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Methanex Announces Consent Solicitation

November 21, 2003

VANCOUVER, BRITISH COLUMBIA--Methanex announced today that it has commenced a solicitation of consents to a proposed amendment to the Indenture relating to its 7.75% notes due August 15, 2005 (the "Notes"). The consent solicitation will expire at 5:00 PM (New York time) on Monday, December 8, 2003.

The Indenture provides that Methanex may not make any restricted payment if, as a result, the Company's "Consolidated Net Worth", which approximates shareholders' equity, would be less than US$850 million. The proposed amendment to the Indenture would modify the definition of "Consolidated Net Worth" to add back non-cash write-downs of up to US$100 million recorded from January 1, 2002 to September 30, 2003, and non-cash write-downs of up to an additional US$100 million recorded after September 30, 2003.

The purpose of the Consent Solicitation is to maintain Methanex's financial flexibility notwithstanding a reduction in "Consolidated Net Worth" as a result of non-cash write-downs of assets.

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."


Methanex Corporation
Chris Cook
Director, Investor Relations
(604) 661-2600 or Toll Free: 1-800-661-8851