METHANEX CORPORATION 2012-10-26 T-15:30

NEWS RELEASE

A Responsible Care” Company

Methanex Corporation

1800 – 200 Burrard St.

Vancouver, BC Canada V6C 3M1
Investor Relations: (604) 661-2600
http://www.methanex.com

For immediate release

METHANEX REPORTS THIRD QUARTER RESULTS

OCTOBER 24, 2012

For the third quarter of 2012, Methanex reported Adjusted EBITDA’ of $104 million and Adjusted net income’ of $36
million ($0.38 per share on a diluted basis’). This compares with Adjusted EBITDA’ of $113 million and Adjusted net
income’ of $44 million ($0.47 per share on a diluted basis!) for the second quarter of 2012.

Bruce Aitken, President and CEO of Methanex commented, “We reported a decline in EBITDA compared to last quarter as
we realized a lower methanol price. Entering the fourth quarter, steady methanol demand and supply outages across the
industry have resulted in upward pressure on spot methanol prices, and today, we announced an increase of $43 per tonne
to our North-American non-discounted price. Longer term, the outlook for the industry and pricing environment looks very
attractive, as demand growth is expected to significantly outpace new capacity additions over the next few years.”

Mr. Aitken added, “We continue to make good progress on the initiatives to increase production in New Zealand and
Medicine Hat, which could add up to one million tonnes of annual capacity by the end of 2013. The Louisiana project is
also progressing well and is on track to add an additional one million tonnes of annual capacity by the end of 2014. In
total, these projects have the potential to increase our operating capacity by approximately 2 million tonnes over the next
couple of years and improve cash generation significantly”.

Mr. Aitken concluded, “With over US$400 million of cash on hand, an undrawn credit facility, a robust balance sheet, and
strong cash flow generation, we are well positioned to invest in the Louisiana project and other strategic growth
opportunities and continue to deliver on our commitment to return excess cash to shareholders.”

A conference call is scheduled for October 25, 2012 at 12:00 noon ET (9:00 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) 340-8527, or toll free at
(877) 240-9772. A playback version of the conference call will be available for three weeks at (905) 694-9451, or toll free
at (800) 408-3053. The passcode for the playback version is 6328000. There will be a simultaneous audio-only webcast of
the conference call, which can be accessed from our website at www.methanex.com. The webcast will be available on the
website for three weeks following 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.

– more –

FORWARD-LOOKING INFORMATION WARNING

This Third Quarter 2012 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 2012 Management’s Discussion and Analysis
for more information.

1 Adjusted EBITDA, Adjusted net income and Adjusted diluted net income per common share are non-GAAP measures which do not have any standardized meaning

prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding amounts
associated with the 40% non-controlling interest in the methanol facility in Egypt, the mark-to-market impact of items which impact the comparability of our
earnings from one period to another, which currently include only the mark-to-market impact of share-based compensation as a result of changes in our share price,
and Louisiana project relocation expenses and charges. Refer to Additional Information – Supplemental Non-GAAP Measures on page 14 of the attached Interim
Report for the three months ended September 30, 2012 for reconciliations to the most comparable GAAP measures.

-end-

For further information, contact:

Jason Chesko
Director, Investor Relations
Tel: 604.661.2600

ME rmapex Share Information Investor Information

Methanex Corporation’s common shares are listed for All financial reports, news releases

A Responsible Care” Company trading on the Toronto Stock Exchange under the and corporate information can be
Interim Report symbol MX, on the Nasdaq Global Market under the accessed on our website at
for the symbol MEOH and on the foreign securities market of www.methanex.com.
Three Months Ended – the Santiago Stock Exchange in Chile under the trading
September 30, 2012 symbol Methanex. Contact Information
Methanex Investor Relations
At October 24, 2012 the Company Transfer Agents £ Registrars 1800 – 200 Burrard Street
had 93,975,455 common shares CIBC Mellon Trust Company Vancouver, BC Canada V6C 3M1
issued and outstanding and stock 320 Bay Street E-mail: investf4methanex.com
options exercisable for 3,317,462 Toronto, Ontario, Canada M5H 4A6 Methanex Toll-Free:
additional common shares. Toll free in North America: 1-800-387-0825 1-800-661-8851

THIRD QUARTER MANAGEMENT’”S DISCUSSION AND ANALYSIS
Except where otherwise noted, all currency amounts are stated in United States dollars.
FINANCIAL AND OPERATIONAL HIGHLIGHTS

= A summary of net income (loss) attributable to Methanex shareholders, Adjusted net income’ and Adjusted diluted net
income per common share! is as follows:

Three Months Ended Nine Months Ended

Sep 30 Jun 30 Sep 30 Sep 30 Sep 30

($ millions except number of shares and per share amounts) 2012 2012 2011 2012 2011

Net income (loss) attributable to Methanex shareholders $ (3) $ 52 $ 62 $ 72 $ 137

Mark-to-market impact of share-based

compensation, net of tax – (10) (22) 6 (20)
Louisiana project relocation expenses and charges, net of tax

Cash expense 21 2 – 23 –

Non-cash charge 18 – – 18 –

Adjusted net income ‘ $ 36 $ 44 $ 40 $ 119 $ 117

Diluted weighted average shares outstanding (millions) 93.9 95.1 94.4 94.9 94.4

Adjusted diluted net income per common share ‘ $ 0.38 $ 0.47 $ 0.43 $ 126 $ 1.24

= We recorded Adjusted EBITDA! of $104 million for the third quarter of 2012 compared with $113 million for the second
quarter of 2012. The decrease in Adjusted EBITDA’ was primarily due to a decrease in average realized price from $384
per tonne for the second quarter of 2012 to $373 per tonne for the third quarter of 2012.

= Production for the third quarter of 2012 was 1,025,000 tonnes compared with 1,034,000 tonnes for the second quarter of
2012. During the third quarter of 2012, we commenced production at the second Motunui facility and we produced
346,000 tonnes in New Zealand compared with 210,000 tonnes in the second quarter of 2012. In Egypt, we produced
62,000 tonnes in the third quarter of 2012 compared with 164,000 tonnes in the second quarter due to a planned
maintenance shutdown and the impact of natural gas curtailments.

= During the third quarter of 2012, sales of Methanex-produced methanol were 1,053,000 tonnes compared with
1,001,000 in the second quarter of 2012.

= In July 2012, we reached a final investment decision to proceed with the project to relocate an idle Chile facility to
Geismar, Louisiana. The project will add one million tonnes of annual production capacity and is expected to be
operational by the end of 2014. We have commenced dismantling of the plant and expect to receive all key
construction-related permits by the end of 2012. During the third quarter of 2012, we recorded a $35 million cash
expense ($21 million after-tax) to earnings related to Louisiana project relocation expenses that are not eligible for
capitalization. In addition, we recorded a $26 million non-cash charge ($18 million after-tax) to earnings related to the
Chile facility that is being relocated to Louisiana.

During the third quarter of 2012, we paid a $0.185 per share dividend to shareholders for a total of $17 million.

Y These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar
measures presented by other companies. Refer to Additional Information – Supplemental Non-GAAP Measures on page 14 for a description of each non-GAAP
measure and reconciliations to the most comparable GAAP measures.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 1
MANAGEMENT’S DISCUSSION AND ANALYSIS

This Third Quarter 2012 Management’s Discussion and Analysis (“MD8A”) dated October 24, 2012 for Methanex
Corporation (“the Company”) should be read in conjunction with the Company’s condensed consolidated interim financial
statements for the period ended September 30, 2012 as well as the 2011 Annual Consolidated Financial Statements and
MDKA included in the Methanex 2011 Annual Report. Unless otherwise indicated, the financial information presented in
this interim report is prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB). The Methanex 2011 Annual Report and additional information relating to
Methanex is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

FINANCIAL AND OPERATIONAL DATA

Three Months Ended Nine Months Ended
Sep 30 Jun 30 Sep30 Sep 30 Sep 30
($ millions, except per share amounts and where noted) 2012 2012 2011 2012 2011
Production (thousands of tonnes) (attributable to Methanex shareholders) 1,025 1,034 1,035 3,004 2,886
Sales volumes (thousands of tonnes):
Methanex-produced methanol (attributable to Methanex shareholders) 1,053 1,001 983 2,980 2,801
Purchased methanol 641 569 672 1,901 2,171
Commission sales ‘ 205 276 235 679 638
Total sales volumes 1,899 1,846 1,890 5,560 5,610
Methanex average non-discounted posted price ($ per tonne) ? 433 452 445 440 434
Average realized price ($ per tonne) ? 373 384 377 380 369
Adjusted EBITDA (attributable to Methanex shareholders) 4 104 113 111 310 294
Cash flows from operating activities 131 135 119 360 321
Adjusted cash flows from operating activities (attributable to
Methanex shareholders) * 103 110 104 302 270
Net income (loss) attributable to Methanex shareholders (3) 52 62 72 137
Adjusted net income (attributable to Methanex shareholders) 4 36 44 40 119 117
Basic net income (loss) per common share (attributable to Methanex shareholders) (0.03) 0.56 0.67 0.77 1.48
Diluted net income (loss) per common share (attributable to Methanex shareholders) (0.03) 0.50 0.59 0.76 1.38
Adjusted diluted net income per common share (attributable to
Methanex shareholders) *? 0.38 0.47 0.43 1.26 1.24
Common share information (millions of shares):
Weighted average number of common shares 94 94 93 94 93
Diluted weighted average number of common shares 94 95 94 95 94
Number of common shares outstanding, end of period 94 94 93 94 93

Commission sales represent volumes marketed on a commission basis related to the 36.9% of the Atlas methanol facility and 40% of the Egypt methanol facility
that we do not own.

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.

Average realized price is calculated as revenue, excluding commissions earned and the Egypt non-controlling interest share of revenue, divided by the total sales
volumes of Methanex-produced (attributable to Methanex shareholders) and purchased methanol.

* These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar
measures presented by other companies. Refer to Additional Information – Supplemental Non-GAAP Measures on page 14 for a description of each non-GAAP
measure and reconciliations to the most comparable GAAP measures.

For the three month period ended September 30, 2012, stock options and tandem share appreciation rights have been excluded from the calculation of diluted
net income per common share (attributable to Methanex shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted diluted net
income per common share (attributable to Methanex shareholders) these items have been included in the denominator and the diluted weighted average number
of common shares is 95.0 million.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 2
MANAGEMENT’S DISCUSSION AND ANALYSIS

PRODUCTION SUMMARY

Q3 2012 Q2 2012 Q32011| YIDQ32012 YIDQ3 2011
(thousands of tonnes) Capacity’ Production Production Production Production Production
Chile 1, Ill and IV ? 700 59 82 116 254 441
New Zealand ? 558 346 210 209 730 619
Atlas (Trinidad) (63.1% interest) 288 255 264 170 646 696
Titan (Trinidad) 225 186 196 224 597 531
Egypt (60% interest) 190 62 164 191 428 400
Medicine Hat 118 117 118 125 349 199
2,079 1,025 1,034 1,035 3,004 2,886

The production capacity of our facilities may be higher than original nameplate capacity as, over time, these figures have been adjusted to reflect ongoing
operating efficiencies.

In July 2012, we reached a final investment decision to proceed with the project to relocate the Chile II facility to Geismar, Louisiana. The Chile capacity in the
above table excludes the 1.0 million tonnes of annual production capacity which is being relocated to Louisiana.

The production capacity of New Zealand represents the two 0.85 million tonne facilities at Motunui and the 0.53 million tonne facility at Waitara Valley. In July,
we restarted the second Motunui facility, but due to current distillation capacity constraints at the Motunui site, the combined production capacity of both plants
is approximately 1.5 million tonnes, compared with the combined nameplate capacity of 1.7 – 1.9 million tonnes, depending on natural gas composition (refer to
the New Zealand section on page 4 for more information).

Chile

We continue to operate our Chile facilities significantly below site capacity. This is primarily due to curtailments of natural
gas supply from Argentina – refer to the Management’s Discussion and Analysis included in our 2011 Annual Report for
more information.

During the third quarter of 2012, we produced 59,000 tonnes in Chile operating one plant at approximately 20% of
capacity.

While investments have been made over the last few years for natural gas exploration and development in southern Chile,
the timelines for significant increases in gas production are much longer than we had originally anticipated and existing gas
fields are experiencing declines. As a result, the short-term outlook for gas supply in Chile continues to be challenging. In
early October 2012, we completed a restructuring of our Chile operations which reduced the size of our workforce by 48
people and will result in a $5 million pre-tax charge in the fourth quarter of 2012.

We are continuing to pursue investment opportunities with Empresa Nacional del Petroleo (ENAP), GeoPark Chile Limited
(GeoPark) and others to help accelerate natural gas exploration and development in southern Chile. We are working with
ENAP to develop natural gas in the Dorado Riquelme block. Under the arrangement, we fund a 50% participation in the
block and, as at September 30, 2012, we had contributed approximately $113 million and the carrying amount of our
investment was $71 million. Over the past few years, we have also provided funding to support and accelerate 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 that commenced in 2008. During the third
quarter of 2012, approximately 90% of production at our Chilean facilities was produced with natural gas supplied from the
Fell and Dorado Riquelme blocks. We are also participating in other exploration blocks with international oil and gas
companies and as at September 30, 2012, we had contributed $15 million for our share of the exploration costs.

The future operating rate of our Chile site is primarily dependent on demand for natural gas for residential purposes, which
is higher in the southern hemisphere winter, production rates from existing natural gas fields, and the level of natural gas
deliveries from future exploration and development activities in southern Chile. We cannot provide assurance that we,
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. As a result, we cannot provide assurance
in the level of natural gas supply or that we will be able to source sufficient natural gas to operate any capacity in Chile or
that we will have sufficient future cash flows from Chile to support the carrying value of our Chilean assets and that this will
not have an adverse impact on our results of operations and financial condition.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 3
MANAGEMENT’S DISCUSSION AND ANALYSIS

New Zealand

Our New Zealand methanol facilities produced 346,000 tonnes of methanol in the third quarter of 2012 compared with
210,000 tonnes in the second quarter of 2012. We restarted a second Motunui facility in July 2012 which added 650,000
tonnes of annual production capacity to our New Zealand operations and brings the current site capacity to approximately
1.5 million tonnes. We are currently assessing the feasibility of debottlenecking the Motunui site and the potential to restart
our nearby 530,000 tonne Waitara Valley plant which could add up to a further 900,000 tonnes of annual production
capacity in New Zealand by the end of 2013.

Trinidad

In Trinidad, we own 100% of the Titan facility with an annual production capacity of 900,000 tonnes and have a 63.1%
interest in the Atlas facility with an annual production capacity of 1,150,000 tonnes (63.1% interest). The Titan facility
produced 186,000 tonnes in the third quarter of 2012 compared with 196,000 tonnes in the second quarter of 2012.
Production in the third quarter of 2012 was impacted by unplanned maintenance outages and periodic natural gas
curtailments.

The Atlas facility produced 255,000 tonnes in the third quarter of 2012 compared with 264,000 tonnes in the second
quarter of 2012. The Atlas facility was shut down at the end of September 2012 for repairs and is expected to return to
production at the beginning of November 2012.

We continue to experience some natural gas curtailments to our Trinidad facilities due to a mismatch between upstream
commitments to supply the Natural Gas Company in Trinidad (NGC) and downstream demand from NGC’s customers
which becomes apparent when an upstream supply issue arises. We are engaged with key stakeholders to find a solution to
this issue, but in the meantime we expect to continue to experience some gas curtailments to our Trinidad site.

Egypt

The Egypt methanol facility produced 62,000 tonnes (60% interest) in the third quarter of 2012 compared with 164,000
tonnes in the second quarter of 2012. We have a 60% equity interest in the facility and marketing rights for 100% of the
production. Production from the Egypt facility in the third quarter of 2012 was lower than the second quarter of 2012 due
to a planned maintenance outage which was completed in mid-July and natural gas supply restrictions.

During the third quarter of 2012, the Egypt facility experienced periodic natural gas supply constraints as a result of
increased seasonal electricity demand and operating issues with the upstream gas infrastructure. This situation has
continued into the fourth quarter of 2012 and may persist in the future.

Medicine Hat

Our 470,000 tonne per year facility in Medicine Hat, Alberta produced 117,000 tonnes in the third quarter of 2012
compared with 118,000 tonnes during the second quarter of 2012. We are currently assessing the feasibility of
debottlenecking the Medicine Hat facility which could add a further 90,000 tonnes of annual production capacity to our
Medicine Hat operations.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 4
MANAGEMENT’S DISCUSSION AND ANALYSIS

FINANCIAL RESULTS

For the third quarter of 2012 we recorded Adjusted EBITDA of $104 million and Adjusted net income of $36 million ($0.38
per share on a diluted basis). This compares with Adjusted EBITDA of $113 million and Adjusted net income of $44 million
($0.47 per share on a diluted basis) for the second quarter of 2012 and Adjusted EBITDA of $111 million and Adjusted net
income of $40 million ($0.43 per share on a diluted basis) for the third quarter of 2011.

We calculate Adjusted EBITDA and Adjusted net income by excluding amounts associated with the 40% non-controlling
interest in Egypt that we do not own, the mark-to-market impact of share-based compensation as a result of changes in our
share price and items which are considered by management to be non-operational. Refer to Additional Information –
Supplemental Non-GAAP Measures on page 14 for a further discussion on how we calculate these measures.

A reconciliation from net income (loss) attributable to Methanex shareholders to Adjusted net income and the calculation of

Adjusted diluted net income per common share is as follows:

Three Months Ended Nine Months Ended

Sep 30 Jun 30 Sep 30 Sep 30 Sep 30

($ millions except number of shares and per share amounts) 2012 2012 2011 2012 2011

Net income (loss) attributable to Methanex shareholders $ (3) $ 52 $ 62 $ 72 $ 137

Mark-to-market impact of share-based

compensation, net of tax – (10) (22) 6 (20)
Louisiana project relocation expenses and charges, net of tax

Cash expense 21 2 – 23 –

Non-cash charge 18 – – 18 –

Adjusted net income ‘ $ 36 $ 44 $ 40 $ 119 $ 117

Diluted weighted average shares outstanding (millions) 93.9 95.1 94.4 94.9 94.4

Adjusted diluted net income per common share ‘? $ 0.38 $ 0.47 $ 0.43 $ 1.26 $ 1.24

We review our financial results by analyzing changes in Adjusted EBITDA, depreciation and amortization, mark-to-market
impact of share-based compensation, Louisiana project relocation expenses and charges, finance costs, finance income and
other expenses and income taxes. A summary of our consolidated statements of income are as follows:

Three Months Ended Nine Months Ended
Sep 30 Jun 30 Sep 30 Sep 30 Sep 30
($ millions) 2012 2012 2011 2012 2011
Consolidated statements of income:
Revenue $ 655 $ 656 $ 670 $ 1,977 $ 1,912
Cost of sales and operating expenses, excluding
mark-to-market impact of share-based compensation (539) (517) (538) (1,606) (1,584)
116 139 132 371 328
Comprised of:
Adjusted EBITDA (attributable to Methanex shareholders) ! 104 113 111 310 294
Attributable to non-controlling interests 12 26 21 61 34
116 139 132 371 328
Depreciation and amortization (47) (44) (44) (130) (113)
Mark-to-market impact of share-based compensation – 10 24 (8) 23
Louisiana project relocation expenses and charges (61) (4) – (65) –
Operating income ‘ 8 101 112 168 238
Finance costs (18) (20) (17) (56) (44)
Finance income and other expenses (3) – (2) (2) 5
Income tax recovery (expense) 15 (15) (19) (9) (44)
Net income $ 25$ 66 $ 74 $ 101 $ 155
Net income (loss) attributable to Methanex shareholders $ (3d) $ 52 $ 62 $ 72 $ 137

1 These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar
measures presented by other companies. Refer to Additional Information – Supplemental Non-GAAP Measures on page 14 for a description of each non-GAAP
measure and reconciliations to the most comparable GAAP measures.

2 For the three month period ended September 30, 2012, stock options and tandem share appreciation rights have been excluded from the calculation of diluted net
income per common share (attributable to Methanex shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted diluted net income
per common share (attributable to Methanex shareholders) these items have been included in the denominator and the diluted weighted average number of
common shares is 95.0 million.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 5

MANAGEMENT’S DISCUSSION AND ANALYSIS

ADJUSTED EBITDA (ATTRIBUTABLE TO METHANEX SHAREHOLDERS)

Our operations consist of a single operating segment – the production and sale of methanol. We review the results of
operations by analyzing changes in the components of Adjusted EBITDA. For a discussion of the definitions used in our
Adjusted EBITDA analysis, refer to How We Analyze Our Business on page 19.

The changes in Adjusted EBITDA resulted from changes in the following;

Q3 2012 Q3 2012 YTD Q3 2012

compared with compared with compared with

($ millions) Q2 2012 Q3 2011 YTD Q3 2011
Average realized price $ (19) $ (6) $ 52
Sales volume 13 4 (8)
Total cash costs (3) (5) (28)
Increase (decrease) in Adjusted EBITDA $ (9) $ (7) $ 16

Average realized price
Three Months Ended Nine Months Ended

Sep 30 Jun 30 Sep 30 Sep 30 Sep 30

($ per tonne, except where noted) 2012 2012 2011 2012 2011
Methanex average non-discounted posted price ‘ 433 452 445 440 434
Methanex average realized price 373 384 377 380 369
Average discount 14% 15% 15% 14% 15%

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.

Overall methanol market conditions have remained balanced and pricing has been relatively stable during the periods
presented (refer to Supply/Demand Fundamentals section on page 11 for more information). Our average non-discounted
posted price for the third quarter of 2012 was $433 per tonne compared with $452 per tonne for the second quarter of
2012 and $445 per tonne for the third quarter of 2011. Our average realized price for the third quarter of 2012 was $373
per tonne compared with $384 per tonne for the second quarter of 2012 and $377 per tonne for the third quarter of 2011.
The change in average realized price for the third quarter of 2012 decreased Adjusted EBITDA by $19 million compared
with the second quarter of 2012 and decreased Adjusted EBITDA by $6 million compared with the third quarter of 2011.
Our average realized price for the nine months ended September 30, 2012 was $380 per tonne compared with $369 per
tonne for the same period in 2011 and this increased Adjusted EBITDA by $52 million.

Sales volume

Methanol sales volumes excluding commission sales volumes were higher in the third quarter of 2012 compared with the
second quarter of 2012 by 124,000 tonnes and third quarter of 2011 by 39,000 tonnes and this resulted in higher Adjusted
EBITDA by $13 million and $4 million, respectively. Methanol sales volumes excluding commission sales volumes were
lower for the nine month periods ended September 30, 2012 compared with the comparable period in 2011 by 91,000
tonnes and this resulted in lower Adjusted EBITDA by $8 million.

Total cash costs

The primary drivers of changes in our total cash costs are changes in the cost of methanol we produce at our facilities
(Methanex-produced methanol) and changes in the cost of methanol we purchase from others (purchased methanol). All of
our production facilities except Medicine Hat are underpinned by natural gas purchase agreements with pricing terms that
include base and variable price components. We supplement our production with methanol produced by others through

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 6
MANAGEMENT’S DISCUSSION AND ANALYSIS

methanol offtake contracts and purchases 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
Methanex-produced and purchased methanol costs primarily depend on changes in methanol pricing and the timing of
inventory flows.

The impact on Adjusted EBITDA from changes in our cash costs are explained below:

Q3 2012 Q3 2012 YTD Q3 2012

compared with compared with compared with

($ millions) Q2 2012 Q3 2011 YTD Q3 2011
Methanex-produced methanol costs $ (5) $ (9) $ (31)
Proportion of Methanex-produced methanol sales (5) 8 39
Purchased methanol costs 10 – (24)
Logistics costs (1) – (8)
Other, net (2) (4) (4)

$ (3) $ (5) $ (28)

Methanex-produced methanol costs

We purchase natural gas for the Chile, Trinidad, Egypt and New Zealand methanol facilities under natural gas purchase
agreements where the terms include a base price and a variable price component linked to the price of methanol.
Methanex-produced methanol costs were higher in the third quarter of 2012 compared the second quarter of 2012 and the
third quarter of 2011 by $5 million and $9 million, respectively, primarily due to a change in the mix of production sold
from inventory. For the nine month period ended September 30, 2012 compared with the same period in 2011, Methanex-
produced methanol costs were higher by $31 million, primarily due to the impact of higher methanol pricing on natural gas
costs and due to a change in the mix of production sold from inventory.

Proportion of Methanex-produced methanol sales

The cost of purchased methanol is directly linked to the selling price for methanol at the time of purchase and the cost of
purchased methanol is generally higher than the cost of Methanex-produced methanol. Accordingly, an increase in the
proportion of Methanex-produced methanol sales results in a decrease in our overall cost structure for a given period. For
the third quarter of 2012 compared with the second quarter of 2012, a lower proportion of Methanex-produced methanol
sales decreased Adjusted EBITDA by $5 million. For the third quarter of 2012 compared with the same period in 2011,
Methanex-produced methanol sales were higher primarily due to the impact of higher sales of New Zealand production and
this increased Adjusted EBITDA by $8 million.

For the nine month period ended September 30, 2012 compared with the same period in 2011, a higher proportion of
Methanex-produced methanol sales increased Adjusted EBITDA by $39 million. The impact of higher sales volumes from
the Egypt and Medicine Hat methanol facilities, which commenced operations in the first half of 2011, were partially offset
by lower sales volumes from the Chile and Atlas methanol facilities in 2012.

Purchased methanol costs
Changes in purchased methanol costs for all periods presented are primarily as a result of changes in methanol pricing.

Logistics costs
For the nine month period ended September 30, 2012 compared with the same period in 2011, the logistics cost variance
was impacted by a one-time $7 million charge in the first quarter of 2012 to terminate a time charter vessel lease contract.

Other, net
Other costs were higher for all periods presented due to a portion of fixed manufacturing costs being charged directly to
earnings rather than to inventory due to lower production at our Chile and Egypt facilities.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 7
MANAGEMENT’S DISCUSSION AND ANALYSIS

Mark-to-Market Impact of Share-based Compensation

We grant share-based awards as an element of compensation. Share-based awards granted include stock options, share
appreciation rights, tandem share appreciation rights, deferred share units, restricted share units and performance share
units. For all the share-based awards, share-based compensation is recognized over the related vesting period for the
proportion of the service that has been rendered at each reporting date. Share-based compensation includes an amount
related to the grant-date value and a mark-to-market impact as a result of subsequent changes in the Company’s share price.
The grant-date value amount is included in Adjusted EBITDA and Adjusted net income. The mark-to-market impact of
share-based compensation as a result of changes in our share price is excluded from Adjusted EBITDA and Adjusted net
income and analyzed separately below.

Three Months Ended Nine Months Ended

Sep 30 Jun 30 Sep 30 Sep 30 Sep 30

2012 2012 2011 2012 2011

Methanex Corporation share price * $ 28.54 $ 2784 $ 20.84 $ 28.54 $ 20.84
Grant-date fair value expense included in Adjusted

EBITDA and Adjusted net income $ 3.$ 7 $ 3 $ ES 14

Mark-to-market impact due to change in share price – (10) (24) 8 (23)

Total share-based compensation expense (recovery) $ 30$ O $ QU $ 25 $ (9)

1 US dollar share price of Methanex Corporation as quoted on NASDAQ Global Market on the last trading day of the respective period.

Share appreciation rights (SARs) and tandem share appreciation rights (TSARs) are units that grant the holder the right to
receive a cash payment upon exercise for the difference between the market price of the Company’s common shares and
the exercise price, which is determined at the date of grant. The fair value of SARs and TSARs are re-measured each quarter
using the Black-Scholes option pricing model, which considers the market value of the Company’s common shares on the
last trading day of the quarter.

Deferred, restricted and performance share units are grants of notional common shares that are redeemable for cash upon
vesting based on the market value of the Company’s common shares and are non-dilutive to shareholders. For deferred,
restricted and performance share units, the value is initially measured at the grant date and subsequently re-measured based
on the market value of the Company’s common shares on the last trading day of each quarter.

Louisiana Project Relocation Expenses and Charges

In July 2012, we reached a final investment decision to proceed with the project to relocate an idle Chile facility to
Geismar, Louisiana with an estimated project cost of approximately $550 million. The project will add one million tonnes
of annual production capacity and is expected to be operational by the end of 2014. We have commenced dismantling of
the plant and expect to receive all key permits by the end of 2012. Under IFRS, certain costs associated with relocating an
asset are not eligible for capitalization and are required to be charged directly to earnings. During the second and third
quarters of 2012, we recorded cash expenses to earnings of $4 million ($2 million after tax) and $35 million ($21 million
after-tax), respectively, of Louisiana project relocation expenses. In addition, in association with this decision, a non-cash
$26 million ($18 million after-tax) charge was recorded to earnings in the third quarter of 2012 related to the carrying value
of the Chile !! facility that is being relocated to Lousiana.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 8
MANAGEMENT’S DISCUSSION AND ANALYSIS

Depreciation and Amortization

Depreciation and amortization was $47 million for the third quarter of 2012 compared with $44 million for the second
quarter of 2012 and $44 million for the third quarter of 2011. Depreciation and amortization was higher in the third
quarter of 2012 compared with the second quarter of 2012 and third quarter of 2011 primarily due to higher sales of
Methanex-produced methanol and as a result of a higher proportion of depreciation being charged directly to earnings
rather than to inventory due to lower production from our Egypt and Chile facilities. Depreciation and amortization was
$130 million for the nine month period ended September 30, 2012 compared with $113 million for the same period in
2011. The increase in depreciation and amortization in 2012 compared with 2011 ¡is primarily a result of depreciation
associated with the Egypt (100% basis) and Medicine Hat methanol facilities which commenced operations in the first and
second quarters of 2011, respectively.

Finance Costs

Three Months Ended Nine Months Ended
Sep 30 Jun 30 Sep 30 Sep 30 Sep 30
($ millions) 2012 2012 2011 2012 2011
Finance costs before capitalized interest $ 19 $ 20 $ 17 $ 57 $ 51
Less capitalized interest (1) – – (0 (7)
Finance costs $ 18 $ 20 $ 17 $ 56 $ 44

Finance costs before capitalized interest for the third quarter of 2012 were $19 million compared with $20 million for the
second quarter of 2012 and $17 million for the third quarter of 2011. Finance costs before capitalized interest for the nine
month period ended September 30, 2012 were $57 million compared with $51 million for the same period in 2011. The
change in finance costs for all periods presented is primarily due to the impact of interest expense on the $250 million of
unsecured notes issued by the Company in late February 2012. The unsecured notes bear an interest rate of 5.25% and
mature in 2022. In August 2012, we repaid $200 million of unsecured notes bearing an interest rate of 8.75%.

Capitalized interest in 2011 relates to interest costs capitalized during the construction of the 1.26 million tonne per year
methanol facility in Egypt (100% basis) which commenced operations in March 2011. Capitalized interest in the third
quarter of 2012 relates to interest costs capitalized for the Louisiana Project.

Finance Income and Other Expenses

Three Months Ended Nine Months Ended
Sep 30 Jun 30 Sep 30 Sep 30 Sep 30
($ millions) 2012 2012 2011 2012 2011
Finance income and other expenses $ $ – $ 2D $ (2) $ 5

The change in finance income and other expenses for all periods presented was primarily due to the impact of changes in
foreign exchange rates.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 9
MANAGEMENT’S DISCUSSION AND ANALYSIS

Income Taxes

A summary of our income taxes for the third quarter of 2012 is as follows:

Three Months Ended

Three Months Ended

Sep 30 2012 Jun 30 2012

Amounts excluding Louisiana Louisiana Project

Project Relocation Expenses Relocation
($ millions) and Charges Expenses and Charges Total Total
Profit (loss) before income tax expense $ 47.5 $ (60.9) (13.4) $ 80.8
Income tax recovery (expense) (7.3) 22.1 14.8 (14.6)
Net income (loss) $ 40.2 $ (38.8) 1.4 $ 66.2
Effective tax rate 15% 36% 110% 18%

Excluding income taxes related to Louisiana project relocation expenses and charges, the effective tax rate for the third
quarter of 2012 was 15% compared with 18% for the second quarter of 2012.

We earn the majority of our pre-tax earnings in Trinidad, Egypt, Chile, Canada and New Zealand. In Trinidad and Chile,
the statutory tax rate is 35% and in Egypt, the statutory tax rate is 25%. Our Atlas facility in Trinidad has partial relief from
corporation income tax until 2014. We have significant loss carryforwards in Canada and New Zealand which have not
been recognized for accounting purposes. During the third quarter of 2012, we earned a higher proportion of our

consolidated income from methanol produced in jurisdictions with low effective tax rates and this contributed to a lower

effective tax rate compared with the second quarter of 2012.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS

PAGE 10

SUPPLY/DEMAND FUNDAMENTALS

We estimate that methanol demand, excluding methanol demand from integrated methanol to olefins facilities, is currently
approximately 51 million tonnes on an annualized basis.

Traditional chemical derivatives consume about two-thirds of global methanol demand and growth is correlated to
industrial production. Demand for methanol in traditional chemical derivatives has remained relatively stable.

Energy-related applications consume about one third of global
methanol demand and over the last few years high oil prices have

driven strong demand growth for methanol into energy Methanex Non-Discounted Regional Posted Prices *
applications such as gasoline blending and DME, primarily in Oct Sep Aug July
: . . . . . (US$ per tonne) 2012 2012 2012 2012
China. Growth of methanol blending into gasoline in China has
been particularly strong and we believe that future growth in this United States 439 439 439 439
2
application is supported by regulatory changes in that country. Europe 437 423 423 423
Asia 435 425 425 440

Many provinces in China have implemented fuel blending
Discounts from our posted prices are offered to customers based on
various factors.

€340 for Q3 2012 (Q2 2012 – €340) converted to United States
dollars.

standards, and China also has national standards in place for
methanol fuel blending (M85 £ M100, or 85% methanol and

2

100% methanol, respectively). Methanol demand into olefins
(“MTO”) is emerging as a significant methanol derivative. In China, there are three integrated and one merchant MTO
plants in production and there is a second merchant plant expected to commence operation by the end of this year which
could consume up to 1.8 million tonnes of methanol. We believe demand potential into energy-related applications and
olefins production will continue to grow.

During the third quarter of 2012, market conditions and the pricing environment were relatively stable and our average
non-discounted price was $433 per tonne. Entering the fourth quarter, as a result of steady demand and planned and
unplanned industry outages, there has been upward pressure on spot pricing and we recently announced our North
American non-discounted price for November at $482 per tonne, which is up $43 per tonne from October.

In Q3 2012, we restarted an idle plant in New Zealand that added 0.65 million tonnes of annual production capacity and
production commenced at a 0.85 million tonne plant in Beaumont, Texas. We have secured an offtake for a substantial
quantity of production from the Beaumont facility.

Over the next few years, there is a modest level of new capacity expected to come on-stream relative to demand growth
expectations. There is a 0.8 million tonne plant expected to restart in Channelview, Texas in late 2013 and a 0.7 million
tonne plant expected to start up in Azerbaijan in 2013. We are assessing the feasibility of initiatives which could increase
annual production capacity by up to 900,000 tonnes in New Zealand and by up to 90,000 tonnes in Medicine Hat, Alberta
by the end of 2013. We are also relocating an idle Chile facility to Geismar, Louisiana, which is on track to add one million
tonnes of annual production capacity by the end of 2014. We expect that production from new capacity in China will be
consumed in that country and that higher cost production capacity in China will need to operate in order to satisfy demand
growth.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 11
MANAGEMENT’S DISCUSSION AND ANALYSIS

LIQUIDITY AND CAPITAL RESOURCES
Cash flows from operating activities

Cash flows from operating activities in the third quarter of 2012 were $131 million compared with $135 million for the
second quarter of 2012 and $119 million for the third quarter of 2011. Cash flows from operating activities for the nine
month period ended September 30, 2012 were $360 million compared with $321 million for the same period in 2011.

The changes in cash flows from operating activities resulted from changes in the following:

Q3 2012 Q3 2012 YTD Q3 2012

compared with compared with compared with

($ millions) Q2 2012 Q3 2011 YTD Q3 2011
Adjusted EBITDA (attributable to Methanex shareholders) $ (9) $ (7) $ 16
Cash flows from operating activities attributable to non-controlling interests (14) (9) 26
Changes in non-cash working capital 49 57 20
Income taxes paid – 1 17
Cash portion of Louisiana project relocation expenses and charges (31) (35) (39)
Other 1 5 (1)
Increase (decrease) in cash flows from operating activities $ (4) $ 12 $ 39

Adjusted cash flows from operating activities

Adjusted cash flows from operating activities, which excludes the amounts associated with the 40% non-controlling
interests in the methanol facility in Egypt, changes in non-cash working capital, and the cash portion of Louisiana project
relocation expenses and charges were $103 million in the third quarter of 2012 compared with $110 million for the second
quarter of 2012 and $104 million for the third quarter of 2011. Adjusted cash flows from operating activities for the nine
month period ended September 30, 2012 were $301 million compared with $270 million for the same period in 2011.

The changes in adjusted cash flows from operating activities resulted from changes in the following:

Q3 2012 Q3 2012 YTD Q3 2012

compared with compared with compared with

($ millions) Q2 2012 Q3 2011 YTD Q3 2011
Adjusted EBITDA (attributable to Methanex shareholders) $ (9) $ (7) $ 16
Income taxes paid – 1 17
Other 2 5 (2)
Increase (decrease) in adjusted cash flows from operating activities $ (7) $ (1) $ 31

Refer to the Additional Information – Supplemental Non-GAAP Measures section on page 14 for a reconciliation of
Adjusted cash flows from operating activities to the most comparable GAAP measure.

During the third quarter of 2012, we paid a quarterly dividend of $0.185 per share, or $17 million.

We operate in a highly competitive commodity industry and believe it is appropriate to maintain a conservative balance
sheet and to maintain financial flexibility. During the third quarter of 2012, we repaid $200 million of unsecured notes and
our cash balance at September 30, 2012 was $403 million, including $30 million related to the non-controlling interest in
Egypt. 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. We have a strong balance sheet and an undrawn $200 million credit
facility provided by highly rated financial institutions that expires in mid-2015.

Our planned capital maintenance expenditure program directed towards maintenance, turnarounds and catalyst changes for
existing operations is currently estimated to total approximately $140 million to the end of 2013, including major
refurbishments at some of our plants. In July 2012, we reached a final investment decision to proceed with the project to

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 12
MANAGEMENT’S DISCUSSION AND ANALYSIS

relocate an idle Chile facility to Geismar, Louisiana with estimated project costs of approximately $550 million. The plant
is expected to be operational by the end of 2014. We are also considering other projects in New Zealand and Medicine Hat
which, if approved, would result in an additional $160 million of capital expenditures by the end of 2013. We believe that
we have the capacity to fund these growth initiatives with cash on hand, cash generated from operations, the undrawn bank
facility and access to debt capital markets.

We believe we are well positioned to meet our financial commitments, invest to grow the Company and continue to deliver
on our commitment to return excess cash to shareholders.

SHORT-TERM OUTLOOK

Entering the fourth quarter 2012, there is upward pressure on methanol prices as a result of steady demand and planned
and unplanned industry outages. We recently announced our North American non-discounted price for November at $482
per tonne, which is up $43 per tonne from October.

The methanol price will ultimately depend on the strength of the global economy, industry operating rates, global energy
prices, new supply additions and the strength of global demand. We believe that our financial position and financial
flexibility, outstanding global supply network and competitive-cost position will provide a sound basis for Methanex to
continue to be the leader in the methanol industry and to invest to grow the Company.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 13
MANAGEMENT’S DISCUSSION AND ANALYSIS

CONTROLS AND PROCEDURES

For the three months ended September 30, 2012, 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.

ANTICIPATED CHANGES TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
Consolidation and Joint Arrangement Accounting

In May 2011, the IASB issued new accounting standards related to consolidation and joint arrangement accounting. The
IASB has revised the definition of “control,” which is a criterion for consolidation accounting. In addition, changes to IFRS
in the accounting for joint arrangements were issued which, under certain circumstances, removed the option for
proportionate consolidation accounting so that the equity method of accounting for such interests would need to be
applied. The impact of applying consolidation accounting or equity accounting does not result in any change to net
earnings or shareholders” equity, but will result in a significant presentation impact. We currently account for our 63.1%
interest in Atlas Methanol Company using proportionate consolidation accounting and upon adoption of these new
standards effective January 1, 2013 we will account for this entity using equity accounting.

ADDITIONAL INFORMATION — SUPPLEMENTAL NON-GAAP MEASURES

In addition to providing measures prepared in accordance with International Financial Reporting Standards (IFRS), we
present certain supplemental non-GAAP measures. These are Adjusted EBITDA, Adjusted net income, Adjusted diluted net
income per common share, operating income and Adjusted cash flows from operating activities. These measures do not
have any standardized meaning prescribed by generally accepted accounting principles (GAAP) and therefore are unlikely
to be comparable to similar measures presented by other companies. These supplemental non-GAAP measures are
provided to assist readers in determining our ability to generate cash from operations and improve the comparability of our
results from one period to another. We believe these measures are useful in assessing operating performance and liquidity
of the Company’s ongoing business 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 (attributable to Methanex shareholders)

Adjusted EBITDA differs from the most comparable GAAP measure, net income attributable to Methanex shareholders,
because it excludes finance costs, finance income and other expenses, income tax expense (recovery), depreciation and
amortization, mark-to-market impact of share-based compensation and Louisiana project relocation expenses and charges.

Adjusted EBITDA and Adjusted net income exclude the mark-to-market impact of share-based compensation related to the
impact of changes in our share price on share appreciation rights, tandem share appreciation rights, deferred share units,
restricted share units and performance share units. The mark-to-market impact related to performance share units that is
excluded from Adjusted EBITDA and Adjusted net income is calculated as the difference between the grant date value
determined using a Methanex total shareholder return factor of 100% and the fair value recorded at each period end. As
share-based awards will be settled in future periods, the ultimate value of the units is unknown at the date of grant and
therefore the grant date value recognized in Adjusted EBITDA and Adjusted net income may differ from the total settlement
cost.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 14
MANAGEMENT’S DISCUSSION AND ANALYSIS

The following table shows a reconciliation from net income (loss) attributable to Methanex shareholders to Adjusted

EBITDA:

($ thousands)

Net income (loss) attributable to Methanex shareholders
Finance costs
Finance income and other expenses
Income tax expense (recovery)
Depreciation and amortization
Mark-to-market impact of share-based compensation
Louisiana project relocation expenses and charges
Non-controlling interests adjustment ‘

Adjusted EBITDA (attributable to Methanex shareholders)

Three Months Ended

Sep 30 Jun 30
2012 2012

Sep 30
2011

$ (2,571) $ 52,238 $ 62,316

17,764 20,137
3,398 293
(14,817) 14,637
47,689 44,436
– (10,639)
60,857 3,686

(8,447) (12,015)

17,386
1,585
18,838
43,696

(23,743)

(8,992)

$ 103,873 $ 112773 $ 111,086

Nine Months Ended
Sep 30 Sep 30
2012 2011

$ 71,748 $ 137,455
56,434 43,929
2,012 (4,558)
9,498 43,731
130,092 113,109
7,528 (22,445)
64,543 –
(31,992) (16,886)

$ 309,863 $ 294,335

1 This adjustment represents finance costs, finance income and other expenses, income tax expense, and depreciation and amortization associated with the 40% non-

controlling interest in the methanol facility in Egypt.

Adjusted Net Income and Adjusted Diluted Net Income per Common Share

Adjusted net income and Adjusted diluted net income per common share are non-GAAP measures because they exclude
the mark-to-market impact of share-based compensation and items that are considered by management to be non-
operational. The following table shows a reconciliation of net income (loss) attributable to Methanex shareholders to
Adjusted net income and the calculation of Adjusted diluted net income per common share:

Three Months Ended

Nine Months Ended

Sep 30 Jun 30 Sep 30 Sep 30 Sep 30
($ thousands except number of shares and per share amounts) 2012 2012 2011 2012 2011
Net income (loss) attributable to Methanex shareholders $ (2,571) $ 52/7238 $ 62,316 $ 71,748 $ 137,455
Mark-to-market impact of share-based compensation – (10,639) (23,743) 7,528 (22,445)
Louisiana project relocation expenses and charges
Cash expense 35,169 3,686 – 38,855 –
Non-cash charge 25,688 – – 25,688 –
Income tax expense (recovery) related to above items (22,146) (932) 1,924 (24,546) 1,830
Adjusted net income $ 36,140 $ 44353 $ 40,497 $ 119,273 $ 116,840
Diluted weighted average shares outstanding 93.9 95.1 94.4 94.9 94.4
Adjusted diluted net income per common share ‘ $ 0.38 $ 0.47 $ 0.43 $ 1.26 $ 1.24

Y For the three month period ended September 30, 2012, stock options and tandem share appreciation rights have been excluded from the calculation of diluted net
income per common share (attributable to Methanex shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted diluted net income
per common share (attributable to Methanex shareholders) these items have been included in the denominator and the diluted weighted average number of

common shares is 95.0 million.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS

PAGE 15

Adjusted Cash Flows from Operating Activities (attributable to Methanex shareholders)

Adjusted cash flows from operating activities differs from the most comparable GAAP measure, cash flows from operating
activities, because it does not include cash flows associated with the 40% non-controlling interest in the methanol facility in
Egypt, changes in non-cash working capital and the cash portion of Louisiana project relocation expenses and charges.

The following table shows a reconciliation of cash flows from operating activities to adjusted cash flows from operating

activities:
Three Months Ended Nine Months Ended
Sep 30 Jun 30 Sep 30 Sep 30 Sep 30

($ thousands) 2012 2012 2011 2012 2011
Cash flows from operating activities $ 131,253 $ 135232 $ 119119 $ 359,885 $ 321,273
Add (deduct) non-controlling interest adjustment:

Net income (4,016) (13,907) (12,281) (28,653) (17,425)

Non-cash items (8,477) (12,015) (8,992) (31,992) (16,886)
Changes in non-cash working capital (51,392) (2,679) 5,722 (36,647) (16,537)
Cash portion of Louisiana project relocation expenses

and charges 35,169 3,686 – 38,855 –
Adjusted cash flows from operating activities

(attributable to Methanex shareholders) $ 102,537 $ 110,317 $ 103,568 $ 301,448 $ 270,425

Operating Income
Operating income is reconciled directly to a GAAP measure in our consolidated statements of income.

QUARTERLY FINANCIAL DATA (UNAUDITED)

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

Three Months Ended

Sep 30 Jun 30 Mar 31 Dec 31
($ thousands, except per share amounts) 2012 2012 2012 2011
Revenue $ 655,330 $ 656,103 $ 665,867 $ 696,499
Net income (loss)’ (2,571) 52,238 22,081 63,871
Adjusted net income * ? 36,140 44,353 38,780 64,987
Basic net income (loss) per common share’ (0.03) 0.56 0.24 0.69
Diluted net income (loss) per common share! (0.03) 0.50 0.23 0.68
Adjusted diluted net income per share * ? 0.38 0.47 0.41 0.69

Three Months Ended

Sep 30 Jun 30 Mar 31 Dec 31
($ thousands, except per share amounts) 2011 2011 2011 2010
Revenue $ 669,702 $ 622,829 $ 619,007 $ 570,337
Net income * 62,316 40,529 34,610 25,508
Adjusted net income * ? 40,497 39,223 37,120 39,448
Basic net income per common share’ 0.67 0.44 0.37 0.28
Diluted net income per common share” 0.59 0.43 0.37 0.27
Adjusted diluted net income per share * ? 0.43 0.41 0.39 0.42

Attributable to Methanex Corporation shareholders.

These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar
measures presented by other companies. Refer to Additional Information – Supplemental Non-GAAP Measures on page 14 for a description of each non-GAAP
measure and reconciliations to the most comparable GAAP measures.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 16
MANAGEMENT’S DISCUSSION AND ANALYSIS

FORWARD-LOOKING INFORMATION WARNING

This Third Quarter 2012 Management’s Discussion and Analysis (“MDé.A”) as well as comments made during the Third
Quarter 2012 investor conference call contain forward-looking statements with respect to us and our industry. These
statements relate to future events or our future performance. All statements other than statements of historical fact are

forward-looking statements. Statements that include the words “believes,

”u

“target,” “interest,
identify forward-looking statements.

“nu “nu ”a, ”u

expects,” “may,” “will,” “potential,” “estimates,”

planning” or other comparable terminology and similar statements of a future or forward-looking nature

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 the same,

+ expected shutdowns (either temporary or permanent)
or restarts of existing methanol supply (including our
own facilities), including, without limitation, the
timing and length of planned maintenance outages,

+ expected methanol and energy prices,

e expected levels of methanol purchases from traders
or other third parties,

* expected levels, timing and availability of
economically-priced natural gas supply to each of
our plants,

+ commitments, capital or otherwise of third parties to
future natural gas exploration and development in
the vicinity of our plants,

e expected capital expenditures, including, without
limitation, those to support natural gas exploration
and development for our plants and the restart of our
idled methanol facilities,

e anticipated production rates of our plants,

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

* expected tax rates or resolutions to tax disputes,

e expected cash flows, earnings capability and share
price,

ability to meet covenants or obtain waivers associated
with our long-term debt obligations, including, without
limitation, the Egypt limited recourse debt facilities that
have conditions associated with fimalization of certain
land title registration and related mortgages that require
action by Egyptian governmental entities,

availability of committed credit facilities and other
financing,

shareholder distribution
distributions to shareholders,

strategy and anticipated

commercial viability of, or ability to execute, future
projects, plant restarts, capacity expansions, plant
relocations or other business initiatives or opportunities,
including the planned relocation of one of our idle Chile
methanol plants to Louisiana and certain initiatives in
New Zealand,

financial strength and ability to meet future financial
commitments,

expected global or regional economic activity (including
industrial production levels),

expected outcomes of litigation or other disputes, claims
and assessments,

expected actions of governments, government agencies,
gas suppliers, courts, tribunals or other third parties, and

expected impact on our operations in Egypt or our
financial condition as a consequence of actions taken by
the Government of Egypt and its agencies.

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,

e success of natural gas exploration in Chile and New
Zealand and our ability to procure economically priced
natural gas in Chile, New Zealand, Canada and the
United States,

e production rates of our facilities,

METHANEX CORPORATION 2012 THIRD QUARTER REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS

receipt of permits in connection with the Louisiana
relocation project,

receipt or issuance of third party consents or approvals,
including, without limitation, governmental registrations
of land title and related mortgages in Egypt,

governmental approvals related to natural gas exploration
rights,

the establishment of new fuel standards,

PAGE 17

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

e availability of committed credit facilities and other
financing,

e timing of completion and cost of our Louisiana relocation
project,

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

absence of a material negative impact from major natural
disasters,

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

absence of material negative impact from political
instability in the countries in which we operate, and

enforcement of contractual arrangements and ability to
perform contractual obligations by customers, gas and
other 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:

e 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,

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

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

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

e actions of competitors,
institutions,

suppliers and financial

e conditions within the natural gas delivery systems that
may prevent delivery of our natural gas supply
requirements,

competing demand for natural gas, especially with
respect to residential needs of citizens in Chile and Egypt,

actions of governments and governmental authorities,
including without limitation, the implementation of
policies or other measures that could impact the supply
or demand for methanol or its derivatives,

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 or existing contractual arrangements,

world-wide economic conditions, and

other risks described in our 2011 Management’s
Discussion and Analysis and this Third Quarter 2012
Management’s Discussion and Analysis.

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.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS

PAGE 18

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 Adjusted EBITDA (refer to the Additional Information – Supplemental Non-GAAP
Measures section on page 14 for a description of each non-GAAP measure and reconciliations to the most comparable GAAP

measures).

In addition to the methanol that we produce at our facilities (“Methanex-produced methanol”), we also purchase and re-sell
methanol produced by others (“purchased methanol”) and we sell methanol on a commission basis. We analyze the results of all
methanol sales together, excluding commission sales volumes. The key drivers of change in Adjusted EBITDA are average realized

price, cash costs and sales volume which 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.

CASH COST The change in 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. The cash costs per tonne is the weighted average of the cash cost per tonne of
Methanex-produced methanol and the cash cost per tonne of purchased methanol. The cash cost per tonne of
Methanex-produced methanol includes absorbed fixed cash costs per tonne and variable cash costs per tonne. The
cash cost per tonne of purchased methanol consists principally of the cost of methanol itself. In addition, the change
in Adjusted EBITDA as a result of changes in cash costs includes the changes from period to period in unabsorbed
fixed production costs, consolidated selling, general and administrative expenses and fixed storage and handling

costs.

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

tonne of methanol less the cost of purchased methanol per tonne.

We own 63.1% of the Atlas methanol facility and market the remaining 36.9% of its production through a commission offtake
agreement. We account for this investment using proportionate consolidation, which results in 63.1% of its results being included

in revenues and expenses with the remaining 36.9% portion included as commission income.

We own 60% of the 1.26 million tonne per year Egypt methanol facility and market the remaining 40% of its production through a
commission offtake agreement. We account for this investment using consolidation accounting, which results in 100% of the
revenues and expenses being included in our financial statements with the other investors” interest in the methanol facility being
presented as “non-controlling interests”. For purposes of analyzing our business, Adjusted EBITDA, Adjusted net income and
Adjusted cash flows from operating activities exclude the amounts associated with the other investors” 40% non-controlling
interests, which are included in commission income on a consistent basis with how we present the Atlas facility.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 19
MANAGEMENT’S DISCUSSION AND ANALYSIS

Methanex Corporation
Consolidated Statements of Income (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
2012 2011 2012 2011
Revenue 655,330 $ 669,702 $ 1,977,300 $ 1,911,538
Cost of sales and operating expenses (538,994) (513,600) (1,614,320) (1,560,447)
Depreciation and amortization (47,689) (43,696) (130,092) (113,109)
Louisiana project relocation expenses and charges (note 3) (60,857) – (64,543) –
Operating income 7,790 112,406 168,345 237,982
Finance costs (note 5) (17,764) (17,386) (56,434) (43,929)
Finance income and other expenses (3,398) (1,585) (2,012) 4,558
Profit (loss) before income tax expense (13,372) 93,435 109,899 198,611
Income tax recovery (expense):
Current (6,844) (10,802) (22,001) (27,344)
Deferred 21,661 (8,036) 12,503 (16,387)
14,817 (18,838) (9,498) (43,731)
Net income (loss) 1,445 $ 74,597 $ 100,401 $ 154,880
Attributable to:
Methanex Corporation shareholders (2,571) 62,316 71,748 137,455
Non-controlling interests 4,016 12,281 28,653 17,425
1,445 $ 74,597 $ 100,401 $ 154,880
Income (loss) for the period attributable to Methanex Corporation shareholders
Basic net income (loss) per common share (note 6) (0.03) $ 0.67 $ 0.77 $ 1.48
Diluted net income (loss) per common share (note 6) (0.03) $ 0.59 $ 0.76 $ 1.38
Weighted average number of common shares outstanding 93,880,221 93,202,401 93,691,597 92,954,844
Diluted weighted average number of common shares outstanding 93,880,221 94,441,681 94,887,279 94,404,262
See accompanying notes to condensed consolidated interim financial statements.
METHANEX CORPORATION 2012 THIRD QUARTER REPORT
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 20

Methanex Corporation
Consolidated Statements of Comprehensive Income (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
2012 2011 2012 2011
Net income 1,445 $ 74,597 $ 100,401 $ 154,880
Other comprehensive income (loss):
Change in fair value of forward exchange contracts, net of tax 528 634 (343) (35)
Change in fair value of interest rate swap contracts, net of tax (1,744) 4,103 (5,104) (3,607)
Realized loss on interest rate swap contracts reclassified to interest expense, net of tax 2,719 7,951 8,421 8,821
Realized loss on interest rate swap contracts reclassified to property, plant and equipment – – – 7,279
1,503 12,688 2,974 12,458
Comprehensive income (loss) 2,948 $ 87,285 $ 103,375 $ 167,338
Attributable to:
Methanex Corporation shareholders (1,458) 70,183 73,395 144,916
Non-controlling interests 4,406 17,102 29,980 22,422
2,948 $ 87,285 $ 103,375 $ 167,338
See accompanying notes to condensed consolidated interim financial statements.
METHANEX CORPORATION 2012 THIRD QUARTER REPORT
PAGE 21

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Methanex Corporation
Consolidated Statements of Financial Position (unaudited)
(thousands of U.S. dollars)

Sep 30 Dec 31
AS AT 2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 403,065 $ 350,711
Trade and other receivables 399,099 378,430
Inventories (note 2) 223,319 281,015
Prepaid expenses 28,571 24,465
1,054,054 1,034,621
Non-current assets:
Property, plant and equipment (note 3) 2,227,715 2,233,023
Other assets 127,763 125,931
2,355,478 2,358,954
$ 3,409,532 $ 3,393,575
LIABILITIES AND EQUITY
Current liabilities:
Trade, other payables and accrued liabilities $ 307,041 $ 327,130
Current maturities on long-term debt (note 4) 53,334 251,107
Current maturities on finance leases 7,198 6,713
Current maturities on other long-term liabilities 18,668 18,031
386,241 602,981
Non-current liabilities:
Long-term debt (note 4) 855,518 652,148
Finance leases 50,508 55,979
Other long-term liabilities 197,771 178,172
Deferred income tax liabilities 292,266 302,332
1,396,063 1,188,631
Equity:
Capital stock 473,860 455,434
Contributed surplus 17,686 22,281
Retained earnings 964,077 942,978
Accumulated other comprehensive loss (14,321) (15,968)
Shareholders’ equity 1,441,302 1,404,725
Non-controlling interests 185,926 197,238
Total equity 1,627,228 1,601,963
$ 3,409,532 $ 3,393,575
See accompanying notes to condensed consolidated interim financial statements.
METHANEX CORPORATION 2012 THIRD QUARTER REPORT
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 22

Methanex Corporation

Consolidated Statements of Changes in Equity (unaudited)
(thousands of U.S. dollars, except number of common shares)

Accumulated
Number of Other Non-
Common Capital Contributed Retained Comprehensive] Shareholders’ Controlling| Total
Shares Stock Surplus Earnings Loss Equity Interests Equity
Balance, December 31, 2010 92,632,022 |$ 440,092 $ 25,393 $ 813,819 $ (26,093)|$ 1,253,211 $ 156/412|$ 1,409,623
Net income – – – 137,455 – 137,455 17,425 154,880
Other comprehensive income – – – – 7,461 7,461 4,997 12,458
Compensation expense recorded
for stock options – – 657 – – 657 – 657
Issue of shares on exercise of
stock options 585,798 11,023 – – – 11,023 – 11,023
Reclassification of grant date
fair value on exercise of
stock options – 3,819 (3,819) – – – – –
Dividend payments to Methanex
Corporation shareholders – – – (46,057) – (46,057) – (46,057)
Distributions to
non-controlling interests – – – – – – (7,850) (7,850)
Equity contributions by
non-controlling interests – – – – – – 19,200 19,200
Balance, September 30, 2011 93,217,820 454,934 22,231 905,217 (18,632) 1,363,750 190,184 1,553,934
Net income 63,871 – 63,871 9,249 73,120
Other comprehensive income (loss) (10,258) 2,664 (7,594) 1,535 (6,059)
Compensation expense recorded
for stock options – – 180 – – 180 – 180
Issue of shares on exercise of
stock options 29,935 370 – – – 370 – 370
Reclassification of grant date
fair value on exercise of
stock options – 130 (130) – – – – –
Dividend payments to Methanex
Corporation shareholders – – – (15,852) – (15,852) – (15,852)
Distributions to
non-controlling interests – – – – – – (3,730) (3,730)
Equity contributions by
non-controlling interests – – – – – – – –
Balance, December 31, 2011 93,247,755 455,434 22,281 942,978 (15,968) 1,404,725 197,238 1,601,963
Net income – – – 71,748 – 71,748 28,653 100,401
Other comprehensive income – – – – 1,647 1,647 1,327 2,974
Compensation expense recorded
for stock options – – 564 – – 564 – 564
Issue of shares on exercise of
stock options 720,455 13,267 – – – 13,267 – 13,267
Reclassification of grant date
fair value on exercise of
stock options – 5,159 (5,159) – – – – –
Dividend payments to Methanex
Corporation shareholders – – – (50,649) – (50,649) – (50,649)
Distributions to
non-controlling interests . – – – . . (42,292) (42,292)
Equity contributions by
non-controlling interests – – – – – – 1,000 1,000
Balance, September 30, 2012 93,968,210 |$ 473,860 $ 17,686 $ 964,077 $ (14,321)| $ – 11441,302 $ 185/926|$ 1,627,228

See accompanying notes to condensed consolidated interim financial statements.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 23

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
2012 2011 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,445 $ 74,597 100,401 $ 154,880
Add (deduct) non-cash items:
Depreciation and amortization 47,689 43,696 130,092 113,109
Louisiana project relocation non-cash charges 25,688 – 25,688 –
Income tax expense (recovery) (14,817) 18,838 9,498 43,731
Share based compensation expense (recovery) 3,340 (20,489) 24,880 (8,749)
Finance costs 17,764 17,386 56,434 43,929
Other 6,613 (2,372) 10,459 (949)
Income taxes paid (4,239) (4,992) (15,337) (32,396)
Other cash payments, including share-based compensation (3,622) (1,823) (18,877) (8,819)
Cash flows from operating activities before undernoted 79,861 124,841 323,238 304,736
Changes in non-cash working capital (note 8) 51,392 (5,722) 36,647 16,537
131,253 119,119 359,885 321,273
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend payments to Methanex Corporation shareholders (17,384) (15,847) (50,649) (46,057)
Interest paid, including interest rate swap settlements (31,520) (25,154) (58,543) (55,405)
Net proceeds on issue of long-term debt – – 246,548 2,700
Repayment of long-term debt and limited recourse debt (217,682) (16,677) (242,970) (41,517)
Change in project finance reserve accounts – (29,000) – (31,209)
Equity contributions by non-controlling interests – – 1,000 19,200
Cash distributions to non-controlling interests (29,633) – (45,632) (1,250)
Proceeds on issue of shares on exercise of stock options 3,000 843 13,267 11,023
Repayment of finance leases and other long term liabilities (1,693) (1,545) (4,985) (4,390)
(294,912) (87,380) (141,964) (146,905)
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment (19,879) (13,571) (111,469) (92,353)
Louisiana project expenditures (24,281) – (38,604) –
Oil and gas assets (5,719) (4,272) (17,674) (21,769)
GeoPark repayments – – 10,039 7,551
Changes in non-cash working capital related to investing acti (6,606) 1,455 (7,859) (616)
(56,485) (16,388) (165,567) (107,187)
Increase (decrease) in cash and cash equivalents (220,144) 15,351 52,354 67,181
Cash and cash equivalents, beginning of period 623,209 245,624 350,711 193,794
Cash and cash equivalents, end of period $ 403,065 $ 260,975 403,065 $ 260,975
See accompanying notes to condensed consolidated interim financial statements.
METHANEX CORPORATION 2012 THIRD QUARTER REPORT
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 24

Methanex Corporation
Notes to Condensed Consolidated Interim Financial Statements (unauditea)

Except where otherwise noted, tabular dollar amounts are stated in thousands of U.S. dollars.

1. Basis of presentation:

Methanex Corporation (the Company) is an incorporated entity with corporate offices in Vancouver, Canada. The
Company’s operations consist of the production and sale of methanol, a commodity chemical. The Company is the
world’s largest supplier of methanol to major international markets in Asia Pacific, North America, Europe and Latin
America.

These condensed consolidated interim financial statements are prepared in accordance with International Accounting
Standards (IAS) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB) on a
basis consistent with those followed in the most recent annual consolidated financial statements. These condensed
consolidated interim financial statements include the Egypt methanol facility on a consolidated basis, with the other
investors” 40% share presented as non-controlling interest, and the Company’s proportionate share of the Atlas
methanol facility.

These condensed consolidated interim financial statements do not include all of the information required for full
annual financial statements and were approved and authorized for issue by the Audit, Finance 8 Risk Committee of the
Board of Directors on October 24, 2012.

2. 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 expenses and depreciation and amortization for the
three and nine month periods ended September 30, 2012 is $528 million (2011 – $516 million) and $1,543 million
(2011 – $1,513 million), respectively.

3. Property, plant and equipment:

Buildings, Plant
Installations 8: Oil £ Gas
Machinery Properties Other Total
Cost at September 30, 2012 $ 3,294,593 $ 81,204 $ 67,041 | $ 3,442,838
Accumulated depreciation at September 30, 2012 1,141,674 47,252 26,197 1,215,123
Net book value at September 30, 2012 $ 2,152,919 $ 33,952 $ 40,844 | $ 2,227,715
Cost at December 31, 2011 $ 3,210,923 $ 77,486 $ 88,642 |$ 3,377,051
Accumulated depreciation at December 31, 2011 1,070,267 32,990 40,771 1,144,028
Net book value at December 31, 2011 $ 2,140,656 $ 44,496 $ 47,871 | $ 2,233,023

In July 2012, the Board of Directors gave final approval to proceed with the project to relocate an idle Chile facility to
Geismar, Louisiana with an estimated project cost of approximately $550 million. Under International Financial
Reporting Standards, certain costs incurred in relation to relocating an asset are not eligible for capitalization to
Property, Plant and Equipment and are required to be charged directly to income. For the nine month period ended
September 30 2012, the Company had incurred $77.5 million in expenditures related to this project, of which $38.6
million was recorded to Property, Plant and Equipment and the remaining $38.9 million ($23.3 million after-tax) was
recognized in Louisiana project relocation expenses and charges in the Consolidated Statements of Income.

In addition, for the three month period ended September 30, 2012, the Company has charged to income $25.7 million
($17.6 million after-tax) related to the carrying value of the Chile facility being relocated.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 25
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

4. Long-term debt:

Sep 30 Dec 31
2012 2011
Unsecured notes

5.25% due March 1, 2022 $ 246,266 $ –
6.00% due August 15, 2015 149,286 149,119
8.75% due August 15, 2012 – 199,643
395,552 348,762

Atlas limited recourse debt facilities 57,108 64,397
Egypt limited recourse debt facilities 438,142 470,208
Other limited recourse debt facilities 18,050 19,888
908,852 903,255
Less current maturities (53,334) (251,107)
$ 855,518 $ 652,148

In February 2012, the Company issued $250 million of unsecured notes bearing an interest rate of 5.25% and due
March 1, 2022 (effective yield 5.30%). During the three months ended September 30, 2012, the Company repaid $200
million of unsecured notes bearing an interest rate of 8.75%.

During the three and nine month periods ended September 30, 2012, the Company made repayments on its Egypt
limited recourse debt facilities of $17.1 million and $33.6 million, respectively, and other limited recourse debt
facilities of $0.6 million and $1.8 million, respectively. The Company also made repayments on its Atlas limited
recourse debt facilities of $7.5 million during the nine month period ended September 30, 2012.

The Company has a $200 million unsecured revolving bank facility provided by highly rated financial institutions
which expires mid-2015.

The Atlas and Egypt limited recourse debt facilities are described as limited recourse as they are secured only by the
assets of the Atlas joint venture and the Egypt entity, respectively. Accordingly, the lenders to the limited recourse debt
facilities have no recourse to the Company or its other subsidiaries. The Atlas and Egypt limited recourse debt facilities
have customary covenants and default provisions that apply only to these entities, including restrictions on the
incurrence of additional indebtedness, a requirement to fulfill certain conditions before the payment of cash or other
distributions and a restriction on these distributions if there is a default subsisting. The Egypt limited recourse debt
facilities also contain a covenant to complete by March 31, 2013 certain land title registrations and related mortgages
that require action by Egyptian government entities. Management does not believe that the finalization of these items is
material.

At September 30, 2012, management believes the Company was in compliance with all of the covenants and default
provisions related to long-term debt obligations.

5. Finance costs:

Three Months Ended Nine Months Ended
Sep 30 Sep 30 Sep 30 Sep 30
2012 2011 2012 2011
Finance costs $ 18,438 $ 17,386 $ 57,108 $ 51,159
Less capitalized interest related to Egypt plant under construction – – – (7,230)
Less capitalized interest related to Louisiana plant under construction (674) – (674) –

$ 17,764 $ 17,386 $ 56,434 $ 43,929

Finance costs are primarily comprised of interest on borrowings and finance lease obligations, the effective portion of
interest rate swaps designated as cash flow hedges, amortization of deferred financing fees, and accretion expense
associated with site restoration costs. Interest during construction is capitalized until the plant is substantially
completed and ready for productive use. The Company has interest rate swap contracts on its Egypt limited recourse
debt facilities 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 to March 31, 2015.

METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 26
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Net income per common share:

Diluted net income per common share is calculated by giving effect to the potential dilution that would occur if
outstanding stock options and tandem share appreciation rights (TSARs) were exercised or converted to common
shares. Outstanding TSARs may be settled in cash or common shares at the holder’s option and for purposes of
calculating diluted net income per common share, the more dilutive of cash-settled and equity-settled is used,
regardless of how the plan is accounted for. Accordingly, TSARs that are accounted for using the cash-settled method
will require an adjustment to the numerator and denominator if the equity-settled method is determined to have a
dilutive effect on diluted net income per common share.

During the three month period ended September 30, 2012, the Company recorded a share-based compensation
expense related to TSARs. However, for this period, the equity-settled method has been determined to be the more
dilutive for purposes of calculating diluted net income per common share.

A reconciliation of the net income used for the purpose of calculating diluted net income per common share ¡is as

follows:

Three Months Ended Nine Months Ended
Sep 30 Sep 30 Sep 30 Sep 30
2012 2011 2012 2011
Numerator for basic net income (loss) per common share $ (2,571) $ 62,316 $ 71,748 $ 137,455

Adjustment for the effect of TSARs:

Cash settled expense (recovery) included in net income 306 (5,905) – (3,085)
Equity settled expense (733) (575) – (3,751)
Numerator for diluted net income (loss) per common share $ (2,998) $ 55,836 $ 71,748 $ 130,619

Stock options and TSARs are considered dilutive when the average market price of the Company’s common shares
during the period disclosed exceeds the exercise price of the stock option or TSAR. A reconciliation of the number of
common shares used for the purposes of calculating basic and diluted net income per common share is as follows:

Three Months Ended Nine Months Ended
Sep 30 Sep 30 Sep 30 Sep 30
2012 2011 2012 2011
Denominator for basic net income (loss) per common share 93,880,221 93,202,401 93,691,597 92,954,844

– 1,234,174 1,195,682 1,416,618
– 5,106 – 32,800
94,887,279 94,404,262

Effect of dilutive stock options
Effect of dilutive TSARs
Denominator for diluted net income (loss) per common share 1 93,880,221 94,441,681

Y Nil and 3,240,707 outstanding stock options for each of the three and nine month periods ended September 30, 2012, respectively, are dilutive and
have been included in the diluted weighted average number of common shares.

For the three and nine month periods ended September 30, 2012, basic and diluted net income per common share
attributable to Methanex shareholders were as follows:

Three Months Ended Nine Months Ended
Sep 30 Sep 30 Sep 30 Sep 30
2012 2011 2012 2011
Basic net income (loss) per common share $ (0.03) $ 0.67 $ 0.77 $ 1.48
Diluted net income (loss) per common share $ (0.03) $ 0.59 $ 0.76 $ 1.38

PAGE 27

METHANEX CORPORATION 2012 THIRD QUARTER REPORT

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

7. Share-based compensation:
a) Stock options, share appreciation rights (SARs) and tandem share appreciation rights (TSARs):
(1) Outstanding units:
Information regarding units outstanding and exercisable at September 30, 2012 is as follows:
Units Outstanding at Units Exercisable at
September 30, 2012 September 30, 2012
Weighted
Average
Remaining
Contractual Life Number of Units Weighted Average Number of Units Weighted Average
Range of Exercise Prices (Years) Outstanding Exercise Price Exercisable Exercise Price
Stock options:
$6.33 to 11.56 3.2 1,061,605 $ 6.54 1,061,605 $ 6.54
$20.76 to 25.22 1.2 1,254,877 23.54 1,228,277 23.51
$28.43 to 31.73 2.9 1,008,225 28.72 882,125 28.44
2.4 3,324,707 $ 19.69 3,172,007 $ 19.20
SARs:
$25.22 to 31.74 5.5 913,125 $ 28.63 272,459 $ 26.20
TSAR:s:
$23.36 to 31.88 5.4 1,826,035 $ 28.45 620,380 $ 26.12
(ii) Compensation expense related to stock options:
For the three and nine month periods ended September 30, 2012, compensation expense related to stock
options included in cost of sales and operating expenses was $0.2 million (2011 – $0.2 million) and $0.6
million (2011 – $0.7 million), respectively. The fair value of each stock option grant was estimated on the date
of grant using the Black-Scholes option pricing model.
(iii) Compensation expense related to SARs and TSARs:
Compensation expense for SARs and TSARs is measured based on their fair value and is recognized over the
vesting period. Changes in fair value each period are recognized in net income for the proportion of the
service that has been rendered at each reporting date. The fair value at September 30, 2012 was $15.1 million
compared with the recorded liability of $12.0 million. The difference between the fair value and the recorded
liability of $3.1 million will be recognized over the weighted average remaining vesting period of
approximately 1.8 years. The weighted average fair value of the vested SARs and TSARs was estimated at
September 30, 2012 using the Black-Scholes option pricing model.
For the three and nine month periods ended September 30, 2012, compensation expense related to SARs and
TSARs included an expense in cost of sales and operating expenses of $0.1 million (2011 – recovery of $8.4
million) and $7.2 million (2011 – recovery of $4.5 million), respectively. This included a recovery of $1.1
million (2011 – recovery of $10.0 million) and an expense of $0.3 million (2011 – recovery of $10.4 million),
respectively, related to the effect of the change in the Company’s share price for the three and nine month
periods ended September 30, 2012.
METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 28

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

7. Share-based compensation (continued):
b) Deferred, restricted and performance share units:
Deferred, restricted and performance share units outstanding at September 30, 2012 are as follows:
Number of Deferred Number of Restricted| Number of Performance
Share Units Share Units] Share Units
Outstanding at December 31, 2011 597,911 48,588 1,103,049
Granted 19,898 20,400 358,330
Granted in-lieu of dividends 6,929 819 12,352
Redeemed (66,531) – (413,138)
Cancelled – – (8,393)
Outstanding at June 30, 2012 558,207 69,807 1,052,200
Granted 1,187 – –
Granted in-lieu of dividends 3,622 455 6,808
Cancelled – – (6,936)
Outstanding at September 30, 2012 563,016 70,262 1,052,072
Compensation expense for deferred, restricted and performance share units is measured at fair value based on the
market value of the Company’s common shares and is recognized over the vesting 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, 2012 was $46.3 million compared with
the recorded liability of $40.6 million. The difference between the fair value and the recorded liability of $5.7
million will be recognized over the weighted average remaining vesting period of approximately 1.7 years.
For the three and nine month periods ended September 30, 2012, compensation expense related to deferred,
restricted and performance share units included in cost of sales and operating expenses was an expense of $3.1
million (2011 – recovery of $12.2 million) and $17.1 million (2011 – recovery of $4.8 million), respectively. This
included an expense of $1.1 million (2011 – recovery of $13.8 million) and $7.3 million (2011 – recovery of
$12.1 million), respectively, related to the effect of the change in the Company’s share price for the three and nine
month periods ended September 30, 2012.
METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 29

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

8. Changes in non-cash working capital:
Changes in non-cash working capital for the three and nine month periods ended September 30, 2012 were as follows:
Three Months Ended Nine Months Ended
Sep 30 Sep 30 Sep 30 Sep 30
2012 2011 2012 2011
Decrease (increase) in non-cash working capital:
Trade and other receivables $ (15,519) $ 14790 $ (20,669) $ (16,627)
Inventories 21,747 (8,379) 57,696 (15,472)
Prepaid expenses 6,750 274 (4,106) (4,129)
Trade, other payables and accrued liabilities, including
long-term payables included in other long-term liabilities 31,237 (27,933) (4,690) 22,990
44,215 (21,248) 28,231 (13,238)
Adjustments for items not having a cash effect and working
capital changes relating to taxes and interest paid 571 16,981 557 29,159
Changes in non-cash working capital having a cash effect $ 44,786 $ (4,267) $ 28,788 $ 15,921
These changes relate to the following activities:
Operating $ 51,392 $ (5722) $ 36,647 $ 16,537
Investing (6,606) 1,455 (7,859) (616)
Changes in non-cash working capital $ 44,786 $ (4,267) $ 28,788 $ 15,921
9. Financial instruments:
The Egypt limited recourse debt facilities bear interest at LIBOR plus a spread. The Company has 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 to March 31, 2015. The Company has
designated these interest rate swaps as cash flow hedges. These interest rate swaps had an outstanding notional amount
of $329 million as at September 30, 2012. The notional amount decreases over the expected repayment period. At
September 30, 2012, these interest rate swap contracts had a negative fair value of $31.8 million (2011 – $41.5 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, 2012, the Company had outstanding forward exchange contracts designated as cash flow
hedges to sell a notional amount of 28.4 million euro in exchange for US dollars and these euro contracts had a
negative fair value of $0.5 million (2011 – positive fair value of $0.4 million) recorded in trade, other payables and
accrued liabilities. Changes in fair value of derivative financial instruments designated as cash flow hedges have been
recorded in other comprehensive income.
10. Contingent liability:
The Board of Inland Revenue of Trinidad and Tobago issued an assessment in 2011 against the Company’s 63.1%
owned joint venture, Atlas Methanol Company Unlimited (“Atlas”), in respect of the 2005 financial year. All
subsequent tax years remain open to assessment. The assessment relates to the pricing arrangements of certain long-
term fixed price sales contracts that extend to 2014 and 2019 related to methanol produced by Atlas. The impact of the
amount in dispute for the 2005 financial year is nominal as Atlas was not subject to corporation income tax in that
year. Atlas has partial relief from corporation income tax until 2014.
The Company has lodged an objection to the assessment. Based on the merits of the case and legal interpretation,
management believes its position should be sustained.
METHANEX CORPORATION 2012 THIRD QUARTER REPORT PAGE 30

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Methanex Corporation
Quarterly History (unaudited)

rro]
2012] Q32012_ Q22012 Q12012 2011 Qs a Q2 Q 2010 Qs a Q2 Q
METHANOL SALES VOLUMES
(thousands of tonnes)
Methanex-produced 2,980 1,053 1,001 926 3,853 1,052 983 970 848 3,540 831 885 900 924
Purchased methanol 1,901 641 569 691 2,815 644 672 664 835 2,880] 806 792 678 604
Commission sales * 679] 205 276 198 846] 208 235 231 172 509) 151 101 107 150
5,560 1,899 1,846 1,815 7,514 1,904 1,890 1,865 1,855 6,929] 1,788 1,778 1,685 1,678
METHANOL PRODUCTION
(thousands of tonnes)
Chile 254 59 82 113 554] 113 116 142 183 935 208 194 229 304
New Zealand 730 346 210 174 830] 2 209 207 203 830] 206 200 216 208
Atlas, Trinidad (63.1%) 646] 255 264 127 891 195 170 263 263 884] 266 284 96 238
Titan, Trinidad 597 186 196 215 má 180 224 186 121 891 233 217 224 217
Egypt (60%) 428 62 164 202 532 132 191 178 31 – – – – –
Medicine Hat 349 117 118 114 329| 130 125 74 – – – – – –
3,004] 1,025 1,034 945 3,847] 961 1,035 1,050 801 3,540] 913 895 765 967
AVERAGE REALIZED METHANOL PRICE
(S/tonne) 380] 373 384 382 374 388 377 363 367 306| 348 286 284 305
(6/gallon) 1.14 1.12 1.15 1.15 1.12 1.17 1.13 1.09 1.10 0.92 1.05 0.86 0.85 0.92
PER SHARE INFORMATION! ($ per share)
Basic net income (loss) 0.77 (0.03) 0.56 0.24 2.16 0.69 0.67 0.44 0.37 1.04 0.28 0.31 0.16 0.29
Diluted net income (loss) 0.76 (0.03) 0.50 0.23 2.06 0.68 0.59 0.43 0.37 1.03 0.27 0.31 0.15 0.29
Adjusted diluted net income? 1.26 0.38 0.47 0.41 1.92 0.69 0.43 0.41 0.39 0.93 0.42 0.13 0.09 0.29
1 Commission sales represent volumes marketed on a commission basis related to the 36.9% of the Atlas methanol facility and 40% of the Egypt methano! facility that
we do not own,
* Average realized price is calculated as revenue, excluding commissions eamed and the Egypt non-controlling interest share of revenue, divided by the total sales volumes
of Methanex-produced (attributable to Methanex shareholders) and purchased methanol.
* Per share information calculated using net income (loss) attributable to Methanex shareholders
% This item is a non-CAAP measure that does not have any standardized meaning prescribed by GAAP and therefore is unikely to be comparable to similar measures
presented by other companies. Refer to Additional Information – Supplemental Non-GAAP Measures on page 14 for a description of the non-GAAP measure and reconciliation to
the most comparable GAAP measure.
PAGE 31

METHANEX CORPORATION 2012 THIRD QUARTER REPORT

QUARTERLY HISTORY

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