Source: Dow Jones Business Wire
 
Grupo TMM, S.A. (NYSE:TMM)(BMV:TMM A)("TMM") announced that as of 5:00 p.m., New York City time, on July 16, 2004, the Company has achieved acceptance of approximately 94.85 percent of the company's outstanding 2003 notes, or $167,771,000 principal amount, and approximately 96.35 percent of the outstanding 2006 notes, or $192,657,000 principal amount for its exchange offer and consent solicitation for its 9 1/2 percent senior notes due 2003 and 10 1/4 percent senior notes due 2006. The exchange offer is being conducted to implement the previously announced restructuring of the existing notes.
 
The exchange offer is conditioned upon, among other things, receipt of valid tenders (including exchanges pursuant to the voting agreements) representing at least 98 percent of the outstanding principal amount of the 2003 notes and at least 95 percent of the outstanding principal amount of the 2006 notes.
 
The exchange offer will expire at, and the ballots for the pre-packaged plan must be received by, 5:00 p.m., New York City time, on Thursday, July 22, 2004, unless extended. Holders whose consents are validly received may not withdraw any existing notes once they are tendered, except under limited circumstances.
 
Questions regarding the proposed restructuring should be directed to Martin F. Lewis and Ronen Bojmel at Miller Buckfire Lewis Ying & Co., LLC, the Company's financial advisor, or Alan D. Fragen and Oscar A. Mockridge of Houlihan Lokey Howard & Zukin Capital, the Ad Hoc Bondholders' Committee's financial advisor. Akin Gump Strauss Hauer & Feld LLP is legal counsel to the Ad Hoc Bondholders' Committee.
 
Martin F. Lewis
Miller Buckfire Lewis Ying & Co., LLC
250 Park Avenue
New York, New York 10177
Telephone: 212-895-1805
Email: martin.lewis@mbly.com
 
Ronen Bojmel
Miller Buckfire Lewis Ying & Co., LLC
250 Park Avenue
New York, New York 10177
Telephone: 212-895-1807
Email: ronen.bojmel@mbly.com
 
and
 
Alan D. Fragen
Houlihan Lokey Howard & Zukin Capital
1930 Century Park West
Los Angeles, California 90067
Telephone: 310-788-5338
Email: afragen@hlhz.com
 
Oscar A. Mockridge
Houlihan Lokey Howard & Zukin Capital
685 Third Avenue
New York, New York 10017
Telephone: 212-497-4175
Email: omockridge@hlhz.com
 
This announcement is neither an offer to purchase nor a solicitation of an offer to sell Grupo TMM Notes. The exchange offer and consent solicitation, when made, will not be made to, nor will tenders be accepted from, or on behalf of, holders of Existing Notes in any jurisdiction, in which the making of exchange offers and consent solicitations or the acceptance thereof would not be in compliance with the laws of such jurisdiction. In any jurisdiction where securities, blue sky laws or other laws require exchange offers and consent solicitations to be made by a licensed broker or dealer, the exchange offers and consent solicitations will be deemed to be made on behalf of Grupo TMM by the dealer manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction.
 
Headquartered in Mexico City, Grupo TMM is a Latin American multimodal transportation company. Through its branch offices and network of subsidiary companies, Grupo TMM provides a dynamic combination of ocean and land transportation services. Grupo TMM also has a significant interest in TFM, which operates Mexico's Northeast railway and carries over 40 percent of the country's rail cargo. Grupo TMM's web site address is www.grupotmm.com and TFM's web site is www.tfm.com.mx.
 
Included in this press release are certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements speak only as of the date they are made and are based on the beliefs of the Company's management as well as on assumptions made. Actual results could differ materially from those included in such forward-looking statements. Readers are cautioned that all forward-looking statements involve risks and uncertainty. The following factors could cause actual results to differ materially from such forward-looking statements: global, US and Mexican economic and social conditions; the effect of the North American Free Trade Agreement on the level of US-Mexico trade; the condition of the world shipping market; the success of the Company's investment in TFM, S.A. de C.V. and other new businesses; risks associated with the Company's reorganization and restructuring; the outcome of pending litigation and arbitration with Kansas City Southern; the timing of the receipt of any amounts in respect of TFM's pending claim for a refund of certain value added taxes; the outcome of pending litigation relating to the obligation to repurchase shares of TFM owned by the Mexican Government and the ability of the Company or its subsidiaries to fund any such purchase if required to do so; the ability of the Company to reduce corporate overhead costs; the ability of management to manage growth and successfully compete in new businesses; and the ability of the Company to complete the proposed restructuring or otherwise repay, restructure or refinance its indebtedness. These risk factors and additional information are included in the Company's reports on Form 6-K and 20-F on file with the United States Securities and Exchange Commission.
 
CONTACT: Grupo TMM
Brad Skinner, 011-525-55-629-8725 or 203-247-2420
(Investor Relations)
brad.skinner@tmm.com.mx
or
Dresner Corporate Services
Kristine Walczak, 312-726-3600
(General Investors, Analysts and Media)
kwalczak@dresnerco.com
or
Proa/StructurA
Marco Provencio, 011-525-55-629-8708 or
011-525-55-442-4948
(Media Relations)
mp@proa.structura.com.mx