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Methanex Corporation (MX)
Exchange: Toronto Stock Exchange
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Apr 23, 2014, 9:47 PM EDT
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VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 25, 2006) - For the second quarter of 2006, Methanex (TSX:MX)(NASDAQ:MEOH) recorded net income of US$82.1 million (diluted net income per share of US$0.75) and Adjusted EBITDA(1) of US$153.0 million.

Bruce Aitken, President and CEO of Methanex commented, "We are pleased to deliver another quarter of strong earnings and cash flows. Continued demand growth and competitor outages caused the market to remain balanced and pricing to remain at high levels in the second quarter. Our average realized price this quarter was US$279 per tonne compared with US$283 per tonne for the first quarter of 2006."

These results for the second quarter of 2006 compare with net income of US$115.2 million (diluted net income per share of US$1.02) and Adjusted EBITDA(1) of US$166.5 million for the first quarter of 2006. Before recording an adjustment in the first quarter of 2006 to increase earnings and reduce future income tax expense related to a change in Trinidad tax legislation, income before unusual items (after-tax)(1) was US$89.4 million and diluted income before unusual items (after-tax) per share(1) was US$0.79.

The Methanex European posted contract price has been set for the third quarter at 250 euros per tonne (US$315 per tonne at the time of settlement) and July posted contract prices for the United States and Asia are US$333 per tonne and US$305 per tonne, respectively. This represents an average decrease to posted prices across the global regions of approximately US$27 per tonne from April to July.

Mr. Aitken added, "Despite these recent decreases to our posted prices, industry fundamentals continue to be very strong and our August posted contract price in the United States has been increased by US$10 per tonne to US$343 per tonne. Numerous planned and unplanned outages during the second quarter have caused global inventories for both producers and consumers to decline. As we enter the third quarter, demand continues to be strong and several more maintenance outages have been announced. During July, approximately 1.1 million tonnes of annual capacity was shut down or idled including our 530,000 tonne Waitara Valley facility in New Zealand which was idled on July 10th. This plant remains a flexible asset for us with future operations dependent on securing additional natural gas on commercially acceptable terms. Finally, we do not expect any production from new world-scale plants to be available to the market until early 2007. As a result of these and other factors, we expect the methanol market to be tight during the third quarter."

Mr. Aitken concluded, "Our cash generation was excellent this quarter. With US$174 million cash on hand at the end of the second quarter, a strong balance sheet and a US$250 million undrawn credit facility, we have the financial capacity to complete our capital maintenance spending program, pursue new opportunities to enhance our leadership position in the methanol industry and continue to deliver on our commitment to return excess cash to shareholders."

A conference call is scheduled for Wednesday, July 26, 2006 at 11:00 am EDT (8:00 am PDT) to review these second quarter results. To access the call, dial the Telus Conferencing operator ten minutes prior to the start of the call at (416) 883-0139, or toll free at (888) 458-1598. The passcode for the call is 75577. A playback version of the conference call will be available for two weeks at (877) 653-0545. The reservation number for the playback version is 302058. There will be a simultaneous audio-only webcast of the conference call, which can be accessed from our website at www.methanex.com. In addition, an audio recording of the conference call can be downloaded from our website for three weeks after the call.

Methanex is a Vancouver based, publicly-traded company engaged in the worldwide production and marketing of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the Nasdaq Global Market in the United States under the trading symbol "MEOH."

Forward-Looking Statements

Information contained in this press release and the attached Management's Discussion and Analysis for the Second Quarter of 2006 contains forward-looking statements. Certain material factors or assumptions were applied in drawing the conclusions or making the forecasts or projections that are included in these forward-looking statements. Methanex believes that it has a reasonable basis for making such forward-looking statements. However, forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The risks and uncertainties include those attendant with producing and marketing methanol and successfully carrying out major capital expenditure projects in various jurisdictions, the ability to successfully carry out corporate initiatives and strategies, conditions in the methanol and other industries including the supply and demand balance for methanol, actions of competitors and suppliers, world-wide economic conditions and other risks described in our 2005 Management's Discussion & Analysis and the attached Management's Discussion and Analysis for the Second Quarter of 2006. Undue reliance should not be placed on forward-looking statements. They are not a substitute for the exercise of one's own due diligence and judgment. The outcomes anticipated in forward-looking statements may not occur and we do not undertake to update forward-looking statements. These materials also contain certain non-GAAP financial measures. Non-GAAP financial measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures used by other companies. For more information regarding these non-GAAP measures, please see our 2005 Management's Discussion & Analysis and the attached Management's Discussion and Analysis for the Second Quarter of 2006.

(1) These items are non-GAAP measures that do not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and therefore are unlikely to be comparable to similar measures presented by other companies. Refer to Supplemental Non-GAAP Measures for a description of each non-GAAP measure and a reconciliation to the most comparable GAAP measure.

Interim Report For the Six Months Ended June 30, 2006

At July 24, 2006 the Company had 108,237,417 common shares issued and outstanding and stock options exercisable for 817,700 additional common shares.

Share Information

Methanex Corporation's common shares are listed for trading on the Toronto Stock Exchange under the symbol MX and on the Nasdaq Global Market under the symbol MEOH.


Transfer Agents & Registrars
CIBC Mellon Trust Company
320 Bay Street
Toronto, Ontario, Canada M5H 4A6
Toll free in North America:
1-800-387-0825

Investor Information
All financial reports, news releases and corporate information can be
accessed on our website at www.methanex.com.

Contact Information
Methanex Investor Relations
1800 - 200 Burrard Street
Vancouver, BC Canada V6C 3M1

E-mail: invest@methanex.com
Methanex Toll-Free: 1-800-661-8851

SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

Except where otherwise noted, all currency amounts are stated in United States dollars.

This second quarter 2006 Management's Discussion and Analysis should be read in conjunction with the 2005 Annual Consolidated Financial Statements and the Management's Discussion and Analysis included in the Methanex 2005 Annual Report. The Methanex 2005 Annual Report and additional information relating to Methanex is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.


                                  Three Months Ended Six Months Ended
                             ----------------------- ----------------
($ millions, except           Jun 30  Mar 31  Jun 30   Jun 30  Jun 30
 where noted)                   2006    2006    2005     2006    2005
---------------------------------------------------- ----------------
---------------------------------------------------- ----------------
Sales volumes (thousands
 of tonnes)
 Company produced
  Chile and Trinidad           1,241   1,254   1,129    2,495   2,256
  New Zealand and Kitimat        110      67     203      177     451
---------------------------------------------------- ----------------
                               1,351   1,321   1,332    2,672   2,707
 Purchased methanol              294     297     269      591     565
 Commission sales(1)             133     141     158      274     303
---------------------------------------------------- ----------------
 Total sales volumes           1,778   1,759   1,759    3,537   3,575

Average realized price
 ($ per tonne)(2)                279     283     256      281     259
Methanex average
 non-discounted posted
 price ($ per tonne)(3)          340     335     308      338     309
Operating income(4)            128.7   142.9    98.1    271.6   212.8
Net income                      82.1   115.2    62.9    197.3   139.0
Income before unusual
 items (after-tax)(4)           82.1    89.4    62.9    171.5   139.0
Cash flows from operating
 activities(4)(5)              129.5   113.9    98.5    243.4   212.6
Adjusted EBITDA(4)             153.0   166.5   119.6    319.6   254.3
Basic net income per
 common share                   0.75    1.02    0.53     1.78    1.17
Diluted net income per
 common share                   0.75    1.02    0.53     1.77    1.16
Diluted income before
 unusual items (after-tax)
 per share(4)                   0.75    0.79    0.53     1.54    1.16
Common share information
 (millions of shares):
 Weighted average number
  of common shares             109.7   112.4   118.4    111.0   119.2
 Diluted weighted average
  number of common shares      110.0   112.9   118.9    111.5   120.0
 Number of common shares
  outstanding, end of
  period                       108.6   110.6   117.6    108.6   117.6
---------------------------------------------------- ----------------

(1) Commission sales represent volumes marketed on a commission
    basis. Commission income is included in revenue when earned.

(2) Average realized price is calculated as revenue, net of
    commissions earned, divided by the total sales volumes of
    produced and purchased methanol.

(3) Methanex average non-discounted posted price represents the
    average of our non-discounted posted prices in North America,
    Europe and Asia Pacific weighted by sales volume. Current and
    historical pricing information is available on our website at
    www.methanex.com.

(4) These items are non-GAAP measures that do not have any
    standardized meaning prescribed by Canadian generally accepted
    accounting principles (GAAP) and therefore are unlikely to be
    comparable to similar measures presented by other companies.
    Refer to Supplemental Non-GAAP Measures for a description of
    each non-GAAP measure and a reconciliation to the most
    comparable GAAP measure.

(5) Cash flows from operating activities in the above table
    represents cash flows from operating activities before changes
    in non-cash working capital.

For the second quarter of 2006 we recorded Adjusted EBITDA of $153.0 million and net income and income before unusual items (after-tax) of $82.1 million ($0.75 per share on a diluted basis). This compares with Adjusted EBITDA of $166.5 million, net income of $115.2 million ($1.02 per share on a diluted basis) and income before unusual items (after-tax) of $89.4 million ($0.79 per share on a diluted basis) for the first quarter of 2006 and Adjusted EBITDA of $119.6 million and net income and income before unusual items (after-tax) of $62.9 million ($0.53 per share on a diluted basis) for the second quarter of 2005.

For the six months ended June 30, 2006, we recorded Adjusted EBITDA of $319.6 million, net income of $197.3 million ($1.77 per share on a diluted basis) and income before unusual items (after-tax) of $171.5 million ($1.54 per share on a diluted basis) compared with Adjusted EBITDA of $254.3 million and net income and income before unusual items (after-tax) of $139.0 million ($1.16 per share on a diluted basis) during the same period in 2005.

The following is a reconciliation of net income to income before unusual items (after-tax):


                                  Three Months Ended Six Months Ended
                             ----------------------- ----------------
                              Jun 30  Mar 31  Jun 30   Jun 30  Jun 30
($ millions)                    2006    2006    2005     2006    2005
---------------------------------------------------- ----------------
---------------------------------------------------- ----------------
Net income                    $ 82.1 $ 115.2  $ 62.9  $ 197.3 $ 139.0
Deduct unusual item:
 Future income taxes
  related to change in
  tax legislation                  -   (25.8)      -    (25.8)      -
---------------------------------------------------- ----------------
Income before unusual items
 (after-tax)                  $ 82.1 $  89.4  $ 62.9  $ 171.5 $ 139.0
---------------------------------------------------------------------

In February 2006, the Government of Trinidad and Tobago passed an amendment that changed the retroactive effective date of tax legislation introduced in 2005. As a result of this amendment we recorded adjustments during the first quarter of 2006 to decrease future income tax expense by a total of $25.8 million. Refer to Income Taxes for further information regarding this change in legislation.

EARNINGS ANALYSIS

A core element of our strategy is to strengthen our position as a low cost producer. Over the last several years we have shifted our production from higher cost plants exposed to market prices for natural gas feedstock to new low cost plants underpinned by long-term take-or-pay natural gas purchase agreements with pricing terms that vary with methanol prices. Our low cost production hubs in Chile and Trinidad have an annual production capacity of 5.8 million tonnes and represent over 90% of our current annual production capacity. The operating results for these facilities represent a substantial proportion of our Adjusted EBITDA and accordingly, we separately discuss the impact of the changes in average realized price, sales volumes and total cash costs related to these facilities.

Over the last few years we have been shutting down our high cost production. We permanently closed our Kitimat facility on November 1, 2005 and sold the remaining inventory from this facility during the first quarter of 2006. On July 10, 2006, the Waitara Valley plant in New Zealand was idled for maintenance and is currently positioned as a flexible production asset with future operations dependent on securing additional natural gas on commercially acceptable terms. As the operating results for these facilities represent a smaller proportion of our Adjusted EBITDA, the impact of changes in average realized price, sales volumes and total cash costs have been combined and presented as the change in cash margin related to these facilities in our analysis of Adjusted EBITDA. For a further discussion of the definitions and calculations used in our Adjusted EBITDA analysis, refer to How We Analyze Our Business.

Adjusted EBITDA

The changes in Adjusted EBITDA resulted from the following:


                               Q2 2006        Q2 2006    YTD Q2 2006
                         compared with  compared with  compared with
($ millions)                   Q1 2006        Q2 2005    YTD Q2 2005
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase (decrease)
 in Adjusted EBITDA
 related to changes in:
  Average realized price         $  (6)          $ 25           $ 50
  Total cash costs                 (12)           (21)           (37)
  Sales volumes                     (2)            17             38
  Margin on the sale
   of purchased methanol             -              1              4
--------------------------------------------------------------------
                                   (20)            22             55
  Margin earned from
   New Zealand and
   Kitimat facilities                6             11             10
--------------------------------------------------------------------
                                 $ (14)          $ 33           $ 65
--------------------------------------------------------------------



Average realized price


                                 Three Months Ended Six Months Ended
Methanol Price Information  ----------------------- ----------------
($ per tonne, except         Jun 30  Mar 31  Jun 30   Jun 30  Jun 30
 where noted)                  2006    2006    2005     2006    2005
--------------------------------------------------- ----------------
--------------------------------------------------- ----------------
Methanex average
 non-discounted posted price    340     335     308      338     309
Methanex average realized
 methanol price                 279     283     256      281     259
Average discount                 18%     16%     17%      17%     16%
--------------------------------------------------------------------

We continue to operate in a favourable price environment as a result of strong demand and tight methanol supply conditions resulting from planned and unplanned outages during the second quarter of 2006. Our average realized price for the second quarter of 2006 decreased slightly to $279 per tonne from $283 per tonne for the first quarter of 2006 and increased from $256 per tonne for the second quarter of 2005. The change in our average realized price for the second quarter of 2006 decreased our Adjusted EBITDA by $6 million compared with the first quarter of 2006 and increased our Adjusted EBITDA by $25 million compared with the second quarter of 2005. Our average realized price for the six months ended June 30, 2006 was $281 per tonne compared with $259 per tonne during the same period in 2005 resulting in an increase in Adjusted EBITDA of $50 million.

The methanol industry is highly competitive and prices are affected by supply/demand fundamentals. We publish non-discounted reference prices for each major methanol market and offer discounts to customers based on various factors. To reduce the impact of cyclical pricing on our earnings, we have entered into long-term contracts for a portion of our production volume with certain global customers where prices are either fixed or linked to our costs plus a margin. We expect the discount from our non-discounted posted prices will narrow during periods of lower methanol pricing. We believe it is important to maintain financial flexibility throughout the methanol price cycle and these strategic contracts are a part of our balanced approach to managing cash flow and liquidity.

Total cash costs

Maintaining a low cost structure provides a competitive advantage in a commodity industry and is a key element of our strategy. Our low cost production facilities in Chile and Trinidad are underpinned by long-term low cost take-or-pay natural gas purchase agreements with pricing terms that include base and variable price components. The variable component is adjusted in relation to increases in methanol prices above a pre-determined price. We believe this enables these facilities to be competitive throughout the methanol price cycle.

Total cash costs for the second quarter of 2006 were higher than in the first quarter of 2006 by $12 million. The increase in total cash costs was primarily due to higher ocean shipping and supply chain costs as well as higher stock-based compensation expense due to the impact of increases in our share price. The increase in ocean shipping and supply chain costs primarily relates to a change in shipping patterns and higher fuel costs during the second quarter of 2006.

Total cash costs for the second quarter of 2006 and the six months ended June 30, 2006 were higher than in the comparable periods in 2005 and this decreased Adjusted EBITDA by $21 million and $37 million, respectively. The increase in cash costs primarily relates to the impact of higher methanol prices on natural gas costs at our Chile and Trinidad facilities, higher ocean shipping costs and higher stock-based compensation expense due to the impact of increases in our share price.

Chile and Trinidad sales volumes

Sales volumes of methanol produced at our Chile and Trinidad production hubs for the second quarter of 2006 were lower by 13,000 tonnes compared with the first quarter of 2006 and this decreased Adjusted EBITDA by $2 million.

The commencement of operations of Chile IV in June 2005 increased our annual low cost production capacity to 5.8 million tonnes from 5.0 million tonnes. Sales volumes of methanol produced at our Chile and Trinidad production hubs for the second quarter of 2006 and the six months ended June 30, 2006 were higher than in the comparable periods in 2005 by 112,000 tonnes and 239,000 tonnes, respectively. Higher sales volumes for these periods increased Adjusted EBITDA by $17 million and $38 million, respectively.

Margin earned from New Zealand and Kitimat facilities

For the second quarter of 2006, our cash margin on the sale of New Zealand inventory was $9 million compared with a cash margin on the sale of New Zealand and Kitimat inventory of $3 million for the first quarter of 2006 and a negative cash margin of $2 million for the second quarter of 2005. The increase in cash margin for the second quarter of 2006 compared with the first quarter of 2006 primarily relates to higher sales volumes of New Zealand inventory during the second quarter of 2006 and a negative cash margin earned on sale of our remaining Kitimat inventory during the first quarter of 2006.

For the six months ended June 30, 2006, our cash margin on the sale of New Zealand and Kitimat inventory was $12 million compared with a cash margin of $2 million during the same period in 2005. The increase in cash margin for the second quarter of 2006 and six months ended June 30, 2006 compared with the same periods in 2005 primarily relates to lower sales volumes of high cost Kitimat inventory and higher methanol prices during 2006.

Depreciation and Amortization

Depreciation and amortization was $24 million for the second quarter of 2006 compared with $22 million for the second quarter of 2005. For the six months ended June 30, 2006, depreciation and amortization was $48 million compared with $41 million for the same period in 2005. In June 2005, the Chile IV methanol facility commenced operations and in late 2005, we entered into a capital lease agreement for an oceangoing vessel. The increase in depreciation and amortization for the second quarter of 2006 and the six months ended June 30, 2006 compared with the same periods in 2005 is primarily due to the depreciation of Chile IV and the leased oceangoing vessel.


Interest Expense

                                 Three Months Ended Six Months Ended
                            ----------------------- ----------------
                             Jun 30  Mar 31  Jun 30   Jun 30  Jun 30
($ millions)                   2006    2006    2005     2006    2005
--------------------------------------------------- ----------------
--------------------------------------------------- ----------------
Interest expense before
 capitalized interest          $ 11    $ 11    $ 14     $ 22    $ 27
Less capitalized interest
 related to Chile IV              -       -      (3)       -      (7)
--------------------------------------------------- ----------------
Interest expense               $ 11    $ 11    $ 11     $ 22    $ 20
--------------------------------------------------------------------

Interest incurred during construction is capitalized to the cost of the asset until the asset is substantively complete and ready for productive use. The Chile IV methanol facility commenced operations in June 2005.


Interest and Other Income

                                 Three Months Ended Six Months Ended
                            ----------------------- ----------------
                             Jun 30  Mar 31  Jun 30   Jun 30  Jun 30
($ millions)                   2006    2006    2005     2006    2005
--------------------------------------------------- ----------------
--------------------------------------------------- ----------------
Interest and other income       $ 4     $ 3     $ -      $ 6     $ 1
--------------------------------------------------------------------

The change in interest and other income for the six months ended June 30, 2006 compared with the same period in 2005 relates primarily to the impact on earnings of changes in foreign exchange rates.

Income Taxes

During 2005, the Government of Trinidad and Tobago introduced new tax legislation retroactive to January 1, 2004. As a result, during 2005 we recorded a $16.9 million charge to increase future income tax expense to reflect the retroactive impact for the period January 1, 2004 to December 31, 2004. In February 2006, the Government of Trinidad and Tobago passed an amendment to this legislation that changes the retroactive effective date to January 1, 2005. As a result of this amendment we recorded an adjustment to decrease future income tax expense by a total of $25.8 million during the first quarter of 2006. The adjustment includes a reversal of the previous charge to 2005 earnings and an additional adjustment to recognize the benefit of tax deductions that were reinstated as a result of the change in the retroactive effective date.

Excluding the above-noted adjustment, the effective tax rate for the second quarter of 2006 was 32% compared with 34% for the first quarter of 2006 and 28% for the second quarter of 2005. The effective tax rate for the six months ended June 30, 2006 was 33% compared with 29% for the same period in 2005. The increase in effective tax rates in 2006 compared with 2005 primarily relates to the expiry of the tax holiday for the Titan facility in 2005.

The statutory tax rate in Chile and Trinidad, where we earn substantially all of our pre-tax earnings, is 35%. In Chile the tax rate consists of a first category tax that is payable when income is earned and a second category tax that is due when earnings are distributed from Chile. The second category tax is initially recorded as future income tax expense and is subsequently reclassified to current income tax expense when earnings are distributed. Accordingly, the ratio of current income tax expense to total income tax expense is highly dependent on the level of cash distributed from Chile.


PRODUCTION SUMMARY
                                                        YTD       YTD
                    Q2 2006     Q1 2006   Q2 2005   Q2 2006   Q2 2005
(thousands     Capa- Product-  Product-  Product-  Product-  Product-
 of tonnes)     city      ion       ion       ion       ion       ion
---------------------------------------------------------------------
---------------------------------------------------------------------
Chile and
 Trinidad:
 Chile I, II,
  III and IV     960      872       882       702     1,754     1,429
 Titan           210      214       215       135       429       337
 Atlas
  (63.1%
  interest)      268      273       253       252       526       487
---------------------------------------------------------------------
               1,438    1,359     1,350     1,089     2,709     2,253

Other:
 New Zealand     132      118       104       103       222       223
 Kitimat           -        -         -       120         -       239
---------------------------------------------------------------------
                 132      118       104       223       222       462
---------------------------------------------------------------------
               1,570    1,477     1,454     1,312     2,931     2,715
---------------------------------------------------------------------

During the second quarter of 2006, our methanol facilities produced 1,477,000 tonnes compared with an operating capacity of 1,570,000 tonnes, or 94% of overall capacity.

Our methanol facilities in Trinidad operated very well and in excess of design capacity despite losing approximately 30,000 tonnes of production due to short-term delivery infrastructure constraints of our natural gas suppliers.

Our methanol production facilities in Chile produced 872,000 tonnes compared with an operating capacity of 960,000 tonnes during the second quarter of 2006. Production was lower than capacity primarily due to planned maintenance at our Chile I facility in June resulting in lost production of approximately 30,000 tonnes and reduced gas supply as a result of repair and maintenance of delivery infrastructure by our natural gas suppliers resulting in lost production of approximately 40,000 tonnes. We did not experience any significant curtailments of natural gas as a result of redirection orders from the Argentinean government during the second quarter of 2006. Excluding the impact of planned maintenance at our Chile I facility and repair and maintenance activities by our natural gas suppliers, our facilities in Chile operated at 98% of capacity for the second quarter of 2006.

Effective July 25, 2006, the government of Argentina increased the tax on exports of natural gas from Argentina to Chile. This tax is applicable to approximately 32% of the total current gas supply for our plants in Chile. The new tax is $2.25 per mmbtu, which represents an average increase of approximately $1.95 per mmbtu over the existing export tax currently paid by the affected Argentinean gas suppliers. For all gas sourced from Argentina we have contractual protection against such export taxes. However, we cannot provide assurance that this proposed tax will not have an adverse effect on our results of operations and financial condition.

The Waitara Valley facility in New Zealand is currently positioned as a flexible production asset. We restarted this facility in early 2006 with sufficient contracted natural gas to produce approximately 230,000 tonnes during 2006. On July 10, the Waitara Valley facility was idled. We are continuing to seek other supplies of natural gas to supplement this production and to extend the life of our New Zealand operations; however there can be no assurance that we will be able to secure additional gas on commercially acceptable terms.

SUPPLY/DEMAND FUNDAMENTALS

Methanol industry fundamentals continue to be favourable and we continue to operate in a strong pricing environment underpinned by high global energy prices. Over the next 12 months, we expect new capacity and expansions of existing capacity, outside of China, to increase methanol supply by approximately 2.6 million tonnes. Over the same period, we expect a similar volume of high cost capacity to shut down as a result of high energy prices. The only world-scale increment of new industry capacity is the 1.7 million tonne per year NPC facility in Iran which we do not expect will have product available to the market until early 2007.

In China, a 0.6 million tonne per year natural gas-based methanol plant is under development on Hainan Island and is expected to commence operations during the second half of 2006. Due to its location on the coast, this plant could export or supply traditional methanol markets in coastal provinces in East and South China.

Demand for methanol in China is growing at higher rates than we expected. We believe that a large proportion of this additional unexpected demand is related to non-traditional uses for methanol such as gasoline blending and production of di-methyl ether (DME). DME can be used as a cooking, heating or transportation fuel. Therefore, while there are a number of smaller-scale plants expected to be constructed in China during 2006, we continue to believe substantially all domestic methanol production will be consumed within the local market. As a result, we expect 2006 imports into China to remain at levels similar to 2005 and we also expect that imports into China will grow over time.

During 2005, just over two million tonnes of methanol was used in the production of MTBE for consumption in the United States. As a result of the 2005 United States Energy Policy Act, MTBE has been substantially removed from gasoline in the United States. However, export markets for MTBE produced in the United States are attractive and a number of MTBE producers in the United States continue to produce to supply these markets. MTBE is currently more economic than many other components of gasoline and this has caused strong demand for MTBE, outside of the United States. To date, the net loss of methanol demand as a result of the changes occurring to gasoline formulations in the United States has had a relatively minor impact on the global methanol market. We continue to believe the impact of lower demand for methanol for MTBE consumed in the United States in 2006 will be more than offset by increases in demand for methanol for MTBE elsewhere in the world as well as demand growth related to other derivatives.

It is our view that global supply and demand fundamentals continue to support a high price environment. As expected, the market experienced some volatility in the second quarter, partly due to the phase-out of MTBE demand in the United States, and, accordingly, we decreased contract prices in May and again in July.

The Methanex non-discounted posted price in the United States is $333 per tonne for July, compared with $356 per tonne in April. The European quarterly contract price for the third quarter of 2006 is EUR 250 (US$315 per tonne at the time of settlement compared with US$348 per tonne for the second quarter of 2006). The Methanex non-discounted posted price in Asia is $305 per tonne for July, compared with $330 per tonne in April.


Methanex Non Discounted Regional
Posted Contract Prices(1)

                                                      July      April
US$ PER TONNE                                         2006       2006
---------------------------------------------------------------------
---------------------------------------------------------------------
United States                                        $ 333      $ 356
Europe(2)                                            $ 315      $ 348
Asia                                                 $ 305      $ 330

(1) Discounts from our posted prices are offered to customers based
    on various factors.
(2) EUR 250 at July 2006 (April 2006 - EUR 285) converted to United
    States dollars at the date of settlement.
---------------------------------------------------------------------

Despite these recent price decreases, we believe that global supply and demand fundamentals remain very strong and as a result, we increased our August posted contract price in the United States by US$10 per tonne to US$343 per tonne. Given the large number of maintenance outages that occurred in the latter part of the second quarter, global inventories are lower at the start of the third quarter than they were in the first half of the year. As we enter the third quarter, demand continues to be strong and several more maintenance outages have been announced. At the beginning of the third quarter approximately 1.1 million tonnes of annualized capacity was either permanently shut down or idled, including plants in the Netherlands and Germany as well as our own plant in New Zealand which was idled on July 10. As a result of these and other factors, we expect the methanol market to be tight during the third quarter.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows from operating activities before changes in non-cash working capital in the second quarter of 2006 were $129.5 million compared with $98.5 million for the same period in 2005. During the second quarter of 2006, our non-cash working capital decreased by $47 million. Approximately one-half of this relates to a cash inflow on collection of the Chile IV incentive tax credit. The remaining decrease in our non-cash working capital is primarily due to the timing of cash payments of our trade payables.

During the second quarter of 2006, we repurchased for cancellation a total of 2.3 million common shares at an average price of US$22.66 per share, totaling $52 million. This includes 1.5 million common shares repurchased under a normal course issuer bid that expired May 16, 2006 and 0.8 million common shares repurchased under a new normal course issuer bid that commenced May 17, 2006. On closing of the normal course issuer bid that expired at May 16, 2006, we had repurchased a total of 9.4 million common shares at an average price of US$18.65 per share, totaling $175 million. On May 9, 2006, the new normal course issuer bid was approved. This bid commenced May 17, 2006 and expires May 16, 2007 and allows us to repurchase for cancellation up to 5.5 million common shares.

Also during the second quarter of 2006, our Board of Directors approved a 14% increase in our regular quarterly dividend to shareholders, from US$0.11 per share to US$0.125 per share. During the second quarter of 2006 we paid quarterly dividends of approximately $14 million.

We are developing a methanol project in Eqypt with our joint venture partners. The proposed project involves the construction of a 1.3 million tonne per year methanol facility at Damietta Port on the Meditteranean Sea. We continue to make progress in meeting project milestones and expect to make a final decision to proceed with this project before the end of 2006.We have excellent financial capacity and flexibility. Our cash balance at June 30, 2006 was $174 million and we have a strong balance sheet and an undrawn $250 million credit facility. The planned capital maintenance expenditure program directed towards major maintenance, turnarounds and catalyst changes is currently estimated to total approximately $75 million for the period to the end of 2008.

We have the financial capacity and flexibility to complete our capital maintenance spending program, pursue new opportunities to enhance our leadership position in the methanol industry and continue to deliver on our commitment to return excess cash to shareholders.


The credit ratings for our unsecured notes at June 30, 2006 were as
follows:
---------------------------------------------------------------------
---------------------------------------------------------------------
Standard & Poor's Rating Services                     BBB- (negative)
Moody's Investor Services                                Ba1 (stable)
Fitch Ratings                                            BBB (stable)

Credit ratings are not recommendations to purchase, hold or sell
securities and do not comment on market price or suitability for a
particular investor. There is no assurance that any rating will
remain in effect for any given period of time or that any rating
will not be revised or withdrawn entirely by a rating agency in
the future.
---------------------------------------------------------------------

SHORT-TERM OUTLOOK

We expect that global supply/demand fundamentals will continue to be favourable. We believe that strong demand and low global inventory levels will continue to support a high pricing environment. Although there is likely to be price volatility as the year progresses, barring a major unexpected event such as a recession, we continue to believe that the methanol pricing environment should remain strong for the remainder of the year.

The methanol price will ultimately depend on industry operating rates, the rate of industry restructuring and the strength of global demand. We believe that our excellent financial position and financial flexibility, outstanding global supply network and low cost position will provide the sound basis for Methanex continuing to be the leader in the methanol industry.

ADDITIONAL INFORMATION - SUPPLEMENTAL NON-GAAP MEASURES

In addition to providing measures prepared in accordance with Canadian generally accepted accounting principles (Canadian GAAP), we present certain supplemental non-GAAP measures. These are Adjusted EBITDA, income before unusual items (after-tax), diluted income before unusual items (after-tax) per share, operating income and cash flows from operating activities before changes in non-cash working capital. These measures do not have any standardized meaning prescribed by Canadian GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. We believe these measures are useful in evaluating the operating performance and liquidity of the Company's ongoing business. These measures should be considered in addition to, and not as a substitute for, net income, cash flows and other measures of financial performance and liquidity reported in accordance with Canadian GAAP.

Adjusted EBITDA

This supplemental non-GAAP measure is provided to assist readers in determining our ability to generate cash from operations. We believe this measure is useful in assessing performance and highlighting trends on an overall basis. We also believe Adjusted EBITDA is frequently used by securities analysts and investors when comparing our results with those of other companies. Adjusted EBITDA differs from the most comparable GAAP measure, cash flows from operating activities, primarily because it does not include changes in non-cash working capital, other cash payments related to operating activities, stock-based compensation, other non-cash items, interest expense, interest and other income, and current income taxes.

The following table shows a reconciliation of cash flows from operating activities to Adjusted EBITDA:


                              Three Months Ended    Six Months Ended
                    ---------------------------- -------------------
                      Jun 30    Mar 31    Jun 30    Jun 30    Jun 30
($ millions)            2006      2006      2005      2006      2005
------------------------------------------------ -------------------
------------------------------------------------ -------------------
Cash flows from
 operating
 activities        $ 176,960 $  20,074 $ 114,469 $ 197,034 $ 207,396
Add (deduct):
 Changes in
  non-cash working
  capital            (47,467)   93,865   (15,962)   46,398     5,221
 Other cash payments   1,362     5,872     1,019     7,234     2,611
 Stock-based
  compensation        (7,463)   (6,019)   (2,186)  (13,482)   (6,752)
 Other non-cash
  items                 (681)   (1,533)   (2,987)   (2,214)   (2,587)
 Interest expense     10,945    10,958    10,514    21,903    19,575
 Interest and
  other income        (3,772)   (2,535)     (108)   (6,307)   (1,370)
 Current income
  taxes               23,129    45,864    14,831    68,993    30,196
------------------------------------------------ -------------------
Adjusted EBITDA    $ 153,013 $ 166,546 $ 119,590 $ 319,559 $ 254,290
--------------------------------------------------------------------

Income before Unusual Items (after-tax) and Diluted Income before Unusual Items (after-tax) Per Share

These supplemental non-GAAP measures are provided to assist readers in comparing earnings from one period to another without the impact of unusual items that management considers to be non-operational and/or non-recurring. Diluted income before unusual items (after-tax) per share has been calculated by dividing income before unusual items (after-tax) by the diluted weighted average number of common shares outstanding.

The following table shows a reconciliation of net income to income before unusual items (after-tax) and the calculation of diluted income before unusual items (after-tax) per share:


                           Three Months Ended        Six Months Ended
               ------------------------------   ---------------------
               Jun 30      Mar 31      Jun 30      Jun 30      Jun 30
($ millions)     2006        2006        2005        2006        2005
---------------------------------------------   ---------------------
---------------------------------------------   ---------------------
Net income   $ 82,097   $ 115,177    $ 62,935   $ 197,274   $ 138,967
Deduct
 unusual
 items:
 Future income
  taxes related
  to change
  in tax
  legislation       -     (25,753)          -     (25,753)          -
---------------------------------------------   ---------------------
Income before
 unusual items
 (after
  -tax)      $ 82,097   $  89,424    $ 62,935   $ 171,521   $ 138,967

Diluted weighted
 average number
 of common
 shares
 outstanding
          110,013,684 112,906,385 118,938,355 111,451,670 119,982,283
Diluted income
 before unusual
 items
 (after-tax)
 per share   $   0.75   $    0.79    $   0.53   $    1.54   $    1.16
---------------------------------------------------------------------

Operating Income and Cash Flows from Operating Activities before Non-Cash Working Capital

Operating income and cash flows from operating activities before changes in non-cash working capital are reconciled to Canadian GAAP measures in our consolidated statements of income and consolidated statements of cash flows, respectively.

QUARTERLY FINANCIAL DATA (UNAUDITED)

A summary of selected financial information for the prior eight quarters is as follows:


                                      Three Months Ended
                        --------------------------------------------
($ thousands, except      Jun 30      Mar 31      Dec 31      Sep 30
 per share amounts)         2006        2006        2005        2005
--------------------------------------------------------------------
--------------------------------------------------------------------
Revenue                $ 460,915   $ 459,590   $ 459,615   $ 349,291
Net Income (loss)         82,097     115,177      48,574     (21,789)
Basic net income (loss)
 per common share           0.75        1.02        0.42       (0.19)
Diluted net income
 (loss) per common
 share                      0.75        1.02        0.42       (0.19)
---------------------------------------------------------------------


                                      Three Months Ended
                        --------------------------------------------
($ thousands, except      Jun 30      Mar 31      Dec 31      Sep 30
 per share amounts)         2005        2005        2004        2004
--------------------------------------------------------------------
--------------------------------------------------------------------
Revenue                $ 410,914   $ 438,300   $ 485,408   $ 428,840
Net Income                62,935      76,032      66,061      71,178
Basic net income
 per common share           0.53        0.63        0.55        0.59
Diluted net income
 per common share           0.53        0.63        0.54        0.58
--------------------------------------------------------------------

Our quarterly revenues are not materially impacted by seasonality. However, during the period May to August (the winter season in the southern hemisphere) in each of 2004 and 2005, our Chilean production facilities experienced production losses of approximately 50,000 tonnes and 100,000 tonnes, respectively, as a result of curtailments of natural gas resulting from redirection orders from the Argentinean government. During the second quarter of 2006, we did not experience any significant curtailments of natural gas as a result of redirection orders from the Argentinean government. There can be no assurance that natural gas supply to our facilities will not be impacted in the future. See our 2005 Annual Report for further details.

HOW WE ANALYZE OUR BUSINESS

We review our results of operations by analyzing changes in the components of our Adjusted EBITDA (refer to Supplemental Non-GAAP Measures for a reconciliation to the most comparable GAAP measure), depreciation and amortization, interest expense, interest and other income, unusual items and income taxes. In addition to the methanol that we produce at our facilities, we also purchase and re-sell methanol produced by others. We analyze the results of produced methanol sales separately from purchased methanol sales as the margin characteristics of each are very different.

Produced Methanol

The key drivers of changes in our Adjusted EBITDA for produced methanol are average realized price, sales volume and cash costs. We provide separate discussion of the changes in Adjusted EBITDA related to our core Chile and Trinidad production hubs and the changes in Adjusted EBITDA related to our Kitimat and New Zealand facilities.

Our low cost production hubs in Chile and Trinidad are underpinned by long-term take-or-pay natural gas purchase agreements and the operating results for these facilities represent a substantial portion of our Adjusted EBITDA. Accordingly, in our analysis of Adjusted EBITDA for our facilities in Chile and Trinidad we separately discuss the impact of changes in average realized price, sales volume and cash costs.

Our facilities in Kitimat and New Zealand incur higher production costs and their operating results represent a smaller proportion of our Adjusted EBITDA. To eliminate our exposure to high cost North American natural gas feedstock, we permanently closed our Kitimat production facility on November 1, 2005. Our 530,000 tonne per year Waitara Valley facility in New Zealand has been positioned as a flexible production asset. The impact of changes in average realized price, sales volume and cash costs on the Adjusted EBITDA for our Kitimat and New Zealand facilities has been combined and presented as the change in cash margin.

The price, cash cost and volume variances included in our Adjusted EBITDA analysis for produced methanol are defined and calculated as follows:

PRICE - The change in our Adjusted EBITDA as a result of changes in average realized price is calculated as the difference from period-to-period in the selling price of produced methanol multiplied by the current period sales volume of produced methanol. Sales under long-term contracts where the prices are either fixed or linked to our costs plus a margin are included as sales of produced methanol. Accordingly, the selling price of produced methanol will differ from the selling price of purchased methanol.

COST - The change in our Adjusted EBITDA as a result of changes in cash costs is calculated as the difference from period-to-period in cash costs per tonne multiplied by the sales volume of produced methanol in the current period plus the change in unabsorbed fixed cash costs. The change in selling, general and administrative expenses and fixed storage and handling costs are included in the analysis of methanol produced at our Chile and Trinidad facilities.

VOLUME - The change in our Adjusted EBITDA as a result of changes in sales volume is calculated as the difference from period-to-period in the sales volume of produced methanol multiplied by the margin per tonne for the prior period. The margin per tonne is calculated as the selling price per tonne of produced methanol less absorbed fixed cash costs per tonne and variable cash costs per tonne.

Purchased Methanol

The cost of sales of purchased methanol consists principally of the cost of the methanol itself, which is directly related to the price of methanol at the time of purchase. Accordingly, the analysis of purchased methanol and its impact on our Adjusted EBITDA is discussed on a net margin basis.

FORWARD-LOOKING STATEMENTS

Information contained in this Management's Discussion and Analysis contains forward-looking statements. Certain material factors or assumptions were applied in drawing the conclusions or making the forecasts or projections that are included in these forward-looking statements. Methanex believes that it has a reasonable basis for making such forward-looking statements. However, forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The risks and uncertainties include those attendant with producing and marketing methanol and successfully carrying out major capital expenditure projects in various jurisdictions, the ability to successfully carry out corporate initiatives and strategies, conditions in the methanol and other industries including the supply and demand balance for methanol, actions of competitors and suppliers, world-wide economic conditions and other risks described in our 2005 Management's Discussion & Analysis which is available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

Undue reliance should not be placed on forward-looking statements. They are not a substitute for the exercise of one's own due diligence and judgment. The outcomes anticipated in forward-looking statements may not occur and we do not undertake to update forward-looking statements.


Methanex Corporation
Consolidated Statements of Income (unaudited)
(thousands of US dollars, except number of common shares and
 per share amounts)

                        Three Months Ended          Six Months Ended
                  ------------------------ -------------------------
                       Jun 30       Jun 30       Jun 30       Jun 30
                         2006         2005         2006         2005
--------------------------------------------------------------------
--------------------------------------------------------------------

Revenue             $ 460,915    $ 410,914    $ 920,505    $ 849,214

Cost of sales and
 operating expenses   307,902      291,324      600,946      594,924
Depreciation and
 amortization          24,338       21,531       47,961       41,484
--------------------------------------------------------------------
Operating income
 before undernoted
 items                128,675       98,059      271,598      212,806
Interest expense
 (note 9)             (10,945)     (10,514)     (21,903)     (19,575)
Interest and
 other income           3,772          108        6,307        1,370
--------------------------------------------------------------------
Income before
 income taxes         121,502       87,653      256,002      194,601

Income taxes:
 Current              (23,129)     (14,831)     (68,993)     (30,196)
 Future               (16,276)      (9,887)     (15,488)     (25,438)
 Future income
  taxes related
  to change in tax
  legislation
  (note 5)                  -            -       25,753            -
--------------------------------------------------------------------
                      (39,405)     (24,718)     (58,728)     (55,634)
--------------------------------------------------------------------
Net income          $  82,097    $  62,935    $ 197,274    $ 138,967
--------------------------------------------------------------------
--------------------------------------------------------------------

Net income per
 common share:
  Basic             $    0.75    $    0.53    $    1.78    $    1.17
  Diluted           $    0.75    $    0.53    $    1.77    $    1.16

Weighted
 average number
 of common
 shares
 outstanding:
  Basic           109,658,750  118,369,623  111,016,514  119,162,266
  Diluted         110,013,684  118,938,355  111,451,670  119,982,283

Number of common
 shares
 outstanding at
 period end       108,580,667  117,627,617  108,580,667  117,627,617

See accompanying notes to consolidated financial statements.



Methanex Corporation
Consolidated Balance Sheets (unaudited)
(thousands of US dollars, except number of common shares and per
 share amounts)

                                                   Jun 30      Dec 31
                                                     2006        2005
---------------------------------------------------------------------
---------------------------------------------------------------------
ASSETS
Current assets:
 Cash and cash equivalents                    $   173,531 $   158,755
 Receivables                                      287,994     296,522
 Inventories                                      163,503     140,104
 Prepaid expenses                                  19,149      13,555
---------------------------------------------------------------------
                                                  644,177     608,936
Property, plant and equipment (note 2)          1,378,009   1,396,126
Other assets                                      109,196     101,045
---------------------------------------------------------------------
                                              $ 2,131,382 $ 2,106,107
---------------------------------------------------------------------
---------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
 Accounts payable and accrued liabilities     $   215,123 $   235,487
 Current maturities on long-term debt (note 4)     14,032      14,032
 Current maturities on other long-term
  liabilities                                      19,128       9,663
---------------------------------------------------------------------
                                                  248,283     259,182
Long-term debt (note 4)                           479,900     486,916
Other long-term liabilities                        71,302      79,421
Future income tax liabilities (note 5)            320,809     331,074
Shareholders' equity:
 Capital stock                                    483,369     502,879
 Contributed surplus                                6,474       4,143
 Retained earnings                                521,245     442,492
---------------------------------------------------------------------
                                                1,011,088     949,514
---------------------------------------------------------------------
                                              $ 2,131,382 $ 2,106,107
---------------------------------------------------------------------
---------------------------------------------------------------------

See accompanying notes to consolidated financial statements.



Methanex Corporation
Consolidated Statements of Shareholders' Equity (unaudited)
(thousands of US dollars, except number of common shares and per
 share amounts)

                                                               Total
                   Number of           Contri-            Sharehold-
                      Common   Capital   buted  Retained        ers'
                      Shares     Stock Surplus  Earnings      Equity
--------------------------------------------------------------------
Balance, December
 31, 2004        120,022,417 $ 523,255 $ 3,454 $ 422,535 $   949,244
 Net income                -         -       -   165,752     165,752
 Compensation
  cost recorded
  for stock
  options                  -         -   2,849         -       2,849
 Proceeds on
  issue of
  shares on
  exercise of
  stock options    1,338,475    10,621       -         -      10,621
 Reclassification
  of grant date
  fair value on
  exercise of
  stock options            -     2,160  (2,160)        -           -
 Payments for
  shares
  repurchased     (7,715,600)  (33,157)      -   (97,806)   (130,963)
 Dividend
  payments                 -         -       -   (47,989)    (47,989)
--------------------------------------------------------------------
Balance, December
 31, 2005        113,645,292   502,879   4,143   442,492     949,514
 Net income                -         -       -   115,177     115,177
 Compensation
  cost recorded
  for stock
  options                  -         -     762         -         762
 Proceeds on
  issue of
  shares on
  exercise of
  stock options      194,736     1,889       -         -       1,889
 Reclassification
  of grant date
  fair value on
  exercise of
  stock options            -       214    (214)        -           -
 Payments for
  shares
  repurchased     (3,199,600)  (14,143)      -   (50,964)    (65,107)
 Dividend
  payments                 -         -       -   (12,239)    (12,239)
---------------------------------------------------------------------
Balance, March
 31, 2006        110,640,428   490,839   4,691   494,466     989,996
 Net income                -         -       -    82,097      82,097
 Compensation
  cost recorded
  for stock
  options                  -         -   2,358         -       2,358
 Proceeds on
  issue of
  shares on
  exercise of
  stock options      240,939     2,376       -         -       2,376
 Reclassification
  of grant date
  fair value on
  exercise of
  stock options            -       575    (575)        -           -
 Payments for
  shares
  repurchased     (2,300,700)  (10,421)      -   (41,707)    (52,128)
 Dividend
  payments                 -         -       -   (13,611)    (13,611)
--------------------------------------------------------------------
Balance, June
 30, 2006        108,580,667 $ 483,369 $ 6,474 $ 521,245 $ 1,011,088
--------------------------------------------------------------------
--------------------------------------------------------------------

See accompanying notes to consolidated financial statements.



Methanex Corporation
Consolidated Statements of Cash Flows (unaudited)
(thousands of US dollars, except number of common shares and per
 share amounts)



                          Three Months Ended        Six Months Ended
                         ------------------- -----------------------
                           Jun 30     Jun 30      Jun 30      Jun 30
                             2006       2005        2006        2005
--------------------------------------------------------------------
--------------------------------------------------------------------

CASH FLOWS FROM OPERATING
 ACTIVITIES
 Net income             $  82,097  $  62,935   $ 197,274   $ 138,967
 Add (deduct):
  Depreciation and
   amortization            24,338     21,531      47,961      41,484
  Future income taxes      16,276      9,887     (10,265)     25,438
  Stock-based compensation  7,463      2,186      13,482       6,752
  Other non-cash items        681      2,987       2,214       2,587
  Other cash payments      (1,362)    (1,019)     (7,234)     (2,611)
--------------------------------------------------------------------
 Cash flows from
  operating activities
  before undernoted       129,493     98,507     243,432     212,617
 Changes in non-cash
  working capital
  (note 8)                 47,467     15,962     (46,398)     (5,221)
--------------------------------------------------------------------
                          176,960    114,469     197,034     207,396
--------------------------------------------------------------------

CASH FLOWS FROM FINANCING
 ACTIVITIES
 Payments for shares
  repurchased             (52,128)   (42,273)   (117,235)    (66,773)
 Dividend payments        (13,611)   (12,942)    (25,850)    (22,541)
 Proceeds on issue
  of shares on exercise
  of stock options          2,376      3,675       4,265       9,944
 Funding of debt service
  reserve account          (2,301)         -      (2,301)          -
 Repayment of limited
  recourse long-term debt  (7,016)    (4,032)     (7,016)     (4,032)
 Repayment of other
  long-term liabilities    (2,515)    (5,689)     (3,725)     (5,727)
--------------------------------------------------------------------
                          (75,195)   (61,261)   (151,862)    (89,129)
--------------------------------------------------------------------

CASH FLOWS FROM INVESTING
 ACTIVITIES
 Property, plant and
  equipment and other
  assets                  (21,206)   (23,849)    (28,739)    (32,622)
 Plant and equipment
  construction costs            -    (19,766)          -     (31,958)
 Changes in non-cash
  working capital               -       (895)     (1,657)      2,376
--------------------------------------------------------------------
                          (21,206)   (44,510)    (30,396)    (62,204)
--------------------------------------------------------------------
 Increase in cash and
  cash equivalents         80,559      8,698      14,776      56,063
 Cash and cash
  equivalents,
  beginning of period      92,972    257,414     158,755     210,049
--------------------------------------------------------------------
 Cash and cash
  equivalents, end of
  period                $ 173,531  $ 266,112   $ 173,531   $ 266,112
--------------------------------------------------------------------
--------------------------------------------------------------------

SUPPLEMENTARY CASH FLOW
 INFORMATION
 Interest paid, net
  of capitalized
  interest              $   5,567  $   1,421   $  18,564   $  21,533
 Income taxes paid,
  net of amounts
  refunded              $  25,507 $   17,113   $  61,374   $  23,852

See accompanying notes to consolidated financial statements.


Methanex Corporation
Notes to Consolidated Financial Statements (unaudited)
Except where otherwise noted, tabular dollar amounts are stated in
thousands of US dollars.

1. Basis of presentation

These interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in Canada on a basis consistent with those followed in the most recent annual consolidated financial statements. These accounting principles are different in some respects from those generally accepted in the United States and the significant differences are described and reconciled in Note 12. These interim consolidated financial statements do not include all note disclosures required by Canadian generally accepted accounting principles for annual financial statements, and therefore should be read in conjunction with the annual consolidated financial statements included in the Methanex Corporation 2005 Annual Report.


2. Property, plant and equipment

                                      Accumulated
                            Cost     Depreciation      Net Book Value
---------------------------------------------------------------------
---------------------------------------------------------------------
June 30, 2006
 Plant and equipment $ 2,728,921      $ 1,425,679         $ 1,303,242
 Other                   113,746           38,979              74,767
---------------------------------------------------------------------
                     $ 2,842,667      $ 1,464,658         $ 1,378,009
---------------------------------------------------------------------
December 31, 2005
 Plant and equipment $ 2,711,775      $ 1,383,105         $ 1,328,670
 Other                   101,718           34,262              67,456
---------------------------------------------------------------------
                     $ 2,813,493      $ 1,417,367         $ 1,396,126
---------------------------------------------------------------------

3. Interest in Atlas joint venture

The Company has a 63.1% joint venture interest in Atlas Methanol Company (Atlas). Atlas owns a 1.7 million tonne per year methanol production facility in Trinidad. Included in the consolidated financial statements are the following amounts representing the Company's proportionate interest in Atlas:


                                                     Jun 30    Dec 31
Consolidated Balance Sheets                            2006      2005
---------------------------------------------------------------------
---------------------------------------------------------------------
Cash and cash equivalents                          $ 28,517  $ 24,032
Other current assets                                 28,875    32,937
Property, plant and equipment                       274,127   281,765
Other assets                                         20,289    20,409
Accounts payable and accrued liabilities             25,241    30,340
Future income tax liabilities (note 5)               10,742    21,988
Long-term debt, including current maturities
 (note 4)                                           143,932   150,948
---------------------------------------------------------------------



                               Three Months Ended   Six Months Ended
                              ------------------- ------------------
Consolidated Statements           Jun 30   Jun 30   Jun 30    Jun 30
 of Income                          2006     2005     2006      2005
------------------------------------------------- ------------------
------------------------------------------------- ------------------
Revenue                         $ 43,479 $ 52,629 $ 91,930 $ 103,594
Expenses                         (36,244) (40,897) (76,089)  (80,279)
--------------------------------------------------------------------
Income before income taxes         7,235   11,732   15,841    23,315
Future income taxes (note 5)      (2,532)       -   11,246         -
--------------------------------------------------------------------
Net income                      $  4,703 $ 11,732 $ 27,087 $  23,315
--------------------------------------------------------------------



                               Three Months Ended   Six Months Ended
                              ------------------- ------------------
Consolidated Statements           Jun 30   Jun 30   Jun 30    Jun 30
 of Cash Flows                      2006     2005     2006      2005
------------------------------------------------- ------------------
------------------------------------------------- ------------------
Cash inflows from operating
 activities                     $ 14,306  $ 2,592 $ 22,960  $ 13,851
Cash outflows from financing
 activities                       (7,016)  (4,032)  (7,016)   (4,032)
Cash outflows from investing
 activities                         (322)  (2,216)    (399)   (3,808)
---------------------------------------------------------------------


4. Long-term debt:

                                                  Jun 30      Dec 31
                                                    2006        2005
--------------------------------------------------------------------
--------------------------------------------------------------------
Unsecured notes
 8.75% due August 15, 2012                     $ 200,000   $ 200,000
 6.00% due August 15, 2015                       150,000     150,000
--------------------------------------------------------------------
                                                 350,000     350,000
Atlas limited recourse debt facilities           143,932     150,948
--------------------------------------------------------------------
                                                 493,932     500,948
Less current maturities                          (14,032)    (14,032)
--------------------------------------------------------------------
                                               $ 479,900   $ 486,916
--------------------------------------------------------------------

The limited recourse debt facilities of Atlas are described as limited recourse as they are secured only by the assets of the joint venture.

5. Future income taxes related to change in tax legislation:

During 2005, the Government of Trinidad and Tobago introduced new tax legislation retroactive to January 1, 2004. As a result, during 2005 we recorded a $16.9 million charge to increase future income tax expense to reflect the retroactive impact for the period January 1, 2004 to December 31, 2004. In February 2006, the Government of Trinidad and Tobago passed an amendment to this legislation that changes the retroactive date to January 1, 2005. As a result of the amendment we recorded an adjustment to decrease future income taxes by a total of $25.8 million. The adjustment is made up of the reversal of the previous charge to 2005 earnings of $16.9 million and an additional adjustment of $8.9 million to recognize the benefit of tax deductions that were reinstated as a result of the change in the implementation date.

6. Net income per common share:

A reconciliation of the weighted average number of common shares outstanding is as follows:


                         Three Months Ended          Six Months Ended
                       -------------------- -------------------------
                        Jun 30       Jun 30       Jun 30       Jun 30
                          2006         2005         2006         2005
------------------------------------------- -------------------------
------------------------------------------- -------------------------
Denominator for
 basic net income
 per common share  109,658,750  118,369,623  111,016,514  119,162,266
Effect of dilutive
 stock options         354,934      568,732      435,156      820,017
---------------------------------------------------------------------
Denominator for
 diluted net
 income per common
 share             110,013,684  118,938,355  111,451,670  119,982,283
---------------------------------------------------------------------


7. Stock-based compensation:

a) Stock options:

(i) Incentive stock options:

Common shares reserved for outstanding incentive stock options at
June 30, 2006:

               Options Denominated in CAD$ Options Denominated in US$
               --------------------------- --------------------------
                  Number of       Weighted   Number of       Weighted
                      Stock        Average       Stock        Average
                    Options Exercise Price     Options Exercise Price
------------------------------------------ --------------------------
------------------------------------------ --------------------------
Outstanding at
 December 31,
 2005               316,650         $ 9.67   1,328,450        $ 13.29
  Granted                 -              -     348,675          20.76
  Exercised         (71,000)         12.21    (123,736)          9.36
  Cancelled          (8,000)         11.00      (3,250)         12.23
---------------------------------------------------------------------
Outstanding at
 March 31, 2006     237,650           8.87   1,550,139          15.28
  Granted                 -              -   1,300,925          20.79
  Exercised         (32,250)          9.96    (208,689)         10.00
  Cancelled               -              -      (3,750)         17.85
---------------------------------------------------------------------
Outstanding at
 June 30, 2006      205,400         $ 8.70   2,638,625        $ 18.41
---------------------------------------------------------------------


Information regarding the incentive stock options outstanding at
June 30, 2006 is as follows:

                             Options Outstanding  Options Exercisable
                                at June 30, 2006     at June 30, 2006
               --------------------------------- --------------------
                  Weighted
                   Average
                 Remaining    Number of Weighted   Number of Weighted
Range of       Contractual        Stock  Average       Stock  Average
 Exercise             Life      Options Exercise     Options Exercise
 Prices             (Years) Outstanding    Price Exercisable    Price
------------------------------------------------ --------------------
Options
 denominated
 in CAD
  $3.29 to 13.65       3.5      205,400   $ 8.70     205,400   $ 8.70
---------------------------------------------------------------------
Options
 denominated
 in USD
  $6.45 to 10.01       6.4      323,875   $ 8.39     323,875   $ 8.39
  $11.56 to 22.52      6.4    2,314,750    19.81     277,225    18.20
---------------------------------------------------------------------
                       6.4    2,638,625  $ 18.41     601,100  $ 12.92
---------------------------------------------------------------------

On March 3, 2006, the Board of Directors approved for grant 1,629,600 incentive stock options with an exercise price of US$20.76 per share. At the date of Board approval, the Company had 348,675 common shares reserved for incentive stock options and, accordingly, the number of incentive stock options granted was limited to 348,675. On May 9, 2006 shareholder approval was received to increase the number of common shares reserved for incentive stock options to 5,250,000 and therefore the remaining 1,280,925 incentive stock options were granted. An additional 20,000 incentive stock options were granted during the three months ended June 30, 2006 at an exercise price of US$22.52 per share.

(ii) Performance stock options:

As at June 30, 2006, there were 50,000 shares reserved for performance stock options with an exercise price of CAD $4.47. All outstanding performance stock options have vested and are exercisable.

(iii) Compensation expense related to stock options:

For the three and six month periods ended June 30, 2006, compensation expense related to stock options included in cost of sales and operating expenses is $2.4 million (2005 - $0.8 million) and $3.1 million (2005 - $1.3 million), respectively. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


                                                        2006     2005
---------------------------------------------------------------------
---------------------------------------------------------------------
Risk-free interest rate                                   5%       4%
Expected dividend yield                                   2%       2%
Expected life                                        5 years  5 years
Expected volatility                                      40%      43%
Expected forfeitures                                      5%       5%
Weighted average fair value of options granted
 ($US per share)                                      $ 8.82   $ 6.51
---------------------------------------------------------------------


b) Deferred, restricted and performance share units:

Deferred, restricted and performance share units outstanding at
June 30, 2006 are as follows:

                            Number of         Number of    Number of
                       Deferred Share  Restricted Share  Performance
                                Units             Units  Share Units
--------------------------------------------------------------------
--------------------------------------------------------------------
Outstanding at
 December 31, 2005            427,264         1,089,836            -
  Granted                      29,110            20,000      402,460
  Granted in-lieu of
   dividends                    2,430             5,994        2,173
  Cancelled                         -           (14,964)           -
--------------------------------------------------------------------
Outstanding at
 March 31, 2006               458,804         1,100,866      404,633
  Granted                       1,369                 -            -
  Granted in-lieu of
   dividends                    1,673             5,905        2,327
  Redeemed                          -           (71,237)           -
  Cancelled                         -            (5,131)      (2,222)
--------------------------------------------------------------------
Outstanding at
 June 30, 2006                461,846         1,030,403      404,738
--------------------------------------------------------------------

On March 3, 2006, the Company granted 402,460 performance share units. Performance share units are grants of notional common shares where the ultimate number of units that vest will be determined by the Company's total shareholder return in relation to a predetermined target over the period to vesting. The number of units that will ultimately vest will be in the range of 50% to 120% of the original grant. The performance share units granted on March 3, 2006 will vest on December 31, 2008.

Compensation expense for deferred, restricted and performance share units is initially measured at fair value based on the market value of the Company's common shares and is recognized over the related service period. Changes in fair value are recognized in earnings for the proportion of the service that has been rendered at each reporting date. The fair value of deferred, restricted and performance share units at June 30, 2006 was $43 million compared with the recorded liability of $26 million. The difference between the fair value and the recorded liability of $17 million will be recognized over the weighted average remaining service period of approximately 1.9 years.

For the three and six month periods ended June 30, 2006, compensation expense related to deferred, restricted and performance share units included in cost of sales and operating expenses was $5.0 million (2005 - $1.0 million) and $10.3 million (2005 - $5.0 million), respectively. For the three and six month periods ended June 30, 2006, the compensation expense included $2.4 million (2005 - recovery of $1.0 million) and $4.9 million (2005 - $0.9 million), respectively, related to the effect of the change in the Company's share price.

8. Changes in non-cash working capital related to operating activities:

The decrease (increase) in non-cash working capital related to operating activities are as follows:


                           Three Months Ended      Six Months Ended
                          ------------------- ---------------------
                             Jun 30    Jun 30     Jun 30     Jun 30
                               2006      2005       2006       2005
--------------------------------------------- ---------------------
--------------------------------------------- ---------------------
Receivables                $ 21,199  $ 14,108  $   8,528   $ 47,698
Inventories                   4,060     7,287    (20,435)      (152)
Prepaid expenses             (6,787)   (7,477)    (5,594)    (2,184)
Accounts payable and
 accrued liabilities         28,995     2,044    (28,897)   (50,583)
--------------------------------------------------------------------
                           $ 47,467  $ 15,962  $ (46,398)  $ (5,221)
--------------------------------------------------------------------


9. Interest expense:

                           Three Months Ended      Six Months Ended
                          ------------------- ---------------------
                             Jun 30    Jun 30     Jun 30     Jun 30
                               2006      2005       2006       2005
--------------------------------------------- ---------------------
--------------------------------------------- ---------------------
Interest expense before
 capitalized interest      $ 10,945  $ 14,072   $ 21,903   $ 27,339
Less: capitalized interest
 related to Chile IV              -    (3,558)         -     (7,764)
-------------------------------------------------------------------
                           $ 10,945  $ 10,514   $ 21,903   $ 19,575
-------------------------------------------------------------------

10. Retirement plans:

Total net pension expense for the Company's defined benefit and defined contribution pension plans during the three and six month periods ended June 30, 2006 was $1.8 million (2005 - $1.5 million) and $3.0 million (2005 - $2.5 million), respectively.

11. Derivative financial instruments:

As at June 30, 2006, the Company's forward exchange contracts to purchase and sell foreign currency in exchange for US dollars were as follows:


                                                   Average
                                                  Exchange
                                Notional Amount       Rate   Maturity
---------------------------------------------------------------------
---------------------------------------------------------------------
Forward exchange purchase
 contracts
  New Zealand dollar                 14 million     0.6007       2006
  Chilean peso                       15 billion     0.0019       2006
Forward exchange sales
 contracts
  Euro                               61 million     1.2445       2006
  Chilean peso                       30 billion     0.0019       2006
  British pound                       2 million     1.7489       2006
---------------------------------------------------------------------

As at June 30, 2006, the carrying value of the forward exchange purchase and sales contracts was a liability of $0.4 million which approximates the fair value of these contracts. The Company also has an interest rate swap contract recorded in other long-term liabilities with a carrying value of negative $1.0 million which approximates fair value.

12. United States Generally Accepted Accounting Principles:

The Company follows generally accepted accounting principles in Canada ("Canadian GAAP") which are different in some respects from those applicable in the United States and from practices prescribed by the United States Securities and Exchange Commission ("US GAAP").

The significant differences between Canadian GAAP and US GAAP with respect to the Company's consolidated statements of income for the three month and six month periods ended June 30, 2006 and 2005 are as follows:


                            Three Months Ended      Six Months Ended
                           -------------------  --------------------
                              Jun 30    Jun 30     Jun 30     Jun 30
                                2006      2005       2006       2005
----------------------------------------------  --------------------
----------------------------------------------  --------------------
Net income in accordance
 with Canadian GAAP         $ 82,097  $ 62,935  $ 197,274  $ 138,967
Add (deduct) adjustments
 for:
  Depreciation and
   amortization (a)             (478)     (478)      (956)      (956)
  Stock-based
   compensation (b)               17       240       (128)       115
  Forward exchange
   contracts (c)                   -      (125)         -       (306)
  Income tax effect of
   above adjustments             167       211        335        430
--------------------------------------------------------------------
Net income in accordance
 with US GAAP               $ 81,803  $ 62,783  $ 196,525  $ 138,250
--------------------------------------------------------------------

--------------------------------------------------------------------
Per share information in
 accordance with US GAAP:
  Basic net income per
   share                    $   0.75  $   0.53  $    1.77  $    1.16
  Diluted net income per
   share                    $   0.74  $   0.53  $    1.76  $    1.15
--------------------------------------------------------------------


The consolidated statements of comprehensive income for the three
month and six month periods ended June 30, 2006 and 2005 are as
follows:


                            Three Months Ended      Six Months Ended
                           -------------------  --------------------
                              Jun 30    Jun 30     Jun 30     Jun 30
                                2006      2005       2006       2005
----------------------------------------------  --------------------
----------------------------------------------  --------------------
Net income in accordance
 with US GAAP               $ 81,803  $ 62,783  $ 196,525  $ 138,250
Other comprehensive
 income:
  Change in fair value of
   forward exchange
   contracts (c)                   -         -          -        142
--------------------------------------------------------------------
Comprehensive income
 in accordance with
 US GAAP                    $ 81,803  $ 62,783  $ 196,525  $ 138,392
--------------------------------------------------------------------

(a) Business Combinations: Effective January 1, 1993, the Company
    combined its business with a methanol business located in New
    Zealand and Chile. Under Canadian GAAP, the business
    combination was accounted for using the pooling-of-interest
    method. Under US GAAP, the business combination would have been
    accounted for as a purchase with the Company identified as the
    acquirer. During the three and six month periods ended June 30,
    2006, an increase to depreciation expense of $0.5 million
    (2005 - $0.5 million) and $1.0 million (2005 - $1.0 million)
    respectively, was recorded in accordance with US GAAP.

(b) Stock-based compensation: The Company has 76,600 options that
    are accounted for as a liability under US GAAP because the
    exercise price of the stock options is denominated in a
    currency other than the Company's functional currency or the
    currency in which the optionee is normally compensated. For
    Canadian GAAP purposes, no compensation expense has been
    recorded as these options were granted in 2001 which is prior
    to the effective implementation date for fair value accounting
    under Canadian GAAP. During the three and six month periods
    ended June 30, 2006, no adjustment to operating expenses
    (2005 - decrease of $0.2 million) and an increase to operating
    expenses of $0.1 million (2005 - decrease of $0.1 million),
    respectively, was recorded in accordance with US GAAP.

(c) Forward exchange contracts: Under Canadian GAAP, forward
    exchange contracts that are designated and qualify as hedges
    are recorded at fair value and recognized in earnings when
    the hedged transaction is recorded. Under US GAAP, forward
    exchange contracts that are designated and qualify as hedges
    are recorded at fair value at each reporting date, with the
    change in fair value either being recognized in earnings to
    offset the change in fair value of the hedged transaction, or
    recorded in other comprehensive income until the hedged
    transaction is recorded. The ineffective portion, if any, of
    the change in fair value of forward exchange contracts that
    are designated and qualify as hedges is immediately
    recognized in earnings. For the three and six month periods
    ended June 30, 2006, no adjustment to operating expenses
    (2005 - increase of $0.1 million) and no adjustment to
    operating expenses (2005 - increase of $0.3 million),
    respectively, was recorded in accordance with US GAAP.

(d) Interest in Atlas joint venture: US GAAP requires interests
    in joint ventures to be accounted for using the equity
    method. Canadian GAAP requires proportionate consolidation
    of interests in joint ventures. The Company has not made an
    adjustment in this reconciliation for this difference in
    accounting principles because the impact of applying the
    equity method of accounting does not result in any change
    to net income or shareholders' equity. This departure from
    US GAAP is acceptable for foreign private issuers under
    the practices prescribed by the United States Securities
    and Exchange Commission.

(e) Performance Share Units: On March 3, 2006, the Company
    granted 402,460 performance share units. Performance share
    units are grants of notional common shares where the
    ultimate number of units that vest will be determined by the
    Company's total shareholder return in relation to a
    predetermined target over the period to vesting. The number
    of units that will ultimately vest will be in the range of
    50% to 120% of the original grant. Under Canadian GAAP, the
    fair value of performance share units is measured each
    reporting period as the market price multiplied by the total
    shareholder return result. This fair value is recognized
    over the related service period with changes in fair value
    being recognized in earnings for the proportion of the
    service that has been rendered at each reporting date. Under
    US GAAP, the fair value of performance share units is
    calculated each reporting period using a pricing model
    that incorporates the service and market conditions related
    to the performance share units. This fair value is recognized
    over the related service period with changes in fair value
    being recognized in earnings for the proportion of the service
    that has been rendered at each reporting date. For the three
    and six month periods ended June 30, 2006, no adjustment to
    operating expenses was recorded in accordance with US GAAP.



Methanex Corporation
Quarterly History (unaudited)

                                               YTD
                                              2006       Q2       Q1
--------------------------------------------------------------------

METHANOL SALES VOLUMES
(thousands of tonnes)

Company produced                             2,672    1,351    1,321
Purchased product                              591      294      297
Commission sales(1)                            274      133      141
--------------------------------------------------------------------

                                             3,537    1,778    1,759
--------------------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

Chile                                        1,754      872      882
Titan, Trinidad                                429      214      215
Atlas, Trinidad (63.1%)                        526      273      253
New Zealand                                    222      118      104
Kitimat                                          -        -        -
--------------------------------------------------------------------

                                             2,931    1,477    1,454
--------------------------------------------------------------------

AVERAGE REALIZED METHANOL PRICE (2)

 ($/tonne)                                     281      279      283
 ($/gallon)                                   0.85     0.84     0.85


PER SHARE INFORMATION
($ per share)
 Basic net income (loss)                    $ 1.78     0.75     1.02
 Diluted net income (loss)                  $ 1.77     0.75     1.02



                           2005        Q4       Q3       Q2       Q1
--------------------------------------------------------------------

METHANOL SALES VOLUMES
(thousands of tonnes)

Company produced          5,341     1,504    1,130    1,332    1,375
Purchased product         1,174       285      325      269      295
Commission sales(1)         537       158       75      158      146
--------------------------------------------------------------------

                          7,052     1,947    1,530    1,759    1,816
--------------------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

Chile                     3,029       916      684      702      727
Titan, Trinidad             715       195      184      135      201
Atlas, Trinidad (63.1%)     895       251      157      252      235
New Zealand                 343         -      120      103      120
Kitimat                     376        34      102      120      120
--------------------------------------------------------------------

                          5,358     1,396    1,247    1,312    1,403
--------------------------------------------------------------------

AVERAGE REALIZED
 METHANOL PRICE (2)

 ($/tonne)                  254       256      240      256      262
 ($/gallon)                0.76      0.77     0.72     0.77     0.79


PER SHARE INFORMATION
 ($ per share)
 Basic net income (loss)   1.41      0.42    (0.19)    0.53     0.63
 Diluted net income (loss) 1.40      0.42    (0.19)    0.53     0.63



                           2004        Q4       Q3       Q2       Q1
--------------------------------------------------------------------

METHANOL SALES VOLUMES
(thousands of tonnes)

Company produced          5,298     1,531    1,307    1,233    1,227
Purchased product         1,960       402      423      600      535
Commission sales(1)         169       128       41        -        -
--------------------------------------------------------------------

                          7,427     2,061    1,771    1,833    1,762
--------------------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

Chile                     2,692       690      640      666      696
Titan, Trinidad             740       154      176      220      190
Atlas, Trinidad (63.1%)     421       264      157        -        -
New Zealand               1,088       266      304      229      289
Kitimat                     486       122      121      121      122
--------------------------------------------------------------------

                          5,427     1,496    1,398    1,236    1,297
--------------------------------------------------------------------

AVERAGE REALIZED
 METHANOL PRICE (2)

 ($/tonne)                  237       251      248      225      223
 ($/gallon)                0.71      0.75     0.75     0.68     0.67


PER SHARE INFORMATION
 ($ per share)
 Basic net income (loss)   1.95      0.55     0.59     0.43     0.39
 Diluted net income (loss) 1.92      0.54     0.58     0.42     0.38


(1) Commission sales volumes include the 36.9% of production from
    Atlas that we do not own.
(2) Average realized price is calculated as revenue, excluding
    commissions earned, divided by the total sales volumes of
    produced and purchased methanol. Prior to 2005, in-market
    distribution costs were also deducted from revenue when
    calculating average realized methanol price for presentation in
    the Management's Discussion and Analysis. The presentation of
    average methanol price for prior periods has been restated.


FOR FURTHER INFORMATION PLEASE CONTACT:

Methanex Corporation
Wendy Bach
Director, Investor Relations
(604) 661-2600


www.methanex.com

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