METHANEX CORPORATION 2013-05-02 T-17:36

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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 STRONGER EARNINGS IN THE FIRST QUARTER OF 2013; INCREASES DIVIDEND 8%

APRIL 24, 2013

For the first quarter of 2013, Methanex reported Adjusted EBITDA’ of $149 million and Adjusted net income’ of $88
million ($0.92 per share on a diluted basis’). This compares with Adjusted EBITDA’ of $119 million and Adjusted net
income’ of $61 million ($0.64 per share on a diluted basis’) for the fourth quarter of 2012.

Methanex also announced that its Board of Directors has approved an 8 percent increase to its quarterly dividend to
shareholders, from $0.185 to $0.20 per share. The increased dividend will apply commencing with the dividend payable
on June 30, 2013 to holders of common shares on record on June 16, 2013.

John Floren, President and CEO of Methanex commented, “Higher methanol prices in the first quarter contributed to higher
Adjusted EBITDA compared to last quarter. Entering the second quarter, methanol demand has continued to be healthy
and the pricing environment remains stable. With strong earnings, a positive outlook for the methanol industry and the
quality of the expansion plans underway, | am pleased to confirm that our Board of Directors has approved another
increase to our regular dividend. This represents the ninth increase since we implemented a dividend in 2002.”

Mr. Floren added, “We also announced today that we have made the decision to proceed with the relocation of a second
one million tonne plant from our Chile site to Geismar, Louisiana. Our focus in the near term remains the successful
execution of both plant relocations and our value-creating growth projects in New Zealand and Medicine Hat. Combined,
these projects represent three million tonnes of production capacity that are expected to be completed in increments
through early 2016.”

Mr. Floren concluded, “With over US$700 million of cash on hand, an undrawn credit facility, a robust balance sheet, and
strong cash flow generation, we are well positioned to complete our expansion plans, pursue other strategic growth
opportunities and continue to deliver on our commitment to return excess cash to shareholders.”

A conference call is scheduled for April 25, 2013 at 12:00 noon ET (9:00 am PT) to review these first 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 until June 24, 2013 (905) 694-9451, or toll free
at (800) 408-3053. The passcode for the playback version is 3021008. Presentation slides summarizing Q1-13 results and a
simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com. The
webcast will be available on the website for four 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” and on the NASDAQ Global Market in the United States under the trading symbol “MEOH”.

FORWARD-LOOKING INFORMATION WARNING

This First Quarter 2013 press release contains forward-looking statements with respect to us and the chemical industry.
Refer to Forward-Looking Information Warning in the attached First Quarter 2013 Management’s Discussion and Analysis
for more information.

Adjusted EBITDA, Adjusted net income and Adjusted 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 the mark-
to-market impact of share-based compensation as a result of changes in our share price and items considered by management to be non-operational, including asset
impairment charges. Refer to Additional Information – Supplemental Non-GAAP Measures on page 14 of the attached Interim Report for the three months ended
March 31, 2013 for reconciliations to the most comparable CAAP measures.

-end-

For further information, contact:

Sandra Daycock
Director, Investor Relations
Tel: 604.661.2600

ME rmapex Share Information Investor Information
e Methanex Corporation’s common shares are All financial reports, news releases and
A Responsible Care” Company listed for trading on the Toronto Stock corporate information can be accessed
Interim Report Exchange under the symbol MX and on the on our website at www.methanex.com.
for the Nasdaq Global Market under the symbol
Three Months Ended MEOH. Contact Information
March 31, 2013 Methanex Investor Relations
Transfer Agents £ Registrars 1800 – 200 Burrard Street
At April 24, 2013 the Company had CIBC Mellon Trust Company Vancouver, BC Canada V6C 3M1
94,942,159 common shares issued 320 Bay Street E-mail: investOmethanex.com
and outstanding and stock options Toronto, Ontario Canada M5H 4A6 Methanex Toll-Free: 1-800-661-8851
exercisable for 3,418,808 additional Toll free in North America: 1-800-387-0825
common shares.

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

= A reconciliation from net income (loss) attributable to Methanex shareholders to Adjusted net income’ and the
calculation of Adjusted net income per common share’ ¡is as follows:
Three Months Ended

Mar 31 Dec 31 Mar 31

($ millions except number of shares and per share amounts) 2013 2012 2012
Net income (loss) attributable to Methanex shareholders $ 60 $ (140) $ 22

Mark-to-market impact of share-based

compensation, net of tax 28 8 17
Asset impairment charge, net of tax – 193 –
Adjusted net income ‘ $ 88 $ 61 $ 39
Diluted weighted average shares outstanding (millions) 96 94 95
Adjusted diluted net income per common share ‘ $ 0.92 $ 0.64 $ 0.41

= We recorded Adjusted EBITDA!’ of $149 million for the first quarter of 2013 compared with $119 million for the fourth
quarter of 2012. The increase in Adjusted EBITDA’ was primarily due to an increase in average realized price to $412
per tonne for the first quarter of 2013 from $389 per tonne for the fourth quarter of 2012.

= Production for the first quarter of 2013 was 1,057,000 tonnes compared with 1,067,000 tonnes for the fourth quarter of
2012. Refer to the Production Summary section on page 3.

= Sales of Methanex-produced methanol were 1,024,000 tonnes in the first quarter of 2013 compared with 1,059,000 in
the fourth quarter of 2012.

= During the first quarter of 2013, we announced our commitment to restart the Waitara Valley facility and complete a
debottlenecking project at the Motunui site. We expect these initiatives will allow our New Zealand operations to
operate at their full annual production capacity of up to 2.4 million tonnes, depending on natural gas composition.

= We continue to make good progress with our project to relocate an idle Chile facility to Geismar, Louisiana. During the
first quarter of 2013, we signed an agreement with Chesapeake Energy to supply the facility’s natural gas requirements for
a ten-year period.

= We announced today that we have reached a final investment decision to proceed with the relocation of a second Chile
facility to the Geismar site. We expect this project will add a further 1.0 million tonnes of annual operating capacity and
is expected to be operational in early 2016.

= We also announced today that the Board of Directors has approved an 8 percent increase to our quarterly dividend to
shareholders, from $0.185 per share to $0.20 per share, effective with the dividend payable June 30, 2013.
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 2013 FIRST QUARTER REPORT PAGE 1
MANAGEMENT’S DISCUSSION AND ANALYSIS

This First Quarter 2013 Management’s Discussion and Analysis (“MD8.A”) dated April 24, 2013 for Methanex Corporation
(“the Company”) should be read in conjunction with the Company’s condensed consolidated interim financial statements
for the period ended March 31, 2013 as well as the 2012 Annual Consolidated Financial Statements and MDéA included
in the Methanex 2012 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 2012 Annual Report and additional information relating to Methanex is available on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Effective January 1, 2013, we adopted new IFRS standards related to consolidation and joint arrangement accounting.
Under these new standards, our 63.1% interest in the Atlas entity, which was previously proportionately consolidated in
our financial statements, is accounted for using the equity method. This change has been applied retrospectively. As a
result, amounts related to Atlas are no longer included in individual line items in our consolidated financial statements and
the net assets and net earnings are presented separately. For purposes of analyzing our consolidated financial results in this
MDKAA, the adjusted EBITDA from our 63.1% interest in the Atlas entity is included in Adjusted EBITDA.

FINANCIAL AND OPERATIONAL DATA
Three Months Ended

Mar 31 Dec 31 Mar 31
($ millions, except per share amounts and where noted) 2013 2012 2012
Production (thousands of tonnes) (attributable to Methanex shareholders) 1,057 1,067 945
Sales volumes (thousands of tonnes):
Methanex-produced methanol (attributable to Methanex shareholders) 1,024 1,059 926
Purchased methanol 588 664 691
Commission sales ‘ 219 176 198
Total sales volumes 1,831 1,899 1,815
Methanex average non-discounted posted price ($ per tonne) ? 474 450 437
Average realized price ($ per tonne) * 412 389 382
Adjusted EBITDA (attributable to Methanex shareholders) 4 149 119 93
Adjusted cash flows from operating activities (attributable to
Methanex shareholders) * 127 101 89
Cash flows from operating activities 118 76 74
Adjusted net income (attributable to Methanex shareholders) 4 88 61 39
Net income (loss) attributable to Methanex shareholders 60 (140) 22
Adjusted net income per common share (attributable to
Methanex shareholders) *? 0.92 0.64 0.41
Basic net income (loss) per common share (attributable to Methanex shareholders) 0.64 (1.49) 0.24
Diluted net income (loss) per common share (attributable to Methanex shareholders) 0.63 (1.49) 0.23
Common share information (millions of shares):
Weighted average number of common shares 95 94 93
Diluted weighted average number of common shares 96 94 95
Number of common shares outstanding, end of period 95 94 94

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 but including an amount
representing our share of Atlas 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 December 31, 2012, stock options have been excluded from the calculation of diluted net loss per common share (attributable
to Methanex shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted net income per common share (attributable to
Methanex shareholders) stock options have been included in the denominator and the diluted weighted average number of common shares is 95 million.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 2
MANAGEMENT’S DISCUSSION AND ANALYSIS

PRODUCTION SUMMARY

Q12013 Q4 2012 Q12012

(thousands of tonnes) Capacity * Production Production Production
New Zealand ? 608 309 378 174
Atlas (Trinidad) (63.1% interest) 281 248 180 127
Titan (Trinidad) 218 181 189 215
Egypt (60% interest) 190 133 129 202
Medicine Hat (Canada) 118 131 132 114
Chile l and IV 450 55 59 113
Geismar | and Il (Louisiana, USA) 3 500 – – –
2,365 1,057 1,067 945

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. Actual production for a facility in any given year may be higher or lower than annual production capacity due to a number of factors,
including natural gas composition or the age of the facility’s catalyst.

2 The annual 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.
The current operating capacity of the Motunui facilities is 1.5 million tonnes due to distillation capacity constraints (refer to New Zealand section below).

3 We are relocating two idle Chile facilities to Geismar, Louisiana. The Geismar | facility is expected to be operational by the end of 2014 and the Geismar |1
facility is expected to be operational in early 2016.

New Zealand

Our New Zealand methanol facilities produced 309,000 tonnes of methanol in the first quarter of 2013 compared with
378,000 tonnes in the fourth quarter of 2012. During the first quarter of 2013, the Motunui facilities suffered an equipment
failure which resulted in an unplanned outage and lost production of approximately 60,000 tonnes. The equipment was
repaired and the Motunui facilities returned to operation at the end of March 2013. We are in the process of refurbishing
the Waitara Valley facility and debottlenecking the Motunui facilities which we expect will allow us to produce at the site’s
full annual production capacity of up to 2.4 million tonnes, depending on natural gas composition, by the end of 2013.

Trinidad

In Trinidad, we own 100% of the Titan facility with an annual production capacity of 875,000 tonnes and have a 63.1%
interest in the Atlas facility with an annual production capacity of 1,125,000 tonnes (63.1% interest). The Titan facility
produced 181,000 tonnes in the first quarter of 2013 compared with 189,000 tonnes in the fourth quarter of 2012.
Production in the first quarter of 2013 was impacted by periodic natural gas curtailments and minor unplanned outages.

The Atlas facility produced 248,000 tonnes in the first quarter of 2013 compared with 180,000 tonnes in the fourth quarter
of 2012. The Atlas facility was shut down at the end of September 2012 for repairs and returned to production at the end of
October 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 of Trinidad and Tobago (NGC) and downstream demand from NGC’s
customers, which becomes apparent when an upstream supplier has a technical issue or planned maintenance that reduces
gas delivery. We are engaged with key stakeholders to find a solution to this issue, but in the meantime expect to continue
to experience some gas curtailments to the Trinidad site.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 3
MANAGEMENT’S DISCUSSION AND ANALYSIS

Egypt

The Egypt methanol facility produced 133,000 tonnes (60% interest) in the first quarter of 2013 compared with 129,000
tonnes in the fourth quarter of 2012. Production during the first quarter of 2013 and the fourth quarter of 2012 was
impacted by natural gas supply restrictions.

The Egypt facility has experienced periodic natural gas supply restrictions since mid-2012 which have resulted in
production below full capacity. This situation may persist in the future and become more acute during the summer months
when electricity demand is at its peak. Refer to page 25 of our 2012 Annual Report for further details.

Medicine Hat, Canada

Our 470,000 tonne per year facility in Medicine Hat, Alberta produced 131,000 tonnes in the first quarter of 2013
compared with 132,000 tonnes during the fourth quarter of 2012. The Medicine Hat facility is currently able to produce
above stated production capacity due to the age of its catalyst and the composition of the natural gas feedstock. We are
currently debottlenecking the Medicine Hat facility which we expect will add a further 90,000 tonnes of annual production
capacity by the end of the third quarter of 2013.

Chile

During the first quarter of 2013 we produced 55,000 tonnes in Chile operating one plant at approximately 20% of
production capacity. In addition, in March 2013, we began receiving natural gas from Argentina under an arrangement
whereby we process the natural gas received and return the methanol produced to Argentina. We produced an additional
6,000 tonnes under this arrangement during the first quarter of 2013 and have continued receiving some natural gas from
Argentina in April 2013.

While investments have been made by us and others to accelerate the exploration and development of natural gas in
southern Chile, the potential for a significant increase in gas production is more challenging than we had originally
anticipated. As a result of the short-term outlook for gas supply in Chile and Argentina, we anticipate idling our Chile
operations shortly due to insufficient natural gas feedstock to keep our plant operating through the southern hemisphere
winter. We are continuing to work with Empresa Nacional del Petroleo (ENAP) and others to secure sufficient natural gas to
sustain our operations and while the restart of a Chile plant is possible later in 2013, the restart is dependent on securing a
sustainable natural gas position to operate over the medium term.

The future of our Chile operations is primarily dependent on the level of exploration and development in southern Chile
and our ability to secure a sustainable natural gas supply to our facilities on economic terms from Chile and Argentina.

Geismar, Louisiana

We are in the process of relocating the idle Chile II facility to Geismar, Louisiana (Geismar 1). The 1.0 million tonne
Geismar | facility is expected to be operational by the end of 2014. During the first quarter of 2013 we spent $43 million on
this project and remaining expenditures at March 31, 2013 are estimated to be $420 million.

We announced today that we have made a final investment decision to proceed with the relocation of the Chile 1!Il facility
to the Geismar site (Geismar II). We expect the 1.0 million tonne Geismar ll plant to be operational in early 2016.
Estimated project costs are $550 million.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 4
MANAGEMENT’S DISCUSSION AND ANALYSIS

FINANCIAL RESULTS

For the first quarter of 2013 we recorded Adjusted EBITDA of $149 million and Adjusted net income of $88 million ($0.92
per share on a diluted basis). This compares with Adjusted EBITDA of $119 million and Adjusted net income of $61 million
($0.64 per share on a diluted basis) for the fourth quarter of 2012.

For the first quarter of 2013, we reported net income attributable to Methanex shareholders of $60 million ($0.63 per share
on a diluted basis) compared with a net loss attributable to Methanex shareholders for the fourth quarter of 2012 of $140
million ($1.49 loss per share on a diluted basis). Our results for the fourth quarter of 2012 were impacted by a non-cash
before-tax asset impairment charge of $297 million related to the carrying value of our Chile assets.

We calculate Adjusted EBITDA and Adjusted net income by including amounts related to our equity share of the Atlas
(63.1% interest) and Egypt (60% interest) facilities and by excluding 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 net income per common share is as follows:
Three Months Ended

Mar 31 Dec 31 Mar 31
($ millions except number of shares and per share amounts) 2013 2012 2012
Net income (loss) attributable to Methanex shareholders $ 60 $ (140) $ 22
Mark-to-market impact of share-based
compensation, net of tax 28 8 17
Asset impairment charge, net of tax – 193 –
Adjusted net income ‘ $ 88 $ 61 $ 39
Diluted weighted average shares outstanding (millions) 96 94 95
Adjusted net income per common share ‘ ? $ 0.92 $ 0.64 $ 0.41

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 months ended December 31, 2012, stock options have been excluded from the calculation of diluted net loss per common share (attributable to
Methanex shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted net income per common share (attributable to Methanex
shareholders) stock options have been included in the denominator and the diluted weighted average number of common shares is 95 million.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 5
MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Three Months Ended

Mar 31 Dec 31 Mar 31
($ millions) 2013 2012 2012
Consolidated statements of income:
Revenue $ 652 $ 668 $ 654
Cost of sales and operating expenses, excluding
mark-to-market impact of share-based compensation (497) (546) (535)
Adjusted EBITDA of associate (Atlas) 1 9 10 (3)
164 132 116
Comprised of:
Adjusted EBITDA (attributable to Methanex shareholders) 2 149 119 93
Attributable to non-controlling interests 15 13 23
164 132 116
Mark-to-market impact of share-based compensation (31) (8) (18)
Depreciation and amortization (30) (35) (36)
Asset impairment charge – (297) –
Earnings of associate, excluding amount included in Adjusted EBITDA 1 (8) (10) (4)
Finance costs (15) (13) (16)
Finance income and other expenses (2) 3 2
Income tax recovery (expense) (12) 93 (11)
Net income (loss) $ 66 $ (135) $ 33
Net income (loss) attributable to Methanex shareholders $ 60 $ (140) $ 22

Earnings of associate has been divided into an amount included in Adjusted EBITDA and an amount excluded from Adjusted EBITDA. The amount excluded from
Adjusted EBITDA represents depreciation and amortization, finance costs, finance income and other expenses and income tax expense relating to earnings of
associate.

This item is a non-GAAP measure that does not have any standardized meaning prescribed by GAAP and therefore is 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 the non-GAAP measure and
reconciliation to the most comparable GAAP measure.

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;

Q1 2013 Q1 2013
compared with compared with
($ millions) Q4 2012 Q1 2012
Average realized price $ 36 $ 49
Sales volume (10) (1)
Total cash costs 4 8
Increase in Adjusted EBITDA $ 30 $ 56
METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 6

MANAGEMENT’S DISCUSSION AND ANALYSIS

Average realized price

Three Months Ended

Mar 31 Dec 31 Mar 31
($ per tonne) 2013 2012 2012
Methanex average non-discounted posted price 474 450 437
Methanex average realized price 412 389 382

Methanol market conditions remained healthy and pricing increased during the first quarter of 2013 (refer to
Supply/Demand Fundamentals section on page 11 for more information). Our average non-discounted posted price for the
first quarter of 2013 was $474 per tonne compared with $450 per tonne for the fourth quarter of 2012 and $437 per tonne
for the first quarter of 2012. Our average realized price for the first quarter of 2013 was $412 per tonne compared with
$389 per tonne for the fourth quarter of 2012 and $382 per tonne for the first quarter of 2012. The change in average
realized price for the first quarter of 2013 increased Adjusted EBITDA by $36 million compared with the fourth quarter of
2012 and increased Adjusted EBITDA by $49 million compared with the first quarter of 2012.

Sales volume

Methanol sales volumes excluding commission sales volumes were lower in the first quarter of 2013 compared with the
fourth quarter of 2012 by 111,000 tonnes and this resulted in lower Adjusted EBITDA by $10 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
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:

Q1 2013 Q1 2013
compared with compared with
($ millions) Q4 2012 Q1 2012
Methanex-produced methanol costs $ – $ (9)
Insurance recovery (9) (2)
Proportion of Methanex-produced methanol sales 5 17
Purchased methanol costs (12) (19)
Logistics costs 12 12
Other, net 8 9
$ 4 $ 8

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 7

MANAGEMENT’S DISCUSSION AND ANALYSIS

Methanex-produced methanol costs

We purchase natural gas for the New Zealand, Trinidad, Egypt and Chile methanol facilities under natural gas purchase
agreements where the unique terms of each contract include a base price and a variable price component linked to the
price of methanol to reduce our commodity price risk exposure. The variable price component of each gas contract is
adjusted by a formula related to methanol prices above a certain level. For the first quarter of 2013 compared with the
same period in 2012, Methanex-produced methanol costs were higher by $9 million primarily due to a change in the mix
of production sold from inventory.

Insurance recovery
We experienced an equipment failure at our Atlas facility in July 2011. Our operations are covered by business
interruption insurance and we finalized our claim and recorded a recovery of $9 million in the fourth quarter of 2012.

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 first quarter of 2013 compared with the fourth quarter of 2012 and the first quarter of 2012, Methanex-produced
methanol sales made up a higher proportion of our total sales and this increased Adjusted EBITDA by $5 million and $17
million, respectively.

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

Logistics costs

Logistics costs vary from period to period depending on the levels of production from each of our production facilities and
the resulting impact on our supply chain. Logistics costs were $12 million lower in the first quarter of 2013 compared with
each of the fourth quarter of 2012 and the first quarter of 2012. As a result of improvements in our asset portfolio over the
past year, we have recently completed several initiatives that have reduced logistics costs and improved the efficiency of
our supply chain.

Other, net

In October 2012, we completed a restructuring of our Chile operations which reduced the size of our workforce and
resulted in a $5 million charge in the fourth quarter of 2012. During the first quarter of 2012, we incurred a one-time $7
million charge to earnings to terminate a time charter vessel lease contract.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 8
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.

Three Months Ended

Mar 31 Dec 31 Mar 31

2013 2012 2012

Methanex Corporation share price * $ 40.63 $ 31.87 $ 32.43
Grant-date fair value expense included in Adjusted

EBITDA and Adjusted net income $ 6 $ 3.$ 7

Mark-to-market impact due to change in share price 31 8 18

Total share-based compensation expense $ 37 $ 11 $ 25

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

The Methanex Corporation share price increased from $31.87 per share at December 31, 2012 to $40.63 per share at
March 31, 2013. As a result of the increase in the share price and the impact on the fair value of the outstanding units, we
recorded a $31 million mark-to-market expense on share-based compensation in the first quarter of 2013 compared with an
$8 million mark-to-market expense in the fourth quarter of 2012 and an $18 million expense in the first quarter of 2012.

Depreciation and Amortization

Depreciation and amortization was $30 million for the first quarter of 2013 compared with $35 million for the fourth
quarter of 2012 and $36 million for the first quarter of 2012. Depreciation and amortization was lower in the first quarter of
2013 compared with the fourth quarter of 2012 and the first quarter of 2012 primarily as a result of the lower carrying value
of our Chile assets due to the asset impairment charge recorded in the fourth quarter of 2012.

Finance Costs

Three Months Ended

Mar 31 Dec 31 Mar 31
($ millions) 2013 2012 2012
Finance costs before capitalized interest $ 16 $ 14 $ 16
Less capitalized interest (0 (1) –
Finance costs $ 15 $ 13 $ 16

Finance costs before capitalized interest primarily relate to interest expense on the unsecured notes and limited recourse
debt facilities. Capitalized interest relates to interest costs capitalized for the Geismar | project.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 9
MANAGEMENT’S DISCUSSION AND ANALYSIS

Finance Income and Other Expenses

Three Months Ended

($ millions)

Finance income and other expenses

Dec 31 Mar 31
2012 2012
$ 32.$ 2

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

foreign exchange rates.

Income Taxes

A summary of our income taxes for the first quarter of 2013 compared with the fourth quarter of 2012 is as follows:

Three Months Ended

Mar 31 2013 Dec 31 2012
Amounts excluding Asset Asset Impairment
($ millions) Total Impairment Charge Charge Total
Profit (loss) before income tax expense $ 78 $ 69 $ (Q97) $ (228)
Income tax recovery (expense) (12) (11) 104 93
Net income (loss) $ 66 $ 58 $ (193) $ (135)
Effective tax rate 15% 16% 35% 41%

For the first quarter of 2013, the effective tax rate was 15% compared with 16% for the fourth quarter of 2012, excluding

the impact of the asset impairment charge recorded in 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%. We have significant loss carryforwards in Canada

and New Zealand which have not been recognized for accounting purposes and this had an impact on the effective tax rate

for the first quarter of 2013 of approximately 10%.

METHANEX CORPORATION 2013 FIRST 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 53 million tonnes on an annualized basis.

The outlook for methanol demand growth continues to be strong. Traditional chemical derivatives consume about two-
thirds of global methanol demand and growth is correlated to industrial production.

Energy-related applications consume the remaining one third of
global methanol demand, and the wide disparity between the

price of crude oil and that of natural gas and coal has resulted in Methanex Non-Discounted Regional Posted Prices *
an increased use of methanol in energy-related applications, such Apr Mar Feb Jan
. o . o (US$ per tonne) 2013 2013 2013 2013
as direct methanol blending into gasoline and DME and biodiesel
production. Growth of direct methanol blending into gasoline in United States 516 516 482 482
2
China has been particularly strong and we believe that future Europe 505 476 476 476
Asia 450 450 435 435

growth in this application is supported by numerous provincial
and national fuel-blending standards, such as M15 or M85 (15%
methanol and 85% methanol, respectively).

T Z
Discounts from our posted prices are offered to customers based on

various factors.
€390 for Q2 2013 (Q1 2013 – €370) converted to United States
dollars.

China is also leading the commercialization of methanol’s use as a

feedstock to manufacture olefins. The use of methanol to produce olefins, at current energy prices, is proving to be cost
competitive relative to the traditional production of olefins from naphtha. There are now five methanol-to-olefins (MTO)
plants operating in China with the capacity to consume approximately seven million tonnes of methanol annually. While
three of these plants are integrated and purchase methanol only to supplement their production, two of these plants are
dependent on merchant methanol supply. We believe demand potential into energy-related applications and olefins
production will continue to grow.

During the first quarter of 2013, steady demand and planned and unplanned industry outages contributed to upward
pressure on pricing in Europe and North America, while pricing in Asia was relatively stable. Our average non-discounted
price in the first quarter was $474 per tonne. Entering the second quarter, market conditions remain healthy and prices are
stable. Our European non-discounted price for the second quarter of 2013 increased to €390 per tonne ($505 per tonne).

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 2013 and a 0.7 million tonne
plant expected to start up in Azerbaijan in 2013. We are in the process of refurbishing the Waitara Valley facility and
debottlenecking our Motunui facilities in New Zealand and these initiatives are expected to add up to 0.9 million tonnes of
additional operating capacity by the end of 2013. We are relocating two idle Chile facilities to Geismar, Louisiana with the
first 1.0 million tonne facility expected to start up by the end of 2014 and the second 1.0 million tonne facility expected to
start up in early 2016. 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 2013 FIRST 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 first quarter of 2013 were $118 million compared with $76 million for the fourth
quarter of 2012 and $74 million for the first quarter of 2012. The changes in cash flows from operating activities resulted
from changes in the following:

Q1 2013 Q1 2013
compared with compared with

($ millions) Q4 2012 Q1 2012
Change in Adjusted EBITDA (attributable to Methanex shareholders) $ 30 $ 56
Exclude change in Adjusted EBITDA of associate (Atlas) 1 (12)
Change in cash flows attributable to non-controlling interests 2 (8)
Changes in non-cash working capital 13 26
Income taxes paid 7 (2)
Other (11) (16)
Increase in cash flows from operating activities $ 42 $ 44

Adjusted cash flows from operating activities

Adjusted cash flows from operating activities, which includes an amount representing the cash flows associated with our
63.1% share of the Atlas facility and excludes the amount associated with the 40% non-controlling interest in the methanol
facility in Egypt and changes in non-cash working capital, were $127 million in the first quarter of 2013 compared with
$101 million for the fourth quarter of 2012 and $89 million for the first quarter of 2012. The changes in Adjusted cash
flows from operating activities resulted from changes in the following:

Q1 2013 Q1 2013

compared with compared with
($ millions) Q4 2012 Q1 2012
Change in Adjusted EBITDA (attributable to Methanex shareholders) $ 30 $ 56
Income taxes paid 7 (2)
Other (11) (16)
Increase in Adjusted cash flows from operating activities $ 26 $ 38

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 first quarter of 2013, we paid a quarterly dividend of $0.185 per share, or $18 million. Additionally, on April
24, 2013, the Board of Directors approved an 8 percent increase to our quarterly dividend to shareholders, from $0.185 to
$0.20 per share. The increased dividend will apply commencing with the dividend payable June 30, 2013 to holders of
common shares of record on June 16, 2013.

We operate in a highly competitive commodity industry and believe it is appropriate to maintain a conservative balance
sheet and retain financial flexibility. At March 31, 2013, our cash balance was $727 million, including $25 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
$400 million credit facility provided by highly rated financial institutions that expires in mid-2016.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 12
MANAGEMENT’S DISCUSSION AND ANALYSIS

Our planned capital maintenance expenditure program directed towards maintenance, turnarounds and catalyst changes for
existing operations is currently estimated to total approximately $50 million to the end of 2013, excluding the New Zealand
operations. We are making good progress with our project to relocate the Chile Il facility to Geismar, Louisiana with plant
startup expected by the end of 2014. During the first quarter of 2013, we spent $43 million on the project and the
remaining project expenditures are approximately $420 million. We are also making good progress with our initiatives to
increase production capacity in Medicine Hat and New Zealand. Remaining capital expenditures for these projects to the
end of 2013 is approximately $230 million. We have also committed to relocate a second idle Chile facility to the Geismar
site with estimated project costs of $550 million. The second Geismar facility is expected to commence operations in early
2016. We believe that we have the financial capacity to fund these growth initiatives with cash on hand, cash generated
from operations and the undrawn bank facility.

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 second quarter, market conditions remain healthy and prices are stable.

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 2013 FIRST QUARTER REPORT PAGE 13
MANAGEMENT’S DISCUSSION AND ANALYSIS

CONTROLS AND PROCEDURES

For the three months ended March 31, 2013, 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.

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 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 depreciation and amortization, finance costs, finance income and other expenses, income tax expense
(recovery), mark-to-market impact of share-based compensation and asset impairment charges. Adjusted EBITDA includes
an amount representing our 63.1% interest in the Atlas facility and our 60% interest in the methanol facility in Egypt.

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.

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

Three Months Ended

Mar 31 Dec 31 Mar 31
($ millions) 2013 2012 2012
Net income (loss) attributable to Methanex shareholders $ 60 $ (140) $ 22
Finance costs 15 13 16
Finance income and other expenses 2 (3) (2)
Income tax expense (recovery) 12 (93) 11
Depreciation and amortization 30 35 36
Mark-to-market impact of share-based compensation 31 8 18
Asset impairment charge – 297 –
Earnings of associate, excluding amount included in Adjusted EBITDA ‘ 8 10 4
Non-controlling interests adjustment * (9) (7) (12)
Adjusted EBITDA (attributable to Methanex shareholders) $ 149 $ 119 $ 93

1 These adjustments represent depreciation and amortization, finance costs, finance income and other expenses and income tax expense associated with the 40% non-
controlling interest in the methanol facility in Egypt and our 63.1% interest in the Atlas methanol facility which is accounted for using equity accounting.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 14
MANAGEMENT’S DISCUSSION AND ANALYSIS

Adjusted Net Income and Adjusted Net Income per Common Share

Adjusted net income and Adjusted 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,
including asset impairment charges. The following table shows a reconciliation of net income (loss) attributable to
Methanex shareholders to Adjusted net income and the calculation of Adjusted net income per common share:

Three Months Ended

Mar 31 Dec 31 Mar 31
($ millions except number of shares and per share amounts) 2013 2012 2012
Net income (loss) attributable to Methanex shareholders $ 60 $ (140) $ 22
Mark-to-market impact of share-based compensation 31 8 18
Asset impairment charge – 297 –
Income tax expense (recovery) related to above items (3) (104) (1)
Adjusted net income $ 88 $ 61 $ 39
Diluted weighted average shares outstanding 96 94 95
Adjusted net income per common share 1 $ 0.92 $ 0.64 $ 0.41

1 For the three months ended December 31, 2012, stock options have been excluded from the calculation of diluted net loss per common share (attributable to

Methanex shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted net income per common share (attributable to Methanex
shareholders) stock options have been included in the denominator and the diluted weighted average number of common shares is 95 million.

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 includes cash flows associated with our 63.1% equity share of the Atlas facility and does not include
cash flows associated with the 40% non-controlling interest in the methanol facility in Egypt or changes in non-cash
working capital.

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

activities:
Three Months Ended
Mar 31 Dec 31 Mar 31

($ millions) 2013 2012 2012
Cash flows from operating activities $ 118 $ 76 $ 74
Add (deduct):

Cash flows related to associate (Atlas) ‘ 9 10 (3)

Cash flows related to non-controlling interests ? (15) (13) (23)

Changes in non-cash working capital 15 28 41
Adjusted cash flows from operating activities

(attributable to Methanex shareholders) $ 127 $ 101 $ 89

1 Cash flows related to associate represents the amount related to our 63.1% equity share of the Atlas facility that is accounted for using the equity method.

2 Cash flows related to non-controlling interests represents the amount attributable to non-controlling interests that are consolidated in the financial statements.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 15
MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Mar 31 Dec 31 Sep 30 Jun 30
($ millions, except per share amounts) 2013 2012 2012 2012
Revenue $ 652 $ 668 $ 608 $ 613
Adjusted EBITDA * ? 149 119 104 113
Net income (loss) 1 60 (140) 3) 52
Adjusted net income * ? 88 61 36 44
Basic net income (loss) per common share 1 0.64 (1.49) (0.03) 0.56
Diluted net income (loss) per common share 1 0.63 (1.49) (0.03) 0.50
Adjusted net income per share *? 0.92 0.64 0.38 0.47

Three Months Ended

Mar 31 Dec 31 Sep 30 Jun 30
($ millions, except per share amounts) 2012 2011 2011 2011
Revenue $ 654 $ 696 $ 670 $ 623
Adjusted EBITDA * ? 93 133 111 102
Net income ‘ 22 64 62 41
Adjusted net income * ? 39 65 40 39
Basic net income per common share 1 0.24 0.69 0.67 0.44
Diluted net income per common share * 0.23 0.68 0.59 0.43
Adjusted net income per share *? 0.41 0.69 0.43 0.41

Attributable to Methanex Corporation shareholders.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 16
MANAGEMENT’S DISCUSSION AND ANALYSIS

FORWARD-LOOKING INFORMATION WARNING

This First Quarter 2013 Management’s Discussion and Analysis (“MDéA”) as well as comments made during the First
Quarter 2013 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,

“nu “nu ”u

“estimates,” “anticipates,” “aim,

looking nature identify forward-looking statements.

Moa “mo

expects,” “may,” “will,” “should,” “potential,”

goal” or other comparable terminology and similar statements of a future or forward-

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

* expected demand for methanol and its derivatives,

e expected new methanol supply or restart of idled
capacity 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,

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

e capital committed by third parties towards future
natural gas exploration and development in the
vicinity of our plants,

e our 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,

e 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,

e availability of committed credit facilities and other

financing,

e our shareholder distribution strategy and anticipated

distributions to shareholders,

+ commercial viability and timing of, or our ability to

execute, future projects, plant restarts, capacity
expansions, plant relocations, or other business initiatives
or opportunities, including the planned relocation of
idle Chile methanol plants to Geismar, Louisiana
(“Geismar”) and certain initiatives in New Zealand and
Canada,

+ our 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

e expected impact on our operations in Egypt or our

financial condition as a consequence of civil unrest or
actions taken or inaction 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:

e the supply of, demand for, and price of methanol,

methanol derivatives, natural gas, coal, oil and oil
derivatives,

e production rates of our facilities,

e receipt of remaining required permits in connection with
our Geismar projects,

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

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

METHANEX CORPORATION 2013 FIRST QUARTER REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS

PAGE 17

approvals related to natural gas exploration rights or
rights to purchase natural gas,

receipt of governmental approvals related to natural gas
exploration rights,

the establishment of new fuel standards,

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

the availability of committed credit facilities and other
financing,

timing of completion and cost of our Geismar projects
and our initiatives to increase production in New
Zealand and Canada,

global and regional economic
industrial production levels),

activity (including

absence of a material negative impact from major natural
disasters,

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

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

enforcement of contractual arrangements and ability to
perform contractual obligations by customers, natural gas
and other suppliers and other third parties, and

satisfaction of conditions precedent contained in the
Geismar | natural gas supply agreement.

However, forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ

materially from those contemplated by the forward-looking statements. The risks and uncertainties primarily include those

attendant with producing and marketing methanol and successfully carrying out major capital expenditure projects in

various jurisdictions, including, without limitation:

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

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

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

the ability to successfully carry out corporate initiatives
and strategies,

actions of financial

institutions,

competitors, suppliers and

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 domestic needs for gas and electricity 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
of 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,

satisfaction of conditions precedent contained in the
Geismar | natural gas supply agreement, and

other risks described in our 2012 Management’s
Discussion and Analysis and this First Quarter 2013
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 2013 FIRST 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. A contractual agreement between us and our partners establishes joint control over Atlas. As a result, we account for
this investment using the equity method of accounting, which results in 63.1% of the net assets and net earnings of Atlas being
presented separately in the consolidated statements of financial position and consolidated statements of income, respectively. For
purposes of analyzing our business, Adjusted EBITDA, Adjusted net income and Adjusted cash flows from operating activities

include an amount representing our 63.1% equity share in Atlas.

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” interests 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 amount associated with the other investors” 40% non-controlling
interests.

METHANEX CORPORATION 2013 FIRST 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

Mar 31 Mar 31
2013 2012
(As adjusted –
note 11)
Revenue $ 651,899 $ 653,538
Cost of sales and operating expenses (527,995) (552,964)
Depreciation and amortization (29,817) (35,401)
Operating income 94,087 65,173
Earnings (loss) of associate (note 4) 1,286 (7,328)
Finance costs (note 6) (15,451) (16,033)
Finance income and other expenses (1,627) 1,838
Income before income tax expense 78,295 43,650
Income tax expense:
Current (4,391) (5,297)
Deferred (7,671) (5,542)
(12,062) (10,839)
Net income $ 66,233 $ 32,811
Attributable to:
Methanex Corporation shareholders 60,267 22,081
Non-controlling interests 5,966 10,730

$ 66233 $ 32811

Income for the period attributable to Methanex Corporation shareholders

Basic net income per common share $ 0.64 $ 0.24
Diluted net income per common share $ 0.63 $ 0.23
Weighted average number of common shares outstanding (note 7) 94,514,188 93,407,866
A) 95,717,869 – 94,714,364

See accompanying notes to condensed consolidated interim financial statements.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 20

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

Three Months Ended

Mar 31 Mar 31
2013 2012
Net income $ 66,233 $ 32,811
Other comprehensive income, net of taxes:
Items that may be reclassified to income:
Change in fair value of forward exchange contracts (184) (305)
Change in fair value of interest rate swap contracts (296) (2,613)
Realized loss on interest rate swap contracts reclassified to interest expense 2,591 2,936
2,111 18
Comprehensive income $ 68,344 $ 32,829
Attributable to:
Methanex Corporation shareholders 61,460 21,970
Non-controlling interests 6,884 10,859
$ 68,344 $ 32,829
See accompanying notes to condensed consolidated interim financial statements.
METHANEX CORPORATION 2013 FIRST QUARTER REPORT
PAGE 21

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

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

Mar 31 Dec 31 Jan 1
AS AT 2013 2012 2012
(As adjusted – – (As adjusted –
note 11) note 11)
ASSETS
Current assets:
Cash and cash equivalents $ 726,851 $ 727,385 $ 341,445
Trade and other receivables 441,584 417,156 374,287
Inventories (note 2) 289,467 256,340 274,276
Prepaid expenses 21,697 25,588 22,614
1,479,599 1,426,469 1,012,622
Non-current assets:
Property, plant and equipment (note 3) 1,813,520 1,762,873 1,976,693
Investment in associate (note 4) 185,990 184,665 171,707
Other assets 71,813 68,554 122,627
2,071,323 2,016,092 2,271,027
$ 3,550,922 $ 3,442,561 $ 3,283,649
LIABILITIES AND EQUITY
Current liabilities:
Trade, other payables and accrued liabilities $ 437,807 $ 377,666 $ 360,712
Current maturities on long-term debt (note 5) 40,444 38,290 236,063
Current maturities on other long-term liabilities 40,517 30,322 21,441
518,768 446,278 618,216
Non-current liabilities:
Long-term debt (note 5) 1,146,443 1,156,081 601,293
Other long-term liabilities 177,495 200,212 188,149
Deferred income tax liabilities 170,623 162,253 274,028
1,494,561 1,518,546 1,063,470
Equity:
Capital stock 498,999 481,779 455,434
Contributed surplus 11,572 15,481 22,281
Retained earnings 848,394 805,661 942,978
Accumulated other comprehensive loss (11,852) (13,045) (15,968)
Shareholders’ equity 1,347,113 1,289,876 1,404,725
Non-controlling interests 190,480 187,861 197,238
Total equity 1,537,593 1,477,737 1,601,963
$ 3,550,922 $ 3,442,561 $ 3,283,649
See accompanying notes to condensed consolidated interim financial statements.
METHANEX CORPORATION 2013 FIRST 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, 2011 93,247,755 |$ 455,434 $ 22,281 $ 942,978 $ (15,968)| $ 1,404,725 $ 197,/38|$ 1,601,963
Net income – – – 22,081 – 22,081 10,730 32,811
Other comprehensive income (loss) – – – – (11) (11) 129 18
Compensation expense recorded
for stock options – – 227 – – 227 – 227
Issue of shares on exercise of
stock options 458,920 8,068 – – – 8,068 – 8,068
Reclassification of grant date
fair value on exercise of
stock options – 3,083 (3,083) – – – – –
Dividend payments to Methanex
Corporation shareholders – – – (15,908) – (15,908) – (15,908)
Distributions to
non-controlling interests – – – – – – (9,405) (9,405)
Equity contributions by
non-controlling interests – – – – – – 1,000 1,000
Balance, March 31, 2012 93,706,675 466,585 19,425 949,151 (16,079) 1,419,082 199,692 1,618,774
Net income (loss) (90,186) – (90,186) 22,800 (67,386)
Other comprehensive income (loss) (1,135) 3,034 1,899 2,032 3,931
Compensation expense recorded
for stock options – – 499 – – 499 – 499
Issue of shares on exercise of
stock options 603,295 10,751 – – – 10,751 – 10,751
Reclassification of grant date
fair value on exercise of
stock options – 4,443 (4,443) – – – – –
Dividend payments to Methanex
Corporation shareholders – – – (52,169) – (52,169) – (52,169)
Distributions to
non-controlling interests – – – – – – (36,663) (36,663)
Equity contributions by
non-controlling interests – – – – – – – –
Balance, December 31, 2012 94,309,970 481,779 15,481 805,661 (13,045) 1,289,876 187,861 1,477,737
Net income – – – 60,267 – 60,267 5,966 66,233
Other comprehensive income – – – – 1,193 1,193 918 2,111
Compensation expense recorded
for stock options – – 223 – – 223 – 223
Issue of shares on exercise of
stock options 587,689 13,088 – – – 13,088 – 13,088
Reclassification of grant date
fair value on exercise of
stock options – 4,132 (4,132) – – – – –
Dividend payments to Methanex
Corporation shareholders – – – (17,534) – (17,534) – (17,534)
Distributions to
non-controlling interests . – – – . . (5,265) (5,265)
Equity contributions by
non-controlling interests – – – – – – 1,000 1,000
Balance, March 31, 2013 94,897,659 |$ 498,999 $ 11,572 $ 848,394 $ (11,852)| $ – 1,347,113 $ 190,480 |$ 1,537,593

See accompanying notes to condensed consolidated interim financial statements.

METHANEX CORPORATION 2013 FIRST 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

Mar 31 Mar 31
2013 2012
(As adjusted –
note 11)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 66,233 $ 32,811
Add (deduct) loss (earnings) of associate (1,286) 7,328
Add non-cash items:
Depreciation and amortization 29,817 35,401
Income tax expense 12,062 10,839
Share based compensation expense 36,313 25,058
Finance costs 15,451 16,033
Other 464 5,786
Income taxes paid (8,783) (7,074)
Other cash payments, including share-based compensation (17,555) (12,030)
Cash flows from operating activities before undernoted 132,716 114,152
Changes in non-cash working capital (note 9) (15,037) (40,194)
117,679 73,958
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend payments to Methanex Corporation shareholders (17,534) (15,908)
Interest paid, including interest rate swap settlements (21,211) (24,249)
Net proceeds on issue of long-term debt – 246,548
Repayment of long-term debt and limited recourse debt (18,267) (17,154)
Equity contributions by non-controlling interests 1,000 1,000
Cash distributions to non-controlling interests (5,265) (12,745)
Proceeds from limited recourse debt 10,000 –
Proceeds on issue of shares on exercise of stock options 13,088 8,068
Other (919) (13,450)
(39,108) 172,110
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment (33,619) (42,551)
Louisiana project expenditures (43,398) –
Oil and gas assets (7,656) (6,801)
GeoPark repayments 6,864 6,630
Changes in non-cash working capital related to investing acti (1,296) 12,832
(79,105) (29,890)
Increase (decrease) in cash and cash equivalents (534) 216,178
Cash and cash equivalents, beginning of period 727,385 341,445
Cash and cash equivalents, end of period $ 726851 $ 557,623

See accompanying notes to condensed consolidated interim financial statements.

METHANEX CORPORATION 2013 FIRST 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, except as described in
note 11 below. As described in note 11, the Company has adopted new IFRS standards effective January 1, 2013 with
retrospective application and as a result the comparative periods have been restated.

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 April 24, 2013.

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 months ended March 31, 2013 is $469 million (2012 – $495 million).

3. Property, plant and equipment:

Buildings, Plant
Installations £ Plants Under Oil £ Gas
Machinery Construction Properties Other Total

Cost at March 31, 2013 $ 2,887,814 $ 120,104 $ 82,436 $ 80,379 | $ 3,170,733
Accumulated depreciation at March 31, 2013 1,251,572 – 75,448 30,193 1,357,213
Net book value at March 31, 2013 $ 1,636,242 $ 120,104 $ 6,988 $ 50,186 | $ 1,813,520
Cost at December 31, 2012 $ 2,866,013 $ 75/38 $ 80,368 $ 68,906|$ 3,090,525
Accumulated depreciation at December 31, 2012 1,225,202 – 74,151 28,299 1,327,652
Net book value at December 31, 2012 $ 1,640,811 $ 75,238 $ 6,217 $ 40,607 | $ 1,762,873
Cost at January 1, 2012 $ 2,816,808 $ 1,326 $ 77,486 $ 88,642 |$ 2,984,262
Accumulated depreciation at January 1, 2012 933,808 – 32,990 40,771 1,007,569
Net book value at January 1, 2012 $ 1,883,000 $ 1,326 $ 44,496 $ 47,871 |$ 1,976,693

The Company is in the process of relocating an idle Chile facility to Geismar, Louisiana. During the three months
ended March 31, 2013, the Company incurred $43 million in relation to this project under construction, excluding
capitalized interest. Remaining capital costs to complete the project are estimated to be $420 million, excluding
capitalized interest.

In April 2013, the Company made a final investment decision to relocate a second idle Chile facility to Geismar,
Louisiana. The Company estimates total project costs, excluding capitalized interest, of $550 million with plant start-
up expected in early 2016.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 25
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

4. Investment in Atlas methanol facility:

a) The Company has a 63.1% equity interest in Atlas Methanol Company Unlimited (Atlas). Atlas owns a 1.8 million
tonne per year methanol production facility in Trinidad. Effective January 1, 2013, the Company accounts for ¡ts
interest in Atlas using the equity method (refer to note 11). Summarized financial information of Atlas (100%

basis) is as follows:

Mar 31 Dec 31 Jan 1
Summarized Financial Information as at 2013 2012 2012
Cash and cash equivalents 10,781 28,883 14,685
Other current assets 134,630 104,933 102,872
Non-current assets 398,494 407,362 411,465
Current liabilities (58,218) (65,005) (29,473)
Non-current liabilities, including current maturities (212,054) (204,395) (227,430)
Net assets at 100% $ 273,633 271,778 $ 272,119
Net assests at 63.1% $ 172,662 171,492 $ 171,707
Long-term receivable from Atlas 13,328 13,173 –
Investment in associate $ 185,990 184,665 $ 171,707
Three Months Ended
Mar 31 Mar 31
Summarized Financial Information 2013 2012
Revenue $ 85,366 $ 26,884
Cost of sales and depreciation and amortization (79,298) (36,122)
Operating income (loss) 6,068 (9,238)
Finance costs, finance income and other expenses (3,421) (4,214)
Income tax (expense) recovery (609) 1,839
Net earnings (loss) at 100% $ 2,038 $ (11,613)
Earnings (loss) of associate at 63.1% $ 1,286 $ (7,328)

b) Contingent liability:

The Board of Inland Revenue of Trinidad and Tobago has issued assessments against Atlas in respect of the 2005
and 2006 financial years. All subsequent tax years remain open to assessment. The assessments relate 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 amounts in dispute for the 2005 and 2006 financial years is not

significant. Atlas has partial relief from corporation income tax until 2014.

The Company has lodged objections to the assessments. Based on the merits of the cases and legal interpretation,

management believes its position should be sustained.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

PAGE 26

5. Long-term debt:

Mar 31 Dec 31 Jan 1

As at 2013 2012 2012
Unsecured notes

$350 million at 3.25% due December 15, 2019 $ 343,909 $ 343,828 $ –

$250 million at 5.25% due March 1, 2022 246,408 246,326 –

$150 million at 6.00% due August 15, 2015 149,399 149,344 149,119

$200 million at 8.75% due August 15, 2012 – – 199,643

739,716 739,498 348,762

Egypt limited recourse debt facilities 421,479 438,631 470,208

Other limited recourse debt facilities 25,692 16,242 18,386

1,186,887 1,194,371 837,356

Less current maturities (40,444) (38,290) (236,063)

$ 1,146,443 $ 1,156,081 $ 601,293

During the three months ended March 31, 2013, the Company made repayments on its Egypt limited recourse debt
facilities of $18.3 million. During the three months ended March 31, 2013, the Company issued $10.0 million of other
limited recourse debt.

The Egypt limited recourse debt facilities are described as limited recourse as they are secured only by the assets of the
Egypt entity. Accordingly, the lenders to the limited recourse debt facilities have no recourse to the Company or its
other subsidiaries. The Egypt limited recourse debt facilities have customary covenants and default provisions that
apply only to the Egypt entity, 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 certain land title
registrations and related mortgages that require action by Egyptian government entities. Under the terms of a waiver
received from the lenders in March 2013, the Company ¡is required to complete the covenant by March 31, 2014. The
Company does not believe that the finalization of these items is material to the security provided to the lenders.

At March 31, 2013, management believes the Company was in compliance with all of the covenants and default
provisions related to long-term debt obligations.

6. Finance costs:
Three Months Ended

Mar 31 Mar 31

2013 2012

Finance costs $ 16,518 $ 16,033
Less capitalized interest related to Louisiana plant under construction (1,067) –
$ 15,451 $ 16,033

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 2013 FIRST QUARTER REPORT PAGE 27
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

7. Net income per common share:

Diluted net income per common share is calculated by considering the potential dilution that would occur if
outstanding stock options and, under certain circumstances, 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 the cash-settled and equity-settled method is used,
regardless of how the plan is accounted for. Accordingly, TSARs that are accounted for using the cash-settled method
will require adjustments to the numerator and denominator if the equity-settled method is determined to have a dilutive
effect on diluted net income per common share.

Stock options and TSAR:s, if calculated using the equity-settled method, 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

Mar 31 Mar 31

2013 2012

Denominator for basic net income per common share 94,514,188 93,407,866
Effect of dilutive stock options 1,203,681 1,306,498
Denominator for diluted net income per common share 95,717,869 94,714,364

8. Share-based compensation:
a) Share appreciation rights (SARs), tandem share appreciation rights (TSARs) and stock options:

(1) Outstanding units:

Information regarding units outstanding at March 31, 2013 is as follows:

SARs TSARs
Weighted Average Weighted Average
Number of Units Exercise Price Number of Units Exercise Price
Outstanding at January 1, 2012 623,547 $ 26.72 1,219,735 $ 26.65
Granted 353,890 31.64 652,000 31.69
Exercised (55,331) 26.07 (15,800) 25.93
Cancelled (24,581) 29.10 (40,400) 27.61
Outstanding at December 31, 2012 897,525 $ 28.63 1,815,535 $ 28.45
Granted 360,900 38.24 544,200 38.24
Exercised (67,781) 27.43 (23,400) 27.41
Cancelled (5,500) 30.86 – –
Outstanding at March 31, 2013 1,185,144 $ 31.62 2,336,335 $ 30.74
METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 28

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

8. Share-based compensation (continued):

b) Share appreciation rights (SARs), tandem share appreciation rights (TSARs) and stock options (continued):

(1) Outstanding units (continued):

Stock Options

Number of Units

Weighted Average
Exercise Price

Outstanding at January 1, 2012 4,004,204 $ 19.19
Granted 84,000 31.73
Exercised (1,062,215) 18.03
Cancelled (43,042) 18.13

Outstanding at December 31, 2012 2,982,947 $ 19.97
Granted 75,600 38.24
Exercised (587,689) 22.13
Cancelled (48,128) 16.13

Outstanding at March 31, 2013 2,422,730 $ 20.09

Units Outstanding at Units Exercisable at
March 31, 2013 March 31, 2013
Weighted Average
Remaining Weighted Number of
Contractual Life Number of Units Average Units Weighted Average

Range of Exercise Prices (Years) Outstanding Exercise Price Exercisable Exercise Price

SARs:
$23.36 to 29.18 4.4 503,444 $ 26.80 406,800 $ 26.39
$31.73 to 38.24 6.5 681,700 35.18 97,740 31.73

5.6 1,185,144 $ 31.62 504,540 $ 27.42

TSARs:
$23.36 to 29.18 4.4 1,156,245 $ 26.66 985,898 $ 26.31
$31.73 to 38.24 6.4 1,180,090 34.73 208,230 31.73

5.4 2,336,335 $ 30.74 1,194,128 $ 27.26

Stock options:
$6.33 to 11.56 2.9 875,490 $ 6.39 875,490 $ 6.39
$20.76 to 38.24 2.2 1,547,240 27.84 1,394,590 27.11

2.5 2,422,730 $ 20.09 2,270,080 $ 19.12

(ii) Compensation expense related to SARs and TSAR:s:

(iii)

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 March 31, 2013 was $43.0 million
compared with the recorded liability of $32.0 million. The difference between the fair value and the recorded
liability of $11.0 million will be recognized over the weighted average remaining vesting period of
approximately 2.0 years. The weighted average fair value of the vested SARs and TSARs was estimated at
March 31, 2013 using the Black-Scholes option pricing model.

For the three months ended March 31, 2013, compensation expense related to SARs and TSARs included an
expense in cost of sales and operating expenses of $17.0 million (2012 – $10.7 million). This included an
expense of $15.0 million (2012 – expense of $7.8 million) related to the effect of the change in the
Company/’s share price for the three months ended March 31, 2013.

Compensation expense related to stock options:

For the three months ended March 31, 2013, compensation expense related to stock options included in cost
of sales and operating expenses was $0.2 million (2012 – $0.2 million). The fair value of each stock option
grant was estimated on the date of grant using the Black-Scholes option pricing model.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 29
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Share-based compensation (continued):

b) Deferred, restricted and performance share units:

Deferred, restricted and performance share units outstanding at March 31, 2013 are as follows:

Number of Deferred

Number of Restricted

Number of Performance

Share Units Share Units Share Units

Outstanding at January 1, 2012 597,911 48,588 1,103,049
Granted 21,649 20,400 358,330
Granted in-lieu of dividends 13,821 1,502 25,339
Redeemed (66,531) (31,607) (413,138)
Cancelled – – (19,711)
Outstanding at December 31, 2012 566,850 38,883 1,053,869
Granted 9,725 22,500 304,600
Granted in-lieu of dividends 2,391 280 4,305
Redeemed (49,432) – (410,177)
Cancelled – – (5,810)
Outstanding at March 31, 2013 529,534 61,663 946,787

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 March 31, 2013 was $65.4 million compared with the
recorded liability of $48.5 million. The difference between the fair value and the recorded liability of $16.9
million will be recognized over the weighted average remaining vesting period of approximately 2.1 years.

For the three months ended March 31, 2013, compensation expense related to deferred, restricted and
performance share units included in cost of sales and operating expenses was an expense of $19.1 million (2012 –
$14.1 million). This included an expense of $15.7 million (2012 – expense of $10.3 million) related to the effect

of the change in the Company’s share price for the three months ended March 31, 2013.

9. Changes in non-cash working capital:

Changes in non-cash working capital for the three months ended March 31, 2013 were as follows:

Three Months Ended

Mar 31 Mar 31
2013 2012
Decrease (increase) in non-cash working capital:
Trade and other receivables $ (24,428) $ (941)
Inventories (33,127) 13,364
Prepaid expenses 3,891 921
Trade, other payables and accrued liabilities, including
long-term payables included in other long-term liabilities 37,708 (56,777)
(15,956) (43,433)
Adjustments for items not having a cash effect and working
capital changes relating to taxes and interest paid (377) 16,071
Changes in non-cash working capital having a cash effect $ (16,333) $ (27,362)
These changes relate to the following activities:
Operating $ (15,037) $ (40,194)
Investing (1,296) 12,832
Changes in non-cash working capital $ (16,333) $ (27,362)
METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 30

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

10. Financial instruments:

Financial instruments are either measured at amortized cost or fair value. Held-to-maturity investments, loans and
receivables and other financial liabilities are measured at amortized cost. Held-for-trading financial assets and liabilities
and available-for-sale financial assets are measured on the Consolidated Statement of Financial Position at fair value.
Derivative financial instruments are classified as held-for-trading and are recorded on the Consolidated Statement of
Financial Position at fair value unless exempted. Changes in fair value of held-for-trading derivative financial
instruments are recorded in earnings unless the instruments are designated as cash flow hedges.

The euro hedges and the Egypt interest rate swaps designated as cash flow hedges are measured at fair value based on
industry-accepted valuation models and inputs obtained from active markets.

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 March 31, 2013. The notional amount decreases over the expected repayment period. At March
31, 2013, these interest rate swap contracts had a negative fair value of $25.9 million (2012 – $32.7 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 March 31, 2013, the Company had outstanding forward exchange contracts designated as cash flow hedges to
sell a notional amount of €17.2 million in exchange for US dollars and these euro contracts had a positive fair value of
$0.8 million (2012 – negative fair value of $0.2 million) recorded in other assets. Changes in fair value of derivative
financial instruments designated as cash flow hedges have been recorded in other comprehensive income.

The carrying values of the Company’s financial instruments approximate their fair values, except as follows:

March 31, 2013
As at Carrying Value Fair Value

Long-term debt $ 1,186,887 $ 1,240,180

There is no publicly traded market for the limited recourse debt facilities, the fair value of which is estimated by
reference to current market prices for debt securities with similar terms and characteristics. The fair value of the
unsecured notes was calculated by reference to a limited number of small transactions in March 2013. The fair value of
the Company’s unsecured notes will fluctuate until maturity.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 31
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

11. Adoption of New Accounting Standards:

a) Effective January 1, 2013, the Company has adopted the following new lASB accounting standards related to
consolidation and joint arrangements: IFRS 10, Consolidated Financial Statements; IFRS 11, Joint Arrangements;
and IFRS 12, Disclosure of Interests in Other Entities.

As a result of the adoption of these new standards, the Company’s 63.1% interest in the Atlas entity is accounted for
using the equity method. The Company has restated its Consolidated Statement of Financial Position as at
January 1, 2012 and December 31, 2012 and its Consolidated Statement of Income and Comprehensive Income for
the three months ended March 31, 2012. Reconciliations of the restatements of the Consolidated Statement of
Financial Position as at December 31, 2012 and Consolidated Statement of Income and Comprehensive Income for
the three months ended March 31, 2012 are as follows:

Consolidated Statement of Financial Position
As at December 31, 2012

Restatement of
As Previously Atlas to Equity

Stated Method As Adjusted
ASSETS
Current assets:
Cash and cash equivalents $ 745,610 $ (18,225) $ 727,385
Trade and other receivables 429,203 (12,047) 417,156
Inventories 253,023 3,317 256,340
Prepaid expenses 28,314 (2,726) 25,588
1,456,150 (29,681) 1,426,469
Non-current assets:
Property, plant and equipment 2,014,748 (251,875) 1,762,873
Investment in associate – 184,665 184,665
Other assets 73,724 (5,170) 68,554
2,088,472 (72,380) 2,016,092

$ 3,544,622 $ (102,061) $ 3,442,561

LIABILITIES AND EQUITY
Current liabilities:

Trade, other payables and accrued liabilities $ 353,744 $ 23,922 $ 377,666
Current maturities on long-term debt 53,334 (15,044) 38,290
Current maturities on other long-term liabilities 33,903 (3,581) 30,322
440,981 5,297 446,278
Non-current liabilities:
Long-term debt 1,191,891 (35,810) 1,156,081
Other long-term liabilities 242,435 (42,223) 200,212
Deferred income tax liabilities 191,578 (29,325) 162,253
1,625,904 (107,358) 1,518,546
Equity:
Capital stock 481,779 – 481,779
Contributed surplus 15,481 – 15,481
Retained earnings 805,661 – 805,661
Accumulated other comprehensive loss (13,045) – (13,045)
Shareholders’ equity 1,289,876 – 1,289,876
Non-controlling interests 187,861 – 187,861
Total equity 1,477,737 – 1,477,737

$ 3,544,622 $ (102,061) $ 3,442,561

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 32
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

11. Adoption of New Accounting Standards (continued):

12.

Consolidated Statement of Income
Three months ended March 31, 2012

Restatement of
As Previously Atlas to Equity

Stated Method As Adjusted
Revenue $ 665,867 $ (12,329) $ 653,538
Cost of sales and operating expenses (568,557) 15,593 (552,964)
Depreciation and amortization (37,967) 2,566 (35,401)
Operating income 59,343 5,830 65,173
Earnings of associate – (7,328) (7,328)
Finance costs (18,533) 2,500 (16,033)
Finance income and other expenses 1,679 159 1,838
Profit before income tax expense 42,489 1,161 43,650
Income tax expense:

Current (4,568) (729) (5,297)
Deferred (5,110) (432) (5,542)
(9,678) (1,161) (10,839)

Net income $ 32,811 $ – $ 32,811
Change in fair value of forward exchange contracts, net of tax (305) – (305)
Change in fair value of interest rate swap contracts, net of tax (2,613) – (2,613)
Realized loss on interest rate swap reclassified to interest expense, net of tax 2,936 – 2,936
Comprehensive income $ 32,829 $ – $ 32,829
Attributable to: – – –
Methanex Corporation shareholders 21,970 – 21,970
Non-controlling interests 10,859 – 10,859

$ 32,829 $ – $ 32,829

b) Effective January 1, 2013, the Company adopted IFRS 13, Fair Value Measurements. As a result of this new
standard, incremental disclosures have been provided in note 10 to these condensed consolidated interim financial
statements.

c) Effective January 1, 2013, the Company adopted the revised IFRS 19, Employee Benefits. The adoption of this
standard has not had a significant impact on the Company.

d) Effective January 1, 2013, the Company adopted the revised /AS, Presentation of Financial Statements. The
adoption of this standard has resulted is a change to the presentation of the Company’s Consolidated Statements of
Comprehensive Income.

Subsequent Event:

In a prior period, the Company made a commitment to fund 50% of the cost of certain exploratory hydrocarbon wells
in New Zealand. As at March 31, 2013, the Company had incurred approximately $15 million of costs related to this
arrangement which were recorded on the Consolidated Statement of Financial Position as oil and gas properties in
Other Assets. The Company has no future commitments under these arrangements. In April 2013 the operator of the
drilling program announced their intention to abandon one of the wells. At the date of this report the Company has not
had the opportunity to analyze the operator’s data from the drilling program. During the second quarter of 2013, the
Company will evaluate whether an event has occurred which would require a re-assessment of the carrying value of
the investment.

METHANEX CORPORATION 2013 FIRST QUARTER REPORT PAGE 33
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Methanex Corporation
Quarterly History (unauditea)

Q12013 2012 Qs Q3 Q2 Ql 2011 Q4 Q3 Q2 Qu
METHANOL SALES VOLUMES
(thousands of tonnes)
Methanex-produced 1,024 4,039 1,059 1,053 1,001 926 3,853 1,052 983 970 848
Purchased methanol 588 2,565 664 641 569 691 2,815 644 672 664 835
Commission sales * 219 855 176 205 276 198 846 208 235 231 172
1,831 7,459 1,899 1,899 1,846 1815 7,514 1,904 1,890 1,865 1,855
METHANOL PRODUCTION
(thousands of tonnes)
Chile 55 313 59 59 82 113 554 113 116 142 183
New Zealand 309 1,108 378 346 210 174 830] 211 209 207 203
Atlas, Trinidad (63.1%) 248 826 180 255 264 127 891 195 170 263 263
Titan, Trinidad 181 786 189 186 196 215 71 180 224 186 121
Egypt (60%) 133 557 129 62 164 202 532 132 191 178 31
Medicine Hat 131 481 132 117 118 114 329 130 125 74
1,057 4,071 1,067 1,025 1,034 945 3,847 961 1,035 1,050 801
AVERAGE REALIZED METHANOL PRICE *
($/tonne) 412] 382 389 373 384 382 374 388 377 363 367
(S/gallon) 1.24 1.15 1.17 1.12 1.15 1.15 1.12 1.17 1.13 1.09 1.10
PER SHARE INFORMATION ($ per share) *
Basic net income (loss) 0.64 (0.73) (1.49) (0.03) 0.56 0.24 2.16 0.69 0.67 0.44 0.37
Diluted net income (loss) 0.63 (0.73) (1.49) (0.03) 0.50 0.23 2.06 0.68 0.59 0.43 0.37
Adjusted diluted net income * 0.92 1.90 0.64 0.38 0.47 0.41 1.93 0.69 0.43 0.41 0.39
‘ 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.
2 Average realized price is calculated as revenue, excluding commissions earned and the Egypt non-controlling interest share of revenue but including an amount representing
our share of Atlas revenue, divided by the total sales volumes of Methanex-produced (attributable to Methanex shareholders) and purchased methanol.
* Per share information calculated using amounts attributable to Methanex shareholders.
* This item is a non-GAAP measure that does not have any standardized meaning prescribed by GAAP and therefore is 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 the non-GAAP measure and
reconciliation to the most comparable GAAP measure.
PAGE 34

METHANEX CORPORATION 2013 FIRST QUARTER REPORT

QUARTERLY HISTORY

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