                                                                                
|TSS:           |  |                                                                                                                                                                      
|               |  | Av. De la Cúspide 4755, Piso 11
    Parque del Pedregal
    Delegación Tlalpan México, D.F., México
    C.P. 14010
    Telefax: 5629 8914                            
|               |  | Atención: Lic. Javier Segovia Serrano                                                                                                                                
|Sedise:        |  |                                                                                                                                                                      
|               |  | Av. De la Cúspide 4755, Piso 11
    Parque del Pedregal
    Delegación Tlalpan México, D.F., México
    C.P. 14010
    Telefax: 5629 8914                            
|               |  | Atención: Lic. Javier Segovia Serrano                                                                                                                                
|El Fiduciario: |  |                                                                                                                                                                      
|               |  | Periférico Sur 314
    Col. San Ángel Tlacopac,
    Delegación Alvaro Obregón
    México, D.F.,
    C.P. 01049
    Telefax: 56622804
    Teléfono: 51742222 ext. 1229
|               |  | Atención: Lic. Idalia Morales Lever y/o Juan Pablo
    Baigts Lastiri                                                                                                

21



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               





| |                                      
| | -------------------------------------
| | Av. De la Cúspide 4755, Piso 11      
| | Parque del Pedregal                  
| | Delegación Tlalpan                   
| | México, D.F., México                 
| | C.P. 14010                           
| | Telefax: 5629 8914                   
|
| | Atención: Lic. Javier Segovia Serrano







| |                                                  
| | -------------------------------------------------
| | 427 West 12th Street                             
| | Kansas City MO. 64105                            
| | E.U.A.                                           
| | Telefax: (816) 983 1297                          
|
| | Atención: Senior Vice President y General Counsel
|
| | Con copia (que no constituye aviso)              
|
| | Sonnenschein Nath & Rosenthal LLP.               
| | 450 Main Street, Suite 1100                      
| | Kansas City MO. 64111                            
| | Telefax: (816) 983 1297                          
|
| | Atención: John F. Marvin, Esq.                   

Inciso 16.2 Cambio de Domicilio.





CLÁUSULA 17


Renuncia y Substitución del Fiduciario


Inciso 17.1 Renuncia y Substitución.


22



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               










CLÁUSULA 18


Varios


Inciso 18.1 Ley Aplicable y Resolución de
Controversias


no valen si valen





LOS FIDEICOMITENTES:


|                                        |  |                                                                                                   
|--------------------------------------- |  | --------------------------------------------------------------------------------------------------
|/s/ Ing. José Francisco Serrano Segovia |  | /s/ Sr. Ramón Serrano Segovia                                                                     
|                                        |  |                                                                                                   
|                                       
|Ing. José Francisco Serrano Segovia     |  | Sr. Ramón Serrano Segovia                                                                         
|                                       
|                                        |  | Servicios Directivos Servia, S.A. de C.V.                                                         
|                                       
|/s/ Sra. Teresa Serrano Segovia         |  | /s/ José Francisco Serrano Segovia
    /s/ Javier Segovia Serrano                                 
|                                        |  |                                                                                                   
|Sra. Teresa Serrano Segovia             |  | Por: José Francisco Serrano Segovia y
    Javier Segovia Serrano
    Cargo: Representantes Legales

23



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               

EL FIDUCIARIO











|                                                                                                                                                                         |  |                                                                                                                                                                         
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Grupo TMM, S.A.                                                                                                                                                          |  | TMM Holdings, S.A. de C.V.                                                                                                                                              
|                                                                                                                                                                        
|/s/ José Francisco Serrano Segovia
    /s/ Javier Segovia SerranoPor:
    José Francisco Serrano Segovia
    y Javier Segovia Serrano.
    Cargo: Representantes Legales |  | /s/ José Francisco Serrano Segovia
    /s/ Javier Segovia Serrano
    Por: José Francisco Serrano Segovia y
    Javier Segovia Serrano
    Cargo: Representantes Legales






24



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               




LISTA DE ANEXOS


|          |  |                                                                                      
|--------- |  | -------------------------------------------------------------------------------------
|ANEXO A |  | ACTA DE MATRIMONIO DE JSS                                                            
|ANEXO B |  | ACTA DE MATRIMONIO DE RSS                                                            
|ANEXO C |  | ESCRITURA CONSTITUTIVA Y ESTATUTOS SOCIALES VIGENTES DE SEDISE                       
|ANEXO D |  | ESCRITURA CONSTITUTIVA Y ESTATUTOS SOCIALES VIGENTES DE GTMM                         
|ANEXO E |  | POLIZA QUE CONTIENE LA CONSTITUTIVA Y ESTATUTOS SOCIALES
    VIGENTES DE TMM HOLDINGS
|ANEXO F |  | ESCRITURA CONSTITUTIVA Y ESTATUTOS SOCIALES VIGENTES DE MM                           
|ANEXO G |  | COPIA DEL CERTIFICADO EMITIDO POR EL INDEVAL                                         
|ANEXO H |  | COMISIONES DEL FIDUCIARIO                                                            
|ANEXO I |  | COPIA DE AAA.                                                                      

25



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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               




ANEXO H


COMISIONES DEL FIDUCIARIO.








| |    |                                                                                                                                                                                                                                                                                                                                                                
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | Por la aceptación del cargo de fiduciario la cantidad de:
    $100,000.00 (Cien mil pesos 00/100 M.N.) pagaderos a
    la firma del presente contrato:                                                                                                                                                                                                         
|
| | b) | Por la administración mensual del presente contrato, la
    cantidad de $33,334.00 (Treinta y tres mil trescientos treinta y
    cuatro pesos 00/100) pagaderos por mensualidad adelantada.                                                                                                                                                                    
|
| | c) | Por cualquier modificación al presente contrato, la
    cantidad de $5,000.00 (cinco mil pesos 00/100 M.N.)                                                                                                                                                                                                                                                    
|
| | d) | Por el otorgamiento de poderes, la cantidad de $5,000.00 (Cinco
    mil pesos).                                                                                                                                                                                                                                                                                
|
| | e) | Por su comparecencia o firma en cualquier otro acto distinto a
    la celebración del presente contrato, o a los
    señalados en los incisos c) d) y e), se fijarán por el
    Fiduciario, atendiendo las condiciones y términos de cada
    caso en particular, estableciéndose como cuota mínima
    la cantidad de $5,000.00 (cinco mil pesos 00/100 M.N.).











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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               



















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| |                              
| | -----------------------------
| | Ixe Banco SA                 
| | Institución de Banca Múltiple
| | F/455                        
| | Av Periférico Sur 314        
| | San Angel Tlacopac           
| | CP 01049 México DF           
| | www.ixe.com.mx               



| |                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Los honorarios del Fiduciario y los intereses moratorios
    previstos en la presente cláusula causan el Impuesto al
    Valor Agregado, de acuerdo a lo establecido en la ley de la
    materia.



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##### Table of Contents



Exhibit 3.2 IRREVOCABLE ADMINISTRATION AND CUSTODY TRUST CONTRACT dated December 15, 2004 between José Francisco Serrano Segovia
Ramón Serrano Segovia
Teresa Serrano Segovia,
and
Servicios Directivos Servia, S.A. de C.V., as Trustors and
Trust Beneficiaries; And Ixe Banco, S.A.,
Institución de Banca Múltiple,
Ixe Grupo Financiero,
División Fiduciaria,herein represented by its Delegate Trustees Idalia Morales Lever and Armando Jorge Rivero Laing
 as Trustee; with the consent and agreement of Grupo TMM, S.A.,
TMM Holdings, S.A. de C.V.
and
TMM Multimodal, S.A. de C.V.




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##### Table of Contents



Translation IRREVOCABLE ADMINISTRATION AND CUSTODY TRUST CONTRACT (hereinafter, this Contract or the Trust
Contract) executed on December, 15, 2004 by and between: (i) Ing. José Francisco Serrano Segovia (JSS), Mr. Ramón Serrano Segovia (RSS), Mrs. Teresa
Serrano Segovia (TSS) and Servicios Directivos Servia, S.A. de C.V. (Sedise) (collectively,
hereinafter, the Trustors and/or the Trust Beneficiaries), as Trustors and Trust Beneficiaries; (ii) Ixe Banco, S.A., Institución de Banca de Múltiple, Ixe Grupo Financiero, División Fiduciaria,
as Trustee (hereinafter, the Trustee); and (iii) Grupo TMM, S.A. (GTMM), TMM Holdings, S.A. de C.V. (TMM Holdings), and TMM Multimodal,
S.A. de C.V. (MM). For the purposes specified herein and in accordance with the following Representations and Clauses
and considering the definitions set forth in Clause 1 of this Contract: REPRESENTATIONS I. JSS represents that: I.1. He is an individual of Mexican nationality, of legal age, married under the separation of
assets regimen, as evidenced with the certified copy of his marriage certificate, attached hereto
as Annex A,and with legal capacity to assume obligations; I.2 He is the legitimate owner of 3,808,607 (Three Million Eight Hundred Eight Thousand Six Hundred
Seven) Series A shares of the capital stock of GTMM, which are free and clear of any encumbrance,
claim or lien, representing 6.686% (Six point Six, Eight, Six percent) of the capital stock of
GTMM (the JSS Shares); in the understanding that inasmuch as the shares of the capital stock of
GTMM are listed in the Bolsa Mexicana de Valores, S.A. de C.V. (BMV), the JSS shares are
deposited with S.D. Indeval, S.A. de C.V., Institucion para el Deposito de Valores (Indeval),
through Ixe Casa de Bolsa, S.A. de C.V. (the Brokerage House); I.3. The execution and performance of this Trust Contract does not violate any applicable law or
any contractual provision binding on or affecting him or any of his assets, and does not constitute
any encumbrance on or with respect to his assets, and are not a breach of any agreement or
instrument to which JSS is party, or by which he is bound, or of any action or proceeding before
any court or government agency; I.4 He requires no authorization or fulfillment of any requirement from any government authority or
any other person to execute this Contract; 2




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Translation I.5. This Trust Contract (i) constitutes legal, valid and binding obligations for JSS, and (ii)
once the steps contained in this Trust Contract have been fulfilled, it will amount to a valid and
perfect transfer of the JSS Shares to the Trustee; and I.6. He has designated the following as his domicile for the purposes and effects of this Contract: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914 Attention: Lic. Javier Segovia Serrano II. RSS represents that: II.1. He is an individual of Mexican nationality, of legal age, married under the separation of
assets regimen, as evidenced with the certified copy of his marriage certificate, attached hereto
as Annex B,and with legal capacity to assume obligations; II.2 He is the legitimate owner of 2,331,746 (Two Million Three Hundred and Thirty One Thousand
Seven Hundred Forty Six) Series A shares of the capital stock of GTMM, free and clear of any
encumbrance, claim or lien, representing 4.093% (Four point Zero Ninety Three percent) of the
capital stock of GTMM (the RSS Shares); in the understanding that inasmuch as the shares of the
capital stock of GTMM are listed in the BMV, the RSS shares are deposited with Indeval, through the
Brokerage House; II.3. The execution and performance of this Trust Contract does not violate any applicable law or
any contractual provision binding on or affecting him or any of his assets, and does not constitute
any encumbrance on or with respect to any of his assets, and are not a breach of any agreement or
instrument to which RSS is party, or by which he is bound, or of any action or proceeding before
any court or government agency; II.4. He requires no authorization or fulfillment of any requirement from any government authority
(as defined hereinafter) or any other person to execute this Contract; II.5. This Trust Contract (i) constitutes legal, valid and binding obligations for RSS, and (ii)
once the steps contained in this Trust Contract have been fulfilled, it will amount to a valid and
perfect transfer of the RSS Shares to the Trustee; II.6. He has designated the following as his domicile for the purposes and effects of this
Contract: 3




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Translation Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8917 Attention: Lic. Javier Segovia Serrano III. TSS represents that: III.1. She is an individual of Mexican nationality, of legal age and with capacity to assume
obligations; III.2 She is the legitimate owner of 850,000 (Eighty Hundred Fifty Thousand) Series A shares of
the capital stock of GTMM, which are free and clear of any encumbrance, claim or lien, representing
1.492% (One point Four, Nine, Two percent) of the capital stock of GTMM (the TSS Shares); in the
understanding that inasmuch as the shares of the capital stock of GTMM are listed in the BMV, the
TSS shares are deposited with Indeval, through the Brokerage House; III.3. The execution and performance of this Trust Contract does not violate any applicable law or
any contractual provision binding on or affecting her or any of her assets, and does not constitute
any encumbrance on or with respect to any of her assets, and are not a breach of any agreement or
instrument to which TSS is party, or by which she is bound, or of any action or proceeding before
any court or government agency; III.4. She requires no authorization or fulfillment of any requirement from any government
authority (as defined hereinafter) or any other person to execute this Contract; III.5. This Trust Contract (i) constitutes legal, valid and binding obligations for TSS, and (ii)
once the steps contained in this Trust Contract have been fulfilled, it will amount to a valid and
perfect transfer of the TSS Shares to the Trustee; and III.6. She has designated the following as her domicile for the purposes and effects of this
Contract: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914 4




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Translation Attention: Lic. Javier Segovia SerranoIV . Sedise represents that: IV.1. It is a duly organized and validly existing company under the laws of México, as recorded in
public deed number 27,671, dated December 4, 2004 granted before Lic. Roberto Núñez y Bandera,
Public Notary number 1 for the Federal District, the first testimony of which was recorded in the
Public Registry of Commerce of the Federal District under mercantile folio number 133,163, a
certified copy of which , plus the current corporate bylaws of Sedise, are attached hereto as Annex
C; IV.2 It is the legitimate owner of 425,850 (Four Hundred Twenty Five Thousand Eight Hundred Fifty)
Series A shares of the capital stock of GTMM, which are free and clear of any encumbrance, claim or
lien, representing 0.747% (Zero point Seven, Four, Seven percent) of the capital stock of GTMM (the
Sedise Shares and together with the JSS Shares, the RSS Shares and the TSS Shares, the Shares);
in the understanding that inasmuch as the shares of the capital stock of GTMM are listed in the
BMV, the Sedise shares are deposited with Indeval, through the Brokerage House; IV.3. The execution and performance of this Trust Contract does not violate any law that applies to
Sedise, or its bylaws or any contractual provision binding on or affecting it or any of its assets,
and does not constitute any encumbrance on or with respect to any of its assets, and are not a
breach of any agreement or instrument to which Sedise is party, or by which it is bound, or of any
action or proceeding before any court or government agency; IV.4. It requires no authorization or fulfillment of any requirement from any governmental
authority or any other person to execute this Contract; IV.5. This Trust Contract (i) constitutes legal, valid and binding obligations for Sedise, and (ii)
once the steps contained in this Trust Contract have been fulfilled, it will amount to a valid and
perfect transfer of the Sedise Shares to the Trustee; IV.6. To the date of this Contract, it is not insolvent, bankrupt, undergoing a process of
protection against creditors or any other financial or legal situation, either de facto or de jure,
which could affect the validity, performance, duration and/or legality of this Trust Contract.
Furthermore, the transfer is not being done fraudulently with respect to its creditors, including
the tax authorities (whether such creditors are direct creditors of Sedise, or are creditors
through a personal guarantee or surety of Sedise for third party obligations); IV.7. Its representative has the necessary power and authority, and the legal right, to execute
this Trust Contract, and such powers have not been limited or revoked to this date; and IV.8. It has designated the following as domicile for the purposes and effects of this Contract: 5




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Translation Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914 Attention: Lic. Javier Segovia Serrano V. GTMM represents that: V.1. It is a duly incorporated and validly existing company under the laws of México, as recorded
in public deed number 26,225, dated August 14, 1987, granted before Lic. Miguel Limón Díaz, Public
Notary number 97 for the Federal District, the first testimony of which was recorded in the Public
Registry of Commerce of the Federal District under mercantile folio number 102,499. A certified
copy of such deed, together with the current bylaws of GTMM is attached hereto as Annex D; V.2. It is the legitimate owner of 49 (Forty Nine) shares of the fixed portion and 4,202,359 (Four
Million Two Hundred Two Thousand Three Hundred Fifty Nine) shares of the variable portion of the
capital stock of TMM Holdings, free and clear of any encumbrance, claim or lien, representing
99.99% (Ninety Nine point Ninety Nine percent) of the capital stock of TMM Holdings (the TMM
Holdings Shares); V.3. The execution and performance of this Trust Contract does not violate any law that applies to
GTMM, or its bylaws or any contractual provision binding on or affecting it or any of its assets,
and does not constitute any encumbrance on or with respect to any of its assets, and are not a
breach of any agreement or instrument to which GTMM is party, or by which it is bound, or of any
action or proceeding before any court or government agency; V.4. Its representative has the necessary power and authority, and the legal right, to execute
this Trust Contract, and such powers have not been limited or revoked as of this date; and V.5. It has designated the following as its domicile for the purposes and effects of this Contract: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914
Attention: Lic. Javier Segovia Serrano 6




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Translation VI. TMM Holdings represents that: VI.1. It is a duly incorporated and validly existing company under the laws of México, as recorded
in policy number 6,352, dated August 12, 2002, granted before Lic. Juan Martín Alvarez Moreno,
Commercial Notary Public number 46 for the Federal District, the first testimony of which was
recorded in the Public Registry of Commerce of the Federal District under mercantile folio number
292,991. A certified copy of such policy and of the current bylaws of TMM Holdings are attached
hereto as Annex E; VI.2. As of August 11, 2004, TMM Holdings and Inmobiliaria TMM, S.A. de C.V. (Inmobiliaria), as
trustors, The Bank of New York as collateral agent and first trust beneficiary, and Banco J.P.
Morgan, S.A., Institución de Banca Múltiple, J.P. Morgan Grupo Financiero, División Fiduciaria, as
trustee, entered into an Irrevocable Administration and Guaranty Trust Contract Number F/00088,
(the MM Trust Contract), under which (i) TMM Holdings and Inmobiliaria constituted a trust (the
MM Trust), (ii) TMM Holdings contributed 49 (forty nine) Class I, Series A shares and 2,661,208
(two million six hundred sixty one thousand two hundred eight) Class II, Series A shares of the
capital stock of MM, altogether representing more than 96% (ninety six percent) of the capital
stock of MM (the MM Shares) and Inmobiliaria contributed 1 (one) Class I, Series A share, of the
capital stock of MM, and (iii) the trustee shall allow TMM Holdings to exercise all voting,
corporate and other rights inherent to the MM Shares contributed by TMM Holdings, in the name and
on behalf of the Trustee, except in the event the trustee of the MM Trust has received from The
Bank of New York, in its capacity as collateral agent under the MM Trust Contract, a notice of
default requesting that the trustee revoke the powers granted to TMM Holdings to exercise the
voting rights pertaining to the MM Shares. VI.3. The execution and performance of this Trust Contract does not violate any law that applies to
TMM Holdings, or its bylaws or any contractual provision binding on or affecting it or any of its
assets, and does not constitute any encumbrance on or with respect to any of its assets, and are
not a breach of any agreement or instrument to which TMM Holdings is party, or by which it is
bound, or of any action or proceeding before any court or government agency; VI.4. Its representative has the necessary power and authority, and the legal right, to execute
this Trust Contract, and such powers have not been limited or revoked as of this date; and VI.5. It has designated the following as its domicile for the purposes and effects of this
Contract: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México 7




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Translation C.P. 14010
Telefax: 5629 8914 Attention: Lic. Javier Segovia Serrano VII. MM represents that: VII.1. It is a duly incorporated and validly existing company under the laws of México, as recorded
in public deed number 24,965, dated March 3, 1986, granted before Lic. Miguel Limón Díaz, Public
Notary number 97 for the Federal District, recorded in the Public Registry of Commerce of the
Federal District under mercantile folio number 89,707. A certified copy of such public deed and of
the current by-laws of MM are Attached hereto as Annex F; VII.2. It is the legitimate owner of 3,868,401 (Three Million Eight Hundred Sixty Eight Thousand
Four Hundred One) shares of the capital stock of GTFM, representing 38.48% (Thirty Eight point
Forty Eight percent) of GTFMs capital stock, free and clear of any encumbrance, claim or lien; VII.3. The execution and performance of this Trust Contract does not violate any law that applies
to MM, or its bylaws or any contractual provision binding on or affecting it or any of its assets,
and does not constitute any encumbrance on or with respect to any of its assets, and are not a
breach of any agreement or instrument to which MM is party, or by which it is bound, or of any
action or proceeding before any court or government agency; VII.4. Its representative has the necessary power and authority, and the legal right, to appear in
this Trust Contract, and such powers have not been limited or revoked as of this date; and VII.5. It has designated the following as its domicile for the purposes and effects of this
Contract: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 01049
Telefax: 5629 8914 Attention: Lic. Javier Segovia Serrano VIII. JSS, RSS, TSS, GTMM, TMM Holdings and MM, represent that: VIII.1. On December 15, 2004, Kansas City Southern (KCS), KARA Sub Inc. (Kara Sub), KCS
Investment I, Ltd. (KCS Investment), KCS Acquisition Subsidiary, Inc. (KCS Sub), and Caymex
Transportation, Inc. (Caymex), as one party, and GTMM, 8




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Translation TMM Holdings and MM, as the other party, executed an Agreement named Amended and Restated
Acquisition Agreement(the AAA), which amends and restates the agreement named the Acquisition
Agreementdated April 20, 2003, pursuant to which, as amended, subject to the conditions set forth
therein, KARA Sub, KCS Investment and Caymex shall acquire (the Acquisition) all of the shares of
the capital stock of Grupo Transportación Ferroviaria Mexicana, S.A de C.V. (GTFM) that MM owns;
and VIII.2. The execution of this Trust Contract is a condition with respect to the obligations assumed
by KCS, Kara Sub, KCS Investment, KCS Sub and Caymex under the AAA. IX. The Trustors jointly represent that: IX.1 They wish to create this Trust and transfer to the Trustee the Shares, with the main purpose
of establishing a legal mechanism to favorably vote such Shares at the general assembly of
shareholders of GTMM to which the AAA will be submitted for approval; and to approve the AAA in the
general assemblies of shareholders of TMM Holdings and MM in which the AAA is submitted for
approval; IX.2 This Trust Contract (i) constitutes legal and valid obligations, and (ii) upon compliance with
the steps described herein, it constitutes a valid and perfect transfer of the Shares to the
Trustee; and IX.3 All rights granted herein to KCS shall be deemed a stipulation in favor of a third Party in
accordance with Articles 1868, 1869 and 1870 of the Federal Civil Code with respect to which the
Trustors hereby waive the rights and exceptions that may correspond to them under Articles 1871 and
1872 of the Federal Civil Code. X. The Trustee represents that: X.1. It is a duly incorporated and validly existing institution de banco multipleunder the laws of
México; X.2. It wishes to act as trustee under this Trust Contract and has full capacity to do so; X.3. Its delegate trustees have the necessary powers and legal authority to execute this Trust
Contract, which powers and authorities have not been limited or revoked as of the date hereof,
which they certify with public deed number 97,506, book 2,228 dated July 10, 2003, granted before
Notary Public No. 151 of the Federal District, Licenciado Cecilio González Márquez. X.4. It has expressly informed the parties hereto of the content and scope of the provisions of
paragraph b) of Section XIX of Article 106 of the LIC, as set forth in Clause 14 of this Trust
Contract. X.5. It has designated the following as its domicile for the purposes and effects of this Contract: 9




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Translation Periférico Sur 314
Col. San Angel Tlacopac,
Delegación Alvaro Obregón
México, D.F., México
C.P. 01049
Telefax: 51742222 ext. 1229 Attention: Lic. Idalia Morales Lever y/o Juan Pablo Baigts Lastiri IN ACCORDANCE WITH THE ABOVE REPRESENTATIONS and other important considerations, the parties to
this Trust Contract, agree to the following: CLAUSES CLAUSE 1Definitions and Interpretation Section 1.1. Definitions. Capitalized terms used and not otherwise defined in this Trust
Contract shall have the meanings ascribed to such terms in this Clause 1. With respect to any term
that is defined by reference to another contract, for the purposes of this contract, such term
shall continue to have the definition attributed to the same on the date of this Trust Contract,
notwithstanding any termination, expiration or modification of such other contract. AAA shall have the meaning given to such term in Representation VIII.1 of this Trust Contract. A
copy of such document is attached hereto as Annex I. Acquisition shall have the meaning given to such term in Representation VIII.1 of this Trust
Contract. Accessory Documents shall have the meaning given to such term in Section 5.1(c) of this Trust
Contract. Trust Beneficiaries shall have the meaning given to such term in the preamble of this Trust
Contract. BMV shall have the meaning given to such term in Representation I.2 of this Trust Contract. Brokerage House shall have the meaning given to such term in Representation I.2 of this Trust
Contract. Business Day shall mean any day of the year, other than Saturday and Sunday, on which commercial
banks in the Federal District of México are not authorized or required to close. 10




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Translation Caymex shall have the meaning given to such term in Representation VIII.1 of this Trust Contract. Citibank Trust shall mean the trust created under a certain trust contract entered into, on
December 14, 2001, by and among Ing. José Francisco Serrano Segovia, Mr. Ramón Serrano Segovia and
Mrs. Teresa Serrano Segovia as trustors, and GE Capital Bank, S.A., Institución de Banca Múltiple,
GE Capital Grupo Financiero as trustee, as such contract is amended. Indeval shall have the meaning given to such term in Representation I.2 of this Trust Contract. Inmobiliaria shall have the meaning given to such term in Representation VI.2 of this Trust
Contract. Ixe Pledge shall mean any bourse lien contract executed by the Trustee to secure credit
obligations assumed by Servicios Directivos Servia, S.A. de C.V. (Sedise) with Ixe Banco, S.A.,
Institución de Banca Múltiple, Ixe Grupo Financiero. GTFM shall have the meaning given to such term in Representation VIII.1 of this Trust Contract. GTMM shall have the meaning given to such term in the preamble of this Trust Contract. JSS shall have the meaning given to such term in the preamble of this Trust Contract. JSS Shares shall have the meaning given to such term in Representation I.2 of this Trust
Contract. Kara Sub shall have the meaning given to such term in Representation VIII.1 of this Trust
Contract. KCS shall have the meaning given to such term in Representation VIII.1 of this Trust Contract. KCS Investment shall have the meaning given to such term in Representation VIII.1 of this Trust
Contract. KCS Sub shall have the meaning given to such term in Representation VIII.1 of this Trust
Contract. LGTOC shall mean the General Law of Negotiable Instruments and Credit Transactions of México. LIC means the Law of Financial Institutions of Mexico. 11




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Translation México shall mean the United Mexican States. MM shall have the meaning given to such term in the preamble of this Trust Contract. MM Shares shall have the meaning given to such term in Representation VI.2 of this Trust
Contract. MM Trust has the meaning given to such term in Representation VI.2 of this Trust Contract. MM Trust Contract shall have the meaning given to such term in Representation VI.2 of this Trust
Contract. Party or Parties means a party or the parties to this Trust Contract. RSS shall have the meaning given to such term in the preamble of this Trust Contract. RSS Shares shall have the meaning given to such term in Representation II.2 of this Trust
Contract. Sedise shall have the meaning given to such term in the preamble of this Trust Contract. Sedise Shares shall have the meaning given to such term in Representation IV.2 of this Trust
Contract. Shares shall mean, collectively, the JSS Shares, the RSS Shares, the TSS Shares and the Sedise
Shares, including any shares representing the capital stock of GTMM acquired by any means by the
Trustee and/or any Trustor after the date of this Trust Contract, which shall be part of the Trust
Estate as provided in Section 2.3 of this Trust Contract (except for those that are part of the
Citibank Trust). TMM Holdings shall have the meaning given to such term in the preamble of this Trust Contract. TMM Holdings Shares shall have the meaning given to such term in Representation V.2 of this Trust
Contract. Trust shall mean the trust created by this Trust Contract. Trust Beneficiaries has the meaning given to such term in the preamble of this Trust Contract. Trustee shall have the meaning given to such term in the preamble of this Trust Contract. 12




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Translation Trust Estate shall have the meaning given to such term in Section 4.1 of this Trust Contract. Trustors shall have the meaning given to such term in the preamble of this Trust Contract. TSS shall have the meaning given to such term in the preamble of this Trust Contract. TSS Shares shall have the meaning given to such term in Representation III.2 of this Trust
Contract. Section 1.2. Headings. The headings of the Clauses and Sections contained in this Trust
Contract are used solely for reference purposes and shall not be taken into account in the
interpretation of this Trust Contract. Section 1.3. References. Unless otherwise indicated, all references to Clauses, Sections
and Annexes shall be to Sections of, and Annexes to, this Trust Contract. CLAUSE 2Creation of the Trust Section 2.1. Creation of the Trust. By means of this Trust Contract and the assignment and
transfer of the Shares in accordance with Section 2.2 hereof, the Trustors create this Trust with
the Trustee, and the Trustee agrees to act as trustee hereunder. Section 2.2. Transfer of Shares. For the purposes of this Trust, the Trustors hereby
assign and transfer the Shares to the Trustee, in fact transferring all Trustors rights over the
Shares to the Trustee. The transfer of the Trustors ownership and other rights over the shares
and interest in and to the Shares to the Trustee is perfected by (i) the execution of this Trust
Contract; and (ii) the instructions delivered by the Trustors, simultaneously to this Contract, to
the Brokerage House, for such Brokerage House to transfer the Shares to the Trustee, and be
deposited to the name of the Trustee, in the account maintained by the Trustee at Indeval. A copy
of the certificate to be issued by Indeval evidencing that the Shares have been deposited under the
name of the Trustee, in its account with Indeval, shall be attached hereto as Annex G. Section 2.3. Additional Shares. The Trustors agree that this Trust must include all
additional shares representing the capital stock of GTMM, acquired by, or in any other way
transferred to the Trust under the terms of this Trust Contract and/or to any of the Trustors,
after the date of this Trust Contract, and which shall be a part of the Trust Estate (except for
those which are part the Citibank Trust ). Section 2.4. Acceptance. The Trustee hereby expressly accepts its appointment as Trustee
of the Trust, promising to perform it faithfully and legally. 13




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Translation CLAUSE 3Parties Section 3.1. Parties. The following are Parties to this Trust Contract: (i) Trustors and Trust Beneficiaries: JSS, RSS, TSS and Sedise. (ii) Trustee: Ixe Banco, S.A., Institución de Banca de Múltiple, Ixe Grupo Financiero, División
Fiduciaria. (iii)GTMM, TMM Holdings and MM, acknowledging and consenting to the execution of this Trust
Contract. CLAUSE 4Trust Estate Section 4.1. Trust Estate. The Trust Estate is formed by the following assets (hereafter,
Trust Estate): (i) the Shares transferred to the Trustee pursuant to Section 2.2 and any other share representing
the capital stock of GTMM acquired by, or in any other way transferred to the Trust under the terms
of this Trust Contract and/or to any of the Trustors, after the date of this Trust Contract, and
which shall be a part of the Trust Estate (except for those which are part the Citibank Trust ), as
provided in Section 2.3 of this Trust Contract; and (ii) any other assets, tangible or intangible, that, for any reason or under any legal
circumstance, may become a part of the Trust Estate, pursuant to a
written agreement of the Parties. CLAUSE 5Purpose of the Trust Section 5.1. Purpose. The main purpose of the Trust is for the Trustee to receive and hold
the ownership of the Shares to administer them, and to provide a legal mechanism to favorably vote
the Shares in the general assembly of shareholders of GTMM in favor of the approval of the AAA and
to approve the AAA in the general assemblies of shareholders of TMM Holdings and MM to which the
AAA is submitted for approval. Based on the foregoing, the following shall be understood to be the
specific purposes of the Trust: (a) That the Trustee receive and hold the Shares in accordance with the terms and conditions set
forth herein, and exercise the voting rights corresponding to such Shares (both corporate and
economic) pursuant to the provisions hereof; 14




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Translation (b) That the Trustee receive all shares of the capital stock of GTMM as a result of payment of
dividends, increases in the capital stock of GTMM or otherwise, corresponding to the Shares, in
accordance with Section 6.2 hereof; (c) That when a general shareholders meeting of GTMM is called to analyze and, if such is the case,
irrevocably approve the Acquisition and the other transactions contemplated by the AAA and its
accessory documents (the Accessory Documents), the Trustee will be present at such shareholders
meeting (through any of its duly appointed delegate trustees) and exercises the voting rights
pertaining to the Shares that are part of the Trust Estate: (i) irrevocably approving the Acquisition and the other transactions contemplated by the AAA and
the Accessory Documents; (ii) irrevocably instructing that shareholders meeting of TMM Holdings be called to analyze and, if
such is the case, irrevocably approve the Acquisition and he other transactions contemplated in the
Accessory Documents; and (iii) irrevocably instructing that, at the shareholders meeting of TMM Holdings called to analyze
and, if such is the case, irrevocably approve the Acquisition and the other transactions
contemplated in the Accessory Documents, the voting rights inherent to all the TMM Holdings Shares
be exercised by GTMM (I) irrevocably approving the Acquisition and the other transactions
contemplated by the AAA and the Accessory Documents; and (II) irrevocably instructing that (A) a
shareholders meeting of MM be called to analyze and, if such is the case, irrevocably approve the
Acquisition and the other transactions contemplated in the Accessory Documents, and (B) in the
shareholders meeting of MM called to analyze and, if such is the case, irrevocably approve the
Acquisition and the other transactions contemplated in the Accessory Documents, that TMM Holdings
exercise the voting rights inherent to all MM Shares, irrevocably approving the Acquisition, all
other transactions contemplated by the AAA and the Accessory Documents, and any other matter
related to the execution, approval, delivery, compliance and performance of the AAA; (d) That upon written request by KCS to the Trustee, the Trustee shall request that a shareholders
meeting of GTMM be called to analyze and, if such is the case, irrevocably approve the Acquisition
and the other transactions contemplated by the AAA and the Accessory Documents; (e) That in any assembly of shareholders of GTMM, other than a shareholders meeting called to
analyze and, if such is the case, approve the Acquisition and the other transactions contemplated
by the AAA and the Accessory Documents, the Trustee grant the necessary powers-of-attorney so that
the Shares are voted at such shareholders meeting of GTMM and all corporate right pertaining to
such Shares are exercised in accordance with paragraph (a) of Section 6.1 hereof; 15




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Translation (f) That upon express instructions given in this act by JSS, RSS and Sedise to the Trustee, that
the Trustee establish an Ixe Bourse Lien over the JSS Shares, the RSS Shares and the Sedise Shares
to guarantee the obligations in favor of Ixe Banco, S.A. (g) That the Trustee, pursuant to the terms and conditions established herein and upon expiration
or reversion of the Trust pursuant to Clauses 12 and 13 hereof, revert, with the prior
authorization of Ixe Banco S.A. Institución de Banca Múltiple, as the beneficiary of the Ixe Lien,
in favor of the Trustors (as applicable), all of the Trust Estate, including the Shares that are
part of the Trust Estate at that time, performing the necessary acts to conserve, according to its
terms, any bourse lien that is constituted according to paragraph (f) above, and which is in effect
at the time; and (h) That the Trustee perform all necessary acts and execute all agreements, contracts and related
documents to meet the purposes of this Trust. CLAUSE 6Administration of the Shares Section 6.1. Voting Rights. During the life of this Trust, the Trustee shall exercise the
voting rights pertaining to the Shares, in accordance with the following provisions: (a) Corporate Rights. Subject to the Provisions of paragraph (b) below and Clause 5
hereof, each Trustor shall be entitled to instruct the Trustee how to exercise all of the corporate
and other rights pertaining to the Shares transferred to this Trust by such Trustor. For such
purposes, on each occasion a shareholders meeting of GTMM is to be held, the Trustee, at the
written request of the relevant Trustor (which request shall be delivered to the Trustee at least
five (5) Business Days prior to such shareholders meeting), shall issue to such Trustor (or the
person indicated by such Trustor in the notice in question) the powers-of-attorney, certificates
and/or any other appropriate document, so that such Trustor (or the person appointed by such
Trustor) represents and votes the Shares transferred to this Trust by such Trustor at such
shareholders meeting of GTMM; in the understanding that (i) the Trustee shall issue and deliver to
such Trustor, not less than three (3) Business Days prior to the date of such assembly of
shareholders, the power-of-attorney, certificate and/or the necessary documents requested by such
Trustor for such purposes; and (ii) if such written request is not given to the Trustee by the
Trustor in question, as provided herein, the Trustee shall not be liable if such Trustor is not
able to exercise such voting rights inherent to the Shares entrusted by such Trustor at such
shareholders meeting. (b) Corporate Rights in respect of the Acquisition. Notwithstanding the provisions in
paragraph (a) above, if a shareholders meeting of GTMM is called to analyze and, if such is the
case, approve the Acquisition and the other transactions contemplated by the AAA and the Accessory
Documents, the Trustee is hereby irrevocably instructed by the Trustors to (i) give written notice
and a copy of such call to the Trustors and KCS (in the case of KCS at the domicile set forth in
Clause 16 hereof) within two (2) Business Days following the date on which the Trustee receives
such call from GTMM, (ii) be present at 16




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Translation such assembly of shareholders (through its duly appointed delegate trustees), and (iii) vote all of
the Shares as provided in Section 5.1(c) above, to approve the execution of such documents and
perform the actions that are required to consummate the Acquisition. (c) Call to an Assembly of Shareholders. In the event that at any time during the term
hereof KCS gives to the Trustee a written notice requesting that Trustee call an assembly of
shareholders of GTMM to analyze and, if such is the case, irrevocably approve the Acquisition and
the other transactions contemplated by the AAA and the Accessory Documents, the Trustee shall, as
soon as possible and pursuant to the rights inherent to the Shares, call or request the Chairman
and/or the Secretary of the Board of Directors of GTMM to call to a shareholders meeting of GTMM to
analyze and, if such is the case, approve the Acquisition and the other transactions contemplated
by the AAA and the Accessory Documents. Section 6.2. Dividends. Each Trustor shall be entitled to receive any and all dividends in
respect of the Shares transferred to this Trust by such Trustor. Any dividend paid in shares of
the capital stock of GTMM, shall be maintained by the Trustee as part of the Trust Estate for the
benefit of the Trustors (as applicable), and all references hereto to the Shares shall be deemed to
include such shares. Section 6.3. Capital Increases. If a capital increase of GTMM is approved, the Trustee
hall subscribe and pay the shares it may be entitled to subscribe because of the Shares that are
part of the Trust Estate, provided the Trustors (as applicable) shall have delivered to the Trustee
the necessary amounts to pay for such shares, at least two (2) Business Days prior to the day such
payment is to be made; provided that, all such shares that are subscribed and paid for shall be
maintained by the Trustee as part of the Trust Estate for the benefit of the Trustors (as
applicable), and all references hereto to the Shares shall be deemed to include such shares. CLAUSE 7Trustors Accounts Section 7.1. Accounts. (a) The Trustee hereby agrees to provide to the Trustors and Trust
Beneficiaries with a copy to KCS, monthly statements with respect to the assets constituting the
Trust Estate. The Trustors and the Trust Beneficiaries shall have fifteen (15) calendar days upon
receipt of the relevant statement to review and, if applicable, approve its contents. After such
period, and save for manifest error, if the Trustee has not received any notice in connection with
the contents of such statements from the Trustors and the Trust Beneficiaries, the statements shall
be deemed to be approved by the Trustors and the Trust Beneficiaries. (b) The Trustee agrees to deliver to the Trustors and Trust Beneficiaries, as soon as possible and
upon request, all the information reasonably requested by any of the Trustors and Trust
Beneficiaries in connection with this Trust Contract and the Trust Estate. 17




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Translation CLAUSE 8Taxes Section 8.1. Taxes. All taxes related to the Trust shall be paid directly by the Trustors,
as applicable, and the Trustors agree to provide the Trustee sufficient evidence of such payment. CLAUSE 9Transfer of the Trust Estate and Trust Beneficiary Rights Section 9.1. Transfer of the Trust Estate. It is expressly agreed that, with the exception
of the Ixe Bourse Lien, until the conditions for the termination or reversion referred to in
Clauses 12 and 13 are met, the Trustee shall not transfer, dispose of, assign, pledge, encumber all
or any part of the Trust Estate. Section 9.2. Transfer and Encumbrance of Trust Beneficiary Rights. It is agreed that until
the conditions for the termination or reversion referred to in Clauses 12 and 13 hereof are met,
the Trust Beneficiaries may not transfer, pledge or otherwise encumber all or part of their rights
as Trust Beneficiaries hereunder. CLAUSE 10Defense of the Trust Estate Section 10.1. Defense of the Trust Estate. If it is necessary or convenient to exercise
any action, whether judicial or not, to defend the Trust Estate, the Trustee shall only be bound to
grant powers-of-attorney with the necessary authority, except for acts of ownership, in accordance
with the instructions from Trust Beneficiaries and only in favor of the persons designated in such
instructions, so that such persons may assume the defense of the Trust Estate, and in such case,
the Trustee shall not be liable, in any manner whatsoever, for the results of such defense or for
the fees or expenses incurred in connection thereto, which fees and expenses shall be directly paid
by the Trustors. In the event of emergency, the Trustee shall act, provided it has the necessary
funds, while the Trust Beneficiaries appoint the special delegate who will be in charge of the
defense. CLAUSE 11Indemnity Section 11.1. Indemnity. GTMM shall defend and hold harmless the Trustee as well as its
delegates, officers, employees and representatives, from any liability, claim, damage, requirement
and/or costs of any kind, including reasonable attorney fees incurred, or attributed to the Trustee
as a consequence of its strict compliance with the purposes of this Trust and the protection of the
Trust Estate (unless they are the consequence of inexcusable negligence, willful misconduct or bad
faith of the Trustee or if the Trustee carries out any unauthorized act relating to this Trust), or
derived from objections, fines, penalties and any other indebtedness of any kind in connection with
the Trust Estate or 18




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Translation with the Trust, whether before administrative or judicial authorities, arbitration tribunals or any
other instance, whether federal or local, in Mexico or abroad. Any liability affecting the Trust or the Trust Estate that derives from acts or omissions from the
parties to this Trust, or attributed to Trustee for complying with the purposes of the Trust,
including expenses related to acts and events mentioned in the previous paragraph (unless they are
the consequence of inexcusable negligence, willful misconduct or bad faith of the Trustee or if the
Trustee carries out any unauthorized act relating to this Trust), must be paid by GTMM. CLAUSE 12Irrevocability of the Trust; Termination; Amendments Section 12.1. Termination. This Trust is irrevocable and shall commence on the date hereof
and shall terminate, without further notification or instruction, upon the earlier of: A.- The date on which the following conditions are met: (i) That the shareholders meeting of GTMM, TMM Holdings and MM has irrevocably approved the
execution and delivery, compliance and performance of the AAA; and (ii) That the minutes of the shareholders meeting of GTMM, TMM Holdings and MM in which the
execution and delivery, compliance and performance of the AAA have been authorized, protocolized
and delivered to the Trustee a testimony of the public deeds that contain such protocolizations; or B.- December 31, 2005, or any later date to which the Termination Date of the AAA (as defined in
the AAA) has been extended. If this Trust is terminated in accordance with this Clause 12, the Trustee shall revert and
transfer the Trust Estate to the Trustors, as applicable, and for such purpose the Trustee shall
execute and deliver all contracts, documents and instruments, and shall take all such other actions
as the Trustors may reasonably require, and at Trustors sole cost and expense, in order to legally
perfect such transfer. Section 12.2. Amendments. No amendment or modification to this Trust shall have any effect
unless it is in written form and executed by all of the Trustors and the Trustee; provided that,
any modification to Section 2.3, Section 4.1, Section 5.1 paragraphs (c), (d) and (e), Section 6.1
paragraphs (b) and (c), Section 7(a), Clause 9, Clause 12, Clause 13 and Section 16.1, shall also
require the written consent of KCS. The Trustee is hereby instructed by the Trustors to provide a copy of this Trust to KCS, for KCS to
acknowledge and accept the provisions contained herein. 19




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Translation CLAUSE 13Reversion Rights Section 13.1. Reversion. For purposes of Article 14 of the Mexican Federal Tax Code, it is
hereby acknowledged that the transfer of the Shares to the Trust should not be construed as a
transfer of title since, as stated herein, the main purpose of this Trust is the administration of
the Shares and establish a legal mechanism to favorably vote such Shares in any Shareholders
meeting of GTMM at which the Acquisition is submitted for approval; and to have the AAA approved in
the shareholders meetings of TMM Holdings and MM in which the Acquisition is submitted to Approval,
and therefore the Trustee shall revert in favor of the Trustors (as applicable) the ownership of
all the Shares, provided: A.- The following conditions are met: (i) The assembly of shareholders of GTMM, TMM Holdings and MM have approved the execution,
performance and delivery of the AAA; and (ii) The minutes of the shareholders meetings of GTMM, TMM Holdings and MM in which the execution,
performance and delivery of the AAA have been authorized, have been protocolized, and a testimony
of the public deeds containing such protocolizations have been delivered to the Trustee; or B.- December 31, 2005, or any later date to which the Termination Date of the AAA (as defined in
the AAA) has been extended, has passed. In the event the Trust Estate is reverted to the Trustors in accordance with this Clause 13, then
the Trustee shall transfer the Trust Estate to the Trustors, as applicable, and for such purpose,
the Trustee shall execute and deliver all such agreements, documents and instruments, and shall
take all such other actions, as the Trustors may reasonably request and at Trustors sole cost and
expense, in order to legally perfect such transfer. CLAUSE 14Limited Liability of the Trustee Section 14.1. Liability. The Trustee shall have no liability to the Parties of this Trust
Contract for acts of third parties which impede or create an obstacle to the performance of this
Trust, or for acts in compliance with the instructions received in accordance with this Trust
Contract, and at all times must act as a good father of a family would, being liable only for the
losses or damages caused to the Trust Estate due to its willful misconduct or negligence or bad
faith of the Trustee, or if the Trustee performs any unauthorized act relating to this Trust. 20




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Translation According to the provisions of paragraph b) of Section XIX of Article 106 of the LIC, the Trustee
has expressly informed the Trustors of the value and legal consequences of such section, which
literally reads as follows: Article 106. Credit institutions shall be prohibited from: XIX. In the performance of the transactions referred to in Section XV of Article 46 of this
Law: a) ... b) To be responsible to trustors, principals or grantors of a commission, of any default by
debtors of credits granted, or by issuers of securities acquired, unless such default is
their fault as set forth in the final part of article 391 of the General Law of Negotiable
Instruments and Credit Transactions, or to guarantee the yield on funds entrusted to them
for investment. If at the termination of the trust, mandate or commission established to grant credits,
these have not been paid by the debtors, the institution must transfer them to the trustors
or trust beneficiaries, as the case may be, or to the principal or grantor of a commission,
refraining from settling such accounts. Any understanding contrary to the provisions contained in the above two paragraphs shall be
null and void. In all trust, mandate or commission contracts, the preceding paragraphs shall be inserted
conspicuously along with a declaration of the trustee to the effect that it has made its
contents known to the persons from whom it has received property for investment. CLAUSE 15Trustees Fees Section 15.1. Fees. In compensation for its services hereunder, the Trustee shall charge
the fees established in Annex Hattached hereto. The fees will be paid exclusively by the GTMM. CLAUSE 16Domiciles and Notices Section 16.1. Notices. Unless otherwise agreed in writing, any notice, claim, request,
demand, consent, approval, designation, direction, instruction, certificate, report or other
communication to be given hereunder shall be given in writing in the Spanish language and will be
deemed duly given when (i) delivered at the domicile of the addressee, in original, signed form, on
senders letterhead, or (ii) sent by facsimile transmission (with written confirmation or
acknowledgment of receipt from addressee), in each case 21




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Translation addressed to the intended Party hereto at its address or facsimile transmission number indicated
hereinafter or such other address or facsimile transmission number of which such Party has given
written notice to the other Parties hereto: JSS: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914 Attention: Lic. Javier Segovia Serrano RSS: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914 Attention: Lic. Javier Segovia Serrano TSS: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914 Attention: Lic. Javier Segovia Serrano Sedise: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914 22




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Translation Attention: Lic. Javier Segovia Serrano Trustee: Periférico Sur 314
Col. San Angel Tlacopac,
Delegación Alvaro Obregón
México, D.F., México
C.P. 01049
Telefax: 5174 2222 ext. 1229 Attention: Lic. Idalia Morales Lever y/o Juan Pablo Baigts Lastiri GTMM, TMM Holdings and MM: Av. De la Cúspide 4755, Piso 11
Parque del Pedregal
Delegación Tlalpan
México, D.F., México
C.P. 14010
Telefax: 5629 8914 Attention: Lic. Javier Segovia Serrano Any notice to be given by the Trustee to KCS as provided herein shall be delivered in writing in
the Spanish language and will be deemed duly given when (i) personally delivered in original
executed hardcopies in letterhead of he Trustee at the domicile of the KCS, or (ii) sent by
facsimile transmission (with written confirmation or acknowledgment of receipt), in each case
addressed to KCS at the domicile or facsimile transmission number indicated herein below or to such
other address or facsimile transmission number of which KCS has given written notice to the Trustee
and the Trustors: KCS: 427 West 12th Street
Kansas City MO. 64105
USA.
Telefax: (816) 983 1297
Attention: Senior Vice President and General Counsel With copy (not considered as notice) Sonnenschein Nath & Rosenthal LLP.
450 Main Street, Suite 1100
Kansas City MO. 64111 23




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Translation Telefax: (816) 983 1297 Attention: John F. Marvin, Esq. Section 16.2. Changes of Domicile. In case that any of the Parties changes its domicile,
it shall so notify to the other Parties hereof, with at least five (5) Business Days in advance of
the date in which the change takes place, otherwise it shall be understood that all notices and
communications hereunder shall be effective if sent to the latest domicile notified to the Parties. CLAUSE 17Resignation and Substitution of Trustee Section 17.1. Resignation and Substitution. In accordance with Article 385 of the LGTOC,
the Trustee may resign or be removed, which shall not be effective until a succeeding trustee has
taken over the Trust Estate. In case of removal, the Trust Beneficiaries shall provide a written
notice of removal to the Trustee at least twenty (20) Business Days in advance to the effective
date of removal. Upon its removal or resignation, the outgoing Trustee shall prepare and deliver to the Trustors and
Trust Beneficiaries, with a copy to KCS, a closing report specifying the status of the Trust
Estate, which closing report shall be updated as of the last statement provided to the Trust
Beneficiaries and the Trustors, as of the effective date of the removal or resignation. The Trust
Beneficiaries and the Trustors shall have fifteen (15) calendar days upon receipt of the closing
report to review and, if applicable, approve its contents. After such period, save for manifest
error, if the Trustee has not received any notice in connection with the contents of such report
from the Trust Beneficiaries and Trustees, the report shall be deemed to have been approved by the
Trust Beneficiaries and the Trustors. The incoming trustee shall take possession of the Trust Estate and shall have the rights,
obligations and powers conferred to it under this Trust Contract. CLAUSE 18Miscellaneous Section 18.1. Applicable Laws and Dispute Resolution. This Trust Contract and the Trust
established herein shall be governed by the laws of México. For the interpretation and compliance
with this Trust Contract, the Parties expressly submit themselves to the jurisdiction and
competence of the courts of the City of México, Federal District, expressly waiving any other
jurisdiction to which they may be entitled by reason of their present or future domicile, or by any
other cause. IN WITNESS WHEREOF, the Parties have caused this Trust Contract to be executed through their
respective duly authorized representatives as of the date first above written. [Handwritten:
Pages 18 and 19; not valid October; valid December.] 24




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Translation TRUSTORS Ing. Jose Serrano Segovia
    
    r. Ramon Serrano Segovia[illegible signature]
    
    [illegible signature]Mrs. Teresa Serrano Segovia
    
    Servicios Directivos Servia, S.A. de C.V.[illegible signature]
    
    [illegible signature]By: Jose Francisco Serrano Segovia andJavier Segovia SerranoTitle: Legal Representatives
 TRUSTEE Ixe Banco, S.A., Institución de Banca Múltiple
Ixe Grupo Financiero, División Fiduciaria
[illegible signature]
By: Idalia Morales Lever
Title: Delegate Trustee and
By: Armando Jorge Rivero Laing With the consent and agreement of: Grupo TMM, S.A.
    
    TMM Holdings, S.A. de C.V.[illegible signature]
    
    [illegible signature]By: Jose F. Serrano Segovia and
    
    By: Jose F. Serrano Segovia andJavier Segovia Serrano
    
    Javier Segovia SerranoTitle: Legal Representatives
    
    Title: Legal Representatives
 TMM Multimodal, S.A. de C.V.[illegible signature]
By: Jose F. Serrano Segovia and
Javier Segovia Serrano
Title: Legal Representatives 25




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Translation LIST OF ANNEXES ANNEX A
    
    JSS MARRIAGE CERTIFICATEANNEX B
    
    RSS MARRIAGE CERTIFICATEANNEX C
    
    ARTICLES OF INCORPORATION AND CURRENT BYLAWS OF SEDISEANNEX D
    
    ARTICLES OF INCORPORATION AND CURRENT BYLAWS OF GTMMANNEX E
    
    POLICY WITH THE ARTICLES OF INCORPORATION AND CURRENT BYLAWS OF
TMM HOLDINGSANNEX F
    
    ARTICLES OF INCORPORATION AND CURRENT BYLAWS OF MMANNEX G
    
    COPY OF THE CERTIFICATE ISSUED BY INDEVALANNEX H
    
    TRUSTEE FEESANNEX I
    
    COPY OF AAA
 26




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Translation ANNEX H
TRUSTEES FEES The fees to be charged by Trustee for its intervention in this Trust Contract shall be debited to
the entrusted assets and if they are insufficient or have no liquid resources, the Trustors shall
pay such fees. The fees will be the following:  a)
    
    For accepting the position of trustee, the amount of: $100,000.00 (One hundred
thousand pesos 00/100 Mexican Currency) payable at the signing of this contract.b)
    
    For the monthly administration of this contract, the amount of $33,334.00
(Thirty-three thousand three hundred thirty-four pesos 00/100) payable per month in
advance).c)
    
    For any modification to this contract, the amount of $5,000.00 (five thousand pesos
00/100 M.N.)d)
    
    For the granting of powers, the amount of $5,000.00 (five thousand pesos 00/100 M.N.)e)
    
    For its appearance or signature in any other act besides the execution of this
contract, or those indicated in letters c), d) and e), shall be set by the Trustee, in
compliance with the conditions and terms of each particular case, establishing the minimum
fee of $5,000.00 (five thousand pesos 00/100 M.N.). In the event of default in the payment of the fees, the Trustee shall charge default interest upon
the entire amount owing, as of the date of default until the date of total payment, which default
interest shall be the Equilibrium Interbank Interest Rate (TIIE) times 1.5, which will be the total
amount payable as default interest. The Equilibrium Interbank Interest Rate (TIIE) shall be understood to be the rate established by
the Bank of Mexico for operations denominated in national currency, for a 28 day term, published in
the Official Gazette of the Federation. The TIIE that will be the basis for the calculation of the interest shall be the last one published
before the commencement of the period in which the respective interest accrues. If at any time the Trustee is unable to determine its default interest rate based on the TIIE, the
Trustor agrees that the replacement rate will first of all be the net growth rate of the Federation
Treasury Certificates (CETES) for a term of 28 days, in primary issuance, considering the last
known one before the commencement of the period in which the respective interest accrues, and
secondly, the Term Capture Cost (CCP) of liabilities denominated in national currency that the Bank
of Mexico estimates as being representative of the set of multiple banking institutions, published
in the Official Gazette of the Federation, taking into account the last one published before the
commencement of the period in which the respective interest accrues. 27




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Translation The fees set forth in this clause will be charged automatically from the resources in the Trust
fund, and if there are insufficient resources, the Trustors shall pay the fees at the domicile of
the Trustee, without the need for any requirement; or through a deposit to the account of this
trust; in which case it will deliver a copy of the deposit slip to the Trustee. The Trustors, by signing this contract, expressly authorizes the Trustee to, in the event of
default in the payment of such fees, not perform any instruction with respect to this trust until
its fees and default interest are paid in full, without any liability for the Trustee. If 60 (sixty) calendar days elapse from the date the fees became payable, and no payment has been
made to the Trustee, the parties agree that such default shall be deemed a grave cause for Trustee
to excuse itself and resign its position before a First Instance Judge, requesting the appointment
of another Institution to replace it, or that the Trust cease to exist, in accordance with Article
391 of the Law of Negotiable Instruments and Credit Operations, without precluding any actions
Trustee is entitled to exercise to collect outstanding fees. The fees set forth in this clause shall be adjusted yearly, in the same proportion as the change in
the National Consumer Price Index published by the Bank of Mexico in the Official Gazette of the
Federation. Any expenses Trustee must incur stemming from travel by its personnel in relation to this Trust
Contract, will be at the expense of the Trustors. Trustee shall have no liability from not
performing such travel if it does not have the necessary fund beforehand. All costs deriving from the bank or financial services that are generated from the performance of
the purposes of this Trust contract, shall be charged to the trust estate, or shall be paid
beforehand by the Trustors according to the current tariffs in Ixe Banco S.A. In the understanding
that the Trustee shall not be liable for not performing such services if the necessary resources
are not available, as stated. Any modification to the purposes of this Trust that imply a substantial change or greater operating
load, shall require a revision to the fees that the Trustee is charging. The Trustee fees and the default interest set forth in this clause cause the Value Added Tax,
according to applicable law. 28