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Methanex Amends and Extends Consent Solicitation

June 12, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex announced today that it has amended the terms of its previously disclosed solicitation of consents to an amendment to the Indenture relating to its 7.75% Notes due August 15, 2005 (the "Notes"), and has extended the expiration date for the solicitation from 5:00 p.m., New York City time, on June 12, 2002 to 5:00 p.m., New York City time, on June 14, 2002.

Under the amended consent solicitation, Methanex is seeking to amend the Indenture to modify, rather than eliminate, the limitation on restricted payments covenant, as applicable to the Notes. As proposed to be amended, Methanex would be permitted to declare and pay cash distributions in respect of its capital stock, to the extent not otherwise permitted by the existing limitation, in an aggregate amount not to exceed US$30 million in any period of twelve consecutive months. The addition of a change of control covenant is no longer a part of the proposal.

Effectiveness of the Indenture amendment will be conditional upon receiving the consent of holders of not less than a majority of the outstanding Notes. If the requisite consents are obtained and not revoked at the expiration of the extended consent solicitation period, each holder of record of Notes on the record date (5:00 p.m. New York City time on May 30, 2002) will be entitled to receive the consent fee of US$5.00 for each US$1,000 principal amount of Notes held. Holders must complete and sign a new Letter of Consent in order to consent to the amendment.

Goldman, Sachs & Co. is acting as the solicitation agents for the consent solicitation. The information agent for the consent solicitation is Mellon Investor Services LLC. The consent solicitation is being made solely pursuant to the Amended Consent Solicitation Statement dated June 12, 2002 and related Letter of Consent, which more fully set forth the terms of the consent solicitation.

Methanex is the world's largest producer and marketer of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the Nasdaq National Market in the United States under the trading symbol "MEOH."



FOR FURTHER INFORMATION PLEASE CONTACT:

Methanex Corporation
Chris Cook
Manager, Investor Relations
(604) 661-2600 or Toll Free: 1-800-661-8851
Website: www.methanex.com

or

Methanex Corporation
Brad Boyd
Corporate Controller and Director, Investor Relations
(604) 661-2600