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Methanex Announces Successful Completion of Consent Solicitation

December 08, 2003

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

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 holders of the Notes provided consent to modify the definition of "Consolidated Net Worth" to add back up to $100 million of non-cash write-downs recorded by Methanex from January 1, 2002 to September 30, 2003, and up to an additional $100 million of non-cash write-downs recorded by Methanex after September 30, 2003.

The amendment allows Methanex to maintain its financial flexibility notwithstanding a reduction in "Consolidated Net Worth" as a result of recent non-cash write-downs of assets. "Consolidated Net Worth" at September 30, 2003 as calculated after giving effect to the amendment and the recent write-downs was approximately US$968 million.

Goldman, Sachs & Co. acted as the solicitation agents for the consent solicitation. The information agent for the consent solicitation was 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
Director, Investor Relations
(604) 661-2600 or Toll Free: 1-800-661-8851