Document:

Indenture, dated May 20, 2011, between Kansas City Southern de Mexico, S.A.

 Exhibit 4.1 
 EXECUTION VERSION 
  

 
 Kansas City Southern de
México, S.A. de C.V., 
 as Issuer 
 and 
 U.S. Bank National Association, 

as Trustee 

and 

as Paying Agent 
  

 
 Indenture

 Dated as of May 20, 2011 

 
  

6.125% Senior Notes due 2021 
  

 

 CROSS-REFERENCE TABLE 

 

			
	 TIA Sections
	  	 Indenture Sections

		
	§ 310(a)(1)	  	7.10
	         (a)(2)	  	7.10
	         (b)	  	7.03; 7.08
	§ 311	  	7.03
	§ 313(a)	  	7.06
	         (c)	  	7.05; 7.06
	§ 314(a)	  	4.18; 13.02
	         (a)(4)	  	1.01 “Officers’ Certificate”
	         (c)(1)	  	13.03
	         (c)(2)	  	13.03
	         (e)	  	 1.01 “Officers’ Certificate,”
         “Opinion of Counsel”

	§ 315(a)-(d)	  	7.02
	§ 316(a)	  	6.06
	         (b)	  	6.07
	§ 317(a)(1)	  	6.08
	         (a)(2)	  	6.09
	§ 318(a)	  	13.01
	         (c)	  	13.01

  

	Note:	The Cross-Reference Table shall not for any purpose be deemed to be a part of the Indenture. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	
	ARTICLE ONE	  
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
		
	Definitions	  	 	1	  
	Incorporation by Reference of Trust Indenture Act	  	 	22	  
	Rules of Construction	  	 	22	  
	
	ARTICLE TWO	  
	THE NOTES	  
		
	Form and Dating	  	 	22	  
	Restrictive Legends	  	 	24	  
	Execution, Authentication and Denominations	  	 	25	  
	Registrar and Paying Agent	  	 	27	  
	Paying Agent to Hold Money in Trust	  	 	27	  
	Transfer and Exchange	  	 	28	  
	Book-Entry Provisions for Global Notes	  	 	29	  
	Special Transfer Provisions	  	 	30	  
	Replacement Notes	  	 	33	  
	Outstanding Notes	  	 	33	  
	Temporary Notes	  	 	34	  
	Cancellation	  	 	34	  
	CUSIP Numbers	  	 	34	  
	Defaulted Interest	  	 	34	  
	Issuance of Additional Notes	  	 	35	  
	
	ARTICLE THREE	  
	REDEMPTION	  
		
	Optional Redemption	  	 	35	  
	Redemption for Changes in Withholding Taxes	  	 	36	  
	Notices to Trustee	  	 	36	  
	Selection of Notes to Be Redeemed	  	 	36	  
	Add On Notes	  	 	37	  
	Notice of Redemption	  	 	37	  
	Effect of Notice of Redemption	  	 	38	  
	Deposit of Redemption Price	  	 	38	  
	Payment of Notes Called for Redemption	  	 	38	  
	Notes Redeemed in Part	  	 	39	  
	
	ARTICLE FOUR	  
	COVENANTS	  
		
	Payment of Notes	  	 	39	  
	Maintenance of Office or Agency	  	 	39	  

  
 i 

					
	Limitation on Indebtedness	  	 	40	  
	Limitation on Restricted Payments	  	 	42	  
	 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	45	  
	 Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries
	  	 	46	  
	Limitation on Issuances of Guarantees by Restricted Subsidiaries	  	 	46	  
	Limitation on Transactions with Stockholders and Affiliates	  	 	47	  
	Limitation on Liens	  	 	48	  
	Limitation on Sale-Leaseback Transactions	  	 	49	  
	Limitation on Asset Sales	  	 	49	  
	Repurchase of Notes upon a Change of Control	  	 	50	  
	Existence	  	 	50	  
	Payment of Taxes and Other Claims	  	 	51	  
	Maintenance of Properties and Insurance	  	 	51	  
	Notice of Defaults	  	 	52	  
	Compliance Certificates	  	 	52	  
	Commission Reports and Reports to Holders	  	 	52	  
	Waiver of Stay, Extension or Usury Laws	  	 	52	  
	Additional Amounts	  	 	53	  
	Comisión Nacional Bancaria y de Valores	  	 	56	  
	Listing	  	 	56	  
	Covenant Termination	  	 	56	  
		
	ARTICLE FIVE	  			
	SUCCESSOR CORPORATION	  
		
	When Company May Merge, Etc.	  	 	56	  
	Successor Substituted	  	 	57	  
	
	ARTICLE SIX	  
	DEFAULT AND REMEDIES	  
		
	Events of Default	  	 	57	  
	Acceleration	  	 	58	  
	Other Remedies	  	 	59	  
	Waiver of Past Defaults	  	 	59	  
	Control by Majority	  	 	59	  
	Limitation on Suits	  	 	60	  
	Rights of Holders to Receive Payment	  	 	60	  
	Collection Suit by Trustee	  	 	60	  
	Trustee May File Proofs of Claim	  	 	61	  
	Priorities	  	 	61	  
	Undertaking for Costs	  	 	61	  
	Restoration of Rights and Remedies	  	 	62	  
	Rights and Remedies Cumulative	  	 	62	  
	Delay or Omission Not Waiver	  	 	62	  

  
 ii 

					
	ARTICLE SEVEN	  
	TRUSTEE	  
		
	General	  	 	62	  
	Certain Rights of Trustee	  	 	63	  
	Individual Rights of Trustee	  	 	64	  
	Trustee’s Disclaimer	  	 	64	  
	Notice of Default	  	 	64	  
	Reports by Trustee to Holders	  	 	64	  
	Compensation and Indemnity	  	 	64	  
	Replacement of Trustee	  	 	65	  
	Successor Trustee by Merger, Etc.	  	 	66	  
	Eligibility	  	 	66	  
	Money Held in Trust	  	 	66	  
	Withholding Taxes	  	 	67	  
	Appointment of Co-Trustee	  	 	67	  
	
	ARTICLE EIGHT	  
	DISCHARGE OF INDENTURE, DEFEASANCE	  
		
	Termination of Company’s Obligations	  	 	68	  
	Defeasance and Discharge of Indenture	  	 	68	  
	Defeasance of Certain Obligations	  	 	70	  
	Application of Trust Money	  	 	71	  
	Repayment to Company	  	 	72	  
	Reinstatement	  	 	72	  
	
	ARTICLE NINE	  
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  
		
	Without Consent of Holders	  	 	72	  
	With Consent of Holders	  	 	73	  
	Revocation and Effect of Consent	  	 	74	  
	Notation on or Exchange of Notes	  	 	74	  
	Trustee to Sign Amendments, Etc.	  	 	74	  
	Conformity with Trust Indenture Act	  	 	75	  
	
	ARTICLE TEN	  
	[INTENTIONALLY OMITTED]	  
	
	ARTICLE ELEVEN	  
	[INTENTIONALLY OMITTED]	  
	
	ARTICLE TWELVE	  
	[INTENTIONALLY OMITTED]	  

  
 iii

					
	ARTICLE THIRTEEN	  
	MISCELLANEOUS	  
		
	Trust Indenture Act of 1939	  	 	75	  
	Notices	  	 	75	  
	Certificate and Opinion as to Conditions Precedent	  	 	76	  
	Statements Required in Certificate or Opinion	  	 	77	  
	Rules by Trustee, Paying Agent or Registrar	  	 	77	  
	Payment Date Other Than a Business Day	  	 	77	  
	Governing Law; Submission to Jurisdiction; Agent for Service	  	 	77	  
	Currency Indemnity	  	 	77	  
	No Adverse Interpretation of Other Agreements	  	 	78	  
	No Recourse Against Others	  	 	78	  
	Successors	  	 	78	  
	Duplicate Originals	  	 	78	  
	Separability	  	 	79	  
	Table of Contents, Headings, Etc.	  	 	79	  
	Waiver of Immunity	  	 	79	  

  
 iv 

 INDENTURE, dated as of May 20, 2011, between Kansas City Southern de México,
S.A. de C.V., a variable capital company (sociedad anónima de capital variable) organized under the laws of Mexico, as Issuer (the “Company”) and U.S. Bank National Association, as Trustee (in such capacity, the
“Trustee”), and as Paying Agent (in such capacity, the “Paying Agent”). 
 RECITALS OF THE
COMPANY 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of the
Company’s 6.125% Senior Notes due 2021 (the “Notes”) issuable as provided in this Indenture of which U.S.$200,000,000 in aggregate principal amount will be initially issued on the Closing Date. Subject to the conditions
set forth in the Indenture and without the consent of the Holders (as defined herein), the Company may issue Add On Notes as provided for herein. Pursuant to the Registration Rights Agreement (as defined herein), the Notes may become freely
transferable upon the consummation of an exchange offer for the Notes or upon the effectiveness of a shelf registration statement with respect to the Notes. All things necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, have been done, and the Company has done all things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee hereunder and duly issued by the Company, the valid and legally binding
obligations of the Company as hereinafter provided. 
 This Indenture will be subject to, and shall be governed by, the
provisions of the Trust Indenture Act of 1939, as amended, that are required to be a part of and to govern indentures qualified under the Trust Indenture Act of 1939, as amended. 

AND THIS INDENTURE FURTHER WITNESSETH 
 For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows.

 ARTICLE ONE 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01
Definitions. 
 “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person
becomes a Restricted Subsidiary or assumed in connection with an Asset Acquisition by the Company or a Restricted Subsidiary and not Incurred in connection with, or in anticipation of, such Person becoming a Restricted Subsidiary or such Asset
Acquisition; provided that Indebtedness of such Person which is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such Person becomes a Restricted Subsidiary or such
Asset Acquisition shall not be Acquired Indebtedness. 
 “Additional Amounts” has the meaning set forth in
Section 4.20. 

 “Add On Note Board Resolutions” means resolutions duly adopted by the Board
of Directors of the Company and delivered to the Trustee in an Officers’ Certificate providing for the issuance of Add On Notes. 
 “Add On Note Supplemental Indenture” means a supplement to this Indenture duly executed and delivered by the Company and the Trustee pursuant to Article 9 providing for the issuance
of Add On Notes. 
 “Add On Notes” means the Company’s notes originally issued after the Closing Date
pursuant to Section 3.05, including any replacement notes and any Exchange Notes as specified in the relevant Add On Note Board Resolutions or Add On Note Supplemental Indenture issued therefor in accordance with this Indenture. 

“Adjusted Consolidated Net Income” means, for any period, the aggregate net income (or loss) of the Company and its
Restricted Subsidiaries for such period determined in conformity with GAAP; provided that the following items shall be excluded in computing Adjusted Consolidated Net Income (without duplication): (i) the net income (or loss) of any
Person (other than net income attributable to a Restricted Subsidiary) in which any Person (other than the Company or any of its Restricted Subsidiaries) has a joint interest and the net income of any Unrestricted Subsidiary, except to the
extent of the amount of dividends or other distributions actually paid to the Company or any of its Restricted Subsidiaries by such other Person or such Unrestricted Subsidiary during such period; (ii) solely for the purposes of calculating the
amount of Restricted Payments that may be made pursuant to clause (C) of the first paragraph of Section 4.04 (and in such case, except to the extent includible pursuant to clause (i) above), the net income (or loss) of any Person
accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with the Company or any of its Restricted Subsidiaries or all or substantially all of the property and assets of such Person are acquired by the Company
or any of its Restricted Subsidiaries; (iii) the net income of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such net income is not at the time
permitted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted Subsidiary; (iv) any gains or losses (on an after-tax
basis) attributable to Asset Sales; and (v) all non-recurring or extraordinary gains and losses. 
 “Adjusted
Consolidated Net Tangible Assets” means the total amount of assets of the Company and its Restricted Subsidiaries (less applicable depreciation, amortization and other valuation reserves), except to the extent resulting from write-ups of
capital assets following the Closing Date (but including write-ups in connection with accounting for acquisitions in conformity with GAAP), after deducting therefrom (i) all current liabilities of the Company and those of its Restricted
Subsidiaries (excluding intercompany items) and (ii) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles, all as set forth on the most recent internally available quarterly or
annual consolidated balance sheet of the Company and that of its Restricted Subsidiaries, prepared in conformity with GAAP. 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or
under direct or indirect common control with such Person. For 

  
 2 

 
purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as
applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 “Agent” means any Registrar, Paying Agent, authenticating agent or co-Registrar. 

“Agent Members” has the meaning provided in Section 2.07(a). 

“Applicable Premium” means with respect to any Note on any Redemption Date, the greater of: 

(1) 1.0% of the principal amount of the Note; or 
 (2) the excess, if any, of: 
 (a) the present value at such
Redemption Date of (i) the Redemption Price of the Note at June 15, 2016 (such Redemption Price being set forth in the table appearing in paragraph one of Section 3.01 herein) plus (ii) all required interest payments due on the
Note through June 15, 2016, (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over 

(b) the principal amount of the Note. 
 “Asset Acquisition” means (i) an investment by the Company or any of its Restricted Subsidiaries in any other Person pursuant to which such Person shall become a Restricted
Subsidiary of the Company or shall be merged into or consolidated with the Company or any of its Restricted Subsidiaries; provided that such Person’s primary business is related, ancillary or complementary to the businesses of the
Company and those of its Restricted Subsidiaries on the date of such investment or (ii) an acquisition by the Company or any of its Restricted Subsidiaries of the property and assets of any Person other than any of its Restricted Subsidiaries
that constitute substantially all of a division or line of business of such Person; provided that the property and assets acquired are related, ancillary or complementary to the businesses of the Company and those of its Restricted
Subsidiaries on the date of such acquisition. 
 “Asset Disposition” means the sale or other disposition by the
Company or any of its Restricted Subsidiaries (other than to the Company or a Restricted Subsidiary) of (i) all or substantially all of the Capital Stock of any of the Restricted Subsidiaries of the Company or (ii) all or
substantially all of the assets that constitute a division or line of business of the Company or any of its Restricted Subsidiaries. 
 “Asset Sale” means any sale, transfer or other disposition (including by way of merger, consolidation or sale-leaseback transaction) in one transaction or a series of related
transactions by the Company or any of its Restricted Subsidiaries to any Person other than the 

  
 3 

 
Company or any of its Restricted Subsidiaries of (i) all or any of the Capital Stock of any Restricted Subsidiary, (ii) all or substantially all of the property and assets of an
operating unit or business of the Company or any of its Restricted Subsidiaries or (iii) any other property and assets of the Company or any of its Restricted Subsidiaries (other than the Capital Stock, property or assets of an Unrestricted
Subsidiary) outside the ordinary course of business of the Company or such Restricted Subsidiary, and, in each case, that is not governed by the provisions of the Indenture applicable to mergers, consolidations and sales of all or substantially
all of the assets of the Company; provided that “Asset Sale” shall not include (a) sales or other dispositions of inventory, receivables and other current assets, (b) sales or other dispositions of assets for consideration
at least equal to the Fair Market Value of the assets sold or disposed of, provided that the consideration received would satisfy clause (ii)(A)(2) of Section 4.11, (c) swaps of locomotives or rolling stock with any Affiliate in cases
where the Fair Market Value of the locomotives or rolling stock received is at least equal to the Fair Market Value of the locomotives or rolling stock transferred, (d) any sale, transfer or other disposition of property to a Person who leases
such property back to the Company or any of its Restricted Subsidiaries within 180 days following the date of the acquisition of such property by the Company or any of its Restricted Subsidiaries, or (e) sales or other dispositions of property
or assets, in a single transaction or in a related series of transactions, having a fair market value of less than U.S.$10.0 million. 
 “Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate borne by the Notes, compounded
annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended). 

“Average Life” means, at any date of determination with respect to any debt security, the quotient obtained by dividing
(i) the sum of the products of (a) the number of years from such date of determination to the dates of each successive scheduled principal payment of such debt security and (b) the amount of such principal payment, by (ii) the
sum of all such principal payments. 
 “Board of Directors” means the Board of Directors of the Company or the
executive committee thereof, if duly authorized to act with respect to this Indenture. 
 “Board Resolution”
means a copy of a resolution, certified by the Secretary, Pro-Secretary or any Assistant Secretary of the Company, as required by the context to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
 “Business Day” means any day except a Saturday, Sunday or other
day on which commercial banks in the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized by law to close. 
 “Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of
such Person, whether now outstanding or issued after the Closing Date, including, without limitation, all Common Stock and Preferred Stock. 

  
 4 

 “Capitalized Lease Obligation” means an obligation that is required to be
classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance
with GAAP. 
 “Change of Control” means such time as (i) KCS ceases to be the ultimate “beneficial
owner” (defined in Rule 13d-3 under the Exchange Act) of Voting Stock representing more than 50.0% of the total voting power of the total Voting Stock of the Company; or (ii) individuals who on the Closing Date constitute the Board of
Directors of the Company (together with any new directors whose election by the Board of Directors or by the Company’s stockholders was approved by a vote of a majority of the members of such Board of Directors then in office who either were
members of such Board of Directors on the Closing Date or whose election or nomination for election was previously so approved or who were appointed by KCS) cease for any reason to constitute a majority of the members of such Board of Directors then
in office. For the avoidance of doubt, for the purpose of clarifying clause (i) above, if any Person becomes the “beneficial owner” (defined in Rule 13d-3 under the Exchange Act) of more than 50.0% of the Voting Stock of the Company
held by KCS, other than a Person for which KCS is the beneficial owner of more than 50.0% of such Person’s Voting Stock, KCS will no longer be deemed to be the ultimate “beneficial owner” (defined in Rule 13d-3 under the Exchange Act)
of Voting Stock representing more than 50.0% of the total voting power of the total Voting Stock of the Company. 

“Change of Control Payment Date” has the meaning set forth in Section 4.12. 

“Closing Date” means the date on which the Notes are originally issued under this Indenture. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange
Act or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the TIA, then the body performing such duties at such time. 

“Common Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of such Person’s equity, other than Disqualified Stock of such Person, whether now outstanding or issued after the Closing Date, including all Common Stock (other than Disqualified Stock).
For the purposes of this definition, “Common Stock” shall include all shares, interests, participations and equivalents corresponding to common stock (other than Disqualified Stock) under the laws of the jurisdiction in which such
Person is organized. 
 “Company” means the party named as such in the first paragraph of this Indenture until
a successor replaces it pursuant to Article Five of this Indenture and thereafter means the successor. 

  
 5 

 “Company Order” means a written request or order signed in the name of the
Company by any two Officers. 
 “Concession Title” means the right of the Company for a period of 30 years to
be the exclusive provider (subject to certain trackage rights) of freight transportation services over the Northeast Rail Lines and for an additional 20 years to be a non-exclusive provider of such services granted by the Mexican government
pursuant to the Concession Title, subject in all cases to the terms and conditions of the Concession Title, as in effect on June 23, 1997. 
 “Consolidated EBITDA” means, for any period, the sum of the amounts for such period of (i) Adjusted Consolidated Net Income, (ii) Consolidated Interest Expense, to the extent
such amount was deducted in calculating Adjusted Consolidated Net Income, (iii) income taxes and IETU (Impuesto Especial Tasa Unica) taxes, to the extent such amounts were deducted in calculating Adjusted Consolidated Net Income (other
than income taxes (either positive or negative) attributable to extraordinary and non-recurring gains or losses or Asset Sales), (iv) depreciation expense, to the extent such amount was deducted in calculating Adjusted Consolidated Net
Income, (v) amortization expense, to the extent such amounts were deducted in calculating Adjusted Consolidated Net Income, (vi) non-cash expenses related to statutory employee profit-sharing, to the extent such amount was deducted in
calculating Adjusted Consolidated Net Income, (vii) debt retirement costs relating to the redemption, refinancing or prepayment of Indebtedness, and (viii) all other non-cash items reducing Adjusted Consolidated Net Income (other than
items that will require cash payments and for which an accrual or reserve is, or is required by GAAP to be, made), all as determined on a consolidated basis for the Company and its Restricted Subsidiaries in conformity with GAAP; provided
that, if any Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary, Consolidated EBITDA shall be reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the amount of the Adjusted
Consolidated Net Income attributable to such Restricted Subsidiary multiplied by (B) the quotient of (1) the number of shares of outstanding Common Stock of such Restricted Subsidiary not owned on the last day of such period by the Company
or any of its Restricted Subsidiaries divided by (2) the total number of shares of outstanding Common Stock of such Restricted Subsidiary on the last day of such period. 
 “Consolidated Interest Expense” means, for any period, the aggregate amount of interest in respect of Indebtedness (including amortization of original issue discount on any Indebtedness
and the interest portion of any deferred payment obligation, calculated in accordance with GAAP; all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing; the net costs (net
of benefits) associated with Interest Rate Agreements; and interest paid (by any Person) with respect to Indebtedness that is Guaranteed or secured by the Company or any of its Restricted Subsidiaries) and all but the principal component
of rentals in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued by the Company and its Restricted Subsidiaries during such period; excluding, however, (i) (a) any amount of such
interest of any Restricted Subsidiary if the net income of such Restricted Subsidiary is excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (iii) of the definition thereof (but only in the same proportion as the
net income of such Restricted Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause (iii) of the definition thereof) and (b) any amount of such interest of any Restricted Subsidiary that is not

  
 6 

 
a Wholly Owned Restricted Subsidiary, if the Adjusted Consolidated Net Income of such Restricted Subsidiary is excluded in the calculation of Consolidated EBITDA pursuant to the definition
thereof (but only in the same proportion as the Adjusted Consolidated Net Income of such Restricted Subsidiary is excluded from the calculation of Consolidated EBITDA pursuant to the definition) and (ii) any premiums, fees and expenses
(and any amortization or write-off thereof) payable in connection with the offer of the Existing Securities and the Notes, the Exchange Offer or the Shelf Registration Statement with respect to the Existing Securities and the Notes, all as
determined on a consolidated basis (without taking into account Unrestricted Subsidiaries) in conformity with GAAP. 

“Consolidated Total Leverage Ratio” means, as of any date of determination, the ratio of (x) the aggregate amount
of consolidated Indebtedness of the Company and of its Restricted Subsidiaries (“Consolidated Total Indebtedness”) as of the last day of the Four Quarter Period to (y) Consolidated EBITDA for such Four Quarter Period. For
purposes of calculating the Consolidated Total Leverage Ratio, Consolidated EBITDA and Consolidated Total Indebtedness shall, if necessary, be calculated on a pro forma basis in a manner consistent with the second sentence of the definition
of “Interest Coverage Ratio.” 
 “Corporate Trust Office” means the office of the Trustee at which
the corporate trust business of the Trustee shall, at any particular time, be principally administered, which office is, at the date of this Indenture, located at Goodwin Square, 225 Asylum Street, Hartford Connecticut 06103 - 1919. 

“Credit Facilities” means one or more debt facilities, commercial paper facilities or indentures, in each case with
banks or other institutional lenders or a trustee, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders
against such receivables), letters of credit or issuance of notes, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. 

“Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement. 
 “Default” means any event that is, or after notice or passage of time or both would be, an
Event of Default. 
 “Depositary” means The Depository Trust Company, its nominees, and their respective
successors. 
 “Designated Non-cash Consideration” means the fair market value of non-cash consideration
received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is designated as Designated Non-cash Consideration pursuant to a certificate signed by two officers of the Company or such Restricted Subsidiary, as applicable
(one of whom must be the principal executive officer, the principal financial officer, treasurer or the principal accounting officer of the Company or such Restricted Subsidiary, as applicable), setting forth the basis of such valuation. The Fair
Market Value of each item of Designated Non-cash Consideration shall be determined at the time received and without giving effect to subsequent changes in value. 

  
 7 

 “Disqualified Stock” means any class or series of Capital Stock of any
Person that by its terms or otherwise is (i) required to be redeemed prior to the Stated Maturity of the Notes; (ii) redeemable at the option of the holder of such class or series of Capital Stock at any time prior to the Stated Maturity
of the Notes; or (iii) convertible into or exchangeable for Capital Stock referred to in clause (i) or (ii) above or Indebtedness having a scheduled maturity prior to the Stated Maturity of the Notes; provided that any Capital
Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an asset sale or change of control occurring
prior to the Stated Maturity of the Notes shall not constitute Disqualified Stock if the asset sale or change of control provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the provisions
contained in Section 4.11 and Section 4.12 and such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision prior to the Company’s repurchase of such Notes as are
required to be repurchased pursuant to Section 4.11 and Section 4.12. 
 “Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means any public or private offer and sale of Capital Stock (other than Disqualified Stock).

 “Event of Default” has the meaning set forth in Section 6.01. 

“Excess Proceeds” has the meaning set forth in Section 4.11. 

“Excess Proceeds Payment Date” has the meaning set forth in Section 4.11. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

“Exchange Notes” means any securities of the Company containing terms identical to the Notes (except that such Exchange
Notes (i) shall be registered under the Securities Act, (ii) will not provide for an increase in the rate of interest (other than with respect to overdue amounts) and (iii) will not contain terms with respect to transfer
restrictions) that are issued and exchanged for such Notes pursuant to the Registration Rights Agreement and this Indenture. 
 “Exchange Offer” means the exchange offer by the Company of Exchange Notes for the Notes. 
 “Existing Securities” means the 7  5/8% Senior Notes due 2013 of the Company, the 7  3/8% Senior Notes due 2014 of the Company, the 12  1/2% Senior Notes due 2016 of the Company, the 8% Senior Notes due 2018 of the Company and the 6  5/8% Senior Notes due 2020 of the Company outstanding as of the Closing Date. 

  
 8 

 “Fair Market Value” means the price that would be paid in an
arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors, whose determination shall be
conclusive if evidenced by a Board Resolution. 
 “Four Quarter Period” means, with respect to any specified
Transaction Date, the then most recent four fiscal quarters immediately prior to the Transaction Date for which internal financial statements are available. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Closing Date, including those set forth in: 

(1) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants; 
 (2) the opinions and pronouncements of the Public Company Accounting Oversight Board; 

(3) statements and pronouncements of the Financial Accounting Standards Board; 

(4) such other statements by such other entities as approved by a significant segment of the accounting profession; and

 (5) the rules and regulations of the Commission governing the inclusion of financial statements (including pro
forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the
Commission. 
 All calculations and determinations based on GAAP contained in the Indenture shall be computed in conformity with GAAP.

 “Global Notes” has the meaning provided in Section 2.01. 

“Government Securities” means direct obligations of, obligations fully and unconditionally guaranteed by, or
participation in pools consisting solely of (or repurchase transactions relating to) obligations of or obligations fully and unconditionally guaranteed by the United States of America for the payment of which guarantee or obligations the full
faith and credit of the United States of America is pledged and which are not callable or redeemable at the option of the issuer thereof. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing (whether pursuant to a guaranty, a fianza, an aval or
otherwise) any Indebtedness of any other Person and, without limiting the generality of the 

  
 9 

 
foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of
assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements
for collection or deposit in the ordinary course of business or obligations arising, in the ordinary course of business, from contracting for interline railroad services. The term “Guarantee” used as a verb has a corresponding meaning.

 “Guaranteed Indebtedness” has the meaning set forth in Section 4.07. 

“Holder” or “Noteholder” means the registered holder of any Note. 

“Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable
for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence” of Acquired Indebtedness; provided that none of the accrual of interest, the accretion of
original issue discount or the payment of any interest on any Indebtedness in the form of additional Indebtedness with the same terms shall be considered an Incurrence of Indebtedness. 

“Indebtedness” means, with respect to any Person at any date of determination (without duplication), (i) all
indebtedness of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of letters of credit or other similar
instruments (including reimbursement obligations with respect thereto, but excluding obligations with respect to letters of credit (including trade letters of credit) securing obligations (other than obligations described in (i) or
(ii) above or (v), (vi) or (vii) below) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later
than the third Business Day following receipt by such Person of a demand for reimbursement), (iv) all obligations of such Person to pay the deferred and unpaid purchase price of property or services, which purchase price is due more than twelve
months after the date of placing such property in service or taking delivery and title thereto or the completion of such services, except Trade Payables, (v) all obligations of such Person as lessee under Capitalized Lease Obligations (but not
operating leases), (vi) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided that the amount of such Indebtedness shall be the lesser of
(A) the Fair Market Value of such asset at such date of determination and (B) the amount of such Indebtedness, (vii) all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such
Person and (viii) to the extent not otherwise included in this definition, obligations under Currency Agreements and Interest Rate Agreements. The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of
all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation, provided (A) that the amount outstanding at any
time of any Indebtedness issued with original issue discount is the face amount of such Indebtedness less the unamortized portion of the original 

  
 10 

 
issue discount of such Indebtedness at the time of its issuance as determined in conformity with GAAP, (B) that money borrowed and set aside at the time of the Incurrence of any Indebtedness
in order to prefund the payment of interest on such Indebtedness shall be deemed not to be “Indebtedness” and (C) that Indebtedness shall not include any liability for federal, state, local or other taxes of any jurisdiction.

 “Indenture” means this Indenture as originally executed or as it may be amended or supplemented from time to
time by one or more indentures supplemental to this Indenture entered into pursuant to the applicable provisions of this Indenture. 
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
under the Securities Act. 
 “Interest Coverage Ratio” means, on any Transaction Date, the ratio of
(i) the aggregate amount of Consolidated EBITDA for the Four Quarter Period to (ii) the aggregate Consolidated Interest Expense during such Four Quarter Period. In making the foregoing calculation, (A) pro forma effect shall be
given to any Indebtedness Incurred or repaid during the Reference Period (other than Indebtedness Incurred or repaid under a revolving credit or similar arrangement to the extent of the commitment thereunder (or under any predecessor revolving
credit or similar arrangement) in effect on the last day of such Four Quarter Period unless any portion of such Indebtedness is projected, in the reasonable judgment of the senior management of the Company, to remain outstanding for a period in
excess of 12 months from the date of the Incurrence thereof), in each case as if such Indebtedness had been Incurred or repaid on the first day of such Reference Period, (B) Consolidated Interest Expense attributable to interest on any
Indebtedness computed on a pro forma basis as contemplated by the foregoing clause (A) and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account any Interest Rate
Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period;
(C) pro forma effect shall be given to Asset Dispositions and Asset Acquisitions (including giving pro forma effect to the application of proceeds of any Asset Disposition) that occur during such Reference Period as if they
had occurred and such proceeds had been applied on the first day of such Reference Period; and (D) pro forma effect shall be given to asset dispositions and asset acquisitions (including giving pro forma effect to the application
of proceeds of any asset disposition) that have been made by any Person that has become a Restricted Subsidiary or has been merged with or into the Company or any Restricted Subsidiary during such Reference Period and that would have
constituted Asset Dispositions or Asset Acquisitions had such transactions occurred when such Person was a Restricted Subsidiary as if such asset dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions that occurred on the
first day of such Reference Period; provided that, to the extent that clause (C) or (D) of this sentence requires that pro forma effect be given to an Asset Acquisition or Asset Disposition, such pro forma calculation
shall be based upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of business of the Person, that is acquired or disposed for which financial information is available. 

  
 11 

 “Interest Payment Date” means each semiannual interest payment date on
June 15 and December 15 of each year, commencing December 15, 2011. 
 “Interest Rate Agreement”
means any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future
contract or other similar agreement or arrangement. 
 “Investment” in any Person means any direct or indirect
advance, loan or other extension of credit (including, without limitation, by way of Guarantee or similar arrangement; but excluding advances to customers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts
receivable on the balance sheet of the Company or its Restricted Subsidiaries) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others),
or any purchase or acquisition of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person and shall include (i) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary and (ii) the Fair
Market Value of the Capital Stock (or any other Investment), held by the Company or any of its Restricted Subsidiaries, of (or in) any Person that has ceased to be a Restricted Subsidiary, including, without limitation, by reason of any
transaction permitted by clause (iii) of Section 4.06; provided that the value of any Investment outstanding at any time shall be deemed to be equal to the amount of such Investment on the date made, less the return of capital to
the Company and its Restricted Subsidiaries with respect to such Investment (up to the amount of such Investment on the date made). For purposes of the definition of “Unrestricted Subsidiary” and Section 4.04,
(i) “Investment” shall include the Fair Market Value of the assets (net of liabilities (other than liabilities to the Company or any of its Restricted Subsidiaries)) of any Restricted Subsidiary at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary, (ii) the Fair Market Value of the assets (net of liabilities (other than liabilities to the Company or any of its Restricted Subsidiaries)) of any Unrestricted Subsidiary at the time
that such Unrestricted Subsidiary is designated a Restricted Subsidiary shall be considered a reduction in outstanding Investments, and (iii) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market
Value at the time of such transfer. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3
(or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or if S&P or Moody’s or both shall not make a rating on the Notes publicly available, an equivalent rating by another nationally recognized statistical rating
agency selected by the Company (as certified by its Board of Directors). 
 “KCS” means Kansas City Southern, a
Delaware corporation, and its successors and assigns. 
 “KCSM” means Kansas City Southern de México,
S.A. de C.V., a sociedad anónima de capital variable organized under the laws of Mexico, and its successors and assigns. 

  
 12 

 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or
charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest). 

“Mexican Withholding Taxes” has the meaning set forth in Section 4.20. 

“Mexico” means the Estados Unidos Mexicanos (the United Mexican States) and any branch of power, ministry,
department, authority or statutory corporation or other entity (including a trust), owned or controlled directly or indirectly by the Estados Unidos Mexicanos or any of the foregoing or created by law as a public entity. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Cash Proceeds” means (a) with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash
or cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents (except to the extent
such obligations are financed or sold with recourse to the Company or any Restricted Subsidiary) and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of (i) brokerage commissions and
other fees and expenses (including fees and expenses of counsel and investment bankers) related to such Asset Sale, (ii) provisions for all taxes (whether or not such taxes will actually be paid or are payable) as a result of such
Asset Sale without regard to the consolidated results of operations of the Company and its Restricted Subsidiaries, taken as a whole, (iii) payments made to repay Indebtedness or any other obligation outstanding at the time of such Asset Sale
that either (A) is secured by a Lien on the property or assets sold or (B) is required to be paid as a result of such sale and (iv) appropriate amounts to be provided by the Company or any Restricted Subsidiary of the Company as a
reserve against any liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations
associated with such Asset Sale, all as determined in conformity with GAAP and (b) with respect to any issuance or sale of Capital Stock, including, without limitation, a Public Equity Offering, the proceeds of such issuance or sale in the form
of cash or cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents (except to the
extent such obligations are financed or sold with recourse to the Company or any of its Restricted Subsidiaries) and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of attorneys’
fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees Incurred in connection with such issuance or sale and net of taxes paid or payable as a result
thereof. 
 “Northeast Rail Lines” means that portion of the Mexican railroad system that is the subject of the
Concession Title. 
 “Note Register” has the meaning provided in Section 2.04. 

  
 13 

 “Notes” has the meaning specified in the Recitals. For all purposes of this
Indenture, the term “Notes” shall include any Exchange Notes to be issued and exchanged for any Notes pursuant to the Registration Rights Agreement and this Indenture and, for purposes of this Indenture, all Notes and related Exchange
Notes shall vote together as one series of Notes under this Indenture. 
 “Offer to Purchase” means an offer to
purchase Notes by the Company from the Holders commenced by mailing a notice to the Trustee and each Holder that, unless otherwise required by applicable law, shall state: (i) the covenant pursuant to which the offer is being made and that all
Notes validly tendered will be accepted for payment on a pro rata basis; (ii) the purchase price and the date of purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is
mailed) (the “Payment Date”); (iii) that any Note not tendered will continue to accrue interest pursuant to its terms; (iv) that, unless the Company defaults in the payment of the purchase price, any Note accepted for
payment pursuant to the Offer to Purchase shall cease to accrue interest on and after the Payment Date; (v) that Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note, together with
the form entitled “Option of the Holder to Elect Purchase” on the reverse side thereof completed, to the Paying Agent at the address specified in the notice prior to the close of business on the Business Day immediately preceding the
Payment Date; (vi) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a telegram, facsimile transmission
or letter setting forth the name of such Holder, the principal amount of Notes delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; and (vii) that Holders whose Notes are being
purchased only in part will be issued Notes equal in principal amount at maturity to the unpurchased portion thereof surrendered; provided that each Note purchased and each Note issued shall be in a minimum principal amount of U.S.$2,000 or
integral multiples of U.S.$1,000 in excess thereof. On the Payment Date, the Company shall (i) accept for payment on a pro rata basis Notes or portions thereof tendered pursuant to an Offer to Purchase; (ii) deposit with the Paying Agent
money sufficient to pay the purchase price of all Notes or portions thereof so accepted; and (iii) deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so accepted together with an Officers’ Certificate
specifying the relevant Notes or portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail to the Holders of the Notes so accepted, payment in an amount equal to the purchase price, and the Trustee shall promptly
authenticate and mail to such Holders a Note, equal in principal amount at maturity to any unpurchased portion of the Note surrendered. The Company will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment
Date. The Trustee shall act as the Paying Agent for an Offer to Purchase. The Company will comply with Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable,
in the event that the Company is required to repurchase the Notes pursuant to an Offer to Purchase. 

“Officer” means, with respect to the Company, (i) the President and Executive Representative, the Chief Operating
Officer, or any Vice President, (ii) the Chief Financial Officer, the Treasurer or any Assistant Treasurer, or the Secretary, Pro-Secretary or any Assistant or Alternate Secretary or any Director or Alternate Director, and (iii) any Person
listed as an attorney-in-fact in the written resolutions adopted by the shareholders of the Company. 

  
 14 

 “Officers’ Certificate” means a certificate signed by any two Officers
of the Company. 
 “Offshore Global Notes” has the meaning set forth in Section 2.01. 

“Offshore Physical Notes” has the meaning set forth in Section 2.01. 

“Opinion of Counsel” means a written opinion signed by legal counsel who may be an employee of or counsel to the
Company. Each such Opinion of Counsel shall include the statements provided for in TIA Section 314(e). 
 “Pari
Passu Indebtedness” has the meaning set forth in Section 4.11. 
 “Paying Agent” has the meaning
provided in Section 2.04, except that, for the purposes of Article Eight, the Paying Agent shall not be the Company or a Subsidiary of the Company or an Affiliate of any of them. The term “Paying Agent” includes any additional Paying
Agent. 
 “Permitted Investment” means (i) an Investment in the Company or one of its Restricted
Subsidiaries or a Person which will, upon the making of such Investment, become a Restricted Subsidiary or be merged or consolidated with or into or transfer or convey all or substantially all of its assets to the Company or a Restricted Subsidiary;
provided that such Person’s primary business is related, ancillary or complementary to the businesses of the Company and its Restricted Subsidiaries on the date of such Investment; (ii) Temporary Cash Investments;
(iii) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP; (iv) stock, obligations or securities received in satisfaction of
judgments; (v) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.11; (vi) any acquisition of assets or Capital Stock solely in
exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company; (vii) any Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary
course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, or (B) litigation, arbitration
or other disputes; (viii) Investments represented by Interest Rate Agreements or Currency Rate Agreements or other agreements or arrangements designed to protect the Company or any Restricted Subsidiary from fluctuations in interest rates,
currency exchange rates and the price of commodities, including fuel, and not for speculative purposes; and (ix) Investments, in any Person, having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), taken together with all other Investments made pursuant to this clause (ix) that are at the time outstanding, of up to the greater of $150.0 million or 5% of our Adjusted Consolidated Net Tangible
Assets. 
 “Permitted Liens” means (i) Liens for taxes, assessments, governmental charges or claims that
are being contested in good faith by appropriate legal proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made;
(ii) statutory and common 

  
 15 

 
law Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen or other similar Liens arising in the ordinary course of business and with respect to amounts not
yet delinquent or being contested in good faith by appropriate legal proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have
been made; (iii) Liens Incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security; (iv) Liens Incurred or deposits made to secure
the performance of tenders, bids, leases, statutory or regulatory obligations, bankers’ acceptances, surety and appeal bonds, government contracts, performance and return-of-money bonds and other obligations of a similar nature Incurred in the
ordinary course of business (exclusive of obligations for the payment of borrowed money); (v) easements, rights-of-way, municipal and zoning ordinances and similar charges, encumbrances, title defects or other irregularities that do not
materially interfere with the ordinary course of business of the Company or any of its Restricted Subsidiaries; (vi) Liens (including extensions and renewals thereof) upon real or personal property acquired after the Closing Date;
provided that (a) such Lien is created solely for the purpose of securing Indebtedness Incurred, in accordance with Section 4.03, to finance the cost (including the cost of improvement, lease or construction) of the item of
property or assets subject thereto and such Lien is created prior to, at the time of or within six months after the later of the acquisition, the completion of construction or the commencement of full operation or the lease of such property,
(b) the principal amount of the Indebtedness secured by such Lien does not exceed 100.0% of such cost and (c) any such Lien shall not extend to or cover any property or assets other than such item of property or assets and any improvements
on such item; (vii) licenses, leases or subleases granted to others that do not materially interfere with the ordinary course of business of the Company and its Restricted Subsidiaries, taken as a whole; (viii) Liens encumbering property
or assets under construction arising from progress or partial payments by one of the customers of the Company or its Restricted Subsidiaries relating to such property or assets; (ix) any interest or title of a lessor or licensor in the property
subject to any Capitalized Lease Obligation, Sale/Leaseback Transaction, operating lease or license agreement; (x) Liens arising from filing Uniform Commercial Code or similar financing statements regarding leases; (xi) Liens on property
of, or on shares of stock or Indebtedness of, any Person existing at the time such Person becomes, or becomes a part of, any Restricted Subsidiary; provided that such Liens do not extend to or cover any property or assets of the Company or
any Restricted Subsidiary other than the property or assets acquired; (xii) Liens in favor of the Company or any of its Restricted Subsidiaries; (xiii) Liens arising from the rendering of a final judgment or order against the Company or
any Restricted Subsidiary of the Company that does not give rise to an Event of Default; (xiv) Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of
credit and the products and proceeds thereof; (xv) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; (xvi) Liens encumbering
customary initial deposits and margin deposits, and other Liens, in each case, securing Indebtedness under Interest Rate Agreements and Currency Agreements and forward contracts, options, futures contracts, futures options or similar agreements or
arrangements designed solely to protect the Company or any of its Restricted Subsidiaries from fluctuations in interest rates, currencies or the price of commodities; (xvii) Liens arising out of conditional sale, title retention, consignment or
similar arrangements for the sale of goods entered into by the Company or any of its Restricted Subsidiaries in the 

  
 16 

 
ordinary course of business; (xviii) Liens on or sales of receivables; (xix) Liens on any assets acquired by the Company or any Restricted Subsidiary after the Closing Date, which Liens
were in existence prior to the acquisition of such assets (to the extent that such Liens were not created in contemplation of or in connection with such acquisition), provided that such Liens are limited to the assets so acquired and the
proceeds thereof; (xx) Liens existing or arising under the Concession Title; (xxi) Liens Incurred in accordance with this Indenture in favor of the Trustee under this Indenture; and (xxii) Liens securing Indebtedness permitted under
this Indenture in an aggregate principal amount not in excess of U.S.$75.0 million. 
 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust, unincorporated organization, government or agency or political subdivision thereof or any other entity. 

“Physical Note” has the meaning provided in Section 2.01. 

“Preferred Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of such Person’s preferred or preference equity, whether now outstanding or issued after the Closing Date, including, without limitation, all series and classes of such preferred stock or
preference stock. 
 “principal” of a debt security, including the Notes, means the principal amount due on the
Stated Maturity as shown on such debt security. 
 “Private Placement Legend” means the legend initially set
forth on the Notes in the form set forth in Section 2.02. 
 “Public Equity Offering” means an
underwritten primary public offering of Common Stock of the Company pursuant to Mexican law or pursuant to an effective registration statement under the Securities Act. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Redemption Date,” when used with respect to any Note to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 

“Redemption Price,” when used with respect to any Note to be redeemed, means the price at which such Note is to be
redeemed pursuant to this Indenture. 
 “Reference Period” means, with respect to any specified Transaction
Date, the period beginning on the first day of the Four Quarter Period and ending on such Transaction Date. 

“Registrar” has the meaning provided in Section 2.04. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of the Closing Date, between the
Company and Merrill Lynch, Pierre, Fenner & Smith Incorporated as representative of the placement agents. 

  
 17 

 “Registration Statement” means the Registration Statement as defined and
described in the Registration Rights Agreement. 
 “Regular Record Date” for the interest payable on any
interest Payment Date means June 1 or December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 
 “Regulation S” means Regulation S under the Securities Act. 

“Released Indebtedness” means, with respect to any Asset Sale, Indebtedness (i) which is owed by the Company or any
Restricted Subsidiary (the “Obligors”) prior to such Asset Sale, (ii) which is assumed by the purchaser or any affiliate thereof in connection with such Asset Sale and (iii) with respect to which the Obligors receive
written unconditional releases from each creditor no later than the closing date of such Asset Sale. 
 “Responsible
Officer,” when used with respect to the Trustee, means any vice president, any assistant treasurer, any trust officer or assistant trust officer, or any other officer of the Trustee in its Corporate Trust Department having direct
responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this Indenture. 
 “Restricted
Payments” has the meaning set forth in Section 4.04. 
 “Restricted Period” means the 40-day
restricted period as defined in Regulation S. 
 “Restricted Subsidiary” means any Subsidiary of the Company
other than an Unrestricted Subsidiary. 
 “Rule 144A” means Rule 144A under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Group and its successors. 

“Sale/Leaseback Transaction” means an arrangement entered into after the Closing Date relating to property now owned or
hereafter acquired by the Company or any Restricted Subsidiary whereby the Company or such Restricted Subsidiary transfers such property to a Person and leases it back from such Person; provided, however, that any such arrangement that
is concluded within 180 days following the date of the acquisition of such property being transferred shall not be considered a Sale/Leaseback Transaction. 
 “Secured Debt Cap” means, on any Transaction Date, an amount equal to the aggregate amount of the Consolidated EBITDA of the Company for the Four Quarter Period times 1.75. In making the
foregoing calculation, (A) pro forma effect shall be given to Asset Dispositions and Asset Acquisitions (including giving pro forma effect to the application of proceeds of any Asset Disposition) that occur during such Reference Period
as if they had occurred and such proceeds had been applied on the first day of such Reference Period, and (B) pro forma effect shall be given to asset dispositions and asset acquisitions (including giving pro

  
 18 

 
forma effect to the application of proceeds of any asset disposition) that have been made by any Person that has become a Restricted Subsidiary or has been merged with or into us or any
Restricted Subsidiary during such Reference Period and that would have constituted Asset Dispositions or Asset Acquisitions had such transactions occurred when such Person was a Restricted Subsidiary as if such asset dispositions or asset
acquisitions were Asset Dispositions or Asset Acquisitions that occurred on the first day of such Reference Period; provided that, to the extent that clause (A) or (B) of this sentence requires that pro forma effect be given to an
Asset Acquisition or Asset Disposition, such pro forma calculation shall be based upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of business of the Person, that is acquired or
disposed for which financial information is available. 
 “Securities Act” means the United States Securities
Act of 1933, as amended. 
 “Shelf Registration Statement” has the meaning set forth in the Registration Rights
Agreement. 
 “Significant Subsidiary” means, at any date of determination, any of the Restricted Subsidiaries
of the Company that, together with its Subsidiaries, (i) for the most recent fiscal year of the Company, accounted for more than 10.0% of the consolidated revenues of the Company and its Restricted Subsidiaries or (ii) as of the end of
such fiscal year, was the owner of more than 10.0% of the consolidated assets of the Company and those of its Restricted Subsidiaries, all as set forth on the most recently available consolidated financial statements of the Company for such fiscal
year. 
 “Stated Maturity” means (i) with respect to any debt security, the date specified in such debt
security as the fixed date on which the final installment of principal of such debt security is due and payable and (ii) with respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt
security as the fixed date on which such installment is due and payable. 
 “Subsidiary” means, with respect to
any Person, any corporation, association or other business entity of which more than 50.0% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person.

 “Temporary Cash Investment” means any of the following: (i) direct obligations of the United States of
America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of America or any agency thereof, (ii) time deposit accounts, certificates of deposit and money market deposits denominated and payable in
U.S. dollars maturing within 180 days of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of
America, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of U.S.$200.0 million (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar
equivalent rating) or higher by S&P or Moody’s or any money-market fund denominated and payable in U.S. dollars sponsored by a registered broker dealer or mutual fund distributor,

  
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(iii) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (i) above entered into with a bank meeting the
qualifications described in clause (ii) above, (iv) commercial paper denominated and payable in U.S. dollars, maturing not more than 90 days after the date of acquisition, issued by a corporation (other than an Affiliate of the
Company) organized and in existence under the laws of the United States of America or any state thereof with a rating at the time as of which any investment therein is made of “P-1” (or higher) according to Moody’s or
“A-1” (or higher) according to S&P, (v) securities with maturities of six months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or territory of the United States
of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or Moody’s, (vi) Certificados de la Tesorería de la Federación (Cetes) or Bonos de Desarrollo
del Gobierno Federal (Bondes) issued by the Mexican government and maturing not more than 180 days after the acquisition thereof, (vii) Investments in money market funds substantially all of whose assets are comprised of securities of
the types described in clauses (i) through (vi) above, (viii) demand deposit accounts with U.S. banks (or Mexican banks specified in clause (ix) of this definition) maintained in the ordinary course of business, and
(ix) certificates of deposit, bank promissory notes and bankers’ acceptances denominated in pesos, maturing not more than 180 days after the acquisition thereof and issued or guaranteed by any one of the five largest banks (based on assets
as of the immediately preceding December 31) organized under the laws of Mexico and which are not under intervention or controlled by the Instituto para la Protección del Ahorro Bancario or any successor thereto. 

“TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S. Code
§§ 77aaa-77bbb), as in effect on the date this Indenture was executed, except as provided in Section 9.06. 

“Trade Payables” means, with respect to any Person, any accounts payable or any other indebtedness or monetary
obligation to trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition of goods or services. 

“Transaction Date” means, with respect to the Incurrence of any Indebtedness by the Company or any of its Restricted
Subsidiaries, the date such Indebtedness is to be Incurred and, with respect to any Restricted Payment, the date such Restricted Payment is to be made. 
 “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such statistical release is no longer published, any publicly available source
of similar market data)) most nearly equal to the period from the Redemption Date to June 15, 2016; provided, however, that if the period from the Redemption Date to June 15, 2016, is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

  
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 “Trustee” means the party named as such in the first paragraph of this
Indenture until a successor replaces it in accordance with the provisions of Article Seven of this Indenture and thereafter means such successor. 
 “United States Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended and as codified in Title 11 of the United States Code, as amended from time to time hereafter, or any
successor federal bankruptcy law. 
 “Unrestricted Subsidiary” means (i) any Subsidiary of the Company
that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below and (ii) any Subsidiary of an Unrestricted Subsidiary. The Board of Directors of the Company may designate
any Restricted Subsidiary (including any newly acquired or newly formed Subsidiary of the Company) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of any Restricted Subsidiary, or owns or holds any Lien on any property
of, the Company or any Restricted Subsidiary; provided that (A) any Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated shall be deemed an “Incurrence” of such
Indebtedness and an “Investment” by the Company or such Restricted Subsidiary (or both, if applicable) at the time of such designation; (B) either (I) the Subsidiary to be so designated has total assets of U.S.$1,000 or less
or (II) if such Subsidiary has assets greater than U.S.$1,000, such designation would be permitted under Section 4.04; and (C) if applicable, the Incurrence of Indebtedness and the Investment referred to in clause (A) of this
proviso would be permitted under Section 4.03 and Section 4.04. The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that (x) all Liens and Indebtedness of such Unrestricted
Subsidiary outstanding immediately after such designation would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture and (y) no Default or Event of Default shall have occurred and be continuing at the
time of or immediately after giving effect to such designation. Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with such Trustee a copy of the Board Resolution giving effect to such designation
and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S.
Global Notes” has the meaning provided in Section 2.01. 
 “U.S. Person” has the meaning ascribed
thereto in Rule 902 under the Securities Act. 
 “U.S. Physical Notes” has the meaning provided in
Section 2.01. 
 “Voting Stock” means with respect to any Person, Capital Stock of any class or kind
ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person, excluding any class or kind of Capital Stock which has limited or restricted voting rights (i.e., having the
power to vote for the election of a minority of the directors, managers or other voting members of the governing body of such Person) under the By-laws of each class or under Mexican law. 

“Wholly Owned” means, with respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital
Stock of such Subsidiary (other than any director’s qualifying shares or Investments by foreign nationals mandated by applicable law) by such Person or one or more Wholly Owned Subsidiaries of such Person. 

  
 21 

 SECTION 1.02 Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 

“indenture security holder” means a Holder or a Noteholder; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company or any other obligor on the Notes. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by a rule
of the Commission and not otherwise defined herein have the meanings assigned to them therein. 
 SECTION 1.03 Rules of
Construction. Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it;

 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 (iii) “or” is not exclusive; 

(iv) words in the singular include the plural, and words in the plural include the singular; 

(v) provisions apply to successive events and transactions; 

(vi) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision; and 
 (vii) all references to Sections or Articles
refer to Sections or Articles of this Indenture unless otherwise indicated. 
 ARTICLE TWO 

THE NOTES 

SECTION 2.01 Form and Dating. The Notes and the Trustee’s certificate of authentication shall be substantially in the form
annexed hereto as Exhibit A. The Notes may 

  
 22 

 
have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have letters, notations, legends or endorsements required by
law, stock exchange agreements to which the Company is subject or usage. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. The Company shall approve the form
of the Notes and any notation, legend or endorsement on the Notes. Each Note shall be dated the date of its authentication. 

The terms and provisions contained in the form of the Notes annexed hereto as Exhibit A shall constitute, and are hereby expressly made,
a part of this Indenture. Each of the Company, the Trustee and the Paying Agent, by its execution and delivery of this Indenture, expressly agrees to the terms and provisions of the Notes applicable to it and to be bound thereby. 

Notes offered and sold in reliance on Rule 144A shall be issued in the form of one or more permanent global Notes in registered form,
substantially in the form set forth in Exhibit A (the “U.S. Global Notes”), deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The
aggregate principal amount of the U.S. Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided. 

Notes offered and sold in offshore transactions in reliance on Regulation S shall be issued initially in the form of one or more global
Notes in registered form substantially in the form set forth in Exhibit A (the “Offshore Global Notes”), registered in the name of the nominee of the Depositary, deposited with the Trustee, as custodian for the Depositary, duly
executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Offshore Global Notes may from time to time be increased or decreased by adjustments made in the records of the Trustee, as
custodian for the Depositary or its nominee, as herein provided. 
 Notes which are transferred to Institutional Accredited
Investors which are not QIBs (other than in offshore transactions in reliance on Regulation S) shall be issued in the form of permanent certificated Notes in registered form in substantially the form set forth in Exhibit A (the “U.S.
Physical Notes”). Notes issued pursuant to Section 2.07 in exchange for interests in the U.S. Global Notes shall be in the form of U.S. Physical Notes. Notes issued pursuant to Section 2.07 in exchange for interests in Offshore
Global Notes shall be in the form of permanent certificated Notes in registered form in substantially the form set forth in Exhibit A (the “Offshore Physical Notes”). 

The Offshore Physical Notes and U.S. Physical Notes are sometimes collectively herein referred to as the “Physical
Notes.” The U.S. Global Notes and the Offshore Global Notes are sometimes referred to as the “Global Notes.” 
 The definitive Notes shall be typed, printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any securities
exchange on which the Notes may be listed, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

  
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 SECTION 2.02 Restrictive Legends. (a) Unless and until a
Note is exchanged for an Exchange Note in connection with an effective Registration Statement pursuant to the Registration Rights Agreement (i) the U.S. Global Notes and each U.S. Physical Note shall bear the legend set forth below on the face
thereof and (ii) each Offshore Global Note and each Offshore Physical Note shall bear the legend set forth below on the face thereof until at least the 41st day after the Closing Date and receipt by the Company and the Trustee of a certificate substantially in the Form of
Exhibit B hereto: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER 

(1) REPRESENTS THAT 
 (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION
WITH RESPECT TO EACH SUCH ACCOUNT, 
 (B) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE
MEANING OF RULE 501(a) (1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED INVESTOR”), OR 
 (C) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) AND 
 (2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY 
 (A) TO THE COMPANY, 

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, 

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, 

(D) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (A)(1), (2) (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHED TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THE NOTES, 

  
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 (E) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S
UNDER THE SECURITIES ACT, OR 
 (F) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE
REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) ABOVE, THE
COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 (b) Each Global Note, whether or not an Exchange Note, shall also bear the following legend on the face thereof: 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 2.08 OF THE INDENTURE. 
 SECTION 2.03 Execution, Authentication and Denominations. Two Officers shall execute the Notes for the Company by facsimile or manual signature in the name and on behalf of the Company. 

  
 25 

 If an Officer whose signature is on a Note no longer holds that office at the time the
Trustee or authenticating agent authenticates the Note, the Note shall be valid nevertheless. 
 A Note shall not be valid until
the Trustee or authenticating agent manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The Trustee or an authenticating agent shall upon receipt of a Company Order authenticate for original issue Notes in the aggregate
principal amount of up to U.S.$200,000,000 of Notes, plus any Exchange Notes that may be issued pursuant to the Registration Rights Agreement or Add On Note issued hereunder; provided that the Trustee shall receive an Officers’
Certificate as required by Section 13.03 and an Opinion of Counsel of the Company in connection with each such authentication of Notes. The Opinion of Counsel shall be to the effect that: 

(a) the form and terms of such Notes have been established by or pursuant to a Board Resolution or an indenture
supplemental hereto in conformity with the provisions of this Indenture; 
 (b) such supplemental indenture, if
any, when executed and delivered by the Company, the Trustee and the Paying Agent, will constitute a valid and binding obligation of the Company; 
 (c) such Notes, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and
binding obligations of the Company in accordance with their terms and will be entitled to the benefits of this Indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights and to general equity principles; and 
 (d) the Company has been
duly incorporated in, and is a validly existing corporation under the laws of Mexico or the United States, as the case may be. 

Such Company Order shall specify the amount of Notes to be authenticated and the date on which the original issue of Notes is to be
authenticated. The aggregate principal amount of Notes outstanding at any time may not exceed the amount set forth above except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes
pursuant to Section 2.06, 2.09, 2.10 or 2.11. 
 The Trustee may appoint an authenticating agent to authenticate Notes. An
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such authenticating agent. An authenticating agent has the same rights as an
Agent to deal with the Company or an Affiliate of the Company. 
 The Notes (including any Exchange Notes) shall be issuable
only in registered form without coupons and only in minimum denominations of U.S.$2,000 in principal amount and any integral multiple of U.S.$1,000 in excess thereof. 

  
 26 

 SECTION 2.04 Registrar and Paying Agent. The Company shall maintain an office or
agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”), an office or agency where Notes may be presented for payment (each, a “Paying Agent”) and an office or agency
where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served, which shall be in the Borough of Manhattan, the City of New York and any other jurisdiction where the Company deems necessary or appropriate.
The Company shall cause the Registrar acting as agent of the Company to keep a register of the Notes and of their transfer and exchange (the “Note Register”). The Company may have one or more co-Registrars and one or more additional
Paying Agents. 
 The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The
agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall give prompt written notice to the Trustee of the name and address of any such Agent and any change in the address of such Agent. If the Company
fails to maintain a Registrar, Paying Agent and/or agent for service of notices and demands, the Trustee shall act as such Registrar, Paying Agent and/or agent for service of notices and demands for so long as such failure shall continue. The
Company may remove any Agent upon written notice to such Agent and the Trustee; provided that no such removal shall become effective until (i) the acceptance of an appointment by a successor Agent to such Agent as evidenced by an
appropriate agency agreement entered into by the Company and such successor Agent and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as such Agent until the appointment of a successor Agent in
accordance with clause (i) of this proviso. The Company, any Subsidiary of the Company, or any Affiliate of any of them may act as Paying Agent, Registrar or co-Registrar, and/or agent for service of notices and demands; provided,
however, that neither the Company, a Subsidiary of the Company nor an Affiliate of any of them shall act as Paying Agent in connection with the defeasance of the Notes or the discharge of this Indenture under Article Eight. 

The Company initially appoints the Trustee as Registrar, Paying Agent, authenticating agent and agent for service of notices and demands.
If, at any time, the Trustee is not the Registrar, the Registrar shall make available to the Trustee on or before each Interest Payment Date and at such other times as the Trustee may reasonably request, the names and addresses of the Holders as
they appear in the Note Register. 
 SECTION 2.05 Paying Agent to Hold Money in Trust. Not later than 12:00 p.m., New
York City time, on each due date of the principal, premium, if any, and interest on any Notes, the Company shall deposit with each Paying Agent money in immediately available funds sufficient to pay such principal, premium, if any, and interest so
becoming due. The Company shall require each Paying Agent, if any, other than a Paying Agent that is a party to this Indenture to agree in writing that such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money
held by the Paying Agent for the payment of principal of, premium, if any, and interest on the Notes (whether such money has been paid to it by the Company or any other obligor on the Notes), and that such Paying Agent shall promptly notify the
Trustee of any default by the Company (or any other obligor on the Notes) in making any such payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the
Trustee may at any time during the 

  
 27 

 
continuance of any payment default, upon written request to a Paying Agent, require such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing
so, the Paying Agent shall have no further liability for the money so paid over to the Trustee. If the Company or any Subsidiary of the Company or any Affiliate of any of them acts as Paying Agent, it will, on or before each due date of any
principal of, premium, if any, or interest on the Notes, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such principal, premium, if any, or interest so becoming due until such sum of money
shall be paid to such Holders or otherwise disposed of as provided in this Indenture, and will promptly notify the Trustee of its action or failure to act as required by this Section 2.05. 

SECTION 2.06 Transfer and Exchange. The Notes are issuable only in registered form. A Holder may transfer a Note by written
application to the Registrar stating the name of the proposed transferee and otherwise complying with the terms of this Indenture. No such transfer shall be effected until, and such transferee shall succeed to the rights of a Holder only upon,
registration of the transfer by the Registrar in the Note Register. Prior to the registration of any transfer by a Holder as provided herein, the Company, the Trustee and any agent of the Company shall treat the person in whose name the Note is
registered as the owner thereof for all purposes whether or not the Note shall be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. Furthermore, any Holder of a Global Note shall, by
acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by the Depositary (or its agent), and that ownership of a beneficial interest in the Note
shall be required to be reflected in a book entry. When Notes are presented to the Registrar or a co-Registrar with a request to register the transfer or to exchange them for an equal principal amount of Notes of other authorized denominations
(including an exchange of Notes for Exchange Notes), the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions are met; provided that no exchanges of Notes for Exchange Notes shall
occur until a Registration Statement shall have been declared effective by the Commission and that any Notes that are exchanged for Exchange Notes shall be cancelled by the Trustee. To permit registrations of transfers and exchanges in accordance
with the terms, conditions and restrictions hereof, the Company shall execute and the Trustee shall authenticate Notes at the Registrar’s request. No service charge shall be made to any Holder for any registration of transfer or exchange or
redemption of the Notes, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or other similar governmental charge
payable upon transfers, exchanges or redemptions pursuant to Section 2.11, 3.08. 4.11, 4.12 or 9.04). 
 The Registrar
shall not be required (i) to issue, register the transfer of or exchange any Note during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Notes selected for redemption under
Section 3.03 or Section 3.09 and ending at the close of business on the day of such mailing or (ii) to register the transfer of or exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any
Note being redeemed in part. 

  
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 SECTION 2.07 Book-Entry Provisions for Global Notes. (a) The U.S. Global Notes
and Offshore Global Notes initially shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such Depositary, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear
legends as set forth in Section 2.02. 
 Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under any Global Note, and the Depositary may be treated by the Company,
the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights
of a beneficial owner of any Note. 
 (b) Transfers of a Global Note shall be limited to transfers of such Global Note in whole,
but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Note may be transferred in accordance with the applicable rules and procedures of the Depositary and the provisions of
Section 2.08. In addition, U.S. Physical Notes and Offshore Physical Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in the U.S. Global Notes or the Offshore Global Notes, respectively, if
(i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the U.S. Global Notes or the Offshore Global Notes, as the case may be, and a successor depositary is not appointed by the Company within 90
days of such notice or (ii) an Event of Default has occurred and is continuing and the Registrar has received a request to the foregoing effect from the Depositary. 
 (c) Any beneficial interest in one of the Global Notes that is transferred to a person who takes delivery in the form of an interest in the other Global Note will, upon transfer, cease to be an interest
in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as
it remains such an interest. 
 (d) In connection with any transfer pursuant to paragraph (b) of this Section of a portion
of the beneficial interests in the U.S. Global Notes to beneficial owners who are required to hold U.S. Physical Notes, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the U.S. Global Notes in
an amount equal to the principal amount of the beneficial interest in the U.S. Global Notes to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more U.S. Physical Notes of like tenor and amount.

 (e) In connection with the transfer of the entire U.S. Global Notes or Offshore Global Notes to beneficial owners pursuant to
paragraph (b) of this Section, the U.S. Global Notes or Offshore Global Notes, as the case may be, shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver,
to each beneficial owner identified by the Depositary in exchange for its beneficial 

  
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interest in the U.S. Global Notes or Offshore Global Notes, as the case may be, an equal aggregate principal amount of U.S. Physical Notes or Offshore Physical Notes, as the case may be, of
authorized denominations. 
 (f) Any U.S. Physical Note delivered in exchange for an interest in the U.S. Global Notes pursuant
to paragraph (b) or (d) of this Section shall, except as otherwise provided by paragraph (d)(i)(x) and paragraph (e) of Section 2.08, bear the legend regarding transfer restrictions applicable to the U.S. Physical Note set
forth in Section 2.02. 
 (g) Any Offshore Physical Note delivered in exchange for an interest in the Offshore Global Notes
pursuant to paragraph (b) of this Section shall, except as otherwise provided by paragraph (e) of Section 2.08, bear the legend regarding transfer restrictions applicable to the Offshore Physical Note set forth in Section 2.02.

 (h) The registered holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and
persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (i) QIBs that are beneficial owners of interests in a Global Note may receive Physical Notes (which shall bear the Private Placement Legend if required by Section 2.02) in accordance with the
procedures of the Depositary; in connection with the execution, authentication and delivery of such Physical Notes, the Registrar shall reflect on its books and records a decrease in the principal amount of the relevant Global Note equal to the
principal amount of such Physical Notes and the Company shall execute and the Trustee shall authenticate and deliver one or more Physical Notes having an equal aggregate principal amount. 

SECTION 2.08 Special Transfer Provisions. Unless and until a Note is exchanged for an Exchange Note in connection with an
effective Registration Statement pursuant to the Registration Rights Agreement, the following provisions shall apply: 
 (a) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a U.S. Physical Note or an interest in the U.S. Global Notes to a QIB
(excluding transfers outside the United States in compliance with Regulation S): 
 (i) If the Note to be
transferred consists of (x) U.S. Physical Notes, the Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box provided for on the form of Note stating, or has otherwise advised the
Company and the Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided for on the form of Note stating, or has otherwise advised the Company and the
Registrar in writing, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB within the meaning of Rule 144A, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information 

  
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regarding the Company as it has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by Rule 144A or (y) an interest in the U.S. Global Notes, the transfer of such interest may be effected only through the book-entry system maintained by the Depositary.

 (ii) If the proposed transferor is an Agent Member, and the Note to be transferred consists of U.S. Physical
Notes, upon receipt by the Registrar of the documents referred to in clause (i) and instructions given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date
and an increase in the principal amount of the U.S. Global Notes in an amount equal to the principal amount of the U.S. Physical Notes to be transferred, and the Trustee shall cancel the Physical Note so transferred. 

(b) Transfers of Interests in the Offshore Global Notes or Offshore Physical Notes. The following provisions shall
apply with respect to any transfer of interests in the Offshore Global Notes or Offshore Physical Notes: 
 (i)
Prior to the expiration of the Restricted Period, the Registrar shall refuse to register such transfer unless such transfer complies with Section 2.08(a) or Section 2.08(c), as the case may be; and 

(ii) After the expiration of the Restricted Period, the Registrar shall register the transfer of any such Note without any
requirement to comply with Section 2.08(a) or Section 2.08(c) or for any additional certification. 

(c) Transfers Outside the United States in Compliance with Regulation S at Any Time. The following provisions shall
apply with respect to any transfer of a U.S. Physical Note or an interest in the U.S. Global Notes to a Holder outside the United States in compliance with Regulation S: 

(i) The Registrar shall register any proposed transfer of a Note outside the United States in compliance with Regulation S
only upon receipt of a certificate substantially in the form of Exhibit C from the proposed transferor. 
 (ii)
(A) If the proposed transferor is an Agent Member holding a beneficial interest in the U.S. Global Notes, upon receipt by the Registrar of (x) the documents required by paragraph (i) and (y) instructions in accordance with the
Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the U.S. Global Notes in an amount equal to the principal amount of the beneficial
interest in the U.S. Global Notes to be transferred, and (B) if the proposed transferee is an Agent Member, upon receipt by the Registrar of instructions given in accordance with the Depositary’s and the Registrar’s procedures, the
Registrar shall reflect on its books and records the date and an increase in the principal amount of the 

  
 31 

 
Offshore Global Notes in an amount equal to the principal amount of the U.S. Physical Notes or the U.S. Global Notes, as the case may be, to be transferred, and the Trustee shall cancel the
Physical Note, if any, so transferred or decrease the amount of the U.S. Global Notes. 
 (d) Transfers to
Non-QIB Institutional Accredited Investors. The following provisions shall apply with respect to the registration of any proposed transfer of a U.S. Physical Note or an interest in the U.S. Global Notes to any Institutional Accredited Investor
which is not a QIB (excluding transfers outside the United States in reliance on Regulation S): 
 (i) The
Registrar shall register the transfer of any Note, whether or not such Note bears the Private Placement Legend, if (x) the requested transfer is after the time period referred to in Rule 144 under the Securities Act as in effect with
respect to such transfer and such request is accompanied by a certificate of the transferor to such effect, or (y) the proposed transferee has delivered to the Registrar (A) a certificate substantially in the form of Exhibit D hereto and
(B) if the aggregate principal amount of the Notes being transferred is less than U.S.$250,000 at the time of such transfer, an Opinion of Counsel acceptable to the Company that such transfer is in compliance with the Securities Act.

 (ii) If the proposed transferor is an Agent Member holding a beneficial interest in the U.S. Global Notes,
upon receipt by the Registrar of (x) the documents, if any, required by paragraph (i) and (y) instructions given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books
and records the date and a decrease in the principal amount of the U.S. Global Notes in an amount equal to the principal amount of the beneficial interest in the U.S. Global Notes to be transferred, and the Company shall execute, and the Trustee
shall authenticate and deliver, one or more U.S. Physical Notes of like tenor and amount. 
 (e) Private
Placement Legend. Upon the transfer, exchange or replacement of Notes not bearing the Private Placement Legend, the Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the transfer, exchange or replacement of Notes
bearing the Private Placement Legend, the Registrar shall deliver only Notes that bear the Private Placement Legend unless either (i) the circumstances contemplated by paragraph (d)(i)(x) of this Section 2.08 exist or (ii) there
is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act. 
 (f) General. By its acceptance of any Note bearing the Private
Placement Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note only as provided in this Indenture. The
Registrar shall not register a transfer of any Note unless such transfer complies with the restrictions on transfer of such Note set forth in this Indenture. In connection with any transfer of Notes to a Person

  
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that is not a QIB, each Holder agrees by its acceptance of the Notes to furnish the Registrar or the Company such certifications, legal opinions or other information as either of them may
reasonably require to confirm that such transfer is being made pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act; provided that the Registrar shall not be required to determine
(but may rely on a determination made by the Company with respect to) the sufficiency of any such certifications, legal opinions or other information. 
 The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.07 or this Section 2.08. The Company shall have the right to inspect and
make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar. 
 SECTION 2.09 Replacement Notes. If a mutilated Note is surrendered to the Trustee or if the Holder claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the
Trustee shall authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding; provided that the requirements of the second paragraph of Section 2.10 are met. If required by the
Trustee or the Company, an indemnity bond must be furnished that is sufficient in the judgment of both the Trustee and the Company to protect the Company, the Trustee or any Agent from any loss that any of them may suffer if a Note is replaced. The
Company may charge such Holder for its expenses and the expenses of the Trustee in replacing a Note. In case any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion
may pay such Note instead of issuing a new Note in replacement thereof. 
 Every replacement Note is an additional obligation of
the Company and shall be entitled to the benefits of this Indenture. 
 SECTION 2.10 Outstanding Notes. Notes outstanding
at any time are all Notes that have been authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation and those described in this Section 2.10 as not outstanding. 

If a Note is replaced pursuant to Section 2.09, it ceases to be outstanding unless and until the Trustee and the Company receive
proof reasonably satisfactory to them that the replaced Note is held by a protected purchaser. 
 If the Paying Agent (other
than the Company or an Affiliate of the Company) holds on the maturity date money sufficient to pay Notes payable on that date, then on and after that date such Notes cease to be outstanding and interest on them shall cease to accrue.

 A Note does not cease to be outstanding because the Company or one of its Affiliates holds such Note, provided,
however, that, in determining whether the Holders of the requisite principal amount of the outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company or any other
obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee 

  
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shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows to be so
owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that
the pledgee is not the Company or any other obligor of the Notes or any Affiliate of the Company or of such other obligor. 

SECTION 2.11 Temporary Notes. Until definitive Notes are ready for delivery, the Company may prepare and the Trustee shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officers executing the temporary Notes,
as evidenced by their execution of such temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be
exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for such purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Notes the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall be entitled to
the same benefits under this Indenture as definitive Notes. 
 SECTION 2.12 Cancellation. The Company at any time may
deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated
hereunder which the Company has not issued and sold. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for transfer,
exchange, payment or cancellation and shall dispose of them in accordance with its normal procedure. The Company shall not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation. 

SECTION 2.13 CUSIP Numbers. The Company in issuing the Notes may use “CUSIP,” “CINS” or “ISIN”
numbers (if then generally in use), and the Trustee shall use “CUSIP”, “CINS” or “ISIN” numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders; provided that any such notice
shall state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange and that reliance may be placed only on the other identification numbers printed
on the Notes. The Company will promptly notify the Trustee of any change in “CUSIP,” “CINS” or “ISIN” numbers for the Notes. 
 SECTION 2.14 Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it shall pay, or shall deposit with the Paying Agent money in immediately available funds sufficient
to pay, the defaulted interest, plus (to the extent lawful) interest on the defaulted interest, to the Persons who are Holders on a subsequent special record date. A special record date, as used in this Section 2.14 with respect to the
payment of any defaulted interest, shall mean the 15th day next preceding the date fixed by the Company for the payment of defaulted interest, whether or not such day is a Business Day. At least 15 days

  
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before the subsequent special record date, the Company shall mail to each Holder and to the Trustee a notice that states the subsequent special record date, the payment date and the amount of
defaulted interest to be paid. 
 SECTION 2.15 Issuance of Additional Notes. The Company may, subject to Article Four of
this Indenture, issue additional Notes under this Indenture, including without limitation, Add On Notes. Each of the Notes issued on the Closing Date and any additional Notes subsequently issued shall each be treated as a single class for all
purposes under this Indenture, unless otherwise provided in this Indenture. 
 ARTICLE THREE 

REDEMPTION 

SECTION 3.01 Optional Redemption. The Notes will be redeemable, at the Company’s option, in whole at any time or in part from
time to time, on or after June 15, 2016 and prior to maturity, upon not less than 30 nor more than 60 days’ prior notice mailed by first class mail to each Holder’s last address as it appears in the Note Register, at the following
Redemption Prices (expressed in percentages of principal amount), plus accrued and unpaid interest, liquidated damages, if any, and any Additional Amounts (as defined in Section 4.20) to the Redemption Date (subject to the right of Holders of
record on the relevant Regular Record Date that is on or prior to the Redemption Date to receive interest due on an Interest Payment Date), if redeemed during the 12-month period commencing June 15 of the years set forth below: 

 

					
	 Year
	  	Redemption Price	 
	 2016
	  	 	103.063	% 
	 2017
	  	 	102.042	% 
	 2018
	  	 	101.021	% 
	 2019 and thereafter
	  	 	100.000	% 

 In addition, at any time
prior to June 15, 2014, the Company may redeem up to 35.0% of the principal amount of the Notes with the Net Cash Proceeds of one or more Equity Offerings by the Company or KCS, to the extent the Net Cash Proceeds thereof are contributed to the
Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from the Company, at a Redemption Price equal to 106.125% of the principal amount thereof, plus accrued interest, liquidated damages, if any, and any Additional
Amounts to the Redemption Date; provided, however, that after giving effect to any such redemption: 
 (1) at least 65.0% of the original aggregate principal amount of the Notes remains outstanding; and 
 (2) any such redemption must be made within 90 days of such Equity Offering and must be made in accordance with the provisions of this Article Three. 

At any time prior to June 15, 2016, the Company may also redeem all or part of the Notes, upon not less than 30 days nor more than
60 days’ prior notice by first-class mail to each Holder’s registered address, at a Redemption Price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest if any, to the
Redemption Date, subject to the rights of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. 

  
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 Upon completion of the Exchange Offer, the Company may also redeem any Notes which were not
exchanged in the Exchange Offer in an amount up to 2.0% of the original aggregate principal amount of the Notes issued at a redemption price of 100.0% of their principal amount plus accrued and unpaid interest thereon, if any, and any Additional
Amounts to the Redemption Date. 
 SECTION 3.02 Redemption for Changes in Withholding Taxes. The Notes will be
subject to redemption, in whole but not in part, at the option of the Company at any time at 100.0% of their principal amount together with accrued interest, liquidated damages, if any, and any Additional Amounts thereon, if any, to the Redemption
Date, in the event the Company has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts in excess of those attributable to a withholding tax rate of 4.9% as
a result of a change in or amendment to the laws (including any regulations or general rules promulgated thereunder) of Mexico (or any political subdivision or taxing authority thereof or therein), or any change in or amendment to any official
position regarding the application, administration or interpretation of such laws, regulations or general rules, including a holding of a court of competent jurisdiction, which change or amendment is announced or becomes effective on or after
May 6, 2011. The Company shall not, however, have the right to redeem Notes from a Holder pursuant to this Section except to the extent that it is obligated to pay Additional Amounts to such Holder that are greater than the Additional Amounts
that would be payable based on a Mexican withholding tax rate of 4.9%. 
 SECTION 3.03 Notices to Trustee. If the Company
elects to redeem Notes pursuant to Section 3.01 or 3.02, it shall notify the Trustee in writing of the Redemption Date. 

The Company shall give each notice provided for in this Section 3.03 in an Officers’ Certificate at least 60 days before the
Redemption Date (unless a shorter period shall be satisfactory to the Trustee). 
 SECTION 3.04 Selection of Notes to Be
Redeemed. Except with respect to Notes to be redeemed pursuant to the fourth paragraph of Section 3.01 above, if less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed in compliance with
the requirements, as certified to it by the Company, of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not listed on a national securities exchange, by lot or such other method as the Trustee
in its sole discretion shall deem to be appropriate; provided that no Notes of U.S.$2,000 in principal amount or less shall be redeemed in part. 
 The Trustee shall make the selection from the Notes outstanding and not previously called for redemption. The Trustee may select for redemption portions (equal to integral multiples of U.S.$1,000) of
Notes that have denominations larger than U.S.$2,000 in principal amount, provided that the unredeemed portion of any Note shall be a minimum of U.S. $2,000 in principal amount. Provisions of this Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Company and the Registrar promptly in writing of the Notes or portions of Notes to be called for redemption. 

  
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 SECTION 3.05 Add On Notes. The Company may, from time to time, subject to compliance
with any other applicable provisions of this Indenture (including Article Four), without the consent of the Holders, create and issue pursuant to this Indenture additional notes (“Add On Notes”) having terms and conditions identical
to those of the other outstanding Notes, except that Add On Notes: 
 (i) may have a different issue date from
other outstanding Notes; 
 (ii) may have a different amount of interest payable on the first Interest Payment
Date after issuance than is payable on other outstanding Notes; and 
 (iii) may have terms specified in the Add
On Note Board Resolution or Add On Note Supplemental Indenture for such Add On Notes making appropriate adjustments to this Article 3 and Exhibit A (and related definitions) applicable to such Add On Notes in order to conform to and ensure
compliance with the Securities Act (or other applicable securities laws) and any registration rights or similar agreement applicable to such Add On Notes, which are not adverse in any material respect to the Holder of any outstanding Notes (other
than such Add On Notes). 
 SECTION 3.06 Notice of Redemption. With respect to any redemption of Notes pursuant to
Section 3.01, at least 30 days but not more than 60 days before a Redemption Date, and with respect to any redemption of Notes pursuant to Section 3.02, at least six days before the Redemption Date, the Company shall mail a notice of
redemption by first class mail to each Holder whose Notes are to be redeemed. 
 The notice shall identify the Notes to be
redeemed and shall state: 
 (i) the Redemption Date; 

(ii) the Redemption Price; 
 (iii) the name and address of the Paying Agent; 
 (iv) that Notes
called for redemption must be surrendered to the Paying Agent in order to collect the Redemption Price; 
 (v)
that, unless the Company defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date and the only remaining right of the Holders is to receive payment of the Redemption Price
plus accrued interest to the Redemption Date upon surrender of the Notes to the Paying Agent; 
 (vi) that, if
any Note is being redeemed in part, the portion of the principal amount (equal to integral multiples of U.S.$1,000) of such Note to be redeemed and that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in
principal amount equal to the unredeemed portion thereof will be reissued; and 

  
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 (vii) that, if any Note contains a CUSIP, CINS or ISIN number as provided in
Section 2.13, no representation is being made as to the correctness of the CUSIP, CINS or ISIN number either as printed on the Notes or as contained in the notice of redemption and that reliance may be placed only on the other identification
numbers printed on the Notes. 
 At the Company’s request (which request may be revoked by the Company at any time prior to
the time at which the Trustee shall have given such notice to the Holders), made in writing to the Trustee at least 60 days (or such shorter period as shall be satisfactory to the Trustee) before a Redemption Date, the Trustee shall give the
notice of redemption in the name and at the expense of the Company. If, however, the Company gives such notice to the Holders, the Company shall concurrently deliver to the Trustee an Officers’ Certificate stating that such notice has been
given. 
 SECTION 3.07 Effect of Notice of Redemption. Once notice of redemption is mailed, Notes called for redemption
become due and payable on the Redemption Date and at the Redemption Price. Upon surrender of any Notes to the Paying Agent, such Notes shall be paid at the Redemption Price, plus accrued interest, if any, to the Redemption Date. 

Notice of redemption shall be deemed to be given when mailed, whether or not the Holder receives the notice, in any event, and failure to
give such notice, or any defect therein, shall not affect the validity of the proceedings for the redemption of Notes held by Holders to whom such notice was properly given. 
 SECTION 3.08 Deposit of Redemption Price. Prior to 12:00 p.m. New York City time on any Redemption Date, the Company shall deposit with the Paying Agent (or, if the Company is acting as its own
Paying Agent, shall segregate and hold in trust as provided in Section 2.05) money sufficient to pay the Redemption Price of and accrued interest on all Notes to be redeemed on that date other than Notes or portions thereof called for
redemption on that date that have been delivered by the Company to the Trustee for cancellation. 
 SECTION 3.09 Payment of
Notes Called for Redemption. If notice of redemption has been given in the manner provided above, the Notes or portion of Notes specified in such notice to be redeemed shall become due and payable on the Redemption Date at the Redemption Price
stated therein, together with accrued interest to such Redemption Date, and on and after such date (unless the Company shall default in the payment of such Notes at the Redemption Price and accrued interest to the Redemption Date, in which case the
principal, until paid, shall bear interest from the Redemption Date at the rate prescribed in the Notes), such Notes shall cease to accrue interest. Upon surrender of any Note for redemption in accordance with a notice of redemption, such Note shall
be paid and redeemed by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the
Holders registered as such at the close of business on the relevant Regular Record Date. 

  
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 SECTION 3.10 Notes Redeemed in Part. Upon surrender of any Note that is redeemed in
part, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note equal in principal amount to the unredeemed portion of such surrendered Note. 

ARTICLE FOUR 
 COVENANTS 
 SECTION 4.01 Payment of Notes. The Company shall pay the
principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes and this Indenture. An installment of principal, premium, if any, or interest shall be considered paid on the date due if the Trustee or
Paying Agent (other than the Company, a Subsidiary of the Company, or any Affiliate of any of them) holds at 12:00 p.m. New York City time on that date money designated for and sufficient to pay the installment. If the Company or any Subsidiary
of the Company or any Affiliate of any of them acts as Paying Agent, an installment of principal, premium, if any, or interest shall be considered paid on the due date if the entity acting as Paying Agent complies with the last sentence of
Section 2.05. As provided in Section 6.09, upon any bankruptcy or reorganization procedure relative to the Company, the Trustee shall serve as the Paying Agent in New York for the Notes. 

The Company shall pay interest on overdue principal and premium, if any, and interest on overdue installments of interest, to the extent
lawful, at the rate per annum specified in the Notes. 
 SECTION 4.02 Maintenance of Office or Agency. The Company will
maintain an office or agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 13.02. 
 The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such
designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 The Company hereby initially designates the office of the Trustee at c/o U.S. Bank Trust, N.A., 100 Wall Street, New York, New York, 10005 as such office of the Company in accordance with
Section 2.04. 

  
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 SECTION 4.03 Limitation on Indebtedness. The Company will not, and will not permit
any of its Restricted Subsidiaries to, Incur any Indebtedness (other than the Notes and Indebtedness existing on the Closing Date); provided that the Company may Incur Indebtedness if, after giving effect to the Incurrence of such
Indebtedness and the receipt and application of the proceeds therefrom, the Interest Coverage Ratio would be greater than 2.0:1. 
 (a) Notwithstanding the foregoing, the Company and any of its Restricted Subsidiaries (except as specified below) may Incur each and all of the following: 

(i) Indebtedness owed: 
 (A) to the Company evidenced by a promissory note; or 
 (B) to any
of its Restricted Subsidiaries, provided that any event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other than to the Company or another Restricted
Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (i); 
 (ii) Indebtedness issued in exchange for, or the net proceeds of which are or will be used to refinance, repay or refund, then outstanding Indebtedness (other than Indebtedness Incurred under clause (i),
(iii), (ix) or (x) of this paragraph), and any refinancings thereof in an amount not to exceed the amount so refinanced, repaid or refunded (plus premiums, accrued interest (including amounts paid in respect of Mexican withholding tax
thereon), fees and expenses); provided that Indebtedness the proceeds of which are used to refinance, repay or refund the Notes or Indebtedness that is pari passu with, or subordinated in right of payment to, the Notes shall only be
permitted under this clause (ii) if: 
 (A) in case the Notes are refinanced in part or the Indebtedness to
be refinanced is pari passu with the Notes, such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is outstanding, is pari passu with, or subordinate in right of
payment to, the remaining Notes; 
 (B) in case the Indebtedness to be refinanced is subordinated in right of
payment to the Notes, such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is issued or remains outstanding, is expressly made subordinate in right of payment to the Notes, at
least to the extent that the Indebtedness to be refinanced is subordinated to the Notes; and 
 (C) such new
Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the Stated Maturity of the Indebtedness to be refinanced or refunded, and the Average Life of such new Indebtedness is at least equal to the
remaining Average Life of the Indebtedness to be refinanced or refunded; and provided further that in no event may Indebtedness of the Company be refinanced by means of any Indebtedness of any Restricted Subsidiary pursuant to this clause
(ii); 

  
 40 

 (iii) Indebtedness: 

(A) in respect of worker’s compensation claim, self insurance obligations and performance, surety or appeal bonds
provided in the ordinary course of business; 
 (B) under Currency Agreements, Interest Rate Agreements or other
agreements or arrangements designed to protect the Company or any Restricted Subsidiary from fluctuations in currency exchange rates, interest rates and the price of commodities, including fuel, and not for speculative purposes; provided,
that such agreements do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable
thereunder; and 
 (C) arising from agreements providing for indemnification, adjustment of purchase price or
similar obligations, or from guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements, in any case Incurred in connection with the
acquisition or disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing
such acquisition), and in the case of a disposition, in a principal amount not to exceed the gross proceeds actually received by the Company or any Restricted Subsidiary in connection with such disposition; 

(iv) Indebtedness of the Company, to the extent the net proceeds thereof are promptly used to purchase Notes tendered in
an Offer to Purchase made as a result of a Change of Control; 
 (v) Indebtedness of the Company or a Restricted
Subsidiary to the extent the net proceeds thereof are promptly deposited to defease the Notes in accordance with Article Eight; 
 (vi) Guarantees of Indebtedness of the Company by any Restricted Subsidiary provided the Guarantee of such Indebtedness is permitted by and made in accordance with Section 4.07; 

(vii) Guarantees of Indebtedness of a Restricted Subsidiary by the Company provided that such Indebtedness is permitted to
be Incurred hereunder; 
 (viii) Indebtedness of the Company or a Restricted Subsidiary Incurred for the purpose
of financing all or any part of the purchase price or cost of construction or improvement of property or assets used in the Company’s or such Restricted Subsidiary’s 

  
 41 

 
business (including Indebtedness represented by Capitalized Lease Obligations, mortgage financings or purchase money obligations) in an aggregate amount not to exceed at any one time outstanding
the greater of U.S.$250.0 million or 15.0% of the Adjusted Consolidated Net Tangible Assets of the Company; and (y) Attributable Debt of the Company or a Restricted Subsidiary of the Company in respect of Sale/Leaseback Transactions in an
aggregate principal amount not to exceed U.S.$250.0 million; 
 (ix) Indebtedness of the Company not to exceed
U.S.$550.0 million at any time outstanding, U.S.$300.0 million of which must be Incurred under Credit Facilities or accounts receivable securitizations; and 
 (x) Indebtedness of Restricted Subsidiaries not to exceed U.S.$75.0 million at any time outstanding. 
 (b) Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that the Company or a Restricted Subsidiary may Incur pursuant to this Section 4.03 shall not be
deemed to be exceeded, with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies or interest rates. 
 (c) For purposes of determining any particular amount of Indebtedness under this Section 4.03: 
 (i) Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not be included; and 

(ii) any Liens granted pursuant to the equal and ratable provisions referred to in Section 4.09 shall not be treated
as Indebtedness. 
 For purposes of determining compliance with this Section 4.03, in the event that an item of
Indebtedness meets the criteria of more than one of the types of Indebtedness described in the above clauses or is entitled to be Incurred pursuant to the first paragraph of this Section 4.03, the Company, in its sole discretion, shall be
permitted to classify such item of Indebtedness at the time of its incurrence (or later reclassify) in any manner that complies with this Section 4.03. 
 SECTION 4.04 Limitation on Restricted Payments. The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, 

(i) declare or pay any dividend or make any distribution on or with respect to its Capital Stock or that of such
Restricted Subsidiary (other than (x) dividends or distributions payable solely in shares of its Capital Stock or that of such Restricted Subsidiary (other than Disqualified Stock) or in options, warrants or other rights to acquire shares
of such Capital Stock and (y) pro rata dividends or distributions on Common Stock of Restricted Subsidiaries held by minority stockholders) held by Persons other than the Company or any of its Restricted Subsidiaries; 

  
 42 

 (ii) purchase, redeem, retire or otherwise acquire for value any shares of
Capital Stock of the Company (including options, warrants or other rights to acquire such shares of Capital Stock) held by any Person; 
 (iii) make any voluntary or optional principal payment, or voluntary or optional redemption, repurchase, defeasance, or other acquisition or retirement for value, of Indebtedness of the Company that is
subordinated in right of payment to the Notes; or 
 (iv) make any Investment, other than a Permitted Investment,
in any Person; 
 (such payments or any other actions described in clauses (i) through (iv) above being collectively
“Restricted Payments”) if, at the time of, and after giving effect to, the proposed Restricted Payment: 
 (A) a Default or Event of Default shall have occurred and be continuing; 
 (B) the Company could not Incur at least U.S.$1.00 of Indebtedness under the first paragraph of Section 4.03; or 

(C) the aggregate amount of all Restricted Payments (the amount, if other than in cash, to be determined in good faith by
the Board of Directors of the Company, whose determination shall be conclusive and evidenced by a Board Resolution) made after January 1, 2005 (other than a Restricted Payment consisting solely of a declaration of a dividend which was not
paid within 60 days after the date of declaration thereof) shall exceed the sum of (without duplication): 
 (1)
50.0% of the aggregate amount of the Adjusted Consolidated Net Income (or, if the Adjusted Consolidated Net Income is a loss, minus 100.0% of the amount of such loss) (determined by excluding income resulting from transfers of assets by the
Company or a Restricted Subsidiary to an Unrestricted Subsidiary) accrued on a cumulative basis during the period (taken as one accounting period) beginning on January 1, 2005 and ending on the last day of the last fiscal quarter
preceding the Transaction Date for which internal financial statements are available at the time of such Restricted Payment plus  
 (2) the aggregate net cash proceeds received by the Company on or after January 1, 2005 from a capital contribution or the issuance and sale of Capital Stock of the Company (other than Disqualified
Stock) to a Person who is not a Subsidiary of the Company, including an issuance or sale permitted by this Indenture of Indebtedness of the Company for cash subsequent to the Closing Date upon the conversion of such Indebtedness into Capital
Stock of the Company (other than Disqualified Stock), or from the issuance to a Person who is not a Subsidiary of the Company of any options, warrants or other rights to acquire Capital Stock of the Company (in each case, exclusive of any
Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder, or are required to be redeemed, prior to the Stated Maturity of the Notes) plus 

  
 43 

 (3) an amount equal to the net reduction in Investments (other than
reductions in Permitted Investments) in any Person on or after January 1, 2005 resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances, or other transfers of assets, in each case to the Company or
any of its Restricted Subsidiaries or from the Net Cash Proceeds from the sale of any such Investment, or from the release of any Guarantee of Indebtedness (except to the extent amounts are paid under such Guarantee), or from redesignations of
Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of “Investment”), not to exceed, in each case, the amount of Investments previously made by the Company or any Restricted Subsidiary in
such Person or Unrestricted Subsidiary. 
 The foregoing provision shall not be violated by reason of: 

(i) the payment of any dividend within 60 days after the date of declaration thereof if, at said date of declaration, such
payment would comply with the foregoing paragraph; 
 (ii) the redemption, repurchase, retirement, defeasance or
other acquisition for value of Indebtedness of the Company that is subordinated in right of payment to the Notes, including premium, if any, and accrued and unpaid interest, with the proceeds of, or in exchange for, Indebtedness Incurred under
clause (a)(ii) of the second paragraph of Section 4.03; 
 (iii) the making of any Restricted Payment
in exchange for, or out of the proceeds of, a substantially concurrent capital contribution or issuance and sale of, shares of the Capital Stock of the Company (other than Disqualified Stock) (or options, warrants or other rights to acquire
such Capital Stock); 
 (iv) payments or distributions to dissenting stockholders pursuant to applicable law,
pursuant to or in connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers substantially all of the property and assets of the Company;

 (v) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the
Company or any Restricted Subsidiary of the Company held by any current or former officer, director or employee of the Company or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement,
shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $5.0 million in any twelve-month period; 

(vi) the declaration or payment of dividends on the Common Stock of the Company following a Public Equity Offering of such
Common Stock, of up to 6.0% per annum of the Net Cash Proceeds received by the Company in such Public Equity Offering; 

  
 44 

 (vii) the reorganization of our Capital Stock into equity quotes or equity
interests in the event of our conversion (transformación) into a sociedad de responsibilidad limitada or other form of internal corporate transformation or reorganization; 

(viii) the making of other Restricted Payments in an aggregate amount, taken together with all other Restricted Payments
made pursuant to this clause (viii), of up to U.S.$125.0 million; and 
 (ix) the making of any Restricted
Payment if, at the time of the making of such payment, and after giving pro forma effect thereto (including, without limitation, the Incurrence of any Indebtedness to finance such payment), the Consolidated Total Leverage Ratio would not
exceed 2.5 to 1; 
 provided that, except in the cases of the payment of a dividend under clause (i) and the repurchase, redemption
or other acquisition of the Company’s Capital Stock under clause (iii), no Default or Event of Default shall have occurred and be continuing or occur as a consequence of the actions or payments set forth herein. 

Each Restricted Payment permitted pursuant to the preceding paragraph (other than the Restricted Payment referred to in clause
(ii) thereof, a Restricted Payment made in exchange for Capital Stock referred to in clause (iii) thereof, and the Net Cash Proceeds from any issuance of Capital Stock referred to in clause (iii) thereof), shall be included in
calculating whether the conditions of clause (C) of the first paragraph of this Section 4.04 have been met with respect to any subsequent Restricted Payments. In the event the proceeds of an issuance of Capital Stock of the Company are
used for the redemption, repurchase or other acquisition of Notes or Indebtedness that is pari passu with the Notes, then the Net Cash Proceeds of such issuance shall be included in clause (C) of this Section 4.04 only to the extent
such proceeds are not used for such redemption, repurchase or other acquisition of indebtedness. 
 SECTION 4.05 Limitation
on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Company will not permit any Restricted Subsidiary to create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of
any kind on the ability of any Restricted Subsidiary to (i) pay dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary owned by the Company or any other Restricted Subsidiary,
(ii) pay any Indebtedness owed to the Company or any other Restricted Subsidiary, (iii) make loans or advances to the Company or any other Restricted Subsidiary or (iv) transfer any of its property or assets to the Company or any
other Restricted Subsidiary. 
 The foregoing provisions shall not restrict any encumbrances or restrictions: (i) existing
on the Closing Date, (ii) existing under or by reason of applicable law, rule, regulation or order (iii) existing with respect to any Person or the property or assets of such Person acquired by the Company or any Restricted Subsidiary,
existing at the time of such acquisition and not Incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such
Person so acquired, (iv) in the case of transfers of any property or 

  
 45 

 
assets of a Restricted Subsidiary to the Company or any other Restricted Subsidiary (A) that restrict in a customary manner the subletting, assignment or transfer of any property or asset
that is a lease, license, conveyance or contract or similar property or asset, (B) existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Company or any
Restricted Subsidiary not otherwise prohibited by this Indenture or (C) arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of
property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary, (v) any encumbrances or restrictions of the type referred to in the first paragraph of this Section 4.05
imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (iv) of this paragraph;
provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of senior management or the Board of Directors of the Company, no more
restrictive as a whole with respect to such encumbrances and restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing, (vi) with respect to a Restricted
Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock of or property and assets of, such Restricted Subsidiary, or (vii) for the benefit of any
holder of a Lien permitted under Section 4.09. 
 Nothing contained in this Section 4.05 shall prevent the Company or
any Restricted Subsidiary from (i) creating, Incurring, assuming or suffering to exist any Liens otherwise permitted in Section 4.09 or (ii) restricting the sale or other disposition of property or assets of the Company or any of its
Restricted Subsidiaries that secure Indebtedness of the Company or any of its Restricted Subsidiaries. 
 SECTION 4.06
Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries. The Company will not permit any Restricted Subsidiary, directly or indirectly, to issue or sell, any shares of Capital Stock of a Restricted Subsidiary
(including options, warrants or other rights to purchase shares of such Capital Stock) except (i) to the Company or a Wholly Owned Restricted Subsidiary; (ii) issuances of director’s qualifying shares or sales to foreign
nationals of shares of Capital Stock of foreign Restricted Subsidiaries, to the extent required by applicable law; (iii) if, immediately after giving effect to such issuance or sale, such Restricted Subsidiary would no longer constitute a
Restricted Subsidiary and any Investment in such Person remaining after giving effect to such issuance or sale would have been permitted to be made under Section 4.04 if made on the date of such issuance or sale; or (iv) issuances of
Common Stock that has no preference with respect to dividends or upon liquidation, the Net Cash Proceeds of which are promptly applied as provided in clause (ii) of Section 4.11. 

SECTION 4.07 Limitation on Issuances of Guarantees by Restricted Subsidiaries. The Company will not permit any Restricted
Subsidiary, directly or indirectly, to Guarantee any Indebtedness of the Company which is pari passu with or subordinate in right of payment to the Notes (“Guaranteed Indebtedness”), unless (i) such Restricted Subsidiary
simultaneously executes and delivers a supplemental indenture to this Indenture providing for 

  
 46 

 
Guarantees (a “Subsidiary Guarantee”) of payment of the Notes by such Restricted Subsidiary and (ii) such Restricted Subsidiary waives and will not in any manner
whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its
Subsidiary Guarantee until the Notes have been paid in full, in U.S. Dollars; provided that this paragraph shall not be applicable to any Guarantee of any Restricted Subsidiary (x) that existed at the time such Person became a Restricted
Subsidiary and was not Incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary or (y) of Indebtedness in an aggregate principal amount not to exceed the greater of (a) U.S.$150 million and
(b) an amount equal to the Secured Debt Cap on the date on which such Guarantee is to be Incurred. If the Guaranteed Indebtedness is (A) pari passu with the Notes, then the Guarantee of such Guaranteed Indebtedness shall be pari
passu with, or subordinated to, the Subsidiary Guarantee or (B) subordinated to the Notes, then the Guarantee of such Guaranteed Indebtedness shall be subordinated to the Subsidiary Guarantees at least to the extent that the Guaranteed
Indebtedness is subordinated to the Notes. 
 Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary
shall provide by its terms that it shall be automatically and unconditionally released and discharged upon: (i) any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted
Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary (which sale, exchange or transfer is not prohibited by this Indenture) or (ii) the release or discharge of the Guarantee which
resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee. 
 SECTION 4.08 Limitation on Transactions with Stockholders and Affiliates. The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into, renew or extend
any transaction (including, without limitation, the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with any holder (or any Affiliate of such holder) of 10.0% or more of any class of Capital Stock
of the Company, with any Affiliate of the Company or any Restricted Subsidiary, except upon fair and reasonable terms no less favorable to the Company or such Restricted Subsidiary than could be obtained, at the time of such transaction or, if such
transaction is pursuant to a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction with a Person that is not such a holder or an Affiliate. 

The foregoing limitation does not limit, and shall not apply to (i) transactions (A) approved by a majority of the
disinterested members of the Board of Directors, (B) for which the Company or a Restricted Subsidiary delivers to the Trustee a written opinion of a United States nationally recognized investment banking firm (or their Mexican
affiliate) stating that the transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or (C) involving consideration of U.S.$10.0 million or less; (ii) the payment of reasonable and customary
regular fees to the directors and officers of the Company; (iii) any payments or other transactions pursuant to any tax-sharing agreement between the Company and any Subsidiary of the Company with which the Company files a consolidated tax
return or with which the Company is part of a consolidated group for tax purposes; (iv) contributions in cash to the common equity capital of the Company by KCS or any of its Subsidiaries; (v) any Restricted

  
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Payments not prohibited by Section 4.04 or any Permitted Investment; (vi) any employment agreement, employee benefit plan, officer or director indemnification agreement or any similar
arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and payments pursuant thereto; (vii) transactions between or among the Company and/or its Restricted Subsidiaries;
(viii) transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such
Person; (ix) any issuance of Equity Interests (other than Disqualified Stock) of the Company to Affiliates of the Company; (x) loans or advances to employees in the ordinary course of business not to exceed $2.0 million in the aggregate at
any one time outstanding; (xi) any transaction between the Company or any of its Subsidiaries on the one hand and KCS or any of its Affiliates on the other hand, relating to the provision of transportation or transportation-related services;
and (xii) swaps of locomotives or rolling stock not constituting Asset Sales by virtue of paragraph (c) of the definition thereof in Section 1.01 of this Indenture. Notwithstanding the foregoing, any transaction covered by the first
paragraph of this Section 4.08 and not covered by clauses (ii) through (xii) of this paragraph, (a) the aggregate amount of which exceeds U.S.$50.0 million in value, must be approved or determined to be fair in the manner
provided for in clause (i)(A) or (B) above, and (b) the aggregate amount of which exceeds U.S.$125.0 million in value, must be determined to be fair in the manner provided for in clause (i)(B) above; provided that such
approval or determination of fairness shall not be required with respect to any equipment lease with an Affiliate, provided that an Officer’s Certificate is furnished to the Trustee certifying that the terms of the equipment lease are no
less favorable to the Company than the terms offered by an unrelated party. 
 SECTION 4.09 Limitation on Liens. The
Company will not, and will not permit any Restricted Subsidiary to create, Incur, assume or suffer to exist any Lien on any of its or any Restricted Subsidiary’s assets or properties or on any shares of Capital Stock or Indebtedness of any
Restricted Subsidiary, without making effective provision for all of the Notes and all other amounts due under this Indenture to be directly secured equally and ratably with (or, if the obligation or liability to be secured by such Lien is
subordinated in right of payment to the Notes, prior to) the obligation or liability secured by such Lien. 
 The foregoing
limitation does not apply to (i) Liens existing on the Closing Date; (ii) Liens securing Indebtedness in an aggregate principal amount not to exceed the greater of (x) U.S.$550 million and (y) an amount equal to the Secured Debt
Cap on the date on which such Lien is to be Incurred; (iii) Liens granted after the Closing Date on any of the assets or Capital Stock of the Company or its Restricted Subsidiaries created in favor of the Holders; (iv) Liens with respect
to the assets of a Restricted Subsidiary granted by such Restricted Subsidiary to the Company or a Wholly Owned Restricted Subsidiary to secure Indebtedness owing to the Company or such other Restricted Subsidiary; (v) Liens securing
Indebtedness which is Incurred to refinance secured Indebtedness which is permitted to be Incurred under clause (a)(ii) of the second paragraph of Section 4.03; provided that such Liens do not extend to or cover any property or
assets of the Company or any of its Restricted Subsidiary other than the property or assets securing the Indebtedness being refinanced; (vi) Liens on any property or assets of a Restricted Subsidiary securing Indebtedness of such Restricted
Subsidiary permitted under Section 4.03; or (vii) Permitted Liens. 

  
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 SECTION 4.10 Limitation on Sale-Leaseback Transactions. The Company will not, and
will not permit any Restricted Subsidiary to enter into any Sale/Leaseback Transaction with respect to any property, except that the Company or any Restricted Subsidiary may enter into a Sale/Leaseback transaction if: 

(i) it would be entitled to Incur Indebtedness in an amount equal to the Attributable Debt with respect to such
Sale/Leaseback Transaction pursuant to Section 4.03(a)(viii) of this Indenture; 
 (ii) the net proceeds
received by the Company or any Restricted Subsidiary in connection with such Sale/Leaseback Transaction are at least equal to the Fair Market Value of such property; and 

(iii) the transfer of such property is permitted by, and the Company or any Restricted Subsidiary applies the proceeds of
such transaction in compliance with, Section 4.11 of this Indenture. 
 SECTION 4.11 Limitation on Asset Sales. The
Company will not, and will not permit any Restricted Subsidiary to, consummate any Asset Sale, unless: 
 (i) the
consideration received by the Company or such Restricted Subsidiary is at least equal to the Fair Market Value of the assets sold or disposed of, and 
 (ii) at least 75.0% of the consideration received (excluding any amount of Released Indebtedness) consists of (i) cash, (ii) Temporary Cash Investments, (iii) any securities, notes or other
obligations received by the Company or any such Restricted Subsidiary from such transferee that are within 90 days converted by the Company or such Restricted Subsidiary into cash, to the extent of the cash received in that conversion or
(iv) Designated Non-cash Consideration, provided that the aggregate fair market value of all Designated Non-cash Consideration that has been received by the Company and its Restricted Subsidiaries pursuant to this clause (ii) in respect of
such and all prior Asset Sales shall not exceed $40.0 million. Any cash or cash equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration in accordance with this Indenture relating to the
Notes shall have the effect of reducing the aggregate amount of Designated Non-cash Consideration received by the Company under this provision by the amount of cash or cash equivalents so received. 

In the event and to the extent that the Net Cash Proceeds received by the Company or any of its Restricted Subsidiaries from one or more
Asset Sales occurring on or after the Closing Date in any period of 12 consecutive months exceed 10.0% of Adjusted Consolidated Net Tangible Assets (determined as of the date closest to the commencement of such 12-month period for which a quarterly
or annual consolidated balance sheet of the Company and its subsidiaries is internally available), then the Company shall or shall cause a Restricted Subsidiary to (A) within 12 months after the date Net Cash Proceeds so received exceeds 10.0%
of Adjusted Consolidated Net Tangible Assets (1) apply an amount equal to such excess Net Cash Proceeds to permanently repay unsubordinated Indebtedness of the Company, or Indebtedness of any Restricted Subsidiary of the Company, in each case
owing to a Person 

  
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other than the Company or any of its Restricted Subsidiaries or (2) invest an equal amount, or the amount not so applied pursuant to clause (1) (or enter into a definitive agreement
committing to so invest within 12 months after the date of such agreement), in property or assets (other than current assets) of a nature or type or that are used in a business (or in a company having property and assets of a nature or type, or
engaged in a business) similar or related to the nature or type of the property and assets of, or the business of, the Company and its Restricted Subsidiaries existing on the date of such investment, (B) apply (no later than the end of the
12-month period referred to in clause (A)) such excess Net Cash Proceeds (to the extent not applied pursuant to clause (A)) as provided in the following paragraph of this Section 4.11. The amount of such excess Net Cash Proceeds
required to be applied (or to be committed to be applied) during such 12-month period as set forth in clause (A) of the preceding sentence and not applied as so required by the end of such period shall constitute “Excess
Proceeds;” and (C) to the extent of the balance of any Net Cash Proceeds after application thereof in accordance with clauses (A) and (B), use such Net Cash Proceeds for any general corporate purposes permitted by the terms of
this Indenture. 
 If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds not theretofore
subject to an Offer to Purchase pursuant to this Section 4.11 totals at least U.S.$50.0 million, the Company must commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase from the Holders (and if
required by the terms of any Indebtedness that is pari passu with the Notes (“Pari Passu Indebtedness”), from the holders of such Pari Passu Indebtedness) on a pro rata basis the maximum principal amount of Notes (and
Pari Passu Indebtedness) that can be purchased with the Excess Proceeds on such date, at a purchase price equal to 100.0% of the principal amount of the Notes (and Pari Passu Indebtedness) plus, in each case, accrued interest (if any) to the date of
purchase (the “Excess Proceeds Payment Date”). 
 SECTION 4.12 Repurchase of Notes upon a Change of
Control. The Company must commence, within 30 days of the occurrence of a Change of Control, and consummate an Offer to Purchase for all Notes then outstanding, at a purchase price equal to 101.0% of the principal amount plus interest (if
any) to the date of purchase (the “Change of Control Payment Date”). 
 SECTION 4.13 Existence.
Subject to Articles Four and Five of this Indenture, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the existence of each of its Restricted Subsidiaries in accordance with
the respective organizational documents of the Company and each such Subsidiary and the rights (whether pursuant to charter, partnership certificate, agreement, statute or otherwise), material licenses and franchises of the Company and each such
Subsidiary; provided that the Company shall not be required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, if (a) the maintenance or preservation thereof is no longer desirable in the
conduct of the business of the Company and its Restricted Subsidiaries taken as a whole or (b) the failure to maintain or preserve any such right, license or franchise does not have a material adverse effect on the Company and its Restricted
Subsidiaries, taken as a whole. In addition, the Company agrees to take such actions, within a reasonable time after the Closing Date (and in any event prior to any proceeding initiated regarding the dissolution of the Company), as may be necessary
to ensure that it shall be in good standing under the laws of the 

  
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jurisdiction of its incorporation, provided that the Company will not be required to take such actions if the failure to be in good standing would not have a material adverse effect on the
Company and its Restricted Subsidiaries, taken as a whole. For the avoidance of doubt, nothing in this Section 4.13 shall prohibit the Company from transforming or converting from a sociedad anónima de capital variable organized
under the laws of Mexico to a sociedad de responsabilidad limitada organized under the laws of Mexico. 
 SECTION 4.14
Payment of Taxes and Other Claims. The Company will pay or discharge and shall cause each of its Subsidiaries to pay or discharge, or cause to be paid or discharged, before the same shall become delinquent (i) all material taxes,
assessments and governmental charges levied or imposed upon (a) the Company or any such Subsidiary, (b) the income or profits of any such Subsidiary which is a corporation or (c) the property of the Company or any such Subsidiary and
(ii) all material lawful claims for labor, materials and supplies that, if unpaid, might by law become a lien upon the property of the Company or any such Subsidiary, provided that the Company shall not be required to pay or discharge,
or cause to be paid or discharged, any such tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established and so long
as the non-payment of or failure to discharge any such tax, assessment, charge or claim would not have a material adverse effect on the Company and its Restricted Subsidiaries, taken as a whole. 

SECTION 4.15 Maintenance of Properties and Insurance. The Company will cause all properties used or useful in the conduct of its
business or the business of any of its Restricted Subsidiaries to be maintained and kept in good condition, repair and working order (reasonable wear and tear excepted) and supplied with all necessary equipment and will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all
times; provided that nothing in this Section 4.15 shall prevent the Company or any such Subsidiary from discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or
disposal is, in the judgment of the Company, desirable in the conduct of the business of the Company or such Subsidiary or would not have a material adverse effect on the Company and its Restricted Subsidiaries, taken as a whole. 

The Company will provide or cause to be provided, for itself and its Restricted Subsidiaries, reasonably adequate insurance (including
appropriate self-insurance) with respect to its properties and business against loss or damage of the kinds customarily insured against by corporations of established reputation engaged in the same or similar businesses similarly situated and
owning like properties, of such types and in such amounts, with such deductibles and by such methods as shall be customary for corporations similarly situated in the industry in which the Company or such Restricted Subsidiary, as the case may be, is
then conducting business, except to the extent that failure to carry or maintain any such insurance would not, singly or in the aggregate, have a material adverse effect on the condition, financial or otherwise, or the earnings, business or
operations of the Company and its subsidiaries, taken as a whole. 

  
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 SECTION 4.16 Notice of Defaults. In the event that the Company becomes aware of any
Default or Event of Default, the Company, promptly after it becomes aware thereof, will give written notice thereof to the Trustee. 
 SECTION 4.17 Compliance Certificates. (a) The Company shall deliver to the Trustee, within 90 days after the end of the Company’s fiscal year, an Officers’ Certificate stating
whether or not the signers know of any Default or Event of Default that occurred during such fiscal year. Such certificates shall contain a certification from the principal executive officer, principal financial officer or principal accounting
officer of the Company that a review has been conducted of the activities of the Company and the Restricted Subsidiaries and the Company’s performance under this Indenture and that, to their knowledge, the Company has complied with all
conditions and covenants under this Indenture. For purposes of this Section 4.17, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the Officers of the Company
signing such certificate do know of such a Default or Event of Default, the certificate shall describe the nature of any such Default or Event of Default and its status. 
 (b) Within 90 days of the end of the Company’s fiscal year, the Company shall deliver to the Trustee a list of all Significant Subsidiaries. The Trustee shall have no duty with respect to any such
list except to keep it on file and available for inspection by the Holders. 
 SECTION 4.18 Commission Reports and Reports to
Holders. At all times from and after the Closing Date, whether or not the Company is then required to file reports with the Commission, for so long as any Notes are outstanding, the Company shall file with the Commission all such reports and
other information when and as it would be required to file with the Commission by Sections 13 or 15(d) under the Exchange Act if it was subject thereto, unless the Commission does not permit such filings, in which case the Company shall
provide such reports and other information to the Trustee (within the same time periods that would be applicable if the Company were required and permitted to file reports with the Commission) and instruct the Trustee to mail such reports and
other information to Holders at their addresses set forth on the Note Register. The Company shall supply the Trustee and each Holder or shall supply to the Trustee for forwarding to each such Holder, without cost to such Holder, copies of such
reports and other information. Notwithstanding the foregoing, as long as the Company files reports and other information with the Commission, the Trustee and each Holder shall be deemed to have been supplied with the foregoing reports and forms at
the time such Trustee or holder may electronically access such reports and forms by means of the Commission’s homepage on the internet or at KCS’s homepage on the internet. Delivery of such reports, information and documents to the Trustee
is for informational purposes only and the Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 SECTION 4.19 Waiver of Stay, Extension or Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever, claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from 

  
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paying all or any portion of the principal of, premium, if any, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the
covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 4.20 Additional Amounts. Any and all payments made by the Company to the Holders, under or with respect to the Notes, will be made free and clear of and without withholding or deduction for
or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including any interest or penalties with respect thereto) imposed or levied by or on behalf of Mexico or any political subdivision thereof
or by any authority or agency therein or thereof having power to tax (hereinafter “Mexican Withholding Taxes”), unless the withholding or deduction of such Mexican Withholding Taxes is required by law or by the administration
thereof. In the event any Mexican Withholding Taxes are required to be so withheld or deducted, the Company will (i) pay such additional amounts (“Additional Amounts”) as will result in receipt by the Holders of such
amounts as would have been received by them had no such withholding or deduction been required, (ii) deduct or withhold such Mexican Withholding Taxes and (iii) remit the full amount so deducted or withheld to the relevant taxing or other
authority. Any payment of Additional Amounts will be treated, for Mexican tax purposes, as additional interest. Notwithstanding the foregoing, no such Additional Amounts shall be payable for or on account of: 

(a) any Mexican Withholding Taxes which would not have been imposed or levied on a Holder but for the existence of any
present or former connection between the Holder or beneficial owner of the Notes and Mexico or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder or beneficial
owner (i) being or having been a citizen or resident thereof, (ii) maintaining or having maintained an office, permanent establishment, fixed base or branch therein, or (iii) being or having been present or engaged in trade or
business therein, except for a connection solely arising from the mere ownership of, or receipt of payment under, such Note or the exercise or enforcement of rights under this Indenture; 

(b) except as otherwise provided, any estate, inheritance, gift, sales, transfer, or personal property or similar tax,
assessment or other governmental charge; 
 (c) any Mexican Withholding Taxes that are imposed or levied by
reason of the failure by the Holder or beneficial owner of such Note to comply with any certification, identification, information, documentation, declaration or other reporting requirement which is required or imposed by a statute, treaty,
regulation, general rule or administrative practice as a precondition to exemption from, or reduction in the rate of, the imposition, withholding or deduction of any Mexican Withholding Taxes; provided that at least 60 days prior to (i) the
first payment date with respect to which the Company shall apply this clause (c) and, (ii) in the event of a change in such certification, identification, information, documentation, declaration or other reporting requirement, the first
payment date subsequent to such change, the Company shall have notified the 

  
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Trustee, in writing, that the Holders or beneficial owners of the Notes will be required to provide such certification, identification, information or documentation, declaration or other
reporting; 
 (d) any Mexican Withholding Taxes that are imposed or levied by reason of the failure by the Holder
or beneficial owner of such Note to timely comply (subject to the conditions set forth below) with a written request by or on behalf of the Company to provide information, documentation or other evidence concerning the nationality, residence,
identity, or registration with the Ministry of Finance and Public Credit of the Holder or beneficial owner of such Note that is necessary from time to time to determine the appropriate rate of deduction or withholding of Mexican Withholding Taxes
applicable to such Holder or beneficial owner; provided that at least 60 days prior to the first payment date with respect to which the Company shall apply this clause (d), the Company shall have notified the Trustee, in writing, that such
Holders or beneficial owners of the Notes will be required to provide such information, documentation or other evidence; 
 (e) the presentation of such Note (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment
thereof is duly provided for, whichever occurs later, except to the extent that the Holder or the beneficial owner of such Note would have been entitled to Additional Amounts in respect of such Mexican Withholding Taxes on presenting such
Note for payment on any date during such 30-day period; 
 (f) any Mexican Withholding Taxes that are payable
only by a method other than withholding or deduction; or 
 (g) any combination of item (a), (b), (c), (d), (e),
or (f) above. 
 Notwithstanding the foregoing, the limitations on the Company’s obligation to pay Additional Amounts set forth in
clauses (c) and (d) above shall not apply if the provision of the certification, identification, information, documentation, declaration or other evidence described in such clauses (c) and (d) would be materially more onerous, in
form, in procedure or in the substance of information disclosed, to a Holder or beneficial owner of a Note (taking into account any relevant differences between United States and Mexican law, regulation or administrative practice) than
comparable information or other applicable reporting requirements imposed or provided for under United States federal income tax law (including the United States-Mexico Income Tax Treaty), Treasury Regulations (including proposed Treasury
Regulations) and administrative practice. In addition, the limitations on the Company’s obligation to pay Additional Amounts set forth in clauses (c) and (d) above shall not apply if Rule 1.3.22.8 of the Miscellaneous Tax
Resolution currently in force or a substantially similar successor of such rule is in effect, unless (i) the provision of the certification, identification, information, documentation, declaration or other evidence described in clauses
(c) and (d) is expressly required by statute, regulation, ruling or general rules or administrative practice in order to apply Rule 1.3.22.8, as amended (or a substantially similar successor of such rule), the Company cannot obtain such
certification, identification, information, documentation, declaration or other evidence or satisfy any other reporting requirements, on its own through reasonable diligence 

  
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and the Company otherwise would meet the requirements for application of Rule 1.3.22.8, as amended (or such successor of such rule) or (ii) in the case of a Holder or beneficial owner
of a Note that is a pension fund or other tax-exempt organization, such Holder or beneficial owner would be subject to Mexican Withholding Taxes at a rate less than that provided by Article 195, Section II, paragraph (a) of the Mexican Income
Tax Law in connection with Rule 1.3.22.8, as amended, if the information, documentation or other evidence required under clause (d) above were provided. In addition, clause (c) above shall not be construed to require that a non-Mexican
pension or retirement fund, a non-Mexican tax-exempt organization, a non-Mexican financial institution or any other Holder or beneficial owner of a Note register with the Ministry of Finance and Public Credit for the purpose of establishing
eligibility for an exemption from or reduction of Mexican Withholding Taxes. 
 The Company will, upon written request, provide
the Trustee, the Holders and the Paying Agent with a duly certified or authenticated copy of an original receipt of the payment of Mexican Withholding Taxes which the Company has withheld or deducted in respect of any payments made under or with
respect to the Notes. 
 In the event that Additional Amounts actually paid with respect to any Notes are based on Mexican
Withholding Taxes in excess of the appropriate Mexican Withholding Taxes applicable to the Holder or beneficial owner of such Notes and, as a result thereof, such Holder or beneficial owner is entitled to make a claim for a refund of such excess, or
credit such excess against Mexican taxes, then, to the extent it is able to do so without jeopardizing its entitlement to such refund or credit, such Holder or beneficial owner shall, by accepting the Notes, be deemed to have assigned and
transferred all right, title and interest to any claim for a refund or credit of such excess to the Company. By making such assignment and transfer, the Holder or beneficial owner makes no representation or warranty that the Company will be entitled
to receive such claim for a refund or credit and incurs no other obligation with respect thereto (including executing or delivering any documents and paying any costs or expenses of the Company relating to obtaining such refund). Nothing contained
in this paragraph shall interfere with the right of each Holder or beneficial owner of a Note to arrange its tax affairs in whatever manner it thinks fit nor oblige any Holder or beneficial owner of a Note to claim any refund or credit or to
disclose any information relating to its tax affairs or any computations in respect thereof or to do anything that would prejudice its ability to benefit from any other credits, reliefs, remissions or repayments to which it may be entitled.

 If the Company is obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes (other
than Additional Amounts payable on the date of this Indenture), the Company will, upon written request, deliver to the Trustee an Officers’ Certificate stating the fact that such Additional Amounts are payable and the amounts so payable.

 In addition, the Company will pay any stamp, issue, registration, documentary or other similar taxes and other similar duties
(including interest and penalties with respect thereto) imposed or levied by Mexico (or any political subdivision or taxing authority thereof or therein) in respect of the creation, issue and offering of the Notes. 

  
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 SECTION 4.21 Comisión Nacional Bancaria y de Valores. Promptly after the date
of this Indenture, the Company will furnish to the Comisión Nacional Bancaria y de Valores of México all information necessary to complete the registration of the Notes in the Special Section of the National Registry of
Securities. 
 SECTION 4.22 Listing. The Company has applied to the Irish Stock Exchange for the Notes to be admitted to
the Official List and to trade on the Global Exchange Market, which is the exchange-regulated market of the Irish Stock Exchange. Following the issuance of the Notes, the Company will use its reasonable best efforts to obtain the listing of the
Notes on the Irish Stock Exchange. 
 SECTION 4.23 Covenant Termination. From and after any time that: 

(a) any Notes have an Investment Grade Rating from both the Rating Agencies; and 

(b) no Default or Event of Default has occurred and is continuing under the Indenture, 

the Company and its Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.10 and 4.11. 

ARTICLE FIVE 
 SUCCESSOR CORPORATION 
 SECTION 5.01 When Company May Merge, Etc.
The Company will not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of
related transactions) to, any Person or permit any Person to merge with or into the Company unless: (i) the Company shall be the continuing Person, or the Person (if other than the Company) formed by such consolidation or into
which the Company is merged or that acquired or leased such property and assets of the Company shall be a corporation organized and validly existing under the laws of Mexico (including, without limitation, a sociedad responsabilidad
limitada), the United States of America or any jurisdiction of either such country and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of the Company on all of the Notes and
under this Indenture; (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; (iii) immediately after giving effect to such transaction on a pro forma basis, the
Company, or any Person becoming the successor obligor of the Notes, could incur at least U.S.$1.00 of Indebtedness under the first paragraph of Section 4.03; provided that this clause (iii) shall not apply to a consolidation or
merger of the Company with or into a Wholly Owned Restricted Subsidiary with a positive net worth; provided that, in connection with any such consolidation or merger, no consideration (other than Common Stock in the surviving Person or the
Company) shall be issued or distributed to the stockholders of the Company; and (iv) the Company delivers to the Trustee an Officers’ Certificate (attaching the arithmetic computations to demonstrate compliance with clause (iii)) and
an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture 

  
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complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied with; provided, however, that clause
(iii) above does not apply if, in the good faith determination of the Board of Directors of the Company, whose determination shall be evidenced by a Board Resolution, the principal purpose of such transaction is to change the jurisdiction of
incorporation of the Company or to incorporate the Company under the laws of a state of the United States; and provided further that any such transaction shall not have as one of its purposes the evasion of the foregoing limitations.

 SECTION 5.02 Successor Substituted. Upon any consolidation or merger, or any sale, conveyance, transfer or other
disposition of all or substantially all of the property and assets of the Company in accordance with Section 5.01 of this Indenture, the successor Person formed by such consolidation or into which the Company is merged or to which such sale,
conveyance, transfer or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein. 
 ARTICLE SIX 
 DEFAULT AND REMEDIES 
 SECTION 6.01 Events of Default. An
“Event of Default” shall occur with respect to the Notes if: 
 (a) the Company defaults in the
payment of principal of (or premium, if any, on) any Note when the same becomes due and payable at maturity, upon acceleration, redemption or otherwise; 
 (b) the Company defaults in the payment of interest on any Note when the same becomes due and payable, and such default continues for a period of 30 days; 

(c) the Company defaults in the performance of or breaches the provisions of Article Five or fails to make or consummate
an Offer to Purchase in accordance with Section 4.11 or Section 4.12; 
 (d) the Company defaults in
the performance of or breaches any other covenant or agreement of the Company in this Indenture or under the Notes (other than a default specified in clause (a), (b) or (c) above), and such default or breach continues for a period of 60
consecutive days after written notice by the Trustee or the Holders of 25.0% or more in aggregate principal amount of the Notes; 
 (e) there occurs with respect to any issue or issues of Indebtedness of the Company or any of its Significant Subsidiaries having an outstanding principal amount of U.S.$35.0 million or more in the
aggregate for all such issues of all such Persons, whether such Indebtedness now exists or shall hereafter be created, (i) an event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its
Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such acceleration and/or (ii) the failure to make a principal payment at the final (but not any
interim) fixed maturity and such defaulted payment shall not have been made, waived or extended within 30 days of such payment default; 

  
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 (f) [intentionally omitted]; 

(g) any final judgment or order (not covered by insurance) for the payment of money in excess of U.S.$35.0 million in
the aggregate for all such final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not so covered) shall be rendered against the Company or any of its Significant Subsidiaries and shall not
be paid or discharged, and there shall be any period of 30 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all
such Persons to exceed U.S.$35.0 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 

(h) a court having jurisdiction in the premises enters a decree or order for (A) relief in respect of the Company or
any of its Significant Subsidiaries in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Company or any of its Significant Subsidiaries or for all or substantially all of the property and assets of the Company or any of its Significant Subsidiaries or (C) the winding up or liquidation of the affairs of the
Company or any of its Significant Subsidiaries and, in each case, such decree or order shall remain unstayed and in effect for a period of 30 consecutive days; 
 (i) the Company or any of its Significant Subsidiaries (A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the
entry of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator, assignee, síndico, custodian, trustee, sequestrator or similar official of
the Company or any of its Significant Subsidiaries or for all or substantially all of the property and assets of the Company or any of its Significant Subsidiaries or (C) effects any general assignment for the benefit of creditors; or

 (j)(A) the Concession Title shall cease to grant to the Company the rights (including exclusive
rights) provided therein on the date of this Indenture and such cessation has had a material adverse effect on the Company and its Restricted Subsidiaries taken as a whole; (B) (x) the Concession Title shall for any reason be
terminated and not reinstated within 30 days or (y) rights provided therein which were originally exclusive to the Company shall become nonexclusive and the cessation of such exclusivity has had a material adverse effect on the Company and its
Restricted Subsidiaries, taken as a whole; or (C) the operations of the Northeast Rail Lines shall be commandeered or repossessed (a requisa) for a period of 90 days or more. 

SECTION 6.02 Acceleration. If an Event of Default (other than an Event of Default specified in clause (h), (i) or
(j)(B)(x) above that occurs with respect to the 

  
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Company) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25.0% in aggregate principal amount of the Notes then outstanding, by written notice to the
Company (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued interest on the Notes to be immediately due and payable. Upon a
declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately due and payable. In the event of a declaration of acceleration because an Event of Default set forth in clause (e) above has occurred and
is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to clause (e) shall be remedied or cured by the Company or its Significant
Subsidiary or waived by the holders of the Indebtedness within 60 days after the declaration of acceleration with respect thereto. If an Event of Default specified in clause (h), (i) or (j)(B)(x) above occurs with respect to the Company
and is continuing, the principal of, premium, if any, and accrued interest on the Notes then outstanding shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.
The Holders of at least a majority in principal amount of the outstanding Notes, by written notice to the Company and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if
(i) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived and (ii) the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 
 SECTION 6.03 Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, premium, if any, or interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not
possess any of the Notes or does not produce any of them in the proceeding. 
 SECTION 6.04 Waiver of Past Defaults.
Subject to Sections 6.02, 6.07 and 9.02, the Holders of at least a majority in principal amount of the outstanding Notes, by notice to the Trustee, may waive an existing Default or Event of Default and its consequences, except a Default in the
payment of principal of, premium, if any, or interest on any Note as specified in clause (a) or (b) of Section 6.01 or in respect of a covenant or provision of this Indenture which cannot be modified or amended without the consent of
the Holder of each outstanding Note affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION 6.05 Control
by Majority. The Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee; provided that the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly
prejudicial to the rights of Holders not joining in 

  
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the giving of such direction; and provided further that the Trustee may take any other action it deems proper that is not inconsistent with any directions received from Holders of Notes
pursuant to this Section 6.05. 
 SECTION 6.06 Limitation on Suits. A Holder may not institute any proceeding,
judicial or other remedy, with respect to this Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(i) such Holder has previously given to the Trustee written notice of a continuing Event of Default; 

(ii) the Holders of at least 25.0% in aggregate principal amount of outstanding Notes shall have made a written request to
the Trustee to pursue the remedy; 
 (iii) such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to the Trustee against any costs, liabilities or expenses to be incurred in compliance with such request; 
 (iv) the Trustee for 60 days after its receipt of such notice has failed to institute any such proceeding; and 
 (v) during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes have not given the Trustee a direction that is inconsistent with such written request.

 For purposes of Section 6.05 of this Indenture and this Section 6.06, the Trustee shall comply with TIA
Section 316(a) in making any determination of whether the Holders of the required aggregate principal amount of outstanding Notes have concurred in any request or direction of the Trustee to pursue any remedy available to the Trustee or
the Holders with respect to this Indenture or the Notes or otherwise under the law. 
 A Holder may not use this Indenture to
prejudice the rights of another Holder or to obtain a preference or priority over such other Holder. 
 SECTION 6.07 Rights
of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, premium, if any, or interest on such Holder’s Note on or after the respective due
dates expressed on such Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.08 Collection Suit by Trustee. If an Event of Default in payment of principal, premium or interest specified in clause
(a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor of the Notes for the whole amount of principal, premium,
if any, and accrued interest remaining unpaid, together with interest on overdue principal, premium, if any, and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate specified
in the Notes, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 SECTION 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor of the Notes), its creditors or its property and shall be entitled and empowered to
collect and receive any monies, securities or other property payable or deliverable upon conversion or exchange of the Notes or upon any such claims and to distribute the same, and any custodian, receiver, assignee, síndico, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein
contained shall be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or
to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.10
Priorities. If the Trustee collects any money pursuant to this Article Six, it shall pay out the money in the following order: 
 First: to the Trustee for all amounts due under Section 7.07; 
 Second: to Holders for amounts then due and unpaid for principal of, premium, if any, and interest on the Notes in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Company, or as a court of competent jurisdiction may direct. 

The Trustee, upon prior written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. 
 SECTION 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by
the Trustee, a suit by a Holder pursuant to Section 6.07 of this Indenture, or a suit by Holders of more than 10.0% in principal amount of the outstanding Notes. 

  
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 SECTION 6.12 Restoration of Rights and Remedies. If the Trustee or any Holder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then, and in every such case,
subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, the Trustee and the
Holders shall continue as though no such proceeding had been instituted. 
 SECTION 6.13 Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or wrongfully taken Notes in Section 2.09, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 6.14 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article Six or by law to the Trustee or to the Holders may
be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

ARTICLE SEVEN 
 TRUSTEE 
 SECTION 7.01 General. The duties and responsibilities of
the Trustee shall be as provided by the TIA and as set forth herein. If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and shall use the same degree of care
and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of its own affairs. Except during the continuance of an Event of Default, the Trustee need only perform those duties as are specifically set
forth in this Indenture and the Notes. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not herein
expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article Seven. 

  
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 SECTION 7.02 Certain Rights of Trustee. Subject to TIA Sections 315(a) through
(d): 
 (i) the Trustee may conclusively rely, and shall be protected in acting or refraining from acting, upon
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or
presented by the proper person. The Trustee need not investigate any fact or matter stated in any such document; 

(ii) before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion; 
 (iii) the Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care; 

(iv) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with
such request or direction; 
 (v) the Trustee shall not be liable for any action it takes or omits to take in
good faith that it believes to be authorized or within its rights or powers conferred upon the Trustee, under this Indenture; 
 (vi) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate; 

(vii) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company personally or by agent or
attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
 (viii) the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action
taken, suffered or omitted by it thereunder in good faith and in reliance thereon; 

  
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 (ix) the Trustee shall not be deemed to have notice of any Default or Event
of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture; and 
 (x) the rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, co-trustee, custodian and other Person employed to
act hereunder. 
 SECTION 7.03 Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to TIA Sections
310(b) and 311. 
 SECTION 7.04 Trustee’s Disclaimer. The Trustee (i) makes no representation as to the
validity or adequacy of this Indenture or the Notes, (ii) shall not be accountable for the Company’s use or application of the proceeds from the Notes and (iii) shall not be responsible for any statement in the Notes other than its
certificate of authentication. 
 SECTION 7.05 Notice of Default. If any Default or any Event of Default occurs and is
continuing and if such Default or Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Holder in the manner and to the extent provided in TIA Section 313(c) notice of the Default or Event of
Default within 90 days after it occurs, unless such Default or Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of, premium, if any, or interest on any Note, the
Trustee shall be protected in withholding such notice if and so long as a trust committee of Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders. 

SECTION 7.06 Reports by Trustee to Holders. Within 60 days after each May 15, beginning with May 15, 2012, the Trustee
shall mail to each Holder as provided in TIA Section 313(c) a brief report dated as of such May 15, if required by TIA Section 313(a). 
 SECTION 7.07 Compensation and Indemnity. The Company shall pay to the Trustee and each Paying Agent such compensation as shall be agreed upon in writing for its services. The compensation of the
Trustee and any Paying Agent shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee and each Paying Agent upon request for all reasonable out-of-pocket expenses and advances incurred
or made by the Trustee and each Paying Agent. Such expenses shall include the reasonable compensation and expenses of the Trustee’s or such Paying Agent’s agents and counsel. 

The Company shall indemnify the Trustee, its agents and officers, and each Paying Agent against any and all losses, liabilities,
obligations, damages, penalties, judgments, actions, claims, suits, proceedings, such reasonable costs and expenses (including reasonable 

  
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fees and disbursements of counsel) of any kind whatsoever which may be incurred by the Trustee, its agents and officers, or such Paying Agent arising out of or in connection with the
acceptance or administration of its duties under this Indenture; provided, however, that the Company need not reimburse any expense or indemnify against any loss, obligation, damage, penalty, judgment, action, suit, proceeding,
reasonable cost or expense (including reasonable fees and disbursements of counsel) of any kind whatsoever which may be incurred by the Trustee or such Paying Agent, as the case may be, in connection with any investigative, administrative or
judicial proceeding (whether or not such indemnified party is designated a party to such proceeding) in which and to the extent that it is determined that the Trustee, its agents and officers, or any Paying Agent acted with negligence, bad
faith or willful misconduct. The Trustee and each Paying Agent shall notify the Company promptly of any claim of which the Responsible Officer Trustee or an officer of such Paying Agent has received written notice for which it may seek indemnity.
Failure by the Trustee or any Paying Agent to so notify the Company shall not relieve the Company of its obligations hereunder, unless the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee and such Paying
Agent, as the case may be, shall cooperate in the defense. Unless otherwise set forth herein, the Trustee or any Paying Agent may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not
pay for any settlement made without its consent. 
 To secure the Company’s payment obligations in this Section 7.07,
the Trustee and any Paying Agent shall have a lien prior to the Notes on all money or property held or collected by the Trustee or any Paying Agent, in its capacity as Trustee or Paying Agent, except money or property held in trust by the Trustee or
any Paying Agent to pay principal of, premium, if any, and interest on particular Notes. 
 If the Trustee or Paying Agent
incurs expenses or renders services after the occurrence of an Event of Default specified in clause (h) or (i) of Section 6.01, the expenses and the compensation for the services will be intended to constitute expenses of
administration under Title 11 of the United States Bankruptcy Code or any applicable federal or state law for the relief of debtors. 
 The provisions of this Section 7.07 shall survive the termination of this Indenture and the resignation or removal of the Trustee. 

SECTION 7.08 Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
 The Trustee
may resign at any time by so notifying the Company in writing at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by so notifying the Trustee
in writing and may appoint a successor Trustee with the consent of the Company. The Company may at any time remove the Trustee by Company Order given at least 30 days prior to the date of the proposed removal. 

  
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 If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for
any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee to replace the
successor Trustee appointed by the Company. If the successor Trustee does not deliver its written acceptance required by the next succeeding paragraph of this Section 7.08 within 30 days after the retiring Trustee resigns or is removed, the
retiring Trustee at the expense of the Company, the Company or the Holders of a majority in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company, immediately after
the delivery of such written acceptance, subject to the lien provided in Section 7.07, (i) the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, (ii) the resignation or removal of the
retiring Trustee shall become effective and (iii) the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder. 

If the Trustee is no longer eligible under Section 7.10, any Holder who satisfies the requirements of TIA
Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 The Company shall give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders. Each notice shall include the name of the successor Trustee and
the address of its Corporate Trust Office. 
 Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
Company’s obligation under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09
Successor Trustee by Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, trust company or national banking association, the
resulting, surviving or transferee corporation or national banking association without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein. 

SECTION 7.10 Eligibility. This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1).
The Trustee (together with its parent) shall have a combined capital and surplus of at least U.S.$25.0 million as set forth in its most recent published annual report of condition. 

SECTION 7.11 Money Held in Trust. The Trustee shall not be liable for interest on any money received by it except as the Trustee
may agree with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article Eight and Article Twelve of this Indenture. 

  
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 SECTION 7.12 Withholding Taxes. The Trustee, as agent for the Company, shall exclude
and withhold from each payment of principal and interest and other amounts due hereunder or under the Notes any and all U.S. withholding taxes applicable thereto as required by U.S. law. The Trustee agrees to act as such withholding agent and, in
connection therewith, whenever any present or future U.S. taxes or similar charges are required to be withheld with respect to any amounts payable in respect of the Notes, to withhold such amounts and timely pay the same to the appropriate U.S.
authority in the name of and on behalf of the Holders of the Notes, that it will file any necessary U.S. withholding tax returns or statements when due, and that, as promptly as possible after the payment thereof, it will deliver to each Holder
appropriate documentation showing the payment thereof, together with such additional documentary evidence as such Holders may reasonably request from time to time. 
 SECTION 7.13 Appointment of Co-Trustee. It is the purpose of this Indenture that there shall be no violation of any law of any jurisdiction (including particularly the law of the relevant state)
denying or restricting the right of banking corporations or associations to transact business as trustee in such jurisdiction. It is recognized that in case of litigation under this Indenture, and in particular in case of the enforcement thereof on
default, or in the case the Trustee deems that by reason of any present or future law of any jurisdiction it may not exercise any of the powers, rights or remedies herein granted to the Trustee or hold title to the properties, in trust, as herein
granted or take any action which may be desirable or necessary in connection therewith, it may be necessary that the Trustee appoint an individual or institution as a separate or co-trustee. The following provisions of this Section are adopted to
these ends. 
 In the event that the Trustee appoints an additional individual or institution as a separate or co-trustee, each
and every remedy, power, right, claim, demand, cause of action, immunity, estate, title, interest and lien expressed or intended by this Indenture to be exercised by or vested in or conveyed to the Trustee with respect thereto shall be exercisable
by and vest in such separate or co-trustee but only to the extent necessary to enable such separate or co-trustee to exercise such powers, rights and remedies, and only to the extent that the Trustee by the laws of any jurisdiction (including
particularly the relevant state) is incapable of exercising such powers, rights and remedies and every covenant and obligation necessary to the exercise thereof by such separate or co-trustee shall run to and be enforceable by either of them. No
Trustee hereunder shall be personally liable by reason of any act or omission of any other Trustee hereunder, nor will the act or omission of any Trustee hereunder be imputed to any other Trustee. 

Should any instrument in writing from the Company be required by the separate or co-trustee so appointed by the Trustee for more fully
and certainly vesting in and confirming to such properties, rights, powers, trusts, duties and obligations, any and all such instruments in writing shall, on request, be executed, acknowledged and delivered by the Company at the expense of the
Company; provided, that if an Event of Default shall have occurred and be continuing, if the Company does not execute any such instrument within 15 days after a request therefor, the Trustee shall be empowered as an attorney-in-fact for the Company
to execute any such instrument in the Company’s name and stead. In case any separate or co-trustee or a successor to either shall die, become incapable of acting, resign or be removed, all the estates, properties, rights, powers, trusts, duties
and obligations of such separate or co-trustee, so far as permitted by law, shall vest in and be exercised by the Trustee until the appointment of a new trustee or successor to such separate or co-trustee. 

  
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 ARTICLE EIGHT 
 DISCHARGE OF INDENTURE, DEFEASANCE 
 SECTION 8.01 Termination of
Company’s Obligations. Except as otherwise provided in this Section 8.01, the Company may terminate its obligations under the Notes and this Indenture if: 

(i) all Notes previously authenticated and delivered (other than destroyed, lost or stolen Notes that have been replaced
or Notes that are paid pursuant to Section 4.01 or Notes for whose payment money or securities have theretofore been held in trust and thereafter repaid to the Company, as provided in Section 8.05) have been delivered to the Trustee
for cancellation and the Company has paid all sums payable by it hereunder; or 
 (ii)(A) all Notes not
theretofore delivered to the Trustee have become due and payable, mature within one year or all of them are to be called for redemption within one year under arrangements satisfactory to the Trustee for giving the notice of redemption, (B) the
Company irrevocably deposits or causes to be deposited in trust with the Trustee during such one-year period, under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, as trust funds solely for the benefit
of the Holders for that purpose, money or Government Securities sufficient, without consideration of any reinvestment of any interest thereon, to pay principal, premium, if any, and interest on the Notes to maturity or redemption, as the case may
be, and to pay all other sums payable by it hereunder, (C) the Company has paid all other sums payable by it hereunder, and (D) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating
(and such statements shall be true) that (1) all conditions precedent provided for herein relating to the satisfaction and discharge of this Indenture have been complied with and (2) such satisfaction and discharge will not result in
a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument (which, in the case of the Opinion of Counsel, would be any other material agreement or instrument known to such counsel after due
inquiry) to which the Company is a party or by which it is bound. 
 With respect to the foregoing clause (i), the
Company’s obligations under Section 7.07 shall survive. With respect to the foregoing clause (ii), the Company’s obligations in Sections 2.02, 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 4.02, 7.07, 7.08, 8.04 and 8.05 shall survive
until the Notes are no longer outstanding. Thereafter, only the Company’s obligations in Sections 7.07 and 8.05 shall survive such satisfaction and discharge. After any such irrevocable deposit, the Trustee upon request shall acknowledge in
writing the discharge of the Company’s obligations, as the case may be, under the Notes and this Indenture, except for those surviving obligations specified above. 
 SECTION 8.02 Defeasance and Discharge of Indenture. The Company will be deemed to have paid and will be discharged from any and all obligations in respect of the Notes on the date of the deposit
referred to in clause (A) of this Section 8.02 if: 
 (A) with reference to this Section 8.02, the
Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee 

  
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satisfying the requirements of Section 7.10 of this Indenture) and conveyed all right, title and interest for the benefit of the Holders, under the terms of an irrevocable trust
agreement in form and substance reasonably satisfactory to the Trustee as trust funds in trust, specifically pledged to the Trustee for the benefit of the Holders as security for payment of the principal of, premium, if any, and interest, if any, on
the Notes, and dedicated solely to the benefit of the Holders, in and to (1) money in an amount, (2) Government Securities that, through the payment of interest, premium, if any, and principal in respect thereof in accordance with their
terms, will provide, not later than one day before the due date of any payment referred to in this clause (A), money in an amount or (3) a combination thereof in an amount sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, without consideration of the reinvestment of such interest and after payment of all federal, state and local taxes or other
charges and assessments in respect thereof payable by the Trustee, the principal of, premium, if any, and accrued interest on the outstanding Notes at the Stated Maturity of such principal or interest or on the applicable Redemption Date, as the
case may be, and the Company has specified whether the Notes are being defeased to the Stated Maturity or to a particular Redemption Date; provided that the Trustee shall have been irrevocably instructed by the Company to apply such money or
the proceeds of such Government Securities to the payment of such principal, premium, if any, and interest with respect to the Notes; 
 (B) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company or any of its Subsidiaries is a party
or by which the Company or any of its Subsidiaries is bound; 
 (C) immediately after giving effect to such
deposit on a pro forma basis, no Default or Event of Default shall have occurred and be continuing on the date of such deposit; 
 (D) the Company shall have delivered to the Trustee (1) either (x) a ruling directed to the Trustee received from the Internal Revenue Service to the effect that the Holders will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise of its option under this Section 8.02 and will be subject to United States federal income tax on the same amount and in the same manner and at
the same times as would have been the case if such option had not been exercised or (y) an Opinion of Counsel to the same effect as the ruling described in clause (1)(x) above accompanied by a ruling to that effect published by the
Internal Revenue Service, unless such Opinion of Counsel states that there has been a change in the applicable United States federal income tax law since the date of this Indenture such that a ruling from the Internal Revenue Service is no longer
required and (2) either (x) an Opinion of Counsel to the effect that, based upon Mexican tax law then in effect, Holders will not recognize income, gain or loss for Mexican federal income tax (including withholding tax) purposes as a
result of the Company’s exercise of its option under this Section 8.02 and will be subject to Mexican federal income tax (including withholding tax) on the same amount and in the same manner and at the same times as would have

  
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been the case if such deposit, defeasance and discharge had not occurred, or (y) a ruling directed to the Trustee received from the Mexican taxing authorities to the same effect as the
Opinion of Counsel described in clause (2)(x) above; 
 (E) if the Notes are then listed on a national
securities exchange, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such deposit defeasance and discharge will not cause the Notes to be delisted; and 

(F) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating
that all conditions precedent provided for herein relating to the defeasance contemplated by this Section 8.02 have been complied with. 
 Notwithstanding the foregoing, prior to the date of the deposit referred to in this Section 8.02, none of the Company’s obligations under this Indenture shall be discharged. Subsequent to the
date of the deposit referred to in this Section 8.02, the Company’s obligations in Sections 2.02, 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 4.02, 7.07, 7.08 and 8.05 shall survive until the Notes are no longer outstanding. Thereafter, only
the Company’s obligations in Sections 7.07, 8.04 and 8.05 shall survive. If and when a ruling or an Opinion of Counsel referred to in clauses (D)(1) and (D)(2) of this Section 8.02 may be provided specifically without regard to,
and not in reliance upon, the continuance of the Company’s obligations under Section 4.01, then the Company’s obligations under such Section 4.01 shall cease upon delivery to the Trustee of such ruling or Opinion of Counsel and
compliance with the other conditions precedent provided for herein relating to the defeasance contemplated by this Section 8.02. 
 After any such irrevocable deposit, the Trustee upon request shall acknowledge in writing the discharge of the Company’s obligations under the Notes and this Indenture except for those surviving
obligations in the immediately preceding paragraph. 
 SECTION 8.03 Defeasance of Certain Obligations. The Company may
omit to comply with any term, provision or condition set forth in clause (iii) of Section 5.01 and Sections 4.03 through 4.18, and clause (c) of Section 6.01 with respect to clause (iii) of Section 5.01, and clauses
(d), (e) and (g) of Section 6.01 shall be deemed not to be Events of Default, in each case with respect to the outstanding Notes, if: 
 (i) with reference to this Section 8.03, the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee satisfying the requirements of
Section 7.10) and conveyed all right, title and interest to the Trustee for the benefit of the Holders, under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee as trust funds in trust,
specifically pledged to the Trustee for the benefit of the Holders as security for payment of the principal of, premium, if any, and interest, if any, on the Notes, and dedicated solely to the benefit of the Holders, in and to (A) money in an
amount, (B) Government Securities that, through the payment of interest and principal in respect thereof in accordance with their terms, will provide, not later than one day before the due date of any payment referred to in this clause (i),
money in an amount or (C) a combination thereof in an amount sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to

  
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the Trustee, to pay and discharge, without consideration of the reinvestment of such interest and after payment of all federal, state, local and foreign taxes or other charges and assessments in
respect thereof payable by the Trustee, the principal of, premium, if any, and interest on the outstanding Notes on the Stated Maturity of such principal or interest or on the applicable Redemption Date, as the case may be, and the Company has
specified whether the Notes are being defeased to the Stated Maturity or to a particular Redemption Date; provided that the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such Government Securities to
the payment of such principal, premium, if any, and interest with respect to the Notes; 
 (ii) such deposit will
not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound; 
 (iii) immediately after giving effect to such deposit on a pro forma basis, no Default or Event
of Default shall have occurred and be continuing on the date of such deposit; 
 (iv) the Company has delivered
to the Trustee an Opinion of Counsel to the effect that (A) the Holders will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit and the defeasance of the obligations referred to in the
first paragraph of this Section 8.03 and will be subject to United States federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred and
(B) the Holders will not recognize income, gain or loss for Mexican federal income tax (including withholding tax) purposes as a result of such deposit and the defeasance of the obligations referred to in the first paragraph of this
Section 8.03 and will be subject to Mexican federal income tax (including withholding tax) on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred;

 (v) if the Notes are then listed on a national securities exchange, the Company shall have delivered to the
Trustee an Opinion of Counsel to the effect that such deposit defeasance and discharge will not cause the Notes to be delisted; and 
 (vi) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the defeasance
contemplated by this Section 8.03 have been complied with. 
 SECTION 8.04 Application of Trust Money. Subject to
Section 8.06, the Trustee or Paying Agent shall hold in trust money or Government Securities deposited with it pursuant to Section 8.01, 8.02 or 8.03, as the case may be and shall apply the deposited money and the money from Government
Securities in accordance with the Notes and this Indenture to the payment of principal of, premium, if any, and interest on the Notes; but such money need not be segregated from other funds except to the extent required by law. 

  
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 SECTION 8.05 Repayment to Company. Subject to Sections 7.07, 8.01, 8.02 and 8.03, the
Trustee and the Paying Agent shall promptly pay to the Company upon request set forth in an Officers’ Certificate any excess money held by them at any time and thereupon shall be relieved from all liability with respect to such money. The
Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal, premium, if any, or interest that remains unclaimed for two years; provided that the Trustee or such Paying Agent before
being required to make any payment may cause to be published at the expense of the Company once in a newspaper of general circulation in the City of New York or mail to each Holder entitled to such money at such Holder’s address (as set forth
in the Note Register) notice that such money remains unclaimed and that after a date specified therein (which shall be at least 30 days from the date of such publication or mailing) any unclaimed balance of such money then remaining,
unless otherwise required by mandatory escheat, or abandoned or unclaimed property law, will be repaid to the Company. After payment to the Company, Holders entitled to such money must look to the Company for payment as general creditors unless an
applicable law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 
 SECTION 8.06 Reinstatement. If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 8.03, as the case may be, by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.03, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 8.03, as the
case may be; provided that, if the Company has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE NINE

 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 SECTION 9.01 Without Consent of Holders. The Company, when authorized by resolutions of its Board of Directors, and the Trustee may amend or supplement this Indenture or the Notes without notice to
or the consent of any Holder: 
 (1) to cure any ambiguity, defect or inconsistency in this Indenture;
provided that such amendments or supplements shall not adversely affect the interests of the Holders in any material respect; 
 (2) to comply with Article Five; 
 (3) to comply with any
requirements of the Commission in connection with the qualification of this Indenture under the TIA; 

  
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 (4) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee or any additional Paying Agent; or 
 (5) to provide for the issuance of Add On Notes as
permitted by Section 3.05, which will have terms substantially identical to the other outstanding Notes except as specified in Section 3.05, and which will be treated, together with any other outstanding Notes, as a single issue of
securities. 
 SECTION 9.02 With Consent of Holders. Subject to Sections 6.04 and 6.07 and without prior notice to the
Holders, the Company, when authorized by its Board of Directors (as evidenced by a Board Resolution), and the Trustee may amend this Indenture and the Notes with the written consent of the Holders of a majority in principal amount of the Notes then
outstanding, and the Holders of a majority in principal amount of the Notes then outstanding by written notice to the Trustee may waive future compliance by the Company with any provision of this Indenture and the Notes. 

Notwithstanding the provisions of this Section 9.02, without the consent of each Holder affected, an amendment or waiver, including
a waiver pursuant to Section 6.04, may not: 
 (i) change the Stated Maturity of the principal of, or any
installment of interest on, any Note, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or adversely affect any right of repayment at the option of any Holder of any Note, or
change the Redemption Dates from those specified in Section 3.01 hereof or change any place of payment where, or the currency in which, any Note or any premium or the interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); 
 (ii) reduce the percentage in principal amount of outstanding Notes the consent of whose Holders is required for any such supplemental indenture, for any waiver of compliance with certain provisions of
this Indenture or certain Defaults and their consequences provided for in this Indenture; 
 (iii) waive a
Default in the payment of principal of, premium, if any, or interest on, any Note; 
 (iv) modify
Section 4.20 in a manner adverse to the Holders; or 
 (v) modify any of the provisions of this
Section 9.02, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby. 

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 

  
 73 

 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Company shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. The Company will mail supplemental indentures to Holders upon request. Any failure of the Company to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 
 SECTION
9.03 Revocation and Effect of Consent. Until an amendment or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt
as the Note of the consenting Holder, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note or portion of its Note. Such revocation shall be effective only if the
Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver shall become effective on receipt by the Trustee of written consents from the Holders of the
requisite percentage in principal amount of the outstanding Notes. 
 The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then, notwithstanding the last two sentences of the immediately preceding paragraph, those persons who were
Holders at such record date (or their duly designated proxies) and only those persons shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be
Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder unless it is of the type described in any of
clauses (i) through (iv) of Section 9.02. In case of an amendment or waiver of the type described in clauses (i) through (iv) of Section 9.02, the amendment or waiver shall bind each Holder who has consented to it and
every subsequent Holder of a Note that evidences the same indebtedness as the Note of the consenting Holder. 
 SECTION 9.04
Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note about the changed
terms and return it to the Holder and the Trustee may place an appropriate notation on any Note thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue and the Trustee
shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

SECTION 9.05 Trustee to Sign Amendments, Etc. The Trustee shall be entitled to receive, and shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article Nine is authorized or permitted by this Indenture. Subject to the preceding sentence, the Trustee shall sign such
amendment, supplement or waiver if the same does not adversely affect the rights of the Trustee. The Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver that affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise. 

  
 74 

 SECTION 9.06 Conformity with Trust Indenture Act. Every supplemental indenture
executed pursuant to this Article Nine shall conform to the requirements of the TIA as then in effect. 
 ARTICLE TEN

 [INTENTIONALLY OMITTED] 
 ARTICLE ELEVEN 
 [INTENTIONALLY OMITTED] 

ARTICLE TWELVE 
 [INTENTIONALLY OMITTED] 
 ARTICLE THIRTEEN 

MISCELLANEOUS 
 SECTION 13.01 Trust Indenture Act of 1939. Prior to the effectiveness of the Registration Statement, this Indenture shall incorporate and be governed by the provisions of the TIA that are required
to be part of and to govern indentures qualified under the TIA. After the effectiveness of the Registration Statement, this Indenture shall be subject to the provisions of the TIA that are required to be a part of this Indenture and shall, to the
extent applicable, be governed by such provisions. 
 SECTION 13.02 Notices. Any notice or communication shall be
sufficiently given if in writing and delivered in person or mailed by first class mail, postage prepaid. addressed as follows: 
  

			
	if to the Company:	  	
		
	 Kansas City Southern de México, S.A. de C.V.
 c/o Kansas City Southern
	  	
		
	Overnight Courier Address:	  	U.S. Mail Address:
		
	427 West 12th Street	  	P.O. Box 219335
	Kansas City, MO 64105	  	Kansas City, MO 64121-9335
	Attention: Chief Financial Officer	  	Attention: Chief Financial Officer
		
	if to the Trustee:	  	
		
	U.S. Bank National Association	  	
	Corporate Trust Services	  	
	225 Asylum Street, 23rd Floor	  	
	Hartford, CT 06103-1919	  	
	Attention: Michael M. Hopkins	  	

  
 75 

 The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 All notices or communications to a Holder shall be deemed to have been
given upon the mailing by first class mail, postage prepaid, of such notices to Noteholders at their registered addresses as recorded in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed in the
Notes for the giving of such notice. Copies of any such communication or notice to a Holder shall also be mailed to the Trustee and each Agent at the same time. From and after the date the Notes are listed on the Irish Stock Exchange the Company
will also provide notices to Holders as required by the rules of such exchange for so long as it is required by its rules. 

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
Except for a notice to the Trustee, which is deemed given only when received, and except as otherwise provided in this Indenture, if a notice or communication is mailed in the manner provided in this Section 13.02, it is duly given, whether or
not the addressee receives it. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver. 
 In case by reason of the suspension of regular mail service
or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. All communication
delivered to the Trustee shall be deemed effective when actually received by the Trustee. 
 Neither the failure to give any
notice to a particular Holder, nor any defect in any notice given to any particular Holder, shall affect the sufficiency of any notice given to another Holder. 
 SECTION 13.03 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the
Company shall furnish to the Trustee, if the Trustee so requests: 
 (i) an Officers’ Certificate stating
that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(ii) an Opinion of Counsel stating that, in the opinion of such Counsel, all such conditions precedent have been complied
with. 

  
 76 

 SECTION 13.04 Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(i) a statement that each person signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statement or opinion contained in such certificate or opinion is based; 
 (iii) a
statement that, in the opinion of each such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied
with; provided, however, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 
 SECTION 13.05 Rules by Trustee, Paying Agent or Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Paying Agent or Registrar may make reasonable rules
for its functions. 
 SECTION 13.06 Payment Date Other Than a Business Day. If an Interest Payment Date, Redemption Date,
Change of Control Payment Date, Excess Proceeds Payment Date, Stated Maturity or date of maturity of any Note shall not be a Business Day, then payment of principal of, premium, if any, or interest on such Note, as the case may be, need not be made
on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Change of Control Payment Date, Excess Proceeds Payment Date, or Redemption Date, or at the Stated Maturity or
date of maturity of such Note; provided that no interest shall accrue for the period from and after such Interest Payment Date, Change of Control Payment Date, Excess Proceeds Payment Date, Redemption Date, Stated Maturity or date of
maturity, as the case may be. 
 SECTION 13.07 Governing Law; Submission to Jurisdiction; Agent for Service. Each of the
parties hereto agrees that the Notes and this Indenture will be governed by the laws of the State of New York. Each of the parties hereto hereby submits to the jurisdiction of the U.S. federal and New York state courts located in the Borough of
Manhattan, City and State of New York for purposes of all legal actions and proceedings instituted in connection with the Notes and this Indenture, and waives any objection which it may now have or hereafter have to the laying of venue of any such
action or proceeding and any right to which it may be entitled on account of place of residence or domicile. The Company has appointed C T Corporation, 111 Eighth Avenue, New York, NY 10011, as the Company’s authorized agent upon which process
may be served in any such action. 
 SECTION 13.08 Currency Indemnity. U.S. dollars are the sole currency of account and
payment for all sums payable by the Company under or in connection with the 

  
 77 

 
Notes, including damages. Any amount received or recovered in a currency other than U.S. dollars (whether as a result of, or of the enforcement of, a judgment or order of a court of any
jurisdiction, in the winding-up or dissolution of the Company or otherwise) by any Holder in respect of any sum expressed to be due to it from the Company shall only constitute a discharge to the Company to the extent of the dollar amount which
the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable
to do so). If that dollar amount is less than the dollar amount expressed to be due to the recipient under any Note, the Company shall indemnify the recipient against any loss sustained by it as a result. In any event, the Company shall indemnify
the recipient against the cost of making any such purchase. For the purposes of this Section 13.08, it will be sufficient for the Holder to certify in a satisfactory manner (indicating the sources of information used) that it would have
suffered a loss had an actual purchase of U.S. dollars been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. dollars on such date had not been practicable, on the first date on
which it would have been practicable, it being required that the need for a change of date be certified in the manner mentioned above). These indemnities constitute a separate and independent obligation from the Company’s other obligations,
shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by any Holder and shall continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in
respect of any sum due under any Note. 
 SECTION 13.09 No Adverse Interpretation of Other Agreements. This Indenture may
not be used to interpret another indenture, loan or debt agreement of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 13.10 No Recourse Against Others. No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes, or for any claim based thereon or
otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company contained in this Indenture, or in any of the Notes, or because of the creation of any Indebtedness represented thereby, shall be had
against any incorporator, stockholder, officer, director, employee or controlling person of the Company, or of any successor Person thereof, either directly or through the Company or any successor Person, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of
this Indenture and the issue of the Notes. 
 SECTION 13.11 Successors. All agreements of the Company in this Indenture
and the Notes shall bind their successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION
13.12 Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

  
 78 

 SECTION 13.13 Separability. In case any provision in this Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 13.14 Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms and provisions hereof. 
 SECTION 13.15 Waiver of Immunity. To the extent that the Company has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of
any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Company hereby irrevocably waives and agrees not to plead or claim such immunity in respect
of its obligations under this Indenture. 

  
 79 

 SIGNATURES 
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the date first written above. 

 

			
	 KANSAS CITY SOUTHERN de MÉXICO,
S.A. de C.V.

	
	 /s/ Michael W. Upchurch

	Name:	 	Michael W. Upchurch
	Title:	 	Attorney-in-Fact and Chief Financial Officer
	
	/s/ Paul J. Weyandt
	Name:	 	Paul J. Weyandt
	Title:	 	Attorney-in-Fact and Treasurer
	
	 U.S. Bank National Association, as Trustee
and Paying Agent

	
	 /s/ Michael M. Hopkins

	Name:	 	Michael M. Hopkins
	Title:	 	Vice President

  
 Indenture
Signature Page 

 EXHIBIT A 
 [FACE OF NOTE] 
 Kansas City Southern de México, S.A. de C.V. 

6.125% Senior Notes due 2021 
 [CUSIP] [            ] 

[            ] 

[CINS] [              ] 

[ISIN] [              ] 

No.        U.S.$             

Kansas City Southern de México, S.A. de C.V., a corporation (sociedad anónima de capital variable) organized
under the laws of Mexico (the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum of
U.S.$             on June 15, 2021. 
 Interest Payment
Dates: June 15 and December 15, commencing December 15, 2011. 
 Regular Record Dates: June 1 and
December 1. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 A-1

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by its duly authorized officers. 
  

					
	Date: May 20, 2011	 	Kansas City Southern de México, S.A. de C.V.
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
 A-2

 Trustee’s Certificate of Authentication 

This is one of the 6.125% Senior Notes described in the within-mentioned Indenture. 

 

			
	U.S. Bank National Association, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3

 [REVERSE SIDE OF NOTE] 

Kansas City Southern de México, S.A. de C.V. 
 6.125% Senior Notes 
  

	1.	Principal and Interest. 

The Company will pay the principal of this Note on June 15, 2021. 

The Company promises to pay interest on the principal amount of this Note on each Interest Payment Date, as set forth below, at the rate
per annum shown above. 
 Interest will be payable semiannually (to the holders of record of the Notes at the close of business
on June 1 or December 1 immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing December 15, 2011. 
 Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May 20, 2011; provided that, if there is no existing default
in the payment of interest and this Note is authenticated between a Regular Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such Interest Payment Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. 
 The Company shall pay interest on overdue principal and premium, if any,
and interest on overdue installments of interest, to the extent lawful, at a rate per annum that is 2.0% in excess of the rate otherwise payable. 
  

	2.	Method of Payment. 

 The
Company will pay principal as provided above and interest (except defaulted interest) on the principal amount of the Notes as provided above on each June 15 and December 15 to the persons who are Holders (as reflected in the Note
Register at the close of business on June 1 and December 1 immediately preceding the Interest Payment Date), in each case, even if the Note is cancelled on registration of transfer or registration of exchange after such record date;
provided that, with respect to the payment of principal, the Company will not make payment to the Holder unless this Note is surrendered to a Paying Agent. 
 The Company will pay principal, premium, if any, and, as provided above, interest (and Additional Amounts, if any) in money of the United States that at the time of payment is legal tender for
payment of public and private debts. However, the Company may pay principal, premium, if any, and interest by its check payable in such money. It may mail an interest check to a Holder’s registered address (as reflected in the Note Register).
If a payment date is a date other than a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day and no interest shall accrue for the intervening period. 

  
 A-4

	3.	Paying Agent and Registrar. 

 Initially, the Trustee will act as authenticating agent, Paying Agent in New York and Registrar. The Company may appoint or change any authenticating agent, Paying Agent or Registrar without notice. The
Company, any Subsidiary or any Affiliate of any of them may act as Paying Agent, Registrar or co-Registrar. 
  

	4.	Indenture; Limitations. 

The Company issued the Notes under an Indenture dated as of May 20, 2011 (the “Indenture”), between the Company and the
U.S. Bank National Association, as trustee (the “Trustee”) and as paying agent (“Paying Agent”). Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms.
To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 

The Notes are general unsecured obligations of the Company. The Indenture limits the aggregate principal amount of the Notes to
U.S.$200,000,000 plus any Add On Notes or Exchange Notes that may be issued in exchange for Notes pursuant to the Registration Rights Agreement. 
  

	5.	Optional Redemption. 

 The
Notes will be redeemable, at the Company’s option, in whole at any time or in part from time to time, on or after June 15, 2016 and prior to maturity, upon not less than 30 nor more than 60 days’ prior notice mailed by first class
mail to each Holders’ last address as it appears in the Note Register, at the following Redemption Prices (expressed in percentages of principal amount), plus accrued and unpaid interest, liquidated damages, if any, and any Additional Amounts
(as defined in Section 4.20 of the Indenture) to the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date that is on or prior to the Redemption Date to receive interest due on an Interest Payment Date),
if redeemed during the 12-month period commencing June 15, of the years set forth below: 
  

					
	 Year
	  	Redemption Price	 
	 2016
	  	 	103.063	% 
	 2017
	  	 	102.042	% 
	 2018
	  	 	101.021	% 
	 2019 and thereafter
	  	 	100.000	% 

 In addition, at any time
prior to June 15, 2014, the Company may redeem up to 35.0% of the principal amount of the Notes with the Net Cash Proceeds of one or more Equity Offerings by the Company or KCS, to the extent the Net Cash Proceeds thereof are contributed to the
Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from the Company, at a Redemption Price equal to 106.125% of the principal amount thereof, plus accrued interest, liquidated damages, if any, and any Additional
Amounts to the Redemption Date; provided, however, that after giving effect to any such redemption: 
  

	 	(1)	at least 65.0% of the original aggregate principal amount of the Notes remains outstanding; and 

  
 A-5

	 	(2)	any such redemption must be made within 90 days of such Equity Offering and must be made in accordance with certain procedures set forth in the Indenture.

 At any time prior to June 15, 2016, the Company may also redeem all or part of the Notes, upon not less
than 30 days nor more than 60 days’ prior notice by first-class mail to each Holder’s registered address, at a Redemption Price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and
unpaid interest if any, to the Redemption Date, subject to the rights of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

Upon completion of the Exchange Offer, the Company may also redeem any Notes which were not surrendered in the Exchange Offer in an
amount up to 2.0% of the original aggregate principal amount of the Notes issued at a redemption price of 100.0% of their principal amount plus accrued interest, if any, and any Additional Amounts to the Redemption Date. 

 

	6.	Redemption for Changes in Withholding Taxes. 

 The Notes will be subject to redemption, in whole but not in part, at the option of the Company at any time at 100.0% of their principal amount together with accrued interest, liquidated damages, if any,
and any Additional Amounts thereon, if any, to the Redemption Date, in the event the Company has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts in
excess of those attributable to a withholding tax rate of 4.9% as a result of a change in or amendment to the laws (including any regulations or general rules promulgated thereunder) of Mexico (or any political subdivision or taxing authority
thereof or therein), or any change in or amendment to any official position regarding the application, administration or interpretation of such laws, regulations or general rules, including a holding of a court of competent jurisdiction, which
change or amendment is announced or becomes effective on or after May 6, 2011. The Company shall not, however, have the right to redeem Notes from a Holder pursuant to this Section except to the extent that it is obligated to pay Additional
Amounts to such Holder that are greater than the Additional Amounts that would be payable based on a Mexican Withholding Tax rate of 4.9%. 
  

	7.	Partial Redemption. 

Except with respect to Notes to be redeemed pursuant to the fourth paragraph set forth under the heading “– Optional
Redemption” above, in the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements, as certified to it by the Company, of the principal national securities exchange,
if any, on which such Notes are listed or, if such Notes are not listed on a national securities exchange, by lot or by such other method as such Trustee in its sole discretion shall deem to be

  
 A-6

 
fair and appropriate; provided that no Note of U.S.$2,000 in principal amount or less shall be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption
relating to such Note shall state the portion of the principal amount thereof to be redeemed. A Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note.

  

	8.	Notice of Redemption. 

Notice of any redemption pursuant to Section 5 hereof will be mailed at least 30 days but not more than 60 days before the Redemption
Date to each Holder of Notes to be redeemed at his or her last address as it appears in the Note Register. Notice of any redemption pursuant to Section 6 hereof will be mailed at least six days before the Redemption Date to each Holder of Notes
to be redeemed at his or her last address as it appears in the Note Register. Notes in original denominations larger than U.S.$2,000 may be redeemed in part. On and after the Redemption Date, interest ceases to accrue and the principal amount shall
remain constant (using the principal amount as of the Redemption Date) on Notes or portions of Notes called for redemption, unless the Company defaults in the payment of the Redemption Price. 

 

	9.	Repurchase upon Change of Control. 

 Upon the occurrence of any Change of Control, each Holder shall have the right to require the repurchase of its Notes by the Company in cash pursuant to the offer described in the Indenture at a purchase
price equal to 101.0% of the principal amount thereof on the date of repurchase plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”). 

A notice of such Change of Control will be mailed within 30 days after any Change of Control occurs to each Holder at his last address as
it appears in the Note Register. Notes in original denominations larger than U.S.$2,000 may be sold to the Company in part. On and after the Change of Control Payment Date, interest ceases to accrue on Notes or portions of Notes surrendered for
purchase by the Company, unless the Company defaults in the payment of the Change of Control Payment. 
  

	10.	Denominations; Transfer; Exchange. 

 The Notes are in registered form without coupons in minimum denominations of U.S.$2,000 of principal amount and multiples of U.S.$1,000 in excess thereof. A Holder may register the transfer or exchange of
Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar
need not register the transfer or exchange of any Notes selected for redemption. Also, it need not register the transfer or exchange of any Notes for a period of 15 days before a selection of Notes to be redeemed is made. 

 

	11.	Persons Deemed Owners. 

 A
Holder shall be treated as the owner of a Note for all purposes. 

  
 A-7

	12.	Unclaimed Money. 

 If
money for the payment of principal, premium, if any, or interest remains unclaimed for two years, the Trustee and the Paying Agent will pay the money back to the Company at its request. After that, Holders entitled to the money must look to the
Company for payment, unless an abandoned property law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 

 

	13.	Discharge Prior to Redemption or Maturity. 

 The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the payment of all the
Notes or upon the irrevocable deposit with the Trustee of U.S. Dollars or Government Securities sufficient to pay when due principal of and interest on the Notes to maturity or redemption, as the case may be. 

 

	14.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding, and any
existing default or compliance with any provision may be waived with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding. Without notice to or the consent of any Holder, the parties thereto may amend
or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency and make any change that does not materially and adversely affect the rights of any Holder. 

 

	15.	Restrictive Covenants. 

The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries, among other things, to incur
additional Indebtedness, make Restricted Payments, use the proceeds from Asset Sales, enter into sale-leaseback transactions, engage in transactions with Affiliates or, with respect to the Company, merge, consolidate or transfer substantially all of
their assets. Within 90 days after the end of each fiscal year, the Company must report to the Trustee on compliance with such limitations. 
  

	16.	Successor Persons. 

 When
a successor person or other entity assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor person will be released from those obligations. 

 

	17.	Defaults and Remedies. 

The following events constitute “Events of Default” under the Indenture: (a) default in the payment of principal of (or
premium, if any, on) any Note when the same becomes due and payable at maturity, upon acceleration, redemption or otherwise; (b) default in the payment of interest on any Note when the same becomes due and payable, and such default

  
 A-8

 
continues for a period of 30 days; (c) the Company defaults in the performance of or breaches the provisions of Article Five of the Indenture or fails to make or consummate an Offer to
Purchase in accordance with Section 4.11 or Section 4.12 of the Indenture; (d) the Company defaults in the performance of or breaches any other covenant or agreement of the Company in the Indenture or under this Note (other than a
default specified in clause (a), (b) or (c) above), and such default or breach continues for a period of 60 consecutive days after written notice by the Trustee or the Holders of 25.0% or more in aggregate principal amount of the Notes;
(e) there occurs with respect to any issue or issues of Indebtedness of the Company or any of its Significant Subsidiaries having an outstanding principal amount of U.S.$35.0 million or more in the aggregate for all such issues of all such
Persons, whether such Indebtedness now exists or shall hereafter be created, (I) an event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has
not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such acceleration and/or (II) the failure to make a principal payment at the final (but not any interim) fixed maturity and such
defaulted payment shall not have been made, waived or extended within 30 days of such payment default; (f) [intentionally omitted]; (g) any final judgment or order (not covered by insurance) for the payment of money in excess of
U.S.$35.0 million in the aggregate for all such final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not so covered) shall be rendered against the Company or any of its Significant
Subsidiaries and shall not be paid or discharged, and there shall be any period of 30 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or
discharged against all such Persons to exceed U.S.$35.0 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; (h) a court having jurisdiction in the
premises enters a decree or order for (A) relief in respect of the Company or any of its Significant Subsidiaries in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
(B) appointment of a receiver, liquidator, assignee, síndico, custodian, trustee, sequestrator or similar official of the Company or any of its Significant Subsidiaries or for all or substantially all of the property and assets of
the Company or those of its Significant Subsidiaries or (C) the winding up or liquidation of the affairs of the Company or any of its Significant Subsidiaries and, in each case, such decree or order shall remain unstayed and in effect for a
period of 30 consecutive days; (i) the Company or any of its Significant Subsidiaries (A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of
an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any of its
Significant Subsidiaries or for all or substantially all of the property and assets of the Company or any of its Significant Subsidiaries or (C) effects any general assignment for the benefit of creditors; or (j) (A) the Concession
Title shall cease to grant to the Company the rights (including exclusive rights) provided therein on the date of the Indenture and such cessation has had a material adverse effect on its Restricted Subsidiaries taken as a whole;
(B) (x) the Concession Title shall for any reason be terminated and not reinstated within 30 days or (y) rights provided therein which were originally exclusive to the Company shall become nonexclusive and the cessation of such
exclusivity has had a material adverse effect on the Company and its Restricted Subsidiaries, taken as a whole; or (C) the operations of the Northeast Rail Lines shall be 

  
 A-9

 
commandeered or repossessed (a requisa) for a period of 90 days or more. If an Event of Default (other than an Event of Default specified in clause (h), (i) or
(j)(B)(x) above that occurs with respect to the Company) occurs and is continuing under the Indenture, the Trustee or the Holders of at least 25.0% in aggregate principal amount of the Notes then outstanding, by written notice to the
Company (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued interest on the Notes to be immediately due and payable.

 If an Event of Default specified in clause (h), (i) or (j)(B)(x) above occurs with respect to the Company and is
continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes.
Subject to certain limitations, Holders of at least a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of any trust or power. 

 

	18.	Additional Amounts. 

 Any
payments by the Company under or with respect to the Notes may require the payment of Additional Amounts as may become payable under Section 4.20 of the Indenture. 

 

	19.	Trustee Dealings with Company. 

 The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from and perform services for the Company or its Affiliates and may otherwise deal with the
Company or its Affiliates as if it were not the Trustee. 
  

	20.	No Recourse Against Others. 

 No incorporator or any past, present or future partner, shareholder, other equity holder, officer, director, employee or controlling person as such, of the Company or of any successor Person shall have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes. 
  

	21.	Authentication. 

 This
Note shall not be valid until the Trustee or authenticating agent signs the certificate of authentication on the other side of this Note. 
  

	22.	Abbreviations. 

 Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST
(= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 A-10

 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to Kansas City Southern de México, S.A. de C.V., Montes Urales No. 625, Col. Lomas de Chapultepec, Delegación Miguel Hidalgo, 11000, México D.F., Attention: Chief Financial Officer.

  
 A-11

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
  

 
 Please print or typewrite name and address
including zip code of assignee 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing 
                                  
                                         
                                         
          attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 
 [THE FOLLOWING PROVISION TO BE INCLUDED 
 ON ALL NOTES OTHER THAN EXCHANGE NOTES,

 OFFSHORE GLOBAL NOTES AND 
 OFFSHORE PHYSICAL NOTES] 
 In connection with any transfer of this Note occurring
prior to the date which is the earlier of (i) the date of an effective registration statement or (ii) the end of the period referred to in Rule 144 under the Securities Act, the undersigned confirms that without utilizing any general
solicitation or general advertising: 
  

			
	[Check One]
		
	 [    ] (a)
	 	this Note is being transferred in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Rule 144A thereunder.
	
	or
		
	 [    ] (b)
	 	this Note is being transferred other than in accordance with (a) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and
the Indenture.

  
 A-12

 If none of the foregoing boxes is checked, the Trustee or other Registrar shall not be obligated to register
this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.08 of the Indenture shall have been satisfied. 

 

							
	Date:	 	  
	 		 	  

		 		 		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any
change whatsoever.

 TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Date:	 	  
	 		 	  

		 		 		 	NOTICE: To be executed by an executive officer

  
 A-13

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have this Note purchased by the Company pursuant to Section 4.11 or Section 4.12 of the Indenture, check the
Box:   ̈ 
 If you wish to have a portion of this Note purchased by the
Company pursuant to Section 4.11 or Section 4.12 of the Indenture, state the amount:
U.S.$                             
 Date: 
  

			
	Your Signature:	  	  

		  	(Sign exactly as your name appears on the other side of this Note)

			
		
	Signature Guarantee:	  	  

  
 A-14

 EXHIBIT B 
 Form of Certificate 

            ,         

 U.S. Bank National Association 

Corporate Trust Services 

225 Asylum Street, 23rd Floor 

Hartford, CT 06103-1919 
 Attention: Michael M.
Hopkins 
  

			
	Re:	 	 Kansas City Southern de México, S.A. de C.V. (the “Company”)

6.125% Senior Notes due 2021
 (the “Notes”)

  

Ladies and Gentlemen: 
 This
letter relates to U.S.$             principal amount of Notes represented by a Note (the “Legended Note”) which bears a legend outlining restrictions upon transfer
of such Legended Note. Pursuant to Section 2.02 of the Indenture dated as of May 20, 2011 (the “Indenture”) relating to the Notes, we hereby certify that we are (or we will hold such securities on behalf of) a person
outside the United States to whom the Notes could be transferred in accordance with Rule 904 of Regulation S promulgated under the U.S. Securities Act of 1933. Accordingly, you are hereby requested to exchange the legended certificate for an
unlegended certificate representing an identical principal amount of Notes, all in the manner provided for in the Indenture. 

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	Very truly yours,
	
	[Name of Holder]
		
	By:	 	  

		 	Authorized Signature

  
 B-1

 EXHIBIT C 
 Form of Certificate to Be Delivered 
 in Connection with Transfers 

Pursuant to Regulation S 
             ,          
 U.S. Bank National Association 
 Corporate Trust Services 

225 Asylum Street, 23rd Floor 

Hartford, CT 06103-1919 
 Attention: Michael M.
Hopkins 
  

			
	Re:	 	 Kansas City Southern de México, S.A. de C.V. (the “Company”)

6.125% Senior Notes due 2021
 (the “Notes”)

  

Ladies and Gentlemen: 
 In
connection with our proposed sale of U.S.$              aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the U.S. Securities Act of 1933, as amended, and, accordingly, we represent that: 
 (1) if
the offer of the Notes was made prior to the expiration of the Distribution compliance period, the offer of the Notes was not made to a U.S. person or for the account or benefit of a U.S. person; 

(2) the offer of the Notes was not made to a person in the United States; 

(3) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on
our behalf reasonably believed that the transferee was outside the United States; 
 (4) no directed selling
efforts have been made by us in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 

(5) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act of
1933. 
 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a
copy hereof to any interested parry in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

  
 C-1

 
			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

  
 C-2

 EXHIBIT D 
 Form of Certificate to Be 
 Delivered in Connection with 

Transfers to Non-QIB Accredited Investors 
 (Other Than Outside the United States in Reliance on Regulation S) 

            ,         

 U.S. Bank National Association 

Corporate Trust Services 

225 Asylum Street, 23rd Floor 

Hartford, CT 06103-1919 
 Attention: Michael M.
Hopkins 
  

			
	Re:	 	 Kansas City Southern de México, S.A. de C.V. (the “Company”)

6.125% Senior Notes due 2021
 (the “Notes”)

  

Dear Sirs: 
 In connection with
our proposed purchase of U.S.$             aggregate principal amount of the Notes, we confirm that: 

1. We understand that any subsequent transfer of the Notes is subject to certain restrictions and conditions set forth in
the Indenture dated as of May 20, 2011 relating to the Notes (the “Indenture”) and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes except in compliance with, such restrictions and
conditions and the Securities Act of 1933, as amended (the “Securities Act”). 
 2. We understand that
the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we
are acting as hereinafter stated, that if we should sell any Notes, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer”
(as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed
letter substantially in the form of this letter, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the exemption from registration provided by Rule 144 under the Securities
Act, or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any person purchasing any of the Notes from us a notice advising such purchaser that resales of the Notes are restricted as
stated herein. 

  
 D-1

 3. We understand that, on any proposed resale of any Notes, we will be
required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that
the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are purchasing notes having a
minimum purchase price of not less than U.S.$250,000 for our own account or for any separate account for which we are acting. 
 5. We are an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or an entity in which all of the equity owners are accredited
investors within the meaning of Rule 501(a)(1), (2) or (3) under the Securities Act (an “institutional accredited investor”) able to bear the economic risk of an investment in the notes. 

6. Any purchase of notes by us will be for our own account or for the account of one or more other institutional
accredited investors for each of which we exercise sole investment discretion (and have authority to make, and do make, the statements contained in this letter) or as fiduciary for the account of one or more trusts, each of which is an
“accredited investor” within the meaning of Rule 501(a)(7) under the Securities Act and for each of which we exercise sole investment discretion; or we are a “bank” within the meaning of Section 3(a)(2) of the Securities
Act, or a “savings and loan association” or other institution described in Section 3(a)(5)(A) of the Securities Act, that is acquiring the notes as fiduciary for the account of one or more institutions for which we exercise sole
investment discretion. 
 7. We have such knowledge and experience in financial and business matters so as to be
capable of evaluating the merits and risks of purchasing the notes. 
 You and the Company are entitled to rely upon this letter
and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[Name of Transferee]
		
	By:	 	  

		 	Authorized Signature

  
 D-2Registration Rights Agreement, dated May 20, 2011, among Kansas City Southern

 Exhibit 4.2 
 EXECUTION VERSION 
 KANSAS CITY SOUTHERN de MÉXICO, S.A. de C.V.

 U.S.$200,000,000 6.125% Senior Notes Due 2021 
 REGISTRATION RIGHTS AGREEMENT 
 May 20, 2011 

Merrill Lynch, Pierce, Fenner & Smith 

                    Incorporated 

J.P. Morgan Securities LLC 
 Scotia Capital (USA)
Inc. 
 Banco Bilbao Vizcaya Argentaria, S.A. 
 Morgan Stanley & Co. Incorporated 
     as Placement Agents

 c/o Merrill Lynch, Pierce, Fenner & Smith 
                     Incorporated 
     One Bryant Park 
     New York, New York 10036

 Ladies and Gentlemen: 
 Kansas City
Southern de México, S.A. de C.V., a sociedad anónima de capital variable organized under the laws of the United Mexican States (the “Company”), proposes to issue and sell to Merrill Lynch, Pierce, Fenner &
Smith Incorporated, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc., Banco Bilbao Vizcaya Argentaria, S.A. and Morgan Stanley & Co. Incorporated (the “Placement Agents”), U.S.$200,000,000 principal amount of its 6.125%
Senior Notes Due 2021 (the “Securities”), upon the terms set forth in the Placement Agreement between the Company and the Placement Agents dated May 6, 2011 (the “Placement Agreement”) relating to the initial placement (the
“Initial Placement”) of the Securities. To induce the Placement Agents to enter into the Placement Agreement and to satisfy a condition to your obligations thereunder, the Company agrees with you for your benefit and the benefit of the
holders from time to time of the Securities (including the Placement Agents) (each a “Holder” and, collectively, the “Holders”), as follows: 
 1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Placement Agreement. As used in this Agreement, the following capitalized
defined terms shall have the following meanings: 
 “Act” shall mean the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder. 
 “Affiliate” shall have the meaning specified in
Rule 405 under the Act and the terms “controlling” and “controlled” shall have meanings correlative thereto. 

 “Broker-Dealer” shall mean any broker or dealer registered as such under the
Exchange Act. 
 “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on
which banking institutions or trust companies are authorized or obligated by law to close in New York City. 
 “Closing
Date” shall mean the date of the first issuance of the Securities. 
 “Commission” shall mean the Securities and
Exchange Commission. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder. 
 “Exchange Offer Registration Period” shall mean the one-year
period following the consummation of the Registered Exchange Offer, exclusive of any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 

“Exchange Offer Registration Statement” shall mean a registration statement of the Company on an appropriate form under the Act
with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus contained therein, all exhibits thereto and all material
incorporated by reference therein. 
 “Exchanging Dealer” shall mean any Holder (which may include the Placement
Agents) that is a Broker-Dealer and elects to exchange for New Securities any Securities that it acquired for its own account as a result of market-making activities or other trading activities (but not directly from the Company or any Affiliate of
the Company) for New Securities. 
 “Final Memorandum” shall mean the offering memorandum, dated May 6, 2011
relating to the Securities, including any and all exhibits and appendices thereto and any information incorporated by reference therein as of such date. 
 “FINRA Rules” shall mean the Conduct Rules and the By-Laws of the Financial Industry Regulatory Authority, Inc. 
 “Holder” shall have the meaning set forth in the preamble hereto. 

“Indenture” shall mean the Indenture relating to the Securities, dated as of May 20, 2011, among the Company, U.S. Bank
National Association, as trustee and paying agent, as the same may be amended from time to time in accordance with the terms thereof. 
 “Initial Placement” shall have the meaning set forth in the preamble. 

“Losses” shall have the meaning set forth in Section 6(d) hereof. 

  
 2 

 “Majority Holders” shall mean, on any date, Holders of a majority of the aggregate
principal amount of outstanding Securities registered under a Registration Statement. 
 “Managing Underwriters” shall
mean the investment bank or investment banks and manager or managers that administer an underwritten offering, if any, under a Registration Statement. 
 “New Securities” shall mean debt securities of the Company identical in all material respects to the Securities (except that the transfer restrictions shall be modified or eliminated, as
appropriate) to be issued under the New Securities Indenture. 
 “New Securities Indenture” shall mean an indenture
between the Company and the New Securities Trustee, identical in all material respects to the Indenture (except that the transfer restrictions shall be modified or eliminated, as appropriate), which may be the Indenture if in the terms thereof
appropriate provision is made for the New Securities. 
 “New Securities Trustee” shall mean a bank or trust company
reasonably satisfactory to the Placement Agents, as trustee with respect to the New Securities under the New Securities Indenture. 
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed
as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Securities or the New Securities
covered by such Registration Statement, and all amendments and supplements thereto, including any and all exhibits thereto and any information incorporated by reference therein. 

“Registered Exchange Offer” shall mean the proposed offer of the Company to issue and deliver to the Holders of the Securities
that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities, a like aggregate principal amount of the New Securities. 

“Registrable Securities” shall mean (i) Securities other than those that have been (A) registered under a
Registration Statement and exchanged or otherwise disposed of in accordance therewith or (B) distributed to the public pursuant to Rule 144 under the Act or any successor rule or regulation thereto that may be adopted by the Commission and
(ii) any New Securities, the resale of which by the Holder thereof requires compliance with the prospectus delivery requirements of the Act. 
 “Registration Default Damages” shall have the meaning set forth in Section 8 hereof. 
 “Registration Statement” shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the Securities or the New Securities pursuant to the provisions
of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including the Prospectus contained therein), all exhibits thereto and all material incorporated by reference therein.

  
 3 

 “Securities” shall have the meaning set forth in the preamble hereto. 

“Shelf Registration” shall mean a registration effected pursuant to Section 3 hereof. 

“Shelf Registration Period” has the meaning set forth in Section 3(b)(ii) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company pursuant to the provisions
of Section 3 hereof which covers some or all of the Securities or New Securities, as applicable, on an appropriate form under Rule 415 under the Act, or any similar rule that may be adopted by the Commission, amendments and supplements to such
registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “underwriter” shall mean any underwriter of Securities in connection with an offering
thereof under a Shelf Registration Statement. 
 2. Registered Exchange Offer. (a) To the extent not prohibited by
any applicable law or applicable interpretation of the staff of the Commission, the Company shall as promptly as practicable prepare and file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange
Offer. The Company shall use its commercially reasonable efforts to cause the Exchange Offer Registration Statement to become effective under the Act and to complete the Registered Exchange Offer within 360 days of the Closing Date. 

(b) Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange
Offer, it being the objective of such Registered Exchange Offer to enable each Holder electing to exchange Securities for New Securities (assuming that such Holder is not an Affiliate of the Company, acquires the New Securities in the ordinary
course of such Holder’s business, has no arrangements with any person to participate in the distribution of the New Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to
trade such New Securities from and after their receipt without any limitations or restrictions under the Act and without material restrictions under the securities laws of a substantial proportion of the several states of the United States.

 (c) In connection with the Registered Exchange Offer, the Company shall: 

(i) mail to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with
an appropriate letter of transmittal and related documents; 
 (ii) keep the Registered Exchange Offer open for
not less than 20 Business Days and use its commercially reasonable efforts to keep the Registered Exchange Offer open for not more than 40 Business Days after the date notice thereof is mailed to the Holders (or, in each case, longer if required by
applicable law); 

  
 4 

 (iii) use its commercially reasonable efforts to keep the Exchange Offer
Registration Statement continuously effective under the Act, supplemented and amended as required, under the Act to ensure that it is available for sales of New Securities by Exchanging Dealers during the Exchange Offer Registration Period;

 (iv) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of
Manhattan in New York City, which may be the Trustee, the New Securities Trustee or an Affiliate of either of them; 
 (v) permit Holders to withdraw tendered Securities (in accordance with the procedures set forth in the Exchange Offer Registration Statement) at any time prior to the close of business, New York time, on
the last Business Day on which the Registered Exchange Offer is open; 
 (vi) prior to effectiveness of the
Exchange Offer Registration Statement, provide a supplemental letter to the Commission (A) stating that the Company is conducting the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation
(pub. avail. May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991); and (B) including a representation that the Company has not entered into any arrangement or understanding with any person to distribute the New
Securities to be received in the Registered Exchange Offer and that, to the Company’s information and belief, each Holder participating in the Registered Exchange Offer is acquiring the New Securities in the ordinary course of business and has
no arrangement or understanding with any person to participate in the distribution of the New Securities; and 

(vii) comply in all material respects with all applicable laws. 

(d) As soon as practicable after the close of the Registered Exchange Offer, the Company shall: 

(i) accept for exchange all Securities tendered and not validly withdrawn pursuant to the Registered Exchange Offer;

 (ii) deliver or cause to be delivered to the Trustee for cancellation in accordance with Section 4(s) all
Securities so accepted for exchange; and 
 (iii) cause the New Securities Trustee promptly to authenticate and
deliver to each Holder of Securities a principal amount of New Securities equal to the principal amount of the Securities of such Holder so accepted for exchange. 
 (e) Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to participate in a distribution of the New Securities (i) could not
under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) 

  
 5 

 
and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar no-action
letters and (ii) must comply with the registration and prospectus delivery requirements of the Act in connection with any secondary resale transaction, which must be covered by an effective registration statement containing the selling security
holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Act if the resales are of New Securities obtained by such Holder in exchange for Securities acquired by such Holder directly from the Company or one of
its Affiliates. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Company that: 
 (i) any New Securities to be received by such Holder will be acquired in the ordinary course of business; 
 (ii) at the time of the consummation of the Registered Exchange Offer, such Holder will have no arrangement or understanding with any person to participate in the distribution of the Securities or the New
Securities within the meaning of the Act; and 
 (iii) such Holder is not an Affiliate of the Company;

 and to make such other representations as may be necessary under applicable Commission rules, regulations or interpretations to render the
use of the Form S-4 or other appropriate form under the Act available. 
 (f) If, in the reasonable opinion of the Placement
Agents, a Placement Agent is not eligible to participate in the Registered Exchange Offer with respect to the exchange of Securities constituting any portion of an unsold allotment, at the request of the Placement Agents, the Company shall issue and
deliver to the Placement Agents or the person purchasing New Securities registered under a Shelf Registration Statement as contemplated by Section 3 hereof from the Placement Agents, in exchange for such Securities, a like principal amount of
New Securities. The Company shall use its commercially reasonable efforts to cause the CUSIP Service Bureau to issue the same CUSIP number for such New Securities as for New Securities issued pursuant to the Registered Exchange Offer. 

3. Shelf Registration. (a) If (i) due to any change in law or applicable interpretations thereof by the
Commission’s staff, the Company determines upon advice of its outside counsel that it is not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) for any other reason the Registered Exchange
Offer is not consummated within 360 days of the date hereof; (iii) any Holder (other than the Placement Agents) is not eligible to participate in the Registered Exchange Offer other than by reason of such Holder being an Affiliate of the
Company; (iv) based on their reasonable opinion, the Placement Agents so requests with respect to Securities that are not eligible to be exchanged for New Securities in the Registered Exchange Offer that are held by them following consummation
of the Registered Exchange Offer, such request being in writing and delivered to the Company; or (v) in the case that the Placement Agents participate in the Registered Exchange Offer or acquire New Securities pursuant to Section 2(f)
hereof, in their reasonable opinion the Placement Agents do not receive freely tradeable New Securities in exchange for Securities constituting any portion of an unsold allotment (it being understood that (A) the requirement that the Placement
Agents 

  
 6 

 
deliver a Prospectus containing the information required by Item 507 or 508 of Regulation S-K under the Act in connection with sales of New Securities acquired in exchange for such
Securities shall result in such New Securities being not “freely tradeable” and (B) the requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of New Securities acquired in the Registered Exchange Offer in
exchange for Securities acquired as a result of market-making activities or other trading activities shall not result in such New Securities being not “freely tradeable”), the Company shall effect a Shelf Registration Statement in
accordance with subsection (b) below. 
 (b) (i) The Company shall as promptly as practicable file with the Commission and
shall use its commercially reasonable efforts to cause to be declared effective under the Act within 360 days after the Closing Date, a Shelf Registration Statement relating to the offer and sale of the Securities or the New Securities, as
applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that no Holder (other than the Placement Agents) shall
be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to such Holder (it being understood that Holders who
would have received freely transferable Securities pursuant to the Registered Exchange Offer had they not (A) failed to duly tender their Securities for exchange pursuant to the Registered Exchange Offer (other than the Placement Agents in
connection with Securities held by them constituting any portion of an unsold allotment), or otherwise failed to comply with the requirements of the Registered Exchange Offer as provided in Section 2 hereof or (B) failed to furnish to the
Company such information as the Company may request in accordance with Section 4(o) in connection with a Shelf Registration Statement, shall not retain any rights under this Agreement, including any right to have Securities owned by them
included in any Shelf Registration Statement); and provided further that, with respect to New Securities received by the Placement Agents in exchange for Securities constituting any portion of an unsold allotment, the Company may, if permitted by
current interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K of the Act, as applicable, in
satisfaction of its obligations under this subsection with respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration
Statement. 
 (ii) The Company shall, except as permitted under Section 4(k)(ii), keep the Shelf Registration Statement
continuously effective, supplemented and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period (the “Shelf Registration Period”) from the date the Shelf Registration
Statement is declared effective by the Commission until (A) the first anniversary thereof or (B) the earlier date upon which all the Securities or New Securities, as applicable, covered by the Shelf Registration Statement have been sold
pursuant to the Shelf Registration Statement. 
 (iii) The Company shall cause the Shelf Registration Statement and the related
Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement or such amendment or supplement, (A) to comply in all material respects with the applicable requirements of the Act; and
(B) not to contain any untrue statement 

  
 7 

 
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in the light of the
circumstances under which they were made) not misleading. 
 4. Additional Registration Procedures. In connection with
any Shelf Registration Statement and, to the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 
 (a) The Company shall: 
 (i) furnish to the Placement Agents and to
counsel for the Majority Holders, not less than five Business Days prior to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each
amendment or supplement, if any, to the Prospectus included therein (including all documents incorporated by reference therein after the initial filing) and shall use its commercially reasonable efforts to reflect in each such document, when so
filed with the Commission, such comments as the Placement Agents may reasonably propose; 
 (ii) include the
information set forth in Annex A hereto on the facing page of the Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in
Annex C hereto in the underwriting or plan of distribution section of the Prospectus contained in the Exchange Offer Registration Statement, and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer;

 (iii) if requested by the Placement Agents, include the information required by Item 507 or 508 of
Regulation S-K, as applicable, in the Prospectus contained in the Exchange Offer Registration Statement; and 

(iv) in the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities
pursuant to the Shelf Registration Statement as selling security holders. 
 (b) The Company shall ensure that: 

(i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or
supplement thereto complies in all material respects with the Act; and 
 (ii) any Registration Statement and any
amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

(c) The Company shall advise the Placement Agents, the Holders of Securities covered by any Shelf Registration Statement and any
Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Company a telephone or facsimile 

  
 8 

 
number and address for notices, and, if requested by any Placement Agent or any such Holder or Exchanging Dealer, shall confirm such advice in writing (which notice pursuant to clauses
(ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such suspension): 

(i) when a Registration Statement and any amendment thereto has been filed with the Commission and when the Registration
Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission
for any amendment or supplement to the Registration Statement or the Prospectus or for additional information; 

(iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or
the institution or threatening of any proceeding for that purpose; 
 (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the securities included therein for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose; and 

(v) of the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as of
such date, they (A) do not contain any untrue statement of a material fact and (B) do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light
of the circumstances under which they were made) not misleading. 
 (d) The Company shall use its commercially reasonable
efforts to prevent the issuance of any order suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction and, if issued, to obtain as soon as possible the withdrawal thereof.

 (e) The Company shall furnish to each Holder of Securities covered by any Shelf Registration Statement, without charge, at
least one copy of such Shelf Registration Statement and any post-effective amendment thereto, including all material incorporated therein by reference, and, if the Holder so requests in writing, all exhibits thereto (including exhibits incorporated
by reference therein). 
 (f) The Company shall, during the Shelf Registration Period, deliver to each Holder of Securities
covered by any Shelf Registration Statement, without charge, as many copies of the Prospectus (including the Preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably
request. The Company consents to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered by the Prospectus, or any amendment or
supplement thereto, included in the Shelf Registration Statement. 

  
 9 

 (g) The Company shall furnish to each Exchanging Dealer which so requests, without charge,
at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including all material incorporated by reference therein, and, if the Exchanging Dealer so requests in writing, all exhibits thereto (including
exhibits incorporated by reference therein). 
 (h) The Company shall promptly deliver to the Placement Agents, each Exchanging
Dealer and each other person required to deliver a Prospectus during the Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement
thereto as any such person may reasonably request. The Company consents to the use of the Prospectus or any amendment or supplement thereto by the Placement Agents, any Exchanging Dealer and any such other person that may be required to deliver a
Prospectus following the Registered Exchange Offer in connection with the offering and sale of the New Securities covered by the Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement. 

(i) Prior to the Registered Exchange Offer or any other offering of Securities pursuant to any Registration Statement, the Company shall
arrange, if necessary, for the qualification of the Securities or the New Securities for sale under the laws of such jurisdictions as any Holder shall reasonably request and shall maintain such qualification in effect so long as required; provided
that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not then so qualified or to take any action that would subject it to service of process in suits in any such jurisdiction where it is not then
so subject. 
 (j) The Company shall cooperate with the Holders to facilitate the timely preparation and delivery of
certificates representing New Securities or Securities to be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as Holders may request at least two Business
Days prior to such sale of Securities or New Securities. 
 (k) (i) Upon the occurrence of any event contemplated by subsections
(c)(ii) through (v) above, the Company shall promptly prepare a post-effective amendment to the applicable Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so that, as thereafter
delivered, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. In such circumstances, the period of effectiveness of the Exchange Offer Registration Statement provided for in Section 2 shall be extended by the number of days from and including the date of the giving of a notice of
suspension pursuant to Section 4(c) to and including the date when the Placement Agents, the Holders of the Securities and any known Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this Section.

 (ii) Upon the happening of any event of the kind described in subsection (c)(v) hereof, or the determination
by the Company that, in its reasonable judgment and upon written advice of counsel, the continued effectiveness and use of the Shelf Registration Statement would require the disclosure of confidential information or interfere with any

  
 10 

 
financing, acquisition, reorganization or other material transaction involving the Company, such Holder will forthwith discontinue disposition of Securities or New Securities pursuant to a
Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by subsection (f) hereof (or a notice from the Company that such Holder may resume use of the existing Prospectus),
and, if so directed by the Company, such Holder will deliver to the Company (at the Company’s expense) all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such
Securities current at the time of receipt of such notice. If the Company shall give any such notice to suspend the disposition of Securities pursuant to a Registration Statement, the Company shall extend the period during which the Registration
Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders shall have (A) received copies of the
supplemented or amended Prospectus necessary to resume such dispositions or (B) a notice permitting use of the existing Prospectus. The Company may give any such notice only twice during any 365-day period and any such suspensions may not
exceed 30 days for each suspension and there may not be more than two suspensions in effect during any 365-day period. 
 (l)
Not later than the effective date of any Registration Statement, the Company shall provide a CUSIP number for the Securities or the New Securities, as the case may be, registered under such Registration Statement and provide the Trustee with printed
certificates for such Securities or New Securities, in a form eligible for deposit with The Depository Trust Company. 
 (m) The
Company shall comply in all material respects with all applicable rules and regulations of the Commission and shall make generally available to its security holders an earnings statement satisfying the provisions of Section 11(a) of the Act as
soon as practicable after the effective date of the applicable Registration Statement and in any event no later than 90 days after the end of a 12-month period (or 180 days, if such period is a fiscal year) beginning with the first month of the
Company’s first fiscal quarter commencing after the effective date of the applicable Registration Statement. 
 (n) The
Company shall cause the New Securities Indenture to be qualified under the Trust Indenture Act in a timely manner. 
 (o) The
Company may require each Holder of Securities to be sold pursuant to any Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of such securities as the Company may from time to time
reasonably require for inclusion in such Registration Statement. The Company may exclude from such Shelf Registration Statement the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such
request. 
 (p) In the case of any Shelf Registration Statement, the Company shall enter into customary agreements (including,
if requested, an underwriting agreement in customary form) and take all other appropriate actions in order to expedite or facilitate the registration or the disposition of the Securities, and in connection therewith, if an underwriting agreement is
entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 6 hereof. 

  
 11 

 (q) In the case of any Shelf Registration Statement, the Company shall: 

(i) make reasonably available for inspection by the Holders of Securities to be registered thereunder, any underwriter
participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records and pertinent corporate documents of the
Company and its subsidiaries; provided, however, that, if any such records, documents or other information are related to pending or proposed acquisitions or dispositions, or otherwise related to matters reasonably considered by the Company to
constitute sensitive or proprietary information, the Company need not provide such records, documents or information unless the foregoing parties enter into a confidentiality agreement in customary form and reasonably acceptable to such parties and
the Company; 
 (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply
all relevant information reasonably requested by the Holders or any such underwriter, legal counsel, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations; provided, however,
that such information may not be used for any other purpose than due diligence and provided further, however, that any information that is designated in writing by the Company, in good faith, as confidential at the time of delivery of such
information shall be kept confidential by the Holders or any such underwriter, legal counsel, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the
public generally or through a third party without an accompanying obligation of confidentiality; 
 (iii) make
such representations and warranties to the Holders of Securities registered thereunder and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering
matters including, but not limited to, those set forth in the Placement Agreement; 
 (iv) obtain opinions of
counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such
matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 

(v) obtain comfort letters and updates thereof from the independent certified public accountants of the Company (and, if
necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration
Statement), addressed to each selling Holder 

  
 12 

 
of Securities registered thereunder and the underwriters, if any, provided that such letters need not be addressed to any Holder to whom, in the reasonable opinion of the Company’s
independent public accountants, addressing such letter is not permissible under applicable accounting standards, in customary form and covering matters of the type customarily covered in comfort letters in connection with primary underwritten
offerings; 
 (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders
or the Managing Underwriters, if any, including those to evidence compliance with Section 4(k) and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company; and 

(vii) if reasonably requested by any Holder of Registrable Securities covered by a Registration Statement,
(A) promptly incorporate in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and (B) make all required filings of such Prospectus
supplement or such post-effective amendment as soon as the Company has received notification of the matters to be incorporated in such filing. 

The actions set forth in clauses (iii), (iv), (v) and (vi) of this paragraph (q) shall be performed at (i) the effectiveness of such
Registration Statement and each post-effective amendment thereto and (ii) each closing under any underwriting or similar agreement as and to the extent required thereunder. 

(r) In the case of any Exchange Offer Registration Statement, the Company shall: 

(i) make reasonably available for inspection by the Placement Agents, and any legal counsel, accountant or other agent
retained by the Placement Agents, all relevant financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries; provided, however, that, if any such records, documents or other information related to
pending or proposed acquisitions or dispositions, or otherwise related to matters reasonably acceptable to such parties and the Company to constitute sensitive or proprietary information, the Company need not provide such records, documents or
information unless the foregoing parties enter into a confidentiality agreement in customary form and reasonably acceptable to such parties and the Company; 
 (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the Placement Agents or any such attorney, accountant or
agent in connection with any such Registration Statement as is customary for similar due diligence examinations; provided, however, that such information may not be used for any purpose other than due diligence and provided, further, however, that
any information that is designated in writing by the Company, in good faith, as confidential at the time of delivery of such information shall be kept confidential by the Placement Agents or any such attorney, accountant or agent, unless such
disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public through a third party without an accompanying obligation of confidentiality; 

  
 13 

 (iii) make such representations and warranties to the Placement Agents, in
form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Placement Agreement; 

(iv) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the Placement Agents and their counsel, addressed to the Placement Agents, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may
be reasonably requested by the Placement Agents or their counsel; 
 (v) obtain comfort letters and updates
thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial
statements and financial data are, or are required to be, included in the Registration Statement), addressed to the Placement Agents, in customary form and covering matters of the type customarily covered in comfort letters in connection with
primary underwritten offerings, or if requested by the Placement Agents or their counsel in lieu of a comfort letter, an agreed-upon procedures letter under Statement on Auditing Standards No. 35, covering matters requested by the Placement
Agents or their counsel; and 
 (vi) deliver such documents and certificates as may be reasonably requested by
the Placement Agents or their counsel, including those to evidence compliance with Section 4(k) and with conditions customarily contained in underwriting agreements; 
 provided, however that the Company will be required to perform the foregoing actions set forth in clauses (i) through (vi) only upon the reasonable request by the Placement Agents to the Company
or the reasonable request in writing to the Company by one or more broker-dealers who certify to the Placement Agents and the Company in writing that they anticipate they will receive New Securities for their own account in the Exchange Offer for
Securities that were acquired by such broker-dealer as a result of market-making or other trading activities, and, based on the position of the Commission as described in Section 2(e), will be required to satisfy the prospectus delivery
obligation under the Act in connection with the resale of such New Securities; and provided further, that the Company will not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period
exceeding the Exchange Offer Registration Period, and such broker-dealers shall not be authorized by the Company to deliver and shall not deliver such Prospectus after such period in connection with resales contemplated in this subsection (r); and
provided, further, that the Company will be obligated to deal only with one entity representing such broker-dealers, which shall be Merrill Lynch, Pierce, Fenner & Smith Incorporated, unless it elects not to act as such representative, and
to pay the reasonable fees and expenses of only one counsel representing such broker-dealers, 

  
 14 

 
which shall be the counsel to the Placement Agents, unless such counsel elects not to so act, and to cause to be delivered only one, if any, comfort letter with respect to the Prospectus in the
form existing on the expiration of the Exchange Offer and with respect to each subsequent amendment or supplement, if any, effected during the period specified above. 
 The foregoing actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall be performed at the close of the Registered Exchange Offer and the effective date of any post-effective
amendment to the Exchange Offer Registration Statement. 
 (s) If a Registered Exchange Offer is to be consummated, upon
delivery of the Securities by Holders to the Company (or to such other person as directed by the Company) in exchange for the New Securities, the Company shall mark, or cause to be marked, on the Securities so exchanged that such Securities are
being cancelled in exchange for the New Securities. In no event shall the Securities be marked as paid or otherwise satisfied. 

(t) The Company shall use its commercially reasonable efforts to confirm that the ratings issued to the Securities prior to their initial
sale will apply to the Securities or the New Securities, as the case may be, covered by a Registration Statement. 
 (u) In the
event that any Broker-Dealer shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the FINRA Rules) thereof, whether as a Holder of
such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company shall assist such Broker-Dealer in complying with the FINRA Rules. 

(v) The Company shall use its commercially reasonable efforts to take all other steps necessary to effect the registration of the
Securities or the New Securities, as the case may be, covered by a Registration Statement. 
 5. Registration Expenses.
The Company shall bear all expenses incurred in connection with the performance of its obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and
disbursements of one firm or counsel (which shall initially be Shearman & Sterling LLP, but which may, with the written consent of the Placement Agents, be another nationally recognized law firm experienced in securities matters designated
by the Majority Holders) to act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, will reimburse the Placement Agents for the reasonable fees and disbursements of counsel acting in
connection therewith. Each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Securities pursuant to the Shelf Registration Statement. 

6. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each Holder of Securities or New
Securities, as the case may be, covered by any Registration Statement, the Placement Agents and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer, the directors, officers, employees and
agents of each such Holder, the Placement Agents or Exchanging Dealer and each person who controls any such Holder, the Placement Agents or Exchanging Dealer within the meaning 

  
 15 

 
of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act
or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, including all documents incorporated by reference therein or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the
Prospectus, in the light of the circumstances under which they were made) not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue
statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of the party claiming indemnification specifically for inclusion
therein; provided further, however, that with respect to any untrue statement or omission of a material fact made in any preliminary Prospectus, the indemnity agreement contained in this Section shall not inure to the benefit of any Holder from whom
the person asserting any such loss, claim, damage or liability purchased the Securities or New Securities, as the case may be, to the extent that any such loss, claim, damage or liability of such Holder occurs under the circumstance where it shall
have been determined by a court of competent jurisdiction by final and nonappealable judgment that (i) the untrue statement or omission of a material fact contained in the preliminary Prospectus was corrected in the Prospectus, (ii) the
Company had previously furnished copies of the Prospectus to such Holder prior to the written confirmation of the sale of such Securities or New Securities and (iii) such loss, claim, damage or liability results from the fact that there was not
sent or given to such person at or prior to the written confirmation of the sale of such Securities or New Securities, as the case may be, to such person, a copy of the Prospectus; and provided further, however, that the Company shall not be liable
to an indemnified party with respect to any Prospectus or Registration Statement or any amendment or supplement thereof to the extent that any such loss, claim, damage, liability or action of such indemnified party arises out of, or is based upon,
(i) the use of any Registration Statement during a period when a stop order has been issued by the Commission in respect thereof or (ii) the use of the Prospectus during a period when the use of the Prospectus has been suspended in
accordance with the instructions of the Company because of the discovery of any untrue statement or omission of a material fact therein, provided that all Holders of Securities or New Securities received prior written notice of such stop order or
suspension and such indemnified party, knowingly and voluntarily continued to use such Prospectus or Registration Statement. This indemnity agreement shall be in addition to any liability which the Company may otherwise have. 

The Company also agrees to indemnify as provided in this Section 6(a) or contribute as provided in Section 6(d) hereof to
Losses of each underwriter, if any, of Securities or New Securities, as the case may be, registered under a Shelf Registration Statement, their directors, officers, employees or agents and each person who controls such underwriter on substantially
the same basis as that of the indemnification of the Placement Agents and the selling Holders provided in this Section 6(a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in
Section 4(p) hereof. 

  
 16 

 (b) Each Holder of securities covered by a Registration Statement (including the Placement
Agents, but only if such Placement Agent is a Holder, in such capacity) severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs such Registration Statement and each person
who controls the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each such Holder, but only with reference to written information relating to such Holder furnished
to the Company by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any such Holder may otherwise have. 

(c) Promptly after receipt by an indemnified party under this Section 6 or notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party
(i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and
defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be
entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the
indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall
authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include any statements as to or any findings of
fault, culpability or failure to act by or on behalf of any indemnified party. 

  
 17 

 (d) In the event that the indemnity provided in paragraph (a) or (b) of this
Section is unavailable to or insufficient to hold harmless an indemnified party for any reason, then each applicable indemnifying party shall contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses
reasonably incurred in connection with investigating or defending same) (collectively “Losses”) to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative benefits received by such
indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Registration Statement which resulted in such Losses; provided, however, that in no case shall the Placement Agents be
responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security, applicable to the Security that was exchangeable into such New Security, nor shall any
Holder be responsible, in the aggregate for any amount in excess of the amount by which the total price at which Registrable Securities were sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by
reason of any untrue or alleged untrue statement or omission or alleged omission which resulted in such Losses, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the securities
purchased by such underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall
contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or
omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the sum of (i) the total net proceeds from the Initial Placement (before deducting
expenses) as set forth on the cover page of the Final Memorandum and (ii) the total amount of additional interest which the Company was not required to pay as a result of registering the securities covered by the Registration Statement which
resulted in such Losses. Benefits received by the Placement Agents shall be deemed to be equal to the total purchase discounts and commissions less any expenses reimbursed pursuant to Section 6(f) of the Placement Agreement, and benefits
received by any other Holders shall be deemed to be equal to the value of receiving Securities or New Securities, as applicable, registered under the Act. Benefits received by any underwriter shall be deemed to be equal to the total underwriting
discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other things, whether any untrue or any
alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the
parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation
(even if the Holders were treated as one entity for such purpose) or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this Section 6, in no event
shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities or New Securities sold by such Holder exceeds the amount of any 

  
 18 

 
damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. Furthermore, notwithstanding the provisions of
this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section, each person who controls a Holder within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to contribution as such Holder, and each person who
controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company,
subject in each case to the applicable terms and conditions of this paragraph (d). 
 (e) The provisions of this Section will
remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the officers, directors or controlling persons referred to in this Section hereof, and will survive the sale by a Holder of
securities covered by a Registration Statement. 
 7. Underwritten Registrations. (a) If any of the Securities or
New Securities, as the case may be, covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters shall be selected by the Majority Holders. 

(b) No person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such person
(i) agrees to sell such person’s Securities or New Securities, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

8. Registration Defaults. If any of the following events shall occur, then the Company shall pay liquidated damages (the
“Registration Default Damages”) to the Holders of Securities in respect of the Securities as follows: 

(a) if on or prior to the 360th day of following the Closing Date, neither the Registered Exchange Offer has been
completed nor the Shelf Registration Statement has been declared effective, then Registration Default Damages shall accrue on the Registrable Securities at a rate of .25% per annum and shall be payable in accordance with the interest payment
provisions of the Securities; or 
 (b) if any Registration Statement required by this Agreement has been
declared effective but ceases to be effective at any time at which it is required to be effective under this Agreement, then commencing on the day the Registration Statement ceases to be effective, Registration Default Damages shall accrue on the
Registrable Securities at a rate of 0.25% per annum and shall be payable in accordance with the interest payment provisions of the Securities; 

  
 19 

 provided, however, that (i) upon completion of the Registered Exchange Offer or the effectiveness of
the Shelf Registration Statement (in the case of paragraph (a) above), or (ii) upon the effectiveness of the Registration Statement which had ceased to remain effective (in the case of paragraph (b) above), Registration Default
Damages shall cease to accrue. 
 9. No Inconsistent Agreements. The Company has not entered into, and agrees not to
enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof. 

10. Amendments and Waivers. The provisions of this Agreement may not be amended, qualified, modified or supplemented, and waivers
or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of the Holders of a majority of the aggregate principal amount of the Registrable Securities outstanding; provided that, with
respect to any matter that directly or indirectly affects the rights of the Placement Agents hereunder, the Company shall obtain the written consent of the Placement Agents against which such amendment, qualification, supplement, waiver or consent
is to be effective; provided, further, that no amendment, qualification, supplement, waiver or consent with respect to Section 8 hereof shall be effective as against any Holder of Registered Securities unless consented to in writing by such
Holder; and provided further that the provisions of this Section 10 may not be amended, qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the
written consent of the Placement Agents and each Holder. Notwithstanding the foregoing (except the foregoing provisos), a waiver or consent to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of
Holders whose Securities or New Securities, as the case may be, are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the
basis of Securities or New Securities, as the case may be, being sold rather than registered under such Registration Statement. 

11. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 
 (a) if to a Holder, at the
most current address given by such holder to the Company in accordance with the provisions of this Section 11, which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture;

 (b) if to the Placement Agents, initially at the address or addresses set forth in the Placement Agreement;
and 
 (c) if to the Company, initially at its address set forth in the Placement Agreement. 

All such notices and communications shall be deemed to have been duly given when received. 

  
 20 

 The Placement Agents or the Company by notice to the other parties may designate additional
or different addresses for subsequent notices or communications. 
 12. Remedies. Each Holder, in addition to being
entitled to exercise all rights provided to it herein, in the Indenture or in the Placement Agreement or granted by law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under this Agreement.
The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive in any action for specific performance the defense that a
remedy at law would be adequate. 
 13. Successors. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns, including, without the need for an express assignment or any consent by the Company thereto, subsequent Holders of Securities and the New Securities. The Company hereby agrees to extend the
benefits of this Agreement to any Holder of Securities and the New Securities, and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto. 

14. Jurisdiction. Each of the parties hereto agrees that any suit, action or proceeding arising out of or based upon this
Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives any objection which it may now or hereafter have to the laying of venue of any such
proceeding, and irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding. The Company hereby appoints C T Corporation, 111 Eighth Avenue, New York, New York 10011, as its authorized agent (the “Authorized
Agent”) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein which may be instituted in any State or U.S. federal court in The City of New York and
County of New York, by any Holder or the Placement Agents, the directors, officers, employees and agents of any Holder or the Placement Agents, or by any person who controls any Holder or the Placement Agents, and expressly accepts the jurisdiction
of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company
agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every
respect, effective service of process upon the Company. The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and
appointment in full force and effect so long as any of the Securities shall be outstanding. To the extent that the Company may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect of this Agreement, to the fullest extent permitted by law.

 15. Currency. Each reference in this Agreement to U.S. dollars (the “relevant currency”) is of the essence.
To the fullest extent permitted by law, the obligation of the Company in respect of any amount due under this Agreement will, notwithstanding any payment in any other 

  
 21 

 
currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in the relevant currency that the party entitled to receive such payment may, in accordance
with its normal procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such party receives such payment. If the amount in the relevant
currency that may be so purchased for any reason falls short of the amount originally due, the Company will pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligation of the Company not
discharged by such payment will, to the fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided herein, will continue in full force and effect. 

16. Waiver of Immunity. To the extent that the Company has or hereafter may acquire any immunity (sovereign or otherwise) from any
legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Company hereby irrevocably waives
and agrees not to plead or claim such immunity in respect of its obligations under this Agreement. 
 17. Third Party
Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company, on the one hand, and the Placement Agents, on the other hand, and shall have the right to enforce such agreements directly to the
extent it deems such enforcement necessary or advisable to protect its rights or the rights of Holders hereunder. 
 18.
Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 

19. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 

20. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed in the State of New York. 
 21. Severability. In the event that any one
of more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 

22. Securities Held by the Company, etc. Whenever the consent or approval of Holders of a specified percentage of principal amount
of Securities or New Securities is required hereunder, Securities or New Securities, as applicable, held by the Company or its Affiliates (other than subsequent Holders of Securities or New Securities if such subsequent Holders are deemed to be
Affiliates solely by reason of their holdings of such Securities or New Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

  
 22 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Company and the Placement Agents. 

 

					
	Very truly yours,
	
	 KANSAS CITY SOUTHERN de MÉXICO,
S.A. de C.V.

		
	By:	 	 /s/ Rodrigo Flores

		 	Name:	 	Rodrigo Flores
		 	Title:	 	Attorney-in-Fact

  

					
	 The foregoing Agreement is hereby confirmed and accepted as of the date first above written.

 
 Merrill Lynch, Pierce, Fenner & Smith

                    Incorporated

 
 Acting severally on behalf of themselves and the several Placement
Agents.

		
	By:	 	 Merrill Lynch, Pierce, Fenner & Smith
                     Incorporated

		
	By:	 	 /s/ Matthew Thomson

		 	Name:	 	Matthew Thomson
		 	Title:	 	Managing Director

  
 Registration
Rights Agreement 

 ANNEX A 
 Each broker-dealer that receives new securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such new securities.
The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Act. This prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection with resales of new securities received in exchange for securities where such securities were acquired by such broker-dealer as a result of market-making activities or
other trading activities. The company has agreed that, starting on the expiration date and ending on the close of business one year after the expiration date, it will make this prospectus available to any broker-dealer for use in connection with any
such resale. See “Plan of Distribution”. 

  
 Registration
Rights Agreement 

 ANNEX B 
 Each broker-dealer that receives new securities for its own account in exchange for securities, where such securities were acquired by such broker-dealer as a result of market-making activities or other
trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such new securities. See “Plan of Distribution”. 

  
 Registration
Rights Agreement 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that receives new securities for
its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such new securities. This prospectus, as it may be amended or supplemented from time to time, may be used by a
broker-dealer in connection with resales of new securities received in exchange for securities where such securities were acquired as a result of market-making activities or other trading activities. The company has agreed that, starting on the
expiration date and ending on the close of business one year after the expiration date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. 

The company will not receive any proceeds from any sale of new securities by brokers-dealers. New securities received by broker-dealers
for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the new securities or a combination of such
methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive
compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any such new securities. Any broker-dealer that resells new securities that were received by it for its own account pursuant to the Exchange
Offer and any broker or dealer that participates in a distribution of such new securities may be deemed to be an “underwriter” within the meaning of the Act and any profit of any such resale of new securities and any commissions or
concessions received by any such persons may be deemed to be underwriting compensation under the Act. The Letter of Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to
admit that it is an “underwriter” within the meaning of the Act. 
 For a period of one year after the expiration
date, the company will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The company has agreed to pay all expenses
incident to the Exchange offer (including the expenses of one counsel for the holder of the securities) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the securities (including any broker-dealers)
against certain liabilities, including liabilities under the Act. 
 [If applicable, add information required by Regulation S-K
Items 507 and/or 508.] 

  
 Registration
Rights Agreement 

 ANNEX D 
 Rider A 
 PLEASE FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH TO
RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 
  

			
	Name:	 	  

		
	Address:	 	  

		
		 	  

 Rider B 
 If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the New Securities in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a distribution of New Securities and it has no arrangements or understandings with any person to participate in a
distribution of the New Securities nor will it have any such arrangements or understandings upon consummation of the Exchange Offer. If the undersigned is a Broker-Dealer that will receive New Securities for its own account in exchange for
Securities, it represents that the Securities to be exchanged for New Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus in connection with any resale
of such New Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Act. 

  
 Registration
Rights Agreement

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