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Methanex Announces Consent Solicitation

May 31, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex announced today that it has commenced a solicitation of consents to an amendment to the Indenture relating to its 7.75% notes due 2005 (the "Notes"). The consent solicitation will expire at 5:00 PM (New York time) on June 12, 2002.

The amendment to the Indenture will permit the Company to add to the Indenture a change of control covenant applicable to the Notes and eliminate from the Indenture the applicability to the Notes of the limitation on restricted payments covenant.

Effectiveness of the Indenture amendment will be conditional upon receiving the consent of holders of not less than 50% of the outstanding Notes. 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:

Metanex Corporation
Chris Cook
Manager, Investor Relations
(604) 661-2600

or

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