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Methanex Announces Successful Completion of Consent Solicitation

June 14, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex announced today the successful completion of its previously announced solicitation of consents to an amendment to the Indenture relating to its 7.75% Notes due August 15, 2005 (the "Notes").

As a result of the consent solicitation the Indenture will be amended to modify the limitation on restricted payments covenant, as applicable to the Notes. Methanex will be permitted to declare and pay cash distributions in respect of its capital stock in an aggregate amount not to exceed US$30 million in any period of twelve consecutive months, while Methanex's consolidated net worth is less than the US$850 million limitation on restricted payments.

Goldman, Sachs & Co. acted as the agents for the consent solicitation. The information agent for the consent solicitation is Mellon Investor Services LLC.

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".


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


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