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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/27/09 -- Methanex Corporation (TSX: MX)(NASDAQ: MEOH)(SANTIAGO: Methanex) -

For the third quarter of 2009, Methanex reported Adjusted EBITDA(1) of $31.0 million and a net loss of $0.8 million ($0.01 per share on a diluted basis). This compares with Adjusted EBITDA of $24.8 million and a net loss of $5.7 million ($0.06 per share on a diluted basis) for the second quarter of 2009.

Bruce Aitken, President and CEO of Methanex, commented, "It is pleasing to see the beginning of recovery in our numbers for the quarter. Sales volumes are up 13% from Q2 2009 and realized methanol prices rose about 16%. These results translated into improved EBITDA, cash generation and earnings. However, the quarter was negatively impacted by a number of mostly one-off costs such as stock-based compensation and unplanned outages at our plants in Chile and Trinidad."

Mr. Aitken added, "During the third quarter, methanol demand increased in all regions globally and industry supply was impacted by many planned and unplanned outages. These factors have led to a recent strong recovery in methanol prices which provides upward momentum to our earnings in the fourth quarter. And with increases in production expected from our Chile operations and our new project in Egypt over the next year, there is significantly more upside potential to our earnings."

Mr. Aitken concluded, "With US$197 million of cash on hand at the end of the quarter, a strong balance sheet, no near term refinancing requirements, and an undrawn credit facility, we are well positioned to continue to invest to grow the Company."

A conference call is scheduled for October 28, 2009 at 11:00 am ET (8:00 am PT) to review these third quarter results. To access the call, dial the Conferencing operator ten minutes prior to the start of the call at (416) 340-8018, or toll free at (866) 223-7781. A playback version of the conference call will be available for fourteen days at (416) 695-5800, or toll free at (800) 408-3053. The security passcode for the playback version is 6704266. 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 and is the world's largest supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX", on the NASDAQ Global Market in the United States under the trading symbol "MEOH", and on the foreign securities market of the Santiago Stock Exchange in Chile under the trading symbol "Methanex". Methanex can be visited online at www.methanex.com.

FORWARD-LOOKING INFORMATION WARNING

This Third Quarter 2009 press release contains forward-looking statements with respect to us and the chemical industry. Refer to Forward-Looking Information Warning in the attached Third Quarter 2009 Management's Discussion and Analysis for more information.

(1) Adjusted EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and therefore is unlikely to be comparable to similar measures presented by other companies. Refer to Additional Information - Supplemental Non-GAAP Measures in the attached Third Quarter 2009 Management's Discussion and Analysis for a description of each supplemental non-GAAP measure and a reconciliation to the most comparable GAAP measure.

Interim Report For the Three Months Ended September 30, 2009

At October 27, 2009 the Company had 92,108,242 common shares issued and
outstanding and stock options exercisable for 2,680,636 additional common
shares.

Share Information
Methanex Corporation's common shares are listed for trading on the Toronto
Stock Exchange under the symbol MX, on the Nasdaq Global Market under the
symbol MEOH and on the foreign securities market of the Santiago Stock
Exchange in Chile under the trading symbol Methanex.

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: [email protected]
Methanex Toll-Free: 1-800-661-8851

THIRD QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

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

This Third Quarter 2009 Management's Discussion and Analysis dated October 27, 2009 should be read in conjunction with the 2008 Annual Consolidated Financial Statements and the Management's Discussion and Analysis included in the Methanex 2008 Annual Report. The Methanex 2008 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       Nine Months Ended
                            ---------------------------  ------------------
($ millions, except          Sep 30    Jun 30    Sep 30    Sep 30    Sep 30
 where noted)                  2009      2009      2008      2009      2008
-------------------------------------------------------  ------------------
Sales volumes (thousands
 of tonnes)
 Produced methanol              943       941       946     2,884     2,534
 Purchased methanol             480       329       429     1,079     1,639
 Commission sales (1)           194       161       172       486       483
-------------------------------------------------------  ------------------
 Total sales volumes          1,617     1,431     1,547     4,449     4,656
Methanex average
 non-discounted posted
 price ($ per tonne) (2)        251       211       499       227       564
Average realized price
 ($ per tonne) (3)              222       192       413       205       455
Adjusted EBITDA (4)            31.0      24.8     139.5      68.9     343.7
Cash flows from
 operating activities           1.4      14.0     127.6      83.3     269.5
Cash flows from
 operating activities
 before changes in
 non-cash working
 capital (4)                   36.3      17.7     103.5      58.8     271.4
Operating income
 (loss) (4)                     3.1      (4.0)    108.3     (16.7)    263.0
Net income (loss)              (0.8)     (5.7)     70.0     (25.0)    172.7
Basic net income (loss)
 per common share             (0.01)    (0.06)     0.75     (0.27)     1.81
Diluted net income (loss)
 per common share             (0.01)    (0.06)     0.74     (0.27)     1.81
Common share information
(millions of shares):
 Weighted average
  number of common
  shares                       92.1      92.0      93.9      92.0      95.2
 Diluted weighted
  average number of
  common shares                92.1      92.0      94.3      92.0      95.7
 Number of common
  shares outstanding,
  end of period                92.1      92.0      93.4      92.1      93.4
-------------------------------------------------------  ------------------
(1) Commission sales represent volumes marketed on a commission basis.
    Commission income is included in revenue when earned.
(2) 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 at www.methanex.com.
(3) Average realized price is calculated as revenue, net of commissions
    earned, divided by the total sales volumes of produced and purchased
    methanol.
(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 Additional Information -
    Supplemental Non-GAAP Measures for a description of each non-GAAP
    measure and a reconciliation to the most comparable GAAP measure.

PRODUCTION SUMMARY

                                                             YTD       YTD
(thousands                 Q3 2009   Q2 2009   Q3 2008   Q3 2009   Q3 2008
 of             Capacity   Product-  Product-  Product-  Product-  Product-
 tonnes)              (1)      ion       ion       ion       ion       ion
--------------------------------------------------------------------------
Chile I, II,
 III and IV          960       197       252       246       677       816
Titan                213       188       165       200       576       646
Atlas (63.1%
 interest)           268       257       275       284       736       865
New Zealand (2)      350       202       203       126       599       370
--------------------------------------------------------------------------
                   1,791       844       895       856     2,588     2,697
--------------------------------------------------------------------------

(1) The production capacities for our Trinidad plants are stated at
    original nameplate capacity. These facilities are able to operate above
    original nameplate capacity as a result of efficiencies gained through
    improvements and experience at these plants. The production capacity
    for our facilities in Chile and New Zealand may be higher than original
    nameplate capacity as, over time, these figures have been adjusted to
    reflect ongoing operating efficiencies at these facilities.
(2) In October 2008, we restarted one of our two idled 900,000 tonne per
    year facilities at our Motunui site in New Zealand and we idled our
    530,000 tonne per year Waitara Valley facility. We have the flexibility
    to operate the Motunui plant or the Waitara Valley plant or both
    depending on methanol supply and demand dynamics and the availability
    of natural gas on commercially acceptable terms and accordingly, we
    have included both of these facilities in the production capacity for
    New Zealand. We have excluded the second Motunui facility from
    production capacity in New Zealand as we currently do not intend to
    restart this facility.

Chile

Our methanol facilities in Chile produced 197,000 tonnes during the third quarter of 2009 compared with 252,000 tonnes during the second quarter of 2009. Production from our Chile facilities for the third quarter of 2009 was lower compared with the second quarter of 2009 primarily due to plant mechanical issues that led to unplanned outages in the third quarter of 2009 which resulted in lost production of approximately 65,000 tonnes.

We are currently operating our methanol facilities in Chile at approximately 25 to 30% of capacity primarily due to curtailments of our natural gas supply from Argentina - refer to the Management's Discussion and Analysis included in our 2008 Annual Report for more information.

Our goal is ultimately to return to operating all four of our plants in Chile with natural gas from suppliers in Chile. We are pursuing investment opportunities with the state-owned energy company Empresa Nacional del Petroleo (ENAP), GeoPark Chile Limited (GeoPark) and others to help accelerate natural gas exploration and development in southern Chile. During 2007, we signed an agreement with GeoPark under which we provided $40 million in financing to support and accelerate GeoPark's natural gas exploration and development activities in the Fell block in southern Chile and we have recently signed an agreement to provide a further $18 million in financing to support GeoPark's natural gas exploration and development activities in southern Chile. GeoPark has agreed to supply us with all natural gas sourced from the Fell block under a ten-year exclusive supply arrangement. In May 2008, we signed an agreement with ENAP to accelerate natural gas exploration and development in the Dorado Riquelme exploration block in southern Chile and to supply natural gas to our production facilities in Chile. Final government approvals were received in the third quarter of 2009. Under the arrangement, we fund a 50% participation in the block and as at September 30, 2009, we had contributed approximately $60 million. For the third quarter of 2009 approximately 50% of total production at our Chilean facilities was produced with natural gas supplied from the Fell and Dorado Riquelme blocks. We expect natural gas supply from these blocks to further increase during 2009 and we expect that we will be able to startup a second plant at our Chile site later in 2009. We believe the increased natural gas supply and the startup of a second plant will result in more than 20% higher production from our Chile site over the next year.

There continues to be other investment activities supporting the acceleration of natural gas exploration and development in areas of southern Chile. In late 2007, the government of Chile completed an international bidding round to assign oil and natural gas exploration areas that lie close to our production facilities and announced the participation of five international oil and gas companies. Under the terms of the agreements from the bidding round there are minimum investment commitments. Planning and exploration activities have commenced. In July 2008, we announced that under the international bidding round, the Otway exploration block in southern Chile was awarded to a consortium that includes Wintershall, GeoPark, and Methanex. Wintershall and GeoPark each own a 42% interest in the consortium and we own a 16% interest. Exploration work is expected to commence during the fourth quarter of 2009. The minimum exploration investment committed in the Otway block by the consortium for the first phase is $11 million over the next three years.

We cannot provide assurance that ENAP, GeoPark or others will be successful in the exploration and development of natural gas or that we will obtain any additional natural gas from suppliers in Chile on commercially acceptable terms.

Trinidad

Our Atlas and Titan methanol facilities in Trinidad represent over 2.0 million tonnes of competitive cost annual capacity. Our methanol facilities in Trinidad produced a total of 445,000 tonnes during the third quarter of 2009 compared with 440,000 tonnes during the second quarter of 2009. We completed planned turnaround activities for the Titan facility in June and early July 2009 and we also had an unplanned outage at our Atlas facility during the third quarter of 2009.

New Zealand

Our New Zealand facilities produced 202,000 tonnes during the third quarter of 2009 compared with 203,000 tonnes during second quarter of 2009.

In October 2008, we restarted one of our two idled 900,000 tonne per year facilities at our Motunui site in New Zealand and we idled our smaller scale 530,000 tonne Waitara Valley facility. We have the flexibility to operate the Motunui plant or the Waitara Valley plant or both depending on methanol supply and demand dynamics and the availability of natural gas on commercially acceptable terms.

EARNINGS ANALYSIS

Our operations consist of a single operating segment - the production and sale of methanol. In addition to the methanol that we produce at our facilities, we also purchase and re-sell methanol produced by others and we sell methanol on a commission basis. We analyze the results of all methanol sales together. The key drivers of changes in our Adjusted EBITDA for methanol sales are average realized price, sales volume and cash costs.

For a further discussion of the definitions and calculations used in our Adjusted EBITDA analysis, refer to How We Analyze Our Business.

For the third quarter of 2009, we recorded Adjusted EBITDA of $31.0 million and a net loss of $0.8 million ($0.01 per share on a diluted basis). This compares with Adjusted EBITDA of $24.8 million and a net loss of $5.7 million ($0.06 per share on a diluted basis) for the second quarter of 2009 and Adjusted EBITDA of $139.5 million and net income of $70.0 million ($0.74 per share on a diluted basis) for the third quarter of 2008.

For the nine months ended September 30, 2009, we recorded Adjusted EBITDA of $68.9 million and a net loss of $25.0 million ($0.27 per share on a diluted basis). This compares with Adjusted EBITDA of $343.7 million and net income of $172.7 million ($1.81 per share on a diluted basis) during the same period in 2008.

Adjusted EBITDA

The increase (decrease) in Adjusted EBITDA resulted from changes in the following:

                                 Q3 2009           Q3 2009     YTD Q3 2009
                           compared with     compared with   compared with
($ millions)                     Q2 2009           Q3 2008     YTD Q3 2008
--------------------------------------------------------------------------
Average realized price     $          42     $        (272)  $        (993)
Sales volumes                          7                 6             (21)
Total cash costs                     (43)              157             739
--------------------------------------------------------------------------
                           $           6     $        (109)  $        (275)
--------------------------------------------------------------------------

Average realized price

                                 Three Months Ended      Nine Months Ended
                            --------------------------  ------------------
($ per tonne, except        Sep 30    Jun 30    Sep 30    Sep 30    Sep 30
 where noted)                 2009      2009      2008      2009      2008
------------------------------------------------------  ------------------
Methanex average
 non-discounted
 posted price (1)              251       211       499       227       564
Methanex average
 realized price                222       192       413       205       455
Average discount                12%        9%       17%       10%       19%
------------------------------------------------------  ------------------
 (1) 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 at www.methanex.com.

The global economic slowdown in the latter part of 2008 led to a sudden and significant reduction in global methanol demand and an increase in global inventories. This resulted in a decrease in contract methanol pricing during the fourth quarter of 2008 and into 2009. During 2009, global methanol demand has improved and as a result of this improvement in demand and some planned and unplanned plant outages across the industry, methanol prices have increased recently - refer to Supply/Demand Fundamentals section below for more information. Our average non-discounted posted price for the third quarter of 2009 was $251 per tonne compared with $211 per tonne for the second quarter of 2009 and $499 per tonne for the third quarter of 2008. Our average realized price for the third quarter of 2009 was $222 per tonne compared with $192 per tonne for the second quarter of 2009 and $413 per tonne for the third quarter of 2008. The changes in our average realized price for the third quarter of 2009 increased Adjusted EBITDA by $42 million compared with the second quarter of 2009 and decreased Adjusted EBITDA by $272 million compared with third quarter of 2008. Our average realized price for the nine months ended September 30, 2009 was $205 per tonne compared with $455 per tonne for the same period in 2008 and this decreased our Adjusted EBITDA by $993 million.

For the third quarter of 2009 our average realized price was approximately 12% lower than our average non-discounted posted price. This compares with approximately 9% lower for the second quarter of 2009 and 17% lower for the third quarter of 2008. 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 and accordingly, we expect the discount from our average non-discounted posted prices to widen during periods of higher methanol pricing.

Sales volumes

Total methanol sales volumes excluding commission sales volumes for the third quarter of 2009 were higher than the second quarter of 2009 and the third quarter of 2008 by 153,000 tonnes and 48,000 tonnes, respectively. This resulted in higher Adjusted EBITDA of $7 million and $6 million, respectively. Total methanol sales volumes excluding commission sales volumes for the nine months ended September 30, 2009 were lower compared with the same period in 2008 by 209,000 tonnes and this resulted in lower Adjusted EBITDA of $21 million.

Total cash costs

The primary driver of changes in our total cash costs are changes in the cost of methanol we produce at our facilities and changes in the cost of methanol we purchase from others. Our production facilities are underpinned by natural gas purchase agreements with pricing terms that include base and variable price components. The variable component is adjusted in relation to changes in methanol prices above pre-determined prices at the time of production. We supplement our production with methanol produced by others through methanol offtake contracts and on the spot market to meet customer needs and support our marketing efforts within the major global markets. We have adopted the first-in, first-out method of accounting for inventories and it generally takes between 30 and 60 days to sell the methanol we produce or purchase. Accordingly, the changes in Adjusted EBITDA as a result of changes in natural gas costs and purchased methanol costs will depend on changes in methanol pricing and the timing of inventory flows.

Total cash costs for the third quarter of 2009 were higher compared with the second quarter of 2009 by $43 million. Natural gas costs on sales of produced methanol were higher during the third quarter of 2009 compared with the second quarter of 2009 by $9 million primarily as a result of the impact of higher methanol pricing. Purchased methanol costs were higher as a result of the impact of higher methanol pricing during the third quarter of 2009 compared with the second quarter of 2009 and this resulted in higher cash costs by $18 million. Purchased methanol represented a higher proportion of our overall sales volumes during the third quarter of 2009 compared with second quarter of 2009 and this resulted in higher cash costs by $6 million. Selling, general and administrative expenses were also higher for the third quarter of 2009 compared with the second quarter of 2009 by $3 million primarily due to higher stock-based compensation expense as a result of the impact of changes in our share price. During the third quarter of 2009, we had unplanned outages at our Chile and Trinidad facilities and this resulted in higher unabsorbed fixed costs for the third quarter of 2009 compared with the second quarter of 2009 by $3 million. Ocean freight costs were higher during the third quarter of 2009 compared with the second quarter of 2009 by $4 million primarily as a result of lower backhaul margins and higher fuel costs.

Total cash costs for the third quarter of 2009 and nine months ended September 30, 2009 were lower than comparable periods in 2008 by $157 million and $739 million, respectively. Natural gas costs on sales of produced methanol and other costs were lower during the third quarter of 2009 and nine months ended September 30, 2009 than comparable periods in 2008 by $65 million and $218 million, respectively, primarily as a result of the impact of lower methanol pricing. Purchased methanol costs were lower as a result of the impact of lower methanol pricing for the third quarter of 2009 and nine months ended September 30, 2009 compared with the same periods in 2008 and this resulted in lower cash costs by $99 million and $366 million, respectively. Purchased methanol represented a lower proportion of our overall sales volumes for the nine months ended September 30, 2009 compared with the same period in 2008 and this resulted in lower cash costs by approximately $146 million. Stock-based compensation costs were higher for the third quarter of 2009 and nine months ended September 30, 2009 compared with the same periods in 2008 by $11 million and $4 million, respectively, primarily as a result of a significant recovery of stock-based compensation expense during the third quarter of 2008 as a result a decrease in our share price in that period. Other selling, general and administrative costs were lower for the third quarter of 2009 and nine months ended September 30, 2009 compared with the same periods in 2008 by $4 million and $13 million, respectively primarily as a result of cost reduction initiatives during 2009.

Depreciation and Amortization

Depreciation and amortization was $28 million for the third quarter of 2009 compared with $29 million for the second quarter of 2009 and $31 million for the third quarter of 2008.

Interest Expense

                                 Three Months Ended      Nine Months Ended
                            --------------------------  ------------------
                            Sep 30    Jun 30    Sep 30    Sep 30    Sep 30
($ millions)                  2009      2009      2008      2009      2008
------------------------------------------------------  ------------------
Interest expense before
 capitalized interest         $ 13      $ 12      $ 13      $ 39      $ 40
Less capitalized interest       (6)       (5)       (4)      (18)      (10)
------------------------------------------------------  ------------------
Interest expense              $  7      $  7      $  9      $ 21      $ 30
------------------------------------------------------  ------------------

Interest expense before capitalized interest for the third quarter of 2009 was $13 million compared with $12 million for the second quarter of 2009 and $13 million for the third quarter of 2008. We have limited recourse debt for our joint venture project to construct a 1.3 million tonne per year methanol facility in Egypt. Interest costs related to this project are capitalized.

Interest and Other Income

                                 Three Months Ended      Nine Months Ended
                            --------------------------  ------------------
                            Sep 30    Jun 30    Sep 30    Sep 30    Sep 30
($ millions)                  2009      2009      2008      2009      2008
------------------------------------------------------  ------------------
Interest and other income      $ 1       $ 2       $ 1       $ -      $ 12
------------------------------------------------------  ------------------

Interest and other income for the third quarter of 2009 was income of $1 million compared with $2 million for the second quarter of 2009 and $1 million for the third quarter of 2008. The decrease in interest and other income during the third quarter of 2009 compared with the second quarter of 2009 was primarily due to the impact of changes in foreign exchange rates. Interest and other income for the nine months ended September 30, 2009 compared with the same period in 2008 was lower by $12 million primarily as a result of lower interest income earned on cash balances in 2009 and a $5 million gain on sale of ammonia production assets during 2008.

Income Taxes

We recorded an income tax recovery for the third quarter of 2009 of $1.4 million compared with a recovery of $3.3 million for the second quarter of 2009. The effective tax rate for the nine months ended September 30, 2009 was 35% compared with 30% for the same period in 2008.

The statutory tax rate in Chile and Trinidad, where we earn a substantial portion of our pre-tax earnings, is 35%. Our Atlas facility in Trinidad has partial relief from corporation income tax until 2014. In Chile the tax rate consists of a first tier tax that is payable when income is earned and a second tier tax that is due when earnings are distributed from Chile. The second tier tax is initially recorded as future income tax expense and is subsequently reclassified to current income tax expense when earnings are distributed.

SUPPLY/DEMAND FUNDAMENTALS

During the fourth quarter of 2008, the global financial crisis and weak economic environment led to a sharp reduction in global demand for most traditional methanol derivatives (which represent approximately 70% of global methanol demand) while demand for methanol into energy related applications remained relatively stable. Methanol blending into gasoline in China has been particularly strong and we believe that future growth in this application is supported by recent regulatory changes in that country. Overall, we estimate global methanol demand declined by about 15% in the fourth quarter of 2008 to approximately 36 million tonnes measured on an annualized basis compared with the third quarter of 2008. In reaction to this decrease in demand, many high cost methanol plants operated at lower rates or were shut down, particularly in China, where we estimate approximately 6 million tonnes of high cost methanol production capacity shut down during the fourth quarter of 2008 and net imports into China increased significantly to replace domestic production that had shut down. In reaction to this decrease in global demand, there was a significant decrease in spot and contract methanol pricing during the fourth quarter of 2008 and this lower pricing environment persisted through most of the first half of 2009.

Methanex Non-Discounted Regional Posted Prices (1)

                      Oct      Sep      Aug      Jul
(US$ per tonne)      2009     2009     2009     2009
----------------------------------------------------
United States         316      279      239      226
Europe (2)            328      224      224      224
Asia                  300      280      265      250
----------------------------------------------------

(1) Discounts from our posted prices are offered to
    customers based on various factors.
(2) EUR 223 for Q4 2009 (Q3 2009 - EUR 159)
    converted to United States dollars.

During 2009, global methanol demand has partially recovered to the current level of approximately 40 million tonnes measured on an annualized basis. Demand recovery in the first half of 2009 was mainly focused in Asia (particularly in China), while more recently we have also seen some recovery in demand in other regions including Europe and North America. As a result of the improvement in demand and significant industry supply challenges methanol prices have increased recently. There have been a number of planned and unplanned plant outages across the industry and we understand that two new world scale methanol plants that commenced operations in the last twelve months have been operating at reduced rates. Our average non-discounted posted price in October is approximately $315 per tonne compared to a price of $251 per tonne and $211 per tonne in the third quarter of 2009 and second quarter of 2009, respectively.

In response to increased demand and higher methanol prices some high cost production, particularly in China, has recently restarted. The next increments of world scale capacity outside of China are four plants with capacity totaling 4.0 million tonnes under construction and are scheduled to start up operations in 2010, including our own 1.3 million tonne per year plant in Egypt which is expected to commence operations in the first half of 2010.

Methanol demand into traditional derivatives is correlated to industrial production and we believe that methanol demand into traditional derivatives should improve further when the macro economic environment improves. Over the past two years, high energy prices have driven demand for methanol into energy applications such as gasoline blending and DME, primarily in China. Recent regulatory changes have improved the demand outlook for methanol gasoline blending in China and we believe demand potential into these energy derivatives will be stronger in a higher energy price environment.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows from operating activities before changes in working capital in the third quarter of 2009 were $36 million compared with $18 million for the second quarter of 2009 and $103 million for the third quarter of 2008. The change in cash flows for the third quarter of 2009 compared with these periods is primarily a result of the change in earnings levels.

During the third quarter of 2009, we paid a quarterly dividend of US$0.155 per share, or $14 million.

We are constructing a 1.3 million tonne per year methanol facility in Egypt. We expect the methanol facility to begin operations in the first half of 2010. We own 60% of Egyptian Methanex Methanol Company S.A.E. ("EMethanex") which is the company that is developing the project and we will sell 100% of the methanol produced from the facility. We account for our investment in EMethanex using consolidation accounting. This results in 100% of the assets and liabilities of EMethanex being included in our financial statements. The other investors' interest in the project is presented as "non-controlling interest". During the third quarter of 2009, total plant and equipment construction costs related to our project in Egypt were $47 million. EMethanex has limited recourse debt facilities of $530 million. As at September 30, 2009, a total of $458 million of this limited recourse debt has been drawn with $32 million being drawn during the third quarter of 2009. The total estimated future costs to complete the project, excluding financing costs and working capital, are expected to be approximately $108 million. Our 60% share of future equity contributions, excluding financing costs and working capital, is estimated to be approximately $22 million and we expect to fund these expenditures from cash generated from operations and cash on hand.

We have an agreement with ENAP to accelerate natural gas exploration and development in the Dorado Riquelme hydrocarbon exploration block in southern Chile. Under the arrangement, we fund a 50% participation in the block and have contributed $60 million to date. We expect to make further contributions over the next three years to fully realize the potential of the block. These contributions will be based on annual budgets established by ENAP and Methanex in accordance with the Joint Operating Agreement that governs this development.

We also have an agreement with GeoPark under which we have provided $40 million in financing, of which GeoPark has repaid $8 million to date, to support and accelerate GeoPark's natural gas exploration and development activities in the Fell block in southern Chile. We have recently entered into an agreement to provide a further $18 million in financing to support GeoPark's natural gas exploration and development activities in southern Chile. This financing is expected to be provided later in 2009 and into 2010.

In August 2009, we entered into a $200 million unsecured revolving credit facility to replace the credit facility that was scheduled to expire in mid-2010. The new credit facility is provided by highly rated financial institutions and expires in mid-2012.

We operate in a highly competitive commodity industry and believe it is appropriate to maintain a conservative balance sheet and to retain financial flexibility. Our cash balance at September 30, 2009 was $197 million and we have a strong balance sheet, no near term re-financing requirements, and an undrawn $200 million credit facility provided by highly rated financial institutions that expires in mid-2012. We invest our cash only in highly rated instruments that have maturities of three months or less to ensure preservation of capital and appropriate liquidity. Our planned capital maintenance expenditure program directed towards major maintenance, turnarounds and catalyst changes for existing operations, is currently estimated to total approximately $80 million for the period to the end of 2011.

We believe we are well positioned to meet our financial commitments and continue to invest to grow the Company.

The credit ratings for our unsecured notes at
September 30, 2009 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

As a result of improvement in demand and some planned and unplanned plant outages across the industry, methanol prices have increased recently.

Although the recovery in methanol demand has been strong there continues to be uncertainty caused by the difficult global economic environment. The methanol price will ultimately depend on industry operating rates, global energy prices, the rate of industry restructuring and the strength of global demand. We believe that our financial position and financial flexibility, outstanding global supply network and low cost position will provide a sound basis for Methanex to continue to be the leader in the methanol industry and invest to grow the Company.

CONTROLS AND PROCEDURES

For the three months ended September 30, 2009, no changes were made in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

CHANGES IN ACCOUNTING POLICIES

On January 1, 2009, we adopted CICA Handbook Section 3064, Goodwill and Intangible Assets. This new accounting standard, replaces Section 3062, Goodwill and Other Intangible Assets. Section 3064 expands on the standards for recognition, measurement and disclosure of intangible assets. The impact of the retroactive adoption of this standard on our consolidated financial statements at January 1, 2009 is approximately $13 million recorded as a reduction to opening retained earnings and property plant and equipment. The amount relates to certain pre-operating expenditures that have been capitalized to property, plant and equipment at December 31, 2008 that would have been required to be expensed under this new standard. The impact for the three and nine month periods ended September 30, 2009 was an increase to selling, general and administrative expenses of approximately $0.7 million (2008 - $0.9 million) and $3.3 million (2008 - $2.7 million), respectively.

TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

In February 2008, the Canadian Accounting Standards Board confirmed January 1, 2011 as the changeover date for Canadian publicly accountable enterprises to start using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). IFRS uses a conceptual framework similar to Canadian GAAP, but there are significant differences in recognition, measurement and disclosures.

As a result of the IFRS transition, changes in accounting policies are likely and may materially impact our consolidated financial statements. The IASB will also continue to issue new accounting standards during the conversion period, and as a result, the final impact of IFRS on our consolidated financial statements will only be measured once all the IFRS applicable at the conversion date are known.

We have established a working team to manage the transition to IFRS. Additionally, we have established an IFRS steering committee to monitor progress and review and approve recommendations from the working team for the transition to IFRS. The working team provides regular updates to the IFRS steering committee and to the Audit, Finance & Risk Committee of the Board.

We have developed a plan to convert our consolidated financial statements to IFRS at the changeover date of January 1, 2011 with comparative financial results for 2010. The IFRS transition plan addresses the impact of IFRS on accounting policies and implementation decisions, infrastructure, business activities, and control activities.

During the latter half of 2008 we commenced the accounting policy selection phase and are addressing, on a priority basis, those areas which we believe may cause the most significant impact to our consolidated financial statements. In conjunction with the accounting policy selection phase, we are identifying the impact of IFRS on infrastructure (including financial reporting expertise and information technology and data systems), business activities (including financial covenants and compensation arrangements), and control activities (including internal control over financial reporting and disclosure controls and procedures). During the third quarter of 2009, we have continued to focus our efforts in researching and documenting significant impact areas and continue to progress the accounting policy selection phase. We have begun to review our selection of IFRS accounting policies with our auditors to ensure consistent interpretation of IFRS guidance in key areas.

We will continue to provide updates on the status of the project and its impact on financial reporting in our quarterly and annual Management's Discussion and Analysis throughout the convergence period to January 1, 2011.

ADDITIONAL INFORMATION - SUPPLEMENTAL NON-GAAP MEASURES

In addition to providing measures prepared in accordance with Canadian generally accepted accounting principles (GAAP), we present certain supplemental non-GAAP measures. These are Adjusted EBITDA, 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 expense, other non-cash items, interest expense, interest and other income (expense), and current income taxes.

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

                                 Three Months Ended      Nine Months Ended
                            --------------------------  ------------------
                            Sep 30    Jun 30    Sep 30    Sep 30    Sep 30
($ thousands)                 2009      2009      2008      2009      2008
------------------------------------------------------  ------------------
Cash flows from
 operating activities      $ 1,434 $  14,037 $ 127,645  $ 83,324 $ 269,544
Add (deduct):
 Changes in non-cash
  working capital           34,825     3,685   (24,183)  (24,526)    1,844
 Other cash payments           (16)    4,477       435     5,751     2,556
 Stock-based
  compensation expense      (4,602)   (1,453)    5,870    (7,929)   (3,965)
 Other non-cash items       (1,226)   (2,169)     (117)   (5,544)   (4,030)
 Interest expense            6,622     6,972     9,444    21,153    29,764
 Interest and other
  income (expense)          (1,256)   (1,903)     (615)      422   (12,449)
 Current income taxes       (4,751)    1,135    21,050    (3,711)   60,451
------------------------------------------------------  ------------------
Adjusted EBITDA           $ 31,030 $  24,781 $ 139,529  $ 68,940 $ 343,715
------------------------------------------------------  ------------------

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            Sep 30      Jun 30      Mar 31      Dec 31
 per share amounts)               2009        2009        2009        2008
--------------------------------------------------------------------------
Revenue                      $ 316,932   $ 245,501   $ 254,007   $ 408,384
Net income (loss)                 (831)     (5,743)    (18,406)     (3,949)
Basic net income (loss)
 per common share                (0.01)      (0.06)      (0.20)      (0.04)
Diluted net income (loss)
 per common share                (0.01)      (0.06)      (0.20)      (0.04)
--------------------------------------------------------------------------


                                           Three Months Ended
                             ---------------------------------------------
($ thousands, except            Sep 30      Jun 30      Mar 31      Dec 31
 per share amounts)               2008        2008        2008        2007
--------------------------------------------------------------------------
Revenue                      $ 569,876   $ 600,025   $ 735,934   $ 731,057
Net income                      70,045      38,059      64,598     171,697
Basic net income per
 common share                     0.75        0.40        0.66        1.74
Diluted net income per
 common share                     0.74        0.40        0.66        1.72
--------------------------------------------------------------------------

FORWARD-LOOKING INFORMATION WARNING

This Third Quarter 2009 Management's Discussion and Analysis ("MD&A") contains forward-looking statements with respect to us and the chemical industry. Statements that include the words "believes", "expects", "may", "will", "should", "seeks", "intends", "plans", "estimates", "anticipates", or the negative version of those words or other comparable terminology and similar statements of a future or forward-looking nature identify forward-looking statements.

More particularly and without limitation, any statements regarding the following are forward looking statements:

- expected demand for methanol and its derivatives,

- expected new methanol supply and timing for start-up of same,

- expected shut downs (either temporary or permanent) or re-starts of existing methanol supply (including our own facilities), including, without limitation, timing of planned maintenance outages,

- expected prices of methanol,

- anticipated production rates of our plants, including timing of the start-up of a second plant in Chile,

- expected levels of natural gas supply to our plants,

- capital committed by third parties towards future natural gas exploration in Chile, anticipated results of natural gas exploration in Chile and timing of same,

- expected operating costs, including natural gas feedstock costs and logistics costs,

- expected capital expenditures and future sources of funding for such capital expenditures,

- expected tax rates,

- expected cash flows and earnings capability,

- anticipated completion date of, and cost to complete, our methanol project in Egypt,

- availability of committed credit facilities and other financing,

- shareholder distribution strategy and anticipated distributions to shareholders,

- commercial viability of, or ability to execute, future projects or capacity expansions,

- financial strength and ability to meet future financial commitments,

- expected global or regional economic activity (including industrial production levels) and expected timing for recovery from the current economic recession, and

- expected actions of third parties, including governments, gas suppliers, courts and tribunals.

We believe that we have a reasonable basis for making such forward-looking statements. The forward-looking statements in this document are based on our experience, our perception of trends, current conditions and expected future developments as well as other factors. 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, including, without limitation, future expectations and assumptions concerning the following:

- supply of, demand for, and price of, methanol, methanol derivatives, natural gas, oil and oil derivatives,

- production rates of our facilities,

- success of natural gas exploration in Chile and New Zealand,

- receipt of third party consents or approvals, including without limitation, governmental approvals related to natural gas exploration rights, rights to purchase natural gas, and other rights and projects,

- operating costs including natural gas feedstock and logistics costs, capital costs, tax rates, cash flows, foreign exchange rates and interest rates,

- completion date and cost of our methanol project in Egypt,

- availability of committed credit facilities and other financing,

- global and regional economic activity (including industrial production levels),

- absence of a material negative impact from major natural disasters or global pandemics,

- absence of a material negative impact from changes in laws or regulations, and

- performance of contractual obligations by customers, suppliers and other third parties.

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 primarily include those attendant with producing and marketing methanol and successfully carrying out major capital expenditure projects in various jurisdictions, including without limitation:

- conditions in the methanol and other industries, including fluctuations in supply, demand and price for methanol and its derivatives, including demand for methanol for energy uses,

- the price of natural gas, oil and oil derivatives,

- the success of natural gas exploration and development activities in southern Chile and New Zealand and our ability to obtain any additional gas in those regions or other regions on commercially acceptable terms,

- the timing of start-up and cost to complete our new methanol joint venture project in Egypt,

- the ability to successfully carry out corporate initiatives and strategies,

- actions of competitors and suppliers,

- actions of governments and governmental authorities including implementation of policies or other measures by the Chinese government or other governments that could impact the demand for methanol,

- changes in laws or regulations,

- import or export restrictions, anti-dumping measures, increases in duties, taxes and government royalties, and other actions by governments that may adversely affect our operations,

- world-wide economic conditions, and

- other risks described in our 2008 Management's Discussion and Analysis and this Third Quarter 2009 Management's Discussion and Analysis.

In addition to the foregoing risk factors, the current uncertain economic environment and its impact on global economies has added additional risks and uncertainties including changes in capital markets and corresponding effects on the company's investments, our ability to access existing or future credit and defaults by customers, suppliers or insurers.

Having in mind these and other factors, investors and other readers are cautioned not to place undue reliance 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 except as required by applicable securities laws.

HOW WE ANALYZE OUR BUSINESS

Our operations consist of a single operating segment - the production and sale of methanol. 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, and income taxes. In addition to the methanol that we produce at our facilities, we also purchase and re-sell methanol produced by others and we sell methanol on a commission basis. We analyze the results of all methanol sales together. The key drivers of changes in our Adjusted EBITDA for methanol sales are average realized price, sales volume and cash costs. The price, cash cost and volume variances included in our Adjusted EBITDA analysis are defined and calculated as follows:

PRICE

The change in 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 methanol multiplied by the current period total methanol sales volume excluding commission sales volume plus the difference from period to period in commission revenue.

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 current period total methanol sales volume excluding commission sales volume in the current period plus the change in unabsorbed fixed cash costs, the change in consolidated selling, general and administrative expenses and the change in fixed storage and handling costs.

VOLUME

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

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

                               Three Months Ended        Nine Months Ended
                          -----------------------  -----------------------
                              Sep 30       Sep 30      Sep 30       Sep 30
                                2009         2008        2009         2008
--------------------------------------------------------------------------
                                     (As adjusted             (As adjusted
                                         - note 2)                - note 2)

Revenue                   $  316,932   $  569,876  $  816,440  $ 1,905,836
Cost of sales and
 operating expenses          285,902      430,347     747,500    1,562,121
Depreciation and
 amortization                 27,924       31,251      85,597       80,760
--------------------------------------------------------------------------
Operating income
 (loss) before
 undernoted items              3,106      108,278     (16,657)     262,955
Interest expense
 (note 7)                     (6,622)      (9,444)    (21,153)     (29,764)
Interest and other
 income (expense)              1,256          615        (422)      12,449
--------------------------------------------------------------------------
Income (loss)
 before income taxes          (2,260)      99,449     (38,232)     245,640
Income tax (expense)
 recovery:
 Current                       4,751      (21,050)      3,711      (60,451)
 Future                       (3,322)      (8,354)      9,541      (12,487)
--------------------------------------------------------------------------
                               1,429      (29,404)     13,252      (72,938)
--------------------------------------------------------------------------
Net income (loss)         $     (831)  $   70,045  $  (24,980) $   172,702
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Net income (loss)
 per common
 share:
 Basic                    $    (0.01)  $     0.75  $    (0.27) $      1.81
 Diluted                  $    (0.01)  $     0.74  $    (0.27) $      1.81

Weighted average
 number of common
 shares outstanding:
 Basic                    92,069,764   93,870,876  92,048,250   95,177,219
 Diluted                  92,069,764   94,328,208  92,048,250   95,665,831

Number of common
 shares outstanding
 at period end            92,108,242   93,396,142  92,108,242   93,396,142

See accompanying notes to consolidated financial statements.


Methanex Corporation
Consolidated Balance Sheets (unaudited)
(thousands of U.S. dollars)

                                                      Sep 30        Dec 31
                                                        2009          2008
--------------------------------------------------------------------------
                                                              (As adjusted
                                                                  - note 2)
ASSETS
Current assets:
 Cash and cash equivalents                       $   197,436   $   328,430
 Receivables                                         242,758       213,419
 Inventories                                         116,617       177,637
 Prepaid expenses                                     22,263        16,840
--------------------------------------------------------------------------
                                                     579,074       736,326
Property, plant and equipment (note 4)             2,155,632     1,899,059
Other assets                                         116,931       168,988
--------------------------------------------------------------------------
                                                 $ 2,851,637   $ 2,804,373
--------------------------------------------------------------------------
--------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
 Accounts payable and accrued liabilities        $   194,645   $   235,369
 Current maturities on long-term debt (note 6)        28,333        15,282
 Current maturities on other long-term
  liabilities                                          8,707         8,048
--------------------------------------------------------------------------
                                                     231,685       258,699
Long-term debt (note 6)                              889,321       772,021
Other long-term liabilities                           90,665        97,441
Future income tax liabilities                        289,651       299,192
Non-controlling interest                             126,728        88,604
Shareholders' equity:
 Capital stock                                       427,792       427,265
 Contributed surplus                                  26,296        22,669
 Retained earnings                                   794,717       862,507
 Accumulated other comprehensive loss                (25,218)      (24,025)
--------------------------------------------------------------------------
                                                   1,223,587     1,288,416
--------------------------------------------------------------------------
                                                 $ 2,851,637   $ 2,804,373
--------------------------------------------------------------------------
--------------------------------------------------------------------------

See accompanying notes to consolidated financial statements.


Methanex Corporation
Consolidated Statements of Shareholders' Equity (unaudited)
(thousands of U.S. dollars, except number of common shares)

                                                         Accumu-
                                                          lated
                                                          Other       Total
                Number of             Contri-            Compre-      Share-
                   Common   Capital    buted  Retained  hensive     holders'
                   Shares     Stock  Surplus  Earnings     Loss      Equity
---------------------------------------------------------------------------
Balance,
 December
 31, 2007,
 as
 previously
 reported      98,310,254 $ 451,640 $ 16,021 $ 876,348 $ (8,655) $1,335,354
 Adjustments
  for
  retroactive
  adoption
  of new
  accounting
  policies:
 Goodwill
  and
  intangibles
  3064 (note 2)         -         -        -    (7,790)       -      (7,790)
 Non-controlling
  interest
  proportionate
  share
  (note 2)              -         -        -     1,858    3,462       5,320
---------------------------------------------------------------------------
Balance,
 December
 31, 2007,
 as
 adjusted      98,310,254   451,640   16,021   870,416   (5,193)  1,332,884
 Net income
  and other
  comprehensive
  loss, as
  previously
  reported              -         -        -   172,298  (31,363)    140,935
 Adjustments
  for
  retroactive
  adoption
  of new
  accounting
  policies:
 Goodwill
  and
  intangibles
  3064 (note 2)         -         -        -    (5,818)       -      (5,818)
 Non-controlling
  interest
  proportionate
  share
  (note 2)              -         -        -     2,273   12,531      14,804
                                               -------  -------     -------
 Net income
  and other
  comprehensive
  loss, as
  adjusted                                     168,753  (18,832)    149,921
 Compensation
  expense
  recorded
  for stock
  options               -         -    8,225         -        -       8,225
 Issue of
  shares on
  exercise
  of stock
  options         224,016     4,075        -         -        -       4,075
 Reclassifi-
  cation of
  grant date
  fair value
  on exercise
  of stock
  options               -     1,577   (1,577)        -        -           -
 Payments
  for shares
  repurchased  (6,502,878)  (30,027)       -  (119,829)       -    (149,856)
 Dividend
  payments              -         -        -   (56,833)       -     (56,833)
---------------------------------------------------------------------------
Balance,
 December
 31, 2008      92,031,392   427,265   22,669   862,507  (24,025)  1,288,416
 Net loss               -         -        -   (24,149)       -     (24,149)
 Compensation
  expense
  recorded
  for stock
  options               -         -    3,018         -        -       3,018
 Issue of
  shares on
  exercise
  of stock
  options           9,850        54        -         -        -          54
 Reclassifi-
  cation of
  grant date
  fair value
  on exercise
  of stock
  options               -        47      (47)        -        -           -
 Dividend
  payments              -         -        -   (28,533)       -     (28,533)
 Other
  comprehensive
  income                -         -        -         -    3,930       3,930
---------------------------------------------------------------------------
Balance,
 June 30,
 2009          92,041,242   427,366   25,640   809,825  (20,095)  1,242,736
 Net loss               -         -        -      (831)       -        (831)
 Compensation
  expense
  recorded
  for stock
  options               -         -      711         -        -         711
 Issue of
  shares on
  exercise
  of stock
  options          67,000       371        -         -        -         371
 Reclassifi-
  cation of
  grant date
  fair value
  on exercise
  of stock
  options               -        55      (55)        -        -           -
 Dividend
  payments              -         -        -   (14,277)       -     (14,277)
 Other
  comprehensive
  income                -         -        -         -   (5,123)     (5,123)
---------------------------------------------------------------------------
Balance,
 September 30,
 2009          92,108,242 $ 427,792 $ 26,296 $ 794,717 $(25,218) $1,223,587
---------------------------------------------------------------------------
---------------------------------------------------------------------------

See accompanying notes to consolidated financial statements.


Consolidated Statements of Comprehensive Income (Loss) (unaudited)
(thousands of U.S. dollars)

                               Three Months Ended        Nine Months Ended
                          -----------------------  -----------------------
                              Sep 30       Sep 30      Sep 30       Sep 30
                                2009         2008        2009         2008
--------------------------------------------------------------------------

Net income (loss)         $     (831)  $   70,045  $  (24,980) $   172,702
 Other comprehensive
  income (loss), net
  of tax:
  Change in fair value
   of forward exchange
   contracts (note 13)            96          (16)        (82)          44
  Change in fair value
   of interest rate swap
   contracts (note 13)        (5,219)       (5,231)    (1,111)      (5,155)
--------------------------------------------------------------------------
                              (5,123)       (5,247)    (1,193)      (5,111)
--------------------------------------------------------------------------
Comprehensive income
 (loss)                   $   (5,954)  $    64,798  $ (26,173) $   167,591
--------------------------------------------------------------------------
--------------------------------------------------------------------------

See accompanying notes to consolidated financial statements.


Methanex Corporation
Consolidated Statements of Cash Flows (unaudited)
(thousands of U.S. dollars)

                               Three Months Ended        Nine Months Ended
                          -----------------------  -----------------------
                              Sep 30       Sep 30      Sep 30       Sep 30
                                2009         2008        2009         2008
--------------------------------------------------------------------------
                                     (As adjusted             (As adjusted
                                         - note 2)                - note 2)

CASH FLOWS FROM
 OPERATING ACTIVITIES
 Net income (loss)        $     (831)  $   70,045  $  (24,980) $   172,702
 Add (deduct) non-cash
  items:
  Depreciation and
   amortization               27,924       31,251      85,597       80,760
  Future income taxes          3,322        8,354      (9,541)      12,487
  Stock-based compensation
   expense (recovery)          4,602       (5,870)      7,929        3,965
  Other                        1,226          117       5,544        4,030
 Other cash payments,
  including stock-based
  compensation                    16         (435)     (5,751)      (2,556)
--------------------------------------------------------------------------
 Cash flows from operating
  activities before
  undernoted                  36,259      103,462      58,798      271,388
 Changes in non-cash
  working capital (note 11)  (34,825)      24,183      24,526       (1,844)
--------------------------------------------------------------------------
                               1,434      127,645      83,324      269,544
--------------------------------------------------------------------------

CASH FLOWS FROM FINANCING
 ACTIVITIES
 Dividend payments           (14,277)     (14,521)    (42,810)     (42,568)
 Proceeds from limited
  recourse debt (note 6)      32,379       48,000     137,378      136,000
 Financing costs              (1,732)           -      (1,732)           -
 Equity contribution by
  non-controlling interest    10,575       19,369      41,038       48,866
 Repayment of limited
  recourse debt                 (312)        (312)     (7,953)      (7,952)
 Payments for shares
  repurchased                      -      (15,314)          -     (132,879)
 Proceeds on issue of
  shares on exercise
  of stock options               371           82         425        3,982
 Repayment of other
  long-term liabilities       (6,281)      (3,028)    (15,192)      (9,115)
--------------------------------------------------------------------------
                              20,723       34,276     111,154       (3,666)
--------------------------------------------------------------------------

CASH FLOWS FROM INVESTING
 ACTIVITIES
 Property, plant
  and equipment              (18,766)     (40,048)    (50,193)     (78,302)
 Egypt plant under
  construction               (47,346)     (97,189)   (224,205)    (274,632)
 Oil and gas assets
  (note 14)                   (6,358)      (5,478)    (17,558)     (38,328)
 GeoPark financing                 -       (8,000)          -      (19,390)
 Changes in project
  debt reserve accounts            -            -       5,044       (1,995)
 Other assets                      -          (13)     (2,454)         129
 Changes in non-cash
  working capital
  (note 11)                  (29,851)       2,283     (36,106)      16,417
--------------------------------------------------------------------------
                            (102,321)    (148,445)   (325,472)    (396,101)
--------------------------------------------------------------------------
 Increase (decrease)
  in cash and cash
  equivalents                (80,164)      13,476    (130,994)    (130,223)
 Cash and cash
  equivalents,
  beginning of
  period                     277,600      344,525     328,430      488,224
--------------------------------------------------------------------------
 Cash and cash
  equivalents,
  end of period            $ 197,436   $  358,001  $  197,436   $  358,001
--------------------------------------------------------------------------
--------------------------------------------------------------------------

SUPPLEMENTARY CASH
 FLOW INFORMATION
 Interest paid             $  18,418    $  16,665   $  43,081   $   40,567
 Income taxes paid,
  net of amounts
  refunded                 $  1,369     $   9,309   $   9,088   $   72,392

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 U.S. 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, except as described in Note 2 below. 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 15. 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 2008 Annual Report. Certain prior period comparatives have been reclassified to conform with the current year presentation.

2. Changes to Canadian generally accepted accounting principles and reclassifications:

On January 1, 2009, the Company adopted CICA Handbook Section 3064, Goodwill and Intangible Assets. This new accounting standard, replaces Section 3062, Goodwill and Other Intangible Assets. Section 3064 expands on the standards for recognition, measurement and disclosure of intangible assets. The impact of the retroactive adoption of this standard on the Company's consolidated balance sheet at January 1, 2009 is approximately $13 million recorded as a reduction to opening retained earnings and property plant and equipment. The amount relates to certain pre-operating expenditures that have been capitalized to property, plant and equipment at December 31, 2008 that would have been required to be expensed under this new standard. The impact for the three and nine month periods ended September 30, 2009 was an increase to selling, general and administrative expenses of approximately $0.7 million (2008 - $0.9 million) and $3.3 million (2008 - $2.7 million), respectively.

As a portion of these pre-operating expenditures were incurred in a non-wholly-owned subsidiary, the Company has also adjusted the opening non-controlling interest (NCI) and retained earnings balances at December 31, 2008 for the NCI's proportionate share of approximately $4 million. In addition, the Company has retrospectively reclassified approximately $16 million from accumulated other comprehensive loss to NCI, representing the NCI's share of accumulated other comprehensive loss to December 31, 2008.

3. Inventories:

Inventories are valued at the lower of cost, determined on a first-in first-out basis, and estimated net realizable value. The amount of inventories included in cost of sales and operating expense and depreciation and amortization during the three and nine month periods ended September 30, 2009 was $263 million (2008 - $421 million) and $702 million (2008 - $1,488 million), respectively.

4. Property, plant and equipment:

                                                  Accumulated     Net Book
                                          Cost   Depreciation        Value
--------------------------------------------------------------------------
September 30, 2009
 Plant and equipment               $ 2,578,956    $ 1,359,038  $ 1,219,918
 Egypt plant under construction        814,790              -      814,790
 Oil and gas assets (note 14)           59,724          1,014       58,710
 Other                                 128,320         66,106       62,214
--------------------------------------------------------------------------
                                   $ 3,581,790    $ 1,426,158  $ 2,155,632
--------------------------------------------------------------------------
December 31, 2008
 Plant and equipment               $ 2,544,163    $ 1,299,296  $ 1,244,867
 Egypt plant under construction        590,585              -      590,585
 Other                                 127,731         64,124       63,607
--------------------------------------------------------------------------
                                  $ 3,262,479     $ 1,363,420  $ 1,899,059
--------------------------------------------------------------------------

5. 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:

                                                         Sep 30     Dec 31
Consolidated Balance Sheets                                2009       2008
--------------------------------------------------------------------------
Cash and cash equivalents                             $  17,033  $  35,749
Other current assets                                     57,366     57,374
Property, plant and equipment                           244,682    249,609
Other assets                                             13,105     18,149
Accounts payable and accrued liabilities                 24,826     19,927
Long-term debt, including current maturities (note 6)   100,033    106,592
Future income tax liabilities                            15,158     17,942
--------------------------------------------------------------------------


                                  Three Months Ended     Nine Months Ended
                              ----------------------  --------------------
Consolidated                     Sep 30       Sep 30     Sep 30     Sep 30
Statements of Income               2009         2008       2009       2008
----------------------------------------------------  --------------------
Revenue                       $  57,909    $  75,017  $ 139,009  $ 233,549
Expenses                        (42,239)     (69,958)  (114,274)  (216,693)
----------------------------------------------------  --------------------
Income before income taxes       15,670        5,059     24,735     16,856
Income tax expense               (1,433)      (1,183)    (2,923)    (4,134)
----------------------------------------------------  --------------------
Net Income                    $  14,237    $   3,876  $  21,812  $  12,722
----------------------------------------------------  --------------------

                                  Three Months Ended     Nine Months Ended
                              ----------------------  --------------------
Consolidated                     Sep 30       Sep 30     Sep 30     Sep 30
Statements of Cash Flows           2009         2008       2009       2008
----------------------------------------------------  --------------------
Cash inflows from
 operating activities         $   5,949    $   8,524  $  38,116  $  22,612
Cash outflows from
 financing activities                 -            -     (7,016)    (9,010)
Cash outflows from
 investing activities              (473)        (446)    (3,753)    (1,056)
----------------------------------------------------  --------------------

6. Long-term debt:

                                                         Sep 30     Dec 31
                                                           2009       2008
--------------------------------------------------------------------------
Unsecured notes
 8.75% due August 15, 2012                            $ 198,512  $ 198,182
 6.00% due August 15, 2015                              148,657    148,518
--------------------------------------------------------------------------
                                                        347,169    346,700
Atlas limited recourse debt facilities                  100,033    106,592
Egypt limited recourse debt facilities                  457,952    320,574
Other limited recourse debt facilities                   12,500     13,437
--------------------------------------------------------------------------
                                                        917,654    787,303
Less current maturities                                 (28,333)   (15,282)
--------------------------------------------------------------------------
                                                      $ 889,321  $ 772,021
--------------------------------------------------------------------------

7. Interest expense:

                                  Three Months Ended     Nine Months Ended
                              ----------------------  --------------------
                                 Sep 30       Sep 30     Sep 30     Sep 30
                                   2009         2008       2009       2008
----------------------------------------------------  --------------------
Interest expense before
 capitalized interest         $  12,595    $  13,393  $  38,712  $  39,695
Less: capitalized interest
 related to Egypt project        (5,973)      (3,949)   (17,559)    (9,931)
----------------------------------------------------  --------------------
Interest expense              $   6,622    $   9,444  $  21,153  $  29,764
----------------------------------------------------  --------------------

The Company has limited recourse debt facilities of $530 million for its joint venture project to construct a 1.3 million tonne per year methanol facility in Egypt. For the three and nine month periods ended September 30, 2009, interest costs related to this project of $6.0 million (2008 - $3.9 million) and $17.6 million (2008 - $9.9 million) were capitalized, respectively.

8. Net income (loss) per common share:

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

                                  Three Months Ended     Nine Months Ended
                             ----------------------- ---------------------
                                 Sep 30       Sep 30     Sep 30     Sep 30
                                   2009         2008       2009       2008
---------------------------------------------------- ---------------------
Denominator for basic net
 income per common share     92,069,764   93,870,876 92,048,250 95,177,219
Effect of dilutive stock
 options                              -      457,332          -    488,612
---------------------------------------------------- ---------------------
Denominator for diluted net
 income per common share     92,069,764   94,328,208 92,048,250 95,665,831
---------------------------------------------------- ---------------------

9. Stock-based compensation:

a) Stock options:

(i) Incentive stock options:

Common shares reserved for outstanding incentive stock options at September 30, 2009:

                                         Options              Options
                                   Denominated in CAD   Denominated in USD
                                  ------------------- ---------------------
                                   Number    Weighted    Number    Weighted
                                       of     Average        of     Average
                                    Stock    Exercise     Stock    Exercise
                                  Options       Price   Options       Price
----------------------------------------------------- ---------------------
Outstanding at
 December 31, 2008                 76,450     $  6.95 3,743,117     $ 23.27
 Granted                                -           - 1,361,130        6.33
 Exercised                         (8,100)       5.85    (1,750)       9.23
 Cancelled                         (1,000)       5.85   (31,430)      22.77
----------------------------------------------------- ---------------------
Outstanding at June 30, 2009       67,350     $  7.09 5,071,067     $ 18.73
 Granted                                -           -         -           -
 Exercised                        (12,000)       4.86   (20,000)       8.67
 Cancelled                              -           -   (40,000)      20.21
----------------------------------------------------- ---------------------
Outstanding at
 September 30, 2009                55,350    $   7.58 5,011,067     $ 18.76
----------------------------------------------------- ---------------------

Information regarding the incentive stock options outstanding at September 30, 2009 is as follows:

                         Options Outstanding at      Options Exercisable at
                           September 30, 2009          September 30, 2009
                 ----------------------------------- ----------------------
                    Weighted
                     Average
                   Remaining     Number of  Weighted   Number of   Weighted
                 Contractual         Stock   Average       Stock    Average
Range of                Life       Options  Exercise     Options   Exercise
Exercise Prices       (Years)  Outstanding     Price Exercisable      Price
---------------------------------------------------- ----------------------
Options denominated
 in CAD
 $3.29 to 9.56           1.1        55,350 $    7.58      55,350  $    7.58
---------------------------------------------------- ----------------------

Options denominated
 in USD
 $6.33 to 11.56          6.1     1,511,630 $    6.57     165,800  $    8.55
 $17.85 to 22.52         3.2     1,458,650     20.27   1,458,650      20.27
 $23.92 to 28.43         4.9     2,040,787     26.72   1,004,586      26.15
---------------------------------------------------- ----------------------
                         4.8     5,011,067 $   18.76   2,629,036  $   21.77
---------------------------------------------------- ----------------------

(ii) Performance stock options:

As at September 30, 2009, there were no shares (December 31, 2008 - 35,000 shares) reserved for performance stock options.

(iii) Compensation expense related to stock options:

For the three and nine month periods ended September 30, 2009, compensation expense related to stock options included in cost of sales and operating expenses was $0.7 million (2008 - $1.8 million) and $3.7 million (2008 - $6.4 million), respectively. The fair value of the 2009 stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

                                                                      2009
--------------------------------------------------------------------------
Risk-free interest rate                                                1.8%
Dividend yield                                                           2%
Expected life                                                      5 years
Volatility                                                              44%
Forfeiture rate                                                          5%
Weighted average fair value of options granted (USD per share)    $   2.06
--------------------------------------------------------------------------

b) Deferred, restricted and performance share units:

Deferred, restricted and performance share units outstanding at September 30, 2009 are as follows:

                             Number of            Number of       Number of
                        Deferred Share     Restricted Share     Performance
                                 Units                Units     Share Units
---------------------------------------------------------------------------
Outstanding at
 December 31, 2008             411,395               12,523       1,057,648
 Granted                       116,860               15,200         396,470
 Granted in-lieu
  of dividends                  16,280                  945          35,691
 Redeemed                      (56,620)                   -        (395,420)
 Cancelled                           -                    -         (13,671)
---------------------------------------------------------------------------
Outstanding at
 June 30, 2009                 487,915               28,668       1,080,718
 Granted                         4,921                    -               -
 Granted in-lieu
  of dividends                   4,340                  235           8,719
 Redeemed                            -                    -               -
 Cancelled                           -                    -         (12,957)
---------------------------------------------------------------------------
Outstanding at
 September 30, 2009            497,176               28,903       1,076,480
---------------------------------------------------------------------------

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 September 30, 2009 was $22.5 million compared with the recorded liability of $17.8 million. The difference between the fair value and the recorded liability of $4.7 million will be recognized over the weighted average remaining service period of approximately 1.9 years.

For the three and nine month periods ended September 30, 2009, compensation expense related to deferred, restricted and performance share units included in cost of sales and operating expenses was $3.9 million (2008 - recovery of $7.7 million) and $4.2 million (2008 - recovery of $2.5 million), respectively. This included an expense of $2.5 million (2008 - recovery of $10.4 million) and a recovery of $1.5 million (2008 - recovery of $11.2 million), respectively, related to the effect of the change in the Company's share price.

10. Retirement plans:

Total net pension expense for the Company's defined benefit and defined contribution pension plans during the three and nine month periods ended September 30, 2009 was $2.0 million (2008 - $1.7 million) and $7.5 million (2008 - $5.5 million), respectively.

11. Changes in non-cash working capital:

The change in cash flows related to changes in non-cash working capital for the three and nine month periods ended September 30, 2009 were as follows:

                                  Three Months Ended     Nine Months Ended
                              ----------------------  --------------------
                                 Sep 30       Sep 30     Sep 30     Sep 30
                                   2009         2008       2009       2008
----------------------------------------------------  --------------------
Decrease (increase) in
 non-cash working capital:
 Receivables                  $ (60,200)   $  11,228  $ (29,339) $ 110,526
 Inventories                    (13,664)         505     61,020     65,881
 Prepaid expenses                 1,977        2,258     (5,423)   (12,211)
 Accounts payable and
  accrued liabilities             3,057       10,487    (40,724)  (160,461)
----------------------------------------------------  --------------------
                                (68,830)      24,478    (14,466)     3,735
Adjustments for items
 not having a cash effect         4,154        1,988      2,886     10,838
----------------------------------------------------  --------------------
Changes in non-cash
 working capital having
 a cash effect                $ (64,676)   $  26,466  $ (11,580) $  14,573
----------------------------------------------------  --------------------

These changes relate to
 the following activities:
 Operating                    $ (34,825)   $  24,183  $  24,526  $  (1,844)
 Investing                      (29,851)       2,283    (36,106)    16,417
----------------------------------------------------  --------------------
Changes in non-cash
 working capital              $ (64,676)   $  26,466  $ (11,580) $  14,573
----------------------------------------------------  --------------------

12. Capital disclosures:

In August 2009, the Company entered into a $200 million unsecured revolving credit facility expiring in May 2012, to replace its $250 million credit facility that was set to expire in mid-2010. The undrawn credit facility is provided by highly rated financial institutions and is subject to certain financial covenants including an EBITDA to interest coverage ratio and a debt to capitalization ratio.

13. Financial instruments:

The following table provides the carrying value of each category of financial assets and liabilities and the related balance sheet item:

                                                        Sep 30      Dec 31
                                                          2009        2008
--------------------------------------------------------------------------
Financial assets:
 Held for trading financial assets:
  Cash and cash equivalents                        $   197,436 $   328,430
  Project debt reserve accounts included
   in other assets                                      13,105      18,149

 Loans and receivables:
  Receivables                                          235,688     207,419
  Dorado Riquelme investment (note 14)                       -      42,123
  GeoPark financing, including current portion          32,463      36,616
--------------------------------------------------------------------------
                                                   $   478,692 $   632,737
--------------------------------------------------------------------------
Financial liabilities:
 Other financial liabilities:
  Accounts payable and accrued liabilities         $   194,645 $   235,369
  Long-term debt, including current portion            917,654     787,303
  Capital lease obligation included in other
   long-term liabilities, including
   current portion                                      17,170      20,742

 Held for trading financial liabilities:
  Derivative instruments designated as cash
   flow hedges                                          33,862      38,100
  Derivative instruments                                   379       1,771
--------------------------------------------------------------------------
                                                   $ 1,163,710 $ 1,083,285
--------------------------------------------------------------------------

At September 30, 2009, all of the Company's financial instruments are recorded on the balance sheet at amortized cost with the exception of cash and cash equivalents, derivative financial instruments and reserve accounts included in other assets which are recorded at fair value.

The Egypt limited recourse debt facilities bear interest at LIBOR plus a spread. The Company has entered into interest rate swap contracts to swap the LIBOR-based interest payments for an average aggregated fixed rate of 4.8% plus a spread on approximately 75% of the Egypt limited recourse debt facilities for the period September 28, 2007 to March 31, 2015.

The Company has designated as cash flow hedges these interest rate swap contracts to swap the variable-based interest payments for a fixed rate. These interest rate swaps had outstanding notional amounts of $351 million as at September 30, 2009. Under the interest rate swap contracts the maximum notional amount during the term is $368 million. The notional amount increases over the period of expected draw-downs on the Egypt limited recourse debt and decreases over the expected repayment period. At September 30, 2009, these interest rate swap contracts had a negative fair value of $33.6 million (December 31, 2008 - negative $38.1 million) recorded in other long-term liabilities. The fair value of these interest rate swap contracts will fluctuate until maturity. The Company also designates as cash flow hedges forward exchange contracts to sell euro at a fixed USD exchange rate. At September 30, 2009, the Company had outstanding forward exchange contracts designated as cash flow hedges to sell a notional amount of 4.4 million euro in exchange for US dollars and these euro contracts had a negative fair value of $0.3 million (December 31, 2008 - fair value of nil). Changes in fair value of derivative financial instruments designated as cash flow hedges have been recorded in other comprehensive income.

At September 30, 2009, the Company's derivative financial instruments that have not been designated as cash flow hedges include a floating-for-fixed interest rate swap contract with a negative fair value of $0.4 million (December 31, 2008 - $0.6 million) recorded in other long-term liabilities. For the three and nine month periods ended September 30, 2009, the total change in fair value of this derivative financial instrument was nil (2008 - nil) and a positive $0.3 million (2008 - positive $0.1 million), respectively.

14. Dorado Riquelme investment:

On August 24, 2009, the Company received final government approval of the agreement signed on May 5, 2008 with Empresa Nacional del Petroleo (ENAP), the Chilean state-owned oil and gas company. The agreement with ENAP is to accelerate gas exploration and development in the Dorado Riquelme exploration block and supply new Chilean-sourced natural gas to the Company's production facilities in Chile. Under the arrangement we fund a 50% participation in the block and as at September 30, 2009 we had contributed approximately $59.7 million to date.

Upon receiving final government approval of the agreement, the Company adopted the full cost methodology for accounting for oil and gas exploration and development costs and reclassified the cumulative oil and gas expenditures of $58.7 million from other assets to property, plant and equipment. As of September 30, 2009 we have contributed $59.7 million (December 31, 2008 - $42.1 million) for the Dorado Riquelme investment and this amount has been recorded in property, plant and equipment net of depletion charges of $1.0 million that are recorded in inventory.

15. 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 ("U.S. GAAP").

The significant differences between Canadian GAAP and U.S. GAAP with respect to the Company's consolidated statements of income (loss) for the three and nine month periods ended September 30, 2009 and 2008 are as follows:

                                  Three Months Ended     Nine Months Ended
                              ----------------------  --------------------
                                 Sep 30       Sep 30     Sep 30     Sep 30
                                   2009         2008       2009       2008
----------------------------------------------------  --------------------
----------------------------------------------------  --------------------
Net income (loss) in
 accordance with Canadian
 GAAP                          $   (831)  $   70,045  $ (24,980) $ 172,702
Add (deduct) adjustments
 for:
 Depreciation and
  amortization(a)                  (478)        (478)    (1,433)    (1,433)
 Stock-based compensation(b)        (70)         175        (93)       147
 Uncertainty in income taxes(c)  (1,189)      (2,582)    (1,795)    (3,346)
 Income tax effect of above
  adjustments(d)                    167          167        501        501
----------------------------------------------------  --------------------
Net income (loss) in
 accordance with U.S. GAAP     $ (2,401)  $   67,327  $ (27,800) $ 168,571
----------------------------------------------------  --------------------

Per share information in
 accordance with U.S. GAAP:
 Basic net income (loss)
  per share                    $  (0.03)  $     0.72  $   (0.30) $    1.77
 Diluted net income (loss)
  per share                    $  (0.03)  $     0.71  $   (0.30) $    1.76
----------------------------------------------------  --------------------

The significant differences between Canadian GAAP and U.S. GAAP with respect to the Company's consolidated statements of comprehensive income (loss) for the three and nine month periods ended September 30, 2009 and 2008 are as follows:

                                       Three Months Ended
                      ----------------------------------------------------
                               September 30, 2009             Sep 30, 2008
                      -------------------------------------   ------------
                      Canadian
                          GAAP     Adjustments    U.S. GAAP      U.S. GAAP
-----------------------------------------------------------   ------------
-----------------------------------------------------------   ------------
Net income (loss)    $    (831)      $  (1,570)   $  (2,401)     $  67,327

Change in fair
 value of forward
 exchange contracts,
 net of tax                 96               -           96            (16)
Change in fair value
 of interest rate swap,
 net of tax             (5,219)              -       (5,219)        (5,231)
Change related to
 pension, net
 of tax(e)                   -             399          399            236
-----------------------------------------------------------   ------------
Comprehensive
 income (loss)       $  (5,954)      $  (1,171)   $  (7,125)     $  62,316
-----------------------------------------------------------   ------------


                                       Nine Months Ended
                      ----------------------------------------------------
                               September 30, 2009             Sep 30, 2008
                      -------------------------------------   ------------
                      Canadian
                          GAAP     Adjustments    U.S. GAAP      U.S. GAAP
-----------------------------------------------------------   ------------
-----------------------------------------------------------   ------------
Net income (loss)    $ (24,980)      $  (2,820)   $ (27,800)     $ 168,571

Change in fair
 value of forward
 exchange contracts,
 net of tax                (82)              -          (82)            44
Change in fair value
 of interest rate swap,
 net of tax             (1,111)              -       (1,111)        (5,155)
Change related to
 pension, net
 of tax(e)                   -           1,129        1,129            477
-----------------------------------------------------------   ------------
Comprehensive
 income (loss)       $ (26,173)      $  (1,691)     (27,864)     $ 163,937
-----------------------------------------------------------   ------------

a) Business combination:

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 U.S. GAAP, the business combination would have been accounted for as a purchase with the Company identified as the acquirer. In accordance with U.S. GAAP, an increase to depreciation expense by $0.5 million (2008 - $0.5 million) and $1.4 million (2008 - $1.4 million), was recorded for the three and nine month periods ended September 30, 2009, respectively.

b) Stock-based compensation:

The Company has 19,350 stock options that are accounted for as variable plan options under U.S. 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.

c) Accounting for uncertainty in income taxes:

Effective January 1, 2007, the Company adopted Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48), as codified in FASB ASC topic 740, Income Taxes (ASC 740). ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In accordance with ASC 740, an income tax expense of $1.2 million (2008 - $2.6 million) and $1.8 million (2008 - $3.3 million) was recorded for the three and nine month periods ended September 30, 2009, respectively.

d) Income tax accounting:

The income tax differences include the income tax effect of the adjustments related to accounting differences between Canadian and U.S. GAAP. In accordance with U.S. GAAP, an increase to net income of $0.2 million (2008 - $0.2 million) and $0.5 million (2008 - $0.5 million) was recorded for the three and nine month periods ended September 30, 2009, respectively.

e) Defined benefit pension plans:

Effective January 1, 2006, U.S. GAAP requires the Company to measure the funded status of a defined benefit pension plan at its balance sheet reporting date and recognize the unrecorded overfunded or underfunded status as an asset or liability with the change in that unrecorded funded status recorded to other comprehensive income. Under U.S. GAAP, all deferred pension amounts from Canadian GAAP are reclassified to accumulated other comprehensive income. In accordance with U.S. GAAP, an increase to other comprehensive income of $0.4 million (2008 - $0.2 million) and $1.1 million (2008 - $0.5 million) was recorded for the three and nine month periods ended September 30, 2009, respectively.

f) Interest in Atlas joint venture:

U.S. 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 U.S. GAAP is acceptable for foreign private issuers under the practices prescribed by the United States Securities and Exchange Commission.

g) Non-controlling interests:

Effective January 1, 2009, the FASB issued FAS No. 160, Non-controlling Interests in Consolidated Financial Statements-an amendment of ARB No. 51, as codified in FASB ASC topic 810, Consolidation (ASC 810). FAS No. 160 requires the ownership interests in subsidiaries held by parties other than the parent be clearly identified, labelled, and presented in the consolidated statement of financial position within equity, but separate from the parent's equity. Under this standard, the Company would be required to reclassify non-controlling interest on the consolidated balance sheet into shareholders' equity. The Company has not made an adjustment in this reconciliation for this difference in accounting principles because it results in a balance sheet reclassification and does not impact net income or comprehensive income as disclosed in the reconciliation.

Methanex Corporation
Quarterly History (unaudited)

                                         YTD
                                        2009        Q3        Q2        Q1
--------------------------------------------------------------------------

METHANOL SALES VOLUMES
(thousands of tonnes)

Company produced                       2,884       943       941     1,000
Purchased methanol                     1,079       480       329       270
Commission sales(1)                      486       194       161       131
--------------------------------------------------------------------------

                                       4,449     1,617     1,431     1,401
--------------------------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

Chile                                    677       197       252       228
Titan, Trinidad                          576       188       165       223
Atlas, Trinidad (63.1%)                  736       257       275       204
New Zealand                              599       202       203       194
--------------------------------------------------------------------------

                                       2,588       844       895       849
--------------------------------------------------------------------------

AVERAGE REALIZED METHANOL PRICE(2)

 ($/tonne)                               205       222       192       199

 ($/gallon)                             0.62      0.67      0.58      0.60

PER SHARE INFORMATION ($ per share)

 Basic net income (loss)             $ (0.27)    (0.01)    (0.06)    (0.20)

 Diluted net income (loss)           $ (0.27)    (0.01)    (0.06)    (0.20)



                                             2008    Q4     Q3    Q2    Q1
--------------------------------------------------------------------------

METHANOL SALES VOLUMES
(thousands of tonnes)

Company produced                            3,363   829    946   910   678
Purchased methanol                          2,074   435    429   541   669
Commission sales(1)                           617   134    172   168   143
--------------------------------------------------------------------------

                                            6,054 1,398  1,547 1,619 1,490
--------------------------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

Chile                                       1,088   272    246   261   309
Titan, Trinidad                               871   225    200   229   217
Atlas, Trinidad (63.1%)                     1,134   269    284   288   293
New Zealand                                   570   200    126   124   120
--------------------------------------------------------------------------

                                            3,663   966    856   902   939
--------------------------------------------------------------------------

AVERAGE REALIZED METHANOL PRICE(2)

 ($/tonne)                                    424   321    413   412   545

 ($/gallon)                                  1.28  0.97   1.24  1.24  1.64

PER SHARE INFORMATION ($ per share)

 Basic net income (loss)                     1.79 (0.04)  0.75  0.40  0.66

 Diluted net income (loss)                   1.78 (0.04)  0.74  0.40  0.66


                                             2007    Q4     Q3    Q2    Q1
--------------------------------------------------------------------------

METHANOL SALES VOLUMES
(thousands of tonnes)

Company produced                            4,569   997  1,073 1,360 1,139
Purchased methanol                          1,453   421    387   269   376
Commission sales(1)                           590   195    168    89   138
--------------------------------------------------------------------------

                                            6,612 1,613  1,628 1,718 1,653
--------------------------------------------------------------------------

METHANOL PRODUCTION
(thousands of tonnes)

Chile                                       1,841   288    233   569   751
Titan, Trinidad                               861   220    191   225   225
Atlas, Trinidad (63.1%)                       982   278    290   234   180
New Zealand                                   435    75    122   120   118
--------------------------------------------------------------------------

                                            4,119   861    836 1,148 1,274
--------------------------------------------------------------------------

AVERAGE REALIZED METHANOL PRICE(2)

($/tonne)                                     375   514    270   286   444

($/gallon)                                   1.13  1.55   0.81  0.86  1.34

PER SHARE INFORMATION ($ per share)

Basic net income (loss)                      3.69  1.74   0.24  0.35  1.38

Diluted net income (loss)                    3.68  1.72   0.24  0.35  1.37

--------------------------------------------------------------------------
(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.

Contacts:
Jason Chesko
Director, Investor Relations
Methanex Corporation
604.661.2600
www.methanex.com

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