GRUPO TMM REPORTS THIRD-QUARTER AND FIRST NINE-MONTHS 2008 FINANCIAL RESULTS

Revenues up 24.1 percent for quarter and 25.1 percent for nine months
Net profit of $14 million and EPS of 25 cents in Q3

(Mexico City, October 28, 2008) – Grupo TMM, S.A.B. (NYSE: TMM and BMV: TMM A; “TMM” or the “Company”) a Mexican intermodal transportation and logistics company, reported today its financial results for the third-quarter and nine-month periods of 2008.

MANAGEMENT OVERVIEW
José F. Serrano, chairman and chief executive officer of Grupo TMM, said, “Despite weak global economic conditions, in the third quarter of 2008 TMM reported a revenue increase of 24.1 percent, net income of $14.0 million and earnings per share of $0.25. The Maritime division continues to produce solid results, confirming our strategy to grow revenues by acquiring vessels. With the acquisition of new vessels in 2008 and 2009, TMM will manage a significantly larger owned fleet than in the past several years. The increase in the number of owned vessels is a direct result of the completed funding of our peso denominated 20-year Trust Certificates Program, which is non recourse to the Company, and our commitment to capitalize on the growing demands for oil distribution and exploration in Mexico. Our strategy is to pursue sustainable long-term growth and gradually expand our revenue and profit-generation capabilities.

“In these uncertain economic times, it is easy to focus on negative reports about the global credit crisis that dominates the headlines. However, TMM is not involved in any speculative derivative instruments, and our only outstanding hedge is on the Company’s Mexican Trust Certificates Program, which has a cap on the TIIE rate, or Mexico’s Interbank Equilibrium Interest Rate, of 9.25 percent for the first three years of the Program. Moreover, with only 18 percent of our debt denominated in U.S. Dollars, the strengthening of the U.S. dollar versus the peso in the third quarter resulted in an exchange gain of $32 million for the quarter and of $21.7 million for the nine months of 2008.

“With only 1.1 percent, or $10.8 million, of short term debt, our earliest significant amortization is on October 2010. Last quarter we discussed our intention to negotiate new terms on the outstanding balance of our securitization facility. Given the current credit market conditions, we are re-evaluating several alternatives.

“At the offshore segment, three new vessels will start working under two- and three-year contracts with Pemex during the fourth quarter. We expect to add three vessels in the first quarter of 2009 and five throughout the remainder of 2009. Of these five vessels, three are already fixed with five-year contracts with Pemex and other clients, starting during the second and third quarters of 2009. With the addition of these vessels, TMM will manage a fleet comprised of 53 vessels, solidifying TMM as the leading Mexican maritime company.”

Serrano added, “TMM’s long standing strategy of having the majority of its fleet employed under medium- to long-term contracts has allowed the Company’s Maritime business to continue to provide consistent returns. By continuing to focus on linking vessels to profitable contracts, we will lock in our maritime related revenues and cash flows to service our peso denominated debt for the remainder of 2008 and following years.

“Moreover, our offshore and product tanker vessels currently under contract have no exposure to fluctuating fuel prices. While our parcel tankers do have exposure, we have put in place a surcharge clause with several of our clients, which partially offsets fuel price increases. All of our current Maritime fleet is employed, and approximately 94 percent of these revenues are generated in U.S. dollars.

“While revenues were strong in the third quarter, transportation income at the Maritime division was impacted by delays from shipyards in delivering two offshore vessels, which will start contributing revenue and profit in the fourth quarter-, by increased costs related to higher crew costs associated with the Company’s continuing efforts to retain qualified crews, and by higher fuel expenses in parcel tankers and product tankers working in the spot market. These cost increases have also affected the shipping industry worldwide.”

Serrano continued, “After carefully and comprehensively evaluating all of our businesses, TMM’s management and board of directors are taking critical actions that we believe will position the Company for continued growth. For several decades, TMM’s core business has been Maritime, and we have consistently proven our operating excellence in that market. Therefore, we have decided to focus all our efforts on growing our Maritime division, and will enact a corporate restructuring, including the sale of certain non-productive and non-strategic assets, and significantly reduce personnel and related costs, which we believe will result in improved profits and cash flows. We expect to promptly complete these actions now underway.

“Additionally, as part of our long-term growth strategy and taking advantage of TMM’s experience in managing operations at Ports, we intend to participate in the Mexican government’s developing plan at several Ports throughout Mexico, as bids are announced in the years to come.”

Serrano concluded, “We believe our strong competitive advantages in Maritime, our focused business strategy, our successful financial strategy of having long-term financing in pesos with no recourse to the Company, our fleet of young, high-quality vessels and long-term employment with established charterers, will enable us to deliver strong and stable results in 2009 and forward. The sale of non-strategic assets, corporate restructuring and the anticipated improved liquidity from these actions, will position TMM for long-term success, realizing the inherent value in the Company.”

FINANCIAL RESULTS
In the third quarter of 2008, consolidated revenues increased 24.1 percent to $95.4 million, compared to $76.9 million in the same period of 2007. In the nine-month period of 2008, consolidated revenues improved 25.1 percent to $273.8 million compared to $218.8 million in the 2007 period.

At Maritime, increased revenues in both periods were mainly due to higher average daily rates at the offshore segment and to additional offshore and product tankers in operation.

In the third quarter of 2008, Port revenues increased 14.3 percent due to improved revenues at Acapulco, resulting from increased cruise ship calls and from higher volumes at the auto handling business. In the nine-month period of 2008, Port revenues decreased 4.7 percent attributable to lower volumes at shipping agencies. Notwithstanding, the Company believes the Port division will meet its 2008 EBITDA goal.

The Logistics division also contributed to higher consolidated revenues for the quarter and nine-month periods. Revenue increased at trucking from improved freight volumes, extended contracts and new customers, and at the warehousing business due to the start of the peak season. Additionally, the auto hauling business, which began in 2008, also contributed to this division’s improved revenue base.

In the nine-month period of 2008, costs and operating expenses increased due to one-time charges at Maritime from the addition of new vessels, and at Logistics due to the rehabilitation of equipment at the auto hauling business, and to severance payments from a reduction of personnel.

In the third quarter of 2008, transportation income at Maritime decreased 10.4 percent, mainly due to results at the parcel tanker segment, which was impacted by increased fuel costs, cargo delays at Houston due to bad weather conditions, and by one vessel in mandatory dry dock. Reduced profits in the third quarter at this division resulted in a transportation income decrease of $0.3 million in the nine-month period of 2008 compared to the same period of 2007.

In the nine-month period of 2008, Logistics reported a transportation loss of $6.6 million. This loss was mainly attributable to profit reductions at certain business segments, including auto hauling and automotive, mainly attributable to a slowdown in production at auto plants, at maintenance and repair due to lower container volumes at Veracruz, and to losses from discontinued businesses.

In the third quarter of 2008, the ratio of corporate expenses to total revenue remained at 6.4 percent and decreased to 5.4 percent in the nine months of 2008 compared to 6.4 percent in the same period of 2007. In the nine months of 2008, corporate expenses increased compared to the same period last year, mainly due to non-recurrent expenses incurred in the third quarter from severance payments and other related costs, as part of the Company’s corporate restructuring. This ongoing personnel reduction will result in cost efficiencies going forward.

Additionally, the appreciation of the peso versus the dollar from January through August of 2008 negatively impacted corporate expenses. The recent strengthening of the U.S. dollar versus the peso will benefit corporate expenses in the fourth quarter of 2008.

Net financial cost in the third quarter and nine months of 2008 was significantly reduced by exchange gains of $32.0 million and $21.7 million, respectively, due to the devaluation of the peso versus the dollar in the third quarter, as the majority of the Company’s debt is denominated in pesos.

In the third quarter of 2008, the Company reported $14.0 million of net income compared to a net loss of $45.6 million in the same period last year. In the nine-month period of 2008, net loss was $11.1 million compared to a net loss of $51.3 million in the 2007 period.

TOTAL NET DEBT
The total debt from the Company’s Mexican Trust Certificates was valued at $868 million dollars at July 1, 2008. Due to the devaluation of the peso versus the dollar in the third quarter, the total value of this debt was $798 million* as of September 30, 2008, and approximately $656 million* as of October 27, 2008.

The Company’s total debt is supported by approximately $380 million of long-term contracted revenues. The total market value of the Company’s vessels is estimated to exceed their book value by $104 million.

Total Net Debt as of September 30, 2008
(Millions of dollars)

CONFERENCE CALL
TMM’s management will host a conference call and Webcast to review financial and operational highlights on Wednesday, October 29 at 11:00 a.m. Eastern time.

To participate in the conference call, please dial (877) 719-9801 (domestic) or (719) 325-4801 (international) at least five minutes prior to the start of the event. Accompanying visuals and a simultaneous Webcast of the meeting will be available at http://www.visualwebcaster.com/event.asp?id=52149.

A replay of the conference call will be available through November 12 at 11:59 p.m. Eastern time, by dialing (888) 203-1112 or (719) 457-0820, and using passcode 2039847. On the Internet a replay will be available for 30 days at http://www.visualwebcaster.com/event.asp?id=52149.

Headquartered in Mexico City, TMM is a Latin American intermodal transportation company. Through its branch offices and network of subsidiary companies, TMM provides a dynamic combination of ocean and land transportation services. Visit TMM’s Web site at www.grupotmm.com. The site offers Spanish/English language options.